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Nairaland Forum / Nairaland / General / Politics / You Are Hurting Our Business Interests, US Tells Nigeria (3346 Views)
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You Are Hurting Our Business Interests, US Tells Nigeria by LordVarys: 7:17pm On Jan 25, 2016 |
FOREIGN-exchange controls implemented by Nigeria’s government over the past year are hindering the ability of US companies to do business in Africa’s largest economy, according to Commerce Secretary Penny Pritzker. US companies have “been quite explicit it’s a barrier to trade,” Pritzker said in an interview in the Nigerian commercial capital, Lagos on Monday. The policies also hurt Nigerian manufacturers because they import about 52% of their inputs and need dollars to pay for those, she said. Pritzker will raise the issue with Nigerian President Muhammadu Buhari and Vice President Yemi Osinbajo in Abuja, the capital, on Tuesday. Nigeria’s central bank, with Buhari’s backing, has tried stop the currency weakening amid a rout in prices of oil, which provides Africa’s largest crude producer with almost all export earnings, by restricting imports and foreign exchange trading. The regulator has effectively pegged the naira at 197-199 since March. Foreign investors have sold naira bonds and stocks to avoid a devaluation they see as all but inevitable. Forwards prices suggest the currency will weaken 20% to 249.5 per dollar in three months, while the black market rate fell to a record 305 this month. “It sounds like you’re starting to see factory lay-offs,” Pritzker said. “That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.” Largest investor The US is the largest foreign investor in Nigeria, according to the State Department. Bilateral trade was $18.2 billion in 2012, according to US trade data, in favour of Nigeria. American foreign direct investment is concentrated largely in the petroleum/mining and wholesale trade sectors. US exports to Nigeria include wheat, vehicles, machinery, oil, and plastic, while importing cocoa, rubber, returns, antiques, and food waste. Nigeria is also eligible for preferential trade benefits under the African Growth and Opportunity Act (AGOA). —Bloomberg, additional reporting by M&G Africa http://m.mgafrica.com/article/2016-01-25-you-are-hurting-our-business-interests-us-tells-nigeria 1 Like |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by suxkill: 7:19pm On Jan 25, 2016 |
Buhari and co still dey do (IT)with Nigeria economy. 12 Likes 2 Shares |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by LordVarys: 7:24pm On Jan 25, 2016 |
Cc lalasticlala, obinoscopy |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by HiddenShadow: 7:27pm On Jan 25, 2016 |
US please our wailing form is finished. Thank you for partying with us after shouting CHANGE 19 Likes 2 Shares |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by osesology(m): 7:27pm On Jan 25, 2016 |
Ok |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by NavierStokes(m): 7:55pm On Jan 25, 2016 |
So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.” Please go along with an Hausa interpreter so he may be able to understand that so far there has been no positive correlation between his intents, actions and results. Globally we need all the funds we can in this country at the moment, not investors pulling out. 720000 immediate relief jobs pale in significance to the job losses so far, where is the NBS when we need them, to publish current figures on the economy. 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Sparrow13: 7:58pm On Jan 25, 2016 |
The US is the largest foreign investor in Nigeria, according to the State Department. Bilateral trade was $18.2 billion in 2012 LOL... China is the largest foreign investor. The U.S. See a strong and sufficient Nigeria as a treat in Africa 8 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Judeoxide(m): 8:00pm On Jan 25, 2016 |
I dont know why but it feels good knowing that nigeria can hurt USA Bashing on the coner Awaiting 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by ernecy(m): 8:04pm On Jan 25, 2016 |
HiddenShadow:lol 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by OkutaNla: 8:05pm On Jan 25, 2016 |
Sparrow13: Lol. Don't mind them. That's same way they are always accusing China of "hurting" their business interests whenever she manipulates her yuan currency to give her Chinese exporters an advantage in foreign trade. Let every country do what is in her best interest abeg. http://www.slate.com/articles/news_and_politics/explainer/2012/10/china_currency_manipulation_how_does_it_harm_the_u_s_and_what_can_we_do.html 4 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Rose2014: 8:07pm On Jan 25, 2016 |
HiddenShadow: I was about to announce that the wailers form is finished but you beat me to it. 4 Likes 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Sparrow13: 8:08pm On Jan 25, 2016 |
OkutaNla:A strong Nigeria will make them loose the whole west African market 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by seunmsg(m): 8:08pm On Jan 25, 2016 |
