CBN Governor: Why dollar scarcity is good for Nigeria

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, declared that the current scarcity in foreign exchange in very a welcome development for the nation’s economy.

According to Emefiele, scarcity of foreign exchange, dollars basically, has resulted to a boost local production of various essential goods as they now receive top priority, and are getting positive outcomes, he said.

He spoke during the assessment tour of the farmlands cultivated under CBN’s anchor borrowers’ program in Kebbi State at the weekend.  He stressed that agriculture is the bedrock of genuine economic growth of any nation and that Nigeria could not be an exception.

Emefiele also commended farmers and the Kebbi State government for their determination and commitment in the scheme. With the level of success attained in the pilot project in the state, in addition to the progress at Sunti Golden Sugar Estate in Niger, it is now a reality that the country can produce enough to feed itself and even export in no distant future, he said.

The CBN governor also noted that with 78,581 farmers mobilized in Kebbi State under the anchor borrowers program and the disbursement of N4.9 billion as loans to the farmers, about 570,000 direct jobs have been created, while 70,871 of the rural farmers now own and operate bank accounts.

Godwin Emefiele has been Governor of the Central Bank of Nigeria since June 3, 2014. He served as Chief Executive officer and Group Managing Director of Zenith Bank Plc. Emefiele served as Deputy Managing Director of Zenith Bank Plc. since 2001. He served as Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning of Zenith Bank Plc. and had been Management team since inception. Emefiele has over eighteen years of banking experience. Emefiele served as Director at Zenith Bank Plc and Zenith Bank (Gambia) Limited.