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Nigeria Inflation Soars To Almost Four-year High Of 12.8% / Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg / Nigeria Inflation Drops To 7.9% In November – NBS (2) (3) (4)
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Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 12:22pm On Oct 15, 2014 |
londoner:You get brain |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 12:24pm On Oct 15, 2014 |
ducii:Ok no problem how does it work? I live in a society where prices gooes according to inflation ie my mortgage .petrol and credit card bills..So I can atest to how it works.whats your storey? |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 1:15pm On Oct 15, 2014 |
erico2k2: Sorry what country is that?. The UK inflation as at the end of September, 2014 is 1.2%, and as at September, 2005 it was 2.4%. So are you telling me that mortgage re-payments have reduced by half of what it used to be in 2005, or that the prices of Petrol is now half the price of what it used to be in 2005. I don't Know where you live but if you Look at prices of petrol (taking the UK as a for instance) you will find that the price of petrol has almost doubled over the said time (2005-2014). The Inflation rate is computed monthly, so your Mortgage or rent can not be changing every month, so also is the price of petrol, nor your credit card repayments. There are other factors that also affect the prices of consumer products other than just Inflation. 1 Like |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 2:14pm On Oct 15, 2014 |
ducii:You are wrong, non fixed mortgage changes in interest,ask well,your interest rate changes with inflation,Petrol prices change with inflation on daily bases hence diff petrol station have different price ask anyone You know who drives in the UK.You just agreed with me on the point that everyday item dont go up or down as a result of inflation hence I use Rent ,transport as examples. read this http://www.bbc.co.uk/news/10612209 Now I can categorically tell you that we never felt this change as men on ground here in London,Food never went Cheap,Rents never went cheap,clothes never went cheap,Bread never went cheap if for anything the went UP,As you can see,Nigeria is non Different, we just have to have a basic understanding on how inflation works |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 2:31pm On Oct 15, 2014 |
*sigh* FINALLY!!! Something on the frontpage that affects the price of garri #TEAMGARRI 2 Likes |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by niggereyez(f): 3:01pm On Oct 15, 2014 |
12inches1: I didn't comprehend much of the grammer.. but I think ... Alas!... "here is one thread/topic that affects d price of garri in d market... |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by kuuljay(m): 3:31pm On Oct 15, 2014 |
Wetin this one mean because me yus buy one Benson for 10card nah! Nah!! So. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 4:54pm On Oct 15, 2014 |
erico2k2: * You are getting it wrong, the prices of petrol are not cheaper in different filling stationS because of inflation. Remember it is one country, and the rate of inflation is the same for everybody. Now why the price of Fuel will be cheaper in places like say Tesco or Sainsbury's as opposed to smaller petrol station or one of the franchised shell petrol station is because of buying power. The bigger petrol stations are able to negotiate better deals from marketers, while the other smaller indigenous Petrol Stations buy at very high prices, and are going to sell at prices where they can make some profit. And Don't forget also that 50% of the pump price of petrol in the UK are government Fuel Taxes imposed on the transportation of fuel by the Government. So 50% of cost is already fixed. *Mortgage rates varies, depending on the deal you got and the institution you are getting it from, maybe because of your finances or credit history. A loan shack might not be able to give you a good mortgage deal as maybe a Natwest, or a Llyods would, because he is obviously borrowing at a higher rate than a well established financial institution would. When getting a mortgage you are offered a FIXED rate or a FLOATING rate, some institutions merge the two, that is you are given a fixed rate in the First year, then it changes into a floating rate then afterwards. The Fixed rate is fixed, while the Floating rate tracks LIBOR (That is the rate at which banks borrow money from each other) when LIBOR is up your mortgage repayments goes up, and when it is down your mortgage repayments also goes down. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 5:48pm On Oct 15, 2014 |
phantonce:Travel to London and come back. I am sure you will not repeat what you just wrote. You can only appreciate what you have when you have tasted the other side. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by londoner: 6:07pm On Oct 15, 2014 |
Billyonaire: |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by londoner: 6:23pm On Oct 15, 2014 |
