The Central Bank of Nigeria (CBN) has tasked Nigerians to patronise and encourage the production of Made-in-Nigeria , as the apex bank may soon halt foreign exchange support for some activities.
Governor, CBN, Godwin Emefiele, who disclosed this at the 2019 Annual Bankers’ Dinner in Lagos on Friday, explained that Nigerians must, therefore, support measures that would drive domestic productivity and diversify our export base.
He said, “We should encourage Nigerians to consume goods that can be produced in Nigeria, knowing fully well that a time will come when we may not have the foreign exchange to aid such activities if we continue to rely on earnings from the export of crude oil.”
According to Punch, the CBN boss explained that it was possible to envision a productive Nigerian economy not reliant on crude oil exports.
At some point in Nigeria’s history, he said, the country had an economy that supported productive activities, which created multiple streams of earnings for the nation.
The CBN governor recalled that in the 60s, Nigeria’s economy was heavily reliant on agriculture, with increased cultivation and exports of primary products such as cocoa, palm oil, cotton and groundnut.
“The agricultural sector in 1961 represented close to 70% of Nigeria’s gross domestic product and generated close to 70% of our export earnings.
“It was the principal source of employment, as over 85% of Nigerians lived in rural communities. These agricultural products also supported the food needs of our nation and provided raw materials for emerging industries.
“We are all aware of how the export earnings from cocoa built the Cocoa House in Ibadan; export earnings from palm plantations supported the development of agricultural settlements in the eastern region and the Trans Amadi Industrial Layout in Port Harcourt,” he said.
According to him, the sale of groundnuts and cotton supported developments in the northern region.