trial and error president, always vision less and clueless.

Atleast rice especially should be free until our locally produced one will b sufficient.

>>>The Nigeria Customs Service (NCS) said in April, that it lost N230 billion in anticipated revenues in the last quarter of 2015 due to the CBN’s closure of the foreign exchange window to the 41 banned items.



PMB may have to install his own CBN governor asap.

sometimes holdovers from past administrations are not loyal to new ones and may clandestinely impede progress .

The damage is already done, buhari should just resign and go to jail.

Axon:
Finally some sense is entering his head. Nigerians pray more, our prayers are working

You just read it on newspaper not that they have implemented it.You know how this government is good at making promises without fulfilling them.

The ban was another act of gross ineptitude and the poor understanding of economics.

Imports bans or amateurish attempts to limit demands for forex such as this always backfire

Already customs said that they lost 230 billion in only one quarter! That's a lot of economic activity left wasted.

Most often, the premise is that once you ban, the banned products are made at home , cobserving dollars and creating jobs.

In practice, it leads to massive smuggling, loss of revenues by customs, lower economic activity, job losses, an increase in the informal economy, an increase in price or a reduction in quality of the banned product and many more.

The disadvantages far outweigh the benefits.

The best way of managing the situation is to allow demand and supply forces to work. If demand for dollars is to strong, the naira will weaken thereby making dollars more costly and less affordable. It will also lead to an increase in prices of imports making them less affordable.

A weak naira on the other hand will make locally made goods more competitive vis a vis imported ones making them more affordable. It will also make them more competitive in the international market encouraging exports.

How suddenly he's got some brain is amazing....

I thought they are saying that gej and pdp 16years misrule caused the recession that Nigeria is currently experiencing?
Can't they tolerate competition? Buhari want to export his products to other countries but he is banning other countries goods from entering into the country.
For you to have a good relationship with your business partners you should allow trade by barter.

Them don remember the igbo's

DaniDani:
Aside Steels, textiles, tiles, glasswares, others should remain banned. How can we be importing chicken, toothpaste, tomatoes, vegetable oils and other things we can produce here. we are not helping ourselves.

But it's more than a year of this ban now and we still can't produce these products here or enough to bring down the price down.
As a result see how the price shoot up and bring more suffering and the lost of billions from customs revenue.

May be they should put that ban on the luxurious items not on the poor man's survival items.

jaheymezz:
Am happy trump grabbed the whole of America by the #pussy!

O ga o

THIS RUBISH RECESSION IS REALLY AFFECTING SO MANY PEOPLE.. I AM SO TIRED OF THIS COUNTRY.
PEOPLE ARE DIEYING FOR HUNGER..
YOU CAN'T EAT FOOD WITH N400 AND SATISFY AGAIN.
CAN YOU IMAGINE A WHOLE BIG COMPANY IN MA HOOD HAS BEEN CLOSE DOWN BY THE BANK BECAUSE THEY CAN'T AFFORD TO PAY BACK THEIR LOANS.. EMPLOYEES ARE CRYING BECAUSE NO SALARIES FOR OVER HOW MANY MONTH BACK..

A WHITE MAN, WHO IS THE OWNER OF THE COMPANY IS NO WHERE TO BE FOUND..

I AM TIRED OF THIS COUNTRY SO CALLED NIGERIA.

Oponu daura!

modath:

It will end at review, nothing will come out of this. The country does not even have enough forex to give to manufacturers of essential products, na toothpicks & owanbe plastic importers dem go kon give priority to?

Young03:
its like his brain is turning for good

besides wherea is Aisha?

check her in the other room

Chai! I just dey laugh these people.

Bloody incompetents!

Zombies, can you see the people you were running your mouth like diarrhoea for, defending half brained ideas that were not thought through. Now that the damage is done they are now reviewing their rubbish.

Funny!

DaniDani:
Aside Steels, textiles, tiles, glasswares, others should remain banned. How can we be importing chicken, toothpaste, tomatoes, vegetable oils and other things we can produce here. we are not helping ourselves.

