Business Hilights

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Udoma, Buhari, Adeosun

More groups hail FG over plans to lift import ban on 41 restricted items

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The prevailing lull in importation activities at both sea and airports in Nigeria may soon disappear following recent indication by the federal government that it will ease the ban placed on select 41 items.

The move has elicited reactions from leading stakeholders in maritime industry. Top among them is the National Association of Government Approved Freight Forwarders (NAGAFF) who weekend lauded the Federal Government’s plans to lift foreign exchange restriction on the 41 imported items.

According to the National Publicity Secretary of the association, Chief Stanley Ezenga, “If the ban is lifted, life will return to ports as manufacturers and other users of the items in production activities will bounce back which will cause multiplier effects in the areas of boom in clearing business and job creations.

Business Hilights recalls that the Federal Government had indicated its readiness to lift the forex ban it placed on some 41 items few months ago.

Finance Minister Kemi Adeosun, had during the presentation of the 2017 Fiscal Policy Roadmap, said Federal Government “will replace administrative measures on list of 41 items with fiscal measures to reduce demand pressure in the parallel market. Ezenga said that the plan would boost importation activities at the nation’s ports.

According to her, lifting of ban on the items would not solve the declining value of the naira, urging government to come up with a more result-oriented forex policy.

 “The plan by the government to lift foreign exchange restriction on some 41 imported items is good news for import.

“We can now have more import activities at the ports and the various jobs lost to the restriction can now come back.

Ezenga however, noted that the unbanning alone will not solve the problem of the naira, rather “Government should come with a more workable policy to boost value of the naira”.


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