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Bank of Industry and fraud within

Commentary@ITREALMS:  There is massive corruption in the Federal government's Bank of Industry (BoI). The fraud runs into bill...

Tuesday, November 14, 2017

Resolute implementation of bank, import policies yielding results - Emefiele

ITREALMS:
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has declared that with resolute implementation of the Bank’s policy, which currently restricts importers of certain items access to foreign exchange from the Nigerian Forex market, was what led to improvements in the local production of those items, which paved the way for reduction in nation's import bill, report ITRealms.

Speaking at the 2017 Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, weekend, Emefiele declared that local manufacturers have started recording profits and major boosts to their revenue due to the policy.

As said by him, despite opposition to the introduction of the policy restricting 41 items from Nigeria’s foreign exchange market, the unbaised implementation of the policy has resulted into the considerable decline in Nigeria’s import bills. 

From an average of about US$5.5 billion, he revealed that the nation’s monthly import bill had fallen consistently to US$2.1 billion in 2016 and US$1.9 billion by half year 2017.

He so cited the example of Psaltry International Limited (PIL), an agro-allied company based in Oyo State, he said the introduction of the policy had reversed the fortunes of the starch-producing company. 

Noting that prior to the policy; Psaltry had only few customers and a huge backlog of inventory.

CBN boss noted that due to the policy, he disclosed that the company now has over 50 multinational clients including Nestle and Unilever, thereby saving the country $7 million in foreign exchange drawdown over the two years of the policy.

He insisted that the access restriction policy has freed Nigeria from the perennially embarrassing importation of toothpicks.

Also he said Unilever, which moved its production facility to another country a few years ago, had agreed to commission a new Blue Band Factory in Agbara, Ogun State before the end of 2017.

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