Ibadan Firm Exported $9bn Industrial Starch – CBN Justifies Forex Ban

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The Director, Corporate Communications, Mr Mu’azu Ibrahim, has encouraged Nigerians to patronize made in Nigeria products.

CBN excluded importers of 41 items including rice, processed meat, vegetables, toothpick, among others, from sourcing Forex, Ibrahim said it was only temporary.

“By not importing those items we are saving the Forex demand on the market and the reserve and, at the same time, boosting local production.

“The ban of these products, particularly agriculture products have begun to have positive effects on the economy.

“I was in Ibadan last week and was encouraged by a producer that rose from Cassava farming to processing and that farmer is now producing industrial starch which is in high demand.

“Some companies, large corporations that were importing industrial starch are now sourcing from that company in Ibadan.

“I was happy when the producer said that last year, they were able to record nine billion dollars in exports; this is encouraging.

“There are many like that and once we give them time, the market will improve. So my advice to Nigerians is to think Nigeria, act Nigeria and buy Nigeria; let us patronise made in Nigeria goods,’’ he said.


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