“Indeed, a major source of objection to a free economy is precisely that it… gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.” Milton Friedman.
As Nigeria was celebrating the Sallah holidays last week, news came from the Special Assistant to the President on Media and Publicity that the President had directed the Central Bank of Nigeria not to allocate any cent to food importation any more. Going by statistics, the Central Bank has done very well in reigning in frivolous importation of items that could be produced in Nigeria.
There is no doubt that these are good stories coming out of the Central Bank of Nigeria. It is not unlikely that these may be one of the major reasons the President considered an outright ban on allocation of official foreign exchange for importation of food items in the country.
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