iblawi:


As simple as nail or head pan is, It's a major input in the construction sector. Be it wood work, concrete work, interior design etc.

Poultry products are input to some sectors as well. Most of the item are major things used in our day to day life.

Issues like cement being more expensive in Nigeria than imported ones too can help reduce the extortion from some manufacturer like Dangote. When prices drop, every sector needing cement as input will get a boast.

How is wheel barrow, toothpick, canned meat, beef, palm oil, cement, rice, frozen chicken etc raw materials and which industries use them as raw materials in Nigeria.

Hideaki:
Just a bunch of low iq bigoted efulefus with financial capacity playing politics with the nigerian economy like a kid playing dungeons and dragons

The thing just dey surprise me, what have we gotten ourselves in this country. Pls try and read that CBN publication, if you have some knowledge of economics, you will see how they are just trying to beat around the bush, trying to confuse Nigerians.

Saintinoo:
CBN released a note explaining why it removed dollar restrictions on 43 items in the economy, as part of the explanation they stated that the policy will benefit LOCAL PRODUCTION.

I have been thinking for many days now, how does lifting dollar restrictions on imported commodities benefit local production and aid employment according to CBN.

Don't you all see that we are been led by confused people?

I ask dear nairalanders, how does removing dollar restrictions on those items benefit local production and aid employment.

They just say that to confused the local manufacturers, the reverse is the case but the local manufacturers give the CBN no other alternative. The ban was initially placed to protect the manufacturers but rather than appreciate the government and make life easy for the masses, the local manufacturers saw it as opportunity to hold both the government and the masses by the throat in the name of making profits, just imagine how much we are going to by rice by December if the government has not lift the ban. Nigerians are selfish by nature, they can turn around to bite you even while you are fighting to protect them and that is exactly what they have done to the government and now the government want them to struggle for their own survival if they can.

This current CBN is doing the right thing. They are not confused but the previous leadership played politics with importation ban and forex access restrictions. You intend to boost local production by placing embargo on trade? Who does that? Inorder to enrich the rice and tomatoes mafia of the North, in cohorts with customs, you close all southwest borders
where rice and tomatoes are imported from Benin republic while all northern borders were opened. May God descend with fury upon all the power brokers of Buhari's most nepotistic rule in Nigeria. The Untold hardship in Nigeria is manmade. A carefully orchestrated manmade turmoil.

I pray God give Tinubu the wisdom to handle the northern political bottlenecks without compromising the wellbeing of all Nigerians and our children yet unborn.

Saintinoo:
CBN released a note explaining why it removed dollar restrictions on 43 items in the economy, as part of the explanation they stated that the policy will benefit LOCAL PRODUCTION.

I have been thinking for many days now, how does lifting dollar restrictions on imported commodities benefit local production and aid employment according to CBN.

Don't you all see that we are been led by confused people?

I ask dear nairalanders, how does removing dollar restrictions on those items benefit local production and aid employment.

Thank you jare! Raw materials Kwa?

Saintinoo:


How is wheel barrow, toothpick, canned meat, beef, palm oil, cement, rice, frozen chicken etc raw materials and which industries use them as raw materials in Nigeria.

alizma:

They just say that to confused the local manufacturers, the reverse is the case but the local manufacturers give the CBN no other alternative. The ban was initially placed to protect the manufacturers but rather than appreciate the government and make life easy for the masses, the local manufacturers saw it as opportunity to hold both the government and the masses by the throat in the name of making profits, just imagine how much we are going to by rice by December if the government has not lift the ban. Nigerians are selfish by nature, they can turn around to bite you even while you are fighting to protect them and that is exactly what they have done to the government and now the government want them to struggle for their own survival if they can.

You people people seem to not understand, who said price of rice will drop, was there ever a ban on the importation of rice?

Local manufacturers didn't take the masses for granted, the economy is also hard on them, if they were making it, most wouldn't have shut down.

CBN and Nigeria government are the ones taking Nigerians for a ride here, they are unnecessarily giving Nigerians false hope, so as the complains can stop. There recent policy in fact is going to cause more harm, the price of those 43 items which dollar ban was lifted on is expected to skyrocket before December.

