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Nigeria To Face Harsh Economic Times - Soludo by Sunofgod(m): 7:20pm On Oct 05, 2011 |
Soludo - Nigeria To Face Harsh Economic Times The Former Governor of Central Bank of Nigeria (CBN), Prof. Charles Soludo, has warned the managers of the Nigerian economy to prepare for stiff economic times. Soludo gave the charge during the 14th Annual Conference of the Nigerian Association of Industrial Pharmacists (NAIP) explained that there were grave uncertainties and risks, with threats of another global recession. He explained that according to the World Bank and the International Monetary Fund (IMF), the world's economy is entering a dangerous phase with a darkening outlook. "This is only a probability not that it is inevitable but they are only saying that if the world fails to do something now, we will probably end up that way. I just hope that the major industrial countries of the world especially the G20 will hasten up coordinate their resources to make sure that the world does not go into another recession. It will be a terrible thing if the world gets into that again. According to him, Nigeria is not an island, stressing that if the world goes into recession it would definitely affect oil prices. "If oil prices come down, the economy comes down. It just tells us that we have to be prepared and strategise for alternative responses, should it happen," he stressed. "We are also in a world in which the old order is fast disintegrating, and there is a rapid structural rebalancing of economic power away from the Euro-American beltway to the Asia-Pacific and emerging markets," he said. He said the rebalancing of economic power would inevitably entail a rebalancing of geo-political and perhaps even military power. "I see a world economy in the near future with three dominant reserve currencies (US$, Euro and Chinese Yuan/Renminbi) with all the instabilities it would entail and a world economy with increasing turbulence where only those who are constantly ahead of the curve will continue to prosper," he added. He noted that the global pharmaceutical industry is an oligopolistic $900 billion market, consolidated mainly in the US, Europe and with the Asia-Pacific as the new frontiers and dominated by 15 global conglomerates. He pointed out that Nigeria has neither a comparative nor a competitive advantage in pharmaceuticals, saying that to deliberately create a competitive advantage for the industry would require serious strategising and efforts. He stated that on cost considerations, Nigerian firms cannot compete In his words, "The risk-adjusted rate of return on investment in the industry is comparatively very low. It is not surprising that the global majors in the industry are not pouring in capital." He said the pharmaceutical sector estimated at about $1, which is less than 0.5 per cent of the country's Gross Domestic Product (GDP), represents the size of a medium-sized pharmaceutical company abroad and said that the share of Nigeria's pharmaceutical industry in the global industry was basically zero. "Local manufacturers have been consistently losing market shares in the local market, let alone being competitive in the international market. I understand that to date, none of the pharmaceutical companies in Nigeria is WHO-certified," he said. He said the fate of the pharmaceutical industry was tied to the Nigeria paradox: a rich country with poor firms and poor people. He added that the global economy was decoupling and recoupling in a manner no one foresaw a decade ago, nor does anyone know exactly what the future portends. "Two things are however certain: only the rugged and dynamically self-regenerating economies will continue to emerge winners and the future belongs to societies with cutting edge labour skills and technology. Nigeria has all the potentials to be great, but its self-inflicted chains hold it down," he said. "If you adjust for the outsourced production to foreign firms, the 100 or so largely small and fragmented companies in the industry account for about 20 per cent of domestic drug consumption. It is a struggling industry," he added. He said Nigeria, one of the world's fastest growing populations, evidently has a potential huge domestic demand that can support a vibrant pharmaceutical industry. "Translating potentials into reality is yet another matter. With pervasive poverty and extreme inequality, only a small percentage of the population can afford quality health care and quality drugs," he said. Also speaking at the event, the National Chairman, NAIP, Mr. Lolu Ojo, said the association was not satisfied with its current position and had at various fora highlighted the need for the Federal Government to pay attention to the development and growth of the pharmaceutical sector. "We are determined to continue to press for this attention until our goals are achieved. This conference, with the theme: Improving the pharmaceutical sector as a catalyst for national development is part of the efforts exerted in this direction," he said. http://allafrica.com/stories/201110041329.html |
Re: Nigeria To Face Harsh Economic Times - Soludo by Sunofgod(m): 7:21pm On Oct 05, 2011 |
Worldwide consumption is falling including the demand for oil. This should have been forseen and factor into future budgets. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 7:41pm On Oct 05, 2011 |
