The North-South Economists’ Forum (NSEF), a focus group of development economists has exonerated Godwin Emefiele, governor of the Central Bank of Nigeria for the continued depreciation of Naira, blaming it on the low receipts from the sale of crude oil and the non-export status of the Nigerian economy.
The body of economists, in a press statement signed by its Chairman, Malam Ahmed Abdulkadir and Secretary, Dr. Chima Eboh, Nigeria earns a huge chunk of her foreign exchange from the sale of crude oil but much of that is spent on the importation of refined petroleum products and other basic amenities most which could have been produced in the country.
“How is it the fault of any CBN governor or the CBN itself that the country cannot refine her crude for local consumption at least? Is CBN in charge of the refineries? Does CBN sell our crude oil? Is it the fault of CBN that Nigerians import rice, cereals, toothpick, tomato paste, beans, wheat and other basic products and agriculture produce all of which can easily be produced in the country?
“Recall that in 2018, Nigeria spent N13.1 trillion ($36.5 billion) on imports; in 2019, the figure climbed to N16.95 trillion ($47 billion). A chunky $28.7 billion was spent on invisibles, that is money spent on business travels, financial services, medical tourism, among others. No nation on earth operates like this – living off exotic products at the expense of its primary sector.
“Nigeria’s foreign trade is in deficit and has always been and this will continue for as long as Nigerians continue to prefer imported goods and services, neglect the manufacturing sector, and continue to engage in sharp practices even with the little forex available,” the group said.
