Monday, 7 March 2016

Recommendations on how to grow the Naira- 3



 This article is linked to my previous post on Recommendations on how to grow the Naira 2. Tax imposed on imported goods are called Tariffs. When this exchange rate problem
started, government banned the importation of non-essential goods like toothpicks in Nigeria. But this is not a lasting solution because we import basically all items from abroad; TVs, radios, cars, foodstuffs, wine, kitchen equipments, furniture..Etc. Another step that the government should take is to increase tariffs on imported items that are also produced in Nigeria. Ever heard of buy Naija to grow the Naira? Every normal importer that has been charged extra tariff will increase prices of his imported goods, making it costly than the goods produced in Nigeria. This will discourage heavy importation of goods and encourage patronage on goods produced in Nigeria. Cars are being made in Nigeria by Innoson, radios, batteries, bulbs, sockets and various other electronics are being made in Nigeria, foodstuffs are being cultivated in Nigeria. 
This should be done with caution to prevent increasing tariffs on goods imported and are not produced in Nigeria, since we don't produce them, we need them. Comment box still open.

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