It is no longer news that the Central Bank of Nigeria (CBN) last year issued a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. What this policy implies is that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers. Rather, they will have to source forex from the parallel market or Bureau De Change to pay for their imports.
The items include the following:
Rice, Cement, Margarine, Palm kernel/Palm oil products/vegetables oils, Meat and processed meat products, Vegetables and processed vegetable products, Poultry chicken, eggs, turkey, Private airplanes/jets, Indian incense, Tinned fish in sauce(Geisha)/sardines, Cold rolled steel sheets, Galvanized steel sheets, Roofing sheets, Wheelbarrows, Head pans, Metal boxes and containers, Enamelware, Steel drums, Steel pipes, Wire rods(deformed and not deformed), Iron rods and reinforcing bard, Wire mesh, Steel nails, Security and razor wine, Wood particle boards and panels,Wood Fibre Boards and Panels, Plywood boards and panels, Wooden doors, Toothpicks, Glass and Glassware, Kitchen utensils, Tableware, Tiles-vitrified and ceramic, Textiles, Woven fabrics, Clothes, Plastic and rubber products, polypropylene granules, cellophane wrappers, Soap and cosmetics, Tomatoes/tomato pastes, Eurobond/foreign currency bond/ share purchases.
Although the importation of these items are not prohibited or banned. It only means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy these items from overseas.
In a community that lacked the wherewithal to create a company in a savage land Where their farm produce was Cassava for food consumption only and the excess were discarded with no financial gains.
The story of Alayide community, in Iseyin LGA, Oyos state and its environs with the entrant of Psaltry Cassava farms changed the face of farming in the community.
Psaltry cassava farm is a world class Agro processing company for the production of high quality food grade cassava starch. Owned by a female; who foresaw a niche in the community honesty, means to create wealth and in turn contribute to our National GDP.
According to Uberfacts; Nigeria is the largest producer of Cassava in the world, but the 3rd worldÔÇÖs importer of Cassava (What an Irony of Life).
While jobs are missing in Nigeria, we exporting jobs abroad.
Cassava starch lands in Nigeria at the rate of N250,000 per tonne but local industry sell at 160,000 per tonne.
According to CEO Psaltry farms, Iranloye Oluyemisi Yetunde with the current 41 items ban on CBN, this has made users(Manufacturers) of Cassava produce to look inwards to source for local Processors like Psaltry.
Local/indeginous Casssava factories were epileptic before the forex ban, but now the industries are charged to expand due to high demand.
With over 200farms, and about 2000farmers under Psaltry network., this has saved Nigeria a lot of forex and even demand from countries abroad.
Psaltry farms Provide farmers with tractors hiring services, improved cassava varieties, herbicides, fertilizers which has since eradicated seasonal farming of Cassava in that community.
With the help of Central Bank of Nigeria (CBN) whose current mission is to promote local manufacturers through its CAC program, 264million was granted to Psaltry by CBN which was use to expand the cassava industry.
The impact of the banned items has been able to save Nigeria, farmers revenue was 0 due to the fact that they only produced for personal consumption but now 56000dollars in 2013, 2014-931000dollars, and over 2million was garnered in 2015.
Increase in farmers admitted, production and demand has increased. Development of the community, increased training, employment rate, farmers have profit of about 2million in a year, 40000naira per month per hectare per farmer. Farmers are now paid through E-wallet 3Nigerian Breweies factory
The CEO revealed that currently the demand from big industries who used to import cassava has skyrocketed. Nigeria Breweries, Nestle, Ola Ola Company, and so many others are on the queue.
Nigerian Breweries, NB Plc, Psaltry International Company Ltd, and the International Fertilizer Development Centre, IFDC, through its Towards Sustainable Clusters in Agribusiness and Learning in Entrepreneurship , 2SCALE last year signed a Partnership agreement to optimize the cassava value chain in Nigeria and improve agribusiness for Nigerian smallholder farmers.
She therefore urged manufacturers to source for locally produced raw materials in order to aid our economy.
Speaking to Finance journalists on the backdrop of the 41 items banned by CBN, ÔÇÄshe noted that this move has really aided local producers.
There are many local industries that have packed up due to low patronage, as Nigeria is largely an import dependent country.
Only if we could look inwards, develop our country, invest heavily in agriculture and other ways to boost our local industries thatÔÇÖs the only way we can get ourselves out of this current Penury.
President Muhammadu Buhari has pledged to diversify our economy away from oil dependant and intensify investment in Agriculture.
We hope he would have the political will to implement this to the latter. Lets Grow Nigeria.
Patronize Made in Nigeria Goods. So we can have a lot of our industries thriving.
It Pays to save Our Nation!
Reporting: Raliat Adenekan