Paraman:
Rice nah 78k like this... Pure madness

It is a sorry, sad and pathetic situation but this is caused by our own greed. Nigerians (through the NAFEM fix dollar rate not the government.
Producers and farmers now prefer to export to neighbouring countries due to a more favourable exchange rate. People are still moping up dollars and storing it hoping for it to rise for them to make a profit thereby worsening the situation. We all cashing out from the predicament instead of solving it.
Everyone wants the government to implement price control but not in their own line of business. They don't want the price control to start with them.
We we all learn in the hard way.

shortgun:

The so called "local rice farmers" are responsible for the high cost of rice in the country, we were buying a bag of rice for 8k until Government decided it want to support local rice farmers by closing the borders..now a bag of rice is 70k.
Same thing with poultry; we all remember how frozen chicken was affordable and all over the place until local farmers were introduced into the equation, now a sizable chicken goes for as much as 15k, a fully grown turkey is priced at 40k.
The policy clearly did not produce the results it intended, time to get rid of it and open up our borders

The Policies are good and commendable Buh Naija factor ruins everything good,
selfishness, greed, unpatriotism, insincerity, infact the negativity is endless.

It vexes me anytime govt pretend like they don't know what to do

Yorubas adage says, if going forward become impossible Reverse should be an option

drehdinho:


This is so true. This administration is 100% clueless. How else are they not supposed to know even when boarders are open for importation of cement, are they buying with naira from another country or in the currency of the foreign country im buying from.

How would a reasonable leader take that as a strength or punishment tool the government can use to scare the association of cement in Nigeria.

It’s really sad. We are in trouble in this country.

So shameful.

efemena5050:
No na ......when you decide to hoard ur good despite being of an inelastic nature ......when aggregate supply exceeds aggregate demand .....due to market surplus ur MR (marginal revenue will be less than ur MC ....marginal cost ) based on. This ....u will be forced to sell ....during surplus ....price will fall .... hoarding of good will either backfire the seller since he need to wait for a long time before he can make profit ........trust me if the border is open give this inflation 3 months food prices will fall

All this economic theories does work in reality,they said food is scarce but go to d market d market is not empty it is full with rice,beans,garri, tomatoes etc but d high prices reduces d quantity demanded,making d market not to be empty of food.
Don't forget those marketers has unions who fixed high prices for goods,you cannot sell lesser even if you sell @ lesser prices you dnt have enough supply to crash down d prices.
That is why BUA cement cannot sell his cement @ #3,500 to crash d market BUA production or supply is not high enough to meet national demand has 17% market share while dangote cement has 60% market share.

The moment I saw X3 on Dangote cement bag I knew the price will be X3

bizzibodi:

All this economic theories does work in reality,they said food is scarce but go to d market d market is not empty it is full with rice,beans,garri, tomatoes etc but d high prices reduces d quantity demanded,making d market not to be empty of food.
Don't forget those marketers has unions who fixed high prices for goods,you cannot sell lesser even if you sell @ lesser prices you dnt have enough supply to crash down d prices.
That is why BUA cement cannot sell his cement @ #3,500 to crash d market BUA production or supply is not high enough to meet national demand has 17% market share while dangote cement has 60% market share.

bross food is scarce due to limitations in supply .....the demand is now more than the supply for food hence the inflation ......meanwhile due to this limited supply patterns of food the remaining available food is now being sold to the sellers at higher prices.....since they don't want to loose they will place the overhead cost (vat) on the prices thereby making me and u to pay the deficits(inflation).....based on ur argument.....about food not being scarce ....hope u know state like Niger state has band movement of goods out of the state ...also some norther state have place restrictions of movement of supply from their state.......to finally state my points pls read up the meaning of inflation .......due to limited supply of foods the purchasing power (value of money) becomes eroded ......today farmers can not farm .....all GDP accurals .....and balance of trade of Nigeria is at the deficits ....we don't produce we consume ...the limited supply result to high inflation cost.....

Solution .......once the border is opened people will now go and access these good at lesser cost which will necessitate reduction in cost per sale .....this since the average consumer knows the market very well..(perfect market) ...no market union or trader can set or fix an arbitrary price ......

Please open border so that they can soak and drink their CEMENT like garri.Greedy PEOPLE

The problems of this country hinged on greed and selfishness. Cement was considerably cheap until border was shut to help local producers and then, prices began skyrocketing till it's almost costlier than the imported. Same has happened to rice, wheat and other farm produce we once imported but are now banned. It seemed we have more greed in our DNA than the aspiration for the wellbeing of our fellow countrymen. But that's a sad reality.

Nbote:
Threaten? ? Are the Cement, sugar ansmd flour cabal bigger than the govt??