phantonce: Sorry, but to be honest, most people in Nigeria need not sleep hungry at all. The MAJORITY (IN FACT all) of Nigerians come from a village, a village where people farm, a village where people eat because they farm. Are most Nigerians going hungry because they have no means to eat or because they chase an idea which necessitates them only being able to eat by buying food from someone else? Is it because they despise the village and chase a life in the "city" even sacrificing their small savings just to go and suffer, sorry "hustle" in Lagos, Abuja etc? Is it because they ueheir last money to attend a church service where the pastor wil pray for their houses, cars and top paying job? Some (not all)food hardships in Nigeria are SELF INFLICTED and those you say are 'sleeping without food' will not tomorrow pack and go back to the village. No! they will again keep bumping their head on a brick wall. It is actually a mentality that keeps perpetuating hunger. Even here in London, some people grow their own food as much as they can, and these are people that actually work an earn good mney. How much more someone who is poor and living in a country that has some the most FERTILE SOIL. The lady who sells akara or roasted corn, may never make it to bellanaija, but she probably is not going hungry every day. Nigerians tend to turn their noses up too often, then blame others for their condition. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 7:29pm On Oct 15, 2014 |
ducii:point of correction, its not one country never forget that and since you mentioned LIBOR what determins its up and down, is it not the same inflation? anyway enough of us missing the point in all you just wrote where did you xplain the effects of inflation,read up the Meaning of Inflation bursting Loans and mortgages then you will understand Read this and m ayB you will get the Idea once and for all http://www.bbc.co.uk/news/business-12196322 |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 8:40pm On Oct 15, 2014 |
AirborneLacer:At least, it much better than the 50% recorded in the aftermath of IBB's resignation in 1993, or the double digit figures of the OBJ era. But there is still room for improvement. The ideal inflation rate should be lower than 5%. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Hamazz1: 10:23pm On Oct 15, 2014 |
erico2k2:its lk u dnt seem2 undrstnd wht m saying i agree wt u completly wht m saying is that 4objectively critising those inflation figures n statistics of the govt u ll b branded bh or bh sympatizer..simple.bc anybdy seen 2b critisizing d govt automatically bcms bh. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by aztec007: 10:43pm On Oct 15, 2014 |
People need to understand what inflation itself means, that is, a rice in prices. Hence when they say inflation fell, this does NOT imply that prices in the market place fell, instead it means that prices did not rise AS FAST as they use to, but prices are still rising. Inflation is one of those concepts few people really understand. 1 Like |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 5:33am On Oct 16, 2014 |
CFCfan: Exactly |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 7:22am On Oct 16, 2014 |
This is good news for the Nigerian economy. https://www.nairaland.com/1925181/branded-campaign-materials-2015-around |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Nobody: 8:16am On Oct 16, 2014 |
Ghana is a wicked country letter smuggled out of Ghana maximum prison My name is Emmanuel Emeka, a prisoner in Ankaful maximum security prison, Cape Coast, Ghana. I’m serving a jail-term of 130yrs imprisonment and I’m presently in my 8th year. We appeal to the Nigerian government to please come to our aid. The condition here has been so unbearable for (we) Nigerian prisoners in Ghana. We need to reconnect with our families. The Ghanaian police are fond of arresting innocent Nigerians, giving them high sentence of 50yrs 70yrs 100yrs 150yrs to 200yrs. Most of us have spent 8yrs 10yrs 15yrs 17yrs 20yrs inside prison and some have died inside the prison without completing their jail- term. Our families are in the dark, they really don’t know what we are facing. We’ve spent a lot of money trying to appeal in court, but all is to no avail. Within my 8years in prison, I have witnessed over 100 deaths of Nigerian citizen in the Ghana prison and most of their families are not even aware. They still keep the hope of their return without knowing they are dead and buried with no rites. We appeal to the government of Nigeria to please act on our behalf so we won’t continue to perish in this peril. There are many Nigerians in all the 46 prisons in Ghana that need help from the Nigerian government. Also the media, kindly keep spreading the message until it finally grips the attention of the able government. To fellow citizens of Nigeria, our brothers, sisters, fathers and mothers, please continue to pray for us and do what you can to return us back home. Another sad part is that most of us are on sick bed, no drugs for us. This is the unseen hardship Nigerian citizens in all the prisons in Ghana are facing and myself inclusive. I’ve been sick for the past 2 months and they have not taken me to the hospital or give me any drug. They treat us like animals, they give us dry garri everyday, no access to communication. I know how I suffered to get this phone to send this message to you. Please, on this message, lies the survival of about 800 to 1000 Nigerian prisoners in the 46 prisons in Ghana who are in this type of high sentence. Help us spread the message to all the four corners of Nigeria to make campaign for our freedom because that is the only hope left for us.please share this msg to everybody I SAINTLEO IHEANACHO aka D MASK MAN (DMM) have done my own part what about you? |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 9:11am On Oct 16, 2014 |
