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No foreign exchange for food and fertilizer importers - Buhari, Gas project, Buharinomics, Buhari, metric, FG okays N100 billion for the completion of Kano Free Trade Zone , Nigeria saved N670 billion from Petrol Importation in half year 2019  , The Chicago Boys of Nigeria, Buhari signs Production Sharing Contract (PSC) Amendment Bill into law , Nigeria generates N876.09 billion in 9-month, as revenue shortfall poses threat 

No foreign exchange for food and fertilizer importers – Buhari

William UkpebyWilliam Ukpe
3 years ago
in Politics
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President Muhammadu Buhari has directed that food and fertilizer importers should not be given access to foreign exchange by the CBN. He said that the country would rather empower more local farmers, and use agriculture as a means to solve unemployment among youths.

The President announced this via his official Twitter handle, @MBuhari on Thursday evening.

READ: Covid-19: Unilever Nigeria suffers 40% revenue loss

I am restating it that nobody importing food or fertilizer should be given foreign exchange from the Central Bank. We will not pay a kobo of our foreign reserves to import food or fertilizer. We will instead empower local farmers and producers.

— Muhammadu Buhari (@MBuhari) September 10, 2020

READ: CBN ends forex for fertilizer importation, raises concern over banks sharp practice

“I am restating it that nobody importing food or fertilizer should be given foreign exchange from the Central Bank. We will not pay a kobo of our foreign reserves to import food or fertilizer. We will instead empower local farmers and producers.

“We have a lot of able-bodied young people willing to work, and agriculture is the answer,” Buhari stated.

READ: Leaked memo: CBN instructs banks to block bank account of 38 companies for “forex abuse”

This comes after the Nigeria Customs Service confirmed that 4 companies were given CBN emergency approval to import 262,000 tons of maize into Nigeria, due to maize scarcity, which had nearly crippled the poultry sector, after the CBN banned the processing of Forms M for maize/corn importation into the country.


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Tags: Business NewsCBN Forex PolicyMuhammadu BuhariNigeria News
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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