“Nigeria Spent About $1 Billion on Food Imports in 5 Months” – CBN Reveals

The ‎Central Bank of Nigeria, CBN, has revealed that a whooping $949 million was spent on food imports over the past five months in the country.

The Director of Monetary Policy, CBN, Moses Tule ‎during a private sector dialogue on foreign exchange policy organized by the Lagos Chamber of Commerce and Industry (LCCI), explained that between January and May 2015, CBN spent $575 million on importation of wheat, $374 million on fish importation and $349 million on electrical and electronics.

He said some of the items on the list are what we can produce in Nigeria, “with the level of unemployment we have in the country, CBN must ensure that the economy survived and private sectors create jobs.”

Moses said the exclusion of some imported goods and services on the list of items not valid for foreign exchange in the Nigerian foreign exchange markets is aimed to boost local production in the nation.

The forum gave opportunities to stakeholders to engage the CBN on the recent foreign exchange policies, especially the new list of items excluded from the foreign exchange market, the limitations imposed on the use export proceeds and related issues.

He said: “At the point where we are, if we are ‎producing some of these imported items into the country, there is no reason whatsoever to import them. Nigeria does not have the capacity to keep importing. Nigeria iss Africa’s number one economy, so we should be able to produce and most of the things that were banned are items we can produce locally.”

He noted that the move to ban some of those items would revive sectors in the economy, which will in turn create jobs opportunities for the nation’s youths.

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Comments (2)

  1. RT @BizWatchNigeria: “Nigeria Spent About $1 Billion on Food Imports in 5 Months” – CBN Reveals – http://t.co/JAonDgpBi4

  2. We obviously have appetite for foreign food than local ones.Imagine if we had kept that money in our local economy!!

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