Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,443,373 members, 5,501,140 topics. Date: Tuesday, 31 March 2020 at 03:01 AM

Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele (9001 Views)

Abdulsamad Rabiu Donates ₦1 Billion To Support COVID-19 Response / Dangote Loses N240 Billion To Coronavirus In 5 Hours / Nigeria Spends $1 Billion On Outsourcing Yearly (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by joseph1832(m): 11:23am On Sep 20, 2019
Honestly this headline made me laugh.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Rebuke: 11:25am On Sep 20, 2019
Angelfrost:
When you say Nigeria Imports, is the importation done by federal government using taxpayers' money, with no return or the importation is done by business men who recoup their cost from profit made when sold??!...

I understand the economy of this nation is in tatters, but churning out or tossing bloated figures to confuse the lay man is very unbecoming for learned elders in power... I humbly stand to be corrected tho. I am no economist, just applying common street sense here.





Reasonable questions
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Neddstark: 11:30am On Sep 20, 2019
Niger Delta people, una no sabi fish? See another area una for dey contribute to the economy.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by 6Milk(m): 11:31am On Sep 20, 2019
Angelfrost:
When you say Nigeria Imports, is the importation done by federal government using taxpayers' money, with no return or the importation is done by business men who recoup their cost from profit made when sold??!...

I understand the economy of this nation is in tatters, but churning out or tossing bloated figures to confuse the lay man is very unbecoming for learned elders in power... I humbly stand to be corrected tho. I am no economist, just applying common street sense here.
you are intelligent
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by lookingfly: 11:35am On Sep 20, 2019
As far as am concerned, let everything be barned. No more health tourism, let all politicians children be forced to school in Nigeria. That way we would develop our country.

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Midas01: 11:37am On Sep 20, 2019
What is shawa?
ikorodureporta:
shawa wey we dey manage b4 don increase from N500 to N700 this few days
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Midas01: 11:38am On Sep 20, 2019
Every sane country exports more than it imports unlike the case with Nigeria.
Otuegbe:
every country in the world imports. I don't know why this guys think our problem is only importation .

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by ornicus: 11:40am On Sep 20, 2019
Angelfrost:
When you say Nigeria Imports, is the importation done by federal government using taxpayers' money, with no return or the importation is done by business men who recoup their cost from profit made when sold??!...

I understand the economy of this nation is in tatters, but churning out or tossing bloated figures to confuse the lay man is very unbecoming for learned elders in power... I humbly stand to be corrected tho. I am no economist, just applying common street sense here.

https://www.investopedia.com/terms/b/bot.asp

Understanding Balance of Trade (BOT)

A country that imports more goods and services than it exports in terms of value has a trade deficit. Conversely, a country that exports more goods and services than it imports has a trade surplus. The formula for calculating the BOT can be simplified as the total value of imports minus the total value of exports.
Calculating a Country's BOT

For example, if the United States imported $1.5 trillion in goods and services in 2017, but exported only $1 trillion in goods and services to other countries, then the United States had a trade balance of -$500 billion, or a $500 billion trade deficit.

$1.5 trillion in imports - $1 trillion in exports = $500 billion trade deficit

In effect, a country with a large trade deficit borrows money to pay for its goods and services, while a country with a large trade surplus lends money to deficit countries. In some cases, the trade balance may correlate to a country's political and economic stability because it reflects the amount of foreign investment in that country.

Debit items include imports, foreign aid, domestic spending abroad and domestic investments abroad. Credit items include exports, foreign spending in the domestic economy and foreign investments in the domestic economy. By subtracting the credit items from the debit items, economists arrive at a trade deficit or trade surplus for a given country over the period of a month, quarter or year.


https://www.youtube.com/watch?v=YIHkUujsUpA
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by djon78(m): 11:40am On Sep 20, 2019
Story the fish we are talking here are not catfish which are produced locally.
Its fish like makrel Titus which are consumed by majority of Nigerians on daily basis

