The Nigerian economy faces serious challenges in 2023, following the removal of the fuel subsidy and the unification of the exchange rate decided by President Bola Tinubu. These measures have led to rampant inflation and an astronomical increase in the price of goods across the country.
To mitigate the effects of this persistent economic crisis on Nigerians, the Federal Government has taken the decision to ban certain goods. Here are five things that have already been banned this year.
1. Export of cooking gas
In February 2024, President Tinubu banned the export of liquefied petroleum gas, popularly known as cooking gas. This measure aimed to increase the volume of the product on the local market and lower its price. One month after the ban, the cost of filling a 12.5 kg cylinder increased from ₦16,875 to ₦18,000 to ₦12,500 to ₦16,250 depending on the region.
2. Cryptocurrency Companies
In response to the foreign exchange crisis that followed President Tinubu’s economic policies, the Nigerian Communications Commission (NCC) blocked cryptocurrency companies such as Binance, OctaFX, Crypto, FXTM, Coinbase, Kraken and Forextime, among others. The move was aimed at preventing continued manipulation of the foreign exchange market and illicit movement of funds.
3. International travel of ministers
The President also banned, on March 20, 2024, his ministers and other senior officials from traveling abroad at public expense, unless the trip was deemed absolutely necessary and approved by himself for at least two weeks. in advance.
4. Ban on styrofoam packaging
In January, the Lagos State government banned the use of non-biodegradable styrofoam, commonly known as takeaway packaging, as well as other single-use plastics in the state. This ban aimed to combat waste caused by this packaging.
5. Sachet alcohol
In February, the National Agency for Food Administration and Control (NAFDAC) banned the sale and production of sachet alcohol to safeguard the health of Nigerians. This decision aimed to put a brake on the sale of sachets of alcohol containing up to 30% alcohol, while beer only contains 4 to 8%.
These bans, although sometimes restrictive, aim to protect health, the environment and to mitigate the effects of the current economic crisis.