Removal of Import/Export Restrictions means taxing the Restricted goods heavily but not banning or restricting the goods like it is done worldwide!!

It is a tried and tested fiscal policy which will enrich the Treasury and help the local manufacturer in terms of Infrastructure and Subsidies!!If you must import something, you will also be ready to pay whatever the FG wants or you manufacture the same locally!!

It is a free market which is determined by the comparative advantages of the importer or manufacturer!! That way no one is stifled and free market forces will hold sway!!

thebosstrevor1:
Imagine defending bad idea.

Buhari increase the import duty on second hand cars and almost all the importer started using republic of benin to import and smuggle cars.

seunmsg:
OP, let’s discuss this “groundbreaking” idea of Peter Obi that will finally rescue the economy of Nigeria.

The items on the import prohibition list includes rice through land borders), bagged cement, canned drinks, live and dead poultry products, vegetable oil, noodles, spaghetti, soap, footwear etc. These are items we are now producing substantially in Nigeria and as such, we don’t need to waste scarce forex on their importation.

Now that you guys are saying we should remove the restriction on the importation of these items, where exactly are we going to get forex to pay for these imports considering we are currently struggling to meet our import bills despite the restriction?

The higher taxes that will be imposed on these items will definitely be in Naira and as such, will add nothing to our forex. Even at that, the high taxes will be passed to the consumers thereby increasing the level of inflation. Again, Nigerians have a very high taste for foreign products as it depicts class and affluence. How will local producers of these items compete? When rice farmers and poultry owners start losing their market to imported products, what do you think will happen to the jobs in these sectors?

seunmsg:
OP, let’s discuss this “groundbreaking” idea of Peter Obi that will finally rescue the economy of Nigeria.

The items on the import prohibition list includes rice (through land borders), bagged cement, canned drinks, live and dead poultry products, vegetable oil, noodles, spaghetti, soap, footwear etc. These are items we are now producing substantially in Nigeria and as such, we don’t need to waste scarce forex on their importation.

Now that you guys are saying we should remove the restriction on the importation of these items, where exactly are we going to get forex to pay for these imports considering we are currently struggling to meet our import bills even with the restriction?

The higher taxes that will be imposed on these items will definitely be in Naira and as such, will add nothing to our forex. Even at that, the high taxes will be passed to the consumers thereby increasing the level of inflation. Again, Nigerians have a very high taste for foreign products as it depicts class and affluence. How will local producers of these items compete? When rice farmers and poultry owners start losing their market to imported products, what do you think will happen to the jobs in these sectors?