COVID-19—Nigeria Will No Longer Buy Foreign Sanitizers—CBN

Set to Add Sanitizers to List of Banned Items for Forex

By Gift Olivia Samuel, The Sight News

ABUJA—The  Central Bank Governor, Mr. Godwin Emefiele has disclosed that Nigeria will no longer buy foreign made hand sanitizers especially as it is produced in Nigeria.

Emefiele made this known on Wednesday in Abuja, at a Consultative Roundtable tagged “Going for Growth 2.0”, where it was discovered that the sanitizers provided for the prevention against the Coronavirus were imported from China.

The Governor who was reacting to the comment by the CEO, Emzor Pharmaceutical, Dr. Stella Okoli, that they (Emzor Pharmaceutical) make sanitizers but are not patronized, stressed that he will give an order to ensure that only Nigerian made sanitizers will be used.

According to him, “Mrs Stella Okoli, I am going to give the order that from now, we will no longer buy foreign made sanitizers, since we now know that Emzor Pharmaceutical produces Nigerian sanitizers.

“And I want to encourage others here. That is the only way Emzor can continue to do well, and it is Naira that we will pay to buy the sanitizers, rather than using dollars to import the sanitizers from China”, he said.

He also hinted that sanitizers will soon be added to the list of items banned by CBN for Foreign Exchange.  “Very soon, sanitizers will get into the list of items that are banned”, he noted.

Speaking earlier, the apex Bank Governor noted that the consultative session is more relevant today than ever before, given the recent spread of Coronavirus which has emerged as a major threat to global growth in 2020 and perhaps beyond.

In his words, “The impact of Coronavirus across over 100 countries has affected global supply chains as well as demand for goods and services. Commodity prices have also been affected as crude oil prices have plummeted by over 45% since January 2020.

“Early this year, the IMF had projected that global growth will rise to 3.3% in 2020 up from 2.9% in 2019, however, with the onset of the virus, global growth is expected to decline in 2020 but the extent of the decline will depend on how the epidemic is contained over the coming months”, he said.

He further noted that the Central Banks in key markets across the globe have responded by reducing policy rates in order to stimulate growth, while measures are being taken by fiscal authorities to build buffers to contain the spread of the virus.

Emefiele assured Nigerians that in the coming days, both the monetary and the fiscal authorities will come together and bring out to Nigerians and the world their own recipe of solutions to these problems. 

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