This oil crash is gradually becoming a blessing to Nigeria. This news means volume of import from Asia has reduced hence local production will have to fill the gap. It is time to look to Aba which I always believed will be the cradle of Nigeria's economic emancipation.

Those busy crying on social media will not have the time to think of ways to fill the gap created by departure of Dollar hungry foreigners.

( If with corruption, 1 dollar was 180, but without corruption, 1 dollar is 425. Ladies and gentlemen, my fellow countrymen, you will agree with me that we need corruption to grow in this country. [/quote]

They will talk of intelligence. Next they brand someone illiterate, running Nigeria down with so called education. University fake certificates is no longer working we actually need wisdom and fear of God to resurrect Nigeria. Blames, name callings, innate tribalistic mindedness and constructive grammars is not the solution.

Well people should think......

The ships that used o come and take away are dollars will not come again? Should we cry?

Someone tell us how much those companies were EXPORTING from Nigeria.

Our young people should learn to think for themselves

This is very good news to me . If they were EXPORT ships that would worry me but they were vehicles of consumption
FACT!!
THOSE SHIPS TOOK HUNDREDS OF JOBS FROM NIGERIA ON EVERY JOURNEY

I honestly don't know why I am very happy seeing these stupid and foolish ZOMBIES suffer.
When we warned them, they refused to listen. Now they are crying.
If you complained that GEJ got us here, then tell your failure presidiot to resign let our Hero come continue the fixing from where he stopped.
We were well better of during GEJ's term than now.
I hear people don't patronise them anymore.
Shit just got real Naija

Dee60:

Nigeria has for long been seen a dumping ground for all kinds of goods, from toothpicks, to all kinds of rice and fish and tomato paste. The foreign shiping companies were the unintended beneficiaries of that. They brought in MEGA vessels full of all sorts and sailed back EMPTY because Nigeria did not have any exports to offer the world, apart from oil.

Shanghai to Apapa for a 20' container cost USD2800 at one time. At that same time Shanghai to Hamburg cost only about USD150. Because of petro dollars we went on buying just everything and paying huge freght rates. All of the shipping companies wanted to be here to partake of the windfall.

Now the tonnage deployed has far exceeded the demand and naturally the freight rates will fall. This is why the fringe players are packing their loads.

Low freight rates are good for our economy, because it means landed cost of raw materials will be lower, duties will be lower, and NIgeria can produce at lower costs.

We have an opportunity to turn around the economy like India and China did many years ago, by targeting low cost production that will enable Nigeria to export manufactured goods at scale to other countries.

Nigeria must trade and must seek good trade balances. It is senseless to make your economy a dumping ground that we have been in the last 2 decades.

Today, freight rates from major Asian ports to Nigeria is still about USD1500/20' and it is still significantly higher that Asia to Europe which would not noramlly exceed USD700. The information can be googled. It is available to everyone to see. If a shipping company will check out of Nigeria at the current rates, then it did not really have any reason to be here in the first place.

CBN is rght on one thng. Nigeria cannot be treated as a dumping ground anymore. Low freight rates are good for the economy. At the current rate, any sincere shipping company will still be making a fortune. The main cost of shipping is bunker (oil) which are selling very low right now, meaning that the cost of sailing ships to Nigeria has dropped significantly.

And some Nigerians are crying wolf! I dont understand that.

If only the wailing wailers can think.
Besides they won't even read this, but searching, googling for every whatnot. Nigeria I hail thee.
For me, this country will be great again it's just a matter of time.
God Bless Nigeria.

caleb404:
God help us in Nigeria. This is 1980s all over again. Same old story, just a different narrative this time.

Buhari is God's curse to Nigeria. Just in a period of 9 months things have gone South to the extent the President now travels to Saudi Arabia to pray for the nation.

Anyway, what do we know? Somehow someway we go survive am till 2019. At least some people eye don clear.

