Godarz:
Would be bigger than that if we did the following...removed subsides on petrol and electricirity

Sure, we would pay higher than N300 for fuel, and N70 or more per kwh of electricirty

But all the greedy investors will come pouring in to build us refinereis, and power stations, and provide cash for improving exisiting refinereis, electricity distributiion all to take advantage of potential profits

This inturn powers our industrial sector...to the point that we develop an industry that exports stuff from petrol to cars.

And in ten years, our foreign trade would be N100 trillion per annum...plus kids will go to school with assurance of getting a job, because of all the jobs getting created.

But since most Nigerians want to pay N20 per liter of fuel, and also pay N2 per kwh for power....well, we rather keep on spending millions subsidising....insteand of energizing.

Pity, pity.

increasing fuel price and electricity will increase the price of all commodities

If government can find a way to exert price control and still encourage production maybe but e go hard either way

Oh

what is the point of telling us foreign trade grew from 8.38 to 9.12trn$ when import deficit was 2.74trn$ in Q4, in Q3 it was 2.39trn$ ........

Chinenyeisreal:
What is the implication of this somebody?

rubbish stat... in Q4 2020 we imported much more than we exported by 2.74trn$
in the earlier quarter Q3 we did better it was 2.3 sumtin......

na real decline in terms of productivity of a nation

Coldie:
If foreign trade has increased why then are them complaining about dollar scarcity I don't understand

There is a NGN2.73 trillion deficit meaning what we import is 2.73 trillion naira more than we export. That is extra 2.73 trillion naira we potentially need to change to dollars to be able to buy goods from abroad and since dollars is mostly used in international trade, Nigeria needs to source approximately 5 billion USD. And since we cannot print usd, we need to source it from somewhere: borrow or foreign reserves which have their implications.

The available usd is not available to go round and so this is where demand and supply comes to play. Those who have dollars will sell to the highest bidder therefore price of dollars go up.

If we exported more than we import, there will be excess dollars in the market and supply will outweigh demand and what will happen, prices will drop.

So what we need to do is produce more and import less

Godarz:
Would be bigger than that if we did the following...removed subsides on petrol and electricirity

Sure, we would pay higher than N300 for fuel, and N70 or more per kwh of electricirty

But all the greedy investors will come pouring in to build us refinereis, and power stations, and provide cash for improving exisiting refinereis, electricity distributiion all to take advantage of potential profits

This inturn powers our industrial sector...to the point that we develop an industry that exports stuff from petrol to cars.

And in ten years, our foreign trade would be N100 trillion per annum...plus kids will go to school with assurance of getting a job, because of all the jobs getting created.

But since most Nigerians want to pay N20 per liter of fuel, and also pay N2 per kwh for power....well, we rather keep on spending millions subsidising....insteand of energizing.

Pity, pity.

Whao, people who have sense still dey this forum.

This is what I tried effortlessly to tell some folks the other day.

The more we want freebies, the more we drag our nation backward.

Godarz:
Would be bigger than that if we did the following...removed subsides on petrol and electricirity
Sure, we would pay higher than N300 for fuel, and N70 or more per kwh of electricirty
But all the greedy investors will come pouring in to build us refinereis, and power stations, and provide cash for improving exisiting refinereis, electricity distributiion all to take advantage of potential profits
This inturn powers our industrial sector...to the point that we develop an industry that exports stuff from petrol to cars.
And in ten years, our foreign trade would be N100 trillion per annum...plus kids will go to school with assurance of getting a job, because of all the jobs getting created.
But since most Nigerians want to pay N20 per liter of fuel, and also pay N2 per kwh for power....well, we rather keep on spending millions subsidising....insteand of energizing.
Pity, pity.

u have a good point o but e no easy like that...Nigeria is beyond lagos n abuja.......how many people can afford the effect of 300N fuel....meanwhile when people cannot feed they will resort to crime...even at the current price, lots of employed people are struggling......if this governement is sincere and up to the task, the economics of business in Nigeria is attractive for investors to come in. just give them security n stable policy, no be say president go wake up one morning collect Ikechukwu license give Adamu

tunapawizzy:

u have a good point o but e no easy like that...Nigeria is beyond lagos n abuja.......how many people can afford the effect of 300N fuel....meanwhile when people cannot feed they will resort to crime...even at the current price, lots of employed people are struggling......if this governement is sincere and up to the task, the economics of business in Nigeria is attractive for investors to come in. just give them security n stable policy, no be say u go sieze Ikechukwu license give Adamu

The problem is investors won't come in if price controls prevent them from making a profit

Also Niger is poorer than us , yet fuel costs N350 there. Thus they have the profits to keep their single refinery running

Good news