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Moghalu hails Nigerian govt’s move to stop export of raw materials, demands implementation



News of me endorsing Atiku is fake, Moghalu

The former Deputy Governor of Central Bank of Nigeria, Kingsley Moghalu, on Tuesday applauded the Federal Government’s recent decision to stop export of raw materials.

The Federal Executive Council (FEC) had last Wednesday approved Nigeria’s Mineral Value Chain Regulations, 2021 with the view to protecting the mining sector and boosts the country’s revenue drive through the development of raw materials into refined products before export.

The Minister of Mines and Steel Development, Olamilekan Adegbite, who briefed journalists shortly after the council’s meeting in Abuja, said the regulation would diversify Nigeria’s economy, accelerate industrialisation and create more jobs in the country.

Moghalu, who reacted to this development via his verified Twitter handle, described the plan as significant to the country’s debilitating economy.

Read also:2023: Moghalu unsure of peaceful elections amid insecurity, worsening economy

The former CBN official, therefore, charged the federal government on genuine implementation of the policy for maximum impact.

He said: “In this season of existential security/economic crisis in Nigeria, Nigerian government’s decision last week to end exports of raw minerals and to require such minerals for value addition before exports is a ray of hope in our economic thinking. I’ve long argued for this approach.

“Good news if well implemented and it will improve our forex situation. While this decision is not really new, since this position is already reflected in the Minerals and Mining Act (2007) and Regulations (2011), I commend Solid Minerals Minister, Olamilekan Adegbite, for this strong policy push. It remains to see how seriously this policy can be followed through, especially by the next government in 2023.”

By Abdulkabeer Ambali

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