erico2k2:

It has to do with demand and supply plus over heads.I shall give e yoy another example Greece is the highest producer of Olive in the whole world but their Olives have to be taken to Germany to mill it to Olive Oil reason being it's cheaper to mill there than Greece. So the Oil frm Germany is cheaper than the one in Greece. What one would toy buy?.another example China and the rest of the world.why do yoy think Samsung and Nokia have to buy made in china battery for their phone.

GodMode:


If your brain cannot deduce the aim... If you have a university degree you need to return it...

insure1:
Considering its ripple effect on the economy, I'd say well done and weldone!

By the way, I don't know if lalasticlala would think this informative enough for importers on the frontpage but I dedicate this space to users of this pure definition of a stylish aura... Lalique!

Check my signature

ArmaniUhuru:
Why are people shouting welcome development? Do they know the implication of this policy to the common man?

So Naija still dey import toothpicks, wooden doors when we dey produce timber. Oyel money don really cause laziness.

Adeyinka12:
I hope this will not make imported goods high in price

AdaNri1:
dont be silly.

You didn't have to reply at all if you didn't have anything good to say. Or didn't your mother teach you that? Smh, all these unruly Ill mannered keyboard urchins in nairaland sha.

Bevista:
The CBN is trying to make the importation of these items a lot more expensive for the importers, since they now have to source for Forex from the 'underground' market.

The ultimate aim is to encourage local manufacturing of these particular set of items, which will create employment in the process. The CBN has already met with Manufacturers Association of Nigerian (MAN) to explain the rationale of the policy to them and to encourage them to take advantage of the opportunity that will be created by the supply gap. Remember, local production usually suffers when the cost of importation is lower than the cost of local production. GOD bless you sir, this is the kind of explanation I actually needed. I just knew it needed an economist explanation since they said no ban on importation. My own purpose on NL is to learn thanks a lot

The negative implication is that these items will become expensive in the short term due to high import cost. However, in the long term, when local manufacturers have ramped up production, prices should fall back again - with the extra benefit of job creation. Central Bank monetary policies are usually a balancing act - there is always a tradeoff of some pain for a greater good.

The other benefit is that this will ultimately reduce demand for foreign exchange, leading to a strengthening of the Naira and an improvement in Foreign Reserves.

GodMode:


You said rubbish... And you're defending your ignorant and rubbish comment...

Don't ever insult someone's parents especially when you don't know the person.. You're the ill-mannered coward here...

Bevista:
The CBN is trying to make the importation of these items a lot more expensive for the importers, since they now have to source for Forex from the 'underground' market.

The ultimate aim is to encourage local manufacturing of these particular set of items, which will create employment in the process. The CBN has already met with Manufacturers Association of Nigerian (MAN) to explain the rationale of the policy to them and to encourage them to take advantage of the opportunity that will be created by the supply gap. Remember, local production usually suffers when the cost of importation is lower than the cost of local production.

The negative implication is that these items will become expensive in the short term due to high import cost. However, in the long term, when local manufacturers have ramped up production, prices should fall back again - with the extra benefit of job creation. Central Bank monetary policies are usually a balancing act - there is always a tradeoff of some pain for a greater good.

The other benefit is that this will ultimately reduce demand for foreign exchange, leading to a strengthening of the Naira and an improvement in Foreign Reserves.

Bevista:
The CBN is trying to make the importation of these items a lot more expensive for the importers, since they now have to source for Forex from the 'underground' market.

The ultimate aim is to encourage local manufacturing of these particular set of items, which will create employment in the process. The CBN has already met with Manufacturers Association of Nigerian (MAN) to explain the rationale of the policy to them and to encourage them to take advantage of the opportunity that will be created by the supply gap. Remember, local production usually suffers when the cost of importation is lower than the cost of local production.

The negative implication is that these items will become expensive in the short term due to high import cost. However, in the long term, when local manufacturers have ramped up production, prices should fall back again - with the extra benefit of job creation. Central Bank monetary policies are usually a balancing act - there is always a tradeoff of some pain for a greater good.

The other benefit is that this will ultimately reduce demand for foreign exchange, leading to a strengthening of the Naira and an improvement in Foreign Reserves.

AdaNri1:
youre very quick to pick offence because I pointed out your ill manners. I must have struck a nerve then!
I did not ask you the question specifically, you would have scrolled down if you wanted to but you chose to insult me. You're very good at dishing but not so at taking right?
Next time you see my post better hurriedly scroll past!!
And look who's calling someone a coward? A playground bully like you. Mr ITK

DaGC:
'steel nails'

Abi plastic nails dey before

tkcosby02:

What exactly is your argument now??

gidjah:
Some of the products listed here, needs be outrightly banned.pls why r we importing toot pick abi na tooth nails??,have our igbo brodas gone dumb??why r we still importing chicken,palm oilall this made in obodo oyinbo people no go stop supprising us o!

GodMode:


You insulted my parents and you don't expect me to feel offended

You're a coward, dull brain parasite who talks too much who thinks people opposing her views are "ITK"... You have serious comprehension issues...

tkcosby02:
Am sure the only thing we dont import in Nigeria is citizenship. Our politicians, profs, royal fathers are all imported.

tkcosby02:
Am sure the only thing we dont import in Nigeria is citizenship. Our politicians, profs, royal fathers are all imported. So its not surprising we are importing meat, fish, tootpick, even peppe and tomatoes.... Meanwhile the poster above me stole my portion, meet me in the supreme court, im suing you for unlawful possession

GodMode:


You're a f:ool your parents couldn't afford an abortion so they managed to birth you but they already knew you were brainless at birth but they chose to send you to school but your retarded brain wouldn't let you get good grades so when you grew old enough your dullness and ignorant parents told you to bcom a runz girl and f:uck around for money cos situation is hopeless...

Your parents disown you, you're a disgrace to yourself and your family and you're keep on been a victim cos you're d:umb and you would never understand why you're a failure..

AdaNri1:
where is your certificate Mr ITK?
For you to resort to cheap insult and vitriol just proved me right all along.
Can't take but can dish it ei mate?
Go back home and get some parental training child, you're clearly still a little boy.

erico2k2:

Plz name one country in the west that do not import any of the above mentioned

gidjah:
Pls mention one country,that solely lives and depend on importation and never suffers set back in her economy?

gidjah:
Pls mention one country,that solely lives and depend on importation and never suffers set back in her economy?

sonnie10:


US import as of 2014 was #2.3t while export was $1.64. Not only that there is a huge gap between the two - import and export, the economy has been performing well in the last few years.

nymphomaniac:
sorry o but I can't eat made in Nigeria sardine. Some things are not just meant to be produced in Nigeria. Our hygienic standards have to Improve

sonnie10:


US import as of 2014 was #2.3t while export was $1.64. Not only that there is a huge gap between the two - import and export, the economy has been performing well in the last few years.

gidjah:
Broda Econometrics, is US same as Nigeria?,is US d same in size as Nig,is US economic index in growth same as Nig, is US a dumping ground like Nig??never compare nations like US with Nig in any area of economics pls, they are Light yrs ahead if even not just Nig,but the whole of Africa put together,even S/Africa has gone ahead if Nig interms of Economy ,na US u dey take neasure Naija economic index,pls leave that matter out sir.Any nation who totally live on import will hardly grow in local economy take it or leave it. I have lived in D US, S/Africa,gone to Ghana,Tunisia for international events so i am not a novice about the economics of this nations