- President Muhammadu Buhari asked the CBN to provide support to firms that want to expand production of 10 local goods
- The president also asked that firms involved in importing some local good should be blacklisted
- This move is to help the country's local market expand
President Muhammadu Buhari has reportedly sent a directive to the Central Bank of Nigeria (CBN) ordering the blacklisting of any forms involved in smuggling palm oil.
The directive also included the blacklisting of owners of these firms and their top management who are involved in dumping into the country any of the 43 restricted items into the country.
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Godwin Emefiele who is the governor of the CBN disclosed this on Friday, June 14.
The president also directed the CBN to provide support to firms that want to expand the production of 10 local commodities.
They are: rice, maize, cassava, tomatoes, cotton, oil palm, poultry, fish, livestock dairy and cocoa.
Recall that the Nigeria Customs Service provided a long list of items/goods that are prohibited from being imported to the country.
The ban, amongst other factors, was put in place to control imports and also protect locally produced goods from unhealthy competition with foreign products.
It has, however, been criticised by some economic experts who believe the list of banned items is too long.
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"Nigeria now is highly protectionist. Its list of prohibited or restricted imports is long, including items such as carpets, shoes, handbags and most types of furniture. The government also makes a large number of imports, such as textiles and clothing, ineligible for foreign exchange at the central bank’s official window, making it harder to import these items," writes Noah Smith, a Bloomberg opinion columnist in a piece titled How Nigeria Can Avert a Looming Tsunami of Poverty.
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