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profbakare
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Posted: 8/25/2012 11:05:00 AM

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RE: Increment in Wheat grains and Flour in Nigeria
The Government explained that there was no way the country could experience the desired growth in the face of unbridled importation of consumer items and specifically stated that jacking up of the duties was intended to challenge Nigerian farmers on the need to work harder so that Nigeria can become sufficient in food production.

“It is common wisdom that the best way we can grow our economy and create jobs for our people is for us to patronise Nigerian made goods. This is why we are introducing enabling policies to drive this process”
Impact on Wheat Imports
The GON has consistently stated that the primary goal of the new cassava policy is to cut wheat imports by 40% by 2015 to conserve foreign exchange earnings and increase employment. The GON estimates wheat imports to be worth N635 billion (about $4.2bn) in 2011. These figures, even if they include cost, freight, insurance and duty, are overstated to demonstrate that wheat imports hurt Nigeria’s foreign exchange earnings and
worsen the rate of unemployment. In actuality, no more than $1.8 billion is spent on wheat imports annually using the same cost, freight, insurance and duty schedule. Successful implementation of this policy will result in a significant reduction in Nigeria’s wheat imports. In addition, the attendant increase in the price of the composite flour and consumer preferences could reduce imports further by an unknown degree as consumers may balk at “cassava bread” products.

Read More............
http://bakare-soyinka.blogspot.com/

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