Peter Obi said he will remove import restrictions, it totally makes sense to me.

You have to count 1 before you count 2, only a simpleton removes import restrictions in an economy that has no power and refineries.
How do you control price inflation when your factories will still be forced to buy PMS and Diesel at international dictated prices because you refused to fix refineries and provide cheap power for them.
It's just so stupid to install Import restriction when you cannot meet production power demand first. It's like saying you don't want to buy food when you don'tt have a farm to make food for you.

APC did this for 7years and you can see the level of inflation. They ended up forcing Nigeria to pay for the inefficiencies of the government which was transferred to the producers making inferior products to meet up with the current power realities.


I support obi to remove it first, stabilize power, fix refineries. This will create a suitable environment for production and regulate product prices efficiently


I don't see why this is too hard for Tinubu supporters to understand

I support obi to remove it first, stabilize power, fix refineries. This will create a suitable environment for production and regulate product prices efficiently

Lol. Every Tom, Dick and Obi now has an opinion on how to easily fix the economy. Just lift import restriction on restricted items and boooooom, the economy will start flying.

seunmsg:


Lol. Every Tom, Dick and Obi now has an opinion on how to easily fix the economy. Just lift import restriction on restricted items and boooooom, the economy will start flying.

Removing import restrictions immediately solves inflation problems in the short term.
It's totally stupid to restrict import without power. Only APC can do that

Workch:
Removing import restrictions immediately solves inflation problems in the short term.
It's totally stupid to restrict import without power. Only APC can do that

Name the items that are currently on the import prohibition and forex restriction lists and tell us exactly how the immediate lifting of the restriction on them will solve the current inflation problem.

seunmsg:


Name the items that are currently on the import prohibition and forex restriction lists and tell us exactly how the immediate lifting of the restriction on them will solve the current inflation problem.

1. Rice, rice is cheaper to import than producing it in Nigeria.

2. Frozen food: it is expensive in Nigeria because there is no power to store them. It cost a lot in diesel to store them.

3. Plastic and rubber products: for obvious reasons, no power to manufacture these things here.
4 polypropylene granules: no power to manufacture.
4. Cellophane wrappers: no power, companies waste money buyuny diesel.

5. Soap and cosmetics.
6. Tomatoes/tomato pastes. Etc.

With the current realities of power, it's still cheaper to import these than producing then here. The inability of government to meet up with power demands of manufacturers is causing inflation in the prices of these products.

It's so so stupid to impose restrictions when you lack the capacity to produce them. It's increases cost of production.

A sane government will first make an environment to effectively reduce cost of production before removing restrictions, just like china did.

Only APC urchiins don't understand this simple economics.

seunmsg:


Name the items that are currently on the import prohibition and forex restriction lists and tell us exactly how the immediate lifting of the restriction on them will solve the current inflation problem.

Please tell us

Workch:
Removing import restrictions immediately solves inflation problems in the short term.
It's totally stupid to restrict import without power. Only APC can do that

What Nigeria needs is a long term solution, not the quick fixes that politicians have been trying over the years. The only way a nation can move forward is when one leader builds on the foundations of his predecessors, not coming to dislodge the status quo and starting his own short term approach just to make a name for himself.
Buhari placing import restrictions was the right decision, but not first making sure that we had a reasonable capacity to produce in house was where he went wrong.
What the next leader should do is to increase our ability to produce locally by providing incentives and a good business friendly environment, not the one that would take us back to 2015.

Obi is going to impose heavy taxes on such items.
What is the point of restricting importation of foreign rice while we still find it in the market, making smugglers and the criminals at the border smiling to the bank.

But APC Supporters should be ashamed criticizing this idea. Their import restrictions and wasteful spendings killed the economy and made them borrowers yet they never learnt a lesson. SHAME!!!

thesicilian:

What Nigeria needs is a long term solution, not the quick fixes that politicians have been trying over the years

Long term solution without proper preparation will result in the economic disaster Buhari plunged us into.

