A few members of the House of Representatives in an effort to grow locally made products, moved a motion to ban imports of goods that can be produced domestically in Nigeria.
This suggestion was found in a report from the joint committees on finance, loans, and debt management of the House of Representatives, as well as national planning and economic development.
Nairametrics got a look at the report on the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
In order to deter banks from doing business with the parallel market, the committees also emphasized that the Nigerian Central Bank should supply foreign exchange to banks.
The report read:
“that all items locally produced should be out rightly banned from importation and customs tariffs amended accordingly;
“that the CBN should ensure that Banks have access to FOREX to provide funds to importers and other users to prevent patronage of the parallel market.”
The CBN recently removed the ban on 43 products, including rice, cement, and fertilizer, from being purchased with foreign currency.
In 2015, it was forbidden to purchase the 43 commodities with foreign exchange at the official market rate.
President Bola Tinubu’s administration’s consolidation of all trading windows into the official FX market contributed to the high levels of market volatility that accompanied the CBN’s sudden decision to lift the prohibition.
The Green Chamber passed a resolution to call a plenary meeting of the CBN Governor after the restrictions were lifted.
Sada Soli, a member of the House who represents the Jibia/Kaita Federal Constituency in Katsina State on behalf of the All Progressives Congress (APC), sponsored a motion of urgent public importance, which prompted this action.
In defense of the motion’s importance, Soli claimed that the country’s capacity to promote internal economic development may be compromised by the apex bank’s decision, which might lead to the closure of manufacturing facilities.
