Kenturkey048:
okay if you say so...but everything still come down to wetin we dey yan..now u said prices are affected by fuel process..and one of the major determinant of oil pricing na exchange rate...

NO. Its NOT. Our leaders keep fooling us to think it is so.
Why does venezuela have the cheapest fuel price despite their bad currency...?? Today, Its 1 Naira to 28 Venezuelan Bolivar.
1usd is 9000 venezuelan bolivars.
Yet Venezuela has d cheapest pump price in the world.
Nigeria stands @ #6 for the cheapest pump price in the world.(This may suprise you). Yet our Currency has remained stable for some Months now....infact it also appreciated some days ago.

kitaatita:


Medium of exchange in Nigeria is the Naira. Why must we convert Everything to the dollar

Why are people this foolish?
It's so shameful!
Nigeria is import dependent country, 90% of what we consume are imported; from the razor blade to matches to cotton bod to rice etc and we trade in US DOLLARS. GET THAT INTO YOUR THICK SKULL.
Let me give you a dummy example, A BAG OF RICE IN 2010 WAS 4500 WHILE IT IS NOTHING LESS THAN 18000 TODAY.
I HOPE YOU USE YOUR HEAD NOW AND THINK BEFORE TALKING.

Budex40:


NO. Its NOT. Our leaders keep fooling us to think it is so.
Why does venezuela have the cheapest fuel price despite their bad currency...?? Today, Its 1 Naira to 28 Venezuelan Bolivar.
1usd is 9000 venezuelan bolivars.
Yet Venezuela has d cheapest pump price in the world.
Nigeria stands @ #6 for the cheapest pump price in the world.(This may suprise you). Yet our Currency has remained stable for some Months now....infact it also appreciated some days ago.

..but I thought their pump price was due to the fact that 80% of their crude are refined in their country..not like us that imports refined crude products...if we refine our crude ourselves,then we can sell in a minimal pump price to ourselves.sell to outsiders with the present exchange rate,,,.exchange rate wouldn't have negative effect on us,but positive internationally,..am open to correction sha..

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

Oga. With all due respect.. after, just try modify this your post to full stop. As in kpom.

Now to answer your question. Just name 5.. at least 5 things that you use in your house that was produced by your country.

Because they are exported and sold in dollars too. Don, t mind him.

CsRockefeller:


Why are they still relatively expensive?

Tundexxy:
See all these comment above.....smh!

Whether you like the administration or not...staff are happy for the new implementation... 12k have a long way to go in some people life..... Dollar bla bla bla... come to reality.. We no spend dollar in Nigeria, we spend naira

Just thank your head for your situation!

some people no get sense sha, most of things we buy here for Nigeria are imported even the Titus fish Oya translate it to ur naira,when u want to cook

tejaylo11:
some people no get sense sha, most of things we buy here for Nigeria are imported even the Titus fish Oya translate it to ur naira,when u want to cook

I don't get you people oo Mr person wey get sense. Theorist or what can we call you

Should the wage remain @ 18k then

Oya answer!

Nonsense!!!!!!!

what?!! that is not even enough to purchase a good bottle of wine.

Budex40:


Still doesnt make sense to me. Our Local Markets arent affected by dollar hike, rather they affected by fuel price.Dont let these thieving Traders fool u. The idea of selling a bag of garri for cheaper is evidence. Garri is far cheaper than most staples.Up north , u'd even buy a bag of sweet potatoes for 2k. I still buy meat for #100, #200 here in the North.
In Lagos, i cant buy meat for #300. Na we dey do ourselves

Most of the inflation in Nigeria is self induced because of over-profiteering. Take for instance, a food-seller who ordinarily would have made about 20% gain if he sells a measure of item for #400 would decide to rig the system to favor himself would sell the same at #700 believing that he is smart. All the buyers of his products/ services would reflect his rigged cost in their own pricing to make more profit or even play smarter and the cycle goes on and on. The way Nigerians create artificial inflation is the way they create artificial traffic jams; most times it is initiated by someone who thinks he/ she is smarter than the rest and the problem spirals out of control.

A piece of advice to us all: Do not just inflate the price of your products/ services just because you can or because your customer is not any wiser; if you do, the market will correct that anomaly be making every other person pay more and we will be here blaming OBJ, GEJ and PMB.

The market is more intelligent than everybody - if you attempt to cheat it, there will be consequences.

P.S There will be times when increasing prices of your products is genuinely justified.

mauriceju2:
It supposed to be between 45000 to 50000 if you take inflation and purchasing power into account, APC = scam/419, Johnathan was a good man, where are the labour union that all most burn Nigeria down during the time of Johnathan? What can a government worker with a family of 4 children plus father and mother making it 6 do with 30000 now?? Corruption is here to stay in Nigeria, how do you think they will train their 4 children to university level without involving in corruption

You dont know the concept and operational principle of minimum wage

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

You are a thi ef. Whether or not it's dollar we are using, must an oil producing country pay minimum wage less than $100? Pls don't just come here and say shit because you know how to use handset.

Kenturkey048:
okay sir....i want one thing from you...state one property he acquired during his six years..or explain how he looted for me ....

Mama peace have that answer let's not deceive ourselves. I'm not sure you can bet your life that GEJ did not steal. Let's end it because I know you can't dare to.

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

can you avoid international trade when 90% of what you consume is imported with dollars

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

Tell me a product that doesn't have foreign content (Dollar)?

Built2last:
Will Nigerians actually have a higher purchasing power, looking at the commodity price index and inflation in the last decade.

Can we say the 30,000 is the best government can offer?

Our Senators and executive members can't even fuel their car with 30k

I'm just thinking, if as at now 30,000 = $82
What will 18,000 be in dollars now?

