NAGAFF urges CBN to ease forex restriction on imported items

Ex-CBN chief calls for less dependence on oil trade

Spread the love

Lagos – A retired Director of the CBN, Mr Chris Nemedia, on Monday urged the Federal Government to be less-dependent on trading in crude oil in the international market.

Nemedia, who made the plea in an interview with the News Agency of Nigeria (NAN) in Lagos, said that processed commodities were more profitable to trade in.

“Emphasis should be on adding value to the primary commodities like oil before exporting them in order to get the desired yield like other nations from natural resources

“A major achievement of this government will be to make us belong to the league of countries that trade in manufactured products.

Related Story:  Ambode recommends 25-year jail term for rapists

“By now, we ought to have improved on the processing and refining of our crude oil ,’’ the former CBN director said.

According to Nemedia, there has been steady decline in commodity prices internationally in the last one year.

[pro_ad_display_adzone id=”70560″]

He said the decline had been to the detriment of economies that relied solely on exporting the commodities in their crude state.

Nemedia urged the government to give priority to the value of the nation’s primary products for export.

“President Buhari needs to emphasise the establishment of processing plants by partnering with the private sector.

“Former developing economies that have moved to a more advanced stage went the way of industrialisation and manufacturing to change their fortunes,’’ he said.

Related Story:  Al-Makura decries diversion of relief materials meant for IDPs

Nemedia said that the hallmark of diversification of the economy should be increased industrialisation and manufacturing.

“We have the population to sustain the consumption of locally-manufactured goods to our benefit,’’ he said.

The National Bureau of Statistics said that till 2014, exportation of crude oil and natural gas accounted for more than 91 per cent of total exports, (NAN)

Spread the love

Leave a Reply

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: 08033083361, 08094208271 and 092900705
Whatsapp: 08053069436

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate