Recession: Economy will Stabilise when Nigerians Moderate Foriegn Goods Consumption - CBN

Admin 05-Dec-2020 Business

Central Bank of Nigeria has advised Nigerians to moderate their rabid preference for foriegn and imported goods to support the growth of the country's economy.

CBN Governor, Mr Godwin Emefiele spoke at a one-day interactive engagement session with stakeholders on the five year Policy Thrust of the CBN held in Kaduna.

The stakeholders included the organised labour unions, commercial banks executives and among others.

Emefiele who recalled that in the 70s, the country invested in agriculture, producing some basic items to cater for its needs and engaged in export of locally produced goods to strengthen its currency and the economy, said, while interacting with journalists, the most lasting and sustainable measure to grow the nation’s economy fast was by producing what we 'eat'. 

Represented by Assistant Director, Corperate Communications of the Bank, Sam Okogbue, Emefuele urged Nigerians “to return to production of what they consume. Nigerians should go back to moderation of their taste and consumption of foriegn food. 

His words: “If we do so, it will help the government to stabilise the economy."

Noting the nation’s economy was affected by COVID-19 Pandemic and the #ENDSARS saga, Governor Emefiele clarified there was need to accelerate growth of the economy by reducing inflation, saying the move would “lower rate of unemployment” and put the country back on track.

In his welcome address, the branch controller of CBN in Kaduna, Umar Biu, explained the interactive session would create opportunity for the department and the relevant stakeholders to deliberate on the subject to chart a way forward for socio-economic development of the country

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