So is this a blessing in disguise?

9jatriot:
China will give an arm and a leg to have this kind of exchange rate but America non gree.

Nigerians will always say with pride we are an export country. Go to Alibaba.com and see very young Chinesse, probably less than 22 on the internet trying to sell products to international buyers, all we sabi na spend time on social media and form sophistacted because we sabi speak small English

For where !!!
What are we exporting besides our own Oil.
We are consuming economy which is not good.
If we are to change things around
1. We need to tighten our belt inflation is too high.
2. Need to start producing things electronics China ) dresses ( Malaysia, India , China ) furniture ( Swiss think IKEA) at very low cost and exporting. But we ourselves head to China.

Cocoa - for coffee , candy bars , chocolate.

Mention 10 made in Nigeria products that we export.
Besides Jollof Rice ( we don’t even grow Rice) but the smelly ofada !

I thought , just thought that we had hit rock bottom with Buhari just didn’t realize we could go any deeper.

forgiveness:
I actually agree. Naira had more value than won but Korean economy is bigger than Nigeria thus making them more wealthy and richer than Nigeria because they export more products.

Don't forget that you have to produce first before you can export. So if cost of production kills small businesses, there'll be nothing to export hence, no benefit of devaluation. It's a delicate balance.

Kay17:
Some costs of production will be variable with the dollar but most are not. Labour costs will largely be denominated in naira, the land and/or factory similarly in naira, transportation will be in naira, financing will be in naira not dollars.
Other countries have tried this same formula. It is not rock science. Besides, there is a cost in being an import driven economy based on petro-socialism. If the money used to prop an overvalued naira for the elite was used for better priorities like healthcare and education we improve our Labour force. Amongst 200m people, we should be able to find sufficient geniuses that can innovate.

So you are just here to piss on folks or what? 2 posts later and you still haven't answerr the actual question I asked. Abeg, waka pass me.

Kay17:
■ I just said cash crops… cocoa, cashew, tobacco, timber and the likes. Some companies process these at some level and export.

LOL.... since I dey primary school back in the 80s, na these same farm products aka cash crops Nigeria dey be talk say dem dey export. So, na for these same farm products the government come devalue Naira for?

lexy2014:


According to you "PBAT is a genius in economy". How can someone be a genius in "economy"? What type of English is that?

You are comparing nigeria with China. Pls which "cheaper labour" is Nigeria going to attract by devaluing the naira?

Which products is Nigeria producing that will become cheaper for exports? Export to where exactly?

How should Tinubu ensure food security and national security?

1 Nigeria is the most industrialized nation in West Africa
2 I meant to say PBAT is a genius in economics
3 Foreign Manufacturers will start coming down to Nigeria because of cheap labor which is why I said that PBAT should ensure national security.
4 If Nigeria can get up to 1 or 2 refineries working plus the Dangote refinery, then expect more industries in Nigeria by this time next year because the extracts gotten from crude that can be used by most manufacturing firms will be available locally. This news is an eye opener I repeat. You can bookmark this page

Which will now make local products even more expensive than it presently is.

See phoolishness....

Apc tinubu and lies! They want to justify their failure about the economy.

Bastards

Theunbothered:


Korea is exporting finished products Nigeria is exporting raw materials and making itself poorer.

We are saying the same thing.

emorse:

Don't forget that you have to produce first before you can export. So if cost of production kills small businesses, there'll be nothing to export hence, no benefit of devaluation. It's a delicate balance.

We are saying the same thing.

I don't believe we don't have finished products. The problem is western world don't allow our finished products in their country.

Even if it's 1 or 2 finished products, we should focus on these and export massively.

forgiveness:
I actually agree. Naira had more value than won but Korean economy is bigger than Nigeria thus making them more wealthy and richer than Nigeria because they export more products.

Olodo, a devalued currency is a tragedy for an import dependent economy. South Korea is one of the major manufacturing economies of the world.

uniquetechng:
Korea is a producing nation not a consuming Nation like Nigeria, we don't produce anything for export aside oil.
Weaker currency will impoverish the people.

Thank you. So elementary but almost two hundred people thought that stupid post made sense. That just shows you how much trouble we are in.

Bede2u:
Lol. It is not about the value of naira but the RATE at which it is losing value which is causing undue hardship to people on salaries.

If the value of naira to dollar is 2000, but has remained like that for 5 years then naira is regarded as a stable currency that can store value.

I quit agree with you but the problem is, we import more than we export which puts more pressure on the naira.

