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CBN Plans To Downsize Nigerian Imports By 35%

The Central Bank of Nigeria (CBN) has disclosed plans to reduce the country’s import bill by about 35 percent.

The CBN Governor, Godwin Emefiele, made this known on Tuesday, while receiving a delegation from the Central Bank of The Gambia (CBG), led by its Governor, Buah Saidy.

According to Emefiele, Nigeria currently has the potential to export and earn foreign currency from the production of urea for local production of fertiliser as well as petroleum products as soon as the Dangote refineries begin operations by the first quarter of next year. This, he said, would help to reduce importation by about 35 per cent.

He said a country with a population of over 200 million should have food security, pointing out that this was why the CBN was aggressively looking into the area of food and, “where we can use our own available raw materials to produce what we need in our country.”

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