The Central Bank Governor, Mr. Godwin Emefiele, has advised
Nigeria to summon uncommon political will to stop unnecessary imports or be
doomed be doomed forever.
Emeifele who offered the socking counsel to the federal
government on Monday said the country remains rich despite economic shocks
being experienced from time to time added that Nigeria has continued to be the
eye of foreign investors.
Says country recorded $55bn inflows in two years
Speaking in Abuja on the occasion of the second
Nigeria-Canada Investment Summit, the CBN governor said Nigeria’s social and
macroeconomic conditions have been improving and resilient too with
strengthening prospects.
But he maintained that unnecessary imports have become a big
problem for the country, adding that this calls for strong action.
According to him, “If we do not kill unnecessary imports,
imports will kill us all”.
He lamented that the country has suffered a lot of excessive
imports, and promised to ensure that this is checked.
He said, “Without jobs, we promote crime, kidnapping and
terrorism. The CBN under my watch will use monetary policy to rebalance our
imports, promote job creation and lay a solid foundation for a double digit
growth in Nigeria.”
He however said that all is well for the nation’s economy,
assuring that the remaining months of 2019 and 2020 will witness fall in
inflation.
“Though we do not expect a single-digit outcome by end-2019,
due to inherent inertia, it would traverse towards the bank’s 6–9 percent
tolerance range by 2020.
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