The Central Bank of Nigeria (CBN) has announced plans to blacklist firms, its owners and top management caught smuggling or dumping any of the restricted 43 items into the country.
Governor of CBN, Godwin Emefiele, revealed at a meeting with palm oil producers in Abuja that the presidential directive was aimed at expanding and providing support to firms and individuals that want to increase the production of 10 different commodities in Nigeria, including palm oil production.
“Another part of the Presidential directive also says that we should blacklist from the foreign exchange market, and the banking industry, all firms their owners, and their top management, caught smuggling or dumping any of the restricted 43 items into Nigeria.
“We must expand, seek to give support to people who want to expand the production of this product in Nigeria,” he said.
Emefiele explained that the CBN has commenced an investigation into the accounts of some producers involved in importation of palm oil into the country.
He said, “Our economic intelligence department has started investigating the accounts of some of you who are involved in smuggling or dumping palm oil into Nigeria and we feel that before any actions are taken against you, in terms of blocking you from the foreign exchange market or blacklisting you from doing banking in Nigeria, that we must invite you to say that we are drawing a line and that importation of palm oil in Nigeria must stop.”
He added that a total of 10 products which include rice, maize, cassava, tomatoes, cotton, oil palm, poultry, fish, livestock dairy and cocoa would be given top priority by the apex bank in its interventions to boost local production.