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Reactions trail $9.5b reduction on imports
#1
Reactions trail $9.5b reduction on imports
August 3, 2020

[/url][Image: Fed-Govt-600x375.jpg]
[url=https://thenationonlineng.net/wp-content/uploads/2020/02/Fed-Govt.jpg]






Discordant tunes have trailed the Federal Government’s decision to cut its external financing on imports by $9.5billion (17.93 per cent) from $53billion to $43.5billion.

Importers, who spoke with The Nation at the weekend, lamented that their sources of foreign exchange were gravely threatened, saying they rely on Nigerians in foreign countries to remain in business and carry out their importations.

While those trading in the black market are jubilating over the ‘mad rush’’ to their stores to buy dollars, importers, especially those that are operating in the auto mobile market are lamenting the soaring prices and scarcity of dollars.

Speaking on behalf of other motor vehicle importers in Apapa, Lagos State, Chief Richard Adebanjo said despite its revised budget average net, Customs distributable monthly revenue which was N63billion and reduced by the government to N51billion, it has not shown any effect on the amount they pay as Customs duty and government tariffs at ports.


Adebanjo said import and export of goods would continue to suffer a major setback if the Federal Government failed to address the foreign exchange rate that has confronted importers.

He added that export was almost collapsing while fresh imports and other financial obligations of shipping companies and terminal operators that require foreign exchange (forex) may be stalled, if the value of naira continues to depreciate at local and international markets.

Adebanjo said businesses that depend on importation for raw materials or other input  for  manufacturing  were  hampered  by  the  decision of the government,  by  as  much as over 20 per cent increase in foreign exchange spending as the effects of coronavirus pandemic lingers across the globe.

Also, a corporate lawyer and maritime analyst, Mr Muhammed Oluwaseyi flayed the Federal Government’s decision to cut its  external financing on imports.

He said the fragility of the reserves being used to support the naira and its revalued rate shows that the country needs to find new ways of earning foreign currency to promote job creation and stem the cycle of criminalities across the country.


“The downward trajectory of the naira is one of the clearest indicators of the depths of the economic crisis triggered by the coronavirus pandemic and commodity prices in free-fall trend that is affecting every household.’’

“That is why only few bankers and government officials are willing to speculate publicly where the naira/dollar exchange rate could end up between now and the middle of next year because of its security implications. It was in March this year that the central bank devalued the official rate of the naira to N360=$1.


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‘’In the parallel market, the rate is around N450=$1 and still falling and that is why politicians and traders are piling up dollars because it can go above N500 to a dollar,” he said.

The naira, according to him, has not found its real exchange rate value in the COVID-19 era. There is a scarcity of foreign exchange which is affecting imports generally.

“A country’s importing and exporting activity can influence its gross domestic product (GDP), its exchange rate, and its level of inflation and interest rates. A rising level of imports and a growing trade deficit can have a negative effect on a country’s exchange rates,” he said.

The lawyer said the multiple exchange rate had existed since June 2016 “even against the advice of market analysts and investors’’.

‘’Therefore, in the months ahead, the manufacturing and non-manufacturing purchasing managers index may contract due to high cost of inputs with adverse effect on the already high unemployment rate,” he said.


But as part of its Economic Sustainability Plans (ESP), the Federal Government has cut  its external financing on imports by $9.5billion (17.93 per cent) from $53billion to $43.5billion.


Also, the proposed export spending, which was $67.4billion in the pre-COVID 19, has been reduced to $37.3billion or 55.34 per cent.
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