The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has said that Nigeria will continue to implement policies that will reduce the importation of goods that can be produced locally.
He said this while making a presentation titled, ‘Against the tide: Nigeria’s heterodox monetary policy and the Bretton Woods consensus’, at the distinguished leadership programme lecture series, of the University of Ibadan, Oyo State on Friday.
“These sectors have the ability to absorb the growing labour pool of eligible workers in our effort to meet the household consumption needs of the Nigerian populace. If efforts were made to improve productivity gains in these sectors, it will reduce our dependence on imported items that could be produced in Nigeria.”
“In this regard, we analysed our import bill, and encouraged manufacturers to consider local options in sourcing their raw materials, by restricting access to foreign exchange on 41 items . Four of these items alone constitute over N1tn of our annual import bill.”
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