Business

Investors shying away from Nigeria due to smuggling, dumping- CBN governor

COVID-19 and Economic Diversification

The CBN governor, Dr Godwin Emefiele, has said that investors are not eager to invest in the country due to the high incidence of smuggling and dumping of goods.

He identified smuggling and dumping of goods as the greatest challenges hindering the success of Nigeria’s economic policies.

Emefiele said this in Ibadan on Friday at the first Distinguished Leadership Lecture of the University of Ibadan, where he stated that smuggling and dumping had done more harm to the nation’s economy by impeding investment which would create jobs and reduce poverty.

“Investors insist that the problem of smuggling and dumping must be addressed for them to invest in the nation’s economy.

“How do we deal with these? Government bought hundreds of trucks for Customs to combat it but corruption has prevented us from getting any result.

“This is because of lack of respect for our own economic policies. These acts create unemployment and poverty for our people, that is selfish.

“If we find a company involved in smuggling then we will use our own tools available to us to compliment the efforts of Nigeria Customs.

“Our instrument is to investigate that company and if found involved in smuggling and dumping, we will stop them.

“We will stamp economic sabotage on them and use them as examples to deal with them for people to learn to respect the economic policies of Nigeria.

“We want to create jobs for our people, we want our industries to come alive again,” Emefiele said.

The chairman of the occasion, Prof. Sam Olofin, commended the various policies of CBN, noting that Nigeria could not follow the orthodox path to get result.

“Our undue reliance on orthodox has hindered our development. For us to develop, we must be willing to pay the price of going against the tide, ” he said.

The Vice Chancellor of the University, Prof  Idowu Olayinka, appreciated the efforts of CBN under Emefiele which had helped in repositioning the nation’s economy.

The maiden edition of the Distinguished Leadership lecture was entitled, ‘Up Against the Tide: Nigeria’s Heterodox Monetary Policy and the Bretton Woods Consesus’.

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