We gats take our future in our hands o before they turn us all into slaves. Buying things online now is almost three times its actual price.

Sibrah:
That's becos lazy Nigerians aren't producing enough export to keep them busy. What we like is that the FG subsidizes Dollar for us to go buy cheap Dubai and China made articles thereby help keeping their own economy afloat. Oil price has dwindled and it is time for those chest beating citizens to start exporting their products if any exist. We could av been exporting refine crude but PDP refused building refineries when there was money. They preferred to increase unproductive workers pay and steal us dry. Jonathan, the ineffe, finish the economy indeed.

what have you produced yourself? People will just come online and be making noise. Enter the production and see if it's easy, no loans at all, no skilled labour Nd u want us to compete with the rest of the world, worse there is no light, do you want to run your factory on generators?

baby124:

Who pedigree help? Was the last president not a PhD

you can see that PHD is far better than NEPA bill

tribal sentiment will not take us anywhere

Pidggin:

The truth is very bitter.

How many people can handle the truth?

Dee60:

Nigeria has for long been seen a dumping ground for all kinds of goods, from toothpicks, to all kinds of rice and fish and tomato paste. The foreign shiping companies were the unintended beneficiaries of that. They brought in MEGA vessels full of all sorts and sailed back EMPTY because Nigeria did not have any exports to offer the world, apart from oil.

Shanghai to Apapa for a 20' container cost USD2800 at one time. At that same time Shanghai to Hamburg cost only about USD150. Because of petro dollars we went on buying just everything and paying huge freght rates. All of the shipping companies wanted to be here to partake of the windfall.

Now the tonnage deployed has far exceeded the demand and naturally the freight rates will fall. This is why the fringe players are packing their loads.

Low freight rates are good for our economy, because it means landed cost of raw materials will be lower, duties will be lower, and NIgeria can produce at lower costs.

We have an opportunity to turn around the economy like India and China did many years ago, by targeting low cost production that will enable Nigeria to export manufactured goods at scale to other countries.

Nigeria must trade and must seek good trade balances. It is senseless to make your economy a dumping ground that we have been in the last 2 decades.

Today, freight rates from major Asian ports to Nigeria is still about USD1500/20' and it is still significantly higher that Asia to Europe which would not noramlly exceed USD700. The information can be googled. It is available to everyone to see. If a shipping company will check out of Nigeria at the current rates, then it did not really have any reason to be here in the first place.

CBN is rght on one thng. Nigeria cannot be treated as a dumping ground anymore. Low freight rates are good for the economy. At the current rate, any sincere shipping company will still be making a fortune. The main cost of shipping is bunker (oil) which are selling very low right now, meaning that the cost of sailing ships to Nigeria has dropped significantly.

And some Nigerians are crying wolf! I dont understand that.

Insightful.

Question for you though : Help me, exactly what " manufactured goods " would Nigeria be exporting to " other countries "?

I'm scratching my head as I try to think of something we manufacture that we could put on those ships and export. Or did you mean Raw materials like Agric, Solid minerals ? What " other countries" ? China and India? Those countries simply add value to the our "products" and sell to us.

Manufacturing goods in Nigeria, with the challenge of power, infrastructure, high cost of doing business.... at some point, it became even cheaper for businesses to set up factories in neighboring countries to produce goods for our market. Also, it became somewhat cheaper for businessmen to import from China rather than produce in Nigeria.

For the life of me, I don't know how the government can fix the issue of Power in Nigeria. Obviously, our quest ( maybe dream) of becoming a country that manufactures for export is tied this. Do you honestly see the government taking care of this in the next five years or so?

iamodenigbo1:
( If with corruption, 1 dollar was 180, but without corruption, 1 dollar is 425. Ladies and gentlemen, my fellow countrymen, you will agree with me that we need corruption to grow in this country.

