Wainey:
So I am into importation of phones and selling it here in Nigeria, with the recent price hike in everything. My business is reaching a point where it's about to be closed, please what do I do?

enter farm

pendusky:


Just vote right next time

what is Right Vote?

How, if i may ask

Crafteck1:



For a second, i thought this was one of my posts, you are not alone. Learn to understand that nigeria was designed for the average person to fail. They killed my game biz of 50k daily income, my lounge biz of 150k weekly income.

Wainey:
So I am into importation of phones and selling it here in Nigeria, with the recent price hike in everything. My business is reaching a point where it's about to be closed, please what do I do?

When I send a person complaining about the economy, I check their post history. 9 /10, it's people who supported Tinubu.

Anyway, I wish you all the best and let's hope that dollar rate comes down.

Love800:
How, if i may ask

When you stop bike in some areas, fluidity of movement stops, very few people would take 2k uber to go and spend money playing games then 2k back,, same goes for lounge and entertainment, when movement ease is stopped , people only move when its necessary..

If before your business could serve 40 streets around you, once its hard to reach you, you are limited to 5 streets around u.

richmond500:
you too will not have a choice when toothpick is N10,000, you either use the made in Nigeria toothpick or you use your finger nails to pick the meat

or you make the toothpick?

richmond500:
The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.

Time is coming when Naira will hit 5000 to a dollar. When this happens, foreign products will be difficult to purchase and we will have no choice but to buy made in Nigeria goods cos even a pair of foreign pants will be so expensive that only politicians can afford it while the rest of us will wear plantain leaves.

It's so annoying that the average secondary school student knows the dollar to naira exchange rate, that shows how we depend so much on the dollar and killing our own naira.
Until we patronize our own companies, we can't grow the economy, this painful stage is called the transition stage from foreign to local, the govt is not the problem but the time it takes Nigerians to accept the Nigerian goods will determine how long the pain will last.

In the next five years, we will fully accept our own economy and in the next ten years, we will have an economy that will beat France and Germany cos we have the market already.

yes, Yahoo boys Will also keep bombing because it's favouring them too... dey Play.

Ok.
Now i understand.
Bad policies iis really bad.

But now, u talking abt the ban on okada and subsidy removal, abi?

Crafteck1:


When you stop bike in some areas, fluidity of movement stops, very few people would take 2k uber to go and spend money playing games then 2k back,, same goes for lounge and entertainment, when movement ease is stopped , people only move when its necessary..

If before your business could serve 40 streets around you, once its hard to reach you, you are limited to 5 streets around u.

richmond500:
you too will not have a choice when toothpick is N10,000, you either use the made in Nigeria toothpick or you use your finger nails to pick the meat

Made in Nigeria when we don't have stable electricity, poor water supply, unfriendly environment....

Kukutente23:

Demand kept growing? Who is feeding you all this bunkum?
You're missing the point totally.
1. There's no govt that does not defend its currency.
2. APC govt especially under Buhari and now Tinubu keep messing with our macroeconomic fundamentals without putting in alternatives.

The two above is what's been killing our currency and our economy under APC. For example, under PDP, our economy grew at an average of 5% yearly. Under Buhari, we grew at an average of 0.8 thereabouts!

The scenario of subsidizing dollars started under Buhari. Don't generalise it. Our currency was the worst for it in the parallel market. And how has Tinubu devaluing it fared? The gap between official and parallel market is back and worse still, it's harder to access forex in the official market than before!

You APC supporters need to own up to the reality that APC are very poor at economic management. It's that fact that you don't want to own up to that makes you keep bringing up different narratives to deflect from the mess being made of our economy.

Tinubu could not have been the best out of the trio. He refused to be interrogated on his plans.

If i ask you what makes you think he's the best, you'll point to Lagos. That's propaganda. Lagos has always been the prime city of Nigeria. And it has not been the best run state in Nigeria since 1999.

Tinubu's ACN ruled other states apart from Lagos and none is an eldorado presently. So using Lagos as a yardstick is purely crass opportunism.

There is different between defending and subsiding (saving) and part of saving it is to devalue it.

Yes, I have told you that Nigeria has been blessed with bad leaders but Tinubu is still on the right track till proven otherwise. So, you don't want Tinubu to devalue it and you don't want him to subsidize it as well?

I don't even like APC but it is bad to blame Tinubu for Buhari's failure. Governing Lagos was not the most important yardstick I used to access the trio but part of it. Tinubu understand governance more than the other two. We don't have to keep saving the Naira it has to find his own niche.

Lastly, yes request were getting higher and this even made the government to ban some trades from accessing Forex at the legal window (bank or I&E).

During Jonathan's time, the gap between the I&E window and the parallel market were so insignificant because there are leverage for the parallel market dictator to access USD from the bank BUT it is not sustainable.

Honestly, the country is in big shit and any leader working his betterment will be hated because the development will come with hardship. However the country is deeply in mess, it will be hard to correct so it has to be done silently and gradually and that is what Tinubu is doing. Look at Nigeria's budget and how much they are even planning it on. Then look at the HIGH demand for Forex. What do you think will happen to the Naira?

Those who are enjoying from the decay are the ones fighting and harassing the government using the people because they know that the suffering will be too much for the people to bear AND it is a must for us to bear it if we want to succeed.

