CBN canvases for the growth, development of domestic economy
Challenges Nigerians to focus on local production
PORT HARCOURT, Nigeria – The Central Bank of Nigeria (CBN) has urged Nigerians to focus on the growth and development of the domestic economy by focusing on local production.
“By producing goods locally, jobs will be created and the value of the Naira will appreciate and the chain effect is that the domestic economy will become vibrant.”
The Corporate Affairs Manager, Isaac Okoroafor, who spoke at a CBN sensitisation programme in Port Harcourt, Rivers State, on Monday, maintained that there was apple need to diversify the nation’s economy from crude oil.
“We have to emulate the Chinese economy. When China began manufacturing people referred to their products as “fake products”. Today, China is leading in the manufacturing of most products in the world. Nigeria can become another China. What our people are doing in Aba, in Abia State is an encouraging example. “
He stressed that the CBN has asked to commercial banks to give loans to medium and small scale industries to inspire local production. Speaking on the neeed to maintain banking secrecy, he urged Nigerians not to disclose their sensitive banking details to members of the families.
Okoroafor said it is unwise for parents to send their children and wards to withdraw money for them at the ATM machines, because they will have to disclose their PIN numbers which he emphasised was too risky.
He warned that their children may innocuously disclose the PIN numbers to their friends who may later influence them to withdraw money illegally from their accounts. He stated that the federal government decided to close the border with some West African countries to protect domestic industries and boost the local economy.
Okoroafor maintained that the local rice industries which offers some so much economic potential to the country would be destroyed if rice importation, essentially smuggling through land borders was not discouraged.
