L
LequteMan
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There is an international conspiracy to make the Nigerian economy comatose because the CBN decided to cut down on the number of goods the country imports, Vanguard says.
Since the Nigerian economy emerged as the largest economy in Africa as a result of the rebasing exercise, the attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and now the European Union and the United States of America. The new move arose when the CBN out of the desire to protect the nation’s foreign reserve restricted some 41 items that can be produced locally from access to official foreign exchange. These items are not banned but can only now be imported with the importer’s own sourced foreign exchange.
As soon as the measures were announced, threats and protests from foreign investors took over the airwaves. Many of the investors are pressing for further devaluation of the Naira instead of the restriction on access to foreign exchange by the 41 items.
It is curious that while at the the 2015 IMF/World Bank Group Annual Meetings, these multilateral financial institutions advised countries to take measures to deal with the peculiar economic situation confronting them, many of these countries which agreed to the suggestion are now seeing the action taken by Nigeria as anti-trade to the point of going to the World Trade Organisation to complain.
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Since the Nigerian economy emerged as the largest economy in Africa as a result of the rebasing exercise, the attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and now the European Union and the United States of America. The new move arose when the CBN out of the desire to protect the nation’s foreign reserve restricted some 41 items that can be produced locally from access to official foreign exchange. These items are not banned but can only now be imported with the importer’s own sourced foreign exchange.
As soon as the measures were announced, threats and protests from foreign investors took over the airwaves. Many of the investors are pressing for further devaluation of the Naira instead of the restriction on access to foreign exchange by the 41 items.
It is curious that while at the the 2015 IMF/World Bank Group Annual Meetings, these multilateral financial institutions advised countries to take measures to deal with the peculiar economic situation confronting them, many of these countries which agreed to the suggestion are now seeing the action taken by Nigeria as anti-trade to the point of going to the World Trade Organisation to complain.
click here to read full story