aztec007: I concur, inflation is a concept people rarely understand. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by olajide8(m): 1:23pm On Oct 16, 2014 |
ducii:Looking critically at it the expenditure pattern was presumed because they felt elections were about to start- the price of food items increased because of increase cost of transportation and the occasional scarcity here and there - how do you explain the in ability of government to be unable to release funds timely for need containment of diseases like ebola - and late disbursement or reduced disbursement to states- and then they say people are spending more- I am actually on ground- hands on* and an entrepreneur - businesses have closed down more and more people are looking for jobs* because they can't sustain their businesses- my submission* |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by olajide8(m): 1:27pm On Oct 16, 2014 |
^ to add more I brought a mudu of garri for N300 and a mudu of beans for N400 in march - through june- this month I bouught the same mudu - but had to reduce my quantity for N400 garri and N450 beans I normally buy 3 I have had to reduce it to 2 per month - so where does the inflation come in exactly |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 2:28pm On Oct 16, 2014 |
olajide8: * Nigeria's inflation went from 7.8% in March, 2014 to 8.5% in August, 2014 rising consistently on a month on month basis for those six months. My question to you is this, did the price of your cup of garri, your rent, the price of petrol, or the cost of transportation increase in those six months I think the answer will be No. So I am saying that the monthly up and down of a countries monthly inflation rate might be negligible, and does not directly impact food prices, unless if there is a sharp rise in inflation leading to hyper inflation as you have in Ghana right now. Don't also forget that countries set bands(that is a point at which inflation will rise to before they start putting inflationary measures in place) * Ok, now there are various reasons, why businesses in Nigeria might fail, (Lack of adequate infrastructure is one of them, lack of long-term funding, lack of adequate security, the business owner himself could also be a problem etc.) The issue is that you study your business environment, and try to be ahead of the curve. Just also as you are saying that businesses are closing down so also there are businesses springing up everyday. I just saw a report that Konga.com is now worth $190million, and that business is less than 5years old. The same Nigeria we are talking about. * For the issue of Ebola, I think the government did a pretty good job, that even the US had to send a delegation to learn from Nigeria on how they were able to contain Ebola. Funds were released on both the state and federal levels to help fight the disease. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by olajide8(m): 2:58pm On Oct 16, 2014 |
I still beg to defer on the prices of items - increase in price and reduction in purchasing power (dis-economics) as against increase in price and the same quantity being purchased (inflation)- When did konga and jumai become a yardstick of actual measurement of items in the market? Do they even sell mudu garri and raw tomatoes? We run a system where the actual cost of items can not really be determined by jumai* buttressing more jumai doesn't actual produce, they serve as a channel and look for how to make profit as middle-men, and the size of their market share in terms of income, showing their turnover and not their actual profit* - so please don't get it wrong, they statisticians and finance ministry, goes to the supermarket to buy, we go to markets in hinterlands, buy yam along the expressway, - I would like, too also defer on one very important thing- nobody/entrepreneur, starts a business with an intent of failure - they battle collecting loans and hustle from pillar to post to make sure it survives-consumers, but sometimes things greater then them come into play- can you actually tell me the amount of grains consumed per month, the bags of garri purchased, mudu of beans consumed during that period and what is consumed presently today* and measure that peri-pasu the cost of the food items and what is consumed today* |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 5:39pm On Oct 16, 2014 |
olajide8: I agree with you that a slight increase in inflation might affect ones disposable income, but I am saying that prices of goods going up are attributable to more important factors other than just a slight increase/decrease in inflation. I used Konga.com as a yardstick for a business that is doing very well( remember in your earlier post when you said businesses were failing in Nigeria.) The issue is that sometimes businesses fail because of the level of Education of some of the business owners. I was having drink with a bank manager a few months ago, and I asked him, why SMEs could not get loans from the banks, he told me that the good businesses, that are run properly get, but that some business owners could not articulate what they wanted, how much they needed. He gave me an example about a trader who came to the bank, looking for a loan and brought along his sales invoice from the day of inception (there where over 50 booklets) Now that is a lot of invoices, do you think the banks have the time to be going true all his invoices to see how well his business was doing, the answer would be NO. In the long run he just told the guy that the bank has no money. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 7:37pm On Oct 16, 2014 |
