Why will some people find it hard to believe this report?

Interesting

Good

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

The Central bank gov just analyzed something to you and u want to tell him the other reason
You want to be more Catholic than d Pope

Over sabi shouldn't be for everything sha!

lonelydora:
Buhari, there is hunger in the land

Go and look for work

please where are the production firms if at all this is true it should have reflected on employment rate but it didnt rather people keep loosing jobs daily.

just to score cheap political point for a failed administration.

i see higher rate of suicide if this government should continue in the manner they ran the economy this past 3...4years.

The basic need for a production driven economy to thrive is not available i mean electricity again most government policies does not encourage local production so how?? only on papers.. our leaders should fear GOD

Nasir123:


The Central bank gov just analyzed something to you and u want to tell him the other reason

Does the central bank governor feed me or think for me

frankmoney:
well I don't know about that , but we should also check what they are importing , Nigeria imports irrelevant things , read a topic where the customs intercepted a container filled with soup that was imported !! You can imagine importing soup , rice , toothpick etc when we can easily produce this things and export thereby strengthen our currency

Switzerland lives on their Banking Sector, they do not produce as much as Nigeria does. But guess what? 2years ago, The government increased their minimum wage by almost Double.

Demmzy15:
This indeed is a sad news for Igbo Christians .

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.

I like practical analysis..

did the import receipt drop because of increase in export or due to less money to do importation?

If it is the first, then dollar will not b rising to 370 naira to a dollar.

The second makes more sense, cos even a blind man knows that there is recession and very few money to do business including importation biz .

frankmoney:
well I don't know about that , but we should also check what they are importing , Nigeria imports irrelevant things , read a topic where the customs intercepted a container filled with soup that was imported !! You can imagine importing soup , rice , toothpick etc when we can easily produce this things and export thereby strengthen our currency

I do agree with you. But think through this logically.

No we have not started manufacturing those things, even pencils. Our plan is to start manufacturing pencils in 2019. So what changed?

People got broke, period!

Evidence of bad economy under Buhari.

eddiebruk:


Switzerland lives on their Banking Sector, they do not produce as much as Nigeria does. But guess what? 2years ago, The government increased their minimum wage by almost Double.

that's great , I don't think we can rely on just banking sector with a population as large as Nigeria , we just need to be productive like countries with huge population such as China , USA and India , that's the only way to improve the economy

I doubt the authenticity of this story. We all know one of the biggest things we import is petroleum products, which has got more expensive. So how could our import bill have fallen so drastically. Unless he means only food items, then I might believe him.

san316:
For those that do not know the implication of this, it means that due to the policy if the government, Nigeria has reduced importation of goods which in turn is expected to improve local production. This is a step towards self sufficiency and development of local industries. The long term benefit of this is industrialization.

say it louder for them to hear.... God bless you for this simple explanation and God bless Nigeria...
Nigeria is indeed in a better hands and God's best.

This is what exactly is Buhari effect

It means one thing the purchasing power of Nigerian is at the lowest ebb. The disposable income is eroded. Every Nigerian is on survival mode. only mumu APC member will believe this. If this APC government continue in power till 2023 only few people will still remain in this country many will seek asylum in Ghana, Mali, Niger, Cameroon.

The question you should ask them is that why is the price of Dollar N365 at least the demand for dollar has fallen for importation. Dollar should be around N100 if this is true.

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

Manufacturing is a good idea, importing food also is not bad if imported food is cheaper than home grown. Hong Kong import all raw materials they use in manufacturing they even import majority of their food. How many food items do Nigeria import self apart from rice?

I hope people understand the implication of this news? - it is not to mean, that smuggling has reduced or hasn't increased, or "whatever in between" - it means the CBN is not giving forex or better still CBN is not subsidizing a few people to the detriment of the society - it also means the FG is getting more revenue from what they are getting, from what they can monitor or get at the ports - customs without spending subsidized forex to greedy nigerians

mitchelljnr:


Manufacturing is a good idea, importing food also is not bad if imported food is cheaper than home grown. Hong Kong import all raw materials they use in manufacturing they even import majority of their food. How many food items do Nigeria import self apart from rice?

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.

Time to churn out fake news about our economy getting better.

deji17:

Nigeria’s Monthly Import Bill Drops from $665.4m to $160.4m

Promises to sustain stability in the forex market
December 1, 2018


By Obinna Chima

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday revealed that the various initiatives aimed at encouraging domestic production, have resulted in Nigeria’s monthly import bill falling significantly from $665.4 million in January 2015, to $160.4 million as at October 2018, representing a drop by 75.9 per cent and an implied savings of over US$21 billion on food imports alone over that period.

