atlwireles:


While you see the need to generate government revenue via higher taxes, I see the need to reduce them to zero. Importers affected by the currency displacement will be greatly helped, if their taxes and levies are reduced. This thread is about the effects of the Naira. Please keep it on topic.

This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for local substitutes. It might be inferior to previously imported ones at first, but with time it will develop in quality. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

KevinBrown:


This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for substitutes. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

You have no disagreement with me. I probably used the wrong word, I should have said manufacturers, importing raw materials.

atlwireles:


Whoa, so buying Nigerian is now impoverishing the masses? Like I said 99.9% of you people complaining about the exchange rate cannot tell us why they are worried. I thought you were a manufacturer or a business owner directly affected by the exchange rate. You have turned a simple economic discussion into political insults, no wahala. Have a nice evening.

Students wanting to study abroad
Should they get education in nigeria when the tetiary institutes are not enough

atlwireles:


While you see the need to generate government revenue via higher taxes, I see the need to reduce them to zero. Importers affected by the currency displacement will be greatly helped, if their taxes and levies are reduced. This thread is about the effects of the Naira. Please stay on topic.

Am still on the topic and never deviate cos they are all go in d same way. How will government reduce taxes to zero when oil prices is falling? Remember we have been running on deficit budget even when oil was selling 4 $110pb and revenue generation tru tax levies.

Now, oil price is declining which will definitely be shortfall in revenue generated from oil proceed. The other aspect of fiscal policy is efficient tax collection to finance the budget..........its a simple logic. Instead of your proposal to reduce tax to zero, tax will be increase to finance budget

KevinBrown:


This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for local substitutes. It might be inferior to previously imported ones at first, but with time it will develop in quality. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

Talk about how masters and phd students wanting to futher their studies abroad due to lack of academic materials and theoritical based naija education system will work....
Or the govt and individuals will provide such capital intensive materials ....
When u talk innoson motors do they get their raw materials in nigeria or used indigenous refined diesel??
You can build ABA market without devaluing the currency....

adaweezy:

Students wanting to study abroad
Should they get education in nigeria when the tetiary institutes are not enough

Education cost money, no matter where. By way look into private schools in Nigeria, before sending a family member outside, if cost is an issue.

KevinBrown:


This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for local substitutes. It might be inferior to previously imported ones at first, but with time it will develop in quality. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

Convenant university produces how many MSC and PHD holders ?
Do they produce doctors, aeronautic engineers , neuro surgeons , nuclear physicist etc
The way you talking you sound as if you endorsing the Nigerian govt philosophy of putting the cart before the horse

snakie86:


Am still on the topic and never deviate cos they are all go in d same way. How will government reduce taxes to zero when oil prices is falling? Remember we have been running on deficit budget even when oil was selling 4 $110pb and revenue generation tru tax levies.

Now, oil price is declining which will definitely be shortfall in revenue generated from oil proceed. The other aspect of fiscal policy is efficient tax collection to finance the budget..........its a simple logic. Instead of your proposal to reduce tax to zero, tax will be increase to finance budget

You make it sound like there is no connection between increased local productivity and increased revenue from taxationMore local manufacturing leads to more companies and hence more revenue from taxation
.When job creation potential increases government can conveniently shed its agencies and salaries........which overtime translates to lower recurrent expenditure and possibility of higher capital expenditure laced with a stronger GDP per capita.

atlwireles:


Education cost money, no matter where. By way look into private schools in Nigeria, before sending a family member outside, if cost is an issue.

How many private schools offer medicine, med rehab, material science , history, Adult education or higher qualifications , or MSCs and PHDs?

adaweezy:

Students wanting to study abroad
Should they get education in nigeria when the tetiary institutes are not enough

And that's exactly what we are saying. With a score of 180 (which is relatively low) you can gain admission into almost any private university in nigeria. Why waste our foreign reserve?

