|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,693,433 members, 6,347,521 topics. Date: Sunday, 20 June 2021 at 02:56 AM
I Can't Remove Restriction On My Bank Account / Insurgency: Theatre Command Commences Local Production Of Mraps In Maiduguri / Speeding Armored Vehicle Escorting CBN Bullion Van Crashes In Calabar. Photos (2) (3) (4)
|Cbn’s Forex Restriction On Sugar, Wheat Will Boost Local Production – Farmcrowdy by BizWatch: 1:17pm On Jun 11|
he Central Bank of Nigeria (CBN) in April announced its decision to restrict access to foreign exchange for sugar and wheat importers. The co-founder and Chief Risk Officer of Farmcrowdy, Mr. Akidele Phillips stated in an exclusive interview with BizWatch Nigeria that the apex bank’s decision would boost local production.
Nigeria spends $600m to $1bn importing sugar yearly.
Reacting to the development, Mr. Akindele noted that, “Usually, when similar tax policies are put in place, it is to encourage production within the country. At the policy level, some of the ways to encourage local production or discourage importation is when a restriction is imposed or the import duty is raised.
“So, what I see is, because I am not in government, I am looking at the good side to this kind of policy. What is going to happen is, it is going to encourage local production. So even, if scarcity arises at the initial moment, the farmers that can actually produce these commodities are encouraged to do so to warm more revenue.“
Read More: https://bizwatchnigeria.ng/exclusive-cbns-forex-restriction-on-sugar-wheat-will-boost-local-production-farmcrowdy-co-founder/
Let’s Gist…can You Tattoo Your Favorite Artiste? Let’s Know Your Opinion. / Taxi From Nkpokiti To Enugu State University Of Technology Agbani 08086510264 / Taxi Taxi Taxi Foxxymobile Taxi CAB Cab Cab In Enugu Nigeria 08086510264
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 22