A serious government that is reasoning well first solve power problem and fix refineries, so the restrictions doesn't have a toll on cost of production.

No one is saying that import restrictions is not good, doing it at the wrong time is bad. Especially when you don't have the capacity

vanunu:
Obi is going to impose heavy taxes on such items.
What is the point of restricting importation of foreign rice while we still find it in the market, making smugglers and the criminals at the border smiling to the bank.

Is Rice the only product on restriction?

Show me where Obi said he will impose heavy taxes on importations. I am waiting

Workch:

1. Rice, rice is cheaper to import than producing it in Nigeria.

2. Frozen food: it is expensive in Nigeria because there is no power to store them. It cost a lot in diesel to store them.

3. Plastic and rubber products: for obvious reasons, no power to manufacture these things here.
4 polypropylene granules: no power to manufacture.
4. Cellophane wrappers: no power, companies waste money buyuny diesel.

5. Soap and cosmetics.
6. Tomatoes/tomato pastes. Etc.

With the current realities of power, it's still cheaper to import these than producing then here. The inability of government to meet up with power demands of manufacturers is causing inflation in these products.

It's so so stupid to impose restrictions when you lack the capacity to produce them. It's increases cost of production.

A sane government will first make an environment to effectively reduce cost of production before removing restrictions, just like china did.

Only APC urchiins don't understand this simple economics.

Good. We are now making progress. So, once we start importing rice, juice, soap, plastic, foot wears and bagged cements, inflation will disappear from our country? Like seriously? You think inflation is a joke that can be fixed by just lifting import restriction on few banned items?

Now, let’s get serious and stop the jokes. 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 restrictions?

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?

thesicilian:

What Nigeria needs is a long term solution, not the quick fixes that politicians have been trying over the years. The only way a nation can move forward is when one leader builds on the foundations of his predecessors, not coming to dislodge the status quo and starting his own short term approach just to make a name for himself.
Buhari placing import restrictions was the right decision, but not first making sure that we had a reasonable capacity to produce in house was where he went wrong.
What the next leader should do is to increase our ability to produce locally by providing incentives and a good business friendly environment, not the one that would take us back to 2015.

You cannot place Import restriction without solving power issues. It's stupid

Solving power problem should be the long term fix to our production problem and not import restrictions.

Fix power, local industries will naturally outperform importers because you have reduced cost of production.

Buhari is a clown

Workch:

You cannot place Import restriction without solving power issues. It's stupid

Solving power problem should be the long term fix to our production problem and not import restrictions.

Fix power, local industries will naturally outperform importers because you have reduced cost of production.

Buhari is a clown

Ok

seunmsg:


Lol. Every Tom, Dick and Obi now has an opinion on how to easily fix the economy. Just lift import restriction on restricted items and boooooom, the economy will start flying.

You sound like someone with no business instincts.

You have to lift import restriction on everything, but we can increase the tax on imports of certain items that are already manufactured locally by more than one manufacturer, to ensure their is no monopoly and the resultant exploitative policies of the monopolist.

You also don't want the nation being seen as an ultra-protectionist country, that attracts retaliatory measures from other countries.

Even the import duties on these certain items have to be very negotiable at the government -to-foreign government level. Scratch my back and i scratch your back understandings.

No-one wants Nigerian exporters being hit with retaliatory protectionist measures from other foreign countries, when they wish to export their wares

Anyway thank God Peter Obi will get in there with a proper Igbo man's business sense.

All these half-baked semi-illiterate ways will soon become a thing of the past

seunmsg:


Good. We are now making progress. So, once we start importing rice, juice, soap, plastic, foot wears and bagged cements, inflation will disappear from our country? Like seriously? You think inflation is a joke that can be fixed by just lifting import restriction on few banned items?

yes, once we start importing them at a lower prices, it automatically means that we sell to consumers at lower prices. It's simple as A,B,C. It's bit very complicated to understand

Now, let’s get serious and stop the jokes. 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 restrictions?

you are the joke, because you don't listen carefully before making comments.
Where were we getting forex before Buhari placed the restrictions?
And after the restrictions, do we still have forex?..
APC urchiins are funny

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?

