Argument In Support Of CBN Policy banning of 41 items from forex.

Dangote lauds CBN on policy

While some people have faulted the CBN policy excluding the 41 items from forex and called for a massive devaluation of the naira instead of foreign exchange restrictions on certain items such as rice and toothpicks by the CBN, President of Dangote Group, Aliko Dangote, has thrown his weight behind the CBN, describing the ban on 41 items from forex market as “excellent and one of the best decisions taken so far by the CBN Governor, Mr. Godwin Emefiele.”

The foremost businessman described the CBN’s intervention as appropriate for the Nigerian economy saying, “We cannot be importing poverty and exporting jobs.”

Dangote believes that this should be seen as a clarion call for all hands to be on deck in the development of the nation’s economy disclosing that the foreign exchange restrictions on the 41 items also affected the Dangote Group, especially the Dangote Rice. He, however, believes that the measure would encourage his firm “to look inward and massively produce locally to create jobs for our growing young population.”

He pointed out that without such ban by the administration of former President Olusegun Obasanjo, he wouldn’t have got the opportunity to grow his cement business as it is today such that he is now exporting cement when only 10 years ago Nigeria was importing cement massively.

“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,” he stated.

Dangote maintained that those criticising Emefiele for the decision on foreign exchange restrictions do not have the interest of Nigerians at heart.

He therefore called on people in the South-south region of the country to focus on the development of palm plantations instead of importing palm oil. In the same vein, he enjoined the people of Nigeria to see this as an opportunity to invest in fish farming across Nigeria from the North to the Atlantic Ocean, rather than importing fish, saying Nigeria can borrow a leaf from Senegal. “Although fish is a major staple food in Senegal, the country does not import fish….. why should we be importing fish in Nigeria with all our God given ocean resources,” he asked.

He lauded Emefiele for his bold and courageous decision to place certain items that could be produced locally on forex restrictions.

source:http://dailyindependentnig.com/2015/07/cbn-forex-restrictions-relevance-implications/

Sauce
Lalasticlala
Ishilove

so?

Nawa

Kkk

IMO I felt the CBN ought to call for conference where investors in this line of banned product will be informed about opportunity that lies in our country if they decide to produce this product here and also give them incentive to start early,this will mk them settle down faster and also cushion the effect of the ban

Mtn true talk!

True talk. Why will Nigeria be importing eberything aside cement? Nigeria is producing virtually nothing.
Nigeria import fish while we have abundant fishes in our rivers and ocean
Nigeria import toothpick while there. Abundant trees in the bush
Nigeria import rice while there is abundant rice in abakaliki and the North
Nigeria import oil while there is abdant of crude oil in niger delta
Mtn comes before glo
Dstv comes before startime
Am sick of this country called Nigeria