Adultnextdoor:
I opened up this thread just to simply and briefly share my view on the devaluation of the naira currency and introduce to you guys,the advantages behind this unpleasurable event.It's just like a blessing in disguise!..Forget what these politicians and Government administrations are saying about putting a stop to the devaluation of the naira currency and start looking at this situation like a business mogul,that is to say...start viewing this currency predicament from the positive side.There is a whole lot of advantages involved or attached to this naira devaluation and i will shed light on some while i leave the rest to the business-minded to share their own views..
Here are some of the advantages involved;
1.) IMPROVEMENT AND DEVELOPMENT OF LOCAL MANUFACTURING INDUSTRIES:When the devaluation of Naira to Dollar becomes too high and unbearable,thereby making importation of goods very difficult,Nigeria will have no choice than to concerntrate on improving and developing our local manufacturing industries by pumping more investments into them so as avoid the country from running into more debt due to the struggle in trying to match up to the devaluation of the naira currency.
2.)ABUNDANCE OF FOOD AND OTHER RESOURCES:Once major investment has been pumped into the local manufacturing industries,there will be a great boost in the level of food and other mineral and natural resources due to the increase in speed of production which is as a result of the investments pumped into the industries to aid improvement and development.And before you know,food and other resources will be available in abudance in the country.
3.) FOR ENDORSEMENT AND CONTRACT BENEFIT:
Just look at this,we hear recent news here and there about our favourite celebrities getting endorsed by different gigantic companies.If last year,an artiste signed a deal of probably $200,000 when dollar to naira was probably #150 to $1 and compare now if such artiste got endorsed this year again for the same price-deal,now that dollar to naira is #230 to $1,that will be more money for the artiste.And also,the same goes for those who gets contract oppourtunities from big companies.
4.) INCREASE IN THE RATE OF EXPORTATION:If there is one thing i've noticed in Nigeria is that we do more of importation than exportation and that is because we have no confidence in our local industries.If more concentration is placed on our local industries,there will be more production of food materials thereby opening the gate for more exporting oppourtunities which leads to the corresponding improvement in the standard of the nations' economy and also leading to the icrease in what?.........Find out in number five.
5.) INCREASE IN THE NATIONS INCOME/TREASURY:Obviously,if more concentration is placed on these local industries,more food and other resources are readily available and the economy is improving,there will also be an improvement in the nations income and before we know it,there will be lots of money in the nations' treasury bank.

NOTE:These points were drafted out strictly on the business side of the mind!

COURTSEY:Adultnextdoor

Cc:Lalasticlala,Ishilove

Adultnextdoor:
I opened up this thread just to simply and briefly share my view on the devaluation of the naira currency and introduce to you guys,the advantages behind this unpleasurable event.It's just like a blessing in disguise!..Forget what these politicians and Government administrations are saying about putting a stop to the devaluation of the naira currency and start looking at this situation like a business mogul,that is to say...start viewing this currency predicament from the positive side.There is a whole lot of advantages involved or attached to this naira devaluation and i will shed light on some while i leave the rest to the business-minded to share their own views..
Here are some of the advantages involved;
1.) IMPROVEMENT AND DEVELOPMENT OF LOCAL MANUFACTURING INDUSTRIES:When the devaluation of Naira to Dollar becomes too high and unbearable,thereby making importation of goods very difficult,Nigeria will have no choice than to concerntrate on improving and developing our local manufacturing industries by pumping more investments into them so as avoid the country from running into more debt due to the struggle in trying to match up to the devaluation of the naira currency.
2.)ABUNDANCE OF FOOD AND OTHER RESOURCES:Once major investment has been pumped into the local manufacturing industries,there will be a great boost in the level of food and other mineral and natural resources due to the increase in speed of production which is as a result of the investments pumped into the industries to aid improvement and development.And before you know,food and other resources will be available in abudance in the country.
3.) FOR ENDORSEMENT AND CONTRACT BENEFIT:
Just look at this,we hear recent news here and there about our favourite celebrities getting endorsed by different gigantic companies.If last year,an artiste signed a deal of probably $200,000 when dollar to naira was probably #150 to $1 and compare now if such artiste got endorsed this year again for the same price-deal,now that dollar to naira is #230 to $1,that will be more money for the artiste.And also,the same goes for those who gets contract oppourtunities from big companies.
4.) INCREASE IN THE RATE OF EXPORTATION:If there is one thing i've noticed in Nigeria is that we do more of importation than exportation and that is because we have no confidence in our local industries.If more concentration is placed on our local industries,there will be more production of food materials thereby opening the gate for more exporting oppourtunities which leads to the corresponding improvement in the standard of the nations' economy and also leading to the icrease in what?.........Find out in number five.
5.) INCREASE IN THE NATIONS INCOME/TREASURY:Obviously,if more concentration is placed on these local industries,more food and other resources are readily available and the economy is improving,there will also be an improvement in the nations income and before we know it,there will be lots of money in the nations' treasury bank.

NOTE:These points were drafted out strictly on the business side of the mind!

COURTSEY:Adultnextdoor

Cc:Lalasticlala,Ishilove

OCTAVO:

Are you an economist to start with? If you are, then I'm disappointed. There are blunders in your write-up. Especially No 3 and 5. Talking about endorsement deal? What's the essence of higher exchange rate when inflation will still set in? And you can't get value for the so called big money.

Also, you talked about increase in the Nation's income? When in the real sense your foreign reserve is being depleted quickly as a result of high exchange rate? How does that translate to increase in National income? When your Trade balance is going down?

Pls don't be quick to create thread for the purpose of making front page. Do extensive research and stop mis-informing people!