Blackfire:
I am a textile importer, but this is a sad news... A very sad news.
What is wrong with this government...

jomonic:


There is no misleading others here as you surmised. That move by Buhari is a smart one because government will earn some revenue from it. In the long run the importers will earn enough capital to invest in either textile or other cottage industries. Aba was booming at a time based on private enterprise. Looks like some government policies are having a knock on effect hence the desperate need to revert.

INTROVERT:
Isn't it killing the local market.?

lomprico:

U say textile importer? Was there an enforcement on the ban on importing before?

onatisi:
I won't be surprised if they peg the age limit of imported cars to 20 or 25 years ,so that nigerians can have affordable cars ,abi no be buhari?

CSTR2:
To tell you i am surprised would be a lie.
I want to see how the old man intends to create mass employment.

lomprico:
And the government turned blind eye to them??

MrSunesis:



Well, quote did have a valid point ....don't you think the government should have focused on tackling that sort of corruption instead of sending us more steps backward than forward?

major466:

Indeed the lifting of bane on these items will provide some revenue to the government. But the negative effects will be much worse.
High importation of textile and furniture will obviously lead to more import duties and more revenue to the government. Now here is the loop, high importation and low export will lead to trade imbalance where these products are imported. Example:
Suppose Nigeria exported to China cocoa, palm oil and sesemi seads worth $500,000,000. And Nigeria imported from China phones, machineries, textiles and computers, worth $1,000,000,000. Then Nigeria will have to pay the differential of $500,000,000 in foreign currency to China. This will boost China's balance of trade. That means China made a profite of $500,000,000 trading at the expence of Nigeria.
By lifting bane on these items, the government have sign off our balance of trade and investment to more advance countries where these products are made. The economy will suffer for it.

anonimi:







Stop spreading LIES please =>

major466:

Indeed lifting bane on these items will provide some revenue to the government. But the negative effects will be much worse.
High importation of textile and furniture will obviously lead to more import duties and more revenue to the government. But here is the loop. High importation and low export will lead to trade imbalance where with the countries where these products are imported. Example:
Suppose Nigeria exported to China cocoa, palm oil and sesemi seads worth $500,000,000. And Nigeria imported from China phones, machineries, textiles and computers, worth $1,000,000,000. Then Nigeria will have to pay the differential of $500,000,000 in foreign currency to China. This will boost China's balance of trade. That means China made a profite of $500,000,000 trading at the expence of Nigeria.
By lifting bane on these items, the government have sign off our balance of trade and investment to more advance countries where these products are made. The economy will suffer for it.

TheFreeOne:


Haba...he won't do that. The auto policy gains recorded by the last administration will be eroded faster than an auto reverse gear.

Seriously he seems to be making errorneous personal decisions devoid of professional advices. His handlers need to wake up lest he self-destructs.

MizMyColi:


What proof do you have that it was never enforced?
Are we now going to play oblivious to the fact that this could impede and discourage local manufacturers?

If the picture you paint is truly so, don't you think local textile manufacturers would have cried out?
The ban discouraged importation to a large extent as evidenced by the boom we now see in that industry.

Ask Oshodi Textile Dealers.

So, this government sees no need to protect the local industries, because they want to create revenue?
My question goes thus..."at what cost?"

Finally, a government that decides before it thinks has arrived.

OLADD:


Why are you speaking from both sides of your mouth instead of calling a spade by its name? One of Buhari's cardinal points during his campaigns was to revive the moribund textile industry. He specifically mentioned the comatose Kaduna textile industry. Why the sudden policy Summersault? Let's stop commenting like the average Nigerian politician.

shigoslim:











which growth are talking about. Hop u guys get brain sha. Let help break it down for you guys and see the great disadvantages in importation.


First the money the importers we earn from our economy where we they take it to? Would they invest it back to our economy or take back to their economy for their own benefits ?

Maxymilliano:
Lifting of ban on textile, others will be tragic for local industries, what the government should focus on is how to revive the wobbling industries ...

989900:


While you're partially right, OTOH, we don't have the actual numbers.

On the flip side, wouldn't you rather get 500M + 35% taxes= 675m vs 500m and no taxes? I mean these items still find their way in, one way or the other.

Like I stated earlier, the immediate focus after this, if it were my company or government, is to find a way to create an enticing enabling environment to lure those manufacturers here, while also assisting the local ones.

This is what most governments are doing now, from U.A.E to Bahrain to Lithuania to China, Malaysia, even Japan, the U.S and more. #FTZ

shigoslim:




















this will worsen off the economy. While did u think Nigeria is rated as largest economy in Africa ? Not because her populate has better off but due to the fact that her small scale enterprising has continue to experience tremendous growth.


I will go you an example. Assuming i'm bringing some product to your town after making sale from that product, the money i earned in your economy or town where did u think i will invest it back to? Do u think i will invest it back to your economy or town ? Which the answer is capital NO ......... I will take it back to my town invest it there where by my investment will continue growing and creating employment for my timing populate.
Now tell me who will benefits most is it my town or your town? Answer to this question is already tell you that in international market there is no permanent friend or enemy only interest.

Tell your oga Buhari that is taking some wrong decision .

onatisi:
this new policy is a regional one for ecowas member states , which means u can import textiles from ghana,benin and niger and as well export to those countries . The bottom line is , some companies may decide to establish in the region but they will choose the safest and most business friendly environment to do that.

rman:


It is similar....subsidy got out of control not because of failed refineries but because of fraudulent practices.

major466:

I will go for 500M with no taxes. Remember the original idea for the bane is to stimulate the growth of the textile industries. This will take some time ofcouse but the economy will be better off in the long run via jobs and value creation. Our GDP will be boosted. Its ironic that APC government who pledged 10 percent in GDP growth per annum are surprisinly implementing policies that will make it difficult for them to achieve that target.