Your local producers cannot be efficient without efficient power.
I have said this for the often time but you choose to ignore.

Fix your power then impose restrictions. No one will pay for substandard products by local producers at high price because they have to factor high cost of power in their pricing.

Insane government shifting the cost of her inefficiencies to the consumer

Nigeria as presently being run, Is run like a cartel for some monopolies being run by oligarchs. Removing all the Forex, import restrictions is all we need now to run a real capitalist economy where innovative solutions will drive competition and not some federal government patronage to a few

Workch:
Long term solution without proper preparation will result in the economic disaster Buhari plunged us into.

A serious government that is reasoning well first solve power problem and fix refineries, so the restrictions doesn't have a toll on cost of production.

No one is saying that import restrictions is not good, doing it at the wrong time is bad. Especially when you don't have the capacity

I can't blame many of you because you assumed everything that comes from your side of interest is the best .this why you are defending this Economy Suicid statement from your pay master . Can you tell how long and how power sectors Issues will be resolved for you to recommend the remover of import restriction for the time time fixe electric power in Nigeria? The statement from you poeple is just the buy and selling idyology which can never work in Governance.

thesicilian:

What Nigeria needs is a long term solution, not the quick fixes that politicians have been trying over the years. The only way a nation can move forward is when one leader builds on the foundations of his predecessors, not coming to dislodge the status quo and starting his own short term approach just to make a name for himself.
Buhari placing import restrictions was the right decision, but not first making sure that we had a reasonable capacity to produce in house was where he went wrong.
What the next leader should do is to increase our ability to produce locally by providing incentives and a good business friendly environment, not the one that would take us back to 2015.

You don't even know anything about economy...And how it works....


You sound like a child.


America consumes alot of things that they don't even produce but import.

adekolaelect:
I can't blame many of you because you assumed everything that comes from your side of interest is the best .this why you are defending this Economy Suicid statement from your pay master . Can you tell how long and how power sectors Issues will be resolved for you to recommend the remover of import restriction for the time time fixe electric power in Nigeria? The statement from you poeple is just the buy and selling idyology which can never work in Governance.

Just invest without corruption in the power sector then boom, you have resolved it.

By doing this, you have also empowered local producers. It's not rocket science.

How can a country that barely produces 5000mw place Import restrictions on products that needs power to produce?

Funny people with a funny government

Workch:

1. Rice, rice is cheaper to import than producing it in Nigeria.

2. Frozen food: it is expensive in Nigeria because there is no power to store them. It cost a lot in diesel to store them.

3. Plastic and rubber products: for obvious reasons, no power to manufacture these things here.
4 polypropylene granules: no power to manufacture.
4. Cellophane wrappers: no power, companies waste money buyuny diesel.

5. Soap and cosmetics.
6. Tomatoes/tomato pastes. Etc.

With the current realities of power, it's still cheaper to import these than producing then here. The inability of government to meet up with power demands of manufacturers is causing inflation in these products.

It's so so stupid to impose restrictions when you lack the capacity to produce them. It's increases cost of production.

A sane government will first make an environment to effectively reduce cost of production before removing restrictions, just like china did.

Only APC urchiins don't understand this simple economics.

