{"id":67549,"date":"2019-07-07T00:44:36","date_gmt":"2019-07-06T23:44:36","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=67549"},"modified":"2019-07-07T00:44:36","modified_gmt":"2019-07-06T23:44:36","slug":"need-for-urgent-attention-before-nigerias-economy-collapses","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/pointblanknews-investigations\/need-for-urgent-attention-before-nigerias-economy-collapses\/","title":{"rendered":"NEED FOR URGENT ATTENTION BEFORE NIGERIA’S ECONOMY COLLAPSES"},"content":{"rendered":"
\n
Nigeria remain the economic giant of Africa as evidently revealed by<\/div>\n
\n
statistics and recurrent circumstances. The administration of President
\nMuhammadu Buhari had over the years shown serious concerns and
\nattentions towards ensuring that rapid economic recovery is achieved
\nthereby graduating to sustainability through the support of stakeholders
\nin the various sectors of the nation.<\/p>\n

As we all know that no nation can develop without taking bold step
\ntowards resisting all avoidable neo-colonialism tendencies capable of
\nenslaving her citizens and relegating the economic fortunes as well as
\npride investments of the nation to its lowest ebb.<\/p>\n

While corruption can only be perceived as a problem biting hard in all
\nsectors of the nation, accomplices of such act are nothing but rebels
\nand saboteurs who are hindering the laudable initiatives of Federal
\nGovernment through its monetary and regulatory agencies.<\/p>\n

However, it is saddened to note that Nigeria’s economy is heading to a
\nsevere point of collapse due to the many havocs precipitated by some
\nGovernment Monitoring Agencies especially those who are directly
\ninvolved in the economic and security sectors respectively.<\/p>\n

Investigation into the nation’s port management and pre-shipment
\nmanagement has revealed that the nation’s security has been exposed to
\nabuse, gross misconducts, undue connivance as well as aiding and
\nabetting illegal importation of substandard products into the country at
\nthe detriment of the masses.<\/p>\n

To our dismay, the unpatriotic moves have over the years significantly
\naffected the Textile Industry in the past and most recently, the
\nnation’s steel industry because smugglers had enjoyed the protection of
\nthe Standard Organization of Nigeria, (SON) and the Nigeria Customs
\nService thereby channelling all manners of goods into the nation.<\/p>\n

It would be recalled that the federal government had imposed 45 percent
\nImport Duties on foreign products that are successfully\u00a0 being
\nmanufactured locally, in order to protect local manufacturers but
\nunfortunately, findings have revealed that little or nothing paid by
\ndealers who have successfully flooded the nation imported items that are
\neven substandard and dangerous for usage in Nigeria. This is
\ncondemnable, frivolous, unwarranted and uncharitable to the present
\nadministration. There is a deep hole in national security. There is a
\nbig alarm required to close massive revenue loss, threat on economic
\nactivities as well as, the future of Nigerians.<\/p>\n

Surprisingly, smuggled substandard steel products are freely traded in
\nall markets in Nigeria thereby subjecting local manufacturers to serious
\neconomic and social investment misfortune. A silent question is, where
\nare agencies like the Nigeria Custom Service, Standards Organisation of
\nNigeria (SON), the Nigeria Customs Service despite the efforts of the
\nPresidential Committee on Trade Malpractices and Department of State
\nService (DSS).<\/p>\n

Our investigations have showed clearly that given the grave dangers of
\nthe smuggling of steel products, the Federal Government of Nigeria
\nshould act fast and now. The nation must immediately enforce all
\ninvestors protective policies that will put a stop to the activities of
\nthese economic saboteurs.<\/p>\n

Although, the Standard Organization of Nigeria, (SON), had reacted to an
\nallegation of non-performace leveled against its officials by the
\nGalvanized, Iron and Steel Manufacturers Association, (GISMA) clearing
\nthe air that some manufacturers usually escape its scrutiny through
\nother agency i.e the Nigeria Customs Service due to its lack of security
\nenforcement operational technique.<\/p>\n

