Central Bank of Nigeria (CBN)
Governor, Godwin Emefiele, has said that the average Nigerian spends 73% of their income on food and beverage
products, noting that increased investment in the sub-sector
would reduce the cost of living.
Emefile said this at the 37th Annual General Meeting (AGM) of Association of Food, Beverage
and Tobacco Employers (AFBTE),
held at the weekend in Lagos.
The governor, who was represented by Mr. Ade Adedeji,
said that the expanding middle
class has a disposable income that has caused increased
demand of packaged goods, adding; “Government ban on
importation of pasta, noodles and other consumer food items
has enhanced local demand for the products.
As a response,
investment in the sub-sector has
risen by 53.6% to $49.9b in the second half of 2013, with
potential for further growth of 5% in the next five years.
The growth potential is expected to create 2.5 million skilled jobs.”
President of the AFBTE and Group
Managing Director (GMD) of Flour
Mills of Nigeria, Paul Gbededo said the apex bank’s forex policy has adversely affected members
of the association.
He added that though
manufacturers are searching for local alternatives, many of the substitutes are still unavailable,
hence the need for the CBN to
prioritise the restriction of forex
so that essential industries are not adversely affected.