Nigeria’s Central Bank warns that it will not support importation of items that could be produced in the country | AfriTV Online

Nigeria’s apex bank has issued out strong warnings that it will not sell its foreign exchange to supplement importation of items that could be produced locally in Nigeria.   In an effort to return the nation's economy to its glory days when manufactur...

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Nigeria’s Central Bank warns that it will not support importation of items that could be produced in the country

Published by: Tobillionaire
05/20/2020 10:31 AM

Nigeria’s apex bank has issued out strong warnings that it will not sell its foreign exchange to supplement importation of items that could be produced locally in Nigeria.

 

In an effort to return the nation's economy to its glory days when manufacturing and agriculture served as the backbone of its sustenance, the Central Bank (CBN) has charged industrial conglomerates in the country to support the governments' efforts to grow the economy of the nation from within. The CBN Governor Godwin Emefiele recapitulated that the apex bank can not spend its foreign exchange reserves on things that will not revive the economy of the nation and provide jobs for Nigerians. He charged conglomerates to key into the current administration’s push to diversify the base of Nigeria’s economy by keying into its large population to market their products that can be produced locally and exported to the rest of the world.

 

The CBN also stated its readiness to provide forex to companies in need, for the purchase of raw materials and machinery that could not be obtained within the country, and that it will collaborate with the relevant government agencies to stamp out smuggling in an effort to protect their businesses and ensure that they thrive in Nigeria.

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