Nigeria-Benin Lift Forex Restrictions

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Nigeria and Benin remove import restrictions on 43 Products

A Significant Opportunity For Industries Within GDIZ

6^th Jun 2024

In an unprecedented initiative, Benin and Nigeria have jointly lifted foreign exchange restrictions on 43 products, including food items, textiles, industrial goods, cosmetics, transportation, and construction materials.

These collaborative efforts mark a significant turning point in the relationship between these countries and give birth to a new era of economic cooperation. The removal of these restrictions presents a significant opportunity for industries within GDIZ aiming to target the Nigerian market.

Below are the lists of concerned products:

Food Products: Rice, margarine, palm kernel, palm oil-based products, vegetable oils, meat and meat products, processed vegetables, processed plant products, poultry and poultry-based products, canned fish in sauce (Geisha)/sardines, toothpicks, glass and glassware items, kitchen utensils, tableware, gas bottles, tomato purchases/tomato concentrates.

Textile: Woven fabrics, clothing.

Construction Materials: Cement, cold-rolled steel sheets, galvanized steel sheets, wheelbarrows, pot heads, metal boxes and containers, enamel articles, steel drums, steel pipes, deformed and non-deformed wire, iron bars, reinforcement bars, wire mesh, steel nails, steel fences and safety and razor poles, wood particle boards and panels, fiberboard panels and panels, plywood boards and panels, wooden doors, glazed and ceramic tiles.

Industry/Transport: Aircraft/private jets.

Cosmetics and Miscellaneous: Indian incense, soaps, and cosmetics.