CBN Governor summoned over lifting of Forex restrictions on 43 items

Soli also pointed out that certain items are subject to tariffs aimed at safeguarding domestic industries, as they are part of the list of banned imports.

The lawmaker said, “The decision of the CBN will greatly affect local production of items such as rice, cement, and palm oil among others, as it will force local manufacturers to hold the short end of the stick, invariably leading to factory closure and ultimately eroding our capacity to build the country’s local economy.

“Almost all the 43 items are from two critical sectors which have been identified by all policy documents from NEEDS, SEEDS to Vision 2022 as being areas that are critical to economic diversification.

“Some of the listed items enjoy 60%-70% subsidy from their countries of origin, thus putting Nigeria’s local products at a comparative disadvantage and without any protection, and will lead to job losses and social exclusion.”