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The Central Bank of Nigeria (CBN) has disbursed N30 billion to local palm oil producers following its renewed commitment to end importation of foreign fabrics.
CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday at a meeting with stakeholders in the palm oil production value chain from state governments and the private sector.
He reiterated that the CBN would implement the presidential directive to increase local capacity in palm oil production.
He also told palm oil smugglers to desist or face severe sanctions, adding that no foreign exchange would be made available for palm oil imports.
According to Emefiele, the presidential directive said the CBN must support those who want to expand the production of these products in Nigeria.
“Another part of the presidential directive said we should blacklist from the forex market and the banking industry all firms, owners and top management caught smuggling dumping or importation of the banned 43 products,” he said, noting that the CBN has started investigating the accounts of those involved in smuggling or dumping palm oil in Nigeria.
CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday at a meeting with stakeholders in the palm oil production value chain from state governments and the private sector.
He reiterated that the CBN would implement the presidential directive to increase local capacity in palm oil production.
He also told palm oil smugglers to desist or face severe sanctions, adding that no foreign exchange would be made available for palm oil imports.
According to Emefiele, the presidential directive said the CBN must support those who want to expand the production of these products in Nigeria.
“Another part of the presidential directive said we should blacklist from the forex market and the banking industry all firms, owners and top management caught smuggling dumping or importation of the banned 43 products,” he said, noting that the CBN has started investigating the accounts of those involved in smuggling or dumping palm oil in Nigeria.