I think if we produce and export more, our economy will be stable. Value of currency doesn't determine the wealth of a Nation. Won is worthless but the economy is good.

Someone trying to justify issues from a narrow perspective, what is the volume of export compare to import, how are you protecting local industry to keep them afloat, what is been done at the Port to allow quick and timely export of product, what incentive are you giving to make sure the local economy isn't drain at the expense of export ....
I honestly think the President should have people giving him economy feedback per local government in Nigeria every month with a standard template and someone at the Presidency can Visualize those data to Mr President .. instead of using assume data from people who want to sugar coat things to Mr President.

inoki247:
Lol remind me again wetin we dey produce.....



Which local produce we dey sell

LOL

DeepSight:


Olodo, a devalued currency is a tragedy for an import dependent economy. South Korea is one of the major manufacturing economies of the world.

You are just repeating whar I said.

FreeStuffsNG:

Shhh. Don't loud it. Lazy youths , cyberbullies and criminal defamers will have sense las las.

Most companies are buying up warehouses upandan to increase their export capacity while the lazy youth, hate-filled bigot mob and unpatriotic elements are addicted to social media entertainment, abusing and cyberbullying everyone on the social media. Smh

it's already proven that you are a zombie

forgiveness:


We are saying the same thing.

But devaluing the naira will make it very difficult for Nigerians to produce anything since what we import are refined fuel wheat and machines.

mariovito:
So is this a blessing in disguise?

Not at all.

It’s just the same bullshiting propaganda lies that Buhari used to scam us for eight years, and Tinubu has used to suffocate 20 million Lagosians since 1999.

If foreign demand for Nigerian goods is rising, then we should have more jobs, less japa and ultimately better naira value. Have you seen any of these things happen since Tinubu’s fake announcement of unified exchange rates? Have you seen any

FACT CHECK: Did Ogbeh lie about the collapse of Thailand’s rice mills?

MARCH 3, 2018

And the minister’s claim that seven rice mills collapsed in Thailand owing to Nigeria’s low patronage could not be verified.

Instead, Thailand’s export has continued to grow. According to The Nation Thailand, overall exports in January this year alone rose to 17.6 percent with an income of $20.101 billion.

Significantly, rice exports grew to 37.2 percent year-on-year — an indication that rice mills are not collapsing in Thailand. Instead, rice producers in the country may be needing more mills!
>
>
CLAIM TWO: UNEMPLOYMENT IN THAILAND HAS RISEN TO FOUR PERCENT

Checks by TheCable found this claim to be false.

Trading Economics puts Thailand’s unemployment rate at 1.3 percent as at January 2018.

“The unemployment rate in Thailand inched up to 1.3 percent in January of 2018 from 1.2 percent in the same month a year earlier,” information on the website read.

“The number of unemployed went up by 26 thousand from the prior year to 475 thousand while the number of employed declined by 142 thousand to 37.07 million.

“In December 2017, the jobless rate was 1 percent. Unemployment Rate in Thailand averaged 1.45 percent from 2001 until 2018, reaching an all time high of 5.73 percent in January of 2001 and a record low of 0.39 percent in November of 2012.”

CONCLUSION

The claim that seven mills collapsed in Thailand because of Nigeria’s low patronage cannot be verified. The claim that Thailand’s unemployment is at four percent is false.

Maybe the ambassador, as quoted by Ogbeh, was only speaking tongue-in-cheek to show how insignificant Nigerian market is to Thailand — but Ogbeh, eager to celebrate his achievement in office, took a private joke to the public without crosschecking.

https://www.thecable.ng/fact-check-did-ogbeh-lie-about-collapse-of-thailands-rice-mills/amp

nice analysis but it only looks good on paper.

do we have the right foundation for local manufacturing and export of made-in-Nigeria goods?
things like:-
regular electricity power supply
affordable fuel (Diesel/petrol/gas)
motivation from government and her officials
no double taxation
access to cheap loan
good means of transportation for the raw material & the manufactured goods

etc
etc

the above and more, are what made countries like South Korea rich even with a very weak currency.

spiSeyi:
PBAT is pulling the string of Chinese economic strategy after WWII the CNY was devalued and floated to attract cheap labor and reduce the cost of Chinese products for the foreign market to attract more exports which led to the inflow of more FOREX because most countries' currencies were higher than CNY as at then.

Can you please share where and when Tinubu said he has devalued our currency.

You should also share the link and sources for China’s currency float after WWII.

