Nigerians Need To Consume, Export What They Produce -Emefiele

The Central Bank of Nigeria says Nigerians need to consume what they produce and export the surplus after adding value to it.

The CBN Governor, Godwin Emefiele, disclosed this on Thursday in Akure, Ondo state capital, during the occasion of the 32nd Seminar organised by the Central Bank of Nigeria, for Finance Correspondents and Business Editors, themed, “Exchange Rate Management and Economic Diversification in Nigeria: The ‘PAVE’ Option”.

Emefiele’s message was delivered virtually by the Deputy Governor, Corporate Services of the CBN, Mr Edward Adamu.

In the keynote address, he said, “I am mindful that our goals may appear ambitious to some, but I am resolute and determined that we can achieve it.

“Many countries that are much less endowed than Nigeria are doing it. Consider for example that agriculture exports alone from the Netherlands was about US$120 billion last year.

“Yet, Netherlands has a landmass of about 42,000 square kilometres, which is much smaller than the landmass of Niger State alone at over 76,000 square kilometres.”

Emefiele also noted that the “Produce, Add Value and Export initiative was expected to make Nigerians consume what they produce, add value to it, and even export the surplus.

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