Business
Restrictions on 43 Items: It’s a Policy Mistakes As It Falls outside CBN’s Mandates- Cardoso
By Ocheneyi Alli
The Central Bank of Nigeria (CBN) has given fresh reasons it removed the restriction on 43 items that can be produced in Nigeria, from accessing foreign exchange, saying it’s trade policy which falls outside its mandates.
Olayemi Cardoso, CBN Governor, said: “It is important to note that trade policy is
primarily the responsibility of the fiscal authorities, and delving into such matters falls outside the purview of the CBN.”
He made the clarification during the Chartered Institute of Bankers of Nigeria (CIBN) 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary.
He said: ” Allow me to provide further clarification on the issue of the 43 items.
First, it is important to note that these items were never outrightly banned by the government.
The CBN had imposed restrictions on their access to foreign exchange in the official market.
However, these restrictions resulted in increased demand for foreign exchange in the parallel market, leading to the depreciation of the exchange rate in that segment of the Nigerian Foreign Exchange Market (NFEM) and widening the premium between the parallel and official market.
Studies have shown that during the period when the 43
items were restricted, there was a 51.0% increase in trade evasion by importers accessing the foreign exchange market, resulting in a revenue drop of approximately US$1.4 billion, or US$275 million annually, between 2015 and 2019.
Affects Revenue Tariffs on Goods
Additionally, revenue from tariffs on goods decreased from a high of approximately US$920 million in 2011 to about US$250 million in 2017.
In 2019, the actual tariff on goods stood at US$320 million, but counter factual evidence suggests that as much as US$680 million could have been earned in the same year.
Furthermore, evidence has shown that foreign exchange restrictions had an adverse impact on Nigerian households and contributed to inflationary pressures.
The reduction in trade restrictions and levies on rice,sugar, and wheat by 50.0% had only a minimal impact on welfare, with a 0.8%
improvement, and a mere 0.4% reduction in extreme poverty.
Moreover, the benefits of trade gains for the general population
were negligible, as the average industry in Nigeria pays 13.7% more for its inputs.”
Manufacturers Apprehensive
However, local manufacturers are not happy with the removal of the ban on the 43 items, fearing that it is capable of collapsing many industries very soon.
The Vice Chairman of Basic Metal, Iron and Steel Products sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye, has advised the Federal Government to urgently reverse its decision to remove ban on 43 items on foreign exchange restriction by the Central Bank of Nigeria, (CBN).
Lack of consultation with MAN
Adewoye, totally condemned the new CBN policy , asserting “This directive will further kill the manufacturing industry that is already struggling to survive.
” The problem is about policy somersaults., some of our members who have outrightly invested in backward integration will now start to regret this move because everyone who can assess FOREX will claim to be an importer, forcing sincere manufacturers to
close shop and increasing the numbers of jobless persons.”
He laments further: ” “Lack of consultation, I can speak for manufacturers because we always try our best to engage the government on some critical issues and decisions, but when some of these decisions are being taken, manufacturers are not being consulted.
“Even when the 43 items were put on the restriction list, there was no consultation. It was just at the end of the day, we felt that to a reasonable extent, the decision were in the interest of manufacturers, but there were a couple of items on that list, that some manufacturers use at that time, some of those manufacturers were also affected and government is taking a decision to remove the entire items on that list without proper consultation with the Manufacturers Association of Nigeria, (MAN) to even have an idea of what effect will this have on their businesses.
“I want to assure you that many industries will shutdown very soon and this will lead to lost of jobs and insecurity will be alarming in the country. Nigeria has all it needs to produce Iron Rods and other items on this list, opening up the market will be a disincentive to manufacturers that continue to put their resources and investment into growing the industry.”
Dr. Abubakar Aliyu, an ex Director-General of the Raw Materials Research and Development Council (RMRDC) , amplifies Mr. Adewoye’s concerns and said: About two months ago, CBN woke up and said that 43 items it restricted can now access foreign exchange.
This will greatly affect the MAN members companies .
He encouraged the leadership of MAN and the RMRDC to strongly engage the Federal Government on the issue , because, it will seriously affect the performance of the sector .
Background
CBN, had in a circular in June 2015, published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market.
The list which was originally 41 was updated to include two more items.
