That's the problem...we are importing more than we are exporting.

Which is what many nations whose exports is just raw materials do...the value of their imports exceeds their exports...

That is why we must stop relying on just exporting raw materrials.

Thanks for your above observation. The country has remained for too long in the extractive stage (get raw materials from the soil bottom and export) without adding any value. This way you will get paid peanuts and remain at the bottom of the production / value chain.

What needs to happen is, that the country should be elevated to the next level in value chain, which is the manufacturing stage. This will generate more employment, enhance R & D, increase in export (generate more fx), more value and revenue for the half-finished (manufactured products), less import, more taxes to the government. We have the young population force to achieve this.

Bad

Report " Nigeria records N1.87tn trade deficit in the first half of 2921"


What does this incompetence government expect? We are talking about Nigeria which imports 100% of local needs and exports nothing.

Does Nigerian government expect anything else? I want to know what export products of Nigeria consist of. I bet you oil is the only item on the export list .

September 1, 2021, Punch newspaper carried an article titled "why US, EU countries reject foods exported from Nigeria", described how Nigerian farmers were upset over their agricultural products being rejected by US and EU countries.

That is significant because it shows that Nigeria only source of income is oil money. These countries don't want food products directly linked to boko Haran. And I applaud them for their stance. Also, I want to ask states in the South/South geopolitical zone to boycott all foods produced in the northern nigeria. Northern Nigeria is too toxic to trust what they make.

So, I call on oil producing states in Nigeria to come together to demand total control of all money generated from oil sales. That is the only way to earn respect not given to oils producing states by the Nigerian government.

Stats show the importance of having a reliable 24/7 power and light supply so Naija manufacturers can economically/competitively produce domestically made products. And a lot of that figure is refined petrol (from giant multinationals) returning to he country. Whomever thought of that scheme/scam needs to be handled wherever he is today. Imagine all the 9ja refineries are broken but the NNCP wants a 20% share in Danoge's project.

Deficit
Buhari
Woeful

Ok

seunmsg:
Nigeria record trade deficit and not federal government. The figures represents the country’s total import and export trade volume and not Federal government’s trade figures. Our media houses really need to learn how to report news accurately.

The 5.01% vague growth recorded by NBS was it nigeria govt or fG?
I didnt see u come out to correct nigeria media houses that it was nigeria n not buhari led FG.

gurunlocker:



Isn't that the same Quarter they said they made some imaginary profits?

The more u see the less u understand...

seunmsg:




We actually recorded huge increase in our export volume during the quarter even though the increase was fueled by crude oil export.

Our inability to produce items that other countries require is still a huge problem and it’s very obvious from this report. We need to do better in our diversification drive. We can’t keep relying on crude oil forever. Agriculture, manufacturing, IT (fintech) are areas government need to keep working on.

Hopefully, Dangote refineries will come on board fully next year. Once we stop importing fuel, our trade import and deficit will reduce significantly.

If you had read that vague report or article by NBs about that 5percent growth in gdp, u would have seen where they said the growth happened mostly from non-oil sector, but this article is telling us something else...
It therefore means that NBS article about the 5percent growth in gdp was FAKE and hurriedly arranged just to score cheap political point n also deviate Nigerians from the NDA invasion issue.
They use news to cover a bigger news.
Buhari n his band of ministers and supporters need to be summarily executed after 2023.

seunmsg:
Nigeria record trade deficit and not federal government. The figures represents the country’s total import and export trade volume and not Federal government’s trade figures. Our media houses really need to learn how to report news accurately.

Shame no dey catch you?

seunmsg:


This is not about looting but trade. We are simply not exporting anything of significance other than crude oil and we are also importing refined petroleum product too much. We need to get more productive and consume less of imported products if we want a better balance of trade.

So even with the border closure and fg ban on some products that r consumable, we r still importing these things?
From where and thru where?
Just admit this report has exposed the earlier 5percent growth report that dundee buhari and his gang of lowkey looters were masturbating on...

seunmsg:


We can prospect for more oil and still diversify. Both are not mutually exclusive.

Oil we may likely not get a market for in future. I don't know why successive Nigerian governments have not been able to see beyond oil.

But this fake govt is busy posting, on NNPC recorded profit after many years of loses.