He said:
“Given the sharp fall in oil prices, federation allocation to states have dropped by an average of about N2bn for each month.
“Similarly, average inflows of foreign exchange into the CBN have fallen to by about $1.3bn per month; this has led to a sharp decline in our forex reserves from as high as $37bn as at June 2014, to $30bn.
He said the nation needs to stop to importing everything. He encouraged Nigerians to patronize locally made goods.
Despite the huge drop in the nation’s forex earnings as a result of the fall in crude oil prices, the CBN boss said Nigeria’s import rose to N917bn in September and might likely hit N1.2tn in December.
He said:
“Nigeria cannot continue on this path of importing everything and anything. Indeed, it is both unacceptable and unsustainable and that was the reason we decided at the central bank to prohibit items we can produce here from accessing forex from the central bank.
“The last time we had oil prices at $50 per barrel for an extended period of time was in 2005 and our total import bill for that year was only N148bn. Yet, in the first nine months of this year, our total import bill has already risen to N917bn, and by logical extension, it is heading towards N1.2tn by the end of the year.
“The CBN will in due course embark on a national campaign called PAVE which stands for: Produce Locally, Add Value and Export. We definitely cannot survive as a people by importing everything and anything.’’
Punch
Why are they complaining wen u build your economy around oil dats wat u get
ReplyDeleteNow they are blaming importers, i don't think we will have this problem if our refineries are working and didn't have to import oil we actually sold out...
ReplyDeletePMB is already working on stopping the importation of anything $ everything. Very soon Nigeria will be in the accurate shape.
ReplyDeleteNna na wa o! It is well sha! Linda take note!
ReplyDeleteNna na wa o! It is well sha! Linda take note!
ReplyDeleteAnd the only thing Oga and his boys have thought of banning its importation is small generators, which we can't even produce.
ReplyDeleteGovernment needs to harness other platforms of making money. Like Agriculture.
Sincerely speaking the mind of Amadioha
Hmmm
ReplyDeleteOh!
ReplyDeleteI hope all dis measure's wil b put in place to effect positive impact and difference's thereof.
Comment frm ROYAL PRIESTHOOD (royalpriesthood007@gmail.com)
So wat shld we den do?
ReplyDeleteTo encourage locally made things?... How many are they? This people ain't serious at all.. We're waiting for the almighty Change#
ReplyDeleteHmmm this is big problem oh.
ReplyDeleteno need for him to tell us the problems, let him start proposing solutions. That's why he got hired..
ReplyDeleteFinally the zoo is falling. Amen
ReplyDeleteNa wa oh.This isn't good for our economy. Where are we heading to?
ReplyDeletewe need alternative form of income in this country else Nigeria is gone has a country. if oil price are going done and yet we have BH that will make farmers not go to the farms then how do we get the wheel of agriculture up and going in this country. God will help us. a time might come in this country that we might not be safe again no matter the hour of the day. Lord pls take control.
ReplyDeleteWhen the price was high,what did they achieve.Let there be light and we will try production.
ReplyDeleteStop this deceit. Allow the minister of petroleum to address us. Apc and trance PMB seem confused after dear bourgeois promises. Is not late to ask for help.
ReplyDeleteThese clueless fools have never mentioned any other thing other than oil and theory probing without anyone being arrested since they resumed power.
ReplyDeleteI knew for that cattle herder to appoint this fool that calls himself an igbo man he definitely has nothing to offer. I dnt even knw what he does other than release press statement. Mr. Man ure useless in dat post. The cattle herder is the one incharge as minister of petroleum and I laugh at this because that sector is very complex now unlike it was in the 80s. Then it was simple to run. Lets wait n see d magic he wants go perform
Eeh speaki le kwe. #InNkoliNwaNsukkasVoice#
ReplyDeleteWhy won't they???? When ppl concerned can't do a thing to eradicate d crisis we having. No body cares ....not even PMB...afterall †ђξ poor masses will suffer it
ReplyDelete#It wiLL oNLy gEt beTTer
#IT MuSt enD iN prAise
OK o
ReplyDeleteWhere is the light to produce and manufacture?. Its to expensive to produce here in nigeria.infact its fustrating. How much can you pay on your generators. You will end up making a,loss jare. A trial will confirm this position.
