ICCI WELCOMES FEDERAL GOVERNMENT’S IMPORT DUTY-FREE DIRECTIVE, CAUTIONS ON IMPLEMENTATION
The Ibadan Chamber of Commerce and Industry (ICCI) welcomes the Federal Government’s recent directive on the 150-day window for import duty-free in order to boost food supply and alleviate hunger in the short term.
The Ibadan Chamber of Commerce and Industry as a Public Policy Advocacy Organ, advises that the implementation of this policy should be carried out with caution to avoid jeopardizing the economic interests of Small and Medium Enterprises (SMEs) to be able to sell whatever they produce at competitive prices with the distributors and marketers of the imported duty free goods. The government has a responsibility to protect local industries, which contribute significantly to the country’s economic well-being.
As the panacea for enhancing local food production, the Ibadan Chamber of Commerce and Industry advises the three tiers of government to identify genuine farmers and provide them with access to grants, soft loans, fertilizers, and other farm inputs and implements. This will help bring down food prices and create employment opportunities, conserve foreign exchange, and boost GDP in the shortest time possible as well as making the country self sufficient in food production.
It is equally essential for the Federal Government to further fortify the security system around the farmers in villages and hamlets because the bulk of the country’s food comes from there. Most of the farmers have fled the farms and villages and are unable to access their farm lands due to incessant attacks by Bandits, Herdsmen and Insurgents.
On the newly approved N70,000 minimum wage recently signed into law by the Country’s President after weeks of negotiations between the Federal Government, Labour and NECA, our position is that this development is healthy for the country..
The country’s economy has been negatively affected by the 2019 COVID pandemic fallout. Many businesses are yet to recover from the impacts coupled with the hostile business environment and epileptic power supply. Most of the SMEs in the country will find it difficult to pay the N70,000 minimum wage, without laying off workers.
While there is no gainsaying in the fact that the harsh economic situation in the Country is a justification for the increase in the national minimum wage, we posit that the three tiers of Government should roll out welfare packages for the SMEs and their staff to forestall imminent layoffs.
Ibadan Chamber of Commerce and Industry (ICCI)
August 13, 2024
