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Nairaland Forum / Nairaland / General / Business / 272 Firms Shut Down In One Year – MAN (15507 Views)
272 Firms Shut Down In One Year – MAN / Recession: 196 Firms Shut Down In 2 Years / 272 Firms Shut Down In One Year – MAN (2) (3) (4)
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Re: 272 Firms Shut Down In One Year – MAN by blackmantis: 7:55am On Aug 24, 2016 |
Someone driving a large vehicle like a tanker or Mack truck loaded with goods on high speed knows that he can't apply brakes immediately if he wants to stop but must do it gradually. This administration entered the driving seat of a trailer but they think they are riding a bicycle. Instead of phased blockage of imported items that can be produced locally while aiding local producers to develop capacity by providing incentives, subsidies and infrastructure to boost production in order to meet the demand. They just wake up and ban immediately. Why will the economy not crash? 3 Likes |
Re: 272 Firms Shut Down In One Year – MAN by theophorus(m): 7:57am On Aug 24, 2016 |
Omooba77: Machinery are never purchased in Short-run. Good Economy don't rely on importation of Raw materials... That's why I urge them to give Us a list of their product. Thanks for being Cultured with your comment. May you get more of such comments in real Life. Thanks. |
Re: 272 Firms Shut Down In One Year – MAN by Hypelegion: 7:57am On Aug 24, 2016 |
free2ryhme: I tell you, alot of people are broke and hungry, they now steal from barracks and churches... No more fear (the lack of fear is the beginning of anarchy) 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by chelseababy(f): 7:57am On Aug 24, 2016 |
Welcome to the ERA of change. No business flourishing,instead it is unemployment rate that is increasing and they said we should be patient 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Yyeske(m): 7:58am On Aug 24, 2016 |
Most of you posting here have easily forgotten that since ours is an import dependent economy, coupled with the low reserve and oil price, this was bound to happen. Even with the restriction on sourcing for dollars for our imports, our reserves still fell to $25 billion recently. If we had continued with unfettered access to dollars as before, our reserve could be $0 by November and where do we access dollars we need when dollars for imports is now greater than that from exports. This was bound to happen because the previous administration didn't save enough or restructure the economy even after being warned of this situation playing out at the moment. The only option now if we are to continue the free access to dollars as before is to go cap in hand to the IMF and world bank for dollar loans but remember IBB's SAP. |
Re: 272 Firms Shut Down In One Year – MAN by Omooba77: 8:04am On Aug 24, 2016 |
theophorus: Please go and read your Economics and check why we have Internatioonal trade, country maximise her strength on what she has comparative advantage and import what she does not have. Please tell me our advantage sir? 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by realunclej(m): 8:04am On Aug 24, 2016 |
Most of these Businesses do not have risk assessment policy in place and it is one of the many factors affecting Nigeria businesses especially the small scale ones. |
Re: 272 Firms Shut Down In One Year – MAN by Omooba77: 8:08am On Aug 24, 2016 |
realunclej: Oga it is not about Risk assessment or Quality control; our system here in Nigeria is defying normal logic. 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by frankyfranky(m): 8:22am On Aug 24, 2016 |
Which way Nigeria... Show us the way O Lord. 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Reference(m): 8:25am On Aug 24, 2016 |
Meanwhile Presco has back orders up to 2017 and Nigerians cannot connect the dots. We as a people are so useless. Nothing I can say. My economy is detached from Nigeria's because my mentality is so different. If we cannot connect the dots we deserve every suffering we experience. Can you imagine if this scenario played out in China, they will ĺive out the poverty until they meet sufficiency. We on the other hand are not hardworking and weak willed. Let those out of jobs go get the palm oil and those companies out of business invest in palm oil production, simple. You will be surprised that local oil palm producers are complaining of low sales and low prices. Nigeria is such a wierd country. 1 Like 1 Share |
Re: 272 Firms Shut Down In One Year – MAN by MrGerald(m): 8:25am On Aug 24, 2016 |
theophorus:and you think you can source all the materials needed for manufacturing locally? if you don't create a good avenue for manufacturers time will come when some essential products in this country will go into extinction 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by activeguy: 8:34am On Aug 24, 2016 |
