CSOs say CBN policies targeted to boost local industry

CBN logo
CBN logo

The President, Coalition of Civil Society Groups, Etuk Bassey has said recent policies introduced by the Central Bank of Nigeria (CBN) were designed to boost local industries.

The coalition stated that aside from other benefits, it will help the poor and boost the nation’s economy.

Bassey who spoke in Abuja stated that policies such as ban on importation of selected goods the country is capable of producing, Bank Verification Number(BVN) as well as the reform of Bureau de Change would reduce corruption and promote local production.

He said selected politicians and elites had depleted the nation’s foreign reserve due to aggressive importation, thereby exporting jobs out of the country.

Bassey: “Nigerians have been taken for a ride too long. Our collective patrimony has been cornered by few looters for too long. We can no

longer stand idle and watch these thieves, in collaboration with foreign neo-colonialist and imperialists, keep the masses under perpetual bondage.

“So we believe that the policies of the CBN are aimed at protecting ordinary Nigerians from the destructive capitalistic instincts of a few plutocrats and bourgeoisies. 

“The policies have truncated the rent-seeking ability of many of these economic parasites and saboteurs. We believe that it is in this singular reason that CBN is being vilified in the most unfair and disgraceful manner by a sponsored group of anarchists” 

According to him, it became imperative for the public to support the present administration in its effort to grow the economy, especially through diversification to non-oil sector. 

He identified few local organisations such as association of cold rolled steel manufacturers, Wapco Aluminium, Erisco foods among other farming business outfits that are gradually enjoying local patronages. 

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