I wonder ooo

Opening of border to bring in Cement products to checkmate price controls. It's good I deal. But, can the Federal Government secure the life of the importers by providing lots of securities
Personals to curb kidnappers and bandits from terrorizing the importers without been harm?

Just open the godamn border and stop making threats. Useless government

Open everything for everything, please.

Dangote has benefited so much from this country, in fact no Nigerians living or dead that has enjoyed the privileges Dangote has been enjoying- he has been tapping resources from our souls since, he enjoys free waiver for importations , giving sole privileges of free importations on all products, he has been enjoying free forex and few times at official rates which no individuals or private company has ever enjoyed. If you go around the country, you see his trucks all over the Nigerian roads, damaging the roads and causing accident to innocent people. Our politicians loot our common patrimony and invest in his company, during Buharis regime all our foreign reserves were used to build his refinery. IS IT HIGH TIME @DANGOTE COME TO RESCUE NIGERIANS AT THIS CRITICAL TIME?, When will @Dangote pay back to the country for the benefits he has gained from the country?, Must Dangote drain the country all to himself without community services?

efemena5050:
bross food is scarce due to limitations in supply .....the demand is now more than the supply for food hence the inflation ......meanwhile due to this limited supply patterns of food the remaining available food is now being sold to the sellers at higher prices.....since they don't want to loose they will place the overhead cost (vat) on the prices thereby making me and u to pay the deficits(inflation).....based on ur argument.....about food not being scarce ....hope u know state like Niger state has band movement of goods out of the state ...also some norther state have place restrictions of movement of supply from their state.......to finally state my points pls read up the meaning of inflation .......due to limited supply of foods the purchasing power (value of money) becomes eroded ......today farmers can not farm .....all GDP accurals .....and balance of trade of Nigeria is at the deficits ....we don't produce we consume ...the limited supply result to high inflation cost.....

Solution .......once the border is opened people will now go and access these good at lesser cost which will necessitate reduction in cost per sale .....this since the average consumer knows the market very well..(perfect market) ...no market union or trader can set or fix an arbitrary price ......

It look like you are an economic graduate,pls tell us how can Nigeria get out of this economic crises & free fall of d naira.

We are a very wicked nation.

How can you be telling me that, one of the reasons why the price of cement is high is because, people come from the neighboring countries to buy our cement and cause scarcity?

There are some idiots that do not want Nigeria to work because it won’t pay them. The best thing is for them to be killed the Russian way.

This man is still not getting the message... I think he should be thrown out of dat office so he will understand that wat we are going through is not a joke...

Please when will the Military take over government?

We are tired of politicians and their lies and corruption

May God punish APC and anyone associated with that party

TruthsFM:
my question now is that why is the dollar increasing rapidly? By the end of his week or early March, the dollar rate will hit 2k per dollar. Inflation keep increasing, price of foodstuffs keep increasing.

The Major reason behind the present free fall of the Naira is that, people are over staking on Dollar against the Naira, the surest business in town now is buy dollar keep it and become a big boy by next week. the next cashout is $1/2000 sweet business

2ndly about 60% of the funds dole out from the official FX window is not expended on production, these funds are diverted into parallel market for overnight profit.

Starting from the govt to Nigerians, nothing we are doing at the moment to reinstate confidence in the Naira, if i was the president ;

i will issue a directive through CBN all private domiciliary account in local banks be reverted to Naira, no country condone that nonsense

2ndly, Open the land borders that will diversify the high demand on dollar, cos importing from neighbour countries boycott dollarization,
its appalling NPA accept payment in dollars, within one month import duties have being hiked more than twice ,our govt are just being wicked

Nicepoker:
Our currency is weak. You will use 2k to buy a cup of rice.

it's a lie..Oga a bag of 50kg rice in Cotonou is 23000cfa which is 59800Naira equivalent while a bag of 50kg rice is sold at the rate of 75000Naira in Lagos have you see the margin

Nnaaaa see confusion wey break bone

God punish these people . Which one is threatening!

Allow importation of rice, cement and every other consumables.

Sincerely l miss Wike. Assuming pdp gives ticket to this guy,He would have show cabals shege

Opening the border right now will worsen the situation.