Below were the list of the items:
1. Rice
2. Cement
3. Margarine
4. Palm kernel
5. Palm oil products
6. Vegetable oils
7. Meat and processed meat products
8. Vegetables and processed vegetable products
9. Poultry and processed poultry products
10. Tinned fish in sauce (Geisha)/sardine
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
14. Wheelbarrows
15. Head pans
16. Metal boxes and containers
17. Enamelware
18. Steel drums
19. Steel pipes
20. Wire rods (deformed and not deformed)
21. Iron rods
22. Reinforcing bars
23. Wire mesh
24. Steel nails
25. Security and razor fencing and poles
26. Wood particle boards and panels
27. Wood fiberboards and panels
28. Plywood boards and panels
29. Wooden doors
30. Toothpicks
Glass and glassware
32. Kitchen utensils
33. Tableware
34. Tiles-vitrified and ceramic
35. Gas cylinders
36. Woven fabrics
37. Clothes
38. Plastic and rubber products
39. Polypropylene granules
40. Cellophane wrappers and bags
41. Soap and cosmetics
42. Tomatoes/tomato pastes
43. Eurobond/foreign currency bond/ share purchases.
Business
Bank of Ghana launches new Cedi notes
The aim is to make cash transactions more convenient and strengthen confidence in the cedi.
The Bank of Ghana has launched the Ghana Cedi Heritage Series, a new set of smaller banknotes with enhanced security features, as part of efforts to modernise its currency.
The notes will enter circulation on December 1, 2026, replacing the existing designs.
The central bank officially launched the series on Thursday, November 12, 2026.
It said the redesigned notes have improved durability, more portable sizes and stronger security features.
The aim is to make cash transactions more convenient and strengthen confidence in the cedi.
A close examination of the new Heritage Series shows that only Dr Nkrumah retained a place on the new banknotes, while the other five members are absent.
The new series features other prominent Ghanaian personalities whose contributions span politics, religion, education, public service, culture and international diplomacy.
The Heritage Series, however, adopts an individual-portrait approach, recognising personalities whose contributions helped shape Ghana’s political, educational, cultural and diplomatic history.
Here are prominent Ghanaian personalities featured on new Ghana cedi notes:
On the GH¢1 note is Agnes Oforiwa Tagoe-Quarcoopome, who is said to be the first Makola woman to open a bank account with the then Standard Bank of West Africa (now Standard Chartered Bank).
Cardinal Peter Porekuu Dery, a revered Catholic priest from Zimuopare (Ko), near Nandom in the Upper West Region of Ghana back in the 1950s, features on the GH¢2 denomination.
James Emmanuel Kwegyir-Aggrey is featured on the GH¢5 note, with Justice Annie Jiagge, the first woman in Ghana and the Commonwealth of Nations to become a judge, appearing on the GH¢10 banknote.
The GH¢20 note features Dr Ephraim Amu, the composer of the Twi version of the Ghana national anthem, Yɛn Ara Asaase Ni, while Theodosia Salome Okoh, the designer of the Ghana flag, is on the GH¢50 denomination.
Former United Nations Secretary-General Kofi Annan features on the GH¢100 note, while Ghana’s first President, Dr Kwame Nkrumah, appears on the GH¢200 banknote.
Dr Nkrumah’s appearance on the GH¢200 note represents a change from the existing series, where his portrait appeared on the ceremonial GH¢2 denomination as part of the collective image of the Big Six.
The Big Six became prominent figures in Ghana’s independence struggle following their arrest by the British colonial authorities in 1948 after disturbances in Accra.
Business
Naira Exchange Rates Friday,13 Nov 2026
The black market (parallel market) exchange rates is the most searched forex query in Nigeria.
BLACK MARKET RATES
₦1435 DOLLAR (USD)
₦1870 POUND (GBP)
₦1540 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦100 GHANAIAN CEDI (GHS)
₦190 CHINESE YUAN (CNY)
₦2240 WEST AFRICAN CFA F.(XOF)
₦2180 CENTRAL AFRICAN CFA F.(XAF)
₦820 AUSTRALIAN DOLLAR (AUD)
Business
Exclusive:10,000MW Electricity Ambition Continues Under New Political Campaigns
By Ochefa
•Minister of Power Chief Olasunkanmi Joseph Tegbe
The Federal Government past and present has spent nearly two decades pursuing essentially the same 10,000MW electricity benchmark.
This is understandable given that electricity remains one of the biggest obstacles to industrial development in Nigeria.
That’s why in the ongoing 2027 election campaigns , the top three parties – APC, ADC, and the NDC recognise the importance of electricity to the economy, although their specific commitments differ.
APC: Plans to scale electricity generation towards 10,000MW, strengthen transmission and distribution, and expand clean energy access.
ADC: Emphasises energy-sector reforms and regional connectivity to support production and industrialisation.
NDC: Proposes expanding power generation and distribution. The NDC campaign blueprint specifically identifies an additional 10,000MW of power within four years as a target.