He disclosed this in a keynote address he delivered at the 53rd Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) held in Lagos.



According to him, many entrepreneurs are now taking advantage of policies aimed at ramping local production to venture into the domestic production of the restricted items with remarkable successes and great positive impact on employment.

“The dramatic decline in our import bill and the increase in domestic production of these items attest to the efficacy of this policy.

“Most evident were the 97.3 percent cumulative reduction in monthly rice import bills, 99.6 percent in fish, 81.3 percent in milk, 63.7 per cent in sugar, and 60.5 percent in wheat.

“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.

“If we continue to support the growth of small holder farmers, as well as help to revive palm oil refineries, rice mills, cassava and tomato processing factories, you can only imagine the amount of wealth and jobs that will be created in the country.

“These could include new set of small holders farmers that will be engaged in productive activities; new logistics companies that will transport raw materials to factories, and finished goods to the market; new storage centres that will be built to store locally produced goods; additional growth for our banks and financial institutions as they will be able to provide financial services to support these new businesses; and finally, the millions of Nigerians that will be employed in factories to support processing of goods.

“If we turn a blind eye to the opportunities that are being created as a result of our policy on 41 items, we will be spelling doom for our nation. We can no longer afford to depend solely on imports given the size of our population, and the need to create jobs for our people.”

The CBN governor also stated that the bank would be collaborating with the Economic and Financial Crimes Commission (EFCC) to expose banks, importers or organisations that collude with corrupt individuals to flout its policy on the restriction of foreign exchange (forex) to 41 items.

The CBN had in July 2015, restricted 41 items, including vegetable oil, poultry products, toothpicks, cosmetics, plastic and rubber products, among others, from accessing foreign exchange from the interbank foreign exchange market.

Importers of the restricted items were asked to source their forex requirements from autonomous sources.

Emefiele pointed out that given the remarkable success that had been achieved in stimulating domestic production of goods such as rice, cassava and maize, as a result of the restrictions placed on access to forex for the 41 items, the central bank intends to vigorously ensure that the policy remains in place.

He also warned speculators in the forex market that they would lose their shirt, saying the central bank has enough war chest to sustain the stability in the forex market.

According to him, the central bank would continue to take measures to ensure stability in the forex market.

He said additional efforts would be made to block any attempts by unscrupulous parties (both individuals and corporates) that intend to find other avenues of accessing forex, in order to import these items into Nigeria.

“The CBN’s Economic intelligence and Banking Supervision Departments will work very closely with the EFCC to expose and sanction any bank, company and or its directors or forex operator who colludes with unscrupulous individuals/companies to undermine the policy on 41 items.

“Such sanctions will include, but not limited to prohibiting all the banks in Nigeria from maintaining any bank accounts for any such institutions or persons in Nigeria.

“If you are caught as an individual or a company, we are saying that, that bank, that company and the individuals, that the central bank would prohibit all the Nigerian banks at same time, from maintaining any bank account for you,” he warned.

In his outlook for 2019, Emefiele predicted that monetary policy stance would remain judicious, research driven, adequate and supportive of the real economy subject to underlying fundamentals.

He pointed out that the current tight stance was expected to continue in the near-term, especially in view of rising inflation expectations and exchange market pressures.

“Though we will act to appropriately adjust the policy rate in line with unfolding conditions and outlooks, the CBN will continue to ensure that the policy interest rate is delicately set to balance the objectives of price stability with output stabilisation.

“With favourable oil price developments and continued efforts at driving indigenous production in high-impact real sector activities, especially agriculture and manufacturing, Gross Domestic Product (GDP) is expected to pick-up in the remaining two quarters of 2018.

“This will be buoyed by the anticipated budgetary and electioneering spending in the near-term. From 1.5 per cent in quarter two of 2018, growth is projected to quicken to 1.7 per cent in quarter three and 1.9 by the fourth quarter.

“Inflation expectations are rising on the backdrop of anticipated politically-related liquidity injections. For the rest of 2018 and towards mid-2019, Nigeria’s rate of inflation is projected to rise slightly to 11.4 percent and then moderate “Though the CBN has so far managed to maintain exchange rate stability, the current capital flow reversals from emerging markets are expected to continue to exert considerable pressure on market rates.

