Eluwilussit:


Southerners dey import goods. Northerners dey sell money. Which one come be ethnic card. This is how the north has always cheated the south. If you like, dey there dey pretend. Wake up. Buhari is never known for doing anything that will benefit every section of the country.

grandstar:


All countries that have become giants have done so on the shouder of exports.

Look at Nigeria and what crude oil exports has done for the country. Imagine if Nigeria had 5 sectors like that

tabletman1:
Hard times hard measures.


Apc and buhari are bad luck to Nigerians.

1, Rice

2, Cement

3, Margarine

4, Palm Kernel/Palm oil products/Vegetable oils

5, Meat and processed meat products

6, Vegetables and processed vegetable products

7, Poultry chicken, Eggs, Turkey

8, Private Airplane/jet

9, Indian Incense

10, Tinned fish in sauce (Geisha, Sardine)

11, Cold rolled steel sheets

12,Galvanised steel sheets

13, Roofing sheets

14, Wheelbarrow

15, Head pan

16, Metal box and containers

17, Enamel ware

18, Steel drums

19, Steel pipe

20, Wire rods (deformed and not deformed)

21, Iron rods and reinforcing bard

22, Wire mesh

23, Steel nails

24, Security and razor wine

25, Wood particle boards and panels

26, Wood fibre boards and panel

27, Plywood boards and panels

28, Wooden doors

29, Toothpick

30,Glass and glassware

31, Kitchen utensils

32 Tableware

33, Tiles vitrified and ceramic

34, Textiles

35, Woven fabrics

36, Clothes

37, Plastic and rubber products, polypropylene granules, cellophane wrappers

38, Soap and cosmetics

39, Tomatoes/tomato paste

40, Eurobond/foreign currency bond/share purchases

Goke7:


Your excuse does not hold water cos no country develop that way. If those importers are wise, they would have used the massive profits over the years to develop and invest into building industries for production here in Nigeria. Do you think dangote was stupid in building and investing into refinery? He knew Christmas will not be forever, also another importer of petroleum products are about to start building another refinery in Lagos. Those import palm oil should go and use their profits over time to build industries for palm oil produce in the east.

Its a big lie that we cannot meet our local demand in Nigeria by building industries.

Its a big fat lie.

lookandlaff:


thank-you o, the other day one of them was begging Saraki to remove tomato puree from banned items, meanwhile there is a glut of raw tomato production in the country now. Instead of the idiot manufacturers to ask for forex to procure machinery so they can manufacture their own tomato paste from local tomatoes like Erisco, they still want to waste our forex to use us as a dumping ground for EU subsidized overproduction of tomatoes.


http://www.tribuneonlineng.com/cbn-forex-restriction-on-imported-goods-to-stay-%E2%80%94saraki

forgiveness:


Erisco Foods Ltd na oga 4 importation of tomato. All they do is to can it. I confirmed it from their website and you can do that as well. Thanks

lookandlaff:


Maybe he was the one moaning then

Goke7:


We can only have the 5 sectors by looking inwards and reducing importation to some level. Importation business is easier than exports in Nigeria, most nigerians will never want to export if they are not forced to do so. PMB and CBN is on course only blackmailers think otherwise

grandstar:


What countries do you know have developed through looking inwards. I know of none.

Import substitution policies make you poorer...India is the best example. That policy pauperised India.

You don't need to ban this or that to encourage production. Simply ensuring that the country is a cost effective and profitable place to make goods is all that is needed. That is why companies are rushing to Ghana because of its good infrastructure though power supply is now becoming an issue.

Nigeria is an unattractive place to set up a factory. Poor infrastructure, multiple taxes, myriad intrusive government agencies and worst of all, unnecessary high cost of credit.
A good economist is proactive and rather than preach, condemn and sound self righteous finds the underlying reasons why Nigerians don't export amd resolves it.

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

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.

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?

tiwiex:


680 items all at once? 2 trillion from the banks all at once? i don't think this was well thought through. They were more concerned about te propaganda of performance than fixing this problem. Will we start producing the 680 items overnight? Ok oh. Those supporting this policies. Well done. That is why dollar demand has gone wild. Everyone is in the black market. Funny, i noticed the foreign reserve is still dropping. So, who is spending it. It is now $27b. Don't forget we still make some revenue and subsidy is no more being paid.

LRNZH:


The MAN chairman came to the court of public opinion to cry out. He is obligated to list the items so the public has a clear picture of what he is crying about.
I hope you have learnt something today.

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

sinkhole:
It is the fault of news reporting in Nigeria, they should have asked the MAN person to list some of the raw materials! But meanwhile, we know that machines and vehicles spare parts are raw materials that are not made in Nigeria, electronic components are also not made in Nigeria and so on!

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

irunooboo:




all we know is the army has found his certificate. His policies will change Nigeria for good

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:


You have not answered my question, is the chairman of innoson an Hausa man? Someone said sokoto govt has held meetings with innoson to purchase cars so who is not benefitting? If nobody patronise innoson, won't you back here to complain about marginalisation?

Don't be hypocritical pls

reyscrub:


It is a pity that you don't even understand what is called a benefit of emergency economic policy to guild a loss formulation.

If u have an instinct site, u will see how this country shall be great in due time due to strengthen of locally back policy.

Malaysia, New Zealand, Brazil even Ghana during Jerry Raulin took a stern step to withstand a moment pain for lasting pleasure and surplus their have today.

I wish GMB rule this country as a military and use veto to flush out the caterpillars and cankerworms in this country.

Brother, dollars is not our currency and againg dollar is 197 in forex, it is only rising in black market.

reyscrub:


It is a pity that you don't even understand what is called a benefit of emergency economic policy to guild a loss formulation.

If u have an instinct site, u will see how this country shall be great in due time due to strengthen of locally back policy.

Malaysia, New Zealand, Brazil even Ghana during Jerry Raulin took a stern step to withstand a moment pain for lasting pleasure and surplus their have today.

I wish GMB rule this country as a military and use veto to flush out the caterpillars and cankerworms in this country.

Brother, dollars is not our currency and againg dollar is 197 in forex, it is only rising in black market.

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

arabianights:


MAy God spare your life ................................You will be amongst those that will come back here to sing and dance praises to Buhari.

Before you put on your clothe dont you strip first? Nigeria is naked and about to wear a beautiful new cloth.One with good quality and durability

pumpindkay:



The items include the following:
1. Rice
2. Cement
3. Margarine
4. Palm kernel/Palm oil products/vegetables oils
5. Meat and processed meat products
6. Vegetables and processed vegetable products
7. Poultry chicken, eggs, turkey
8. Private airplanes/jets
9. Indian incense
10. Tinned fish in sauce(Geisha)/sardines
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
14. Wheelbarrows
15. Head pans
16. Metal boxes and containers
17. Enamelware
18. Steel drums
19. Steel pipes
20. Wire rods(deformed and not deformed)
21. Iron rods and reinforcing bard
22. Wire mesh
23. Steel nails
24. Security and razor wine
25. Wood particle boards and panels
26. Wood Fibre Boards and Panels
27. Plywood boards and panels
28. Wooden doors
29. Toothpicks
30. Glass and Glassware
31. Kitchen utensils
32. Tableware
33. Tiles-vitrified and ceramic
34. Textiles #where is the textiles industries in Nigeria (won fi ete si le won n pa lapalapa.
35. Woven fabrics
36. Clothes
37. Plastic and rubber products, polypropylene
granules , cellophane wrappers
38. Soap and cosmetics
39. Tomatoes/tomato pastes
40. Eurobond/foreign currency bond/ share
purchases