Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, stated that for Nigeria’s economy to improve, the country must resort to producing its own goods and services.
Specifically, Emefiele stated that if Nigerians want the naira to go back to its golden era where it was up there with other foreign currencies, then the nation would have to stop depending on foreign goods.
According to the CBN Governor, other nations were able to grow their economy by producing its own goods instead of relying on foreign product.
This information was disclosed on Saturday by a representative. The CBN’s Assistant Director, Corporate Communication, Sam Okogbue, took Emefiele’s place at the one-day North-West Zonal Stakeholders’ Interactive Enlightenment Session with the apex bank on its five-year policy thrust.
The stakeholders were drawn from affiliate unions of Nigeria Labour Congress, the Trade Union Congress and informal sector workers in Katsina, Kano, Kaduna, and other states of the North-West part of the country.
Emefiele also stated that the Apex bank formulated some strategies that will encourage Nigeria to become a producing nation while discouraging Nigerians from consuming imported goods and products.
The CBN governor said, “What we are saying is that Nigerians should go back to production and that we should also abridge our insatiable taste for foreign goods so that we can stabilize our exchange rates.”
“In Nigeria, we don’t produce much. I come from East, most of our fathers were trained, institutions were built with palm oil. The University of Nigeria, Nnsuka was a product of palm kernel and palm oil. Can we do so now?”
“It is not only to express an emotive passion about the fact that naira is worthless vis-à-vis other currencies but it is also a moment for sober reflection that are we really producing anything? The answer is no.”
“Nigerians should moderate their consumption of foreign goods. If we do so, it will help the government to stabilize the economy. The more lasting sustainable measure is to produce what we eat.”