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Nairaland Forum / Nairaland / General / Business / Weaker Naira Drives Up Foreign Demand For Local Products (19102 Views)
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Re: Weaker Naira Drives Up Foreign Demand For Local Products by mariovito(m): 7:07am On Oct 19, 2023 |
So is this a blessing in disguise? 1 Like |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by rickleye: 7:14am On Oct 19, 2023 |
9jatriot: 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. 2 Likes 1 Share |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by emorse(m): 7:15am On Oct 19, 2023 |
forgiveness: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. 1 Like |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Kobojunkie: 7:27am On Oct 19, 2023 |
Kay17: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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Kobojunkie: 7:28am On Oct 19, 2023 |
Kay17: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? 5 Likes |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by spiSeyi: 7:41am On Oct 19, 2023 |
lexy2014:1 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 1 Like 1 Share |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by DKM123: 7:48am On Oct 19, 2023 |
Which will now make local products even more expensive than it presently is. See phoolishness.... |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by lomprico(m): 7:53am On Oct 19, 2023 |
Apc tinubu and lies! They want to justify their failure about the economy. Bastards |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 7:53am On Oct 19, 2023 |
Theunbothered: We are saying the same thing. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 7:57am On Oct 19, 2023 |
emorse: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by DeepSight(m): 8:03am On Oct 19, 2023 |
forgiveness: Olodo, a devalued currency is a tragedy for an import dependent economy. South Korea is one of the major manufacturing economies of the world. 2 Likes 3 Shares |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by DeepSight(m): 8:08am On Oct 19, 2023 |
uniquetechng: 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. 1 Like 1 Share |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 8:19am On Oct 19, 2023 |
Bede2u: 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. 1 Like 1 Share |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Babangidapikin: 8:20am On Oct 19, 2023 |
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. 1 Like |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by maticar: 8:20am On Oct 19, 2023 |
inoki247:LOL |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 8:20am On Oct 19, 2023 |
DeepSight: You are just repeating whar I said. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by junketer(m): 8:23am On Oct 19, 2023 |
FreeStuffsNG:it's already proven that you are a zombie 1 Like 1 Share |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Theunbothered: 8:26am On Oct 19, 2023 |
forgiveness: But devaluing the naira will make it very difficult for Nigerians to produce anything since what we import are refined fuel wheat and machines. 1 Like |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by seguno2: 8:31am On Oct 19, 2023 |
mariovito: 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? |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by buJu234: 8:33am On Oct 19, 2023 |
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. 1 Like |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by seguno2: 8:38am On Oct 19, 2023 |
spiSeyi: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by DeepSight(m): 8:39am On Oct 19, 2023 |
forgiveness: That is not what you said sir. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by CodeTemplar: 9:04am On Oct 19, 2023 |
FreeStuffsNG: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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Kay17: 9:04am On Oct 19, 2023 |
uniquetechng: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Bananapill: 9:12am On Oct 19, 2023 |
forgiveness: 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? |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Kay17: 9:18am On Oct 19, 2023 |
emorse: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by Bede2u(m): 9:30am On Oct 19, 2023 |
forgiveness: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? |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by spiSeyi: 9:51am On Oct 19, 2023 |
seguno2: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 |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by kushme: 9:52am On Oct 19, 2023 |
Kobojunkie: no be small thing oh. I hear this cash crop word well well too ohh. Still on the matter,and nothing is happening... |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 9:53am On Oct 19, 2023 |
Theunbothered: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by forgiveness: 9:55am On Oct 19, 2023 |
emorse: 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. |
Re: Weaker Naira Drives Up Foreign Demand For Local Products by deavicky(m): 9:57am On Oct 19, 2023 |
9jatriot: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. |
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