Its funny, Nigerians schooling in Ghana spend over $1b every year. Though Nigerian Tertiary Edu is poor, but sincerely can you tell me Nigeria does not have a University that can compare to the best in Ghana?

Perhaps, this weak currency will help prevent unnecessary waste.

snakie86:


Am still on the topic and never deviate cos they are all go in d same way. How will government reduce taxes to zero when oil prices is falling? Remember we have been running on deficit budget even when oil was selling 4 $110pb and revenue generation tru tax levies.

Now, oil price is declining which will definitely be shortfall in revenue generated from oil proceed. The other aspect of fiscal policy is efficient tax collection to finance the budget..........its a simple logic. Instead of your proposal to reduce tax to zero, tax will be increase to finance budget

Oil can sell for $5 a barrel, government should stop taxing businesses to death in this country. Businesses need a free hand to create jobs, the more jobs they create the more payee taxes government is going to earn. Manufacturing companies dealing with the current currency devaluation, will be helped, if their spare parts imports, raw material imports, new machinery imports, enjoy a robust tax credit regime. It will help them greatly, to absorb the devaluation cost.

adaweezy:

How many private schools offer medicine, med rehab, material science , history, Adult education or higher qualifications , or MSCs and PHDs?

I am not stopping anyone from sending their family member abroad. Just deal with the cost and leave government out of it.

adaweezy:

How many private schools offer medicine, med rehab, material science , history, Adult education or higher qualifications , or MSCs and PHDs?

OAU, Unilag, UI, Unilorin are one of the best universities in Africa.

If your ward/kid has good results, he or she will be accepted into such universities.

atlwireles:


I am not stopping anyone from sending their family member abroad. Just deal the with cost and leave government out of it.

Exactly!

If you want to spend abroad, then do it without the government carrying the burden.

KevinBrown:


OAU, Unilag, UI, Unilorin are one of the best universities in Africa.

If your ward/kid has good results, he or she will be accepted into such universities.

Am an oau student I spend more times fanning myself in class due to intense heat and crowded classrooms rather than listening to lecturers .....
How many nigerian universities are in the top 20 in africa?
Oau, unilag, UI don't admit more than the university of cairo

KevinBrown:


Exactly!

If you want to spend abroad, then do it without the government carrying the burden.

Address the question MR

atlwireles:


I am not stopping anyone from sending their family member abroad. Just deal with the cost and leave government out of it.

Smh you have not addresed the issue at hand
Problem
MR A wants his son MR B to study aeronautic engineering. No school in nigeria offers such such course MR A can only send his ward outside nigeria to study such course ...
Aeronautic engineers are used to create and maintain aeroplanes ..
Mr B has to study outside nigeria but his DAD his a civil servant lvl 15 eaernin 280 k before devaluation . Now the naira has reduced in value how does MR B study his preferred course which will help the nigerian economy and help reduce reliance on foregein trained experts in this field ...

KevinBrown:


This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for local substitutes. It might be inferior to previously imported ones at first, but with time it will develop in quality. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

And where do you go for the fabrics, threads, bottons, sewing machines and other accessories to make the clothes?

Where do you get the components and equipments needed to make Zinox computers?

Where do you get the engines, tyres, gear boxes, steel or alloy frame bodies, and all other components and machinery needed to make innoson cars?

Where is Covenant university in the list of best universities in the world or even in Africa. What contributions had covenant university made to Nigeria in the field of science, technology and even other humanities.

"Aba made" products can never compete with china made products in terms of cost and in an open port policy of the government, you will be surprised that most "Aba Made" products are actually made in China.

adaweezy:


Smh you have not addresed the issue at hand
Problem
MR A wants his son MR B to study aeronautic engineering. No school in nigeria offers such such course MR A can only send his ward outside nigeria to study such course ...
Aeronautic engineers are used to create and maintain aeroplanes ..
Mr B has to study outside nigeria but his DAD his a civil servant lvl 15 eaernin 280 k before devaluation . Now the naira has reduced in value how does MR B study his preferred course which will help the nigerian economy and help reduce reliance on foregein trained experts in this field ...

