http://www.vanguardngr.com/2015/06/cbn-bans-rice-cement-importers-others-from-forex-market/

atlwireles:
You are only sending them to the black market. More business for Mallams. End result is the increasing spread between the official and black market rates , making round tripping by banks a more lucrative business.

This is the change some were chanting. Yesterday was the lifting of textile and furniture ban.

Nigeria has entered one chance. Waiting for the reversal of the automobile policy.

Ikengawo:
what he believes are northern products.
he also lifted the ban on furniture and textiles, what he believes are eastern products.
Regardless easterners will get rich/take over from both decisions, but the oil economy is too fragile for shut illiterate policies.

owobokiri:


It is a disaster! This man is still stuck in the West Germany-East Germany days. .

worksmart:
Ignore fake news.

Buhari can not start making policy before he had appointed his cabinet ministers.

Ikengawo:
what he believes are northern products.
he also lifted the ban on furniture and textiles, what he believes are eastern products.
Regardless easterners will get rich/take over from both decisions, but the oil economy is too fragile for shut illiterate policies.

fr3do:
This man is brainlessly rash in making decisions.

ShineuEye:
This is a stupid decision.

owobokiri:

It is a disaster! This man is still stuck in the West Germany-East Germany days. .

Emekamex:
I doubt this, Buhari can't make this decision without senate approval.

owobokiri:
Is this guy a sole administrator or what? Appoint your cabinet and get expert advice from serious minds, he won't. He keeps detering. Now he goes to bed and wakes up banning this , this and this will unbanning that, that and that. . Only in Naijeiriya. . Where are the expert details behind these policy outbursts!? We are in for a long ride.

Mogidi:
Bans importation of rice and cement but approves importation of furniture and textiles, Buhari is sick.

anulaxad:


It is not fake. Stop your pessimism it was also on BBC news.


http://www.bbc.co.uk/news/business-33258942


It's actually an amazing Idea. Once you read the BBC article you will see what I am talking about.

It's what he done back in 1980's to minimize the amount of dollars leaving the country. This will not only immediately reduce the rate of inflation but it will dramatically increase local produce and development and it will close any illegal 'sink holes' where money is being transported.

CBN bans rice, cement importers from forex market
The Central Bank of Nigeria (CBN) has banned importers of rice, cement and 38 other products from purchasing dollars from the foreign exchange market.

Details later
- See more at: http://www.vanguardngr.com/2015/06/cbn-bans-rice-cement-importers-others-from-forex-market/#sthash.U9VlgkGP.dpuf

pat077:
Can someone remind our president that this is not 1984.

anulaxad:


It is not fake. Stop your pessimism it was also on BBC news.


http://www.bbc.co.uk/news/business-33258942


It's actually an amazing Idea. Once you read the BBC article you will see what I am talking about.

It's what he done back in 1980's to minimize the amount of dollars leaving the country. This will not only immediately reduce the rate of inflation but it will dramatically increase local produce and development and it will close any illegal 'sink holes' where money is being transported.

Dangote invests N165bn in rice farming in 5 states

Dangote Industries Limited (DIL) recently signed a memorandum of understanding (MOU) with the Federal Ministry of Agriculture and Rural Development (FMARD) to invest $1billion (N165 billion) for the establishment of fully integrated rice production and processing operations across fives States in Nigeria.

Towards this end, Dangote has acquired farmland in Edo, Jigawa, Kebbi, Kwara, and Niger states totalling 150,000 hectares to be used for the commercial production of rice paddy. This will create thousands of jobs for Nigerians and boost food security.

As part of the project, Dangote will also establish two state-of-the-art large-scale rice mills each with a capacity to mill 120,000 metric tonnes of rice paddy, bringing total capacity to 240,000 metric tonnes, with plans to double capacity within two years. With this installed capacity, the project will become the largest single investment ever made in rice production in Africa. The rice plant is estimated to produce 960,000 metric tons of mill rice, representing 46 per cent of rice imported into Nigeria.

Commending the company for building a strong industrial base in Nigeria, President Goodluck Jonathan, who presided over the ceremony said: “It takes a lot of hard work, commitment and discipline to achieve the feat, accomplished by Aliko Dangote. The country is capable of producing rice that can feed the whole of West African sub-region.”

He assured the company of the protection of its investment, promising to end the high spate of rice smuggling within the next 12 months.
Dangote commended the Government for evolving a robust and consistent policy that has made Nigeria an irresistible place to invest.
He said: “Our goal of making Nigeria a net exporter of rice will be achieved faster by this significant investment, and I congratulate the Minister of Agriculture and his team for the very strong demonstration of public-private sector partnerships and collaboration to drive significant transformation in Nigeria’s agriculture sector.”

As an integrated operation, the Dangote farms and the mills are expected to significantly boost smallholder rice production in the regions through a nucleus and outgrower farming model, thereby transforming livelihoods in rural Nigeria. The sites selected are rice-growing communities and they will be supported by Dangote’s provision of agro-inputs, training, and marketing linkages to improve community farming operations. Employment opportunities will also be created for at least 8,000 Nigerians.

At the event, Dr. Akinwumi Adesina, Minister of Agriculture, said, “This investment by Dangote Industries Limited is transformational for Nigeria and the rest of Africa. The 150,000 hectares of rice farms and the planned 240,000 metric tonnes processing capacity of international quality grade rice is guaranteed to turn Nigeria away from being a rice importing country to a major rice exporter. Through this billion dollar commitment, Aliko Dangote, Africa’s leading business man, has clearly attested to the policies and approach that the Federal Government has undertaken to transform the nation’s agricultural sector.”

He said the rice self-sufficiency policy of the government was directed at saving Nigeria N356billion annually. Within three years, the number of integrated modern rice mills in the country rose from just one in 2011, to 18 by 2014, all processing the local paddy into high quality finished rice. High-quality and well-packaged Nigerian rice is now in the local market, including Quarra Rice, Umza rice, Ebony super rice, Eko rice, Mikap rice, Ashi rice, Queen of the Niger and Mama’s Pride. http://dangote.com/NewsDetail.aspx?custid=138
- See more at: http://dangote.com/NewsDetail.aspx?custid=138#sthash.q9MXN7oH.dpuf

Stolen:
@ seunmsg

It is not everybody culture in Nigeria to remain poor whilst we continue to enrich one man.



Mbanu! It will not work.