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Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours - Politics (3) - Nairaland

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Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Fr33born(m): 7:04pm On Feb 03
And everything goes down to the consumers. The same poor consumers that are shouting and crying Ebi pa wa ooo

Well, Tinubu till 2031.

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Ameboperoo(m): 7:04pm On Feb 03
immortalcrown:
Raising import duty now means increasing the cost of living.

When I did Economics as a subject in secondary school, I was taught import duty is used to control inflow of foreign goods. That is, low import duty attracts more foreign goods while high import duty discourages patronage of foreign goods.

But today in Nigeria, high import duty does not decrease the demand for foreign goods because consumers in Nigeria refuse to give up on foreign goods. But I don't blame the consumers. The government does not control the standard of local goods. Using local goods is suicidal in Nigeria. Almost everything is faked at traders' backyards.

Some people may praise BAT for this new import duty. The praisers will claim the new import duty will boost Nigerian economy by promoting local goods. But it is not true. Buhari closed borders with the same logic but life has been getting worse after the border closure.
The economics in Nigeria is unique
Everything works in the opposite direction of the what is obtained anywhere else.

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Savedday2: 7:05pm On Feb 03
We are gradually getting to that point where 1bask of garri will be 4k.

I pity for our girls!

Anyways, I don already buy my cartoon of indomie. It remains drawing of knacking timetable for the girls.

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Emman08: 7:05pm On Feb 03
Widen the tax net. Shrink the economy. Nigerians will pay through their noses to fund the lifestyle of these corrupt animals. Una eye must clear one day grin

2 Likes 2 Shares

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Inspirer1: 7:05pm On Feb 03
Government should ensure that all agricultural interventions get to the actual farmers as planned .
Then, the so called interventions should not be limited to the Northern part of the country, the south also engages in commercial agriculture except for the bandits who are now attacking our farmers hence making it difficult to farm.

That further implies that Government should provide adequate security for all our farmers and all Nigerians in general.

3 Likes 1 Share

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Basicend: 7:06pm On Feb 03
The problem with Tinubu's govt is that he should not floated the naira. .Now he is seeing the reality.

Tinubu and Buhari are very old men that needed rest, you can see how they have used Nigerian's economy as a toddler's experiment.

He is currently subsidizing heavily on PMS due to high exchange rate and at same time, trying to subsidize the naira value.

He should have pegged the naira value (coz it is the exchange rate that would still determine the PMS import price). . we advised that the multiplier effect of both policies will be too hard on the masses. So, now his team is running up and down now. .

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by VeeVeeMyLuv(m): 7:07pm On Feb 03
Brendaniel:


Oga it might just lead to Venezuela or Zimbabwe as long as corruption is still in governance and your government officials are living large on the nations funds...
Don't mind him very silly goat

They are just increasing things out of control anyhow

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Akaegwu(m): 7:07pm On Feb 03
PressMyButton:
Let CBN squeeze your balls, all ye import gluttons, unproductive beings. Let our naira breett.
words by a fooooool who doesn't know what farm looks like

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Emman08: 7:07pm On Feb 03
Paraman:
It might lead to decrease in importation. That means the need for dollar will also decrease by a little margin

Can decrease in importation come before strengthening local production capacity? Doubt it

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by jmoore(m): 7:08pm On Feb 03
Elliotwaveforec:

You're the only intelligent poster so far! The gap must be closed and no more parallel market.

CBN working now unlike before
Intelligent people that don't know a suicidal economic policy.

Do you even know which product category is the major imports?

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Anatolia: 7:09pm On Feb 03
tommy589:


He is brave knowing this may cost him reelection.

This measure to discourage importation is going to take many years as you mentioned. And probably many years after he has left to see the result
.
I am not sure their are serious cotton and tobacco farmers as it was in the past. Some manufacturers,like textiles and cigarettes makers have been disconnected for decades from their local suppliers..

Are these manufacturers/importers going to go back to local production instead of importation that offers less work force and like zero labor/management face off

If you want to stop importation, then it should start from the top, no more luxury cars.

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Emman08: 7:09pm On Feb 03
Great0ne1:

Idiot!! You can't even gaurantee 6 hours of electricity and your talking about local production. Pms and gas very expensive. Na your urine dem go use power production plant ? Most of you are complete morons

Seconded! All this long English to justify nonsense and deflect blame. He sounds exactly like the idiots who say "no one would have done a better job".

