- More foreign items will be restricted or removed from the import bill, as the government want to reduce the rate Nigerians consume foreign products
- The Central Bank of Nigeria's governor, Godwin Emefiele, says President Muhammadu Buhari's administration plans to cut the import bill by 35%
- The head of Nigeria's monetary policy said the country is doing fine due to previous cut, and when more reduction is made, the country will be greater
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, plans to block more foreign foods from being imported into the country despite the high inflation rate.
Emefiele said the government plans to cut importation by 35%, as the exclusion of some food or products from import bill have began to yield result.
If more items are restricted, they will be blocked from the list of products eligible for forex, which is needed for importation. This will cause the price of the barred commodity to increase if dollars is sourced is sourced at black market.
The restriction and border closure are the causes of high Inflation rate in Nigeria, which is currently 17.93% as at May, although it dropped from 18.12% of April 2021.
Nigeria now benefiting from blockage of foreign products
He said the cut down of foreign consumption has helped the country save more on foreign exchanges and grow local production, especially the agricultural sector.
The governor used Dangote Refinery as one of the local production that will aid the reduction of import bill. According to the head of the Apex bank, the country will soon ban importation of petroleum products once the refinery begins production
He made this known during a courtesy visit from Buah Saidy, the Governor of the Central Bank of Gambia. Emefiele said President Muhammadu Buhari's insistence on economic diversification five years ago is now gradually favouring the country.
Amid high inflation, Emefiele says Nigeri will get better
During the interaction with Saidy, Emefiele said in the coming years, the country will be greater than it is now:
“And we believe with time Nigeria will really be a greater country than it is today. We don’t think we are great yet because we have a high import dependence in the country and we are doing everything possible to reduce imports.
“But like you know, when we are able to reduce imports, encourage exports and encourage consumption spending and investment, those are some of the parameters that will ultimately boost our economy so that we can continue to see rapid growth in our GDP and see prosperity for our people.”
Meanwhile, Legit.ng had previously reported that MTN Nigeria subscribers will experience poor network in the coming days, according to message from the telco.
MTN said some areas that experience downtime in their service will not have technical support team to reverse the situation or restore network.
It stated that rising insecurity within the country will lead to the absence of workers in affected locations.