Nigeria spent a total of N1.18 trillion (about
$7.4 billion) on the importation of toothpicks,
fish, milk, textiles, rice and furniture between
2014 and May 2015, it was gathered.
According to figures obtained from the Central
Bank of Nigeria (CBN), fish imports gulped
$1.39 billion while milk and rice imports
accounted for $1.33 billion and $51 million
respectively.

These commodities are among 40 items which
were recently included on the list of items
banned from accessing foreign exchange at
the Nigerian Exchange Window by the CBN
partly because of the undue pressure they
exert on the local currency as well as the
economic implication of such imports on the
local industries.

CBN Governor, Mr. Godwin Emefiele, had
contended that restricting selected item from
accessing forex had become inevitable in
order to reduce pressure on external reserves
which had seen drastic decline as the apex
bank has had to utilise it to defend the naira
following the volatility in the oil market.
He further argued that the new forex
restriction was needed to sustain the stability
of the exchange market as well as facilitate the
resuscitation of domestic industries and
improve employment generation.

According to figures obtained from the apex
regulatory body, a total sum of $998 million
had already been spent on the importation of
six items between January and May 2015.

A breakdown of the figures showed that fish
importation accounted for $374.04 million;
rice-$220.3 million; toothpick-$1.32 million;
milk–$375.67 million; furniture-$20.39 million
and textiles which accounted for $6.49 million
within the first five months of the year. In total
the sum of $2.73 billion was spent on CBN
excluded items in the period in review.

Emefiele’s recent policy restrictions in the
forex market however appeared to have paid
off given the rise in the country’s external
reserves which had increased to about $31.89
billion in July from about $29 billion.

Many experts have commended the bold
policy initiative by the CBN to sanitise the forex
market – a move which is said to be in tandem
with conscious efforts of President Buhari to
plug all leakages and also install vigilant forex
demand management by CBN.

Citing the challenges occasioned by the steep
fall in international oil prices, which had led to
about 50 per cent drop in foreign earnings and
devaluation of the naira by about 22 per cent,
the CBN governor had lamented the increasing
appetite of Nigerians for all things foreign,
arguing that ‘the time is now ripe for that deep
and honest conversation’ about what Nigerians
really want for their country.

President of Dangote Group, Alhaji Aliko
Dangote, had described the CBN’s latest
intervention in forex control as appropriate for
the Nigerian economy.

According to him: “We cannot be importing
poverty and exporting jobs.” He said the policy
was bound to encourage his company “to look
inward and massively produce locally to create
jobs for our growing young population.”

Dangote had also cited the ban by the
administration of former President Olusegun
Obasanjo, which created the opportunity for
him to grow his cement business.

He added: “When Obasanjo introduced the
policy, he was massively criticized by
multinationals and the same foreign media.
But today, we are self-sufficient in cement
production.”

Nevertheless, there had been increasing
support and solidarity from several analysts
who believe that the country could only make
sustained progress, create jobs, reduce
unemployment and raise standards of living
only if it takes determined steps towards
producing most of what it needs.

In 2013, total forex spent on recently excluded
items was valued at $3.37 billion. The figure
increased to $6.99 billion in 2014 and $2.73
billion between January and May this year.
The figures further showed that in 2014, fish
importation gulped $1.02 billion while rice
imports accounted for $291 million.
Others include toothpicks – $2.71 million; Milk-$960.7 million; furniture – $63.39 million and
textiles which accounted for $15.51 million.

www.businessnews.com.ng/2015/07/27/nigeria-spent-n1-18tn-on-food-imports-banned-items-in-17-months/?wt=3

Haaa see all the money spent.

We need to start working on developing the capacity to meet our demand.

Nigeria shall be great again.

The lady above me keep keeping space.. at the end u would make no sense. total blockhead u got.



GEJ was investing in Agriculture to reduce the importation of rice and other things... since this kunu drunkard took over all the attention has gone back to oil..... yet educated blockheads would stand up and say he is "change" no doubt he is change yes change from advancement and development to the dark age of tribalism, dictatorship and senseless killings, political imprisonment etc...











feel free to correct me if am wrong if not hit the like button and take a seat.

hmmm

The most stupid decision ever made by CBN Governor is to deny access to Foreign Exchange to items not exclusive to import list.

If the items are imported legally to Nigeria after getting the Forex through Bureau de change, the cost will still be transferred to consumers and the attendant inflation tripled.

IsraeliAIRFORCE:
The most stupid decision ever made by CBN Governor is to deny access to Foreign Exchange to items not exclusive to import list.

If the items are imported legally to Nigeria after getting the Forex through Bureau de change, the cost will still be transferred to consumers and the attendant inflation tripled.

Its crazy!!!

Oooh my God.


Jesus will help us