4 Likes 1 Share

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by jaxxy(m): 7:10pm On Feb 03
incompetent clowns

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by IfnobeGod20: 7:10pm On Feb 03
This Tinubu's regime is all out to strangle the citizens to early death but God will not allow them. They are out to increase all that will directly affect the ordinary man on the street, as it is a well fact that we are import dependent. Emilokan's regime is doing wonders. The slogan now should be Nigeria no be Lagos.

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by cheras1: 7:10pm On Feb 03
That was his campaign promise. He said he will reduce the purchasing power of the people and increase tax

immortalcrown:
Raising import duty now means increasing the cost of living.

When I did Economics as a subject in secondary school, I was taught import duty is used to control inflow of foreign goods. That is, low import duty attracts more foreign goods while high import duty discourages patronage of foreign goods.

But today in Nigeria, high import duty does not decrease the demand for foreign goods because consumers in Nigeria refuse to give up on foreign goods. But I don't blame the consumers. The government does not control the standard of local goods. Using local goods is suicidal in Nigeria. Almost everything is faked at traders' backyards.

Some people may praise BAT for this new import duty. The praisers will claim the new import duty will boost Nigerian economy by promoting local goods. But it is not true. Buhari closed borders with the same logic but life has been getting worse after the border closure.

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by fearlessfang: 7:10pm On Feb 03
Keep pressing Nigerians neck. Their cowardice about to explode

3 Likes 1 Share

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by VeeVeeMyLuv(m): 7:11pm On Feb 03
Samakus:


That's for a country that actually produces. What do we produce here?

Increasing import duty won't turn us overnight producers. Nigeria critical sectors lack capacity to produce. Insecurity and non existent power supply is a key contributor to that

Increasing import duty won't stop or slow down importation. It will only make imported goods super expensive. The bad news, we import virtually everything, so every thing skyrockets
Tell him ooo...

It is very tragic that these people head are like empty carton, there is nothing there.

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Pootle: 7:13pm On Feb 03
immortalcrown:
Raising import duty now means increasing the cost of living.

When I did Economics as a subject in secondary school, I was taught import duty is used to control inflow of foreign goods. That is, low import duty attracts more foreign goods while high import duty discourages patronage of foreign goods.

But today in Nigeria, high import duty does not decrease the demand for foreign goods because consumers in Nigeria refuse to give up on foreign goods. But I don't blame the consumers. The government does not control the standard of local goods. Using local goods is suicidal in Nigeria. Almost everything is faked at traders' backyards.

Some people may praise BAT for this new import duty. The praisers will claim the new import duty will boost Nigerian economy by promoting local goods. But it is not true. Buhari closed borders with the same logic but life has been getting worse after the border closure.

meaning white man economics no gree work for black man...see nigerias/africans inferiority complex don fnsh them dem go rather die for a whiteman ass than think for themselves, as a country we hav all the ingredient to be self independent but no. PEAK MILK for example has a more epensive holland make and a cheaper naija made but who knows both may be made in naija but the name holland don change price undecided

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by gigfx: 7:13pm On Feb 03
You guys should be preparing for different type of TAX. Nigeria IGR must hit 1Tillion dollar by fire by force.

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by VeeVeeMyLuv(m): 7:14pm On Feb 03
cheras1:
That was his campaign promise. He said he will reduce the purchasing power of the people and increase tax

The man is a real Devil

That is exactly what he is doing.

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Asazwalingwa: 7:15pm On Feb 03
Psalmistproject:
This means that Rice price has just added 4.4%

So if you have been buying rice for 50k then add 4.4% to it. It will give you 52200.

This applies to others.

Now you can clearly see the government wants to kill everyone.

Rice is now #70,000 (Seventy thousand naira only)

How is this supposed to help the people.

You haven't created jobs or economic facilities and atmosphere to help people build income yet you are directly contributing to more hardship.

This is wickedness from the pit of hell!

I know they did this at a time they feel Nigerians are a little bit happy and distracted by the afcon wins lately.

Nonsense!!
Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by phorget(m): 7:16pm On Feb 03
DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.





Even local rice full of stones cost almost the same price as the imported ones, what exactly is the advantage of consuming the local one then?

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by NGArmyTerrorist: 7:16pm On Feb 03
What does the Zoo produce that they're raising import duties? Braze up for another upgrade of shege! The first one no shake the people so upgrade is needed till una brain get formatted so that during election una go get sense.

2 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by millhouse: 7:17pm On Feb 03
DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.



can you hear yourself again pls .