Saintinoo:


How is wheel barrow, toothpick, canned meat, beef, palm oil, cement, rice, frozen chicken etc raw materials and which industries use them as raw materials in Nigeria.

Everything you mentioned above will boast the hospitality and food industries except cement for construction sector.

iblawi:


Everything you mentioned above will boast the hospitality and food industries except cement for construction sector.

Oga simple question, his are those commodities raw materials and which industries use the as raw materials. You are now beating around the bush like CBN.

alizma:

They just say that to confused the local manufacturers, the reverse is the case but the local manufacturers give the CBN no other alternative. The ban was initially placed to protect the manufacturers but rather than appreciate the government and make life easy for the masses, the local manufacturers saw it as opportunity to hold both the government and the masses by the throat in the name of making profits, just imagine how much we are going to by rice by December if the government has not lift the ban. Nigerians are selfish by nature, they can turn around to bite you even while you are fighting to protect them and that is exactly what they have done to the government and now the government want them to struggle for their own survival if they can.

You're so on point.

Local manufacturers has had enough, we say no to extortion

the government can't do it all, na we Nigerians dy do ourselves

Thank God CBN lift the ban, local manufacturers has foresee 60k per bag by December 2023

Manigie:
Damn , then that means we ain't out of the woods yet .... wahala dey.

To think I was looking forward to when I can comfortably buy and eat foreign rice .. this local rice no be im

Don't let him deceive you

Price of commodities will reduce, inflation will also follow suit

Yes, I&E window is currently at 740 per Dollar, still fair enough

If a business Man import Rice from Thailand with that exchange rate.....A bag of rice won't exceed 22k by December

SpatialKing:
We have a President that claimed he graduated with a First Class and was the top accountant...

How I wish University of Chicago where he got Bsc in Economics did not deny him, he would have added the knowledge his accounting and business Admin. Massive combinations !!!

alizma:

They just say that to confused the local manufacturers, the reverse is the case but the local manufacturers give the CBN no other alternative. The ban was initially placed to protect the manufacturers but rather than appreciate the government and make life easy for the masses, the local manufacturers saw it as opportunity to hold both the government and the masses by the throat in the name of making profits, just imagine how much we are going to by rice by December if the government has not lift the ban. Nigerians are selfish by nature, they can turn around to bite you even while you are fighting to protect them and that is exactly what they have done to the government and now the government want them to struggle for their own survival if they can.

thak you

eteebanky:


Don't let him deceive you

Price of commodities will reduce, inflation will also follow suit

Yes, I&E window is currently at 740 per Dollar, still fair enough

If a business Man import Rice from Thailand with that exchange rate.....A bag of rice won't exceed 22k by December

Ignorance and too much emotion is disturbing you, what do you think inflation is?

For your information, importation of rice e was never banned, and now that restrictions have been lifted on sourcing dollar for it importation, the resulting effect will be more scarcity of dollar leading to increase in price of rice. That is what CBN do not want to tell you, but are just beating around the bush hoping they can stabilize the naira against dollar.

For your information, CBN does not print dollar, we only earn dollar by exporting, and our foreign reserve is almost empty, where will CBN get the dollar to go round for all importers?

Don't get your hope high, the suffering just started.

Saintinoo:


Pls read my post again, CBN said the policy will benefit local production, and increase employment, I ask, how?

I think some of the items on the blacklist that have just been cleared by CBN for eligibility for Forex bids on I&E window are input items for final products manufactured in Nigeria.

That will benefit local production and increase employment ultimately.

Saintinoo:


Ignorance and too much emotion is disturbing you, what do you think inflation is?

For your information, importation of rice e was never banned, and now that restrictions have been lifted on sourcing dollar for it importation, the resulting effect will be more scarcity of dollar leading to increase in price of rice. That is what CBN do not want to tell you, but are just beating around the bush hoping they can stabilize the naira against dollar.