COMRADES, though, tinubu is incompetent, but if this is the best solution, let it be because Dangote and his fellow capitalists are milking millions of NigeriansCOMRADES, though, tinubu is incompetent, but if this is the best solution, let it be because Dangote and his fellow capitalists are milking millions of Nigerians...

efemena5050:
bross food is scarce due to limitations in supply .....the demand is now more than the supply for food hence the inflation ......meanwhile due to this limited supply patterns of food the remaining available food is now being sold to the sellers at higher prices.....since they don't want to loose they will place the overhead cost (vat) on the prices thereby making me and u to pay the deficits(inflation).....based on ur argument.....about food not being scarce ....hope u know state like Niger state has band movement of goods out of the state ...also some norther state have place restrictions of movement of supply from their state.......to finally state my points pls read up the meaning of inflation .......due to limited supply of foods the purchasing power (value of money) becomes eroded ......today farmers can not farm .....all GDP accurals .....and balance of trade of Nigeria is at the deficits ....we don't produce we consume ...the limited supply result to high inflation cost.....

Solution .......once the border is opened people will now go and access these good at lesser cost which will necessitate reduction in cost per sale .....this since the average consumer knows the market very well..(perfect market) ...no market union or trader can set or fix an arbitrary price ......

Food is not scarce, if food is scarce we won’t even think of exporting to Niger. Also, This is not a matter of supply and demand. It is the problem of the government making senseless policies. Rice became expensive because Buhari placed high tariff on rice importation. Presently, we are increasing the prices of food because producers don’t want to sell in Naira anymore. imagine Niger with such a poor economy having their currency 3x better that naira.
Let’s address the fundamental issues not symptoms.

Also, if border is opened, the same set of importers will the lawlessly control the prices of goods. Only few Nigerians cares about the country. If Opening border today will crash the price of cement, rice and others, What could we say caused the increase of local products? We import rice at 70% tariff to discourage importation hence price of rice increased to the point that it becomes the price target to local products too. Nigerian society is bastardized. Everyone is becoming savage and individualistic.

The solution to the problem is to improve our education system. Nigerian Youth are hopelessly turning to psychedelics because they don’t have the capacity to face life challenges hence further destroying the hope of a better Nigeria.

One major issue the govt should also look into the housing. How will someone increase the rent of a house built over 6 years ago with reasons that the cost of materials and maintenance is high. Which maintenance, when was the last time such was done? Even if it was, what's the rent previously paid used for? Nigerians are the devil we cast and bind

gaby:
These people are truly senseless in all ways.

At what exchange rate will the importers be bringing in the cement?

Confused Moronns in power.

Nigerians abroad will bring in money through that means.

ERockson:
Open the border when local currency is very weak will only worsen the situation

Wrong analysis!

Instead of people sending dollar home. They can import cement with the money.

bizzibodi:

It look like you are an economic graduate,pls tell us how can Nigeria get out of this economic crises & free fall of d naira.

ok boss..
just tell tunubu to
open up the rifinaries (to reduce transportation cost....and in turn reduce food prices
Open the boders and give some form of import quotas( to bring up excess food supply it will curb excesses of greedy sellers who capitalize unavailability of goods
Set up active security measures to check the actions of rampaging herdsmen
.....jack up the intrest rate .....and credit reserve ratios of bank so as to reduce the money supply (monetary policy)
Creat an enabling environment by providing tax reforms
So as to promote local production and industries

The summations of all these will go a long way in bringing back the value of naira....

Melagros:
COMRADES, though, tinubu is incompetent, but if this is the best solution, let it be because Dangote and his fellow capitalists are milking millions of Nigerians

Nigerian manufacturers/producers can be exploitative. You close the border to encourage farmers but they end up dealing with the populace. No price control. SOmeone will just wake up one day and raise the price.

Nicepoker:
The thing is no other country needs the naira. We export very little meaning our foreign exchange earning isn't much. So where will you get he dollars to import that rice, beans and yam. You will use 2k to buy a cup of rice at the end of the day. The solution should be for the government to buy food items from farmers then subsidize It for the citizens. That's short term fix.

Akwa ibom is proposing that

chidiokay:




The Major reason behind the present free fall of the Naira is that, people are over staking on Dollar against the Naira, the surest business in town now is buy dollar keep it and become a big boy by next week. the next cashout is $1/2000 sweet business

2ndly about 60% of the funds dole out from the official FX window is not expended on production, these funds are diverted into parallel market for overnight profit.

Starting from the govt to Nigerians, nothing we are doing at the moment to reinstate confidence in the Naira, if i was the president ;

i will issue a directive through CBN all private domiciliary account in local banks be reverted to Naira, no country condone that nonsense

2ndly, Open the land borders that will diversify the high demand on dollar, cos importing from neighbour countries boycott dollarization,
its appalling NPA accept payment in dollars, within one month import duties have being hiked more than twice ,our govt are just being wicked

you are much right here. More importation of goods to Nigeria, more inflation of foods commodities in the market

vislabraye:

Nigerian manufacturers/producers can be exploitative. You close the border to encourage farmers but they end up dealing with the populace. No price control. SOmeone will just wake up one day and raise the price.

Sure