This is not an improvement; with blocked products and added tariffs , this will be the result minus bribes. I am sure if we added bribes, it will get to $1 billion or more.

The point about the savings is skewed. You are leaving in foolery if you don't address the foundational problems. It was fun and is fun to eat and loot all the nigerian money, but now no light, no trusted clean water, our schools especially universities are nothing but criminal grounds, our security people are not dependable instead they are a huge percentage of the criminals by stopping cars with weapons to collect bribes;


That above is our problem. It is not beans to compete or even have confidence internally without enough affordable light and water. Stop deceiving yourself and us, the sooner we confront our problems, the better chances we will have in our collective potentials to be a nigeria of great wonders.

Very good !

braveboy64:
Good or Bad?

The economy was buoyed by corrupt money - ofcourse there would be contraction when the leakages were blocked ! Ofcourse Jobs would be lost especially with the slump in oil prices !

new2012:
Really bad!

Given that Nigeria import everything and even the rice the govt claim will reduce in importation was trashed by a global report, then people are so broke and can't afford to import.

Those days, jumia trucks are always at the office delivering goods, Nipost thronged with log of Aliexpress packages to deliver. Now it is so minimal.

Even Konga had to get sold, Jumia is dying even local purchases has reduced say less Intl.

NPComplete:


I hate tribalism and I think it is very stupid. But even I had to laugh at this. I am sure u are playing on the "Yoruba Muslims" chant that Igbos scream on this forum.

Believe me bro, I'm the least tribalistic person but I find it funny when doing this and as you said, a revenge for the "Yoruba Muslims" label

lashout1:

You are a perfect thinker; alot of negative energy can reduce import bills but these guys are analysing looking at internal production variable which is why most person believe lumping data in statistics is not a true representation of facts

Definitely it is not, every Government irrespective of what the data says will find a way to use it to their advantage. Elections are here so brace yourself for me of these news

Kenekingisback:
'“In fact, recommendations are being made to the CBN that the list of 41 items be expanded to include other additional items that can be locally produced.”

- economic crises looms especially unemployment levels

- You can continue to support the APC party in the face of anticipated impoverishment in 2019

you get sense so? so if we support our local industries, it will lead to unemployment? take note! when you encourage importation, you are killing local industries. when you support exports, you are encouraging local industries ditto employment

frankmoney:
Emiefele is actually doing a great job we need to stop being an import dependent country but a manufacturing one . At least let's stop importing food product

They should include moet, whiskey etc in the list. When did nigeria become a dumpling ground for hard liquer.

Ogogoro is there and also good old star.

Hmmm

Imagine the further drop in the import bill

989900:
Good news, but why is this not reflecting in the exchange rate?

Actually a lower naira means our goods would be cheaper when exported.

So it is important that we encourage more local prodution

Remember this is one of the areas US is fighting China - the yen is always kept low.

A person wit 'NEPA CERT' is achieving all ds while a phd holder is summarily hneffective...pls who certificate help?

.........this a lie from the pit of hell, is not ONLY emefiele that went to school to study economics.

it is not possible, for import to drop this drastically without showing in the exchange rate and on the rate of unemployment and hence economic growth.

this is pure political gist

deji17:

Yea we were importing many consumables by mid 2015. We were importing fish, poultry products, tomatoes and at some point we started importing GARRI.
YES GARRRRRRRRRRRRRRIIIIIIIIIII.

Did you see or eat imported garri?

CosmeticChemist:



What is this one saying...?.. isn't this a good news for the manufacturing sector ? We are saving our hard currency, but your hate for Buharis govt won't allow you to see it..

Which hard currency please?

maisauki:
A person wit 'NEPA CERT' is achieving all ds while a phd holder is summarily hneffective...pls who certificate help?

Bro what was achieved? I mean failure is actually easy to achieve. You don't have to have a certificate to be a specialist in failure.

mitchelljnr:


Did you see or eat imported garri?

Watch the video links.
https://www.youtube.com/watch?v=hAlxkncYaiM

Pataricatering:
The economy was buoyed by corrupt money - ofcourse there would be contraction when the leakages were blocked ! Ofcourse Jobs would be lost especially with the slump in oil prices !

Which leakage got blocked? Subsidy? That's so massive that they've threaten to go on strike.

Ghost workers? All proposed scholarships in CECC were shared by Ministers.

CBN and NNPC job recruitment are now classified.

