The Central Bank of Nigeria (CBN) has lamented that about $40 billion was depleted from the nation’s external reserves in 10 years due to the taste for imported goods by Nigerians. To stop bleeding the external reserve, the CBN has urged Nigerians to begin to process raw materials so as to get more value and earn more foreign exchange. According to the CBN governor Mr Godwin Emefiele, “exported raw materials such as crude, wood, cocoa amongst others whose end products are later imported, are being sold cheaply and bought back at more expensive rates.” He said the level of the external reserve will be significantly beefed up if fuel which takes up 20 per cent of Nigeria’s import bill is locally produced. Defending the decision of the CBN to support the real sector, Emefiele said the apex bank “is convinced that the sector has sufficient employment capabilities, high growth potentials, contributes significantly in accretion to foreign reserves, expands the industrial base and divers
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