By Omoh Gabriel

Since the Nigerian economy emerged as the largest economy in Africa as a result of the rebasing exercise, the attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and now the European Union and the United States of America. The new move arose when the CBN out of the desire to protect the nation’s foreign reserve restricted some 41 items that can be produced locally from access to official foreign exchange. These items are not banned but can only now be imported with the importer’s own sourced foreign exchange.

As soon as the measures were announced, threats and protests from foreign investors took over the airwaves. Many of the investors are pressing for further devaluation of the Naira instead of the restriction on access to foreign exchange by the 41 items

It is curious that while at the the 2015 IMF/World Bank Group Annual Meetings, these multilateral financial institutions advised countries to take measures to deal with the peculiar economic situation confronting them, many of these countries which agreed to the suggestion are now seeing the action taken by Nigeria as anti-trade to the point of going to the World Trade Organisation to complain.

Truth be told, these complainants want Nigeria to perpetually import products from them. When Nigerians go to their countries to import junk goods to help clean up their environment, they do not complain.

When Nigerians import their goods and keep their factories running and their youths in employment at the expense of Nigerians, they do not complain. When Nigeria imports petroleum products from their countries while being a major exporter of crude, they do not complain. What Nigerians must know is that these foreign investors want to come in and buy Nigeria’s assets at give-away prices and then make fortunes out of them later. Last week, the United States and the European Union joined the fray to raise concerns at the World Trade Organisation about the Central Bank’s curbs on access to foreign currency, a WTO official said.

The report said “The bank, seeking to conserve its dollar reserves, said in June that importers could no longer get hard currency from the inter-bank market to buy 41 items including rice, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture and Indian incense. “At least, nine WTO members raised concerns about the trade-related impact of the rules at a meeting of the WTO’s Council for Trade in Goods, the WTO official said.

The US representative at the meeting expressed “strong concern” about the effect on US exports such as agricultural goods, plastics, aircraft and aircraft parts and metal and metal products, adding that the affected exports were worth $500 million in 2013 and 2014, the official said. The US trade official also said the Central Bank had justified its action by saying it was “in order to encourage local production of these items”, which revealed its protectionist motivation. We are unaware of any effort by Nigeria to justify the measure at the WTO,” the WTO official quoted the US representative as saying to the meeting.

The EU official at the meeting said Nigeria also seemed not to have sought approval from the International Monetary Fund for its foreign exchange curbs, and said they were having a significant impact on trade. Other countries that had concerns about the curbs were Thailand, which was worried about agricultural shipments, Norway and Chile, which were concerned about fish, and Switzerland, Uruguay, Iceland and Malaysia, which were worried about the “systemic” impact”.

Looking at the countries that raised issues at the WTO, they were doing so to preserve their national economy. For instance, the Norwegian dried fish industry is close to bankruptcy after the CBN restriction destroyed their biggest market which was Nigeria. Nigerians have a huge appetite for ‘okporoko’, as unsalted, air-dried cod is known locally, using it as the key flavouring in the soups which accompany grain staples, the Norwegian Broadcasting Corporation NRK, reported recently.

The report said: “In a normal year, Nigeria is Norway’s biggest single market for stockfish, with the trade, mainly in dried fish heads and other off- cuts, worth some 486 million Norwegian kroner ($58m) a year. “But since Central Bank of Nigeria in June restricted importers’ access to foreign- exchange market for some goods, including stockfish, business has ground to a halt.

“Nigeria is our main market. Over half of our turnover is stockfish and if the business stops for a few months, our company will be rapidly in the red,” Erling Falch from Saga Fisk in the Lofoten islands told NRK. He has already laid off almost half of the company’s 50 employees to cut costs until business returns to normal. He said that

Nigeria was the main country worldwide with a taste for dried fish heads. Falch said that his company normally exported as much as 100 tonnes of stockfish to Nigeria every week in the peak season. Instead, he now has some 500 tonnes of unsold stock in his warehouse, which he fears may soon become unsellable.