You be yeye man

Pavarottii:

Whether SAS is chairman or not. PDP will rise again. If not why will APC in just 8months do a rally #Istandwithbuhari. Because they know nobody is standing with him again. Even the rally sef, no pull weight. They know he won't survive 2019 medically or economically. My dear all PDP has to do is field Lamido/Ribadu/Shekarau den a any westerner as a vice. And watch how they will win with a great margin. The chairman of PDP means a little my dear. Right now buhari has finished APC to the point of no return just in 9months. Wonder how 2years will be. The only 3 indications APC would av proven to us they were ready for governance they failed woefully.
1) the choice of NASS principal officers. Wat were they doing that Saraki and Ekweremadu decieved them. They really messed up.
2) the choice of Ministers. Me and u know that's a compensation list; not chosen based on competency and merit.
3) the 2016 budget.

I rest my case.

-Pavarotti

you think the SS and SE will allow such to happen in PDP

caleb404:
God help us in Nigeria. This is 1980s all over again. Same old story, just a different narrative this time.

Buhari is God's curse to Nigeria. Just in a period of 9 months things have gone South to the extent the President now travels to Saudi Arabia to pray for the nation.

Anyway, what do we know? Somehow someway we go survive am till 2019. At least some people eye don clear.

Settle down mate, they withdrew service after 3yrs of operating that help explain it don't you think? Perhaps they were little more a tool for 'dumping' in the first place.
Support your president for 4yrs not 4mins.

Pavarottii:

I understand ur plight Zombie. Cos if u don't blame GEJ who will u blame. The refineries that we av. Is anyone working under Buhari?
Hypocrisy.
Wen GEJ wanted to take off subsidy, and build refineries. Wat did u people say?

Please continue blaming him. While he is enjoying his life; and don't focus ur energy in making Buhari fulfil atleast one of his promise.

How did they fare under your jesus-on-earth? You think you and your 40-laptop man crew opening multiple account to post vile comment and like them makes you smart.

No it is #400 to a 1$ that is okay

Standing5:
How did they fare under your jesus-on-earth? You think you and your 40-laptop man crew opening multiple account to post vile comment and like them makes you smart.

I talk with facts. During GEJ tenure, the refineries were working at 60% and he then did TAM(Turn-around Maintenance) and was supposed to kick start by 2016. But buhari rushed into it yet and scattered it.

Abagworo:
This oil crash is gradually becoming a blessing to Nigeria. This news means volume of import from Asia has reduced hence local production will have to fill the gap. It is time to look to Aba which I always believed will be the cradle of Nigeria's economic emancipation.

Those busy crying on social media will not have the time to think of ways to fill the gap created by departure of Dollar hungry foreigners.

Is aba market big enough for 181,000,000 nigerians? I don't think so tim

kindredspirit:


Insightful.

Question for you though : Help me, exactly what " manufactured goods " would Nigeria be exporting to " other countries "?

I'm scratching my head as I try to think of something we manufacture that we could put on those ships and export. Or did you mean Raw materials like Agric, Solid minerals ? What " other countries" ? China and India? Those countries simply add value to the our "products" and sell to us.

Manufacturing goods in Nigeria, with the challenge of power, infrastructure, high cost of doing business.... at some point, it became even cheaper for businesses to set up factories in neighboring countries to produce goods for our market. Also, it became somewhat cheaper for businessmen to import from China rather than produce in Nigeria.

For the life of me, I don't know how the government can fix the issue of Power in Nigeria. Obviously, our quest ( maybe dream) of becoming a country that manufactures for export is tied this. Do you honestly see the government taking care of this in the next five years or so?

If you remember what happened with Local manufacturing of cement during OBJ administration, laws were made and enforced to make it profitable to manufacture cement locally,
It's a standard measure in economic policies everywhere, let in the tide and every boat will sail, you dont scream murder just because you don't have a boat or yours is powered, on the other hand, when a government signal its intentions to let in the tide and everyone build/buy a boat if it then change its mind, that will leave a bad reputation and discourage future boat building,
Dangote said years ago in an interview, that his investment in cement factories then could have bankrupted him if government reversed its policies then.
Now is the time for us to support this government with its policies, it will take months or years for some of the dividends to materialize, it's better than being a dumping ground.

