Former Kaduna Senator Shehu Sani has expressed concerns over the recent decision to lift the ban on the importation of items that can be produced locally, deeming it a detrimental economic strategy.
President Bola Tinubu’s government recently removed the Forex ban on imports, a move that Mr. Sani criticized, asserting that the nation’s limited foreign exchange reserves should be directed towards supporting domestic production rather than facilitating imports.
In a tweet, Mr Sani stated, “The decision to lift the ban on importing items such as toothpicks, cement, and other agricultural products that we can readily produce at home is an ill-advised economic strategy. Our nation’s scarce foreign exchange should be channelled towards bolstering local production, not importation. The new CBN Boss should explore alternative approaches.”
It is worth noting that the Central Bank of Nigeria lifted the Forex ban imposed by the previous administration on Thursday.
The ban was initially put in place by the Muhammadu Buhari administration to discourage the importation of items that could be locally manufactured.
On the other hand, former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, commended the government led by President Bola Tinubu for lifting the Forex ban on importation, characterizing it as a correct decision.
Mr. Moghalu, who previously served as the deputy governor of the apex bank, also revealed his opposition to the former administration’s decision to restrict foreign exchange access for importers of 43 specific items.
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