I understand your bias
Igbo people are traders affected by import restrictions while educated Yoruba are owners of manufacturing industries with lots of employed Nigerians. The Hausa are the farmers that produces the raw materials.
An Igbo man because of the obvious inflation and hunger wants everything else to crash in favour of his business.
I'll keep saying it that a vote for obi is a vote for disaster.
The north is already aware hence the PDP atiku joker

Workch:
yes, once we start importing them at a lower prices, it automatically means that we sell to consumers at lower prices. It's simple as A,B,C. It's bit very complicated to understand

you are the joke, because you don't listen carefully before making comments.
Where were we getting forex before Buhari placed the restrictions?
And after the restrictions, do we still have forex?..
APC urchiins are funny

Your local producers cannot be efficient without efficient power.
I have said this for the often time but you choose to ignore.

Fix your power then impose restrictions. No one will pay for substandard products by local producers at high price because they have to factor high cost of power in their pricing.

Insane government shifting the cost of her inefficiencies to the consumer

It is obvious you don’t even know what you’re talking about and I’m really wasting my time discussing with you.

Let me educate you a little, importation is not cheap. It is very expensive and we pay for it with our hard earned forex. Currently, our major export and forex earner is crude oil. Sadly, we barely produce about 1m barrels daily and this is not enough to meet our importation bills. As a result, we must produce some of the things we need locally in order to conserve forex for something more productive. Using forex to import rice, chicken, turkey, vegetable oil, canned drinks, bagged cement, plastics, foot wear etc is wasteful spending that will add nothing to the economy because we can produce all these things locally. In fact, it will lead to dumping and massive job loss.

The policy will erode the huge gains we’ve made in rice production, cement production, fruit juice production, poultry farming etc. We will only succeed in importing unemployment and inflation. And yes, these items will not be any cheaper because of the high taxes that will be imposed on them.

Again, the effect on the Naira will be catastrophic. With current restrictions, CBN is struggling to defend the Naira. As at today, $1 now exchange for about N700. With unrestricted importation of just everything, we will start exchanging $1 to about N5,000 in less than a year of the implementation of the policy. That’s how bad and senseless the policy is.


What we need to do to revive the economy is to do everything possible to stop importation of refined fuel. Get Dangote refinery to start producing and revive the port harcourt refinery. In addition, encourage more modular refineries to come on stream. We must stop importing refined petroleum products as a first step to reviving the economy.

Once we achieve self sufficiency in petroleum products refining, we can then channel our forex savings to build the much needed infrastructures. Power, roads, rails, bridges, dams etc. Without these critical infrastructures, we cannot develop our local manufacturing sectors and without local manufacturing, we won’t get out of the current economic mess.

Cc: ofoigbo

Workch:
yes, once we start importing them at a lower prices, it automatically means that we sell to consumers at lower prices. It's simple as A,B,C. It's bit very complicated to understand

you are the joke, because you don't listen carefully before making comments.
Where were we getting forex before Buhari placed the restrictions?
And after the restrictions, do we still have forex?..
APC urchiins are funny

Your local producers cannot be efficient without efficient power.
I have said this for the often time but you choose to ignore.

Fix your power then impose restrictions. No one will pay for substandard products by local producers at high price because they have to factor high cost of power in their pricing.

Insane government shifting the cost of her inefficiencies to the consumer

As always trash.

femicyrus:

I understand your bias
Igbo people are traders affected by import restrictions while educated Yoruba are owners of manufacturing industries with lots of employed Nigerians. The Hausa are the farmers that produces the raw materials.
An Igbo man because of the obvious inflation and hunger wants everything else to crash in favour of his business.
I'll keep saying it that a vote for obi is a vote for disaster.
The north is already aware hence the PDP atiku joker

See the funny dimension you insert into the conversation.

True, the pain of today was the lavishness of yesterday. We took the easy way and ended up with a lazy population that would cut corners in achieving greatness, that's why Obi's killer economic plan appears like jollof rice and stew to some youth whose lives are in danger if such a part is followed.

Seun asked a question that where are we going to get forex to import those items and the childish reply that where have we been getting the current forex we are using exposed the guy as a quack economic analyzer.

