Recession: what CBN governor said about consumption of foreign goods

Recession: what CBN governor said about consumption of foreign goods – The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has advised Nigerians to moderate their insatiable tastes for consumption of foreign goods to stabilize the nation’s economy.

Emefiele, gave the advice during a one-day interactive engagement session with stakeholders on the five year Policy thrust of the CBN. The event was held in Kaduna.

In attendance were the organized labour union, commercial banks executives and among others.

Emefiele in an interview with journalists shortly after the interactive session said the most lasting and sustainable measure to grow the nation’s economy fast is by producing what we eat in the country.

He recalled that in the 70s, the country invested in agriculture, production of some basic items to cater for its needs and export of locally produced goods to strengthen its currency and the economy.

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Represented by Assistant Director, Corporate Communications of the CBN, Sam Okogbue, the apex bank governor advised Nigerians “to return to production of what they consume. Nigerians should go back to moderation of their taste and consumption of foreign food.

“If we do so, it will help the government to stabilize the economy,” he emphasized.

While noting that, the nation’s economy has been affected by COVID-19 pandemic, the #ENDSARS saga, Emefiele said there was the need to accelerate growth of double digits by reducing inflation.

This according to him, would lower rate of unemployment and put the country back on track.

In his welcome address, the branch controller of the CBN in Kaduna, Umar Biu, said that the interactive session would create opportunity for the department and the relevant stakeholders to carefully deliberate on the subject of discourse to chart a way forward for socioeconomic development of the nation.