Emefiele

If We Don’t Kill Unnecessary Imports, Imports Will Kill Us – Emefiele

If Nigeria does not kill unnecessary imports, imports will kill the nation, Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele warned yesterday, stating, however, that despite the occasional shocks experienced by the Nigerian economy, the country still remains a rich and high-yield destination for investment.

Emefiele, in a presentation at the second Nigeria-Canada Investment Summit, in Abuja yesterday, told his audience that the country has continually improving social and macroeconomic conditions, as well as a resilient financial sector, supported by brightening outlook and strengthening prospects.

“If we do not kill unnecessary imports, imports will kill us all,” he warned.

This, according to him, is because, by engaging in excessive imports, the much-needed jobs in the country are exported.
He said: “Without jobs, we promote crime, kidnapping and terrorism. The CBN under my watch will use monetary policy to rebalance our imports, promote job creation and lay a solid foundation for a double digit growth in Nigeria.”

The Nigerian borders were shut in September to rein in social and economic saboteurs, who were importing restricted items and illegal weapons into the country through the land borders.

Meanwhile, in his outlook for the economy, Emefiele anticipated that for the rest of 2019 and towards mid-2020, inflation would fall, albeit slowly.

“Though we do not expect a single-digit outcome by end-2019, due to inherent inertia, it would traverse towards the bank’s 6–9 percent tolerance range by 2020,” he added.

He also told his audience, which was made up mostly of foreign investors, that the CBN would continue to work closely with the fiscal authorities to target a double-digit growth by the next five years.

 

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