For your information, CBN does not print dollar, we only earn dollar by exporting, and our foreign reserve is almost empty, where will CBN get the dollar to go round for all importers?

Don't get your hope high, the suffering just started.

I think the main target of that policy to review the items on Forex Bid - I&E window - is to reduce the gap between parallel market and I&E window.

They want to reduce the demand on dollar in the parallel market by reducing the number of clients that patronize the parallel market hence, the price for a dollar will start crashing in parallel market.

Wallade:


I think the main target of that policy is to review the items on Forex Bid - I&E window - is to reduce the gap between parallel market and I&E window.

They want to reduce the demand on dollar in the parallel market by reducing the number of clients that patronize the parallel market hence, the price for a dollar will start crashing in parallel market.

What are you even saying, Do you think there is enough forex waiting for more importers ?

Wallade:


I think some of the items on the blacklist that have just been cleared by CBN for eligibility for Forex bids on I&E window are input items for final products manufactured in Nigeria.

That will benefit local production and increase employment ultimately.

Wheel barrow, beef, canned meat, rice, cement, toothpick, palm oil, palm seed, frozen chicken, tin tomatoes, vegetable oil etc. How are these raw materials and which industry use them as raw materials?

No government can discourage the importation of raw materials into their country. Buhari placed a dollar ban on them because they are finished goods which are being produced locally.

Saintinoo:


Ignorance and too much emotion is disturbing you, what do you think inflation is?

For your information, importation of rice e was never banned, and now that restrictions have been lifted on sourcing dollar for it importation, the resulting effect will be more scarcity of dollar leading to increase in price of rice. That is what CBN do not want to tell you, but are just beating around the bush hoping they can stabilize the naira against dollar.

For your information, CBN does not print dollar, we only earn dollar by exporting, and our foreign reserve is almost empty, where will CBN get the dollar to go round for all importers?

Don't get your hope high, the suffering just started.

Rice was not banned, please check your facts right

Go and check Customs weekly news

If it was not banned, why are they smuggling it into the country, go and check Customs news and see trucks full of rice custom seized from smugglers

Immediately Buhari enforced ban on those 43 items, he instructed customs never to allow those items into the country...he wanted us to consume what we produce

Mumu roadside economist

Saintinoo:


Wheel barrow, beef, canned meat, rice, cement, toothpick, palm oil, palm seed, frozen chicken, tin tomatoes, vegetable oil etc. How are these raw materials and which industry use them as raw materials?

No government can discourage the importation of raw materials into their country. Buhari placed a dollar ban on them because they are finished goods which are being produced locally.

All the materials you listed are input materials, except toothpick.

The local production could not meet the local demand in most cases and it is getting too expensive to produce locally as compared to imports.

Nigeria needs to identify areas of comparative advantage in industrialization of prioritize, subsidize or favor them against imported materials.

anungangampu:

What are you even saying, Do you think there is enough forex waiting for more importers ?

The supply of forex at the Window is not enough too but almost every importer can source their dollars from that official window now.

I think that is good decision.

Saintinoo:


Oga simple question, his are those commodities raw materials and which industries use the as raw materials. You are now beating around the bush like CBN.

Which further explanation do you need? Finished product from one industry is raw material in another.

I've mentioned hospitality and food industries for all the items you listed except cement that fall under construction.

You people are quick to criticize instead of seeking knowledge.

The reason for lifting the ban is so that official & parrallel rates should converge.
If u were economically aware in 2015, u would understand that the banning of fx for the 43 items was what gave rise to the wide gap btw official & black market which led to round tripping by senior bankers & politicians. It also led to low FDI as foreign investors felt their dollars was being undervalued when exchanged at official rate. So, they held on to their dollars.

It was meant to stop importation of locally produceable goods but it ended up being very counterproductive! The local production also did not increase because of structural reasons.

Interesting to note that buhari did exact same thing in 1984 with the same disastrous consequence.

What they are doing is simply trying to invalidate Emefiele's policies. It is a major conspiracy that has crashed our economy trying to dent one man. There is no way free importation can grow local production except you are already self sustaining and having surplus.