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It’s A Shame That We Import Toothpick; CBN Will No Longer Support Such – Emefiele

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The Central Bank of Nigeria, CBN, Wednesday, said that importers of rice, cement and other products will no longer access Foreign Exchange from CBN, banks and bureaux de change for such importation.

CBN Governor, Mr Godwin Emefiele, disclosed this at a news conference in Abuja. He said that the measure would prevent further depletion of the country’s foreign reserve.

According to him, the country was spending huge amount to import things that could be produced locally. The CBN will therefore not continue to support the importation of such items through the use of the hard earned foreign exchange.

Some of the products highlighted by the apex bank include margarine, palm kernel, palm oil products, meat and processed meat products, vegetables, Indian incense, tinned fish, galvanised steel sheet, roofing sheet and furniture.

“Importers who may want to continue importing these goods would have to sort their foreign exchange from their own private sources. The CBN will continue to be vigilant around this policy, keep reviewing the list of items as it becomes comfortable that these items can be produced locally if we apply ourselves sufficiently.”

The Governor said the CBN was forced to come up with the new policy to exclude importers of rice and 40 other items from the foreign exchange market in order to save the nation’s economy.

“We will not make foreign exchange available to such importers from any market. If you read that circular, it said ‘from Nigerian foreign exchange markets’, plural not singular.   Foreign exchange will not be provided by the Central Bank of Nigeria, the banks or by bureaux de change. If we find people flouting it, luckily these people we have mentioned are under our regulation, we know how to deal with them.

“Sometimes, policy changes are forced on policymakers as a result of exogenous shocks beyond their control. While most people do not like to be forced to do something, one of the hallmarks of effective policymaking is to be nimble and responsive when such situations arise.

“In the case of yesterday’s (Tuesday) announcement, I am happy to inform and underscore that this policy change is in line with my long-held believe that Nigeria cannot attain its true potentials by simply importing everything. At some point, we have to all decide what we really want for our country, and I believe that the time is now right for that deep and honest conversation.”

He added that CBN’s analyses of the nation’s economic situation “compelled us to believe that we needed to aggressively begin the process of feeding ourselves by ourselves and producing much of what we need in this country.”

 

According to him, “most of you are aware of the often-quoted number of N1.3 trillion, which is what we spend on average importing rice, fish, sugar, and wheat every year.

“I am saying it is shameful that we have to import toothpick.  I am saying that it is shameful for us to import fish in sauce canned, fish in sauce and sardine. I am saying it is shameful. Before I was born palm kernel was taken out of Nigeria and taken to another country and today we go to that country and import palm oil. It is shameful.

“It is shameful that items that we used to produce in this country we now begin to import them. It is shameful and we need to stop them. That is what we are saying.

“Only last week, I met the Governor of Kebbi State and he lamented the unfortunate situation in that state. Where people, our own farmers, have committed themselves to producing rice and have produced paddy and we have paddy glut in Kebbi State today.

“As I speak, the government has spent its money buying paddy from the rice farmers, almost close to 200,000 of paddy rice.

“Aside from that, Kebbi State farmers have unpurchased paddy rice close to 800,000 tons. And yet we patronise imported rice. For our benefits, those rice imported to the country are those that have spent at least seven years in their stores and yet we have rice that is produced today in Nigeria and we are running away from them.

“The only way we can encourage people who are producing rice to go back to the farms is to do what we have done today.

“How can we keep complaining about the depreciation of the naira when all we do as a people is to import everything from ordinary Geisha and toothpicks to even eggs? These are some of the fundamental reasons behind the bank’s recent announcement.”

 

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1 Comment

  1. Padreskini

    June 25, 2015 at 12:28 pm

    Are you just waking up?
    Or is it a former president asking you(CBN Governor) to implement this law so it can still favour his market/farm/produce within the country?

    In all, I thank God your eyes are now open. Thank God. At least this will set the foundation for the setting up of Indigenously produced (Nigerian manufactured) materials. No good deed is ever too late.

    Just don’t make it a favorable to a particular set of key players producing those things in the country.

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” - Brother Claims
Oke

Oke

Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.

It was reported that the young man had passed away after he was hit by a stray bullet.

The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.

Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.

In his words;

Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.

Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.

 The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own. 

 my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue

we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price

I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you

While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”

Let it be known that my brother @O_Okee  was NOT killed by a police bullet but died a hero protecting my mother and I.

If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”

Read Also: RIP Oke: Barely 3hours After Tweeting “Nigeria Will Not End Me” #EndSARS Protester Dies From Gunshot

See his post below:

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Youths Burn Down Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

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Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)Lagos youths have set the family house of Governor Babajide Sanwo-Olu on fire.

This was after the Governor said that no nobody was killed during the shooting by soldiers at Lekki Toll Gate on Tuesday night.

Sanwo-Olu had debunked claims that the soldiers opened fire and killed some peaceful protesters.

Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.

Bullets fired by security operatives hit some persons and at least two persons have been confirmed killed by the police and many injured

Voices in viral footage blamed the shootings on soldiers.

However, the angry youth attacked several important places such as Nigeria Port Authority, TVC News, and the family house of the Governor where his mother resides.

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#LekkiMassacre: Hoodlums Storm TVC Station In Lagos; Set Properties On Fire (Video)

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#LekkiMassacre: Hoodlums Storm TVC Station In Lagos; Set Properties On Fire (Video)
Properties in the conpound on fire

Properties in the compound on fire

Hoodlums have reportedly invaded the headquarters of popular news station, TVC, believed to be owned by National Leader of APC, Bola Tinubu.

According to reports, the staff of the news station are being trapped in the building located in Lagos.

Videos circulating online shows that properties in the compound have also been set ablaze.

The news station is currently off air and this comes hours after Nigerians accused the Lagos politician of having a hand in the #LekkiMassacre.

Information Nigeria recalls security agents had opened fire at peaceful #EndSARS protesters at Lekki Tollgate on Tuesday.

In a video circulating online, the anchors of one of the shows, ‘Your View’ were heard saying that there were hoodlums at their gate trying to break into the premises.

Read Also: #EndSARS: Nigerian Army Denies Shooting At Protesters In Lekki

Watch the video clips below:

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