However, checks by Ohibaba.com shows that successive administrations have set the 10,000MW as a goal but achieving the target has remained elusive.
Here are the records:
Nigeria’s 10,000-megawatt (MW) electricity generation target dates back to the electricity expansion programme of the Olusegun Obasanjo administration (1999–2007), although successive governments adopted, modified and repeatedly renewed the target.
1. Obasanjo administration:
The original 10,000MW ambition (2005–2008).The roots of the 10,000MW target can be traced to the Federal Government’s efforts to expand electricity generation through the National Integrated Power Projects (NIPP).
Following the failure of private investment to deliver sufficient electricity, the government began directly funding new power plants from 2002.
In 2005, construction commenced on several NIPP power stations, including:
Alaoji
Geregu
Omotosho
Olorunsogo
Ihovbor
Egbema
Gbarain.

The government’s ambition was to push installed generation capacity beyond 10,000MW by the end of 2008.
An earlier policy document, however, had already established a more specific target of achieving 10,000MW of operable generation capacity by the end of 2011.
2. Yar’Adua administration: 10,000MW by 2011
The Umaru Musa Yar’Adua administration inherited the NIPP projects and retained the 10,000MW ambition.
A 2009 African Development Bank report on Nigeria’s Economic and Power Sector Reform Programme confirmed that the Federal Government expected to achieve 10,000MW of operable generation capacity by the end of 2011.
The strategy involved rehabilitating existing power stations and completing new plants under NIPP.
3. Jonathan administration: Target raised to 16,000MW
President Goodluck Jonathan’s Transformation Agenda (2011–2015) went beyond the 10,000MW benchmark.
The administration set the following targets:5,000MW by 2011.6,000MW by 2012.16,000MW by 2015.
However, by December 2012, actual generation had reached approximately 4,500MW, falling short of the 10,000MW target for that period.
4. Buhari administration: 10,000MW distributable electricityIn March 2016, President Muhammadu Buhari publicly announced a target of delivering 10,000MW of distributable electricity within three years.
He also promised to add 2,000MW to the national grid in 2016.
This was against the backdrop of the APC’s 2015 campaign manifesto, which promised to expand electricity generation and distribution to 40,000MW within four to eight years.
The distinction is important: Buhari’s 10,000MW promise referred to distributable power, not merely installed generation capacity.
5. Subsequent administrations.
The 10,000MW ambition continued under subsequent governments.
In 2021, Vice-President Yemi Osinbajo said investments exceeding $3 billion in generation, transmission and distribution infrastructure would put Nigeria on the path to achieving 10GW of electricity.
The National Development Plan 2021–2025 also incorporated a 10,000MW electricity target.
The historical significance: Why has 10,000MW remained elusive?
The recurring 10,000MW target exposes a fundamental problem with Nigeria’s electricity policy: successive administrations have announced ambitious generation targets without resolving the structural constraints affecting the entire electricity value chain.
The bigger question is how did countries like Egypt, South Africa, and Morocco attained energy security? Nigerian leaders can borrow a leaf from their strategy.
These include:
- 1. Gas supply constraints: Inadequate gas supply to thermal power stations.
2. Transmission limitations: Inability of the national grid to evacuate all available generation.
3.Distribution bottlenecks: Insufficient distribution infrastructure to deliver electricity to consumers.
4. Funding challenges: Persistent liquidity problems across the electricity market.
5 . Infrastructure deficits: Poor maintenance and inadequate investment in power infrastructure.
According to the Nigerian Electricity Regulatory Commission (NERC), as of October 2026, Nigeria’s installed electricity generation capacity is approximately 13,625 MW, but the amount of electricity actually available for generation is significantly lower.
What does this mean?
Nigeria has a significant gap between installed capacity and actual electricity generation.13,625 MW:
What the installed generating infrastructure can theoretically produce.4,744 MW:
What was available for dispatch in October.4,047 MW: Average electricity actually generated per hour.
This means Nigeria generated only about 30% of its installed generation capacity on average during October 2026.
Major challenge
1.The gap is associated with:Inadequate natural gas supply to thermal power plants.
2. Ageing generation infrastructure.
3.Poor maintenance and equipment failures.
4. Transmission infrastructure limitations.
5. Financial and operational challenges in the electricity market.
The big question is how did African countries like Egypt, South Africa, and Morocco attained energy security? Nigerian leaders can borrow a leaf from their strategy.
Electricity Generation Capacity of Five African Countries – 2026
Source: Afreximbank Power Industry Report 2022.
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