EMEFIELEWE: WE HAVE TO PRODUCE OUR WAY OUT OF THE FOREX CRISES

The only thing that will reduce pressure on our currency is by producing those things we are importing today.

We will try as much as possible not to hurt your business, but we need to be able to work together.

CBN will meet legitimate demand, but we will not be concerned about illegitimate demand.

If the central bank allows the naira to trade more freely then it will lead to a major depreciation as Nigeria is not yet an export-driven economy

We are not going to ban the importation of rice, but we are going to say we would no longer provide foreign exchange if you want to import rice into this country. 

If you want to use your dollars that you got from somewhere else to import rice, no problem!

But with the way we are going, we would not allocate foreign exchange for you to import rice. The same way we would graduate it to other products.

We have seen the pressure in the forex market arising mostly for the lopsided dependent on imports. 

Today in Nigeria, toothpick, tomato paste, furniture, rice, sugar, fish, petroleum products are all being imported into Nigeria.

Perhaps, I want all of us to know that if we import one cent worth of toothpick, it impacts on the external reserves. 

So why should we be seen to be importing items that can be produced locally?

I must give credit to the cement industry. The lesson from that sector is that if we are committed to a course, we can improve our economy. 

Some years ago, we were importing cement and on the list of items of import in Nigeria, cement used to rank among the highest.

But today, we are not only producing cement for our local production, we have started to export cement and Alhaji Aliko Dangote is at the forefront of that.

So what I am saying is that it is not rocket science to start producing locally! Take something as simple as fish, what does it take to develop the aquaculture? 

Can you imagine the kind of output and improvement in gross domestic product (GDP) that will be recorded as a result of such an effort.

I am saying if we can do it in cement, what is the difficulty in producing fish locally? What does it take to grow rice locally?

We will continue to take all measures to defend the currency at the current exchange rate.

Renewing your trade lines is normal. There is no need for the correspondent banks not to renew the credit line. If they don’t do so, it creates panic. 

Deutsche Bank, Stanbic, Standard Chartered Bank, Citi, please tell your people abroad to renew your lines and let’s continue to do business.

We have $34 billion in reserves, and in the year 2000, we had about $10 billion in reserves, and we survived. 

Yes, I know economic activities have improved, but all I am saying is that $34 billion can support this economy.

There is no need for anybody to panic and there is no need for you to be nervous. I appeal with those of us that are speculating on the currency to please stop. You will lose money and I can assure you about that.