Shehu Sani Slams CBN for Lifting Ban on Importation of Toothpicks, Cement, Others

• Nigerians have begun to react to the Central Bank of Nigeria's (CBN) decision to lift the ban on importing 43 items
• Senator Shehu Sani, a lawmaker in the 8th National Assembly, has condemned this decision by the apex bank
• Netizens on social media tackled the lawmaker, stating that local manufacturers are the worst enemies of Nigeria

FCT, Abuja - Former member of the House of Assembly, Senator Shehu Sani, has criticised the decision of the Central Bank of Nigeria (CBN) to lift the ban on the importation of toothpicks, cement and 41 other items.

Senator Sani described the decision as a "disastrous economic strategy" by those at the helm of affairs in the apex bank.

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Recall that Legit.ng reported that the apex bank, under the leadership of Yemi Cardoso, lifted the ban on importing 43 items eight years after the previous administration placed an embargo on it.

A statement signed by Dr. Isa AbdulMumin, the bank's director of corporate communications, confirmed this development on Friday, October 13.

This means that importers can now participate in the Nigerian Foreign Exchange Market to purchase foreign currency for their transactions.

Having a different perspective on this development, Senator Sani wrote:

"Lifting of the ban on importation of Toothpicks, Cement and other agricultural products that we can produce at home is a disastrous economic strategy.

"The nation’s scarce forex should be used to support local production, not importation.

"The new CBN Boss should think of better ways."

Netizens trade tackles with Senator Sani

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Reacting to Senator Sani's perspective on the situation, some netizens took to the comment section of the ex-lawmaker to air their views on the matter.

@von_Bismack wrote:

"Things we can grow at home, yet we are yet to grow them. People are hungry. They need to feed on proper food, not on hope and expectations."

@debo_rev wrote partly:

"These local manufacturers are the worst enemies of the economy. They operate the “trapped economic system” whereby they take the consumer for granted, knowing we have no alternative to whatever they offer at whatever price they offer it.

I support the government initiatives to lift ban on these commodities with a strict regulatory framework that will enable local businesses to compete with them, thereby making the consumer the king."

@gbenrobello wrote:

"Sir, the choice is between local production and a high cost of living. We need to address the latter first.

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“We need to worry”: Experts react to CBN’s decision to lift forex ban on 43 items after 8 years

"Then we sit down and ask ourselves how it is possible to load cement on a ship in China, and it will arrive cheaper than the cement made in Obajana or Ewekoro here, despite having 85% local content.

"There must be an inefficiency somewhere, and it is unfair to pass the cost of such inefficiencies to a populace that is already struggling with all sorts."

Cardoso's CBN to withdraw financial support for farmers, others after disbursing N9.7trn in 3 years

In another report, the CBN will no longer be directly involved in development finance interventions.

According to the report, the apex bank will focus on advisory roles that support economic growth.

The bank will also focus on de-risking instrumentation to increase private-sector investment.

Source: Legit.ng