Business
‘Recession: Import Prohibition List ‘ll Rescue Nigeria’
The Controller General of
Customs Ahmed Alli, has said that the prohibition list of some imported items would help rescue Nigeria from recession.
The Customs boss stated this in Port Harcourt last week during a one-day interactive session with stakeholders in the South East and South South Zones to review the Customs and Excise Management Act (CEMA).
He said banning importation on some items was a fiscal policy and it was undertaken by the government specifically to encourage the growth of local industries.
“Banning of the importation of items is a fiscal policy and it is done and undertaken by government specifically in order to encourage our local industries”, he said.
According to him, the country could not afford to depend solely on importation, adding that there was need for the country to strive in improving its economy.
“We cannot totally depend on importation, we should be working hard to improve our economy and the only way we can do this is through industrialization, “if we do not encourage our own home producers, there is no way we can grow”, he said.
Alli disclosed that when the policy is approved, the customs would go ahead to implement.
He emphasized that if any items are banned, they remain banned and they would not be allowed to be imported into the country.
He also explained that when items are partially banned, the service will have no option but to also comply.
Alli who is a retired Army Colonel also revealed that the importation of rice into the country was being used by criminals to smuggle weapons into the country.
“We must understand that we have porous borders and we have a border of four thousand seventy kilometers that can not be covered inch-by-inch by anybody”, he said.
He said the Nigerian Customs was doing its best to make sure that importation of illicit or banned items was effected.
According to him one reason for stopping the importation of rice through the borders was because it has been discovered that through the importation of rice, arms are being stocked underneath the bags of rice and shipped into the country.
“We do not allow rice to come in so that you do not use it as the basis to import arms and we are working with our neighbours to make sure that arms and ammunition which is much more dangerous items do not get into the country through our borders”, he said.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