272 firms shut down after one year That means the whole of Nigeria wud be shutting down by 2019.. God what did we do to deserve all these.?? 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Lilimax(f): 8:34am On Aug 24, 2016 |
agbalej:Amen! 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Omeny: 8:34am On Aug 24, 2016 |
Zedoo:It is pathetic bro. They didn't only shut-down,they refused to pay us. It's not be easy in the streets my brother. 2 Likes 1 Share |
Re: 272 Firms Shut Down In One Year – MAN by Lilimax(f): 8:35am On Aug 24, 2016 |
activeguy:Nothing! It shall be well again! 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Edmen(m): 8:42am On Aug 24, 2016 |
theophorus:apple rely on China for most of its parts, so does Samsung... no matter how big a company is, you can't stand on your own without help from other companies or countries 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by passionate88: 8:42am On Aug 24, 2016 |
GeeOh:You just answered your own question |
Re: 272 Firms Shut Down In One Year – MAN by Nobody: 8:44am On Aug 24, 2016 |
BraniacX: 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Koboland(f): 8:47am On Aug 24, 2016 |
APC = Doom 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by tempest01(m): 8:48am On Aug 24, 2016 |
Bbm theophorus: Good point....but you can't have all raw materials in your country, and all technology. There should be a study to know products which raw materials are available in the country our it's substitute before restricting such from fires. This is cause an inward investment in these raw materials. There should also be grants and waivers in place for companies to utilize local materials in production. 2 Likes |
Re: 272 Firms Shut Down In One Year – MAN by aboveu(m): 8:48am On Aug 24, 2016 |
I'm just imagine how many numbers that has lost their job in those firms. God please help us. Something will surely happen soon! I pray it will be a good thing.............. 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by blackmantis: 8:49am On Aug 24, 2016 |
Reference: The price of palm oil has skyrocketed locally. Even if you invest immediately, it will still take years to grow a palm tree. While waiting for the palm tree to mature and start fruiting. Will producers of oil based products like soap fold their hands and wait? All these sudden changes and inconsistent Forex policy is killing businesses. 2 Likes |
Re: 272 Firms Shut Down In One Year – MAN by excel101(m): 8:50am On Aug 24, 2016 |
Guliver:please tell me about FTP, what's all about? |
Re: 272 Firms Shut Down In One Year – MAN by sammhi(m): 8:51am On Aug 24, 2016 |
Yyeske:...Last administration didn't restructure or save enough " Really? How much saving would have been enough for you? We are talking of policies, u are talking of saving .. Are u not tired or ashamed of these blames ? How much did OBj met as savings ? How Much was the price of crude in 1999 when obj took over ? PmB has a problem , same thing he did in 1984 and was booted out. IBB took over and all those excuses melted away and the country had a bearing. I think a repeat of 1985 is needed urgently 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by blackmantis: 8:52am On Aug 24, 2016 |
tempest01: Thank you.... 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by Zedoo(m): 8:55am On Aug 24, 2016 |
Omeny: What Seriously m jst surprised .... God na ur strength ooo 3 Likes |
Re: 272 Firms Shut Down In One Year – MAN by ancientbanana: 9:00am On Aug 24, 2016 |
Danhumprey:when a Cursed man rules 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by clasie: 9:05am On Aug 24, 2016 |
metalDETECTED: 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by chiefobdk(m): 9:09am On Aug 24, 2016 |
theophorus: typical ignorant sawt waste afonja reasoning 1 Like 1 Share |
Re: 272 Firms Shut Down In One Year – MAN by ephi123(f): 9:10am On Aug 24, 2016 |
Reference: Very unfair statement. Nigerians are hard working people, it is not their fault that the irresponsible government we have right now has decided to make the business environment as harsh and unfriendly as possible. 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by MrBUN86(m): 9:12am On Aug 24, 2016 |
Why not blame GEJ. 1 Like |
Re: 272 Firms Shut Down In One Year – MAN by FullDepth1: 9:17am On Aug 24, 2016 |
GeeOh: They get Easy Loans from their Govt. Then they are tasked to penetrate this country. On the other hand, it is difficult/impossible for this govt to give loans for such huge projects. They believe every Nigerian is "Corrupt" (that includes You and me) Currently, this govt is at the stage of "Money Milking" its citizens. Sucking them dry off the little they we have, so as to compensate for the Fall in oil prices. And this, I believe, should last for the next 2-3yrs. So Brace Up! 1 Like |
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