NavierStokes: No foreign investor in the real sector is pulling out of Nigeria. Those pulling out are speculators who are only interested in making quick money from our market. They create more problem than good by causing serious volatility in the market anytime they move out their money. What we need are foreign investors who will invest in the real sector of the economy. That is how jobs can be created, not by speculators who bring in hot money and move out at the slightest show of problem. 8 Likes 2 Shares |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Alexbond(m): 8:09pm On Jan 25, 2016 |
This US just b like Mtn.. .. . “It sounds like you’re starting to see factory lay-offs,”... Acting like they truely care. After una spoil market for Nigeria by crash d oil price. For all action there Is always a reaction mhen! 6 Likes 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Ambi25: 8:10pm On Jan 25, 2016 |
when you look within you will notice that you have some power to shake mountain 4 Likes 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Chubhie: 8:13pm On Jan 25, 2016 |
Isn't it obvious that Buhari and Apc destiny is to send us back to the dark ages through their economic acrobatism. 4 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Nobody: 8:23pm On Jan 25, 2016 |
Nonsense write up from the Americans. We can afford to call their bluff as they have suddenly realised that Nigeria is on the rise again. There is no going back on these policies and they should focus on strengthening the US and other countries would just fold their hands and watch. Nonsense 7 Likes 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by baralatie(m): 8:48pm On Jan 25, 2016 |
HiddenShadow: 1 Like 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by omenka(m): 8:54pm On Jan 25, 2016 |
LordVarys:Nobody would move anything from these useless sites you people bring here daily to the fp. You people should go clone PT as well since you've done SR. You guys are disgusting. 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Afroconnect: 8:57pm On Jan 25, 2016 |
No growth and true development takes place without sacrifices. We must embrace home made goods and shun extravagance. The US is crying because Buhari's government has drastically reduced imports...the upsurge in dollar rates is not Buhari's fault,but came as a result of market forces playing out-most of which was caused by the recklessness of the past administration. We are suffering from the mismanagement of Goodluck's administration and dwindling oil demand-these are not Buhari's fault,all these are bound to happen,what we need is diversification and focusing on bnuying made in Nigeria goods,so we don't need to buy all those dollars. 5 Likes 1 Share |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by magicalx(m): 9:15pm On Jan 25, 2016 |
Afroconnect: Ode! Quit the blame game 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by PaulJohn1: 9:16pm On Jan 25, 2016 |
This was in 2012 when oil has value, not anymore. The present administration should be not backdown for any unhealthy bilateral trade that 'll kill local industries. For now, no Bilateral trade between Nigeria and the US can be in favour of Nigeria. 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by peacengine(m): 9:40pm On Jan 25, 2016 |
Hope the dullard will listen for once. 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Afroconnect: 10:00pm On Jan 25, 2016 |
You are a dumbass numbskull-stupid slave zombie. Am stating facts here,am sure its too much for your small brain to comprehend. magicalx: 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Rucheen(m): 10:32pm On Jan 25, 2016 |
Oh! US sef they lament. BUHARI IF YOU KNOW HOW TO MAKE US CRY AND OUR ECONOMY GOOD PLEASE DO 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by Nobody: 10:41pm On Jan 25, 2016 |
good. it's about time we looked eastward. enough of serving the slave drivers from the west. 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by BALLOSKI: 10:46pm On Jan 25, 2016 |
They can goro hell! 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by K9blunt(f): 10:54pm On Jan 25, 2016 |
peacengine: The president is not a dullard. I suggest you view his policies with an open mind, we all are facing this cross together. 3 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by yhemsy62(m): 11:07pm On Jan 25, 2016 |
Because we want to please you Americana now we should not focus on how to encourage our locally made products abi? Abeg oga gerrarahea joor 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by stevecantrell: 11:40pm On Jan 25, 2016 |
US with their ulterior motives. 2 Likes |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by grandstar(m): 11:46pm On Jan 25, 2016 |
seunmsg: You are deceiving yourself. The real sector is hurting as Buharinomics ruins it. Soludo and Sanusi have described these policies.as wrong |
Re: You Are Hurting Our Business Interests, US Tells Nigeria by grandstar(m): 11:49pm On Jan 25, 2016 |
Keneking: Which on the rise with oil at $30! Foriegn suppliers are blacklisting Nigerian firms worldwide. The economy will barely grow this year. Buhari has finished this economy |
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