With foreign exchange now at an acute premium, President Tinubu needs to come up with robust guidelines governing imports

Ayo Akinfe

[1] Nigeria will only import goods from suppliers prepared to open processing plants in the country

[2] Nigeria will only import semi-processed goods. We have to add some value to what we purchase locally

[3] Our trade and industry ministry will begin drawing up a list of preferred international suppliers. To get on that list, a company will need to invest a minimum of $10m in Nigeria over the next decade

[4] Companies that employ up to 500 Nigerians will not only get preferred supply contracts but will also get tax holidays and land leases

[5] Nigeria will not import any good that we can manufacture locally. For instance, there will be an automatic ban on automobile imports as long as the likes of Innoson Motors remain functional

[6] All blue chip multinational companies will be encouraged to enter into joint ventures with Nigerian manufacturers operating in their sectors

[7] It will be illegal to export primary products. At least 50% value must be added to any Nigerian good that is exported

[8] There will be an automatic ban on the importation of all foodstuffs. Nigeria has the arable land, human resources and good weather to grow all the food we need

[9] All luxury goods will command a hefty 500% tax. To get off our knees, we have to start living within our means as a nation. It is criminal to consume what you do not produce

[10] Entities sitting on large sums of dead capital like evangelical churches for instance, will receive big tax holidays if they invest that liquid cash in manufacturing