Sorry mister, Nigeria's Naira policy is made for the general society. Studying abroad cost money, families should plan accordingly.

adaweezy:

Am an oau student I spend more times fanning myself in class due to intense heat and crowded classrooms rather than listening to lecturers .....
How many nigerian universities are in the top 20 in africa?
Oau, unilag, UI don't admit more than the university of cairo

Well, greatness requires sacrifice. Because there is no fan in your classroom doesn't mean they don't offer quality education.

And again look at it this way, I'm not saying people shouldn't study abroad. What I'm saying is that the government should not subsidize it.

Like you said, you are in OAU, while kids of some rich parents are in University of Liverpool (as an example), why then will you want to subsidize their rich lifestyle at your own expense?

KevinBrown:


And that's exactly what we are saying. With a score of 180 (which is relatively low) you can gain admission into almost any private university in nigeria. Why waste our foreign reserve?

Its funny, Nigerians schooling in Ghana spend over $1b every year. Though Nigerian Tertiary Edu is poor, but sincerely can you tell me Nigeria does not have a University that can compare to the best in Ghana?

Perhaps, this weak currency will help prevent unnecessary waste.

You are missing the point.
www.vanguardngr.com/2012/07/challenge-of-producing-unemployable-graduates/
Challenge of producing unemployable
graduates
Okonjo Iweala
Who will invest in the educational system
The Govt could barely meet ASUUs demands ??

Education is capital intensive especially the science aspects ever wonder why $ost private schools mainly have management courses and ART courses ?

wirinet:


And where do you go for the fabrics, threads, bottons, sewing machines and other accessories to make the clothes?

Where do you get the components and equipments needed to make Zinox computers?

Where do you get the engines, tyres, gear boxes, steel or alloy frame bodies, and all other components and machinery needed to make innoson cars?

Where is Covenant university in the list of best universities in the world or even in Africa. What contributions had covenant university made to Nigeria in the field of science, technology and even other humanities.

"Aba made" products can never compete with china made products in terms of cost and in an open port policy of the government, you will be surprised that most "Aba Made" products are actually made in China.

All this Raw Materials you listed, they can't be produced in Nigeria is that what you mean?

Sir, don't be deceived by stereotypes. All this stuffs does not require a rocket science knowledge to produce.

And FYI, innoson also produce tyres

Modified... Concerning the Covenant University statement, do you want to tell me Ghana has a private University that can beat Covenant University?
So, why waste $1b every year to fuel the Ghanian economy.

KevinBrown:


Well, greatness requires sacrifice. Because there is no fan in your classroom doesn't mean they don't offer quality education.

And again look at it this way, I'm not saying people shouldn't study abroad. What I'm saying is that the government should not subsidize it.

Like you said, you are in OAU, while kids of some rich parents are in University of Liverpool (as an example), why then will you want to subsidize their rich lifestyle at your own expense?

You keep avoiding the question and beating around the bush .... The govt does not in the real sense subsidize education for those going abroad
The govt subsidizies the dollar and also weakens the naira with style
The education is far from quality and the quality never matches the quantity
800-1000 students to one lecturer
If you are talking of quallity education maybe for those in front ....
You behave like a theoritical economist no wonder our economy is failing

giantstrides:
OP, the question you should ask yourself is that ' is our production capacity as high as the chinese' do we have local products which can serve as substitutes? We don't produce electronics, ceramic tiles, phones, our food production can't meet our demand, even our crude is imported bck in it's refined form because we hv no functioning refineries. so how is the exchange rate a blessing since we hv to pay expensive dollars for all this trades.

God bless you more. Devaluation is good when you are producing to sell to the outside world, not when you have to import everything up to the food you are consuming.

KevinBrown:


All this Raw Materials you listed, they can't be produced in Nigeria is that what you mean?

Sir, don't be deceived by stereotypes. All this stuffs does not require a rocket science knowledge to produce.

