SOFTDRINK:

Spineless dimwit, I don't expect Lifeless Fc and their minions to read.

Maybe,if your Lifeless Fc captain read the Act establishing the CBN it will know that the financial institution is independent of his daft policies.

Empty barrel, bring the Act and let me school you and your lineage.

Kingspin:
Beautiful nonsense.

Do you know the food imported between US and China?

And has anyone stopped anyone from importing foods?

Lazy youth.

Doyin2:


This your trash does not make sense.

Your narratives suggest a very shallow knowledge of economics and an attempt at ethnocentrism.

Dumbnesses is when you do not know that when a resource such forex is scarce,then you need to prioritise the utilisation.

This is elementary economics and finance.

The average Nigerian does not need imported food to live a healthy life.

Local Meat,Garri,fufu,plantain,beans,fish ,rice,vegetables,milk,amala,tuwo ,semovita,etc,are enough for healthy living.

We can still do without any of the above food items if not available, because there are other local alternatives.

E.g if local rice is not available in your area,you can still live a better life without eating rice !

Dumbness is when you want to grow Forex by prioritising the expenditure of your limited forex and indirectly increase the inflation rate that will suck up the same FX you intend to save.



You dumb assertion that Nigerians can survive on alternative foods is like putting the cart before the horse. Which food alternative is readily available and accessible to Nigerians?


Tell your daft urchin in Abuja that his indirect RUGA plans will never materialise.

Rubbish.

Obj banned importation of fruit juice, we all cried and shouted. Today we have several fruit juice companies in Nigeria. You hardly attend a party and see foreign juices. From Chi to Dansa, they have dominated the market providing jobs and helping to grow the economy.

Nigeria learn to feed yourselves.

Since no more money for food importation, i hope he also put a stop to himself as well o, cus no more money for abroad hospital, everybody including the president must promote our own ooo

I have never seen unintelligent and misinformed set of people like Buhari haters. There is nothing like ban of food items but forex should not be sourced from CBN and before now we already have 41items on this list.

As if it's not in misery already

Buhari and Donald Trump are too old to be presidents that why they formulate policies like unintelligent babies.the maximum age for a president should be reduced to 56 that way we don't have expired brains running a country down to extinction

Area4Area:
At least the average price of rice has reduced to about 14k and more farmers are making the money and producing more

Sorry dear. I didn't mean d price. I meant how much is d local production of rice. How much rice does Nigeria produce locally?

fortran12:

The UK has no large land mass and labor is expensive. That is why they import food

What is d ratio of d UK population to its arable land?

This administration is bereft of basic economic understanding, a country like Nigeria that is bedeviled with structural and operational hurdles rather than relentlessly scaling up mechanized agriculture and extension services and engaging in developing research to eschew over reliance on foriegn agricultural input they are working to stifle the already exacerbated system
This administration in its infancy, dabbled with the FOREX turf, and consequently crashed the naira to the dollar, they went further to subsidize the dollar for those who embarked on HAJJ and in the process helped themselves with a lot of round tripping.
This is the sad reality this president does not understand how economies play out he would plunge this country into the depths of poverty. Dumbo president

SOFTDRINK:

Dumbness is when you want to grow Forex by prioritising the expenditure of your limited forex and indirectly increase the inflation rate that will suck up the same FX you intend to save.



You dumb assertion that Nigerians can survive on alternative foods is like putting the cart before the horse. Which food alternative is readily available and accessible to Nigerians?


Tell your daft urchin in Abuja that his indirect RUGA plans will never materialise.

you are far too fore sighted for the average Nigerian, this is the plan B of Buhari's defense of
RUGA on Nigeria, this policy is a ploy to force government to set up farm establishments (RUGA) across the country,he will stop at nothing to achieve this agenda but southern Nigeria should rise up against this Islamist fantasy

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majamajic:


sir but in 1976 Dubai came to borrow money from Nigeria , and in 1979 US dollar is equal to Naira , are u aware of all these ?

