The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged Nigerians to observe reasonable limits in their consumption of foreign products in order to give stability to the country’s economy.
The CBN Governor proffered the advice while meeting with stakeholders on the five-year Policy thrust of the CBN, during a one-day interactive session which took place in Kaduna State.
Stakeholders present at the interactive session were commercial bank executives, Organized labour unions among others.
In an interview after the interactive session, Emefiele that the most lasting and sustainable measure to develop Nigeria’s economy quicker is by producing what we consume locally.
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He recalled that in the ’70s Nigeria invested in agriculture, production of some basic items to meet its needs, and exported locally produced items to make the local economy stronger and its currency competitive
Represented by Assistant Director, Corporate Communications of the CBN, Sam Okogbue, the apex bank governor advised Nigerians “to return to production of what they consume. Nigerians should go back to moderation of their taste and consumption of foreign food.
“If we do so, it will help the government to stabilize the economy,” he emphasized.
He identified the adverse impact of COVID-19 pandemic on the economy., Emefiele said there was the need to accelerate the growth of double digits by reducing inflation.
This according to him, would lower the rate of unemployment and put the country back on track.
In his welcome address, the branch controller of the CBN in Kaduna, Umar Biu, said that the interactive session would create an opportunity for the department and the relevant stakeholders to carefully deliberate on the subject of discourse to chart a way forward for the socio-economic development of the nation.
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