Nigeria is experiencing a huge forex deficit despite the depletion of our reserves yet a self-acclaimed economist does not know that the party is over. Even Obi as president cannot and I repeat remove restrictions on essential items this country produces and not see a total collapse of the naira.

As it is the only option left for the country is to continue to borrow to build infrastructure, especially in the areas of power and security. Reduce lending rate and strengthen our legal system so the dying manufacturing and production sector can improve.

Removing restrictions on imports is an option that is not well thought out.

In the days coming let's watch out for the opinions of experts like Rewane and other investors and business moguls on the implication of Peter Obi's senseless opinion

Workch:
Removing import restrictions immediately solves inflation problems in the short term.
It's totally stupid to restrict import without power. Only APC can do that

Why is it so difficult for Igbo traders/businessmen to face export of products from Nigeria to the world?
Why always import?
The day this people change their bias and wickedness of importation alone to include exports, that is when Nigeria will start experiencing a change in power, energy , infrastructure, taxation, bottlenecks etc problems causing inflation so as to make Nigerian product to compete favorably in the international market for us to earn more forex to make our currency very strong

vanunu:
Obi is going to impose heavy taxes on such items.
What is the point of restricting importation of foreign rice while we still find it in the market, making smugglers and the criminals at the border smiling to the bank.

You're right. Some of those criticizing that great idea of Obi are either ignorant or just plainly mischievous.

Virtually all the items that are prohibited by government are found in the shops and markets all over Nigeria. So, who is fooling who? They ban items with mere rhetoric only for smugglers to import them into Cotonou ports, and smuggle them through our porous borders into Nigeria. When some of them are caught by immigration or custom, they either collect bribe and set them free .
or they seize the goods and sell them while a small percentage is burnt for media show.

By removing import restrictions, revenue from our ports will skyrocket since there won't be need anymore to import through neighboring countries. Inflation will reduce and purchasing power of Nigerians will rise.

Even though it has its own shortcomings but the advantages are many. Above all the import restrictions doesn't restrict anything since those goods still find their way into Nigeria albeit at a much higher cost without benefit to government or the people.

I see seunmsg asking to be substituted

Ofoigbo where are you now?

Vote4Obi:


You're right. Some of those criticizing that great idea of Obi are either ignorant or just plainly mischievous.

Virtually all the items that are prohibited by government are found in the shops and markets all over Nigeria. So, who is fooling who? They ban items with mere rhetoric only for smugglers to import them into Cotonou ports, and smuggle them through our porous borders into Nigeria. When some of them are caught by immigration or custom, they either collect bribe and set them free .
or they seize the goods and sell them while a small percentage is burnt for media show.

By removing import restrictions, revenue from our ports will skyrocket since there won't be need anymore to import through neighboring countries. Inflation will reduce and purchasing power of Nigerians will rise.

Even though it has its own shortcomings but the advantages are many. Above all the import restrictions doesn't restrict anything since those goods still find their way into Nigeria albeit at a much higher cost without benefit to government or the people.

Can you tell us where we would see forex to import? Currently with restriction Nigeria doesn't have enough forex even after depletion of our reserves, what happens when demand for forex increases as result of removal of restrictions.?

What is the value of increase in import tax compared to scarcity of forex?

Are the youths supporting this killer idea truly Nigerian youth? Will these sets of people become leaders in year to come?

Vote4Obi:


You're right. Some of those criticizing that great idea of Obi are either ignorant or just plainly mischievous.

Virtually all the items that are prohibited by government are found in the shops and markets all over Nigeria. So, who is fooling who? They ban items with mere rhetoric only for smugglers to import them into Cotonou ports, and smuggle them through our porous borders into Nigeria. When some of them are caught by immigration or custom, they either collect bribe and set them free .
or they seize the goods and sell them while a small percentage is burnt for media show.

By removing import restrictions, revenue from our ports will skyrocket since there won't be need anymore to import through neighboring countries. Inflation will reduce and purchasing power of Nigerians will rise.

