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Nairaland Forum / Nairaland / General / Politics / FG Lifts Ban On Importation Of Furniture , Textiles (29655 Views)
Senate Stops Ban On Importation Of ‘Tokunbo’ Vehicles Through land / Reps To Buhari: Suspend Ban On Importation Of Cars Through Land Borders. / Federal Government Lifts Ban On Importation Of Furniture, Textiles (2) (3) (4)
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Re: FG Lifts Ban On Importation Of Furniture , Textiles by preetyb(f): 9:55am On Jun 24, 2015 |
Must we import everything? 2 Likes |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by lomprico(m): 9:56am On Jun 24, 2015 |
Blackfire:U say textile importer? Was there an enforcement on the ban on importing before? 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by major466(m): 10:01am On Jun 24, 2015 |
jomonic:Indeed lifting bane on these items will provide some revenue to the government. But the negative effects will be much worse. High importation of textile and furniture will obviously lead to more import duties and more revenue to the government. But here is the loop. High importation and low export will lead to trade imbalance with countries where these products are imported. Example: Suppose Nigeria exported to China cocoa, palm oil and sesemi seads worth $500,000,000. And Nigeria imported from China phones, machineries, textiles and computers, worth $1,000,000,000. Then Nigeria will have to pay the differential of $500,000,000 in foreign currency to China. This will boost China's balance of trade. That means China made a profite of $500,000,000 trading at the expence of Nigeria. By lifting bane on these items, the government have sign off our balance of trade and investment to more advance countries where these products are made. The economy will suffer for it. 4 Likes 1 Share |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by front247: 10:02am On Jun 24, 2015 |
INTROVERT:tell apc govt Say dey want to create employment is dis how to create it.d nigerian textlie industry alone when in full swing can employ large number of youths |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Blackfire(m): 10:03am On Jun 24, 2015 |
lomprico: no, the ban was on condom |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by TheFreeOne: 10:04am On Jun 24, 2015 |
onatisi: Haba...he won't do that. The auto policy gains recorded by the last administration will be eroded faster than an auto reverse gear. Seriously he seems to be making errorneous personal decisions devoid of professional advices. His handlers need to wake up lest he self-destructs. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Amhappy(f): 10:06am On Jun 24, 2015 |
This news is conflicting with the circular issued by CBN yesterday. Textile remain not valid for foreign exchange (banned) |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by front247: 10:06am On Jun 24, 2015 |
CSTR2:buhari is clueless and a dollard. Gej is far better than the dullard 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by shigoslim(m): 10:06am On Jun 24, 2015 |
[quote author=nobeku post=3 5094397][/quote] what do u mean buy glorified school? Are you telling me now that through taxes Nigeria government will generate huge revenue from importation ? For your information taxes is one of the greatest tools in placing embargo on importation of goods, if u are placing embargo on some product tax must always come up due to the fact that it will eliminate or restrict importation of goods to economy as the local industry will benefits most on it. Because the perfect competitive market will better off the the local industry while the importers will worsen off in the long run . Pls go back to your school olodo arabata. |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by major466(m): 10:08am On Jun 24, 2015 |
lomprico:Like I said earlier, no system is perfect. |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by obailala(m): 10:10am On Jun 24, 2015 |
MrSunesis:Devising means of tackling the corrupt customs officials and also blocking our porous borders is a step that should be considered first before the ban. For the mean time, the government can collect duties on the imported fabrics and a very high duty can be considered as an alternative first before the right structures are put in place for a proper ban. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by 989900: 10:11am On Jun 24, 2015 |
major466: While you're partially right, OTOH, we don't have the actual numbers. On the flip side, wouldn't you rather get 500M + 35% taxes= 675m vs 500m and no taxes? I mean these items still find their way in, one way or the other. Like I stated earlier, the immediate focus after this, if it were my company or government, is to find a way to create an enticing enabling environment to lure those manufacturers here, while also assisting the local ones. This is what most governments are doing now, from U.A.E to Bahrain to Lithuania to China, Malaysia, even Japan, the U.S and more. #FTZ 2 Likes |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by obailala(m): 10:14am On Jun 24, 2015 |
anonimi:The seized textiles in Kano was just a one-off. There must have been a serious disagreement between the importer and the customs. 3 Likes |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by EmekaBlue(m): 10:15am On Jun 24, 2015 |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by shigoslim(m): 10:19am On Jun 24, 2015 |
