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Presidency gives reason for forex ban on food and fertilizer imports as MAN reacts

The Presidential aide said that the President’s motive stems purely from devotion to the best interest of Nigeria.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry
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The presidency has given the reason President Muhammadu Buhari ordered the Central Bank of Nigeria (CBN) to stop making available, foreign exchange to importers of fertilizer and food item, despite criticisms from some FX analysts and stakeholders.

It revealed that the move by the president to suspend the allocation of foreign exchange for food and fertilizer imports is an action borne out of patriotism.

READ: Does Buhari’s new minimum wage approval mean “Nigeria is broke”?

This disclosure was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, when he appeared as a guest, on Channels Television’s Sunrise Program, on Friday September 11, 2020.

The Presidential media aide said that the President’s motive stems purely from devotion to the best interest of Nigeria.

Garba Shehu said, ‘’Nigerians must give consideration for the fact that the President’s directive to the CBN is driven by nothing other than a patriotic motive to promote what we grow’’

READ: Guinness Nigeria finding it hard to refinance its loans due to dollar scarcity

While responding to those who think that the president’s directive is overreaching, the Presidential spokesman said, ‘’I am not sure there is anywhere in the world that the Central Bank is so independent that it will operate like foreign ownership.’

Nairametrics had reported that in its quest to diversify the economy and boost the agricultural sector, President Muhammadu Buhari directed the CBN to stop giving foreign exchange for food and fertilizer imports, a move which some analysts have been very critical of, insisting that the CBN should be independent and not have policies imposed on it by a political authority.

SSKOHN

READ: 3 bank directors resign from NESG in protest to CBN immunity letter

The President stated that companies that want to continue with food and fertilizer importation can get their foreign exchange from other independent sources.

In its reaction, the Manufacturers Association of Nigeria (MAN), warned that this new policy could cause further inflation as the country was not yet sufficient in food production.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Corporate Press Releases

    N1m up for grabs with Quickteller Business contest

    To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses.

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    Interswitch has announced a virtual pitch tagged ‘Boost your business with Quickteller’ where one business owner has the opportunity to win N1 million cash. The promo is believed will help businesses signed onto the Quickteller Business platform boost their business further.

    To contest for the prize money, business owners are simply required to complete their account activation on Quickteller Business and they stand a chance of winning.

    To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses. The videos should be uploaded on Facebook, Instagram, Tiktok or YouTube with the hashtag #boostwithquickteller. To submit an entry, business owners are required to paste their post’s URL in the video URL section of the entry form on the Quickteller Business site, share the entry with friends and family and invite them to vote.

    They must register and activate their businesses on the Quickteller Business platform using the referral code ‘Boost’. Any entry without a referral code will be rendered invalid.

    Speaking about the promo, Cherry Eromosele, Group Chief Marketing and Communications Officer at Interswitch noted that the promo is important to Interswitch as it helps business owners – not only to boost their businesses – but to provide solutions that addresses some of the pain points of business owners. “At Interswitch, we are committed to growing the business community by providing simple and scalable payment solutions because it is critical to their growth and essentially to the national economy at large,” she added.

    The Quickteller Business platform provides seamless payment solutions for businesses and their customers. The platform is an intuitive and robust one that enables businesses of all sizes, small, medium, large, to take their businesses online even if they did not have prior technology infrastructure or website.

    The top 10 entries with the highest votes by 11:59pm on Friday, April 30, 2021 will qualify to participate in the grand finale.

    Apart from the numerous benefits enjoyed on the Quickteller Business platform, such as generating invoices to track sales and payments, customized storefront to display products and brand image, backend access to manage inventory, dispute management options to settle chargebacks and refunds, the platform further exposes its users to a ready market of over five million potential customers from Nigeria, Gambia and Kenya.

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    On the Quickteller Business platform, business owners can get paid by anyone, from anywhere without hassles. From massive corporations to smaller tech-savvy businesses, Quickteller Business makes payment easy for entrepreneurs and their customers.

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    About Quickteller Business

    Quickteller business provides various payment tools for freelancers and small businesses operating without a website to receive payments easily. The platform seamlessly integrates with your existing website or store to provide various payment options.

    About Interswitch

    Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

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    We began in 2002 as a transaction switching and electronic payments processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across Nigeria and other African markets. We provide secure solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.

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    Business

    FG launches National Gender Steering Committee for Gender Policy in the agricultural sector

    The policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

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    FG moves to reduce gender inequality in agriculture, De-risking the agricultural sector
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    The Federal Government has announced its inauguration of a National Gender Steering Committee for the Implementation of the Gender Policy in the Agricultural sector, in a bid to offer equal access and gender-sensitive approaches towards food production.

    This was disclosed by Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, who inaugurated the Committee on Wednesday in Abuja.

    “The initiative will promote and ensure the adoption of gender-sensitive responsive approaches, plans and programmes in such a way that men and women will have equal access and control of productive resources,” he said.

    He added that availability of the policy document was expected to address the vulnerability of women to biases in the Agriculture sector, integrate gender perspectives in National Planning, create more jobs and financial empowerment for women, citing that the National Gender Policy in Agriculture was consistent with the Global 2030 Agenda for Sustainable Development adopted by World Leaders at the United Nations Summit in New York, USA, in September 2015.

    Director, Special Duties in the Ministry, Mrs Fausat Lawal also stated that “Women, small scale holder farmers constitute about 70-80% of the agriculture labour force and they produced the bulk of food for domestic consumption.”

    She added that the policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

    What you should know 

    • Female unemployment rate in Nigeria as of Q4 2020 increased to 35.2% from 31.6% recorded in Q2 2020. This is according to the recent labour force report released by the National Bureau of Statistics (NBS).
    • A total of 61.63 million women were in the working population (15 – 64 years of age) as of Q4 2020 accounting for 50.5% of the total working population. Only 30.15 million of these women were willing and able to work, which represents about 43.3% of the total labour force in the period under review.

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