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WTO: Nigeria Is Number One Importer In Africa - Politics (3) - Nairaland

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Re: WTO: Nigeria Is Number One Importer In Africa by Biafranboys: 2:42pm On Apr 16, 2021
Rich igbos should stop building clubs and buying houses in lagos and Abuja and invest in industries in igbo land

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Re: WTO: Nigeria Is Number One Importer In Africa by Oblitz(m): 2:43pm On Apr 16, 2021
UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.
Re: WTO: Nigeria Is Number One Importer In Africa by sulaak(m): 2:55pm On Apr 16, 2021
UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.

Buhari should first export his ass to a local hospital before he starts closing borders in the South.


Let me educate you, Vietnam import $100 billion in semiconductors to export $150 electrical goods. There is nothing wrong with imports if it's designed to support manufacturing for local consumption and export.

Buhari should first fixed ajaokuta and the refineries before he closed the border
Re: WTO: Nigeria Is Number One Importer In Africa by Jonah507(m): 3:01pm On Apr 16, 2021
What amazes me is how we,the youth keep creating Whatsapp group to teach people how to import goods from other countries, instead of thinking about how to produce

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Re: WTO: Nigeria Is Number One Importer In Africa by Phred1717: 3:05pm On Apr 16, 2021
UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.
it's one thing for you to be a leader n another to lead. PMB is the opposite of everything, he has even added dumbness to his cluelessnes. The north are only illiterates. See what their dubai brothers are doing to their nation, not sitting down here n ranting Nigeria belong to them. With nothing to show for
Re: WTO: Nigeria Is Number One Importer In Africa by JaceBlaze: 3:09pm On Apr 16, 2021
Hmm

Re: WTO: Nigeria Is Number One Importer In Africa by TMKsouth: 3:18pm On Apr 16, 2021
JaceBlaze:
Hmm

Countries should strive to be exporters rather than importers. Being an importer means you produce very little things of your own and have to buy from others. There's nothing wrong with importing as long as your exports (what you produce) are more than what you bring in, or more valuable in dollar terms.

2 Likes

Re: WTO: Nigeria Is Number One Importer In Africa by Easternmind(m): 3:25pm On Apr 16, 2021
GeneralPula:
75% of what is being imported in are fake things from China..

Thanks to Flatinoz !
You guys love Blame shifting.
Re: WTO: Nigeria Is Number One Importer In Africa by JaceBlaze: 3:30pm On Apr 16, 2021
TMKsouth:


Countries should strive to be exporters rather than importers. Being an importer means you produce very little things of your own and have to buy from others. There's nothing wrong with importing as long as your exports (what you produce) are more than what you bring in, or more valuable in dollar terms.

Not really good for the economy.So how is it that Nigeria claims to have the highest GDP while on the other hand they are the biggest importer in Africa? I need clarity on that.

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by gwafaeziokwu: 3:33pm On Apr 16, 2021
blamingthedevil:

Import is nothing something to be proud of..... that is why we are not developing as a country

US is actually the number one importer in the world. Did you see almighty Uk and Japan? The difference is that they also export. And in most cases their export is greater than their import giving them a positive balance of trade.

Traders are middle men whose ability to make money comes from their ability to source for goods and sell to end users. If government through investments in manufacturing give them easy markets, they will help Nigeria distribute it to other countries that needs the goods. Don't blame the importer, blame your lazy government that couldn't fix common light for 60 years.
Re: WTO: Nigeria Is Number One Importer In Africa by TMKsouth: 3:40pm On Apr 16, 2021
JaceBlaze:


Not really good for the economy.So how is it that Nigeria claims to have the highest GDP while on the other hand they are the biggest importer in Africa? I need clarity on that.

Their economy does really good when the price of crude oil is high, but falls into recession when the price of oil drops. So they are overreliant on oil (as the largest producer in Africa). So they spend a lot on imports but little extra cash is coming in.

I know their entertainment industry brings in money too but the state is not good at collecting taxes and so loses that revenue. Foreign direct investment is also lacking coz of the security issues and poor infrastructure, as you've seen with Twitter and Shoprite recently.

So, I'm also at a loss like you are. Where do they get money from? Maybe one of them could assist us with your question.

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by ogub(m): 3:46pm On Apr 16, 2021
We even take pride to say my this or that is imported

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by JaceBlaze: 3:49pm On Apr 16, 2021
TMKsouth:


Their economy does really good when the price of crude oil is high, but falls into recession when the price of oil drops. So they are overreliant on oil (as the largest producer in Africa). So they spend a lot on imports but little extra cash is coming in.

