The Minister of Finance, Dr Olusegun Aganga, has said that the Federal Government has commenced a review of Nigeria’s import policy, especially tariffs and items on the importation list, in line with government’s economic growth and development objectives.

Aganga who said this at a press briefing in Lagos on Friday also stated that the policy review became necessary to enable the country achieve set objectives on domestic production and diversification.

Even though the deliberations are ongoing, said the minister, no item that was originally on the import permissible list has been banned.

Responding to reports that some permissible imports have already been listed for prohibition, Aganga said before the decision is taken to ban or not to ban, there would have been wide consultations with stakeholders to make sure that all issues or possible negative outcomes are taken care of.

He disclosed that tariff on certain items must be reviewed upward or downward to ensure that economic policy objectives are not truncated.

“The government had in the past extended a bailout to the textile industry, but that did not impact on domestic textile production. That is partly due to the tariff and import policy regime in place. We are reviewing our tariff and import guidelines and can assure that whatever decision we take, the economy does not suffer,’ he said.

The minister said the economic team has set priority areas for the economy, stressing that whereas some of the priority areas can be achieved within the one year remaining for the present administration, the foundation will be laid on some of the priority areas for future governments to build on.

Aganga listed the priority areas to include facilitation of capital for cheaper credit to businesses; creation of jobs and employment; promotion of productivity; diversification of the country’s revenue base and foreign investment as well as ensuring value from every spending of government.

He said government would improve power supply and check multiple taxation as part of measures to remove impairments to private sector development. He added that government is also thinking about financial instruments to hedge its exposure.

The minister disclosed that the federal government is reviving the country’s development financial institutions such as the Bank of Industry, the Federal Mortgage Bank and the Nigerian Export and Import Bank among others, to make them real contributors to the country’s development process and the attainment of priority goals. 

Also, as part of measures to ensure the objectives are met, the minister said the federal government and the Central Bank of Nigeria are collaborating to ensure effective transmission of fiscal and monetary policy. Describing the relationship between the finance ministry and the CBN as cordial, the minister said a sub-committee has been created to co-ordinate both monetary and fiscal policies.

He said that with the CBN Governor, Sanusi Lamido, as a member of the economic team, there is good collaboration among policy makers at that level.