Central Bank of Nigeria (CBN) Governor Godwin Emefiele has affirmed that Nigeria must give considerable focus to productions to expand the economy.
Emefiele stressed that the naira could only catch up with other currencies as it did in the past, provided Africa’s biggest economy relied less on imports.
He noted that no country depended on consumption of exported goods and grew its economy.
Mr Emefiele made the declaration at a North-West stakeholders’ interactive session in Kaduna on Wednesday, where Sam Okogbue, CBN assistant director of corporate communications, deputised for him.
Emefiele disclosed that the CBN made some reforms to discourage consumption of foreign goods by Nigerians, emphasising that the country must strive to be a producing nation rather than a consuming one.
“What we are saying is that Nigerians should go back to production and that we should also abridge our insatiable taste for foreign goods so that we can stabilise our exchange rates.
“In Nigeria, we don’t produce much. I come from East, most of our fathers were trained, institutions were built with palm oil. The University of Nigeria, Nnsuka was a product of palm kernel and palm oil. Can we do so now?,” Emefiele said.
“It is not only to express an emotive passion about the fact that naira is worthless vis-à-vis other currencies but it is also a moment for sober reflection that are we really producing anything? The answer is no.”
The CBN chief remarked that it was imperative for Nigerians to moderate their consumption of foreign goods to help government stabilise the economy. According to him, the more enduring sustainable measure is for the citizens to produce what they eat.
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