#Financial news

‘Ban on importation ’ll boosts  IGR’

‘Ban on importation ’ll boosts  IGR’

By Fatima Muraina
The decision of the Federal Government to ban importation of some items is to inçrease the Internally Generated Revenue (IGR) for the development of the economy.

The Director, Investment promotion of the Ondo State Development Investment promotion Agency (ONDIPA) Dr. Adeola Alonge made this known in an interview with The Hope in Akure.

Alonge, observed that the official language to use is restriction of some imported items and not ban because some of the items are still in the shelves of Nigeria markets.

He said the restriction implied that bringing such products to Nigeria will attract payment of duties, while taxes are charged on home manufacturing industries, which invariably will contribute to increasing the country’s internally generated  revenue.

He also spoke on other benefits of the restriction to include balance of trade, where  policies of government will favour the home products for inctease productivity .

“So our level of exportation will be higher than the level of importation which implies that the balance of payment will seize and be favourable to boost our economy”, he explained.

He also mentioned the effect of consumption saying that restriction of importation of products will force people to consume the locally manufactured products which, he noted will increase the GDP of such products.

This he said would make the sector to contribute positively to the nation’s economy.

Apart from this, Alonge said that the restriction will also pave way for the home industries to grow.

His words: ” one of the polices of government is to really assist the home industries in the area of textiles”.

According to him, if this is done appropriately the price of products in Nigeria can compete favourably with the price of items used outside the country.

He however called on Nigerians to appreciate the Federal Government and believe in the project of the country, in the economy, in the expertise of the people and believing in the industries across the nation.

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