Even though it has its own shortcomings but the advantages are many. Above all the import restrictions doesn't restrict anything since those goods still find their way into Nigeria albeit at a much higher cost without benefit to government or the people.

Your argument favours ASUU strike and bokoharam ideology.
Everyone should go and learn a trade that will import goods to Nigeria.
No need for production!
All already employed Nigerians in the production stream should be sacked while they should all join the Igbo in the business of importation! So that inflation can come down and revenue at the border will increase.

Ha!
Igbo man!
Anywhere belle face is the way!

OfoIgbo:


You sound like someone with no business instincts.

You have to lift import restriction on everything, but we can increase the tax on imports of certain items that are already manufactured locally by more than one manufacturer, to ensure their is no monopoly and the resultant exploitative policies of the monopolist.

You also don't want the nation being seen as an ultra-protectionist country, that attracts retaliatory measures from other countries.

Even the import duties on these certain items have to be very negotiable at the government -to-foreign government level. Scratch my back and i scratch your back understandings.

No-one wants Nigerian exporters being hit with retaliatory protectionist measures from other foreign countries, when they wish to export their wares

Anyway thank God Peter Obi will get in there with a proper Igbo man's business sense.

All these half-baked semi-illiterate ways will soon become a thing of the past

"retaliatory protectionist measures" lol.

A Nigerian worrying himself about the retaliations of others. Ask yourself, what are they buying from you aside Oil and Gas? What exactly do we offer the outside world? What retaliations can the outside world give a country like Nigeria when they buy nothing from us? Please don't mention oil.

We must tighten out import. Infact, if we can't farm rice in Nigeria, then we should eat STONE.

The country and continent is sinking because of our lazy and unwilling attitude to get things done. Factories exists in Asia for the sole purpose of producing what we Africans consume, they don't buy from us but they sell to us.

Nigeria wouldn't have been cement independent if we hadn't ban importation of Cement. Untill we tell ourselves the truth, we would keep wallowing in poverty and unemployment.

femicyrus:

Why is it so difficult for Igbo traders/businessmen to face export of products from Nigeria to the world?
Why always import?
The day this people change their bias and wickedness of importation alone to include exports, that is when Nigeria will start experiencing a change in power, energy , infrastructure, taxation, bottlenecks etc problems causing inflation so as to make Nigerian product to compete favorably in the international market for us to earn more forex to make our currency very strong

Nigeria doesn't have the capacity to export.
Until den we can continue to import till we create a system for exportation.

Workch:

1. Rice, rice is cheaper to import than producing it in Nigeria.

2. Frozen food: it is expensive in Nigeria because there is no power to store them. It cost a lot in diesel to store them.

3. Plastic and rubber products: for obvious reasons, no power to manufacture these things here.
4 polypropylene granules: no power to manufacture.
4. Cellophane wrappers: no power, companies waste money buyuny diesel.

5. Soap and cosmetics.
6. Tomatoes/tomato pastes. Etc.

With the current realities of power, it's still cheaper to import these than producing then here. The inability of government to meet up with power demands of manufacturers is causing inflation in these products.

It's so so stupid to impose restrictions when you lack the capacity to produce them. It's increases cost of production.

A sane government will first make an environment to effectively reduce cost of production before removing restrictions, just like china did.

Government should be encouraged to create an enabling environment for industries and factories to strive not this importation nonsense. There is no country in this world that would progress with this sick mentality.

Every stable country tightens what comes into her home. In US, local factories are protected by the government with heavy tariffs on rival products. They make it practically impossible for you to make profits importing what can be sourced locally. Read more about protectionism in the US and other developed countries.

We have no business importing Fuel, Soap, Tomatoes, Rice, Gas, Beans, Steel... What the hell is wrong with us? These things can be sourced locally for crying out loud.

Ooopsss, why are there no jobs in Nigeria?? Lol