I know their entertainment industry brings in money too but the state is not good at collecting taxes and so loses that revenue. Foreign direct investment is also lacking coz of the security issues and poor infrastructure, as you've seen with Twitter and Shoprite recently.

So, I'm also at a loss like you are. Where do they get money from? Maybe one of them could assist us with your question.

So basically they are one commodity reliant economy.Does the entertainment industry really count?

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Re: WTO: Nigeria Is Number One Importer In Africa by TMKsouth: 4:23pm On Apr 16, 2021
JaceBlaze:


So basically they are one commodity reliant economy.Does the entertainment industry really count?

Ngozi Onkonjo made it count when she debased the economy. But a lot of things don't add up with this situation.

2 Likes

Re: WTO: Nigeria Is Number One Importer In Africa by chaloskyx: 5:01pm On Apr 16, 2021
YES O STUPID COUNTRY

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by Efewestern: 5:32pm On Apr 16, 2021
This isn't new, we have been crying about this for years, unfortunately, we have some trained economists like EzeNri who justifies our economic waywardness by throwing big grammars.

Israel with a population of a few millions export more goods and is more productive than Nigeria with a population of 200 million, we have no single shame, what's the total landmass of Israel again? Heck, what natural resources do they even have?

There is something wrong with us as a people.

TMKsouth:


Countries should strive to be exporters rather than importers. Being an importer means you produce very little things of your own and have to buy from others. There's nothing wrong with importing as long as your exports (what you produce) are more than what you bring in, or more valuable in dollar terms.

I notice the Asians are flooding the South African market with their goods, you all shouldn't go the Nigerian way, protect all local industries at all cost!

Africa must not be a dumping ground.

2 Likes

Re: WTO: Nigeria Is Number One Importer In Africa by EzeNri(m): 8:12pm On Apr 16, 2021
Efewestern:
This isn't new, we have been crying about this for years, unfortunately, we have some trained economists like EzeNri who justifies our economic waywardness by throwing big grammars.
United States is the largest importing nation in the world, followed by EU, China and Germany.

And these happen to be the largest economies in the world.

Efewestern:

Israel with a population of a few millions export more goods and is more productive than Nigeria with a population of 200 million, we have no single shame, what's the total landmass of Israel again? Heck, what natural resources do they even have?
Isreal imports as much as it exports and the former is growing more than the former. IMF projects by next year Israeli import would grow by 5.3 percent while export by 4.2 percent.

Efewestern:

There is something wrong with us as a people.
The only thing wrong with us is believing we will grow this economy by killing importation. We closed border against rice import, what is the price of locally produced rice in the market today?

Efewestern:

I notice the Asians are flooding the South African market with their goods, you all shouldn't go the Nigerian way, protect all local industries at all cost!
Kill every weak local industry and redirect the resources into producing those things we can with absolute cost advantage and then import those we can't.

Simple economics!
Efewestern:


Africa must not be a dumping ground.
Nigeria is not dumping ground.

Dumping means foreigners exporting those goods we have a cost advantage in and selling them at ridiculously low prices than obtainable in their home countries, and increase the price after destroying local competition.

Can you name any of those goods in Nigeria?
Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 8:45pm On Apr 16, 2021
CSTRR:
And btw, there is no problem with imports.

Infact, the richest countries of the world are big importers.
That is why they have trade deals and trade wars.
You need some level of imports to produce your own exports.

The problem with Nigeria is that we are not importing the right and essential things that we need to make local production work.
Most of our imports are nonsense.

Big imports are not bad, as long as you are exporting much higher.

You mean well with the above statement however at this critical point we should see importation as a killer and poverty entrenching. We must develop a very negative perception towards importation. At the moment we deserve and are entitled to zero importation!
The next generation are going to be poorer.

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 8:47pm On Apr 16, 2021
CSTRR:
For example, if innoson imports 50% of all the engines made in Japan.
That is not bad.

As long as he is exporting cars and getting a higher value for Nigeria.

A win-win for both Nigeria and Japan.
Both countries would never go to war because we are both making money

But most times, that is not the kind of imports Nigeria does.

Theoretical. Where will Innoson export his cars?
Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 8:52pm On Apr 16, 2021
EzeNri:

United States is the largest importing nation in the world, followed by EU, China and Germany.

