By Francis Ogwo
Production of vital consumables and services has been tipped as one sure gateway out of Nigeria’s current economic downturn.
This was the view shared by Governor of the Central Bank of Nigeria, Mr Godwin Emefiele.
According to the apex bank Governor, the value of the naira can only match other foreign currencies if the basic foreign consumables can be produced locally stating that no nation in the world depends on the consumption of foreign goods and grow its economy.
Emefiele spoke through the CBN’s Assistant Director, Corporate Communication, Sam Okogbue, over the weekend at a one-day North-West Zonal Stakeholders’ Interactive Enlightenment Session with the apex bank.
The session attracted stakeholders from affiliate unions of Nigeria Labour Congress, the Trade Union Congress and informal sector workers in Katsina, Kano, Kaduna, and other states of the North-West part of the country.
The CBN boss was of the opinion that the apex bank had made moves towards boosting the interest of local consumers on made in Nigeria products stressing that that the country must produce more than we consume.
In his words: “What we are saying is that Nigerians should go back to production and that we should also abridge our insatiable taste for foreign goods so that we can stabilise our exchange rates.
“In Nigeria, we don’t produce much. I come from East, most of our fathers were trained, institutions were built with palm oil. The University of Nigeria, Nnsuka was a product of palm kernel and palm oil. Can we do so now?
“It is not only to express an emotive passion about the fact that naira is worthless vis-à-vis other currencies but it is also a moment for sober reflection that are we really producing anything? The answer is no.
“Nigerians should moderate their consumption of foreign goods. If we do so, it will help the government to stabilise the economy. The more lasting sustainable measure is to produce what we eat,” Emefiele said.
Recall that a campaign was drawn up some years ago by the Nigerian Export Promotion Council (NEPC) on boosting the interest of locally manufactured goods towards. This according to the agency was aimed at helping local industries grow while boosting the value of the naira.
