Here’s a summary of this article in case you do not have the time to read it all.

With the ban on the importation of tokunbo cars and foreign currencies, it is
becoming clear that the Nigerian government no longer wants anything to do
with millions of Nigerians abroad. So Nigerians abroad are saying “Goodbye
Nigeria”. We will miss you but goodbye nonetheless.

Ngozi Okonjo-Iweala (who for good or ill is the de-facto President of Nigeria) and
Olusegun Aganga (the Minister of Trade and Industry) tell anybody that cares to
listen that Nigerians imported 400,000 tokunbo cars in 2012. This according to
them is preventing car manufacturers like Honda, Toyota and Nissan from building
plants in Nigeria. Okay, let’s assume they are right. What did they do? They
convinced GEJ to ban the importation of tokunbo cars on short notice. Please
don’t tell us they did not ban the importation of tokunbo cars because they did.
You will see the full effect in 2014.

Here, you can see the glaring difference between our policy makers and those in
the western world. Policy makers in developed countries would have handled this
differently. For instance, instead of an outright ban, they may have tried to phase
out the importation of tokunbo cars gradually. In this scenario, instead of allowing
400,000 cars to come in every year, they may reduce the number to 300,000, then
200,000 and 100,000 until it is phased out. But that is not what Okonjo-Iweala,
Aganga & Co are doing. They want to reduce the number from 400,000 to zero
immediately not minding the catastrophic consequences to the average Nigerian.

To add insult to injury, they are telling us that the new cars (which will magically
appear next year) will be sold for 1.2 to 1.5 Million Naira. I don’t know about you,
I was born at night but not last night. There is no way a brand new car will be
sold for 1.5M. If that were possible, there won’t be any need to ban tokunbo
cars since most Nigerians will choose a N1.5M brand new car over a N1.5M
tokunbo any day.

In another development, the Central Bank of Nigeria in their infinite wisdom
recently announced a ban on importation of all foreign currencies. They said
this was in a bid to save the Naira from foreign exchange pressures. In layman’s
term, this simply means that if you send $100 to your relative via Western Union,
he will no longer be paid in Dollar. Rather the bank will give him the official Naira
equivalent which is usually much lower than the market rate. So instead of getting
N175 to a dollar, he may get as little as N150. As a result, millions of Nigerians in
the US and Europe have stopped sending money home through Western Union
unless in cases of emergency.

This policy was supposed to ease foreign exchange pressures on the Naira but
ironically it has had the opposite effect. When it was instituted in October 2013,
one dollar was exchanging for N160. Now it is N175 and rising.

With all these bans on the importation of tokunbo cars, foreign currencies, frozen
fish and who knows what else, it is becoming clear that the Nigerian government
no longer wants anything to do with millions of Nigerians abroad. They do not
want us to ship cars or send Dollars and Pounds to Nigeria with sundry other
restrictions. So Goodbye Nigeria. We will miss you but goodbye nonetheless.

REFERENCES:

Ban on Foreign Currency:
http://www.punchng.com/business/business-economy/cbn-bans-importation-of-dollars-others/

Ban on Tokunbo Cars:
http://www.punchng.com/business/business-economy/fg-raises-tariff-on-imported-cars/

Disclosure: The writer sells tokunbo cars.

Oga oh.

The ban on tokunbo cars will be good for our economy...why turn nigeria into a dump yard. countries in Asia we use as role model dont import used cars....they make our rubbish of our ability to build our model. Do you know malaysia same years with Nigeria build her own car?

These are some of the unpatriotic diasporeans that don't care about our economy as long as they can enrich themselves.
Good riddance.
You will not be missed.

solomon111: These are some of the unpatriotic diasporeans that don't care about our economy as long as they can enrich themselves.
Good riddance.
You will not be missed.

I think you got it backwards. We did not leave Nigeria. The Nigerian government
left us, including you.

BizBooks:

I think you got it backwards. We did not leave Nigeria. The Nigerian government
left us, including you.

what's this one saying

Haven't read everything but to start by gradual reduction in the number of the imported cars is illogical to me, whose own would be allowed in and disallowed, those with connection would be allowed while reverse becomes the case for those without.

ehispapa: The ban on tokunbo cars will be good for our economy...why turn nigeria into a dump yard. countries in Asia we use as role model dont import used cars....they make our rubbish of our ability to build our model. Do you know malaysia same years with Nigeria build her own car?

countries in Asia and parts of Africa are not struggling with 3000MW after 50years of independence

Igwe.:
Haven't read everything but to start by gradual reduction in the number of the imported cars is illogical to me, whose own would be allowed in and disallowed, those with connection would be allowed while reverse becomes the case for those without.

