Members of the Organised Private Sector (OPS) on Monday, called for the review of the foreign exchange ban on 41 imported items introduced by the Central Bank of Nigeria (CBN) in 2015.
The demand was among 12 listed items tagged, “priority areas”, presented to the Federal Government on how to improve the economic fortunes of the country.
The presentation was made to Vice President, Yemi Osinbajo, at the 2nd Presidential Business Forum, a platform to engage and interact with the private sector operators to keep them abreast of government’s policies, programmes and activities.
Other items listed in the demand include stopping the Federal Inland Revenue Service (FIRS) from using armed men to collect taxes; monitoring the allocation of forex to manufacturers; backing out of the proposed EU/ECOWAS Economic Partnership Agreement (EPA), which they believe would de-industrialise Nigeria; and paying debts owed to local contractors, among others.
The OPS stated that government, through the CBN, should ensure that the 60 per cent concessionary forex allocation to the manufacturing sector for raw materials and machinery importation is strictly implemented, while also demanding that the list of 41 items banned by the CBN from accessing foreign exchange in the interbank market should be reviewed, with the aim of removing raw materials components that cannot be sourced locally.
The OPS noted that to achieve the objectives of government towards reviving the economy, revitalising the industrial sector, growing MSMEs and creating employment for its citizenry, these challenges should be addressed urgently.
Meanwhile, the President of the Lagos Chamber of Commerce and Industry (LCCI), Chief Nike Akande, has called on the Federal Government to include members of the OPS in the Ease of Doing Business Committee recently set up.
Speaking to State House correspondents at the venue of the 2nd Presidential Business Forum, presided over by Vice President Yemi Osinbajo, the former Minister of Industry said she has always taken up the responsibility of attracting foreign investors to Nigeria whenever there is opportunity to speak outside the country.
According to her, the private sector operators know where the shoe pinches as practitioners and will be quick to bring such to the notice of the government when included in the committee.
Akande said, “the Ease of Doing Business Committee the government has set up is very important. We, the private sector operators, want to be part of this committee because we know where the shoe pinches. By being part of the committee, the challenges being faced by the private sector can be brought to the notice of the Federal Government quickly.
“The good news, however, is that the Minister of Industry, Trade and Investment mentioned that they are already thinking about it. If we did not have this dialogue, we won’t know what they are thinking. I thank the government for this dialogue.”
Akande said the points raised by the OPS were critical to the nation’s economy, urging the government to sustain the forum, which, she said, afforded both parties opportunity to listen to each other.