Sun of god: Worldwide demand will fall even more drasically in the near future when electric vehicles replace cars relying on fossil feul. I suggest Nigerians do basic research to see that commercial production of electric cars in the West is now a well supported inevitability. The electric car will replace fossil fuel cars same as lcd TV has replaced CRT TV. Alas, while our top leaders are reactionary mediocrities, we can always bank on Nigeria lagging behind as far as the notion of responsive and visionary leadership that plans ahead. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Sunofgod(m): 7:51pm On Oct 05, 2011 |
Also add the fact that the US/West seemed to have gained control of Libyan oil fields. Therefore demand for our oil is bound to drop once they up production levels in Libya. There is no more 'Ghaddafi' to do 'Guy Man' with them and drip feed the oil in the most beneficial manner to the country. I think the powers that be dont want to unleash the electric cars yet even though the technology is there. |
Re: Nigeria To Face Harsh Economic Times - Soludo by htajz: 8:33pm On Oct 05, 2011 |
i hope he contest for president in 2015. |
Re: Nigeria To Face Harsh Economic Times - Soludo by ektbear: 10:28pm On Oct 05, 2011 |
Gbawe: Isn't feasible bro. Electric cars require massive subsidies from the government to be competitive. Also I don't think that the batteries have a great lifetime. Cannot remember how frequently you have to replace. . . on the order of 5-10 years? |
Re: Nigeria To Face Harsh Economic Times - Soludo by Kobojunkie: 10:32pm On Oct 05, 2011 |
According to economic reports, Nigeria is not longer heavily DEPENDENT on Oil for it's wages, so NO PROBLEM! |
Re: Nigeria To Face Harsh Economic Times - Soludo by igbo2011(m): 12:06am On Oct 06, 2011 |
We need to start manufacturing and stop importing so much. Once the power is 24 7 Nigeria's economy can grow +15% |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 9:01am On Oct 06, 2011 |
ekt_bear: Man mi, what are you talking about? Currently browsing on a tablet and about to catch a flight so cannot bounce around too much but will supply more info later. I am afraid you are grossly misinformed. Government subsidy doesn't come into this because most major manufacturers already have commercial electric car models that retail at around the cost of normal cars!!!! In fact, because of the huge strides made in the sector, the British Government is directing that developers build new homes with charging points for electric cars. I don't know about America but I can tell you that electric cars will be the norm in Europe very soon. Do some basic research see for yourself. Citreon and other manufacturers already have electric cars models available commercially. Major manufacturers are all jumping on board and I see electric cars becoming standard as technology improves. |
Re: Nigeria To Face Harsh Economic Times - Soludo by ektbear: 9:13am On Oct 06, 2011 |
Isn't cost effective where I live. Was on the market in 2007 for a car. Ended up buying non-electric. Would have cost me 3k-4k more, even with the subsidy and tax break to buy the electric. Who knows, maybe the dynamics in the UK are different |
Re: Nigeria To Face Harsh Economic Times - Soludo by moderatorr: 10:18am On Oct 06, 2011 |
GEJ should change sanusi before he criples our economy with his mujahadeen policies! |
Re: Nigeria To Face Harsh Economic Times - Soludo by Nobody: 10:20am On Oct 06, 2011 |
[size=20pt]We have him and Sanusi to thank for that.[/size] |
Re: Nigeria To Face Harsh Economic Times - Soludo by MMM2(m): 10:27am On Oct 06, 2011 |
GOD forbid |
Re: Nigeria To Face Harsh Economic Times - Soludo by llbhuds: 10:56am On Oct 06, 2011 |
ekt_bear: if you live in the western europe the you will not say this honestly. in sweden for instance, the public transport bus is powered by ethanol. in the 60s nd 70s who will ever believed that there will be anything to power the train except the coal? i wonder what will happen to naija if the demand for our crude is no longer useful to the world |
Re: Nigeria To Face Harsh Economic Times - Soludo by Naledi14(f): 11:00am On Oct 06, 2011 |
@ currently browsing on my tablet about to board a flight! Lol you have killed me you just made my morning. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Kmaster2010(m): 11:20am On Oct 06, 2011 |
I pray nigeria economy will nt fall beyond control o |
Re: Nigeria To Face Harsh Economic Times - Soludo by oladayo042: 11:22am On Oct 06, 2011 |
^^^ Continue praying. The fact is we are not insulated from a global recession because of our oil. M M M:Nigeria better get ahead of the curve or else "God will not forbid". |
Re: Nigeria To Face Harsh Economic Times - Soludo by pafun(m): 11:34am On Oct 06, 2011 |
I reject it IJN |
Re: Nigeria To Face Harsh Economic Times - Soludo by MrWhy1(m): 11:54am On Oct 06, 2011 |
Hey Journalist, you mean our pharmaceutical sector is worth only $1? Who wrote that article? This is simple international economics Soludo is trying to lecture us about. How can you get 95% of foreign exchange through oil, you supply to foreign buyers and expect your economy to be fundamentally strong? How can a country of about 200million people generate 5000 megawatts of electricity and expect the manufacturing industry to be viable and competitive? South Africa, a country of about 45million people generates about 50,000 megawatts of electricity. When the recession hits again, there will be shortage of hard currencies(dollars, euros) because of less demand in oil. In turn, that will depreciate the naira further and make import more expensive, thereby causing inflation while wages remain stagnant or even slashed . Unfortunately, the Nigerian common man would be the one to suffer from lack of visionary on the part of our leaders.