Sir we are not in 1976. This is 2019. Check your calendar

The truth is local production of agric crops and livestocks are increasing with massive supports from the FG through CBN. Prices have fallen across board too. Rice farming isn't as lucrative as 2 years ago (I have friends who were boasting of 50-100% profits). I was doing 100% ROI with a farmers group but currently we're looking at ~30% p.a which is still cool. Profitabikity in agric is fast moving from farming to processing. Many farms are springing up regardless of the crises last year and the herders-farmers clashes, making prices to fall. With more investment in processing, prices will fall further. I can't pinpoint a product that has increased in price since the last recession.
Let's become less lazy and encourage urban Nigerians to invest in agric. Sponsor your peeps in rural Nigeria and encourage the jobless to key in. Nigerian rice are getting to almost premium quality that we can now abandon the foreign ones.
You can't build up local capacity without stifling imports. This will engender increased demand for domestic produce, more investments, improved quality, profitability in the short run and price equilibration in the long run. The agric sector really need that push.

omerukokwuru:
you are far too fore sighted for the average Nigerian, this is the plan B of Buhari's defense of
RUGA on Nigeria, this policy is a ploy to force government to set up farm establishments (RUGA) across the country,he will stop at nothing to achieve this agenda but southern Nigeria should rise up against this Islamist fantasy

Guy, no mind these silly airheads with their senseless and indirect RUGA.


I only pity the useful idiots from the waste side that is supporting the mad dog.

Pistotita:
I don't know why people aren't happy with this action of Mr. President. To me, it's a good move. If he doesn't do this, we will keep importing everything. At least, we need to move to producing over 80% of the food we consume. He is not saying he is banning it, but just not making it attractive so it can force us to go into local production.

my bros to produce locally in naija not easy, talk of power, taxation, transport from farm, security and many more, govt should improve on these first then other will follow naturally .

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muykem:
I have never seen unintelligent and misinformed set of people like Buhari haters. There is nothing like ban of food items but forex should not be sourced from CBN and before now we already have 41items on this list.

what we are saying is the president should not have gave the order openly, because if the policy back fire!!!

blackpanda:


Sir we are not in 1976. This is 2019. Check your calendar

if u don't know where rain started beating u , u won't know where it stops

blackpanda:

Sir we are not in 1976. This is 2019. Check your calendar

if u don't know where rain started beating u , u won't know where it will stop

sevenhundred:
my bros to produce locally in naija not easy, talk of power, taxation, transport from farm, security and many more, govt should improve on these first then other will follow naturally .

Farmers are still surviving. Nigeria is still one of the nations producing most tomatoes despite we import tomato cans. This is the first step sir, and other things will follow. Which country have you heard that has buoyant economy and is mainly import based?

Oga, Mr. President did the right thing. Big players will move inside the game. The journey isn't easy, but a bold step must be taken. We all know massive importation is bad, and it must stop. That all amenities must be perfect before we go into big time farming is wrong. It means you are saying that all other sectors must work out first before the Agricultural sector works. No. All sectors must be developed simultaneously. That's the way to go. That's when all departments can function. It may be Agric that will force investors to improve power in some area, or renovate the road in another area. Hope you get me. Everything works hand in hand.

Area4Area:
Please give me a link to when Dubai came begging Nigeria for money

Dubai does not have a bigger economy than Nigeria and her economy isn't dependent on oil like ours. Her economy depends instead on tourism, trade and real estate. They also have enough dollars to cover for their imports because of the low population unlike us.

Last point and I agree with that, our leaders even since independence have all been clueless, no doubt about that

Obasanjo was the president when Dubai govt came to borrow money from Nigeria , Nigeria was about to host Festac then , so when Dubai people heard that African Giant is celebrating festival of arts and culture with such a huge amount , they came to beg , which Nigeria turned them down , I was in one museum in Dubai and I read it , the wrote it openly , ' can something good come out of desert ?

That Nigeria reply to them , they are using it as slogan till date

muykem:
I have never seen unintelligent and misinformed set of people like Buhari haters. There is nothing like ban of food items but forex should not be sourced from CBN and before now we already have 41items on this list.

I Don tire myself, so much misinformation

lexy2014:


Sorry dear. I didn't mean d price. I meant how much is d local production of rice. How much rice does Nigeria produce locally?