Hamazz1:Ok fair enough however why would anybody criticize these figures when they are in the public domain, you can get the figures from World bank, there is nothing hidden. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by olajide8(m): 9:16pm On Oct 16, 2014 |
ducii:Okay- I just want to stress something on jumai which may surprise you- I don't know the owners but I know they may just have an office and not a large warehouse,- they charge the sellers for using their platform, they don't carry the products I.e warehouse them the sellers bring them when their is a demand - the delivery vans are purchased n hire purchase- "that's if they are sensible enough because of the very unstable economy" all these point to one thing no tangible investment and channel marketing- by extension trading- banks give loans on short term basis- a year and pretend to give loans on long term basis- car loans, mortgage etc and this strategy would never aid long term growth - which would bring down inflation, in the real sense- because those items of technology which would really develop the economy are long term based- and all the measures the clowns in finance and the current central bank governor is doing is artificial - you can't pretend just for people to clap for you - in the papers - Now I also want to talk about the banks- and the last reference your friend doesn't really want to stress so much but I would tell you what I know about loans- you want to assess a loan have a history with the bank 1. Turnover 2. Collateral landed property within a choice area i.e abuja maitama along the road- just in case you can pay they turn it into their branch and it adds to the bottom line of assets for the bank 3. Domiciliation of returns for contracts and now corporate organisations are running away from domilicing payments because broz nah bouncers and area boyz in tie, be recovery officers for banks now O! 4. Have someone 3rd party or someone of means that would give a post dated cheque for the loan 5. Fix above the amount you need in the bank and borrow using it as collateral - 6. You must have been doing the business before and have evidence of it- and finally you must be vetted by someone in the bank that believes you would pay- now. His 50booklets amount to nothing if he doesn't meet up with all or either of the above - some banks don't even borrow- access bank I can go into detail of all the banks as I am talking from experience- now how does this affect inflation* the people measuring inflation use indices of those doing well around them as parameter - forgetting that they are just a "finger full" not even a "handful" and for any system to balance it must be all encompassing- for example using telecom as a case study against housing mortgages in nigeria - which should have been the richest? To me housing because everyone needs it- but which is thriving more telecoms! While because its so obvious- majority don't have assess to it- and those that have assess to it pay exhorbitantly for it - |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by olajide8(m): 9:34pm On Oct 16, 2014 |
The bottomline inflation is good(ie the profit put on top of a product manufactured in nigeria is actually inflation) - too much of inflation is bad (excess put on it above the true value) - the actual percentage of inflation is what they haven't been able to balance - because they are incompetent they are all text book professors and Dr's - nah so so book without true practical's and that's why they can't survive outside structure- bank salary, ministry, organisation world bank etc- world bank Would give you figures you would shake your head like agama lizard- is it a white man that would go to mile 12 market pt their feet in mud that someone pissed in, to price or nigerian's that finished from oxford that they employed at world bank, that would dip their legs in mud at mile 12, dei-dei tomato market, lugbe in abuja community market, pen cinema market, iju market - onitsha food market, onions market potiskum yobe- awe, kenna village market nasarawa after lafia? Kawli beans market? They just alk into garki ultra modern market and price and move out and give figures- 1 Like |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Hamazz1: 9:43pm On Oct 16, 2014 |
erico2k2:its nt jst abt ds figures any technocrat can churn out such numbrs bt hw does it affect impct on d life of the common man u claim inflation has drpd yet d purchasing power of the naira is still poor.. |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by Hamazz1: 9:48pm On Oct 16, 2014 |
erico2k2: |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by erico2k2(m): 8:18am On Oct 17, 2014 |
Hamazz1:The figures would not impact your life cos Nigerians are greedy.we dont sell on % based profit.The true cost of the final product dont get passed to the end user |
Re: Nigeria's Inflation Drops To 8.3% In September – NBS by ducii: 10:30am On Oct 17, 2014 |
Hamazz1: The figures are there as a guide, the end seller might not follow the figures, and sell at very high prices. Now how is that the governments fault? |
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