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Nairaland Forum / Nairaland / General / Business / Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch (38488 Views)
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Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by NewsPoacher: 9:25am On Feb 20, 2016 |
http://www.punchng.com/traders-throng-aba-onitsha-lagos-kano-markets/ Nonye Ben-Nwankwo, Success Nwogu, Gbenro Adeoye, Armstrong Bakam and Nosa Akenzua The scarcity of dollars in the country has left traders with no option than to be thronging some commercial cities in the country to buy goods in order to remain in business. Some of the traders, who are majorly importers of textiles and other materials, resorted to thronging Aba, Onitsha, Lagos, and Kano markets, among others, due to the scarcity of dollar in both commercial banks and the black market. According to the traders, the scarcity has continued to affect their businesses. 7 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 9:35am On Feb 20, 2016 |
Local production and local goods are getting boost 101 Likes 4 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ODVanguard: 9:41am On Feb 20, 2016 |
tuale4u: Yes bro. Hopefully this will stimulate a more sustainable patronage of local goods. This dollar scarcity is presenting a silver lining for some afterall. 79 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by swtdrms(m): 9:54am On Feb 20, 2016 |
This is good news for the indigenous manufacturers, its high time everyone think of what he can produce and create employment. Am already thinking in the direction of high quality shoe production. Who's going to be my business partners. 74 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AZeD1(m): 10:02am On Feb 20, 2016 |
Like i said in one post, You cannot say 'buy Nigerian to grow the Naira' and still complain about exchange rate. You have to pick one side for now. 55 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Ecoterrorism(f): 10:03am On Feb 20, 2016 |
Let the local manufacturing sector enjoy but we are still in a deeper poo 5 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by egopersonified(f): 10:08am On Feb 20, 2016 |
I don tell my Tailor to go airport road go look all those imported gowns and tops make she go sew the exact replica, she nor dey hear word. 47 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by HiddenShadow: 10:12am On Feb 20, 2016 |
It is time the Igbo technological ingenuity witnessed during the war takes over Nigeria local production and make the SE/SS the industrial hub of Nigeria. 59 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by modath(f): 10:24am On Feb 20, 2016 |
Great that the traders have temporary succour, these are trying times... What then happens when the stock of the major Lagos,Aba & Kano importers runs out? Did our industries quietly & suddenly get a new lease of life? This is mere band aid.... our manufacturing sector is comatose.. 21 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Lordtrillion(m): 10:33am On Feb 20, 2016 |
Hmmm, better days ahead |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by DeAfricana: 10:37am On Feb 20, 2016 |
i think the writers a trying to make us believe that dolar scarcity, is good for our economy but, the truth of matter is, the other way round.first we dont have the factories, that can service ordinary one tenth of our needs,and to solve that we needs more dolars for equipments and other things.many of all this people you see going to other city to buy goods, is not that those citys, are industrialized,the are just going to people who still have old stocks, and when that finishes, the will have no choice than to start importing .and inflation we be the order of the day 50 Likes 4 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by BALLOSKI: 10:51am On Feb 20, 2016 |
And Somebody wants us to believe the restrictions on forex is not yielding results. BUHARI till 2023...by God's grace! Me and my progressive clique right now 29 Likes 1 Share
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Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by NavierStokes(m): 10:57am On Feb 20, 2016 |
So where do the markets in Lagos, Kano etc. get their goods from? 16 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by vikacydevato(m): 11:00am On Feb 20, 2016 |
This will help us to develop our nation. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by sinkhole: 11:03am On Feb 20, 2016 |
Is it only fabrics and food we need in Ngeria? what about machineries that we do not produce in Nigeria, what about all the essential electronics that are imported from China and Co? 11 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by BALLOSKI: 11:10am On Feb 20, 2016 |
DeAfricana:are we going to stop existing if we don't have these so "important" goods? Do you know how the likes of Cuba , Libya , Iran , survives in the face of western sanctions? Do you know Palestinians are living in an enclosure, and are still surviving? We couldn't manage our wealth in times of excesses , we should get ready to suffer while trying to get it right. NB: below is what the policy is trying to achieve- a perfect result is the testimony below. “I can’t buy anything abroad presently. If I should buy, my customers may not afford to buy them because the goods will be very expensive. 35 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Kyase(m): 11:13am On Feb 20, 2016 |
NavierStokes:Nigerians will start manufacturing. Kaput? 14 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Justiyke4u: 11:14am On Feb 20, 2016 |
If only the end consumers will have that mindset that local products can do more than most of the foreign products and local producers not using the situation as an opportunity to exploit their customers living them with that mindset that foreign product is cheaper and better I think there will be an impact in our economy 5 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Flets: 11:15am On Feb 20, 2016 |