Anambra already has a variety of rice that wasn't produced before, other states already have.
You can google up the production

The law of supply and demand determines in an economy

omerukokwuru:
This administration is bereft of basic economic understanding, a country like Nigeria that is bedeviled with structural and operational hurdles rather than relentlessly scaling up mechanized agriculture and extension services and engaging in developing research to eschew over reliance on foriegn agricultural input they are working to stifle the already exacerbated system
This administration in its infancy, dabbled with the FOREX turf, and consequently crashed the naira to the dollar, they went further to subsidize the dollar for those who embarked on HAJJ and in the process helped themselves with a lot of round tripping.
This is the sad reality this president does not understand how economies play out he would plunge this country into the depths of poverty. Dumbo president

Why are you not talking about Christian pilgrimages going to Israel with same treatment? Instead of you talking about stopping it entirely you are busy talking about the Muslims.

majamajic:



Obasanjo was the president when Dubai govt came to borrow money from Nigeria , Nigeria was about to host Festac then , so when Dubai people heard that African Giant is celebrating festival of arts and culture with such a huge amount , they came to beg , which Nigeria turned them down , I was in one museum in Dubai and I read it , the wrote it openly , ' can something good come out of desert ?

That Nigeria reply to them , they are using it as slogan till date

I asked for a link and not any hear say

tot:
Even the western countries import what they can't produce.

As part of the Brexit analysis, it was shown that the UK produces roughly 60% of the food it consumes. Of the remaining 40%, about three-quarters is imported directly from the European Union, including a lot of fresh fruit &vegetables, and the remaining 10% from the rest of the world. This is for a population of ~60 million, not to mention Nigeria which has triple that.

Who are Buhari's economic advisers? Na wa!

Stop using false equivalence to make a point.
Nigeria is far different from Europe or any country for that matter.
Every country has its own peculiarities and challenges hence there is no one-cap-fits-all solution to one problem.
You can't apply what is happening in other clime to us; we are quite different and our economic environment is different.

What you do is provide solutions that are aimed at our own unique problems not this false equivalence many if you resort to make a case.

I would have preferred that the government made this ban on Forex for importers by CBN be gradual, but I know the government must have consulted widely befjfe coming up with such decision.

What we should do is wait and see how far this decision can go not preempt anything yet,because it will be unwise to do that.

nwakibie3:
By Bamidele Samuel Adesoji - August 15, 2019

President Muhammadu Buhari gave a new directive to the Central Bank of Nigeria (CBN) to stop providing FOREX for food importation. According to the President, the directive was given to improve agricultural production and attain full food security in Nigeria.

The President reportedly said, “The Central Bank of Nigeria should stop providing foreign exchange for importation of food into the country, with the steady improvement in agricultural production, & attainment of full food security.”

Implications of the President’s Statement

Note that rice and other items make up the 43 items earlier placed under FOREX restriction. Hence, the latest announcement is apparently a follow-up to the recent move by the CBN to restrict FOREX for milk importation.

Following this, If all food items are declared ineligible for FOREX during importation, it means that importers will no longer have access to the Investors & Exporters Window (I&E) for foreign currencies required to carry out transactions.

Consequently, the investors will have to source their own FOREX by patronising bureau de change or other sources. This comes at a higher cost and the implication is that consumers will be made to bear the brunt of the extra costs incurred by the investors.

On the flip side, the President also stated that Nigeria has recorded steady improvement in food production and attained full food security. This suggests that the President is of the opinion that Nigeria has attained food self-sufficiency, thereby making food importation unnecessary.

A look into Nigeria’s Agricultural sector

According to Food and Agriculture Organization (FAO), although agriculture remains the largest sector of the Nigerian economy, employing two-thirds of the entire labour force, production hurdles have significantly stifled the performance of the sector.

FAO further revealed that the main factors undermining production of agricultural products include reliance on rainfed agriculture, smallholder land holding, and low productivity due to poor planting material, low fertilizer application, and a weak agricultural extension system, amongst others.

- As a result of the several factors inhibiting the growth of the sector, food remains one of the major commodities currently being imported into Nigeria.

- As it stands, Nigeria occupies a tripartite position. FAO reported that Nigeria is the continent’s leading consumer of rice; the country is one of the largest producers of rice in Africa and simultaneously one of the largest importers of rice in the world.

- Livestock development is an important component of Nigeria’s agriculture sector with abundant social and economic potentials. However, 30% of live animals slaughtered in Nigeria are imported from neighbouring countries.