In France, they are putting out electric Taxis for rent. In Israel, by 2015, they have plans to install electric stations in all part of the country. In Denmark, the Israelis are undertaken the same projects there. Germany, the same, watch documentaries on DWTV and you will see for yourself, gigantic projects going on. In North Africa, they are building a massive solar panels to supply the whole western Europe and further eastern Europe and North African countries with electricity. The USA that buys 1/4 of Nigerian crude are given out incentives to entrepreneurs and pumping money into research. It is just a matter of little time before you start seeings these new technologies evolved and claim its place like never before. Who ever thought Computers and the Internet would evolved and spread so fast in its short history? Man, if we continue to remain in our slumber, before we wake up, others will already be living in futuristic Age, while we are stuck in the Stone Age. Our leaders have to start diversifying or else expect an inevitable violent revolutions in many parts of Africa. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Nobody: 12:12pm On Oct 06, 2011 |
Nigeria will be better when there is less demand for oil. The superiority of man over other animals is the ability to adapt. Finally the government or the people who constitute the government will be forced to think of ways to solve the matters arising. |
Re: Nigeria To Face Harsh Economic Times - Soludo by sasakosa: 12:19pm On Oct 06, 2011 |
yet during ur tenure os cbn gov u said that nigeria banks were immuned to the global financial crisis as a result of ur bank consolidation.now see what our banks have turned into. some voodoo economist. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 12:36pm On Oct 06, 2011 |
llbhuds: Indeed. I Think America must be addicted to oil and that is why those in America seem to have no clue about strides made in non-oil fuel for vehicles. Electric cars are already for sale and popular in Europe. Awareness is growing and technology is improving rapidly. Prices will tumble as well same as 42" Plasma TV's cost 12, 000 pounds new yet a 42" LCD's , superior to Plasma, now cost 300 pounds today !!!! Batteries for electric cars will become more efficient and it is predictable that , eventually , solar panels will be built into the cars itself to trickle charge batteries. The Plasma TV of 8 years ago were relatively crude compared to the abilities of the latest TV technology today i.e LED . The same will happen with electric cars. In fact we will all probably own one in ten years time. Nigerian leaders, naturally, will be the last to see the writing on the wall. http://www.electriccarsite.co.uk/citroen-c-zero Citroen C-Zero |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 12:49pm On Oct 06, 2011 |
Folks should note how aggressively Government and manufacturers are working to get folks into electric cars. The UK Government gives a lot of incentives i.e zero congestion charge fee, parking discount, zero tax fee , cash grant etc , etc. Below , Citreon is offering the C-Zero for 415 monthly. when prices begin to tumble , as more manufacturers become involved as we are seeing , it will be feasible to get an electric car for 99- 150 pounds a month. When the price is in that bracket , virtually everyone will own an electric car in the UK. http://www.citroen.co.uk/new-cars/car-range/c-zero/c-zero-price/
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Re: Nigeria To Face Harsh Economic Times - Soludo by POTUT(m): 1:02pm On Oct 06, 2011 |
Do you not realize that the ambition of every Nigerian leader has been to be immensely rich, own estates around the world and relish the joy ride of private jets and noisy siren convoys? Naija is sinking. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 1:08pm On Oct 06, 2011 |