You are aware of the avalanche of international companies winding down, manufacturing companies closing shops and switching their business model from production to importation due to the harsh business environment in the country .
No country survives in isolation , even advanced countries still have to import materials one way or the other that aids manufacturing process.

What are the alternatives? For instance , the local rice ( which is not rocket science to produce ) we grow is almost at par in price with imported rice, so where is the advantage in local production here .
Let’s not put the cart before the horse.

5 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Cmeo(m): 7:17pm On Feb 03
This new increment confirmed my feelings that the exchange rate increase on import duties is to discourage imports. If that's the case, it is another bold move by Pres. BAT to better our economy.
Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by bionixs: 7:18pm On Feb 03
immortalcrown:
Raising import duty now means increasing the cost of living.

When I did Economics as a subject in secondary school, I was taught import duty is used to control inflow of foreign goods. That is, low import duty attracts more foreign goods while high import duty discourages patronage of foreign goods.

But today in Nigeria, high import duty does not decrease the demand for foreign goods because consumers in Nigeria refuse to give up on foreign goods. But I don't blame the consumers. The government does not control the standard of local goods. Using local goods is suicidal in Nigeria. Almost everything is faked at traders' backyards.

Some people may praise BAT for this new import duty. The praisers will claim the new import duty will boost Nigerian economy by promoting local goods. But it is not true. Buhari closed borders with the same logic but life has been getting worse after the border closure.
HOW MUCH IS A BAG OF LOCAL RICE that people will be encouraged to patronize local commodities ??

4 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Emman08: 7:18pm On Feb 03
When una get tax collector as Central Bank Governor what do you expect? Nigeria una eyes go see nwee
Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Asazwalingwa: 7:18pm On Feb 03
Psalmistproject:
This means that Rice price has just added 4.4%

So if you have been buying rice for 50k then add 4.4% to it. It will give you 52200.

This applies to others.

Now you can clearly see the government wants to kill everyone.


How is this supposed to help the people.

You haven't created jobs or economic facilities and atmosphere to help people build income yet you are directly contributing to more hardship.

This is wickedness from the pit of hell!

I know they did this at a time they feel Nigerians are a little bit happy and distracted by the afcon wins lately.

Nonsense!!

Rice is now #70,000 (Seventy thousand naira only)
Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by mblarry1(m): 7:19pm On Feb 03
You said my mind... Thanks for this piece.

KillahPriest:
to your credit, you mentioned secondary school. Most of the locally manufactured goods in Nigeria still depend on imported foreign components since you can't have everything you want in one place. I've said it before and I'll repeat myself,, these your people in power are deliberately trying to destroy the economy and that's the only viable excuse for whatever they think they're doing which we're all seeing the effects of. A country can never tax it's already impoverished people out of its financial mess

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Artscollection: 7:20pm On Feb 03
MADIFF:
I don't understand but he is in France enjoying why making life hard for citizens?

He is not enjoying anything there, tempt in paris is about 11 degree n can go as low as 2 degree in the night so that arises the question why those idiots can't make our country with every natural goodness you want in life to be conducive. That wicked man is tucked in one corner of d room with the heater on like dry firewood.

1 Like

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by Ameboperoo(m): 7:21pm On Feb 03
Samakus:


That's for a country that actually produces. What do we produce here?

Increasing import duty won't turn us overnight producers. Nigeria critical sectors lack capacity to produce. Insecurity and non existent power supply is a key contributor to that

Increasing import duty won't stop or slow down importation. It will only make imported goods super expensive. The bad news, we import virtually everything, so every thing skyrockets
You're very correct. Everyone is saying go to farm, but do you see how expensive food stuffs are? From the simple farm tools to the machineries, even herbicides , everything is imported from china.

3 Likes

Re: Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by maasoap(m): 7:21pm On Feb 03
Penguin2:
Awalokan normally 🤡

Only fools and clowns would be surprised at what is going on right now because we warned, shouted and screamed on top of our voices that this man has nothing to offer but they preferred “Awalokan” to a sensible candidate.

This was same way we warned that Buhari had nothing to offer but they said it was hate. We ended up wasting 8 years of our National life and getting dragged 50 years backwards.

Now we warned that this mannequin was even going to be a bigger disaster but they called us IPOB.

You fools should enjoy the commodity you purchased.

When you remember that 99% of what we use in Nigeria is imported and will all be affected by this clearance rate, that’s when you will realize it’s not a joke.

Ndi ala!

Grow sense and communicate like a normal human being

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