Acute Forex shortage is not due to crude oil prices like Buhari and his minions will want us believe. The biggest cause is the massive capital flight that followed Buhari's lack of economic direction. Nigerians are not aware that investor funds contribute over 60% of our forex supply. Buhari's cluelessness and dumb attitude towards economy made investors pull their funds out. He further placed monetary policies that caused panic in the investor environment. The plan to fund the national budget with MTN fine was the final nail on investors funds. Buhari is solely responsible for the very poor state of the economy. 60 Likes 3 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ZeroTolerance: 11:16am On Feb 20, 2016 |
HiddenShadow:I hate this SE/SS of a thing. Isnit necessary to always add the South South? 8 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 11:17am On Feb 20, 2016 |
NavierStokes:They too will soon run out of stock, after then everyone will come back to their senses 11 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mathemagician3: 11:31am On Feb 20, 2016 |
The reality is that traders are buying old stocks from their fellow traders not that they're patronising local manufacturers. The SW Ibadan express way junk newspaper is trying to portray a nonexistent reality. 14 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by BALLOSKI: 11:41am On Feb 20, 2016 |
Flets: 35 Likes
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Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by tuniski: 12:02pm On Feb 20, 2016 |
tuale4u:That is not boost it is the last mop up before a collapse. Structural shift ain't knee jerk response to deep issues. Be worried! 4 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Aufbauh(m): 12:08pm On Feb 20, 2016 |
This is how the fall of naira will herald the rising of Nigeria. It is logical that when there is scarcity of FX, we will have no option than to look inward.... #BuyNaijaToGrowTheNaira 7 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ozor1: 12:25pm On Feb 20, 2016 |
Flets:exactly, the government ought to have made favourable policies for intending investors. this alone will bring enough foreign exchange 2 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mrmetoo1: 12:28pm On Feb 20, 2016 |
Flets: Ah!! 60%?? Lmao!! Where are you getting your information? Abeg what were they investing in that all of a sudden they pulled all that 60% back. What are the policies that caused that much panic that investors pulled 60% of our forex earnings?? Who are the investors? Bros no need to just be mischievous oil makes up 80% of our forex earnings, oil prices has gone to the toilet, forex now scarce... simple. What we need to focus on now is how we create more forex earner avenues. 31 Likes 3 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ozor1: 12:30pm On Feb 20, 2016 |
modath:we still dont have local substitutes for most of the products we consume. I wonder how the government intends to deal with this particular issue 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ozor1: 12:32pm On Feb 20, 2016 |
mrmetoo1:the statement was over exageratted , but thats the truth most people dont know about. after jp morgan delisted nigeria, investors withdrew their money . getting fresh investors now would be difficult 4 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by chigoizie7(m): 1:11pm On Feb 20, 2016 |
BALLOSKI: Lolz, u re just funny. Those going to buy locally are buying from fellow traders who still have old stocks. What will happen when all the goods finishes? It is not as if there are local industries where those goods are produced, NONE. In less than 3months, we will witness the real inflation. So, don't jubiliate yet. As no industry can be set up, run and produce in 3months or 6months, from scracth( feasibility studies 1st, importation of machinery, building industries, production proper and roll out) in 6months? It is just funny. Things might change on the long run, but that is if a tangible policy and law is set aside to back the local manufacturers. What if after defying all odds to buy or set up industries @ high cost and dollar come stabilise, what will be their fate when Benin republic and other ecowas states will still enjoy the ecowa free trade laws? ( nigerians will import via ecowas countries and then bring in through the borders, increasing the IGR of such states, because our importers will pay customs duty or any other tax @ their ports and borders) naija will loose big time. U people just read anything and believes it, hook, line and sinker without reasoning further 10 Likes 2 Shares |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by chigoizie7(m): 1:21pm On Feb 20, 2016 |
Kyase: U think production is like having s3x? Where will they source the money to buy heavy machines?( dem go import am nah) How will they source for raw materials? All these things na still import (even though we can source locally, but it is very little) No one is going into any production until a standard policy is laid out backed by law and protected to the last. NB:, assume some investors defy the dollar hike in other to channel it as a cost of production and den dollar come stabilise, what do u think will happen to the local manufacturers? 1st thing is that policy/law. And buhari's Govt has not made any. 6 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by SLIDEwaxie(m): 1:27pm On Feb 20, 2016 |
chigoizie7:u shld increase ur sinking capacity and think wider. 1. it is impossible for every trader to still have the goods of almost 3 months on ground...unless u're a petty trader. 2. if it finishes...people will improvise. only the super rich will be able to afford the average things by then. if a fake razor blade (Nigerian made) is sold for 5 naira, and imported tiger blade is sold for 20naira (current price), who wld buy the 20naira own unless they are rich enough? in a nut she'll, the average Nigerian is more then the rich ones, those who prefer to import will be left at the mercy of the rich ones while the larger masses goes for the indigenous. sooner or later, some average trader will stop importing because they will be unable to sell as quickly as they shld. then the company in China will loose customers and decides to open a company here where the original blade will be sold for 10naira. then someone with the will of adenuga of GLo mobile will open a razor blade company and sell at 6naira... that is where it all starts... 34 Likes 4 Shares |
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