How many agricultural farms do you have oga . When even America today allowed importation of foreign food you should have asked them to shot the boarder because a country of over 200 millions people should at least be producing car and planes, ships all the equipment we need or you those countries producing start it overnight

pedel:
You think importing food for consumption is good for our economy?
A country of over 200,000,000 people importing rice despite having land and manpower to grow our own food.
Spending forex to import what we can grow is one of the reasons our currency is devalued.

Dotherightthing:


I have NEVER seen a rice farm in my life!

Nigeria is NOT good in rice-production!!

You live in the city and you want to see rice farms?

SIONKPO1:

Calm down
Every country has its specialization and in a perfectly competitive market let the local and imported businesses drag the market together.
Our Rice farmers here really messed up things,how can locally grown rice be #38k whereas the Foreign ones I believe will cost #20k.

Mr man,it is the other way round.

The N20k rice must be the local one.

It is only Ofada that is more expensive than the foreign rice,because if its very limited production.

Raskimonojendor:

People in developed countries mostly rely on used cars too. New cars are expensive everywhere in the world.

Aslong as the vehicles being imported via the borders are made to pay the Nigerian custom duties and taxes, nothing wrong with importing them from a neighbouring country.

Prices of cars will definitely fall as there will be more competition amongst sellers.

I never even knew the Semd boarder was closed to car importation... So where have all the tokunbo cars I have been seeing around been coming in through?

GoodGovernance:


Mr man,it is the other way round.

The N20k rice must be the local one.

It is only Ofada that is more expensive than the foreign rice,because if its very limited production.

Accept,let the price of the local one even crash downward to #20k
Our rice is too expensive

MT:


What was this you have written? Truly appalling. What currency do people use to buy rice from Thailand? How do they source for this currency? Have you considered the impact to our foreign reserve? What is the implication on the exchange rate? And do you think with the exchange rate that is floated by CBN, you will still get your usual 9k per bag of rice?

When you know answer to these questions, you would understand why Buhari banned importation of Rice from Thailand.

Government does not lose anything if it allows rice to come in. Importers should source their forex from the open market. We cannot be doing Almajiri economic, banning importation of cheap food and imposing heavy prices on our local and unavailable local one, it is simple logic. Not everything imported into Nigeria was financed using government allocated dollar. We need to liberalize rice market. Allow foreign rice compete with local ones the one that is cheaper and better wins the market.

pedel:
You think importing food for consumption is good for our economy?
A country of over 200,000,000 people importing rice despite having land and manpower to grow our own food.
Spending forex to import what we can grow is one of the reasons our currency is devalued.

Una don start.

Local rice was sold at less than 10k before the closure of borders

Ithe price started skyrocketing immediately after the closure of borders.
Now, The price of Local rice is competing with that of foreign rice which is too bad.
We Nigerians don’t love ourselves. That’s the problem.

GoodGovernance:


Another big lie!

Very reputable research and statistics organizations globally, have all agreed that Nigeria is now the largest producer of rice in Africa.

Importation of paddy rice is a very BIG lie.

Continue deluding yourself

[quote author=yemre post=123959256][/quote]

Pmb shut the borders to encourage local production but what happened? Prices of locally produced rice moved from #8k to #30k. To me, I would have loved PMB to encourage and assist the local farmers to produce quality rice in a mechanized setting without closing the borders. That way, there would be motivation to compete with the foreign rice in quality and price.
That is in the past now tho.
BAT should declare a state of emergency on agriculture, including production of rice, encourage imports and allow the demand for foreign rice force our people to improve on the quality of rice we produce here at a reasonable price to the public.

You will see that rice importations will die naturally. Because we can have our own quality rice at #10,000/bag and foreign rice is 15k/bag,

eldoradoxx:

Government does not lose anything if it allows rice to come in. Importers should source their forex from the open market. We cannot be doing Almajiri economic, banning importation of cheap food and imposing heavy prices on our local and unavailable local one, it is simple logic. Not everything imported into Nigeria was financed using government allocated dollar.

Let me ask you a few questions, now that CBN has decided to float the currency, is there anything still called "govt allocated" dollar? Do you even understand what it means to "float" currency ?

