{"id":101195,"date":"2021-11-01T18:34:47","date_gmt":"2021-11-01T17:34:47","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=101195"},"modified":"2021-11-01T18:34:47","modified_gmt":"2021-11-01T17:34:47","slug":"cibn-to-nigerians-embrace-import-substitution-to-promote-domestic-industry","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/11\/01\/cibn-to-nigerians-embrace-import-substitution-to-promote-domestic-industry\/","title":{"rendered":"CIBN to Nigerians: Embrace import substitution to promote domestic industry"},"content":{"rendered":"<p>The Chartered Institute of Bankers of Nigeria (CIBN) has called Nigerians to embrace import substitution to increase local production of goods.<\/p>\n<p>The call was made by CIBN president, Bayo Olugbemi while<span data-preserver-spaces=\"true\">\u00a0delivering his remarks at the institute\u2019s fellowship investiture ceremony themed, \u2018Nigeria\u2019s Rising Debt Profile: Issues and Implications for Sustainable Economic Development\u2019 on Saturday in Lagos.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Import substitution is a trade and economic policy that advocates replacing imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialised products.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said that the choice of the topic stems from the growing concerns of Nigerians about the rising debt profile of the country and the need to educate the public on this issue and proffer sustainable management strategies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He maintained that there is nothing wrong with <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/27\/n55-trillion-debt-my-conversation-with-friend-over-constant-borrowing-pastor-adeboye\/\">borrowing<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, public borrowing, public debt and public debt management are features of a modern economy.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He, however, said the major concern with borrowing be it, as an individual, organisation or a nation, is simply the purpose of the borrowing and the capacity to repay.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Olugbemi further said that high debt levels cannot be overlooked as historical accounts show that high debt ratios could negatively impact or worse still, reverse economic growth.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Citing a World Bank report, he said that a public debt-to-GDP ratio above 77 percent would result in an adverse impact on economic growth.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The CIBN president urged stakeholders in the banking and finance industry to continually support efforts and initiatives of government aimed at improving the economy toward inclusive growth and development.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He further advised the government to minimise borrowing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cI would like to propose that we continually strive to rein in our rising debt profile. Just like the Latin Americans, let us embrace import substitution models that ultimately promote homegrown products and services, economic growth, and sustainable development,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe must also pursue the path of efficiency, ensuring that all reoccurring costs that may potentially lead to excessive borrowing are reduced to the barest minimum.\u2019\u2019<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In his remarks, Taiwo Oyedele, fiscal policy partner and Africa tax leader at PwC, said that Nigeria\u2019s public debt over the past five years (2015-2020) had expanded by an average of 21.02 percent while the economic growth figure averaged 0.15 per cent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Oyedele said that revenue, on the other hand, expanded by an average of 5.19 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBy implication, the rate of expansion in public debt in Nigeria is fast outweighing the revenue mobilisation capacity of the government,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cConsequently, the debt to GDP ratio expanded from 20.32 percent in 2015 to 34.98 percent in 2020 (IMF).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis pace of increase in the public debt stock, particularly, raised the fiscal sustainability concerns on Nigeria.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Also speaking at the event, Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), who is also one of the fellowship awardees at the event, commended the banking sector for its contribution to the development of the country and the continent as a whole.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cI\u2019m honoured to be made a fellow of the prestigious the Chartered Institute of Bankers of Nigeria. I want to thank the institute for the excellent work it has done to uphold the professional and ethical standards of the Nigerian Banking Industry as well as its effort to educate new generations of bankers,\u201d Okonjo-Iweala said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNigeria\u2019s banking sector has contributed immensely to the development of the country and indeed the continent; there is still so much to be done and our financial services industry, including the emerging fintech sector, has a strong role to play.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chartered Institute of Bankers of Nigeria (CIBN) has called Nigerians to embrace import substitution to increase local production of goods. The call was made by CIBN president, Bayo Olugbemi while\u00a0delivering his remarks at the institute\u2019s fellowship investiture ceremony themed, \u2018Nigeria\u2019s Rising Debt Profile: Issues and Implications for Sustainable Economic Development\u2019 on Saturday in Lagos. [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":101203,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[21303,960,21302,21304],"class_list":["post-101195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bayo-olugbemi","tag-borrowing","tag-cibn","tag-nigeriae-rising-debt-profile"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIBN to Nigerians: Embrace import substitution to promote domestic industry<\/title>\n<meta name=\"description\" content=\"The Chartered Institute of Bankers of Nigeria (CIBN) has called Nigerians to embrace import substitution to increase local production of goods.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/11\/01\/cibn-to-nigerians-embrace-import-substitution-to-promote-domestic-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIBN to Nigerians: Embrace import substitution to promote domestic industry\" \/>\n<meta property=\"og:description\" content=\"The Chartered Institute of Bankers of Nigeria (CIBN) has called Nigerians to embrace import substitution to increase local production of goods. 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