We can no longer continue to export raw materials. We must produce what we consume and consume what we produce. We must diversify our economy, even though we know no nation is an island.
In pursuit of this noble objective, I have directed the Federal Ministry of Industry, Trade and Investment to work with the CBN in execution of a comprehensive investment and trade agenda, in order to create local production to substitute unnecessary imports.
This is to ensure our country becomes self-reliant and to cut down on imports which drain foreign exchange. This is a game changer, because it will reposition us globally and rapidly boost our foreign reserves.
The Ministry of Industry, Trade and Investment and the CBN are already working with the Ministry of Petroleum Resources to cut down import of petroleum products.
They are also working with the Ministry of Agriculture to cut down import of food products and with the Ministry of Mines and Steel to cut down imports of metal related products. This will be one of our boldest initiatives to finally make our country self-sufficient.
I am confident that if we are able to produce in Nigeria most of what we consume today, bulk of investments required to make this happen will surely come from the top 100 companies.
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