CBN Asks Nigerians To Reduce Patronage Of Imported Goods, To Grow Economy - EDU-BIZNEWS


Monday, December 7, 2020

CBN Asks Nigerians To Reduce Patronage Of Imported Goods, To Grow Economy

Central Bank of Nigeria (CBN)has asked Nigerians to reduce their patronage of imported goods, for Nigeria return to its golden era age when the country produced goods and services to grow the economy.

Governor of  CBN, Godwin Emefiele made the call in Kaduna over the weekend, at a one-day North-West Zonal Stakeholders’ Interactive Enlightenment Session with the apex bank on its five-year policy thrust.

Emefiele stressed the need for Nigerians to embrace production of goods , for the naira to compete favourably with other foreign currencies as was in the past.

 "No nation in the world depends on the consumption of foreign goods and grow its economy."he stated.

Emefiele who  was represented by the  CBN’s Assistant Director, Corporate Communication, Sam Okogbue, said that the apex bank took deliberate decisions or measures to discourage foreign consumption of goods by Nigerians.

The CBN governor insisted that Nigeria must learn 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",he explained.

The interactive session attracted stakeholders  from affiliate unions of Nigeria Labour Congress, the Trade Union Congress and informal sector workers in Katsina, Kano, Kaduna, and other states from the North-West zone of the country.

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