CBN Restriction of Forex on Imported Goods Has Come to Stay - Saraki

Date: 2016-02-06

President of the Senate, Dr. Abubakar Bukola Saraki has ruled out the possibility of reversing the Central Bank of Nigeria (CBN) policy excluding some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Market.

Saraki, while responding to a request by the Tomato Sub-Sectoral Group of the Manufacturers Association of Nigeria (MAN), seeking his intervention to lift the exemption by the CBN on certain imported goods, said based on the present economic realities, difficult decisions are necessary be taken to overcome the challenges.

The Senate President, who addressed the tomato paste producers when they paid him a courtesy visit in Abuja, said: "It is high time we start telling ourselves the home truth as a nation, we are where we are because of our refusal to take hard decisions.

"As a country, we have to chart a new way different from the past, and that path is going into manufacturing as we cannot continue to remain an import dependent country," he said.

While challenging the tomato paste producers to focus more on how to be full fledged manufacturers of the product using local raw materials, Saraki expressed surprise that in spite of the high level of local cultivation of tomatoes, the producers were still importing the Triple Concentrate used in the production of tomato paste, which he said can be produced locally by raising the production level of tomatoes in the country.

"What stops us from producing the tomato to the level of achieving the High Concentrate? You have to be serious in the area of massive investment and research in the sector for government to consider any concession for you," Saraki said.

Earlier, the leader of the group, Mr. Femi Gbadegun said though they were not against the CBN's policy restricting forex to some imported items but that they needed time to raise the level of tomato production in the country to eliminate the need for importation.

Gbadegun lamented that the policy had adversely affected the operations of the members of the association.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Kayode Issa     Dauda Adeniran Adeshola     Kayode Zubair     Adeola Abraham     Abdulrahman Abdulrazaq     Shehu Alimi Foundation For Peace And Development     Ahmed Bolaji Nagode     Oja-Oba     Yunus Oniboki     Democracy Day     Dagbalodo     ARMTI     Tanke Road     Timothy Olatunde Fadipe     Onilupeju Of Ilupeju     ITP     Christopher Tunji Ayeni     Transition Implementation Committee     Obuh     Universal Basic Education Commission     Yomi Ogunsola     Abdulraheem Yusuf     Joseph Yemi Ajayi     Kwara Liberation Group     Kwara Restoration Project     Cassava Growers\' Association     Adeniyi Ojo     Ogbondoroko     Simeon Ajibola     Pius Abioje     KWASEIC     UITH     Ridhwanullah Al-Ilory     Allocation     Oloruntoyosi Thomas     Coalition Of Kwara North Groups     Osuwa     VADA     Abdullahi Imam Abdullahi     Abubakar Baba     Kwara NIPR     Abikan     GGDSS Pakata     Bureau Of Lands     Women Radio     Edu     Saraki     Makama Of Kaiama     Minister     Damilola Yusuf Adelodun     ITEM 7     Oba-Solagberu     Saka Aleshinloye     Olukotun Of Ikotun     Lola Olabayo     Nigeria Governors\' Forum     Muhammadu Gobir     Ishola Moses Abiodun     Akanji     Ahmad Ali     Garba Dogo     Ethical College     Pakata Patriots     Wahab Agbaje     Emir Of Shonga     Abdullahi Dasilva Yussuf     Aminu Ado Bayero     Alliance For Democracy     Offa Metropolitan Club     Agbarigidoma     Okedare     Shonga Farm Project     Saheed Popoola     Yahaya Oloriegbe     Elese Of Igbaja     Mujtabah Bature     Emir Of Lafiagi    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ayodele Kuburat Olaosebikan     Dan Iya Of Ilorin     Raji Ayodele Kamaldeen     Doyin Awoyale     Esinrogunjo     Hakeem Lawal     Saidu Kawu     National Broadcasting Commission     IsDB     AbdulRazaq Abubakar Jiddah     Maigida     Code Of Conduct Bureau     Bilikis Oladimeji     Abdul-Rasheed Na\'Allah     Ministry Of Women Affairs And Social Development     Oba Abu     Sheikh Hamzat Yusuf Ariyibi     Titus Ashaolu     Bureau Of Lands     Oyedepo     Rice Farmers Association Of Nigeria     Abegunde Goke     Kwara     Ibrahim Bio     Abdulkadir Jimoh     Bolakale Ayo     New Naira Notes     Tosin Saraki     Mujtabah Bature     Universal Basic Education Commission     Orisa Bridge     Umar Gunu     Tunji Ajanaku     Oro Grammar School Old Students Association     AbdulRazaq Jiddah     Joseph Bamigboye     Kwara Pdp     Muslim Cementary     Bello Taoheed Abubakar     Kawu     Abdulrahman Onikijipa     Ayeyemi Sulaiman     National Pilot     Abdulkadir Bolakale Sakariyah     Kwara-SAPZ Project     Abdulhakeem Adelaja Amao     Okin Group     Alliance For Democracy     Salami Adekunle     Olumide Daniel Ibitoye     Mahmud Ajeigbe     Nigeria Customs Service     Joseph Yemi Ajayi     George Funsho Adebayo     Gurei     Sa\'adu Gambari     Harafat E. Mukadam     Transition Implementation Committee     Wahab Egbewole     Abubakar Baba Sulaiman     Babatunde Ishola Babaita     Just Event Online     Ariyo     Labour Party     Temitope Ogunbanke     Otunba Taiwo Joseph     Baaziki Sulaiman     Yusuf Aiyedun     School Of Nursing     Afeyin-Olukuta     Kwarareports     Wahab Abayawo     Ilorin East     Simon Sayomi     Curfew     Oke-Ero     CACOVID Palliatives