If they have the capacity to tell the number of cars imported each year (which they
appear to do), they should be able stop importation once a certain number is reached.
That will not be difficult to implement.

I tend to agree with the OP regarding what will essentially be a ban on importation of cars, in the name of promoting local manufacturing. The FG could promote these manufacturers by providing them with various tax incentives and subsidies. They can also provide them with outright grants and generous loans if necesary.

According to Comptroller General of the Nigerian Customs Service Abdullahi Dikko Inde, the service could not actualise it's revenue target for the year 2013 as a result of import waivers and duty exemptions granted by the federal government which has hit N603 billion in the last nine months. Patience Jonathan alone obtained waivers to import 500 cars for her pet project!

If the feds simply curb the abuses in their waiver systems, they'd raise enough money to support automobile manufacturing instead of increasing tariffs on imported cars by 250% and putting small businesses, agents, dock workers, and others out of work.

I personally do not believe that this policy will be implemented as currently announced. NASS will get involved soon enough.

@topic. Smugglers are going to be laughing to the bank, them don hammer be that. Benin republic will become richer when this policy is implemented. All in all it's a good idea from the federal government, the Nigerian local content should be developed.

ehispapa: The ban on tokunbo cars will be good for our economy...why turn nigeria into a dump yard. countries in Asia we use as role model dont import used cars....they make our rubbish of our ability to build our model. Do you know malaysia same years with Nigeria build her own car?

It is a fact the countries you alluded in the above post also had capacity to supply electricity 24/7 without a drop. There is a difference between assembled, produced and made. It is foolhardy for a country that can not deform an already manufactured plastic materials to suddenly ban anything with plastic.

Op,

I am a Nigerian abroad and I say "welcome Nigeria", it gives Nigeria the opportunity to economically developed itself, I will prefer to buy a Nigerian made than to ship one down.

omanzo02: Op,

I am a Nigerian abroad and I say "welcome Nigeria", it gives Nigeria the opportunity to economically developed itself, I will prefer to buy a Nigerian made than to ship one down.

I guess you realized Nigeria can not provide drinking water talk less electricity. Nigeria can not and will not be regarded as a country talk less economic development if it does not rightly assessed its industrial capabilities.

Arosa: @topic. Smugglers are going to be laughing to the banks, them don hammer be that. Benin republic will become richer when this policy is implemented. All in all it's a good idea from the federal government, the Nigerian local content should be developed.

I read somewhere that imports into benin-republic is duty free,though i don't know how true it is.

DerideGull:


I guess you realized Nigeria can not provide drinking water talk less electricity. Nigeria can not and will not be regarded as a country talk less economic development if it does not rightly assessed its industrial capabilities.

yes,i understand that Nigeria has electricity challenges,but then i wonder how india became a global car manufacturer even with their electricity problems.

solomon111: I read somewhere that imports into benin-republic is duty free,though i don't know how true it is.

I don't think it's true, I think it's much more lower than Nigeria.

solomon111: yes,i understand that Nigeria has electricity challenges,but then i wonder how india became a global car manufacturer even with their electricity problems.

Are you insinuating that the scarcity of electricity in Nigeria is at par with India? Did you see the skylines of any city in India dominated by plastic water containers as it is in Nigeria? I must say that industrialization is not driven by nationalistic euphoria.

Arosa: @topic. Smugglers are going to be laughing to the bank, them don hammer be that. Benin republic will become richer when this policy is implemented. All in all it's a good idea from the federal government, the Nigerian local content should be developed.

Custom officers stationed along the seme and idi iroko border would be laughing to the bank too. The fayawos (smugglers) that we no longer see again driving 100 smuggled cars in convoys would be back in business full time.

DerideGull:

Are you insinuating that the scarcity of electricity in Nigeria is at par with India? Did you see the skylines of any city in India dominated by plastic water containers as it is in Nigeria? I must say that industrialization is not driven by nationalistic euphoria.

Prof i dey speak wello i salute you sir

omanzo02: Op,

I am a Nigerian abroad and I say "welcome Nigeria", it gives Nigeria the opportunity
to economically developed itself, I will prefer to buy a Nigerian made than to ship one down.

You prefer to buy "Nigerian Made" and you are abroad? What are you doing there?
Why don't you come back and have as much "Nigerian Made" as you want.

This is truly hilarious .