It is no surprise that Norway and others being affected raised the issues at the WTO. It is equally understandable why Thailand joined the fray of those pushing that the CBN reverse its decision on the 41 items restriction. Bulk of the rice imported into Nigeria is from Thailand. The fact that rice is one of the items in the list of items with restricted access to foreign exchange poses a significant threat to its economy. Unfortunately, rice imported from these countries are poison in the sense that they have spent close to eight years in store before being exported to Nigeria, such rice being in store for that long have no nutritional value.

These countries are more concerned about the negative effect of the policy on their economies than the possible positive impact of the restriction on the Nigerian economy. Nigeria has an army of unemployed youths. Through importation of these items, local industries have folded up and many employees sent to the labour market.

The economy is shrinking and governments cannot pay workers. How long will Nigeria continue down this line? This is one time that Nigerians should rise in one voice and say to hell with these self- seeking countries that are seeking to ruin our economy. This is the time to be patriotic. Nigeria is our only country. We are the ones to develop it. We must stand behind the CBN and encourage it to place more items that can be produced locally on the restriction list.


http://www.vanguardngr.com/2015/11/international-conspiracy-to-ruin-nigerian-economy/

Lalasticlala, Seun,

grandstar come and see

You that has been calling for devaluation I hope you read this part.

What Nigerians must know is that these foreign investors want to come in and buy Nigeria’s assets at give-away prices and then make fortunes out of them later.

Have you now seen that it has always been about Africa and the west.

Developed vs underdeveloped

Industrialised vs 3rd world countries.

Thank God we have a president that have the balls to implement his own policies.

This has always been de battle. Developed countries vs the less developed! The only way for them to remain developed is if we remain under developed! Advise everyone to read the book " Confessions of an Economic Hitman" and you will weep! I really really fear for buhari. Read that book and you will know why.

jomoh:
grandstar come and see

You that has been calling for devaluation I hope you read this part.



Have you now seen that it has always been about Africa and the west.

Developed vs underdeveloped

Industrialised vs 3rd world countries.

Thank God we have a president that have the balls to implement his own policies.

thats really what i thank God for. But i fear for buhari. No leader has every survived it! After i read the book "confession of an Economic Hitman" i wept

Koleman:
thats really what i thank God for. But i fear for buhari. No leader has every survived it! After i read the book "confession of an Economic Hitman" i wept

We just have to pray for him and support him. I believe all this is not for a long tim but only to stem the total collapse of the economy.


We are too dependent on imported goods in this country while we have a lot of people in Aba making quality products but no where to sell them at profit.

Koleman:
thats really what i thank God for. But i fear for buhari. No leader has every survived it! After i read the book "confession of an Economic Hitman" i wept

Bro I don get that book o. I downloaded it.


That thing is really scary o. Am still reading though.

I doubt any 3rd world country would develop with that kind of policy from this developed nations. Except we are ready to adopt that kind of policy too.

jomoh:


Bro I don get that book o. I downloaded it.


That thing is really scary o. Am still reading though.

I doubt any 3rd world country would develop with that kind of policy from this developed nations. Except we are ready to adopt that kind of policy too.

somehow i always knew third world countries were constantly at de mercy of de west. But i never how deep it was until i read dat book.

Koleman:
somehow i always knew third world countries were constantly at de mercy of de west. But i never how deep it was until i read dat book.

Me am always of the opinion that military is the best opportunity africa has out of this mess.

Its very hard to penetrate the Military with their spy network of EHMs. They know this and that is why they always campaign for democracy. It makes it easier for them to manipulate people. It is no coincidence that 80% of our monumental capital projects were constructed during the military. Democracy is a curse to third world countries.

Iraq was doing quite fine under Sadam Hussein. He mentioned that they failed in Iraq. Libya was great under Mamar Ghadaffi until they over threw him. They were humiliated in vietnam under another form of government rather than Democracy.

jomoh:


Me am always of the opinion that military is the best opportunity africa has out of this mess.