Mr--Why: Thank you . I am surprised at how little Ekt-bear knows about the huge strides and development being made in the electric car sector throughout the World. Car manufacturers are currently all trying to have a presence in the sector so that they are not left too far behind !!!! Responsible Governments are doing their bit as well with all manner of incentives to attract folks to electric cars. Cutting down on fossil fuel emission is also an attractive bonus of electric cars. In the UK, where the pump price is one of the highest in the world, many are already very disillusioned with petrol/diesel cars to the extent that they have sold their vehicle or abandoned it for public transport !!!!! No one is saying the demand for Nigerian oil will fall drastically today but the story could be very different in 6 - 10 years. As electric cars become more attractive and effective, i.e able to travel significantly farther on one charge, petrol and diesel vehicles will gradually lose popularity. You cannot even give anyone in Europe a CRT TV for free these days. They will refuse the gift because CRT TV's , for their size, weight and relative crudeness, are simply a hassle. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 1:36pm On Oct 06, 2011 |
Some electric cars. Please go to website to see more cars if you wish. http://www.bestelectriccars.co.uk/ Best Electric Cars UK 2011 Best Electric Car |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 1:40pm On Oct 06, 2011 |
Luxury guzzlers, now being dumped like hot coal, may come back into fashion. http://www.bestelectriccars.co.uk/ Liberty Range Rover Electric Car Newly formed Liberty Electric Cars Ltd is investing £30 million in the re engineering of large luxury cars and 4 x 4s into emission-free, high performance electric vehicles. The company will design and manufacture a unique electric drive-train platform to power a wide range of large vehicles, which will also have the flexibility to incorporate emerging technologies. Annual vehicle production, which will include the world's first zero emission, electrically powered Range Rover, will be in tens of thousands and will create around 250 new technology and manufacturing jobs. Barry Shrier, Liberty founder and CEO says; "The Liberty Electric Range Rover takes electric vehicle technology into a new sector, to large luxury cars that people aspire to drive, particularly in cities and urban environments where environmental controls are becoming increasingly tighter. The Liberty Electric Range Rover will drive cleanly and quietly around roads and cities, free of tax, congestion and parking charges, making less environmental impact than even the smallest, most fuel efficient car, yet still offering the comfort and security of a luxury 4 x 4." Fisker Karma Electric Car The Fisker Karma is the first vehicle released by the Fisker Automotive Company. The Karma features the Q-Drive technology and is powered by a innovative petrol engine/electric motors combination; Q-Drive is a series hybrid system meaning that the engine is mated with a generator to provide an electrical connection to the motors and also recharge the batteries and as such the electric motors are the only mechanical driving force connected to the wheels. As a factory option the Karma can be fitted with a solar paneled roof not only to aid in the recharging of its Lithium-Ion batteries but also to aid the cabin climate control system. The solar roof is capable of a half kilowatt-hour per day and is estimated to provide up to 4 to 5 miles of additional range per week assuming continuously sunny days. |
Re: Nigeria To Face Harsh Economic Times - Soludo by ektbear: 3:55pm On Oct 06, 2011 |
Maybe it is all the high petrol prices you guys face in Europe that make it feasible. But when I was carshopping myself a few years ago, it didn't make economic sense for me. Anyway, YMMV I guess (no pun intended) |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbenge77(m): 4:05pm On Oct 06, 2011 |
I m surprised this guy hasnt been charged for corrupt enrichment,yet, |
Re: Nigeria To Face Harsh Economic Times - Soludo by jacobs123(m): 4:08pm On Oct 06, 2011 |
Nigeria To Face Harsh Economic Times - Soludo I and my family are well protected from the impact of the Harsh Economic Times |
Re: Nigeria To Face Harsh Economic Times - Soludo by manny4life(m): 4:32pm On Oct 06, 2011 |
ekt_bear: Come on man, is it only high petrol prices? How about the environmental impact, technology challenges, economical advantages. How do u mean it did not make ANY economic sense to you? Please give us details including ###. Personally, this electric cars are the future, probably in the next 10 years, they'll be quite saturated. |
Re: Nigeria To Face Harsh Economic Times - Soludo by Gbawe: 4:41pm On Oct 06, 2011 |
manny4life: Indeed. Today , electric cars make perfect sense and will make even more sense tomorrow . As you conclude, it is not about petrol price alone but about many other issues that have implications for a sustainable and healthy Planet. |
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