And these happen to be the largest economies in the world.


Isreal imports as much as it exports and the former is growing more than the former. IMF projects by next year Israeli import would grow by 5.3 percent while export by 4.2 percent.


The only thing wrong with us is believing we will grow this economy by killing importation. We closed border against rice import, what is the price of locally produced rice in the market today?

Kill every weak local industry and redirect the resources into producing those things we can with absolute cost advantage and then import those we can't.

Simple economics!

Nigeria is not dumping ground.

Dumping means foreigners exporting those goods we have a cost advantage in and selling them at ridiculously low prices than obtainable in their home countries, and increase the price after destroying local competition.

Can you name any of those goods in Nigeria?

THEORETICAL NONSENSE!!!

Just listen to yourself!

An unproductive country with no goods and services to EXCHANGE should peg importation to the absolute barest minimum!!!
We are getting poorer through currency devaluation.
A country like Nigeria should be producing all the food and fuel it requires BUT na toto and babies the foolish men and women are producing. Foolish us.
Re: WTO: Nigeria Is Number One Importer In Africa by Efewestern: 8:55pm On Apr 16, 2021
EzeNri:

United States is the largest importing nation in the world, followed by EU, China and Germany.

And these happen to be the largest economies in the world.

From the data released by WTO, we can see they balanced their import and exports. EU, China and Germany are among the top 5 exporters and importers. But same can't be said about Nigeria, we are among the top importers but no where close to top exporters.

When you export, you get value and money to maintain and substain your import, but in our case, over 90% of our export is oil being pumped from the ground, so how do we substain the import if for example oil price goes below $10/bar or when it becomes worthless?

I never said importation is bad, I only said we are heading to doom if we don't industrialize and balance our import and export. What have you learnt from the economic crisis in Venezuela?

Isreal imports as much as it exports and the former is growing more than the former. IMF projects by next year Israeli import would grow by 5.3 percent while export by 4.2 percent.

Even if Israel's import slightly exceeds Export, it won't matter much, because everything is balanced. I'm only crying because the gap between our import and export is just too wide.

The only thing wrong with us is believing we will grow this economy by killing importation. We closed border against rice import, what is the price of locally produced rice in the market today?

Not totally ban importation, but limit impor on what can be sourced and produce locally, for example, it doesn't make any sense that Ghana with its abundance cocoa, imports chocolates from Europe. As for the rice, with the right policies and investments, we can comfortably produce quality grains that can feed the nation.


Kill every weak local industry and redirect the resources into producing those things we can with absolute cost advantage and then import those we can't.

Simple economics!

What cost advantage does Indian have for having a refinery despite them not having crude, when they can import cheaper refined products from the Middle East?

Nigeria is not dumping ground.

Dumping means foreigners exporting those goods we have a cost advantage in and selling them at ridiculously low prices than obtainable in their home countries, and increase the price after destroying local competition.

Can you name any of those goods in Nigeria?

NIGERIA IS A DUMPING GROUND.

Dumping ground is when foreigners ship in their refined products into the country while refusing to buy anything from you because you have absolutely nothing to offer except crude being pumped from the ground.

Shame!!!!
Re: WTO: Nigeria Is Number One Importer In Africa by CSTRR: 9:53pm On Apr 16, 2021
ibedun:


Theoretical. Where will Innoson export his cars?
West Africa for a start.

But it should not just be restricted to only innoson business.

We can replicate it in other sectors of the economy by a thinking govt.

Even our tech firms
Re: WTO: Nigeria Is Number One Importer In Africa by CSTRR: 9:58pm On Apr 16, 2021
ibedun:


You mean well with the above statement however at this critical point we should see importation as a killer and poverty entrenching. We must develop a very negative perception towards importation. At the moment we deserve and are entitled to zero importation!
The next generation are going to be poorer.
No.

We must develop a negative attitude toward low productivity.

It's because Nigeria's leaders are not sophisticated, that is why reducing imports is the bulk of our economic policy.

I am all for reducing imports, but the major focus should be on exports.
That is what will make Nigeria prosperous.
Export mentality. Not just to reduce imports.

If we need to import all the cocoa in Ghana to produce chocolates that will serve the whole of West and central Africa, then it makes better economic sense.

Reducing imports should not be an economic policy of the 21st century.
Not country grows with that mentality.

China did not grow by reducing imports. It grew by increasing exports.