Its very hard to penetrate the Military with their spy network of EHMs. They know this and that is why they always campaign for democracy. It makes it easier for them to manipulate people. It is no coincidence that 80% of our monumental capital projects were constructed during the military. Democracy is a curse to third world countries.

Iraq was doing quite fine under Sadam Hussein. He mentioned that they failed in Iraq. Libya was great under Mamar Ghadaffi until they over threw him. They were humiliated in vietnam under another form of government rather than Democracy.

we truly share the same opinion. I also feel the military has and is the only way to resist. But throughout history they have always found a way of breaking tru. Just like the book says. If every other method fails they then send in the military. And offcoz the might of their military is clear.

Koleman:
we truly share the same opinion. I also feel the military has and is the only way to resist. But throughout history they have always found a way of breaking tru. Just like the book says. If every other method fails they then send in the military. And offcoz the might of their military is clear.

You very correct. But a serious military government will have to move fast and enrich its nuclear power and make them have a strong believe that its not afraid to use it.

I don't really know much about communism but they seem to hate that to. Also monarchy or emirate is usually hard for them too.

All this system of government have one thing in common. Absolute power to the state/central government. Unlike democracy that gives power to the masses and that can easily breed chaos.

jomoh:


You very correct. But a serious military government will have to move fast and enrich its nuclear power and make them have a strong believe that its not afraid to use it.

I don't really know much about communism but they seem to hate that to. Also monarchy or emirate is usually hard for them too.

All this system of government have one thing in common. Absolute power to the state/central government. Unlike democracy that gives power to the masses and that can easily breed chaos.

for sure. Sometimes i wonder which is better. Been free and living in caos or been in bondage and living in peace. But the answer rests with the brave military leaders who can run a military govt and yet be legitimate

This is something i have always known right from my Primary school days when I was a kid. nor be new thing. As long as we keep importing heaven and earth junks into this country, things will continue getting harder for Nigerians. As long as politicians keeps on stashing public funds in foreign countries, things will worsen. I just hope God gives PMB long life, In lnfact God should remove lives from so many politicians in this country and dash it to PMB. The man knows what he is doing. He knows the grassroots to start from.

You have A Bad President, No conspiracy anywhere

Koleman:
for sure. Sometimes i wonder which is better. Been free and living in caos or been in bondage and living in peace. But the answer rests with the brave military leaders who can run a military govt and yet be legitimate

"Freedom" that is the word they use to cause problem all around the world.

Science and nature never gave total freedom for anything there had always being restrictions here and there but the west keeps throwing the word around so that people can start demanding for it.

It is the same word the devil used to trick Eve and Adam into taking the apple according to the bible. We all know the result today.

There's no total freedom in North korea yet they live in peace and prosperity.

China never really lived in freedom until recently but they have relative peace and they prosper.

Prior to the second world war, relatively little was known or heard about the Arab nations. They were only known for their religion(Islam) and being historical nations of our Origin. They lived in peace and immense wealth with restricted freedom. But since the west started their freedom campaign in the Middle east, the region has never being the same.

jomoh:



We just have to pray for him and support him. I believe all this is not for a long tim but only to stem the total collapse of the economy.


We are too dependent on imported goods in this country while we have a lot of people in Aba making quality products but no where to sell them at profit.