ReplyDeleteWhere is the light to produce and manufacture?. Its to expensive to produce here in nigeria.infact its fustrating. How much can you pay on your generators. You will end up making a loss jare. A trial will confirm this position.
ReplyDeleteThat's good. When we were making that much Bfor, what did we do with the money? Nothing .
ReplyDeleteLinda while I must commend your efforts, Try proof reading before you post[i know your Human] God continue to bless you
ReplyDeleteOh shut up! Today will say this tomorrow another...... it's this figures you call that will confuse all Nigerians.
ReplyDeleteHmmmmm na wah oooo
ReplyDeleteHow can we produce without power and technology? We opt for mediocrity instead of excellence, a child with 13points will gain admission ahead of a child with 65points because of the different region they came from, a less qualified person will get a job ahead of a more qualified person because of federal character/who you know, rather than employ/admit/celebrate the best brains, we choose mediocrity, how do we then grow technologically? How do u expect us to produce when we lack the technology/technical know how? That our refineries, steel complex, power generation, textile industries and so many others are not working is because of lack of technology, we always rely on foreign expatriates.
ReplyDeleteThey said they will employ a foreign expatriate instead of an Igbo man, if the Igbos were given the enabling environment, why would China be better than Nigeria? There has been a time when Nigerians refused patronising locally made products because they were made in the east, they tagged these products "Aba made", seeing these products as inferior and fake forgetting the fact that practise makes perfect, the government didn't encourage nor support them. Today they want us to stop importation and start producing locally without technology and power, for how long shall we continue to be slaves in this country?
Kk. Things are really not getting better.
ReplyDeleteThis is bad news!!isn't it too late for us to start this campaign nawa oooh we are just a nation with a name"a country where we import everything including toothpick so sad.
ReplyDeleteLORD JESUS this people wants to finish Nigeria,Buhari's government is just a joke, may God save us,what of our national factory make it work for us has they've promise. TIMILEYIN BLESSING
ReplyDeletea nation that wants the citizens to provide every essential things in life for themselves is an irresponsible nation.
ReplyDeleteNa now we supposed wake up.Yoruba forget their cocoa,Hausa forget their groundnut and cotton wool,and everyone is chasing after oil,because our leaders are lazy and short sighted.It will take us a long time to arrived as a nation because everyone has got the piority wrong.We have all be caught by the evil consumerism.Every Nigerian want to like westerners withhout the sacrifice.Sad very sad indeed.
ReplyDeleteLet the oil hit $10...when the north went about creating states and lgas under military rulership to punish the south they didn't know this will happen. Ever since PM came to power he has achieved two things reduced outflow of naira via fx and busy with oil/gas industry. Nothing else.
ReplyDeleteWith all these billions been stolen or spent everyday ....isn't it obvious that Nigerians are the biggest wasters in the world ... from the oil sectors to the politics , so called decision makers etc...smh why are we spending this much when we can spend less and make our country a better place
ReplyDeleteLet there be constant power supply which will aid in producing the locally made(items) you are talking about. But for Nigeria to stop importing anything and everything, first consider agricultural improvement as well as enough refineries for crude oil refinement. This nation, Nigeria, is blessed with enough solid mineral resources by far as compared to other advanced countries in Africa. Especially one of these like South Africa- the most fast-developing nation in Africa continent. At all measures, Should they be richer or well developed than us? They achieved it because their economy is well managed. We only here and there boasting for being giant of Africa while our economy is declining day by day. It's very clear that you can't quench a river without terminating it first from its outpour.
ReplyDeletethis man still carry Zenith lapel (logo on his suit) wy? is he not the Gov. of Central Bank of Nigeria?
ReplyDeleteso we make over 265bn every month before and no constant light etc still...okay o ..its only when they lose money that we hear their trumpet. So there is never a time our country makes money abi?
ReplyDelete