Food Importation Ban: A country like Nigeria requires tariffs to grow
The Federal Government led by President Muhammadu Buhari some weeks back disclosed it plans to reduced the rate of importation of food with the help of the CBN via Forex ban.
Many Nigerians have been raising concerns owing to the fact that the country is not yet ready and capable of producing for it large population.
Hotels.ng CEO, Mark Essien while reacting to the decision taken by the FG hinted that a country like Nigeria requires tariffs to grow. He stressed that it will be cheaper to import than making use of local resources for a long time.
Mark Essien said, “A country like Nigeria requires tariffs to develop. The rest of the world is so far advanced that there is no way local entrepreneurs will catch up. It will be cheaper to import than to build locally for a long time to come.”
He advised that it is better to import basic foodstuff because people need to eat.
“For some things (e.g basic foodstuff), it is better to import – because people need to eat. But for other things – e.g Orange Juice or Paper, import should have a 50% tax at least, that gradually gets reduced over a 30 year period,” he added.