I have assumed that you are not a bloody liar and propagandist out to deceive and misinform people.

forgiveness:


You are just repeating whar I said.

That is not what you said sir.

FreeStuffsNG:

Shhh. Don't loud it. Lazy youths , cyberbullies and criminal defamers will have sense las las.

Most companies are buying up warehouses upandan to increase their export capacity while the lazy youth, hate-filled bigot mob and unpatriotic elements are addicted to social media entertainment, abusing and cyberbullying everyone on the social media. Smh

stop the lies. I know you job is to give the impression of a working Nigeria irrespective of reality. Trade level are down indeed and many companies are scaling down so stop the stupid lies.

uniquetechng:
Korea is a producing nation not a consuming Nation like Nigeria, we don't produce anything for export aside oil.
Weaker currency will impoverish the people.

The idea is that a weaker currency will stimulate productivity and export. As a natural course of events, an import dependent nation like ours, ought not to have a strong currency if demand for it is low. Ours was obviously propped up by the CBN. We can make the decision to keep propping up the naira for the benefit of the elite, but we must realize that it is at the expense of higher priorities such as education and healthcare.

forgiveness:
I actually agree. Naira had more value than won but Korean economy is bigger than Nigeria thus making them more wealthy and richer than Nigeria because they export more products.

But we don't have such products as Korea do. The product of our competitors are even better than ours. Where does that leave us?

emorse:

Don't forget that you have to produce first before you can export. So if cost of production kills small businesses, there'll be nothing to export hence, no benefit of devaluation. It's a delicate balance.

The supposed low cost of production in FX did not stimulate the growth of small businesses either. Instead, the FX was spent on consumer goods which outcompeted and killed the little manufacturing we had/have.

forgiveness:


I quit agree with you but the problem is, we imporr more than we export which puts more pressure on the naira.

I think if we produce and export more, our economy will be stable. Value of currency doesn't determine the wealth of a Nation. Won is worthless but the economy is good.

I know that Value of money doesn't mean value of economy. But hyper inflation is terrible for economy and that what has been the case since 2014 that naira went on a free fall.
Remember Zimbabwe? Venezuela?

seguno2:


Can you please share where and when Tinubu said he has devalued our currency.

You should also share the link and sources for China’s currency float after WWII.

I have assumed that you are not a bloody liar and propagandist out to deceive and misinform people.

The naira has been devalued through the back door the effect of the Naira in recent times on the economy is exhibiting the trait of currency devaluation

Kobojunkie:
LOL.... since I dey primary school back in the 80s, na these same farm products aka cash crops Nigeria dey be talk say dem dey export. So, na for these same farm products the government come devalue Naira for?

no be small thing oh. I hear this cash crop word well well too ohh. Still on the matter,and nothing is happening...

Theunbothered:


But devaluing the naira will make it very difficult for Nigerians to produce anything since what we import are refined fuel wheat and machines.

If the raw materials are not imported but produced here, I don't think it will affect production.

We have to develop and improve our own indigenous technologies.

We have the technology to refine crude oil but because we don't appreciate it, we clamped down on them and rely on oyinbo technologies.

Meanwhile, we are adopting modular refineries technology from them but ignoring those with the technology to do local refineries.

What stops us from invite these people? Exam the technology and develop it if possible. Then license them to refine crude oil. Vola...no more importation of oil.

We must adopt our local technologies if we want to produce and export.

emorse:

Don't forget that you have to produce first before you can export. So if cost of production kills small businesses, there'll be nothing to export hence, no benefit of devaluation. It's a delicate balance.

That is why government intervention to fund local products is very important.

Korea government funded Samsung, LG, Hyundai etc to get to where they are today.

9jatriot:
China will give an arm and a leg to have this kind of exchange rate but America non gree.

Nigerians will always say with pride we are an export country. Go to Alibaba.com and see very young Chinesse, probably less than 22 on the internet trying to sell products to international buyers, all we sabi na spend time on social media and form sophistacted because we sabi speak small English

somebody up there said something is wrong with ur brain, I think the person is right. For ur information Nigeria had never for once created and environment for young minds to go into manufacturing.
Ranging from the useless things being taught in school, using hunger to make the young once only think of their next meal, if u brake out of all this you will start experiencing poor government infrastructures, no bank would want to give loan to a starter etc . How do u want people to survive and manufacture.
The government can not maintain any mining operation in Nigeria we still need to depend on Importation of raw materials for production. If u even manage to import costum duties is another thing on his part.