CBN will soon restrict FX for importation of sugar, wheat- Emefiele

Governor of Central Bank of Nigeria (CBN) Godwin Emefiele has revealed that the apex bank would soon start the restriction of forex allocation for importation of sugar and wheat into the country.
The CBN governor said this  yesterday at the inspection of a sugar production factory by Dangote Group of Industries in Nasarawa State
Acccording to the head of the apex bank,  Nigeria spends between $600million to $1billion on importation of sugar
Emefiele added that CBN would gradually begin to restrict foreign exchange to those who want to import sugar so that Nigeria willachieve self-sufgiciency in sugar and wheat production.
“Let me state this, we are looking at sugar and wheat. We started a programme on milk about two years ago. Eventually, these products will go into our FX restriction list. We just want to see to what extent we see the traction that is coming from those who are currently importing these items,”
. “We are putting their feet on fire to say that we must all work together to produce these goods in Nigeria rather than import them,” he stated.
It should be noted that the $500million sugar factory is being built on a 60,000 hectares of land h in at Awe local government area of Nasarawa State,
The sugar factory would soon begin operation  in two years time from now, according to president/CEO of Dangote Group, Aliko Dangote,

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