Central Bank of Nigeria (CBN), on Tuesday said efforts are ongoing to reduce the country’s import bill by about 35 per cent.

According to its governor, Godwin Emefiele, CBN stated that the country currently has the potential to export and earn foreign currency from the production of urea for local production of fertiliser as well as petroleum product as soon as the Dangote refineries goes into operation by the first quarter of next year.

Emefiele 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”.

He said: “And we believe with time Nigeria will really be a greater country than it is today. We don’t think we are great yet because we have a high import dependence in the country and we are doing everything possible to reduce imports.

“But like you know, when we are able to reduce imports, encourage exports and encourage consumption spending and investment, those are some of the parameters that will ultimately boost our economy so that we can continue to see rapid growth in our GDP and see prosperity for our people.”

In an interactions with Central Bank of The Gambia (CBG), led by its governor, Mr. Buah Saidy, on a two-day working visit to the country, Emefiele said 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 product as soon as the Dangote refineries goes into operation by the first quarter of next year.

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