• Saturday, February 24, 2024
businessday logo


CBN has changed Nigerians’ preference of foreign goods to local ones – Okorafor


The Central Bank of Nigeria (CBN) has said that one of its greatest achievements is the cultural change of Nigerians who no longer ask for foreign rice.

Isaac Okorafor, director of Public Communication (CBN), who stated this in Umuahia during the apex Bank’s Fair with the theme ‘Promoting Financial Stability and Economic Development’, noted that the bank has been able to achieve this feat through the Anchor Borrowers Programme.

He disclosed that Kebbi and Ebonyi states through the ABP now produce rice in large quantity, thereby saving the country its foreign reserves from importation of rice.

Okorafor, who was represented by Sam Okogbuo, assistant director, Public Communication, also said the CBN has equally given boost to small and medium scale enterprises which now are flourishing in all parts of the country, particularly the garment industries.

Michael Ogbu, branch controller of CBN, Umuahia earlier in his speech said the aim of the Fair was to enlighten the public on some of the activities of the apex bank that were hitherto not known to them which included customer rights and responsibilities, BVN, financial inclusiveness and agricultural financing to micro, small and medium enterprise, among others.

He noted that the bank has done much on the above and would continue to do more to ensure the economic development of Nigeria.