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Nairaland Forum / Nairaland / General / Business / Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m (13667 Views)
Men Who Stole POS Machines, Withdrew ₦4M To Play Bets Arrested In Niger State / Emefiele: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m / Nigeria's Annual Fish Import Bill Stands At $800m (2) (3) (4)
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by otokx(m): 5:32pm On Dec 02, 2018 |
Why will some people find it hard to believe this report? |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by bamasite(m): 5:32pm On Dec 02, 2018 |
Interesting |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by jomoh: 5:32pm On Dec 02, 2018 |
Good |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Nasir123(m): 5:33pm On Dec 02, 2018 |
Naughtysite: The Central bank gov just analyzed something to you and u want to tell him the other reason You want to be more Catholic than d Pope Over sabi shouldn't be for everything sha! 2 Likes
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Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Proudlyngwa(m): 5:34pm On Dec 02, 2018 |
lonelydora:Go and look for work |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by HIPROFILE(m): 5:35pm On Dec 02, 2018 |
please where are the production firms if at all this is true it should have reflected on employment rate but it didnt rather people keep loosing jobs daily. just to score cheap political point for a failed administration. i see higher rate of suicide if this government should continue in the manner they ran the economy this past 3...4years. The basic need for a production driven economy to thrive is not available i mean electricity again most government policies does not encourage local production so how?? only on papers.. our leaders should fear GOD 1 Like |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Nobody: 5:35pm On Dec 02, 2018 |
Nasir123:Does the central bank governor feed me or think for me |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Nobody: 5:36pm On Dec 02, 2018 |
frankmoney: Switzerland lives on their Banking Sector, they do not produce as much as Nigeria does. But guess what? 2years ago, The government increased their minimum wage by almost Double. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by NPComplete: 5:38pm On Dec 02, 2018 |
Demmzy15: I hate tribalism and I think it is very stupid. But even I had to laugh at this. I am sure u are playing on the "Yoruba Muslims" chant that Igbos scream on this forum. 3 Likes |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by buJu234: 5:43pm On Dec 02, 2018 |
I like practical analysis.. did the import receipt drop because of increase in export or due to less money to do importation? If it is the first, then dollar will not b rising to 370 naira to a dollar. The second makes more sense, cos even a blind man knows that there is recession and very few money to do business including importation biz . 2 Likes |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by new2012: 5:44pm On Dec 02, 2018 |
frankmoney: I do agree with you. But think through this logically. No we have not started manufacturing those things, even pencils. Our plan is to start manufacturing pencils in 2019. So what changed? People got broke, period! 2 Likes |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Nobody: 5:47pm On Dec 02, 2018 |
Evidence of bad economy under Buhari. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by frankmoney(m): 5:52pm On Dec 02, 2018 |
eddiebruk:that's great , I don't think we can rely on just banking sector with a population as large as Nigeria , we just need to be productive like countries with huge population such as China , USA and India , that's the only way to improve the economy |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by COMPAQ(m): 5:53pm On Dec 02, 2018 |
I doubt the authenticity of this story. We all know one of the biggest things we import is petroleum products, which has got more expensive. So how could our import bill have fallen so drastically. Unless he means only food items, then I might believe him. 1 Like |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Fiaburnthem: 5:53pm On Dec 02, 2018 |
san316:say it louder for them to hear.... God bless you for this simple explanation and God bless Nigeria... Nigeria is indeed in a better hands and God's best. 2 Likes 1 Share
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Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by OmoManU: 5:56pm On Dec 02, 2018 |
This is what exactly is Buhari effect 1 Like 1 Share |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by benzion72(m): 5:57pm On Dec 02, 2018 |
It means one thing the purchasing power of Nigerian is at the lowest ebb. The disposable income is eroded. Every Nigerian is on survival mode. only mumu APC member will believe this. If this APC government continue in power till 2023 only few people will still remain in this country many will seek asylum in Ghana, Mali, Niger, Cameroon. The question you should ask them is that why is the price of Dollar N365 at least the demand for dollar has fallen for importation. Dollar should be around N100 if this is true. 1 Like |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by mitchelljnr(m): 5:58pm On Dec 02, 2018 |
