being:

To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 15% of petrol cost.. that's something really but not much. So the refinery alone is not the All in all solution to d fx crises.. Many other things to be done!!

@VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare.

Population has no direct correlation to savings. Naija saved close to $80bn under OBJ ( ECA and Foreign Reserves)… but subsequeng govts went on spending spree

festacman:
Mr. President,
- Focusing on taxation without any clear plan to boost the productive capacities of existing businesses as well as create enabling environment for new businesses to create jobs is antithesis of economic growth. No economy grows on taxation alone.

- Leave the pursuit of FDIs for now. Come home and rebuild the building blocks of the economy.

- Quit wooing UAE like a beautiful bride. Come home and focus on wooing local investors to invest in sundry areas of the economy.

- Forget the beautiful speech at UNGA. Come home and give beautiful economic roadmap.

- Forget ringing bell at NASDAQ stock market. Come home to ring the bell of local industries and SMEs by carefully packed incentives and ease of doing business initiatives.

- Run back back home and roll out your all-encompassing economic plan to revitalize the economy as contained in your manifesto.

- Quit chasing shadows. Go after the substance for time is running out.

- There is fire on mountain at home. Run home and quench it, my president.

production is the key, anything possible to do to reduce using dollar for massive importation must be done, electricity must be improved,good roads,ease of doing business,SMEs must be supported and fresh radical ideas needed, agriculture must also be an export engine to other African countries,the failure of government is the major cause of this rise when we rely on Singapore that is 11,000 km away to refine our oil and we buy it back with dollars when we have idle refineries at home,this is treasonable economic sabotage,if we don't move from consumption to production there is no hope for our country

Yorubas how far?

Calling on Mannabbq Grills to come and twerk for his Darling Daddy whom he promised us is the savior of Naija. Nigeria is a cash cow that must be milked. The moment you realise no one is building anything for the future of anything called Nigeria, you would be at peace with all these evil news.

Just like naira malians

Great news for exporters.

I really wish it continues like this for the foreseeable future.

OkCornel:
Well…we gotta cut down imports and be more productive as a nation.

We got no business importing fuel, wheat, rice, palm oil, stock fish, steel and steel related products, rubber etc

.. nigeria importing iron and steel when we have ajaokuta steel company that has not worked since it was established at 1979 ....44 years..that ajaokuta steel alone can generate a lot of dollars, foreign currencies into the country if the company was working and exporting iron and steel

TheFreshVanilla:

Nazgul:
I want to ask...

Aside crude oil, what else does Nigeria export. Cos the way our naira is diving downwards, it's almost as if we export nothing.

Why can't Tinubu diversify the economy. Shebi they said gold is in zamfara, why not export it in large quantity and get forex?

We have tons of agricultural raw materials the world needs, like Cocoa, cashew, cotton, millet, rubber...etc.

What's with the absolute dependence on crude oil, why not invest in agriculture and export these raw materials to countries that need them?

Even the oil sef, vandals conniving with the navy have prevented us from meeting OPEC quotas. This is what Tinubu should have fought and talked to Buhari about, but he was shouting EmiLokan.

kelvinovie25:
you export what you have in abundance, Nigeria cannot feed Nigerians with her Agricultural produce, exportation on the other hand is very expensive in Nigeria as you would incur serious loss exporting your product

That is not entirely true. There are agricultural products Nigeria exports in large quantities. The problem is that we don't process them to finished products so generate more value from them. But for exports? We gain quite well from what we export.

OkCornel:
Well…we gotta cut down imports and be more productive as a nation.

We got no business importing fuel, wheat, rice, palm oil, stock fish, steel and steel related products, rubber etc

... nigerians and politicians to reduce the way they travel to abroad for medical treatment and also travel to abroad to school at foreign universities...this makes the dollars to rise and weakens the naira . It's makes the demand for dollars will be high ...we should value what we have in this country and not to travel to abroad for medical treatment and to school abroad...I know the education sector and health sector is bad in nigeria that is why the government should improve the standard of our education sector and health sector to reduce and avoid all this traveling abroad for it

The solution is nigeria to be a producing economy..an industrialized country...more exportation and less importation...and nigerians and politicians to reduce the way they travel to abroad for medical treatment and also travel to abroad to school in foreign universities...all this increase the demand for dollars and makes the exchange rate for dollars to rise and weakens the naira

The economy started to be bad and destroyed when APC entered power... nawaoooo

When a good leader rules the people rejoice, but when a bad leader rules the people mourn.