Pidggin:
Nigerians voting pattern is based on tribal sentiments not the pedigree of the aspirants, this is why we will never fully achieve our potential.

We should expect more impending economic woes ahead, but usual we shall suffer and smile , - Fela

In lagos Buhari & GEJ got vote Substantial votes, in the North GEJ got, can you say same of the SE/SS for Buhari. Tribal and academic sentiment had been our problem when we voted certain ineffect state governor cum VP cum president.

Pavarottii:

I talk with facts. During GEJ tenure, the refineries were working at 60% and he then did TAM(Turn-around Maintenance) and was supposed to kick start by 2016. But buhari rushed into it yet and scattered it.

Stop lying where is the record of the 60% output you claimed. The average was less than 12 % and even at that it proceeds was channelled into private pockets for elections.

kindredspirit:


Insightful.

Question for you though : Help me, exactly what " manufactured goods " would Nigeria be exporting to " other countries "?

I'm scratching my head as I try to think of something we manufacture that we could put on those ships and export. Or did you mean Raw materials like Agric, Solid minerals ? What " other countries" ? China and India? Those countries simply add value to the our "products" and sell to us.

Manufacturing goods in Nigeria, with the challenge of power, infrastructure, high cost of doing business.... at some point, it became even cheaper for businesses to set up factories in neighboring countries to produce goods for our market. Also, it became somewhat cheaper for businessmen to import from China rather than produce in Nigeria.

For the life of me, I don't know how the government can fix the issue of Power in Nigeria. Obviously, our quest ( maybe dream) of becoming a country that manufactures for export is tied this. Do you honestly see the government taking care of this in the next five years or so?

I totally agree. My comment was not in defence of government but a statement of fact that low freight rates are not in themselves bad. The hike in electricity tarriff and the fact that supply remains epileptic do not help us at all. Hiking the tarriff goes to show that our economic team really dont seem to get it.

Nigeria can export bye products of petroleum, like RESIN. There is the Eleme Petrochemical factory. If that has been given enough focus, we ought to be exporting resins now. Apart from Eleme, we ought to have more resin factories. We have the raw materials in abundance.

Nigeria can export wood products. A lot of our wood particles are BURNT. Asia uses its own particles to produce MDF and HDF which are now largely consumed in Nigeria!

There is a lot we can export and get the balances right. I read that we are producing industrial starch as well for export. Let us just admit that cheap oil has encouraged us to be LAZY at thinking. There are lazy billionaires in Nigeria who just got rich because they got allocations.

But I totally agree with you. Government must consciously sit down and find ways to encourage low cost production, such include:

1. Reducing the levies imposed by regulatory bodies like NAFDAC, SON etc. NAFDAC charges 1 million naira for pure water licence. That is ridiculous. SON charges you like they are imposing duties. It does not help.

2. Give access to low cost funds. CBN is actually doing a bit of this.

3. Make it possible to acquire land - Our land use law is anti-progess, anti-productivity. It encourages IDLE LANDS all over the place.

4. Nigeria has a RESOURCE map. Use it. Encourage production based on proven economies of scale. Following our resource map will boost exports.

5. Make electricity, rail transport and truck transport easy and affordable.

6. Remove HUMAN bottlenecks on our roads. On a trip from Lagos to Benin you may find 20 checkpoints of police, Customs, SON. This is highly counter-productive. The real thieves sit in offices, so harrassment of business people has to stop.

It can be done. Rome was not built in a day. India started somewhere and China too. It took them a number of years to turnaround. We have to start.

