Borders closure: CBN charges Nigerians on local production of goods, commodities
The Central Bank of Nigeria (CBN) has thrown its weight in support of domestically growing and developing the economy of the nation through local production of goods and commodities.
Director of Corporate Communication, CBN, Isaac Okoroafor, who spoke at the bank’s sensitisation programme in Port Harcourt, Rivers State, on Monday, maintained that there was a need to diversify the nation’s economy from crude oil and emulate the Chinese in manufacturing.
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He said: “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.”
The Corporate Affairs Manager continued: “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.”
He stressed that the CBN had asked commercial banks to give loans to medium and small scale industries to inspire local production.
Speaking on the need to maintain banking secrecy, he urged Nigerians not to disclose their sensitive banking details to members of the families.
Okoroafor said it was unwise for parents to send their children and wards to withdraw money for them at the ATM machines, because they would have to disclose their PIN numbers which he emphasised was too risky.
He warned that their children might disclose the PIN numbers to their friends who might 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.
He maintained that the local rice industries which offered some economic potential to the country would be destroyed if rice importation, essentially smuggling through land borders was not discouraged.
