CBN vows to reduce Nigeria’s dependence on imported goods


Godwin Emefiele, governor of the Central Bank of Nigeria, says Nigeria will continue to implement policies that will reduce the importation of goods that can be produced locally.

He said this while making a presentation titled, ‘Against the tide: Nigeria’s heterodox monetary policy and the Bretton Woods consensus’, at the distinguished leadership programme lecture series that held in the University of Ibadan on Friday.

Emefiele said smuggling and dumping has done more harm to the nation’s economy by impeding investment which would create jobs and reduce poverty.

“Investors insist that the problem of smuggling and dumping must be addressed for them to invest in the nation’s economy,” he said.

“How do we deal with these? The government bought hundreds of trucks for Customs to combat it but corruption has prevented us from getting any result.

“This is because of lack of respect for our own economic policies. These acts create unemployment and poverty for our people, that is selfish.

“If we find a company involved in smuggling then we will use our own tools available to us to compliment the efforts of Nigeria Customs.

“Our instrument is to investigate that company and if found involved in smuggling and dumping, we will stop them.

“We will stamp economic sabotage on them and use them as examples to deal with them for people to learn to respect the economic policies of Nigeria.

“We want to create jobs for our people, we want our industries to come alive again.”

Emefiele said the CBN increased its lending to the agricultural and industrial sectors, through intervention schemes such as the Anchor Borrowers Programme to improve local production.


Please enter your comment!
Please enter your name here