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Anti-smuggling: CBN, DSS collaborate on economic diversification

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By Umar Yusuf

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Central Bank of Nigeria (CBN) has in conjunction with Department of State Security (DSS initiated an anti-smuggling drive in a bid   to ensure the success of Federal Government’s diversification of Nigeria’s economy from oil to agriculture,

In a press conference in Yola, Adamawa State,  CBN Branch Controller, Yola, Mr. Jatau Sato said the new resolve and cooperation is aimed at enhancing the rapid growth of Nigeria’s economy leveraging on the agricultural sector to boost the country’s foreign exchange, create massive job windows and ensure food security in the country.

He noted that so far a number of contrabands have been seized by DSS following raids on many properties where they were hidden.

Jato stated: “We all know the efforts of the federal government in diversifying the economic base of the country especially from crude oil dependent economy to a more comparatively advantageous resources in agriculture.

“For a long time CBN has actually been complimenting the effort of the federal government in that respect especially given our intervention programs in various sectors of the economy particularly agricultural sector.”

He noted that to achieve the diversification drive, CBN has evolved a number of strategies including the Anchor Borrowers Scheme, adding that the scheme has so far recorded success in a number of areas, but noted with dismay that activities of smugglers are hampering successes so far achieved hence the new cooperation between CBN and DSS.

“Recently CBN introduced the Anchor Borrowers Program and we know the success story in Kebbi State and many other states. In particular we recorded great success in Adamawa State but we have been encountering some challenges.

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“Unfortunately, these efforts that we are proud of are being frustrated by some unscrupulous elements in our society. People who believed in their personal pecuniary penchant for mundane things will smuggle foreign rice in particular into our economy thereby frustrating our farmers and the effort of government. What we essentially have been able to do is to partner with the security organization,” he said.

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