The presidency has given the reason President Muhammadu Buhari ordered the Central Bank of Nigeria (CBN) to stop making available, foreign exchange to importers of fertilizer and food item, despite criticisms from some FX analysts and stakeholders.
It revealed that the move by the president to suspend the allocation of foreign exchange for food and fertilizer imports is an action borne out of patriotism.
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This disclosure was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, when he appeared as a guest, on Channels Television’s Sunrise Program, on Friday September 11, 2020.
The Presidential media aide said that the President’s motive stems purely from devotion to the best interest of Nigeria.
Garba Shehu said, ‘’Nigerians must give consideration for the fact that the President’s directive to the CBN is driven by nothing other than a patriotic motive to promote what we grow’’
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While responding to those who think that the president’s directive is overreaching, the Presidential spokesman said, ‘’I am not sure there is anywhere in the world that the Central Bank is so independent that it will operate like foreign ownership.’’
Nairametrics had reported that in its quest to diversify the economy and boost the agricultural sector, President Muhammadu Buhari directed the CBN to stop giving foreign exchange for food and fertilizer imports, a move which some analysts have been very critical of, insisting that the CBN should be independent and not have policies imposed on it by a political authority.
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The President stated that companies that want to continue with food and fertilizer importation can get their foreign exchange from other independent sources.
In its reaction, the Manufacturers Association of Nigeria (MAN), warned that this new policy could cause further inflation as the country was not yet sufficient in food production.
What infrastructure has been put in place to boost any kind of Food production on a local scale by the FG?
Dear Chike, thanks for the great job you have been able to do here,can there be some form of collaborative efforts in reporting or making ng public the huge untapped opportunities we have in the agriculture and agri-Value chains, which also holds potential for gainfully youth engagement and growth in IGR.
The Ministry if Agriculture need to do so much more, as you see farm harvests waisting away seasonally, we can create a login Cal content balance for these nature of gaps, See local rice now selling do you to #28,000. in some outlets and locations.
I celebrate you efforts and wish you more grease and coverage audience.