Increasing export should be the economic goal.

But that kind of policy is not for average leaders like we have in Nigeria.

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 10:00pm On Apr 16, 2021
CSTRR:

West Africa for a start.

But it should not just be restricted to only innoson business.

We can replicate it in other sectors of the economy by a thinking govt.

Even our tech firms

The volume is not there! We are still too foolish to understand how the world works. Just listen to our ignorant stupid people when you ask them to eat Nigerian rice.

Please let them know there is no messiah coming from anywhere.
Re: WTO: Nigeria Is Number One Importer In Africa by EzeNri(m): 10:04pm On Apr 16, 2021
ibedun:


THEORETICAL NONSENSE!!!

Just listen to yourself!

An unproductive country with no goods and services to EXCHANGE should peg importation to the absolute barest minimum!!!
We are getting poorer through currency devaluation.
A country like Nigeria should be producing all the food and fuel it requires BUT na toto and babies the foolish men and women are producing. Foolish us.
Pegging importation is the reason rice is very expensive.

Free market is the solution.

Nigeria should only invest in things she has cost advantage and IMPORT the rest.

Simple economics.
Re: WTO: Nigeria Is Number One Importer In Africa by CSTRR: 10:05pm On Apr 16, 2021
And the fact is when your economic policy is geared towards increasing exports, your imports will drop as a result.

Because to increase exports, you will need to do the hard work of making your country suitable for local production of goods and services that are exportable, which will drive even more local investments and crash imports.

But when you focus on just stopping imports like Buhari did, your people will just suffer because you have not done enough to replace the foreign goods that used to come.

Export mentality is hard work but long term rewarding.

Import mentality is short cut with low success rate.

1 Like

Re: WTO: Nigeria Is Number One Importer In Africa by CSTRR: 10:08pm On Apr 16, 2021
It's because Nigeria does not have an export mentality, that is why apapa is still like that.

That is why ports in other states are not fully functional.

That is why customs are not efficient.

Hard work.
Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 10:11pm On Apr 16, 2021
CSTRR:

No.

We must develop a negative attitude toward low productivity.

It's because Nigeria's leaders are not sophisticated, that is why reducing imports is the bulk of our economic policy.

I am all for reducing imports, but the major focus should be on exports.
That is what will make Nigeria prosperous.
Export mentality. Not just to reduce imports.

If we need to import all the cocoa in Ghana to produce chocolates that will serve the whole of West and central Africa, then it makes better economic sense.

Reducing imports should not be an economic policy of the 21st century.
Not country grows with that mentality.

China did not grow by reducing imports. It grew by increasing exports.

Increasing export should be the economic goal.

But that kind of policy is not for average leaders like we have in Nigeria.

This your submission is more like fantasy to me. We must STOP importation to conserve the dwindling dollars available, while we begin to product our most basic essentials needs like food. If we can’t do that then we have no business making babies, we don’t!

We should cease all imports immediately ubnless we have something to EXCHANGE for the imports. We are exchanging pure dollar reserves to import nonsense at the moment. It’s like there are no adults in the system. To be African is really hard.

Anyway if we continue the powerful countries will send their war machines to come and collect our land and the most desirable and beautiful of our women. The rest (mostly men) will simply perish!!!! Rightly so!
Re: WTO: Nigeria Is Number One Importer In Africa by ibedun: 10:15pm On Apr 16, 2021
EzeNri:

Pegging importation is the reason rice is very expensive.

Free market is the solution.

Nigeria should only invest in things she has cost advantage and IMPORT the rest.

Simple economics.

Rice is expensive because our local currency is weakening against the dollar we are exchanging for rice. This is pure madness!!!

If we can’t produce common food to eat, what exactly are we existing for?

I see disaster in the horizon. We are going to run out of dollar eventually.....we are living in a state of emergency and we don’t know it!
Re: WTO: Nigeria Is Number One Importer In Africa by EzeNri(m): 10:21pm On Apr 16, 2021
ibedun:


Rice is expensive because our local currency is weakening against the dollar we are exchanging for rice. This is pure madness!!!
I am talking about locally produced rice. Why is it expensive despite Buhari's protectionist policies?

ibedun:

If we can’t produce common food to eat, what exactly are we existing for?

I see disaster in the horizon. We are going to run out of dollar eventually.....we are living in a state of emergency and we don’t know it!
How do you know we are not producing our basic foods?

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