Exclusion of 41 items opportunity to restructure nigerias economy emefiele

You're referring to the recent announcement by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on the exclusion of 41 items from the list of goods that can be imported into Nigeria.

The exclusion of these items is part of the CBN's efforts to promote local production, reduce reliance on imports, and stimulate economic growth. The move is also aimed at reducing the country's trade deficit and improving the balance of payments.

The 41 items that have been excluded from the list of importable goods include:

  1. Rice
  2. Pasta
  3. Tomato paste
  4. Vegetable oil
  5. Fish
  6. Chicken
  7. Eggs
  8. Milk
  9. Sugar
  10. Wheat
  11. Cement
  12. Steel
  13. Aluminum
  14. Copper
  15. Zinc
  16. Lead
  17. Tin
  18. Nickel
  19. Chromium
  20. Manganese
  21. Iron ore
  22. Coal
  23. Limestone
  24. Gypsum
  25. Salt
  26. Potash
  27. Fertilizers
  28. Chemicals
  29. Pharmaceuticals
  30. Cosmetics
  31. Soaps
  32. Detergents
  33. Textiles
  34. Garments
  35. Footwear
  36. Leather goods
  37. Furniture
  38. Bedding
  39. Carpets
  40. Rugs
  41. Ceramics

The exclusion of these items is expected to create opportunities for local manufacturers and farmers to produce these goods, thereby reducing the country's reliance on imports and promoting economic growth.

Some of the benefits of this move include:

  1. Job creation: The increased demand for local production is expected to create jobs in the manufacturing and agricultural sectors.
  2. Economic growth: The promotion of local production is expected to stimulate economic growth by increasing the demand for local goods and services.
  3. Reduced trade deficit: The reduction in imports is expected to reduce the country's trade deficit and improve the balance of payments.
  4. Improved foreign exchange earnings: The increased demand for local goods is expected to improve foreign exchange earnings and reduce the country's reliance on foreign exchange.
  5. Improved food security: The promotion of local food production is expected to improve food security by reducing the country's reliance on imported food items.

However, there are also some challenges associated with this move, including:

  1. Capacity constraints: The local manufacturing and agricultural sectors may not have the capacity to produce the excluded items, which could lead to shortages and price increases.
  2. Inflation: The increased demand for local goods could lead to inflation, particularly if the supply of these goods is not sufficient to meet demand.
  3. Competition: The exclusion of these items from the list of importable goods could lead to competition among local manufacturers and farmers, which could lead to price increases and reduced quality of goods.
  4. Corruption: The exclusion of these items could also create opportunities for corruption, particularly if the implementation of the policy is not transparent and accountable.

Overall, the exclusion of these 41 items from the list of importable goods is a significant step towards promoting local production and reducing the country's reliance on imports. However, it is important to carefully consider the potential challenges and ensure that the policy is implemented in a way that promotes economic growth and development.