Reversal of 43 prohibited items by CBN dangerous for economy, says MAN

Manufacturers Association of Nigeria (MAN) has described the reversal of the 43 items on the prohibition list by the Central Bank of Nigeria (CBN) “as not only dangerous but also very unhealthy for the nation’s economy”.
MAN said the reversal is policy summersault.

Vice President of the Manufacturers Association of Nigeria (MAN), South-West Zone, Dr. Kamoru Yusuf, who is also the Chairman Basic Metal, Iron and Steel and Fabricated Metal Products said that Nigeria is at a very dangerous situation.

He added that her economy is exposed to numerous challenges and risks.

According to him: “The effect of the reversal and removal of ban on the 43 items will create a serious setback on the productive sector; thereby impacting negatively on virtually all other critical areas; such as unemployment, youth restiveness, wrong declaration at the ports, importation and flooding of Nigeria market with substandard products and above all, proliferation of the country with arms and ammunitions.

“As I talk with you, the majority of financial institutions are incredibly perplexed. If this policy is not promptly changed, it might cause certain banks to have difficulties, and there will soon be a significant loss of employment. The CBN is free to confirm this worry.

However, the head of MAN proposed ways to address lost revenue and taxes in the Free Trade Zone.

“An early examination of the regulations governing the free trade zone in Nigeria, which has seen severe violations with little to no economic benefit or foreign exchange generation for the nation, is one potential remedy.

The government must look into and compile a complete list of all the businesses that registered under the free trade zone, together with the stated amount of their investments.

Therefore, we would like to request that Mr. President, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, through the Honourable Minister of Industry, Trade and Investment, institute an investigation into the FTZ’s operations in order to audit the number of companies registered under the free trade zone, their business model and activities, and their initial claim when registered. We will then compare this information with the data provided by Nigerian Customs regarding the value of goods entering the nation through the FTZ, which is anticipated to serve as part of the Ministry’s key performance indicator within the determined time frame.