Bro dat the issue we av here in nigeria.
We have 2 many natural resources that are being wasted here on a daily basis, imagine if we decide 2 use half of wht we have in nigeria this country wud av bn an over developed country but becuz dey know blacks are greedy an self centered, they encourage our leaders to loot nd discourage dem from developing their own country by helpng our leaders keeep the loote fund @their own bank nd d loot is now useto develop their own country while here is in ruins.
That why I feel libya nd african mite not get anoda leader like Mamar Ghadaffi, even if he was not perfect he made sure his pple were very comfortable nd self dependant

Goandie:


Bro dat the issue we av here in nigeria.
We have 2 many natural resources that are being wasted here on a daily basis, imagine if we decide 2 use half of wht we have in nigeria this country wud av bn an over developed country but becuz dey know blacks are greedy an self centered, they encourage our leaders to loot nd discourage dem from developing their own country by helpng our leaders keeep the loote fund @their own bank nd d loot is now useto develop their own country while here is in ruins.
That why I feel libya nd african mite not get anoda leader like Mamar Ghadaffi, even if he was not perfect he made sure his pple were very comfortable nd self dependant

Thank you for this.


Please try and download the book koleman recommended. Even though they're greedy, you will hardly want to blame the leaders of underdeveloped countries again because it is natural in human nature to be greedy.

These leaders will have little or no chance against the mechanism these western nations deploy.

Koleman:
This has always been de battle. Developed countries vs the less developed! The only way for them to remain developed is if we remain under developed! Advise everyone to read the book " Confessions of an Economic Hitman" and you will weep! I really really fear for buhari. Read that book and you will know why.

Bro ur so right, that as always bn their plan.
if one african country can break that jinx
Every oda sis country will follow suit nd wen that happens u know what will happen 2 the so called develop countries.

Neo Colonialism and mental Slavery. Africans WAKE UP!!!!!!!!!!!!!!

jomoh:



Thank you for this.


Please try and download the book koleman recommended. Even though they're greedy, you will hardly want to blame the leaders of underdeveloped countries again because it is natural in human nature to be greedy.

These leaders will have little or no chance against the mechanism these western nations deploy.

I don't blame dem I blame we d citizen of the country for being puppets in their hands.
That why dey use tribal war on us, so we can never unite.
Will download nd read the book on a wkend.

What are you without the international community....
Lol Nigeria at 55 still yet imports toothpick has already said much about you internationally....
Very dependent country....
Lol

Nonsense, there is no international conspiracy anything, the simple truth is that Buhari is very incompetent to lead Nigeria. He's just a simpleton!

Koleman:
This has always been de battle. Developed countries vs the less developed! The only way for them to remain developed is if we remain under developed! Advise everyone to read the book " Confessions of an Economic Hitman" and you will weep! I really really fear for buhari. Read that book and you will know why.

or walter Rodney's How Europe Underdeveloped Africa.

y

Goandie:


I don't blame dem I blame we d citizen of the country for being puppets in their hands.
That why dey use tribal war on us, so we can never unite.
Will download nd read the book on a wkend.

very true.

But you Nigerians said that Nigeria is no economic giant of Africa that its just ojoro from that woman called NOI. Talking from both sides of the mouth is synonymous with Nigerians.

It all start with having the right people with foresight in the right places and and we will get it done. If China made it I think we can make it.

this has been happening for long. the west fears that if Nigeria becomes stable then we might actually make some real economic progress.

I guess that's why they are sponsoring nnamdi KANU to distract this government.

they know if Nigeria is balkanised then it would by easier to pick the pieces for next to nothing.

okonjo iweala came to execute their economic agenda by devaluing the naira. before she left naira had dropped so much against the dollar it was being sold for #230 to a $ from #155 that she met it.

of course she was rewarded with a foreign job.

who doesn't know that most of these western countries' embassies in Nigeria are just spy stations.

UAE practices monarchical system of government and they are doing fine. its the same oil we have o.

I won't be surprised to know that they are the chief funders of boko haram.

Not many Nigerians on this thread? Yet these are the critical issues affecting everyday of their lives o!

Black Africans will remain suffer heads until we learn to stop consuming the things we do not produce.

Acjohn:
It all start with having the right people with foresight in the right places and and we will get it done. If China made it I think we can make it.

China made it with a very different system of government that makes it very hard for them to penetrate.


Go and check around the world, any government practising democracy is either their ally or at their mercy.


Freedom without control is chaotic and destructive. That is what they try to preach with their democracy.