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

You know we’ve been on double digit inflation every year, right? Let’s assume we’re on 11% inflation rate since 2010, this means:

18,000 at 11% since 2010 would be at least N50,000 by the end of 2019

Kenturkey048:
..but I thought their pump price was due to the fact that 80% of their crude are refined in their country..not like us that imports refined crude products...if we refine our crude ourselves,then we can sell in a minimal pump price to ourselves.sell to outsiders with the present exchange rate,,,.exchange rate wouldn't have negative effect on us,but positive internationally,..am open to correction sha..

Venezuela actually imports all her refined crude now due to mismanagement of her refineries as we did ours. Your point about us refining our crude like before is in order.

Another point most posters are not looking at is the fact that our economy is not that productive and if the FG decides to increase the minimum wage to 100,00 naira, it's going to have an impact on the inflation rate which would make people spend more for less thereby eroding the gain of the increment and with our propensity to importing everything, there would be more pressure on the dollar and things becoming more expensive. So I believe that the increase should be gradual.

I wonder why some commentators here are saying we are not spending dollars in Nigeria but they should remember that all Nigerians income and expenditure in Nigeria are based on dollars

hmm

Na America u dey? Fool

Kenturkey048:
..but I thought their pump price was due to the fact that 80% of their crude are refined in their country..not like us that imports refined crude products...if we refine our crude ourselves,then we can sell in a minimal pump price to ourselves.sell to outsiders with the present exchange rate,,,.exchange rate wouldn't have negative effect on us,but positive internationally,..am open to correction sha..

The advantage local refineries would have for us is just employment opportunities. It would put those fuel importers out of job and they dont want it. Refinig our fuel locally wouldnt affect exchange rates. Ask venezuela, they do theirs locally but their currency is still weak.....how come

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

almost everything we need to survive in Nigeria are imported. From television, phones, laptops, cable TV etc.

Childofaking:

Consumption is just one of about 5 components of the Gdp. I won't go into how Gdp is calculated.
What I am telling you is that more than 70 % of the things you do with your wages are attached to USD.
Did you not know that after the Naira was devalued in 2015, prices of goods responded to it ?
Can you remember that a bag of rice was 7k to 8 k in 2015 before devaluation, it is now about 18k.
Look at the price of cement that we produce here, it was about 1.5k in 2015 and now it about N2.5k. This is because the Naira lost value against the USD and other currencies.

Bossman,, u seem lyk someone who has some economic knowledge,,but where u are getting it wrong is d 70% of a thing...First of all d 70% stuff is not correct..Secondly d reason y price of good increase after devaluation is because we still import petrol and petrol is one commodity u cannot do without,,be it primary(extractive),secondary(production) or tertiary(service) industry it's nt because we import dose good we consume..and bag of rice will also increase cos we import them directly..All dis stuff are simple u jst nid to calm work dem out

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

I don't seem to understand ooo. Wetin concern dollar with minimum wage

Lotechi:
almost everything we need to survive in Nigeria are imported. From television, phones, laptops, cable TV etc.

So bro do you buy these products every month?

hmmmmm, so the 30k minimum wage makes no sense abi?

youghs:
is it dollar dat we are spending...dat estimate is only useful if u want to engage in foreign trade

Oga make use of ur brain small now. the imported building materials your landlord used in building the house, doesnt it reflect in ur rent? or is it the imported vehicles u enter to work hasnt reflected hike in cost of transportation. Talk more or textile material. This thing has a ripple effect man

Sirjamo:
But when we were telling you people that it wasn't Buhari who crashed our economy, rather, it was low oil prices which resulted in shortage of foreign currency flow into the economy, you called us zombies!

Now that it suite your sentiment, you realized that you need dollars for 90% of your consumables and industrial goods

is like you don't know they're kids in this forum,

the main reason idiotic pigs insult buhari everyday, is because buhari told them to increase exports and to reduce importation.
because of that, they said they prefer alcameroon thief atiku base Dubai and Chinese deputy obigot to increase importation of what we can produce like common toothpick and Rice, even pizzas.

I hate when people just come up and start talking trash,because this the way i see this sort of write up.
I wonder if the writer of this tread actually read about the game some state governors are trying to play with the approved 30k.
Or the fact that some of them are saying they can afford the 30k and you're there talking about how much its in dollars.Please are we in America?
We should even thank those who have made the 30k possible.Even before the small increment,commodities prices are up in the roof.

HitSong:

Why are people this foolish?
It's so shameful!
Nigeria is import dependent country, 90% of what we consume are imported; from the razor blade to matches to cotton bod to rice etc and we trade in US DOLLARS. GET THAT INTO YOUR THICK SKULL.
Let me give you a dummy example, A BAG OF RICE IN 2010 WAS 4500 WHILE IT IS NOTHING LESS THAN 18000 TODAY.
I HOPE YOU USE YOUR HEAD NOW AND THINK BEFORE TALKING.

and idiotic pigs want buhari to increase importation of those rubbish,
meanwhile, Rice was 4,000 naira in 1999, in 2010, it was 11,500 naira, in 2014, it was 14,000 naira, until ineffectual buffoon wasted ＄20b from our hard earn foreign reserve to import rice before febuhari 2015 and it was sold for 2 months @8000 naira.

buhariguy:
is like you don't know they're kids in this forum,

the main reason idiotic pigs insult buhari everyday, is because buhari told them to increase exports and to reduce importation.
because of that, they said they prefer alcameroon thief atiku base Dubai and Chinese deputy obigot to increase importation of what we can produce like common toothpick and Rice, even pizzas.

I dey tell you