In your own context, what is an "open market" ? Oh you are referring to Aboki rate. Have you heard of the unification of the exchange rate as announced by this current administration? Do you understand what it means?

You see the reason why I insist that quality of education and lack of understanding of basic economics are the issue here?

FreedomArmy:
and then you closed it and wicked people increased the price of local tasteless rice that is full of sand. I believe in free market economy. Banning importation is not the way to encourage local production. Improving the quality of local production to be at par or above that of foreign products is the way forward

I don't understand why locally produced rice is more expensive than foreign rice, yet it is not as quality.

I need someone to educate me on why this is so.

MT:


What was this you have written? Truly appalling. What currency do people use to buy rice from Thailand? How do they source for this currency? Have you considered the impact to our foreign reserve? What is the implication on the exchange rate? And do you think with the exchange rate that is floated by CBN, you will still get your usual 9k per bag of rice?

When you know answer to these questions, you would understand why Buhari banned importation of Rice from Thailand.

Banning importation of cheap foreign rice because u want to encourage local rice is like patronizing your neighbor who bakes and sells a loaf of poor quality bread at #2000 per table size loaf simply because you want to encourage his business when down the street, there is a far better quality table size loaf of bread going for the price of #300 per loaf. Nigerian government acts like people that are bewitched.

Instead of opening seme border why not encourage the vehicle dealers to berth their ships in Calabar or Warri port, that way you don't pay the double duty (Cotonou and Nigeria) and reduce overall price of the car and smuggling associated with Seme border area

eldoradoxx:

Banning importation of cheap foreign rice because u want to encourage local rice is like patronizing your neighbor who bakes and sells a loaf of poor quality bread at #2000 per table size loaf simply because you want to encourage his business when down the street, there is a far better quality table size loaf of bread going for the price of #300 per loaf. Nigerian government acts like people that are bewitched.

There wont be any cheap foreign rice for you again. Naira has been DEVALUED and the foreign exchange is being determined by the market forces. Don't you get it?

I am not an economist. I am a software architect but I chose to read outside of my domain to understand what is going on. Sit this discourse out, and educate yourself on DEVALUATION - which always makes importation more expensive. It is a tool used to encourage local production, and increase export.

Demand and Supply principle needs to be re-taught to our adults.

pedel:
You think importing food for consumption is good for our economy?
A country of over 200,000,000 people importing rice despite having land and manpower to grow our own food.
Spending forex to import what we can grow is one of the reasons our currency is devalued.

People matter just tire me

MT:


Let me ask you a few questions, now that CBN has decided to float the currency, is there anything still called "govt allocated" dollar? Do you even understand what it means to "float" currency ?

In your own context, what is an "open market" ? Oh you are referring to Aboki rate. Have you heard of the unification of the exchange rate as announced by this current administration? Do you understand what it means?

You see the reason why I insist that quality of education and lack of understanding of basic economics are the issue here?

I fully understand the issue. My argument is simple, initially government said they banned foreign rice to save the forex. I am saying, let the importers source their foreign from wherever and import. Let there be a competition between our local rice that goes for the price of gold in the market while it's not worth a bronze price. Allow competition, those who can afford foreign should buy, thereby reducing the quest for the monopolized local rice. A reduced demand of local rice over time adjust the price. Our local rice has no business going for 35k per bag while foreign rice imported into other African countries goes as low as half the price. It is because government created a monopoly that the prices are that high. Remove the monopoly and let the true price releflct.

tollyboy5:

For the past eight years how many rice have you grown?

Even those that studied agric no get sense... Masses shoulf also take responsibility too

MT:


There wont be any cheap foreign rice for you again. Naira has been DEVALUED and the foreign exchange is being determined by the market forces. Don't you get it?

I am not an economist. I am a software architect but I chose to read outside of my domain to understand what is going on. Sit this discourse out, and educate yourself on DEVALUATION - which always makes importation more expensive. It is a tool used to encourage local production, and increase export.

Demand and Supply principle needs to be re-taught to our adults.

