The Minister of Finance, Mrs. Kemi Adeosun, on Friday said that 30 per cent of the Nigeria’s demand for foreign exchange was for fuel importation.
Adeosun stated this in Lagos at the launch of “FirstGem” , a product of First Bank of Nigeria Ltd., aimed at empowering women through wealth creation.
She said that government was working very hard to transform the country from consumption driven to investment driven nation.
Adeosun said that it was disheartening that Nigeria exports crude oil and imports petroleum.
She said, “We lose a lot of money exporting unprocessed raw materials. We don’t have the power to process and that’s why we need to build infrastructure to export processed products in order to earn more foreign exchange.”
She said that the Federal Government was committed at rebuilding the country’s infrastructure to boost local production for job creation.
She said, “If we have an enabling infrastructure such as power, roads , among others, cost...
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