Shedding tears that some mushroom shipping companies have packed up because of 'low rates' does not make sense, at least when you know that the so called 'low rates' are still some of the highest in the world!

sam90s:


If you remember what happened with Local manufacturing of cement during OBJ administration, laws were made and enforced to make it profitable to manufacture cement locally,
It's a standard measure in economic policies everywhere, let in the tide and every boat will sail, you dont scream murder just because you don't have a boat or yours is powered, on the other hand, when a government signal its intentions to let in the tide and everyone build/buy a boat if it then change its mind, that will leave a bad reputation and discourage future boat building,
Dangote said years ago in an interview, that his investment in cement factories then could have bankrupted him if government reversed its policies then.
Now is the time for us to support this government with its policies, it will take months or years for some of the dividends to materialize, it's better than being a dumping ground.

SPOT ON.

Nigerians are smart. You let the environment encourage production and see how many new factories will spring up. Just let in the tide, and the boat will sail!

I guess the "FG Cabal" would just go down there with their agbadas to blow up the pipelines, instead of employing already disgruntled elements who can easily see fat cats feeding large off the proceeds gained from their geo-regions.

Pavarottii:

I would av replied u but u just showed ur ignorance in the happenings of this country and it's history. So u think it's Tompolo that blew up that pipeline? After he has said he is not involed.

That pipeline was blown by some FG cabals that never wanted our refineries to work for the past 30years, for their shady deals forimported refined crude to continue. Imagine one pipeline blew and all the refinery shut down. Please tell me another super-story. They just want to nail it on Tompolo's head. And deceive Nigerians like u that is was Tompolo that did it. They don't know some Nigerians are wiser now. Why will Tompolo blow a pipeline wen he signed amnesty agreements.

My friend u don't even know the country u r citizen of. Next time don't say wat u don't know and deceive the populace.

Standing5:
Stop lying where is the record of the 60% output you claimed. The average was less than 12 % and even at that it proceeds was channelled into private pockets for elections.

My friend go to Google.

Dudeweedlmao:


Is aba market big enough for 181,000,000 nigerians? I don't think so tim

Yes, Aba shoes, Aba bags, Aba suits and Aba wears are enough for 181,000,000 Nigerians and Africa markets if the government stops the importation of China and indian shoes.

For example, Aba has 100,000 shoe makers able to produce 2,000,000 shoes a day just with their bare hands. Now, give them machines and they are ready to produce more than that. I no dey lie.

Jirate:
APC, the Bane Of Nigeria's Present Economy


and if this had happened in the time of Goodluck, only God knows what these Bunch of Ediots would have said...

They would have asked for a street wide protest,but now their mouths are mun...

IPOB youths on rampage beware

SoNature:

At the way and manner Nigeria is going economically, what befell Buhari in 1984 may still reoccur. Yes, he may be removed from office because of obvious ineptitude

sharup

forgiveness:


Thanks. Bros, those wailing should be placed in three categories: The wailing wailers, the importers and the ignorant ones. Sha i lie!

no be thier fault its a nigerian thing of "who last hold am na him spoil am"

kindredspirit:


Insightful.

Question for you though : Help me, exactly what " manufactured goods " would Nigeria be exporting to " other countries "?

I'm scratching my head as I try to think of something we manufacture that we could put on those ships and export. Or did you mean Raw materials like Agric, Solid minerals ? What " other countries" ? China and India? Those countries simply add value to the our "products" and sell to us.

Manufacturing goods in Nigeria, with the challenge of power, infrastructure, high cost of doing business.... at some point, it became even cheaper for businesses to set up factories in neighboring countries to produce goods for our market. Also, it became somewhat cheaper for businessmen to import from China rather than produce in Nigeria.

For the life of me, I don't know how the government can fix the issue of Power in Nigeria. Obviously, our quest ( maybe dream) of becoming a country that manufactures for export is tied this. Do you honestly see the government taking care of this in the next five years or so?

Agbo Jedi
Sepe
Buratashi
Opa Eyin
ati be belo