President Buhari has directed the Central Bank of Nigeria(CBN) to blacklist any firm, its owner, and top management caught smuggling or dumping as well as importers of banned items (42 items) excluded from the Forex market including palm oil into Nigeria.
According to the CBN Governor, Mr. Godwin Emefiele, who reportedly disclosed the president directive to newsmen on Friday in Abuja during a meeting with industry stakeholders, who are majorly oil palm producer. The Nigerian President gave the directive to ensure local industries are protected from smugglers and the importers of banned items into the country.
According to the CBN chief, the disclosure was a strict presidential directive that palm oil importation must stop and the CBN is determined to assist its producers to produce enough for local consumption and even export.
Mr. Emefiele also mentioned that the Presidential directive also includes the mandate to expand and provide support to firms and individuals that want to expand the production of ten different commodities in the country.
He explained that the ten different commodities include are rice, maize, cassava, tomatoes, cotton, oil palm, poultry, fish, livestock dairy and cocoa. The CBN had earlier disbursed the sum of N30 billion to oil palm producers, with a view to ensuring a massive production of the commodity in the country.
Importers of banned items
Read also: Why banks sabotage efforts on new notes