Even if it is not cheap, allow it in. The value we get for 35k per bag of local rice is a false value. It is not worth the amount. It is demand adjusted price. Once competition comes in, some local rice eaters will go for foreign rice regardless of the amount and the price of the local ones will come down.

eldoradoxx:

I fully understand the issue. My argument is simple, initially government said they banned foreign rice to save the forex. I am saying, let the importers source their foreign from wherever and import. Let there be a competition between our local rice that goes for the price of gold in the market while it's not worth a bronze price. Allow competition, those who can afford foreign should buy, thereby reducing the quest for the monopolized local rice. A reduced demand of local rice over time adjust the price. Our local rice has no business going for 35k per bag while foreign rice imported into other African countries goes as low as half the price. It is because government created a monopoly that the prices are that high. Remove the monopoly and let the true price releflct.

I am sorry you DON'T understand the issue.

Market forces (demand and supply) determine the exchange rate now. Let me break it down for you. Once a lot of people want to go to Cotonou to buy rice, these people will change naira to CFA. Once a lot of people are changing naira to CFA, it means more naira is chasing CFA, CFA value will increase, our own naira will decrease in value. Value is stored in money.

Your quest for wanting to eat foreign rice has blinded you from seeing the ripple effect in Nigeria. Don't destroy our currency, our newly minted Mr. Emefiele. Grow your own economy instead of encouraging capital flight to Benin Republic in your insatiable quest for foreign rice. Lets change our thinking and behaviours as citizens.

Very good development I want to buy motor for my father but the higher price of motor those not let my money reach

eldoradoxx:

Even if it is not cheap, allow it in. The value we get for 35k per bag of local rice is a false value. It is not worth the amount. It is demand adjusted price. Once competition comes in, some local rice eaters will go for foreign rice regardless of the amount and the price of the local ones will come down.

Allow it in and destroy the naira. All these arm chair economists tire me.

Why don't you make your own country's local rice be a foreign rice in another country, and earn USD through it?

FreedomArmy:
and then you closed it and wicked people increased the price of local tasteless rice that is full of sand. I believe in free market economy. Banning importation is not the way to encourage local production. Improving the quality of local production to be at par or above that of foreign products is the way forward

Bros the masses wicked pass government here... But people no dey wan gree...

Tinubu for 2nd term

pedel:
You think importing food for consumption is good for our economy?
A country of over 200,000,000 people importing rice despite having land and manpower to grow our own food.
Spending forex to import what we can grow is one of the reasons our currency is devalued.

Can you grow everything that you will eat?

GoodGovernance:


Fact.

Let them continue to deceive themselves, by eating local rice in "foreign" bag.

90% of the current rice in Nigeria = Local rice

Do not be fooled by the brand name.

If you understand how most Nigerians think, you will so enjoy yourself in money and influence.

The smart farmers/marketers are swimming in money for almost 8 years now.

Don't mind the writer, our currency had strong value even when we were importing almost everything than now.

Godisablealltim:
agbado people like u won't mention the imported rice is cheaper than the local product.

nwajesus12:
reopened for car importation

Ok. Sorry I don't know border are opened in phase by phase I thought when border is opened its opened for all goods and commodities.

This is what Nigeria need.

Export promotion +import reduction..

But certainly not shutting down the border for anything where the necessary things to encourage the local farmers, funds, storage facilities, transportation for sales etc and the the mayhem caused by bandits have not been tackled.

The government should stop fooling my gullible folks☹️

I still wonder when people say they are graduates in this country..😑

Itz really pathetic 😔

Oh I forgot 😯wat bout the rice pyramid buhari, osibanjo and Apc led government have been show casing to the world 🌍🤔

Jogs1900:

Not only rice..Food items generally

Kai! Na wa o. Once importance of rice is legalised come join this one wey we dey so. NAIRA go just condemn join the one wey e dey so

Dollar go cost more

nwajesus12:
shut up

come to shut it

pedel:
You think importing food for consumption is good for our economy?
A country of over 200,000,000 people importing rice despite having land and manpower to grow our own food.
Spending forex to import what we can grow is one of the reasons our currency is devalued.

I'm sure u have eaten imported rice today rice importation is our way in ogun state, idiroko border in particular.