These fishes are not farmed, they are caught naturally in the oceans of the world.
I don't even think any African country has the technological know how to do this kind of business.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by doctokwus: 11:41am On Sep 20, 2019
Otuegbe:
every country in the world imports. I don't know why this guys think our problem is only importation .
At least even if Buhari is a glorified illiterate as has been proven,his economic,developmental team and the CBN should have lectured him that every country must import something at every point in time,otherwise you wouldn't even have anyone to trade with and thus no foreign exchange to earn.
For eg, people Nigeria sells crude oil to,they sometimes offset the balance of their payments with goods they have economic advantage over.
But in this failed government,everything must be banned and some illiterates that don't know anything about how world trade flows are hailing him at every turn.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by lookingfly: 11:41am On Sep 20, 2019
ArmaniUhuru:
When are these people going to stop importation of cars, so we can patronize innoson and encourage other automobile businessmen to go into manufacturing?
Bros....innoson cars too cost, he should try and be considerate and reduce the price, Nigerians will patronize.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by BarrElChapo(m): 11:45am On Sep 20, 2019
As in eh... how does that change anything ?

if you do some research we may find out that even the some of the first world countries import fish too but this douchés up there keeps formulating policies that are simply wicked

adecz:
angry


So what?


Are they importing the fish to
distribute free of charge to Nigerians?


This must be the worst CBN governor
in history of this country.


Buhari just loves dunces. He doesn't
like appointing people who are smarter than him.

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by BarrElChapo(m): 11:47am On Sep 20, 2019
when $1 is = N360. He didn't get us there, the government both past and present did.. as a businessman profit first !

lookingfly:
Bros....innoson cars too cost, he should try and be considerate and reduce the price, Nigerians will patronize.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by GidiWoodsMan(m): 11:50am On Sep 20, 2019
Emefiele is a fool

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by AZeD1(m): 11:51am On Sep 20, 2019
Emefiele is beginning to sound like a dunce...
1) There are some fishes that are not found in Nigeria and the only way to get it is by importing (Stock fish used in Nigeria is found in a village in Norway)
2) Rather than focus on solving the problem the right way, Emefiele and Buhari are trying to "order" a solution.

If after buying something outside the country, paying for shipping and import duty I can still sell my product cheaper than my competitor who produces in Nigeria, then the problem is not my importation, it's the cost of doing business in Nigeria that is the problem and that's what should be tackled.

The best way to end importation is not by closing the borders, it's by making doing business in Nigeria easier and cheaper.

7 Likes 3 Shares

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Jaqenhghar: 11:53am On Sep 20, 2019
Otuegbe:
every country in the world imports. I don't know why this guys think our problem is only importation .
God bless you. Say it louder
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by SamOyovwi: 11:54am On Sep 20, 2019
Better than poultry. Especially catfish
NonFarmPayrol:
dont understand this fish business well though


is it as risky as poultry?
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Olanipekun1: 11:55am On Sep 20, 2019
solmusdesigns:
cool


Abeg Emefiele and Buhari should ban CBN forex for fish importers, let wailers wail or go fish farming


Its not a must to eat stock fish aka oporoko, you can get all the nutrient from cat fish and our local fishes

while at it ban Forex for clothing materials, and other luxury things Nigerians are addicted to


...
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by tonero230(m): 11:55am On Sep 20, 2019
Importing fish where we have river Niger!

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by uuzba(m): 11:56am On Sep 20, 2019
lookingfly:
Bros....innoson cars too cost, he should try and be considerate and reduce the price, Nigerians will patronize.
it is a business. It cost him xyz naira to produce the cars.
And he must make a profit on top of that money.
The only way he can reduce cost, if the government gives him subsidy.
----
The funny car story in America goes like this.
They were producing cars. But people were not buying. Instead, people were using the tram, a train/bus public transport.
So the car companies came together. Purchased the Tram company and it's infrastructure.
Then Destroyed everything. No more tram.
Everybody must buy car by force.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by lookingfly: 11:59am On Sep 20, 2019
uuzba:

it is a business. It cost him xyz naira to produce the cars.
And he must make a profit on top of that money.
The only way he can reduce cost, if the government gives him subsidy.
----
The funny car story in America goes like this.
They were producing cars. But people were not buying. Instead, people were using the tram, a train/bus public transport.
So the car companies came together. Purchased the Tram company and it's infrastructure.
Then Destroyed everything. No more tram.
Everybody must buy car by force.
would be good if the federal government help him out so citizens can afford he's cars. That's just one reason why he's not being patronized yet
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Sagay212: 12:00pm On Sep 20, 2019
We really need to learn to produce and consume what we produce. If we continue to import everything and these countries just decide to show us small pepper by refusing to sell to us, what would we do?
We should learn from this SA xenophobic incident.

