Rev. Jonathan Nicole (Former President, SALS)
Since we now have a free market, there is no point banning those items except they are contrabands. Some of them are related to industry uses like spare parts and vital items for industries. They should unban them, otherwise it might end up being imported from the back door by third parties to feed their batteries in production. So the Government should unban them and let them follow the due foreign exchange so that they can buy the materials they need for their industry, because these items are related to industries.
Dr. Muda Yusuf (Founder/CEO, CPPE)
There is a need to review it, because you cannot have two separate trade policy documents. We have a trade policy document from the Ministry of Finance which normally specifies fiscal policy, products that can be imported and the ones that cannot be imported, the tariff to be paid and all of that. We now have this parallel one which was issued by the Central Bank of Nigeria. That was an aberration. If you go to Court, the 43 items are not on the banned list. They are not prohibited from import. So the whole idea of the 42 items is just creating unnecessary confusion in international trade for us.
If the government sees that a particular product should not come in, let them put it on the import prohibition list, so that everybody will know. But when something is not on the import prohibition list, and CBN is saying you cannot get foreign exchange, it is a contradiction.
Stanley Ezenga (General Secretary, Western Zone NAGAFF)
Those items are not contraband, but they banned people from accessing forex for them. That means if they source Forex from any other place, they can bring it in. But the situation is that since it is banned from accessing Forex from the Central Bank of Nigeria then you cannot open Form M for it therefore it is as good as it is prohibited. The items are not manufactured here in Nigeria and they are items we use like roofing sheets. I think it is high time this Government looked into it and see how they can remove it. If you go to the market, you will still see those items for sale. Since it doesn’t enjoy Form M, then it means people are bringing them in through smuggling. The ban should be removed so that people can have free access to import these items and it will reduce the costs. My opinion is that 42 items should be revisited by this administration and see how they can remove it from the Forex ban list.
Chief John Aluya (immediate past Vice President, MAN)
The Forex has been deregulated. Why keep that policy? Let’s say they were subsiding, what are you subsiding now? It is of no use keeping them on the banned list. Some of the semi-finished products that are raw materials that manufacturers use, this ban has created a problem that these people have to seek how to bribe CBN to get them approved. It is uncalled for. If CBN wanted to do well, they would have removed the 42 items banned on the day they announced the deregulation of Forex. I don’t support it anymore. It has outlived its usefulness.
Frank Obiekezie (National Secretary, AREFFN)
The issue of 42 items might not really be relevant again now that the government has liberalised the exchange rate. To me it is like closing somebody’s business because you don’t want to give him foreign exchange from the bank. I think now that we are going back to the full market forces, then I don’t think that ban should remain in place. It is not serving any purpose. Let them make the environment conducive for entrepreneurs to engage in whatever they choose to, then make our products competitive. In my opinion,I don’t think it is necessary.
Festus Ukwu (National Secretary, NCMDLCA)
I support the call for the removal of the 42 items ban of Forex by the Central Bank of Nigeria. It is a global world and we have signed many protocols with the World Trade Organisation. There should be no restriction in trade within the ECOWAS community and also beyond the African context. Being a big brother in Africa, we should not place any undue restriction on trade. I call on the government to immediately remove those 42 items from the Forex ban list. It is very autocratic and not normal to leave them there. I fully advocate for the scrapping of that restriction on these items.
Clinton Okoro (APFFLON PRO, Tin Can Chapter)
Yes, I support the removal of the 42 items ban on Forex. This is because most of those items are still coming in like the floor tiles, tyres and others. They are still coming in and they are among the 42 items. There is no need for banning those things because they are not contrabands. So why are they putting us in a situation whereby it is difficult to get Form M for it. I agree with other stakeholders that have called for the removal of the 42 items ban on Forex by the Central Bank of Nigeria. The government should critically look into this issue and lift the ban.
Innocent Elum (BoT Secretary, AREFFN)
I agree totally. The government should remove them from the banned list. These are items that we do not produce. We do not produce them that can satisfy our local demands and so there is no need putting them on the list of items that should not be given foreign exchange. I totally agree with other stakeholders who have taken that position. This action is long overdue and the government has to swiftly act on it. There is no point retaining those 42 items on the banned list of Foreign exchange. It is unfair and uncalled for.