I agree with you but the fact still remains how many of this product have you engaged yourself in or financed personally. We are quick to criticism, would you resign from your job and go into farm produce. The present system doesn't provide a platform for the growth of Agricultural produce hence even the farmers are not encouraged so if importation will ease the suffering of the people so be it. But if people like you and me come and invest also in the farm produce maybe we could make this nation a better place. You don't have the right to criticize the Govt if you are not contributing to the Economic growth of the Nation by way of your investment and employer of Labour.

yusufficient:
THIS RUBISH RECESSION IS REALLY AFFECTING SO MANY PEOPLE.. I AM SO TIRED OF THIS COUNTRY.
PEOPLE ARE DIEYING FOR HUNGER..
YOU CAN'T EAT FOOD WITH N400 AND SATISFY AGAIN.
CAN YOU IMAGINE A WHOLE BIG COMPANY IN MA HOOD HAS BEEN CLOSE DOWN BY THE BANK BECAUSE THEY CAN'T AFFORD TO PAY BACK THEIR LOANS.. EMPLOYEES ARE CRYING BECAUSE NO SALARIES FOR OVER HOW MANY MONTH BACK..

A WHITE MAN, WHO IS THE OWNER OF THE COMPANY IS NO WHERE TO BE FOUND..

I AM TIRED OF THIS COUNTRY SO CALLED NIGERIA.

I understand the situation. Let's keep hoping for God to sustain us. These are really trying times.

Ddavid64:
this is something he ought to have done a long time ago

Dont expect too much from Pentium 1...

DaniDani:
Aside Steels, textiles, tiles, glasswares, others should remain banned. How can we be importing chicken, toothpaste, tomatoes, vegetable oils and other things we can produce here. we are not helping ourselves.

I no dey o, hungry Jack, Jones and Joneses are coming for you

comshots:
I thought they are saying that gej and pdp 16years misrule caused the recession that Nigeria is currently experiencing?
Can't they tolerate competition? Buhari want to export his products to other countries but he is banning other countries goods from entering into the country.
For you to have a good relationship with your business partners you should allow trade by barter.

Protectionism is a wrong way to conserve forex.

Protectionism is a basically a win/ loose scenario in the mind of the practitioner.

It's actually a lose/lose. Why?

First and foremost, countries flourish best when they focuses resources where they are good at- where they have comparative advantage.

Protectionism forces you to invest in areas you are not good at. That is why you build a trade wall.

Also, countries grow rich by generating forex. Conserving forex actually makes you poorer.

Banning is also one way. You ban $1billion worth of goods so it can be made locally. Why not import $1 billion worth of goods and in return export $1 billion worth of goods in area you have comparative advantage.. That is $2billion worth of economic activity rather than $1 billion. That's win win

modath:

It will end at review, nothing will come out of this. The country does not even have enough forex to give to manufacturers of essential products, na toothpicks & owanbe plastic importers dem go kon give priority to?

Hahahahqha, the fear of Donald Trump is the beginning of wisdom. His anti Christ group have been defeated in the US, those that the devil wanted to use to suppress the igbos but God is above them. Now he suddenly wants to review his wicked economic policies he orchestrated through his satanic American Democrats to suppress the God's chosen people but God is above them all. No one hurts the igbos and go free

Other should remain banned right? How many tyres ve u produced since they banned importation tyres? Always make ur research before making justification.

DaniDani:
Aside Steels, textiles, tiles, glasswares, others should remain banned. How can we be importing chicken, toothpaste, tomatoes, vegetable oils and other things we can produce here. we are not helping ourselves.

DaniDani:
Aside Steels, textiles, tiles, glasswares, others should remain banned. How can we be importing chicken, toothpaste, tomatoes, vegetable oils and other things we can produce here. we are not helping ourselves.

I totally agree with this.

mmm is still working o, don't let d govt use social media to discourage you

Axon:
Finally some sense is entering his head. Nigerians pray more, our prayers are working

YES O. ........[font=Lucida Sans Unicode][/font]

Ddavid64:
this is something he ought to have done a long time ago

This Ddavid64 guy selling this data plan is a scammer. Nobody should do anything with him. I still don't know why he is still on nairaland. where are our Mods?

Ddavid64:
this is something he ought to have done a long time ago

This Ddavid64 guy selling this data plan is a scammer. Nobody should do anything with him. I still don't know why he is still on nairaland. where are our Mods?

Ddavid64:
this is something he ought to have done a long time ago

This Ddavid64 guy selling this data plan is a scammer. Nobody should do anything with him. I still don't know why he is still on nairaland. where are our Mods?

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