Food Importation Statistics

A close look into the National Bureau of Statistics (NBS) foreign trade report shows that Nigeria still imports food items that gulp trillions of naira. According to the Bureau, between 2015 and 2018, Nigeria imported food and beverages estimated at N5.46 trillion or $17.8 billion. As at first quarter of 2019 only, Nigeria’s food and beverage importation stood at N389 billion or $1.2 billion.

- A further breakdown shows that Nigeria’s food imports are categorised into primary (raw) and processed. In Q1 2019, industries imported N196 billion worth of raw food, while households imported N87 billion.

- For processed food, industries imported an estimated N82 billion worth of food items, while household consumption of processed food was put at N110 billion.

- This means that a total of N389 billion was spent on both industrial and household food importation in Q1 2019.
According to the NBS, food items largely imported into Nigeria include prepared foodstuffs, vegetables, animals, vegetable fats and oil, other cleavage production and beverages.

Some concerns

Mixed reactions have continued to trail the directive. While much emphasis has been placed on whether the move is an apparent breach of the CBN’s independence or not, some have asserted that the announcement might worsen the economy as Nigeria has neither achieved food security nor sufficiency.

Reacting to the policy, a former Deputy Governor of the CBN, Kingsley Moghalu, reacted that the issue isn’t whether or not CBN should allow access to Forex for food imports. According to him, it is about whether such an economic policy should be imposed by a political authority. Moghalu said, “Our economy will not be saved by Ad Hoc political decisions like this, handed down by the very institutions that should be shielded from the whim and caprice of politicians.

“Nigeria’s entire economy appears to have been sub-contracted to our Central Bank, including industrial and trade policy. In the process, the economy has fared poorly, and the Central Bank has lost its independence. This is sad!”

The downsides

No doubt, Nigeria’s agricultural sector is full of potential and there is a large room for growth. While the current administration has introduced several policies to help improve food security, not much progress has been recorded and the government should address this.

- According to global hunger index (GHI) 2018, Nigeria ranks 103 out of the 119 qualifying countries with a score of 31.1. This means Nigeria suffers from a level of hunger that is very serious.

- A closer look at GHI report shows that Nigeria is worse off in hunger index between 2000 and 2018.

- Nigeria’s fragile economy still manages to import more Agric. products than export. This means that the current domestic production cannot meet demands.

- While FOREX restriction on food importation is laudable, the government needs to carefully work on the gradual implementation of the policy in order not to heap more misery on the economy.


https://nairametrics.com/2019/08/15/buharis-food-importation-ban-could-drag-the-nigerian-economy-into-misery/

The same thing this old fellow did in 1983-1985... dragged Nigerians into misery to the point where our parents were forced to queue for milk, bread and eggs, toothpaste, etc.

The history books said it clearly. Yet Tinubu and the majority of the now-suffering South West decided, in a fit of wickedness, to punish themselves and the whole of Nigeria by enabling this despot in 2015.


I’ve always said and maintained that the whole of the South West need to tell Nigerians and future generations the rationale in this predictable wickedness. Do they hate Nigerians so much as this? Because there’s no other rational explanation but hate.

SillyMods:

And has anyone stopped anyone from importing foods?

Lazy youth.

You heard Buhari want to stop food import & CBn fx then you start celebrating without knowing the problem the economy and people will face .#Lazy brain

Look like your brain is returning back?
Supporting to suffer people

The simple thing is the fact that our president does not understand "comparative advantage. And most painful is that,America is the highest producer of beef and milk in the world yet they still import more from China and Brazil to cushion the deficit.

Similarly,China is one of the biggest producer of soybeans in the world and still the biggest importer of soybeans in the world.

Meaning no country is self sufficient in every thing.
Buhari is a national headache.

Kfed4ril:


Zombie need I remind you that 2 years ago you lord and Saviour withdrew $1b from the ECA to fight insurgency. My brother what is the result??

Ate we talking ECA or food related matters?


Focus in the topic and stop this diversionary tactics.

Is ban on Forex for food importers a good thing or a bad thing?
Do you feel it can help our local production or kill it?
And what would you advice if you were to be close to the president?

These are the issues you should focus on not this childish insults you throw around online.