Business
CBN Harps On Economic Policies’ Review
The Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele, says, the apex bank will continue to review it’s policies to ensure that the best is achieved for the country’s economy.
Emefiele said this in Nsukka on Saturday in a lecture titled “The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria”.
The event was to mark the second Home-coming Lecture of the Department of Economics, University of Nigeria Nsukka.
He said CBN recently embarked on aggressive drive to close the gap between the interbank and pararell market which it’s positive impact was already evident in the economy.
“CBN will continue to monitor evolving situations and constantly review it’s policies to ensure the best for the economy,” he said.
“How do we justify the importation of items like apple, cucumber and eggs from South Africa, beef from Zambia and toothpicks from China.
“These are items we can locally produce and use money in importing these items to beef up local industries that will in turn create employments for our youths.
“We must take cognisance of the fact that imports are leakages to every economy, “ he said.
Emefiele said the country missed opportunity of being a great economy when it saw oil and abandoned agriculture which was the backbone of the economy in 1960s and 1970s .
“ In those good days, the south east and south south are known for palm oil, the south west for for cocoa and north for groundnut but we saw oil and abandoned agriculture.
“ Country like Netherland is oil producing but also does agriculture in large quantities, majority of fish we consume in this country is from Netherland,” he said.
He said the apex bank was aware of the pains Nigerians were going through because of the economic recession.
He said it was an opportunity to look inward to diversify the economy and come off the recession stronger.
“This recession provides opportunity for us to look inward, diversify the economy, produce locally and create employments for our youths.
“We must diversify our economy and go back to agriculture as we can not survive as a people by importing everything.
“We must export more and import few items in oder to make our economy strong and increase our foreign exchange earning,” he said.
The Vice-Chacellor of UNN, Prof. Benjamin Ozumba, expressed appreciation to the governor for accepting the invitation to deliver the lecture.
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
