‘Why FG must clear crisis around import prohibition, forex exclusion list’

The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the federal government to resolve the conflict in the trade policy space regarding the import prohibition list and the Central Bank of Nigeria (CBN) foreign exchange (forex) exclusion list. Presenting the upsides and downsides of the 2022 fiscal policy measures approved for the […]

The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the federal government to resolve the conflict in the trade policy space regarding the import prohibition list and the Central Bank of Nigeria (CBN) foreign exchange (forex) exclusion list.

Presenting the upsides and downsides of the 2022 fiscal policy measures approved for the implementation effective from April 1; the Chief Executive Officer (CEO) of the Centre, Dr Muda Yusuf stated that the lists are conflicting and disrupting trade.

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According to Dr Muda, there are many items that are on the forex exclusion list of the CBN, which are not prohibited from importation under the extant fiscal policy of the government.

He called on the presidency to reconcile the two lists in order to resolve the current policy conflict in the international trade ecosystem as well as minimize disruption to trade. 

“We should not have a situation where an item that is not prohibited under our fiscal policy and being denied access to Form M by the Central Bank of Nigeria,” he said.

On promoting renewable energy, CPPE proposed zero import duty on solar panels, inverters, solar batteries; zero import duty on all renewable energy equipment and installations; zero VAT on renewable energy equipment, including batteries as well as tax holidays for renewable energy companies in the country.

“If the government can budget N4 trillion (about $9 billion) for petrol subsidy, it should be able to afford the incentives to improve energy access and promote the development of renewable energy. The potential benefits to the economy and the environment far outweigh the revenue loss from these concessions,” the centre said.