We had nothing to use against them after them show us pepper. Imagine if we had better networks and better naija cable tv, shebi we for just ban them straight. But imagine the whole country depends on dstv. Shame
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Angelfrost(m): 12:01pm On Sep 20, 2019
yesloaded:
My hand no dey because I don't eat foreign fish

I only eat goat meat and cat fish

As comical as many will find your statement, it is quite poignant... How many Nigerians can afford imported fish??! Are they saying it is being subsidized, if yes, to what end??! Is imported fish a national priority or an essential commodity??!... I know for a fact that most Nigerians consume locally grown fish... Even with my personal affluence, I haven't eaten Croaker fish in a good age.

3 Likes

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by princetg: 12:02pm On Sep 20, 2019
cheesy nawah when we have fish Nigeria. FG stop all this wasteged
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by quentin06: 12:07pm On Sep 20, 2019
Hmm N1.2bn , importing Formalin laden fish, I bet half of that is going to rivers state.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by urahara(m): 12:08pm On Sep 20, 2019
Otuegbe:
every country in the world imports. I don't know why this guys think our problem is only importation .


The emefiele dude doesn't seem very bright.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Nobody: 12:08pm On Sep 20, 2019
Na free una dey give us?? No be money we dey pay?
Na Nigeria spend money or Nigerians
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by uuzba(m): 12:15pm On Sep 20, 2019
lookingfly:
would be good if the federal government help him out so citizens can afford he's cars. That's just one reason why he's not being patronized yet
Cars are always expensive in every country. Nigeria is a funny country, where you're expected to pay 100% cash at once to buy a car.
Not so in US, UK, Europe.
You pay deposit sum, like 20% of the cost, then pay monthly balance for anything up to 10 years.
The main point is that you immediately carry latest car and go.
Even 2nd hand cars are sold same way.

If you miss your payment, then they fine you or seize the car back (reposes the car).
Na so oyibo dey do their own O. They can't pay 100% cash once. It is costly for them too.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by OlujobaSamuel: 12:16pm On Sep 20, 2019
Angelfrost:
When you say Nigeria Imports, is the importation done by federal government using taxpayers' money, with no return or the importation is done by business men who recoup their cost from profit made when sold??!...

I understand the economy of this nation is in tatters, but churning out or tossing bloated figures to confuse the lay man is very unbecoming for learned elders in power... I humbly stand to be corrected tho. I am no economist, just applying common street sense here.
The importation isn't the issue, the issue is the FX used which is gotten at a subsidized rate from the CBN.
You can still import edibles as a business owner, but you have to source your FX yourself which makes the cost expensive and might eventually give local producers an edge over importers.

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by juman(m): 12:29pm On Sep 20, 2019
We can produce the fish needed by ourselves in the country.

But bad governance is the problem.
APC government is failing bigly.

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Angelfrost(m): 12:31pm On Sep 20, 2019
OlujobaSamuel:

The importation isn't the issue, the issue is the FX used which is gotten at a subsidized rate from the CBN.
You can still import edibles as a business owner, but you have to source your FX yourself which makes the cost expensive and might eventually give local producers an edge over importers.

Thank you sir. Then, the onus is on the same bank to take measures to cut the deficit... Isn't that what banks are supposed to do??! grin

...I still find this figure by the CBN head quite preposterous.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by jaxxy(m): 12:35pm On Sep 20, 2019
Hehehe continue grin if this is true we are in a truely sorry situation.

(1) (2) (3) (Reply)

Is Flip Cash A Scam Or Its Real? / CBN To Sell Dollars In Special Auction To Clear Backlogs / To Generate Profit from Vending Machines in Nigeria?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 114
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.