Nigeria Must Kill Unnecessary Imports or Be Doomed, Says CBN Governor

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The Central Bank Governor, Mr. Godwin Emefiele, Monday said Nigeria must have to kill unnecessary imports or be doomed.
Emeifele who said who said the country remains rich despite economic shocks being experienced from time to time added that Nigeria has continued to be the eye of foreign investors.
Says country recorded $55bn inflows in two years
Speaking in Abuja on the occasion of the second Nigeria-Canada Investment Summit, the CBN governor said Nigeria’s social and macroeconomic conditions have been improving and resilient too with strengthening prospects.
But he maintained that unnecessary imports have become a big problem for the country, adding that this calls for strong action.
According to him, “If we do not kill unnecessary imports, imports will kill us all”.
He lamented that the country has suffered a lot of excessive imports, and promised to ensure that this is checked.
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.”
He however said that all is well for the nation’s economy, assuring that the remaining months of 2019 and 2020 will witness fall in inflation.
“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.”

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