By Emma Ujah, Abuja Bureau Chief

ABUJA— Central Bank of Nigeria, CBN, has cried out over the hurting effects of corruption and insecurity on the nation’s economy, as their effects were identified as major risk factors affecting output performance.

Speaking at the end of the Monetary Policy Committee, MPC, in Abuja yesterday, Governor of the CBN, Mallam Sanusi Lamido Sanusi, who announced retention of the 12 percent Monetary Policy Rate, said the corruption perception of Nigeria by the outside world was negative.

He said: “The Committee (MPC) was of the view that although the GDP growth projection remained high, there were a number of risk factors that were likely to affect output performance.

“These include perception of increased levels of corruption and impunity in the country, insecurity particularly in the northern part of the country, and mixed signals from power and petroleum sector reforms.”

Sanusi also raised concerns about oil theft and pipeline vandalism in the Niger Delta region, which he said had continued to reduce the oil sector’s contribution to the nation’s overall GDP.