major466: this will worsen off the economy. While did u think Nigeria is rated as largest economy in Africa ? Not because her populate has better off but due to the fact that her small scale enterprising has continue to experience tremendous growth. I will go you an example. Assuming i'm bringing some product to your town after making sale from that product, the money i earned in your economy or town where did u think i will invest it back to? Do u think i will invest it back to your economy or town ? Which the answer is capital NO ......... I will take it back to my town invest it there where by my investment will continue growing and creating employment for my timing populate. Now tell me who will benefits most is it my town or your town? Answer to this question is already tell you that in international market there is no permanent friend or enemy only interest. Tell your oga Buhari that is taking some wrong decision . 2 Likes |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by onatisi(m): 10:25am On Jun 24, 2015 |
TheFreeOne:bros, let's give him time to appoint his ministers but I am very happy all these is happening to nigerians so that they will learn. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by obailala(m): 10:26am On Jun 24, 2015 |
MizMyColi:What proof I have?... I know importers of textiles and I also know customs officials, that's my proof. Before the ban on importation, if an importer paid N100 duty, after the ban, they typically paid N120 bribe instead to corrupt customs officials and still got to import the same quantity of fabric which they imported before the ban. So how does that help local industries?... Now assessing the 2 scenarios I painted above, when there was no ban, the government got at least N80 out of the N100 in revenue (the remaining N20 would be pocketed by corrupt customs officials). In the second case (when there's a ban), the customs officials get N120 and the government gets ZERO. Before the government thinks about banning importation of textiles, serious considerations have to be given to tackling corrupt customs officials and also blocking our porous borders. For the mean time, the government can collect duties on the imported fabrics (the revenue is needed badly) and a very high duty can also be considered as an alternative firstly before the right structures are put in place for a proper ban. With higher duties, the local industries would still be protected because foreign goods would be very expensive and the government would at least scratch out some revenue from these importers. 2 Likes |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by onatisi(m): 10:28am On Jun 24, 2015 |
OLADD:so buhari promised to revive the textile industry?? Change don Change Buhari |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by nd07(m): 10:30am On Jun 24, 2015 |
35% duty? hmmm... Smuggling Continues |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Sovet: 10:33am On Jun 24, 2015 |
dullard of daura strike again |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by kukl0(m): 10:36am On Jun 24, 2015 |
instead of improving our textile n furniture ventures, Mr. PMB wants to kill it finally...this is not a time to invest in importation....esp wen we want change! |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by kukl0(m): 10:39am On Jun 24, 2015 |
so baba ola no go dey get patronage again.. abeg PMB pity our çarpenters na. |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Nobody: 10:41am On Jun 24, 2015 |
shigoslim:dont tell me u actually dont know about economical growth via trade,,,,go n study Pakistan's economy in 1975 n get back to me |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Toks2008(m): 10:42am On Jun 24, 2015 |
Maxymilliano: The truth is that these products despite previous ban are still finding their way in but if the government can lift the ban,their will be more revenue for the govt and the local industry can then be revived and made to compete with the foreign ones. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by islandmoon: 10:43am On Jun 24, 2015 |
pure nonsense!! that is a backward step! you can not do that when you are trying to revive your textile industry to provide local content and create employment! this is sign buhari is confused, may be hes truly an illiterate! |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by major466(m): 10:45am On Jun 24, 2015 |
989900:I will go for 500M with no taxes. Remember the original idea for the bane is to stimulate the growth of the textile industries. This will take some time ofcouse but the economy will be better off in the long run via jobs and value creation. Our GDP will be boosted. Its ironic that APC government who pledged 10 percent in GDP growth per annum are surprisinly implementing policies that will make it difficult for them to achieve that target. |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by major466(m): 10:48am On Jun 24, 2015 |
shigoslim:We are on the same side. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by BuddhaPalm(m): 10:51am On Jun 24, 2015 |
onatisi: Oh, it's only within ECOWAS states? |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by islandmoon: 10:54am On Jun 24, 2015 |
why not keep sacking the comptroller general of custom if you think they are not doing their job rightly? |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by Demdem(m): 10:54am On Jun 24, 2015 |
rman: our refineries had been comatose for decades. Subsidy only got out of control during Jonah-daft era. Obj also imported but it never went ballistic. 1 Like |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by tonquendo4u(m): 10:56am On Jun 24, 2015 |
Killing our local markets |
Re: FG Lifts Ban On Importation Of Furniture , Textiles by 989900: 11:05am On Jun 24, 2015 |
major466: And the same local industries won't grow, because we have a porous border/corrupted customs and police. The good still come in; killing the same industries you care about. Are we going to have a 'death by firing squad' penalty for importing textiles and furniture to deter them? |
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