See the business you should be doing right now in Nigeria. Leveraging the Ban on Imported Goods in Nigeria: Advice for Farmers

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Leveraging the Ban on Imported Goods in Nigeria: Advice for Farmers:



Dear Nigerian Farmers,

According to the CBN in a recent publication: In the part of the Q&A report which asked  “Can the 43 Non-Eligble Items access FX at the I&E window” the response was “The status quo remains on the 43 non-eligible items. The items are not permitted to be funded from the I & E window"

The Central Bank of Nigeria reiterated that there have been no changes to the existing policy on the 43 non-eligible items banned from the forex market. This policy was originally introduced during the tenure of Godwin Emefiele as the Governor of the CBN. So what does the policy means to the average farmer.
The central bank's decision to encourage local production and conserve foreign reserves aligns perfectly with our goals as farmers. By leveraging this ba/n, we can tap into the potential benefits and drive our farms to new heights. Here's some advice on how we can make the most of this opportunity:
  • Identify the banned items: Familiarize yourself with the list of banned items and evaluate if any of them can be produced locally. Look for alternatives that can meet the demands of consumers who previously relied on these imports.

Explore new crops and livestock: Consider diversifying your farming activities by focusing on crops or livestock that are in high demand locally. Assess market needs and consumer preferences to identify profitable opportunities.
  • Form partnerships
  • Form partnerships: Collaboration is key. Seek partnerships with fellow farmers, industry associations, and local businesses to pool resources, share knowledge, and collectively meet the increased demand for locally produced goods.

  • Build your brand: As you produce high-quality local goods, focus on building a strong brand that resonates with consumers. Highlight the benefits of supporting local farmers and emphasize the superior quality and freshness of your products.

  • Engage with the community: Foster strong relationships with consumers, retailers, and local markets. Participate in community events, educate consumers about the benefits of buying local, and establish a loyal customer base.

Remember, this ban on imported goods is not a roadblock but a path to growth and sustainability. By embracing the opportunities it presents, we can transform our farms into thriving enterprises, contribute to the nation's self-reliance, and strengthen our agricultural sector.
Let's leverage the ban on imported goods as a catalyst for change, innovation, and prosperity. Together, we can create a vibrant agricultural ecosystem that benefits both farmers and consumers, while contributing to the economic development of our great nation. 
In my next post, I will be providing business plans and ideas on how to leverage on many of the farmaeble items on the list.
Wishing you success in your farming endeavors.
Sincerely, 
Adesoji Saka
A Fellow Nigerian Farmer

 These are the lists of items.
  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/Sardines
  11. Cold Rolled Steel Sheets
  12. Galvanized Steel Sheets
  13. Roofing Sheets
  14. Wheelbarrows
  15. Head Pans
  16. Metal Boxes and Containers
  17. Enamelware
  18. Steel Drums
  19. Steel Pipes
  20. Wire Rods (deformed and not deformed)
  21. Iron Rods and ReInforcina Bars
  22. Wire Mesh
  23. Steel Nalls
  24. Security and Razor Wire
  25. Wood Particle Boards and Panels
  26. Wood Fiber Boards and Panels
  27. Plywood Boards and Panels
  28. Wooden Doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen Utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven Fabrics
  37. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share
Purchases
  42. Milk
  43. Maize 





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