warrior01:


While your mates are seeing opportunities, you're still looking for excuses. Smh

omenka:
You sound really naïve. Who says the exchange rate is not one of the (if not the most significant factor) factors that influence inflation. If more naira is needed to import a particular good (sadly, this economy is import/consumer based and our balance of trade figures are not looking pretty) then more would be needed by the consumer to purchase such good since the importer has to maintain his profit margin. And when more and more money is needed to buy one particular product, what do you call such a trend

fortunes0215:


Correct. Not all goods would be affected by price increase. Those of imported goods and products which are produced locally with imported raw materials will increase. Time to think entrepreneurship, export and patronage of locally manufactured goods. More positives than negatives though. Salary earners would need to get pay rise.

Omenka, here is someone who got my point

EzePromoe:

Omenka, here is someone who got my point

abdulwastecx:


how do you developed technology when all Nigeria lack all the basic research centers ?

How do you developed technology in a country of 175million people with only 6000 megawatts of electricity?

How do you developed technology in a country where it is impossible to borrow money from banks?

poeple are just running away from, the truth is that Nigeria lack the leadership, technical labour force, right environment to developed

nickxtra:
Am exempted, because in times of scarcity, I shall live in plenty.

abdulwastecx:


you just don't get it... yea there is huge potential because of the population but the problem are just too numerous.
don't full yourself that most made in China goods are produce in Aba or Onitsha. The reality is it is much cheaper to produce in china than Nigeria even when you consider the shipping cost and other things.

We used to run a furniture company where we produce panel doors, flush doors, kitchen cabinets etc but it was impossible to compete with better manufactured Chinese furnitures that are cheaper and more aesthetically pleasing.

what we have in Nigeria are marginal entrepreneur which can hardly feed themself...they are hardworking but the government and system make things very hard for them.
imagine how many Nigerians are hawking along the express way, imagine how many of them are pushing wheel, conductors, taxi drivers, labourers, spare part selllers etc.

Nigeria is a country with little skilled Labour force

warrior01:
You should have equally made it known to your audience that now is a good time for those creative hardworking men and women in Aba and other cities that produce those shoes, belts, weavons etc that are exported to African countries. If not for laziness and over dependence on government's welfare, you should have noticed the positive sides too.

kmariko:
It is time to go into production using locally sourced raw materials....
It is also time to export Nigeria from abroad and invest as it will buy more.
it is time to corner the market in area where foreign goods dominate.
It will be time to go into agriculture and food processing of native food.

Every situation is an opportunity for those keen on making it

bappahman:
---It means Those Naira Notes In your
Wallet,Pockets, or in Your Bank Account has Move
some steps Closer to being Mere Pieces of Paper.
---It means You need more Money to Care for your
Daily needs, You Need More of those Pieces of
Papers to Meet Ends Need.
--it Means the STANDARDS for You to Cross the
line of Poverty (and be Categorized as Average
living) are Further RAISED. So You better try to
earn more of those Currency if Not you will be
Engulfed by the Tide of the Poverty Line.
-- It means the Number of people Living Below a
Dollar per Day will Increase..because Now even if
a a person Survives By N168 you still fall Under
that Category.
-- It means You Most hold more Naira for You to
Buy That KPOMO, GARRI, BREAD, RICE, MAIZE,
And if you STILL DIDNT GET IT
--It means that Plate Of AKPU, POUNDED YAM,
JELLOF RICE, OR GARRI with EGUSI SOUP that You
always BUY from MAMA PUT will Increase..
So Take NOTE and Fasten Your Belts.

bappahman:
---It means Those Naira Notes In your
Wallet,Pockets, or in Your Bank Account has Move
some steps Closer to being Mere Pieces of Paper.
---It means You need more Money to Care for your
Daily needs, You Need More of those Pieces of
Papers to Meet Ends Need.
--it Means the STANDARDS for You to Cross the
line of Poverty (and be Categorized as Average
living) are Further RAISED. So You better try to
earn more of those Currency if Not you will be
Engulfed by the Tide of the Poverty Line.
-- It means the Number of people Living Below a
Dollar per Day will Increase..because Now even if
a a person Survives By N168 you still fall Under
that Category.
-- It means You Most hold more Naira for You to
Buy That KPOMO, GARRI, BREAD, RICE, MAIZE,
And if you STILL DIDNT GET IT
--It means that Plate Of AKPU, POUNDED YAM,
JELLOF RICE, OR GARRI with EGUSI SOUP that You
always BUY from MAMA PUT will Increase..
So Take NOTE and Fasten Your Belts.

Tokunbohkinibig:


That statement hurt me so much bro cos I know how hardworking Nigerians are. The last tym I came to Nigeria which was around April, I saw how Nigerians are struggling to survive on the streets of Lagos right from the airport down to my home state and it is painful to see someone calling these resilient and hardworking Nigerians "LAZY PEOPLE".

Bring US and EU citizens to Nigeria to live for 3 months and I can assure that they would be a genocide case in Hague.............

MazadoGoodman:



I felt it too, bro. I refer to these set of Nigerians (including me) as the "unsung heroes". There's a "but" though, to our situation. That is, if we'd not allowed ourselves to be polarised along religious and tribal sentiments, we would simply run "them" down and out. But tribalism + religious ism = SENTIMENTS, suspicion, division .... Our undoing.
We look to better times and things.

fortunes0215:


Correct. Not all goods would be affected by price increase. Those of imported goods and products which are produced locally with imported raw materials will increase. Time to think entrepreneurship, export and patronage of locally manufactured goods. More positives than negatives though. Salary earners would need to get pay rise.

abdulwastecx:


How do you produce using local raw material when you lack industrial productivity. Nigeria lack the basic know how, infrastructure and finances to sustained a strong manufacturing productivity.

How do you corner the market where foreign producta dominated when you can't produce the substitutes. You need all those electricity, skilled man power to produce goods and services that will be competitive with foreign products.


Go into agriculture? agriculture already contributes more to the GDP. What you need is strong mechanized agriculture. where will you get the tractors, farm inputs, processing factories etc when we a very weak currency.

Kaysiii:


For your Mind

fr3do:


and engage our universities and polytechnics in arms manufacture

eledacedar:


And most times, when the pay rise happens, job cuts follow because the employer has to make profit. Ordinarily, if the employer is to make profit, the possibility of pay cut is often the best/easiest way out. However, for the purchasing power of the employees to correspond with the devaluation, they need pay rise.

This was what happened in 2008/2009 when the price of crude fell and CBN raised naira/dollar rate from #139=$1. The ripple effect led to many jib cuts with the banking sector hit very hard. I won't be surprised if job cuts start happening by 1st quarter of 2015.

EzePromoe:
The devaluation of the naira is something that was bound to happen. It's unfortunate that all these while we've solely depended on crude oil and now that the black gold has lost its value, what were you expecting next? Point of correction OP, that the naira was devalued doesn't really mean that the price of every goods will go high. That can only be determined by the inflation rate. That is to say that garri will still sell at same price even if naira falls to 200/dollars.

fr3do:


oh, its arms development