frankmoney: Manufacturing is a good idea, importing food also is not bad if imported food is cheaper than home grown. Hong Kong import all raw materials they use in manufacturing they even import majority of their food. How many food items do Nigeria import self apart from rice? |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by olajide8(m): 6:02pm On Dec 02, 2018 |
I hope people understand the implication of this news? - it is not to mean, that smuggling has reduced or hasn't increased, or "whatever in between" - it means the CBN is not giving forex or better still CBN is not subsidizing a few people to the detriment of the society - it also means the FG is getting more revenue from what they are getting, from what they can monitor or get at the ports - customs without spending subsidized forex to greedy nigerians 3 Likes |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by deji17: 6:04pm On Dec 02, 2018 |
mitchelljnr:Yea we were importing many consumables by mid 2015. We were importing fish, poultry products, tomatoes and at some point we started importing GARRI. YES GARRRRRRRRRRRRRRIIIIIIIIIII. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Mankosi: 6:05pm On Dec 02, 2018 |
Time to churn out fake news about our economy getting better. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Sosqui: 6:15pm On Dec 02, 2018 |
deji17:CBN Governor is economical with the truth. He should state that was the fund they allocated(which I am sure was less than 20% of the total request). SMEs have really suffered under this CBN management as they had no option that go to the parallel market which is quite expensive. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by dancewith: 6:17pm On Dec 02, 2018 |
This is definitely fake news. What exactly have Nigeria stopped importing since 2015? We still import everything. If this stats are accurate the simple explanation can only be that volume of economic activities has reduced hence traders import less due to poor sales. This isn't because we have started producing local substitutes. Where are those local subsitities pls? |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by olajide8(m): 6:20pm On Dec 02, 2018 |
Sosqui: Well if those things are not necessary and would hamper the economy in anyway then the refusal is doing a great service to the economy 3 Likes |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Sosqui: 6:27pm On Dec 02, 2018 |
olajide8:I am not talking of the 41 items but necessary food supplements. Do you know some SMEs have to bribe before funds are allocated to them. It is very bad ... |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by lashout1: 6:27pm On Dec 02, 2018 |
eddiebruk:You are a perfect thinker; alot of negative energy can reduce import bills but these guys are analysing looking at internal production variable which is why most person believe lumping data in statistics is not a true representation of facts |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by loswhite(m): 6:34pm On Dec 02, 2018 |
san316:why is it not reflecting on the exchange rate? |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by olawooro: 6:47pm On Dec 02, 2018 |
CosmeticChemist:You had better don't allow these people to be fooling you. What exactly does Nigeria manufacture? Car? electronics? computer? building materials? phones? clothing materials or agricultural equipment? All their shout about 'we have stopped importation of food' is a mere propaganda. Was Nigeria importing cassava or yam before, that we are no longer importing? Ask them to name such food, they can only name rice, whereas, over 50% of rice we consume is still being imported. We import frozen chicken and fish. Manufacturers of flour and semovita import wheat as raw material. What hell are they talking about? 1 Like |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Nobody: 6:52pm On Dec 02, 2018 |
Nasir123:Shey nah him dey feed you |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Squillionaire: 6:58pm On Dec 02, 2018 |
In simple English, what this means is that, instead of popping Champagne or buying Remmy Martins Cognac, boys have humbled themselves and have started drinking African Special. Hence, suppliers now import fewer bottles of those. |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Youngzedd(m): 7:07pm On Dec 02, 2018 |
What if I tell you that the reduction is as a result of people unable to afford the things they need. Many people are getting poor on daily basis. Nigeria is already the world poverty capital, how do you think the import will increase |
Re: Nigeria’s Monthly Import Bill Drops From $665.4m To $160.4m by Anonymous1900: 7:18pm On Dec 02, 2018 |
I agree with you to some extent and while also share the sentiment the news is neither good or bad, it highlights some key facts such as 1. most banned goods are now imported through neighbouring countries and smuggled into nigeria. 2. ports of most neighbouring countries have now seen increased activity. 3. Nig govt is losing revenue from import duties on this goods however its not all gloom and doom since the pressure on dollar has reduced and the corrupt elements now source for those dollars elsewhere. I dont think much has changed really olajide8: 1 Like |
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