CBN Gov Advocates 2 Years Borders Closure

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…… capable of tackling all security challenges currently being experienced in the country

The Central Bank of Nigeria (CBN) Governor says if border closure is sustained for the next two years, issue of insurgency, banditry and kidnapping will be totally eradicated.The CBN Governor, Mr Godwin Emefiele stated this at the first Convocation Lecture of Edo University, Iyamho, Auchi on Friday.

Mr Emefiele, while responding to questions after his lecture titled “The Role of Monetary Policy towards Economic Growth in Nigeria,” said the border closure was capable of tackling all security challenges currently being experienced in the country.

He explained that if the youth who were in these vices were gainfully engaged in meaningful activities, the insecurity would reduce to the barest minimum.

“I can tell you that if our borders remain closed for two years, the issue of ‘Boko Haram’, Kidnapping, Banditry and ‘Yahoo-Yahoo’ will stop.

“CBN will promote this policy by making sure that we produce what we consume and eat what we produce,” he said.

He affirmed saying that the apex bank would not allow the country to be used as a dumping ground for smuggling goods.

Emefiele, pointed out that the actions of some neighbouring countries saying was not helping matters.

The governor explained that instead of some neighbouring countries to develop policies to grow their own economies rather they engaged in things that undermined Nigerian economy.

He cited example that when Nigeria as a country increased import duty on rice to discourage importation; those neighbouring countries reduced their own duties to get rice importation to be smuggled to the country.

“We no longer want, what they are exporting to our country because we can produce them and CBN will do everything possible through it mandate to promote domestic products,” he said.

Emefiele therefore, challenged young and old to go into agriculture business activities as one of the major ways to grow the economy.


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