CBN Tasks FG on Institutional Reforms to Check Smuggling, Migration of Terrorists
The Central Bank of Nigeria (CBN) Tuesday called on the federal government to introduce reforms that will ensure automation of operations of the Nigeria Customs Service (NCS) and other revenue generating and security agencies to check smuggling, kidnapping and incursion of terrorists into the country.
The CBN Governor, Mr. Godwin Emefiele, who read the communiqué after the Monetary Policy Committee (MPC) meeting said the apex bank was in full support of sustained closure of the land borders.
Emeifele said, “On the fiscal sector, the committee identified the need for institutional reforms through policies that would automate day-to-day processes of key revenue generating and security agencies such as the Nigerian Customs. This would provide additional advantage of stemming smuggling, kidnapping and the migration of terrorists into the country.”
The apex bank also said diversification has become imperative considering that Nigeria has now signed the African Continental Free Trade Agreement (AfCTA), adding that government must create an environment that will ensure ease of doing business and attract Foreign Direct Investment (FDI).
According to the communiqué government must as a priority, improve conditions for global auto manufacturers so that foreigners into aviation and rail industries can invest in the country.
On the increase of prices of some food items following the closure of the border, the apex bank said the present prices were reactionary and will still come down.
The apex bank argued that this was even more so since significant investments have been made in the past three years to increase food supply.
For instance, the CBN referred to some measures, including the Commodity Development Initiatives introduced to finance agricultural products such as cassava, cocoa, cotton, rice, tomato, poultry, livestock and dairy, fish, oil palm and maize at the cost of N171.66 billion.
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