Which leakage please?
Job loss initial cause was d president.. The economy appreciated when he took over, lots of high expectations but he crushed all when it took 6months to get minister to pilot the country.

Oil price contributed greatly, I agree.. But remember the price was under 25 when Obj took over.

Let's not defend our politicians who earn in tens of millions.. They are the cause of the country's downfall.. PDP,APC, there is no difference when they have same cause.

34webers:

...........
What boost in domestic productions?
Obaseki walked out BEDC official from his office due to zero power supply.
Say the facts! Investors have left Nigeria I'm droves.
No capital to improve imports. Shame of NPA boss. Shame on Buhari. Shame on APC.

34webers:

...........
What boost in domestic productions?
Obaseki walked out BEDC official from his office due to zero power supply.
Say the facts! Investors have left Nigeria in droves.
No capital to improve imports. Shame of NPA boss. Shame on Buhari. Shame on APC.

34webers:

...........
What boost in domestic productions?
Obaseki walked out BEDC official from his office due to zero power supply.
Say the facts! Investors have left Nigeria *in* droves.
No capital to improve imports. Shame *on* NPA boss. Shame on Buhari. Shame on APC.

new2012:


Which leakage got blocked? Subsidy? That's so massive that they've threaten to go on strike.

Ghost workers? All proposed scholarships in CECC were shared by Ministers.

CBN and NNPC job recruitment are now classified.

Which leakage please?
Job loss initial cause was d president.. The economy appreciated when he took over, lots of high expectations but he crushed all when it took 6months to get minister to pilot the country.

Oil price contributed greatly, I agree.. But remember the price was under 25 when Obj took over.

Let's not defend our politicians who earn in tens of millions.. They are the cause of the country's downfall.. PDP,APC, there is no difference when they have same cause.

Ghost workers still exist, but progress has been made in reducing their numbers.

Subsidy is still being paid, but the fact that only the nnpc now imports fuel (no longer every Tom, Dick amd Harry), that means the leakages in subsidy payment must be less (not eliminated though).

Employment scams, if you actually think employment scams where employment is driven by who-you-know in govt started in 2015, then you're as naive as they come. The fact is that with the level of whistleblowing and info circulated via the social media these days, the level of employment scams has now reduced massively compared to the past.

Comparing the oil price in 1999 to the oil price sudden drop in 2014/2015 is very illogical. A boy who earned N3000 in 1999 may not survive on N50,000 in 2015, especially when you consider that he now has a higher taste, now has a wife and children, has a car to fuel and has his a bigger apartment where he pays higher rent. Moreover, in 1999, oil price didnt drop suddenly. A man struggles to feed his family with N100k salary, and then you suddenly reduce that salary to 30k; the excruciating effect of this sudden income drop on his family cannot be overemphasised; and its illogical to make a comparison with 16-20 years ago when he earned only 25k but was comfortable. Back then, his demands were much much lower. For example, Nigeria's forex demand since 1999 to date has increased by over 1000%.

No doubt though, the incompetence, diabolic greed and sheer wickedness of our political leaders is the reason Nigeria is still a third world shithole.

Naughtysite:
There are many reasons for decline in import Bill. One is that disposable income is at its lowest ebb since 2015.

You cannot spend money that you don't have. This is error of assumption to say that what we stopped importing are all being produced locally. Consumption declined. Tell Emefiele that if local production increased one indicator should have been JOB CREATION but there was actual JOB LOSSES. There are 4 factors of production of which LABOUR is one.

CAPITAL also reduced between 2015 and 2018. Foreign capital providers left the country in droves and Nigeria couldn't attract new ones leading to increased borrowing to fund the govt. More businesses closed shop. More Nigerians were thrown into poverty more than ELEVEN million since 2015.

I don't blame Emefiele he has to protect his job.

Don't mind the bástard. Thanks for your wonderful submission.

Sosqui:

I am not talking of the 41 items but necessary food supplements. Do you know some SMEs have to bribe before funds are allocated to them. It is very bad ...

Yes I accept and I know, that's the corruption challenge we have in this country, tie wrapper O! - but other then the 41 items most people apply for forex because they want to round trip and make money off the instability in our economy - manufacturers have to apply to get the forex especially pharmaceutical shops and medical equipment buyers

deji17:
Watch the video links.
https://www.youtube.com/watch?v=hAlxkncYaiM

Same speculations, did you see it?