L
LequteMan
Guest
Nigeria - Governor of the Central Bank of Nigeria, Godwin Emefiele, at a press conference yesterday explained why the apex bank banned sale of Forex to importers of some selected goods in the country.
He said the country cannot continue to support import of these goods using it’s hard-earned Foreign Exchange.
“Most of you are aware of the often-quoted number of N1.3 trillion, which is what we spend on average importing Rice, Fish, Sugar, and Wheat every year,” he said.
“Each time I ponder these issues, many vexing questions trouble my mind. Let me take the case of rice for illustration. Why should we keep importing Rice into Nigeria when vast amounts of paddy rice of comparable quality produced by poor hardworking local farmers across the rice belts of Nigeria are being wasted and ignored?
"What will it take for these importers to stop the importation and instead go into processing these locally produced rice? Why are these importers not utilizing the vast expanses of arable land for rice cultivation instead of taking the easy route of importing rice?
Ex President Goodluck Jonathan at a rice production unit
"Do we, as a people, realize how many jobs we are creating for other countries by ignoring local production and simply concentrating on imports? How can we keep complaining about the depreciation of the Naira when all we do as a people is to import everything from ordinary Geisha and toothpicks, to even eggs?
“These are some of the fundamental reasons behind the Bank’s recent announcement.”
However, he reiterated that the CBN will continue to be vigilant around this policy and will keep reviewing the list of these items as we become comfortable that items can be produced locally “if we apply ourselves sufficiently enough.
“I believe that the current situation we find ourselves affords us a unique opportunity to embrace self-sufficiency in Nigeria, reduce our appetite for everything and anything foreign, conserve the country’s scarce Foreign Exchange, and create jobs here at home for our people.
Culled from WorldStage
He said the country cannot continue to support import of these goods using it’s hard-earned Foreign Exchange.
“Most of you are aware of the often-quoted number of N1.3 trillion, which is what we spend on average importing Rice, Fish, Sugar, and Wheat every year,” he said.
“Each time I ponder these issues, many vexing questions trouble my mind. Let me take the case of rice for illustration. Why should we keep importing Rice into Nigeria when vast amounts of paddy rice of comparable quality produced by poor hardworking local farmers across the rice belts of Nigeria are being wasted and ignored?
"What will it take for these importers to stop the importation and instead go into processing these locally produced rice? Why are these importers not utilizing the vast expanses of arable land for rice cultivation instead of taking the easy route of importing rice?
Ex President Goodluck Jonathan at a rice production unit
"Do we, as a people, realize how many jobs we are creating for other countries by ignoring local production and simply concentrating on imports? How can we keep complaining about the depreciation of the Naira when all we do as a people is to import everything from ordinary Geisha and toothpicks, to even eggs?
“These are some of the fundamental reasons behind the Bank’s recent announcement.”
However, he reiterated that the CBN will continue to be vigilant around this policy and will keep reviewing the list of these items as we become comfortable that items can be produced locally “if we apply ourselves sufficiently enough.
“I believe that the current situation we find ourselves affords us a unique opportunity to embrace self-sufficiency in Nigeria, reduce our appetite for everything and anything foreign, conserve the country’s scarce Foreign Exchange, and create jobs here at home for our people.
Culled from WorldStage
