CBN Redeems N24bn as it Halts Annual Crude Oil Import Waivers  … As Q3 Trade Drops by N359bn 

Following the excruciating pressure the steep slide in crude oil prices in putting on foreign exchange, the governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has said that the apex bank will stop granting waiver for crude oil import into the country which gulps over N24 billion annually.
Speaking, weekend, when he visited PZ Wilmar Oil Palm Plantation in Akamkpa, Cross River State, and Emefiele said the waiver was depleting government reserves, vowing that such waivers would be stopped. The CBN governor regretted that Nigeria operated a free trade zone policy which allowed granting of 75 per cent duty waivers to importers of crude oil into the country.
Analysts expressed surprise that the country was mporting crude oil which it produces.
They recall that Nigeria is the largest producer of crude in Africa and eight in the world. 
Ronke Alabi, a business woman told National Daily that it is an insult to Nigerians that they are importing the cruse oil produce in the country.
Another observer who do not want his name in print said, he whole thing smells corruption.
Meanwhile, the National Bureau of Statistics on Sunday released the trade statistics for the third quarter of this year, stating that the country recorded a N359.6 billion or 5.4 per cent drop in merchandize trade from N6.65 trillion to N6.29 trillion. The bureau, in the report, attributed the decrease to a fall in the value of exports and imports in the third quarter relative to the second quarter. For instance, the report, a copy of which was made available to our correspondent, noted that while exports declined by N202.7 billion or 4.3 per cent to N4.47tn, the country’s imports also dropped by N157 billion or 7.9 per cent to N1.82tn. However, the report stated that regardless of this drop, the country’s balance of trade remained favorable at N2.65 trillion.

Leave a Reply

Your email address will not be published. Required fields are marked *