The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, said the apex bank has renewed its commitment to support and improve the non-oil sectors (agricultural and manufacturing) of the Nigerian economy.
This disclosure was made by Emefiele in Abuja. He noted that the focus to support and improve the sector is clearly synced with the determination of the Federal Government to diversify the nation’s economy.
Emefiele further stressed that the support is aimed at insulating the economy from the vagaries associated with the volatility in crude oil prices.
“This renewed focus by the Central bank of Nigeria to support improved growth in the agricultural and manufacturing sector in Nigeria, is clearly in line with the federal government’s determination being stressed by the President Mohammadu Buhari to diversify the base of Nigeria’s economy in a way from the reliance on crude oil so as to insulate the economy from the vagaries and shocks associated with volatility in crude oil prices.
“Let me stress that we are not unmindful that our current effort and focus to make life difficult for smugglers and dumpers of the products being targeted under our intervention will be resisted by unpatriotic and recalcitrant beneficiaries of the status quo.”
Smugglers and dumpers: The Central Bank Governor further disclosed that the bank, as well as the Federal Government, is aware of the resistance efforts of unpatriotic smugglers who are involved in smuggling and dumping those products being targeted and banned by the Central Bank, accentuating that the apex bank in a collaborative effort with the Federal Government, is poised to making life difficult for the recalcitrant smugglers and dumpers.
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Recall that Nairametrics had earlier reported the CBN’s plan to apply its power of being the regulator for Nigerian Banks to provide all details about smugglers and dumpers. The apex bank also plans to block the bank accounts of such individuals.
The Central Bank helmsman acknowledged that there would be initial pain and criticisms in the course of adopting this new strategy to discourage imports of products which can be locally produced. But he said they will not be deterred because the effort is aimed at improving the Nigerian economy.
“We will not be deterred by their criticisms that will appeal to all Nigerians to support this initiative. No doubts, there will be initial pain caused by this new focus but the medium and long term benefits remain unassailable and glorious to our dear country, Nigeria.”