ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

LRNZH:


Something is amiss here. How can a MAN chairman make such appeal without listing in the least, a few of these items that are essential raw materials?

Or is the CBN suppose to start guessing which of the 680 item is essential to MAN members?

LegatusGlaber:
Why don't they list those important raw materials, who knows we might find a way of making them here. Otherwise, this is nothing but an emotional appeal and veiled threat

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

LRNZH:
What are these items that are essential raw materials? Let's hear what they are.

LordVoldemort:


The items include the following:

Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security  and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases

Saifullah01:
MAN should realise that PMB is trying to optimise the utility of our current reserves subject to a constraint of falling oil prices and unlimited 'raw materials' to be put on that list. So my advice is this:


As unauthodox as it may seem this is a time for Nigeria to boost its local industries. This is like a protectionist regime imposed by the government for local manufacturing to take advantage of by governments refusial to devalue.

I was in kaduna yesterday and met with one of sokoto state government officials, he told me he was coming back from inoson motors HQ to discuss the possibility of supplying 800 sedans to the state government (and am very sure other states are looking towards that direction too).
My fear is does inoson motors have the capacity to service this sudden interest in their motors. So rather than MAN complain on government FX policies they should encourage their members to seize the opportunity. I expect inoson motors to drag CBN top officials to their plant - just like dangote did to his refinery - and secure commitment from the CBN to prioritise them if they choose to request FX for expansion of operations.

I read an article once in the Harvard business review about international businesses in China, the author was complaining about how it takes more than 6 months to obtain a 1 year business permit in China! (You think that was just because of bureaucracy? ). That was their government delibrately protecting local companies from foreign competitors. Little wonder Chinese companies are number 1 in all sector of their economy.

And those that feel devaluation provides some sort of silver bullet, if we devalue then what?

Devaluation is meant to reduce the pressure on governments scarce dollar reserves by freeing it up for "other purposes". But by banning non essential items (call controlled devaluation) government has effectively freed up FX for essential purpose or "other purposes" like importation of raw materials and spare parts for local manufacturing. So let's not get it twisted, devaluation of the naira won't bring down the price the perfume (Montale - black auod) I coughed out 39k naira to buy online to 19k naira.

talktonase:
this is just season 1 of the suffering nigerians will experience...season 2 will be out soon.

Marpol:
The Central Bank of Nigeria (CBN) recently issue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. This policy implies is that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers. Rather, they will have to source forex from the parallel market or Bureau De Change to pay for their imports.

The items include the following:

Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases

swtdrms:

Don't mind the idiot MAN chairman, i had to reread the caption to be sure its not traders association saying this. What exactly are the raw materials that can't be sourced locally, let him list them.

AustineE1:
One day we will all wake up to the realization that we are living in a failed economy,PMB seems to be on a mission to cripple this economy,all the economic gains of past administration has been put on auto-reverse.
Oh Nigeria,a paradise lost...my heart bleeds.

Eluwilussit:


Those of us who were there in the 80s, knew that Buhari will still go back to his archaic economics. We warned people but all the small small boys on NL were shouting change. Buhari is very tribalistic. He targeted the South by banning those items in the 80s. He is doing it again. Meanwhile, na northerners dey do black market for dollar. So na them dey benefit. Buhari is biased and vindictive.

This is the time to pump cash/dollar into our economy. That will stimulate it. It will create activities.

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

talktonase:
this is just season 1 of the suffering nigerians will experience...season 2 will be out soon.

grandstar:


It is easier said than done.

One of the product is pslm oil. The country needs 2m tons but only produces 1m tons. The balsnce is Imported.

Do you think Nigeria can make up the shortfall in a month? How long does it take for a palm tree to fruit?

Goke7:


There are companies in Nigeria that produce many of these items, truly some fellows do not wish our country well, what a pity

Goke7:


We can make up the short fall if we are serious, laziness is our problem due to our politicians especially state governors who spoil us by throwing money for us on the street. If the south east governors can push a little, our palm oil demand can be met by two or three States from the south east

theshadyexpress:


https://www.today.ng/news/national/82022/many-companies-will-start-closing-shop-due-to-cbn-forex-policy-man

grandstar:


People who Import these products are not mad. They make massive profits and also create lots of jobs.

Also, such restrictions have failed over the years to industrialise the country. It hss instead encouraged smuggling. And when manufactured here, they csn not meet markrt demand snd may have s monopoly. Dangote was fleecing Nigerians for uears.

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

Saifullah01:
MAN should realise that PMB is trying to optimise the utility of our current reserves subject to a constraint of falling oil prices and unlimited 'raw materials' to be put on that list. So my advice is this:


As unauthodox as it may seem this is a time for Nigeria to boost its local industries. This is like a protectionist regime imposed by the government for local manufacturing to take advantage of by governments refusial to devalue.

I was in kaduna yesterday and met with one of sokoto state government officials, he told me he was coming back from inoson motors HQ to discuss the possibility of supplying 800 sedans to the state government (and am very sure other states are looking towards that direction too).
My fear is does inoson motors have the capacity to service this sudden interest in their motors. So rather than MAN complain on government FX policies they should encourage their members to seize the opportunity. I expect inoson motors to drag CBN top officials to their plant - just like dangote did to his refinery - and secure commitment from the CBN to prioritise them if they choose to request FX for expansion of operations.

I read an article once in the Harvard business review about international businesses in China, the author was complaining about how it takes more than 6 months to obtain a 1 year business permit in China! (You think that was just because of bureaucracy? ). That was their government delibrately protecting local companies from foreign competitors. Little wonder Chinese companies are number 1 in all sector of their economy.

And those that feel devaluation provides some sort of silver bullet, if we devalue then what?

Devaluation is meant to reduce the pressure on governments scarce dollar reserves by freeing it up for "other purposes". But by banning non essential items (call controlled devaluation) government has effectively freed up FX for essential purpose or "other purposes" like importation of raw materials and spare parts for local manufacturing. So let's not get it twisted, devaluation of the naira won't bring down the price the perfume (Montale - black auod) I coughed out 39k naira to buy online to 19k naira.