Emefiele stated this in Abuja when he appeared before Senate’s Committee on Banking, Insurance and other Financial Institutions for screening for his second term nomination by President Muhammadu Buhari.
He, however, said that the CBN, through its legal functions, would come up with a special programme to boost palm oil production to help in diversifying the economy.Emefiele recalled that “in the 60s, Nigeria controlled 40 per cent share in the global palm oil chain.” “For other countries, when they had the opportunity in agriculture and in the crude sector, they did not let their guards down. Unfortunately, we did and that is what we are paying for today.“We will grow that market again and after that, we will go into cocoa,” he said.According to Emefiele, the president had, on different occasions, insisted that the country produce what it consumes and consume what it produces.
The CBN governor informed the committee that the bank had worked assiduously to stabilise the economy in many areas. “Having adjusted the demands and trying to see how to balance the foreign exchange rate, a number of intervening actions were introduced to help boost the supply of foreign exchange into the market.”
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