Post-COVID-19 Effect: The Central Bank of Nigeria has issued a warning that says Nigeria will not import the goods that can be made in the country anymore, as they can no longer afford to spend reserved foreign exchange on things that can not promote the economy nor provide job opportunities for Nigerians.
This was concluded in a virtual meeting which was held between the Chief Executive Officers of conglomerates in Nigeria and the Governor of the CBN, Mr. Godwin Emefiele, and the details of the virtual meeting were shared by the Director, Corporate Communications of the CBN, Mr. Isaac Okoroafor on the 21st of May, 2020.
The Governor of the CBN has asked industrial conglomerates operating in Nigeria to endeavor to support the reshaping of the economy of Nigeria and making it the Giant of Africa again by joining forces with the CBN by investing in the manufacturing and agricultural sector of Nigeria which was once the strong point of Nigeria’s economy.
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He said the industrial conglomerates operating in Nigeria should take advantage of Nigeria’s population to market their market and also push to export the Nigerian made products to other parts of the world.
Mr. Godwin Emefiele also added that there is a foreign reserve of $37b which will help in revamping the economy back to her glorious days.
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‘‘With the African Continental Free Trade Area (AfCTFA) now billed to commence in January 2021, Nigeria provided the companies with immense opportunities to produce their items and make huge profits through the Nigerian market, which he noted was large enough to support their respective businesses’’
The Governor of the Central Bank of Nigeria also said manufacturing companies have nothing to fear as they would help in protecting their business to ensure they are successful and also the banks will also have their backs as they would help in nipping smuggling by collaborating with some government agencies.
‘‘The CBN is willing to collaborate with other fiscal authorities to improve on their ease of doing business in Nigeria, to simplify their import and export processes’’.