There exist a cartel of economic saboteurs who import huge volume of
\ncontainers every week valued at about $5m which were never captured
\nunder the correct HS code 7210.30.00.00 \u2013 7210.50.00.00 of Nigerian
\nCustoms Service portal, making the Federal Government of Nigeria to lose
\nan estimated revenue of about\u00a0 N1billion monthly on these smuggled items
\ndue to the neglect of pre-inspection of any container coming into the
\ncountry which was hither-to the practice in Nigeria prior to current
\nadministration emanating from wrong declaration and conspiracy with
\nReleasing Customs Officers and non-proper monitoring of the usage of
\nprivate jetty and lack of security in lonely ports.<\/p>\n

According to a newspaper report, “Business Day of May 1st 2019”\u00a0 it was
\ndisclosed that this has however led to the untimely collapse of the
\nWestern Metal Products Company (WEMPCO) which has 700,000tons capacity
\nwhile 14,000 people lost their jobs being one of the major players in
\nthe steel manufacturing ventures. GISMA said as a body under the
\nManufacturers Association of Nigeria (MAN) has been battling for some
\ntime with what he called this dismal economic sabotage which may lead to
\nthe collapse of up to 60 per cent of manufacturers in the production
\nprocess while its members may soon lay-off about 20, 000 workers
\nnationwide.<\/p>\n

There is urgent need for the federal government to put in place
\nmechanism that will allow for adequate inspection, clearing, loading and
\nreleasing of consignments with genuine identification numbers and codes
\nin order to reduce to the barest minimum, the smuggling of dangerous
\nweapons posing threat on the peace and security of the nation.<\/p>\n

It is therefore a statement of fact that the activities of smugglers
\nhave largely dented the noble objectives of the Federal Government
\nEconomic Growth and Recovery Plan for the steel sector of the Nigerian
\neconomy and it our strong advocacy for reformed and proactive Customs
\nService Operation under the leadership of Col. Hamid Ali (rtd) because
\nsuch dastard acts started in 2016 under his watch and continue to gain
\nprominence since then.<\/p>\n

Finally, BEFORE NIGERIA’S ECONOMY COLLAPSES there is need to emphasise
\non the fact that the local steel manufacturers in the industry have the
\nrequired potential and capacity to meet the nation’s annual demand,
\nwhich predicated on Central Bank of Nigeria and Bureau of Statistics
\nplacement of galvanised and coloured corrugated roofing sheets and wire
\nnails under the 41 items restricted for Foreign Exchange with the
\nsupport of Budget Office.<\/p>\n

We hereby appeal to the authority of the Nigeria Customs Service and the
\nStandard Organization of Nigeria (SON), to assist President Muhammadu
\nBuhari GCFR, Vice President Yemi Osinbajo, SAN, GCON and the Central
\nBank Governor, Godwin Emefiele, to succeed more in the economic policies
\naimed at driving industrial revolution in Nigeria.<\/p>\n

Signed:<\/p>\n

Comrade Jubrin Abdulmalik<\/p>\n

National Coordinator,<\/p>\n

Social Integrity Network<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria remain the economic giant of Africa as evidently revealed by statistics and recurrent circumstances. The administration of President Muhammadu Buhari had over the years shown serious concerns and attentions…<\/p>\n","protected":false},"author":1,"featured_media":65516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[11],"tags":[],"class_list":["post-67549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pointblanknews-investigations"],"yoast_head":"\nNEED FOR URGENT ATTENTION BEFORE NIGERIA'S ECONOMY COLLAPSES - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/pointblanknews-investigations\/need-for-urgent-attention-before-nigerias-economy-collapses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEED FOR URGENT ATTENTION BEFORE NIGERIA'S ECONOMY COLLAPSES - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Nigeria remain the economic giant of Africa as evidently revealed by statistics and recurrent circumstances. 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