CBN Hints of Plans to Reduce Importation by 35%
CBN GOVERNOR
The Central Bank Governor, Mr Godwin Emefiele Tuesday hinted of plans to reduce the nation’s import bills by 35 percent.
The CBN Governor spoke when he hosted a delegation from the Central Bank of The Gambia (CBG), led by its governor, Mr. Buah Saidy.
He explained that this was because the country’s diversification of the ecoomic base has been yielding good results.
According to him, Nigeria now has potential for export which will earn foreign currency.
He pointed out production of urea for local production of fertiliser, petroleum product refinery by Dangote which will help in reducing importtion by 35 percent and capable of earning foreign currency once in operation early next year.
He added that what the CBN wants was a situation in which Nigeria is able to produce its own raw materials to produce what is needed.
“We believe with time Nigeria will really be a greater country than it is today. We don’t think we are great yet because we have a high import dependence in the country and we are doing everything possible to reduce imports.
“But like you know, when we are able to reduce imports, encourage exports and encourage consumption spending and investment, those are some of the parameters that will ultimately boost our economy so that we can continue to see rapid growth in our GDP and see prosperity for our people.”
The visisting Gambian Central Bank Governor, Saidy in his response wanted to learn from Nigeria how CBN is able to regulate banks and also print its currency.
He said that the country spends as much as $70,000 to transport printed currency from Sri Lanka to Gambia.
He wanted to know how his country can start printing its own currency at home.
On this, Emeifele promised that officials will take him through all the processes , including a visit to the minting facility.
The CBN Governor spoke when he hosted a delegation from the Central Bank of The Gambia (CBG), led by its governor, Mr. Buah Saidy.
He explained that this was because the country’s diversification of the ecoomic base has been yielding good results.
According to him, Nigeria now has potential for export which will earn foreign currency.
He pointed out production of urea for local production of fertiliser, petroleum product refinery by Dangote which will help in reducing importtion by 35 percent and capable of earning foreign currency once in operation early next year.
He added that what the CBN wants was a situation in which Nigeria is able to produce its own raw materials to produce what is needed.
“We believe with time Nigeria will really be a greater country than it is today. We don’t think we are great yet because we have a high import dependence in the country and we are doing everything possible to reduce imports.
“But like you know, when we are able to reduce imports, encourage exports and encourage consumption spending and investment, those are some of the parameters that will ultimately boost our economy so that we can continue to see rapid growth in our GDP and see prosperity for our people.”
The visisting Gambian Central Bank Governor, Saidy in his response wanted to learn from Nigeria how CBN is able to regulate banks and also print its currency.
He said that the country spends as much as $70,000 to transport printed currency from Sri Lanka to Gambia.
He wanted to know how his country can start printing its own currency at home.
On this, Emeifele promised that officials will take him through all the processes , including a visit to the minting facility.
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