It is baba destiny to bury nigeria...

festacman:


Thanks bro for kind words but Nairaland operates on basis of anonymity and it has been so over the years. I would prefer it stays.

give him a chance. I myself admire you. You are a right thinking individual 🙌

ufotunang:
.. nigeria importing iron and steel when we have ajaokuta steel company that has not worked since it was established at 1979 ....44 years..that ajaokuta steel alone can generate a lot of dollars, foreign currencies into the country if the company was working and exporting iron and steel

This stuff won't work fully cos of politics

Where's that oduduwpig who always dedicate 🎵 in italics? Oya come and dedicate Renewed Shege by Hashuwajju Ebola

benalvino3:


What difference does it make? Buying power of the naira falls.

The difference is that since 2019 Dec 23rd to be precise i don't buy power, ask next time don't assume solar is available for shipment and installation via DIY.

Wittyness

OkCornel:


Ok, let’s import everything and expect the Naira to appreciate in value ✌️

Bros don't blame masses

These leader are supposed lead the way, by example by conscious honest deliberate efforts to turn from import dependent consumerism nation into self reliant industrial nation

okeysoninv:
This is a lie , dollar is now #1000 this morning.

It will only get worse as long as these people keep going on religious tourism couched in the name of pilgrimage, medical tourism, hidding of ill-gotten wealth tourism and all other avenues of wasting scarce foreign reserves.

newwise1:

Olodo, it means that the small $50 you charge will be spent costly

SMH @your display of ignorance...that extra expence is covered by same extra i get from the converted $ i earn...next time ask question(s) to learn and stop been vulgar.

VeeVeeMyLuv:

Don't mind him

...sis /bro TGIF enjoy the weekend ahead.

newwise1:

Yes I agree with you having a little edge above one who earns in naira but that shouldn't excite you, this will force those who earns in naira the artisans to increase their price as well and cost of items increase, do your self good and check what $50 can afford you 2015, 2016, till noJow

I'm a virtual expatriate since 2019...best life/work decision i made...even if it's a dollar to naira exchange rate i'm unperturbed...if you don't get it let's forget it.

newwise1:

Anyone can be happy with the decision on his career either earning locally of abroad but just know that depreciation of naira will not make you rich🤑

@d emboldened i disagree because it is making me live averagely rich.
For example i only need $1,000(my average monthly earning) which is almost a million naira...how many average nigerians like me earn close to a million as salary monthly?

UnfairLife7:
Lol

Ignorance will not kill you guys. Olodo calling someone olodo🤣

VeeVeeMyLuv:

It is the confidence for me

The boldness in which he uses to display his brazen ignorance

You guys should take it easy...so many of such NLers are like that...you both got me cracked up with laughter...lolz

Wittyness

wittywriter:

SMH @your display of ignorance...that extra expence is covered by same extra i get from the converted $ i earn...next time ask question(s) to learn and stop been vulgar.



Wittyness

Don't mind him

Everything got worse despite his subsidy removal. He better bring back subsidy before Nigerians boot him out with protest

newwise1:

Olodo, it means that the small $50 you charge will be spent costly

Lol

Ignorance will not kill you guys. Olodo calling someone olodo🤣

UnfairLife7:
Lol

Ignorance will not kill you guys. Olodo calling someone olodo🤣

It is the confidence for me

The boldness in which he uses to display his brazen ignorance

VeeVeeMyLuv:

Bros don't blame masses

These leader are supposed lead the way, by example by conscious honest deliberate efforts to turn from import dependent consumerism nation into self reliant industrial nation

Okay, let’s blame the government and expect the naira to appreciate ✌️

festacman:
Mr. President,
- Focusing on taxation without any clear plan to boost the productive capacities of existing businesses as well as create enabling environment for new businesses to create jobs is antithesis of economic growth. No economy grows on taxation alone.

- Leave the pursuit of FDIs for now. Come home and rebuild the building blocks of the economy.

- Quit wooing UAE like a beautiful bride. Come home and focus on wooing local investors to invest in sundry areas of the economy.

- Forget the beautiful speech at UNGA. Come home and give beautiful economic roadmap.

- Forget ringing bell at NASDAQ stock market. Come home to ring the bell of local industries and SMEs by carefully packed incentives and ease of doing business initiatives.

- Run back back home and roll out your all-encompassing economic plan to revitalize the economy as contained in your manifesto.

- Quit chasing shadows. Go after the substance for time is running out.

- There is fire on mountain at home. Run home and quench it, my president.

Una neva see anything

IamAsiri:


Too bad you can't answer my questions objectively.

Again, how has buying made-in-Nigeria goods helped our economy with rice as the major point of discussion?

Demand and supply. Less pressure on demand for dollars to import commodities.

If demand for foreign currency falls, exchange rate will improve.

Wahala de dis country oooooooo hunger go rampant oooo e go enter 1k by october to greet una happy independence day

TemplarLandry:

what where you expecting Agbadorians

I won't release my Letter of Appreciation until it gets to #1000 for $1.

wittywriter:
Ok...shoutout to fellow freelance & remote workers earning in dollars.




Wittyness

I need a remote job badly