“This pressure could be amplified by the forthcoming elections, especially as the political market place heats up. Notwithstanding these pressures, the CBN is determined to maintain its stable exchange policy stance over the next few months given the relatively high level of reserves.

“Gross stability is projected in the FX market given increased oil related inflows and contained import bill.

“I will like to make it categorically clear that sustaining a stable exchange rate is of overriding importance to us even as we continue to put measures in place to shore up reserves.”

He pointed out that the country’s overdependence on crude oil for forex revenue also meant that shocks in the oil market would be transmitted entirely to the economy via the forex markets.

“Based on our internal research conducted at the Central Bank of Nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items.

“Our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery.

“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.”

https://www.thisdaylive.com/index.php/2018/12/01/emefiele-nigerias-monthly-import-bill-drops-from-665-4m-to-160-4m-promises-to-sustain-stability-in-the-forex-market/

CBN Governor is economical with the truth. He should state that was the fund they allocated(which I am sure was less than 20% of the total request). SMEs have really suffered under this CBN management as they had no option that go to the parallel market which is quite expensive.

This is definitely fake news. What exactly have Nigeria stopped importing since 2015?

We still import everything. If this stats are accurate the simple explanation can only be that volume of economic activities has reduced hence traders import less due to poor sales. This isn't because we have started producing local substitutes.

Where are those local subsitities pls?

Sosqui:

CBN Governor is economical with the truth. He should state that was the fund they allocated(which I am sure is less than 20% of the total request). SMEs have really suffered under this CBN management.

Well if those things are not necessary and would hamper the economy in anyway then the refusal is doing a great service to the economy

olajide8:


Well if those things are not necessary and would hamper the economy in anyway then the refusal is doing a great service to the economy

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 ...

eddiebruk:
Why does this only reflect on Paper? We are yet to see the actual results of this baddarash.

Import reduced simply because custom duty was increased up to %60. There is no improvement to local production in any sector, Not even in the Oil sector controlled by the Government.

If the Government are paying huge sums for subsidy daily, Why do they think importers can make profit after paying up to %60 on their imported goods.? Of course they will have to stop importation and find something else to do. Do not use that as an avenue to lie about increasing local production when in reality the decline in Imporation is = Job Loss being experienced nation wide

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

san316:
For those that do not know the implication of this, it means that due to the policy if the government, Nigeria has reduced importation of goods which in turn is expected to improve local production. This is a step towards self sufficiency and development of local industries. The long term benefit of this is industrialization.

why is it not reflecting on the exchange rate?

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..

You had better don't allow these people to be fooling you.
What exactly does Nigeria manufacture? Car? electronics? computer? building materials? phones? clothing materials or agricultural equipment?

All their shout about 'we have stopped importation of food' is a mere propaganda. Was Nigeria importing cassava or yam before, that we are no longer importing?
Ask them to name such food, they can only name rice, whereas, over 50% of rice we consume is still being imported. We import frozen chicken and fish. Manufacturers of flour and semovita import wheat as raw material. What hell are they talking about?

Nasir123:


The Central bank gov just analyzed something to you and u want to tell him the other reason
You want to be more Catholic than d Pope

Over sabi shouldn't be for everything sha!

Shey nah him dey feed you

In simple English, what this means is that, instead of popping Champagne or buying Remmy Martins Cognac, boys have humbled themselves and have started drinking African Special. Hence, suppliers now import fewer bottles of those.

What if I tell you that the reduction is as a result of people unable to afford the things they need. Many people are getting poor on daily basis.


Nigeria is already the world poverty capital, how do you think the import will increase

I agree with you to some extent and while also share the sentiment the news is neither good or bad, it highlights some key facts such as 1. most banned goods are now imported through neighbouring countries and smuggled into nigeria. 2. ports of most neighbouring countries have now seen increased activity. 3. Nig govt is losing revenue from import duties on this goods however its not all gloom and doom since the pressure on dollar has reduced and the corrupt elements now source for those dollars elsewhere.
I dont think much has changed really

olajide8:
I hope people understand the implication of this news? - it is not to mean, that smuggling has reduced or hasn't increased, or "whatever in between" - it means the CBN is not giving forex or better still CBN is not subsidizing a few people to the detriment of the society - it also means the FG is getting more revenue from what they are getting, from what they can monitor or get at the ports - customs without spending subsidized forex to greedy nigerians