And FYI, innoson also produce tyres

Dunlop used to produce tyres before ??
What happened ??
Why did they leave ?

ibisko04:

God bless you more. Devaluation is good when you are producing to sell to the outside world, not when you have to import everything up to the food you are consuming.

And why do we have to import when we have the capacity to produce it?

That's the point I'm trying to get out. It's because we have a high currency that make imports cheaper.
But if imports become too expensive we won't have any other choice than to look for local substitute.

adaweezy:

Dunlop used to produce tyres before ??
What happened ??
Why did they leave ?

I don't understand

adaweezy:

You keep avoiding the question and beating around the bush .... The govt does not in the real sense subsidize education for those going abroad
The govt subsidizies the dollar and also weakens the naira with style

Is dollar not what is used to acquire such education?

Tell me can you afford to study abroad? Rich people can afford it. But don't let them put a strain on the government.

Blessing in disguise? Is this guy kidding me?
Do you realize that we have nothing? No where to even start? We don't have anything.
This is not a blessing at all!

KevinBrown:


This is exactly what we are fighting against. Other than hi-techs, there is virtually nothing we can't source for locally. Why wasting money on imports?

What are we looking for?

Is it clothes? Go to aba

Is it computer/internet equipments? Zinox produces such.

Is it cars? Innoson produces such

Is it Education? Covenant University is a standard university.

Etc...


I don't know why many of you are not seeing it, but this is good. If imported goods become too expensive, then there will be demand for local substitutes. It might be inferior to previously imported ones at first, but with time it will develop in quality. It will help to create more jobs.

And those that are clamoring for higher valued currency, believe me you are just subsidizing the extravagance lifestyle of the rich, at your own expense.

You see, nigeria does not have the ability to maintain anything they start. Also, you see innoson, of everything they build their cars with, at least 40% is still coming from abroad. So, it doesn't matter. We are still importing.

KevinBrown:


All this Raw Materials you listed, they can't be produced in Nigeria is that what you mean?

Sir, don't be deceived by stereotypes. All this stuffs does not require a rocket science knowledge to produce.

And FYI, innoson also produce tyres

I never said the raw materials i listed can't be produced in Nigeria, what i said was that the raw materials are not produced in Nigeria and so have to be imported.

What do you mean stereotypes? I am talking about what realilty is on ground and you are talking about stereotypes. I am sure you are either a student or someone who is not on ground to know realities on ground.

Let me tell you a strange experience i had this week. I am expanding my office and due to my tight budget, i decided to buy materials myself and just pay artisans like electricians for their labour. I have always bought made in Nigeria wires and cables because they are very good. I requested for made in Nigeria cables and i was given cables with Nigeria engraved on the wires. It was not until i got to my office that i noticed that instead of writing made in Nigeria on the wires, what was written was made for Nigeria. I was furious because i know the difference between in and for, so i took the cables back that i want cables that is made in Nigeria and not made for Nigeria. After trying to convince me unsuccessfully that the cables were made in Nigeria, he then opened up that the wires were actually made in China but for a nigerian company. He said actual made in Nigeria wires would cost about N12,000 for a 1.5mm 3 core cable, while the made for Nigeria one costs N3,000.

So who would buy a cable for N12,000 when you can get one (even if it is inferior quality) for N3,000. So expect all cable manufacturing companies to close very soon.

yugkapmeet:

You see, nigeria does not have the ability to maintain anything they start. Also, you see innoson, of everything they build their cars with, at least 40% is still coming from abroad. So, it doesn't matter. We are still importing.

40% ke? what does Innoson actually manufacture? Do they manufacture the alloy sheets used for making the chassis? do they manufacter the engines, gear box, pistons and rings, headlights, etc,. Even the tyres, do they have tyre manufacturing plant inside their complex? even Mitchellin that used to have a tyre plant closed it down and resorted to importing from france instead.

I am sure that up to 80% of their materials are imported.