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Economic Recession Not A 100m Race, Be Prepared – Cbn To Nigerians

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SAN FRANCISCO, September 09, (THEWILL) – The Central Bank of Nigeria, CBN, has asked Nigerians to brace up for the current recession in the country, pointing out that the nation’s present economic state was not a 100 metre race but a marathon.

This was disclosed on Friday by the acting Director of Corporate Communications of the central bank, Mr. Isaac Okorafor, who spoke at the ongoing CBN Fair in Enugu.

He stated that Nigerians must do this by patronising made-in Nigerian goods instead of spending hard currencies in importing items like toothpick from China or chickens from South Africa.

Okorafor, who blamed the elites for the problems, pointed out that “farmers eat what they produced”.

His words, “We should stop importing chicken when we have them here. Nigeria should brace up. This is not 100 metre marathon. Let us brace up and change our ways.

“The most hit now are people who have refused to realise that we ought to eat what we produce, like the elite. Farmers eat what they produce.”

Okorafor went on to disclose that the apex bank had earmarked N220 billion for micro, small and medium enterprises, MSME, out of which 60 percent was meant for women and women-owned enterprises.

According to him, some states have collected as much as between N2billion and N1 billion and registering corporative members in their states in bits.

“Some states elected to pay the interest which is not more than nine percent on behalf of the beneficiaries. That is a lot of guarantee and some are recording huge success,” the apex bank’s spokesman added.