Honestly, Tinubu is on the right track what Nigerians need to do is to support him BUT do you think it will be possible? No! Because people's fare will be used as the weapon to fight him and he will have to alleviate the suffering. I pray people understand

[quote author=richmond500 post=126599203]The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.


MOST MADE IN NIGERIA PRODUCT CAN NOT BE PRODUCED FROM START TO FINISH WITHOUT ONE FOREING MATERIAL OR THE OTHER… A COUNTRY WHERE THE GOVT IMPORTS EVEN THE FUEL THAT THE RAW MATERIAL (CRUDE OIL) IS IN THE COUNTRY… SHOULDNT THEY LEAD BY EXAMPLE?

False

richmond500:
The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.

Time is coming when Naira will hit 5000 to a dollar. When this happens, foreign products will be difficult to purchase and we will have no choice but to buy made in Nigeria goods cos even a pair of foreign pants will be so expensive that only politicians can afford it while the rest of us will wear plantain leaves.

It's so annoying that the average secondary school student knows the dollar to naira exchange rate, that shows how we depend so much on the dollar and killing our own naira.
Until we patronize our own companies, we can't grow the economy, this painful stage is called the transition stage from foreign to local, the govt is not the problem but the time it takes Nigerians to accept the Nigerian goods will determine how long the pain will last.

In the next five years, we will fully accept our own economy and in the next ten years, we will have an economy that will beat France and Germany cos we have the market already.

Please tell me, is Dangote cement also imported? Because I’m finding it hard to understand.

richmond500:
you too will not have a choice when toothpick is N10,000, you either use the made in Nigeria toothpick or you use your finger nails to pick the meat

Most goods use in the UK were made in other countries, that means not patronising not made in Nigeria goods is not our problem

Tinubu policies is to reduce importation and increase exportation. Too much importation is killing Nigeria; Naira suffers it. Find something to export, not import.

Majesty7:


There is different between defending and subsiding (saving) and part of saving it is to devalue it.

Yes, I have told you that Nigeria has been blessed with bad leaders but Tinubu is still on the right track till proven otherwise. So, you don't want Tinubu to devalue it and you don't want him to subsidize it as well?

I don't even like APC but it is bad to blame Tinubu for Buhari's failure. Governing Lagos was not the most important yardstick I used to access the trio but part of it. Tinubu understand governance more than the other two. We don't have to keep saving the Naira it has to find his own niche.

Lastly, yes request were getting higher and this even made the government to ban some trades from accessing Forex at the legal window (bank or I&E).

During Jonathan's time, the gap between the I&E window and the parallel market were so insignificant because there are leverage for the parallel market dictator to access USD from the bank BUT it is not sustainable.

Honestly, the country is in big shit and any leader working his betterment will be hated because the development will come with hardship. However the country is deeply in mess, it will be hard to correct so it has to be done silently and gradually and that is what Tinubu is doing. Look at Nigeria's budget and how much they are even planning it on. Then look at the HIGH demand for Forex. What do you think will happen to the Naira?

Those who are enjoying from the decay are the ones fighting and harassing the government using the people because they know that the suffering will be too much for the people to bear AND it is a must for us to bear it if we want to succeed.

Honestly, Tinubu is on the right track what Nigerians need to do is to support him BUT do you think it will be possible? No! Because people's fare will be used as the weapon to fight him and he will have to alleviate the suffering. I pray people understand

I can see how you're working overtime to defend Tinubu. This is same thing a lot of people did while Buhari was destroying the country's economy. I remember all those slogans then.

How is Tinubu on the right track? The right track with the highest inflation figures since the return of democracy? Worst exchange rate, fall in standard of living and collapse of the little manufacturing we have? How are these indicators showing you he's on the right track?

I'm not blaming Tinubu for Buhari's failure. What I'm pointing out is that you shouldn't blame others for Tinubu's failures. He's on the saddle now and the present circumstances are a result of his policies.

If Tinubu understands governance as you claim can you explain why he's having the largest cabinet in our democratic history in a time they are claiming govt is broke? Just two days ago, Wike appointed two SSAs!

There is no one enjoying the decay more than those who are in govt who get to access Forex directly from CBN easily. No one can access Forex from CBN without having strong connections presently so it is only people like you and I that are left to suffer the effect by using black market while they enjoy the privilege of being close to power.

Tinubu is clueless. He's out of his depth as results so far has shown. You can keep defending him. There are those who did same for eight years while Buhari was busy destroying the country bringing up different excuses and platitudes for him. For all I know, you may be among them.

Majesty7:
Let me respond to you.

If you want your economy to improve, you have to produce more so that it strengthens your local currency and there won't be high need of foreign currency by your citizens to purchase good outside your borders.

The person you're supporting said Tinubu's plan is to kill importation in the country so we can value our currency and local production, and you deem that intelligent.

Please, tell me which country has successfully used this model. There are other countries whose export and import ratio are at par and their economies are stronger than Nigeria and their currencies stronger than the naira, so what are you saying?

richmond500:
The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.

Time is coming when Naira will hit 5000 to a dollar. When this happens, foreign products will be difficult to purchase and we will have no choice but to buy made in Nigeria goods cos even a pair of foreign pants will be so expensive that only politicians can afford it while the rest of us will wear plantain leaves.

It's so annoying that the average secondary school student knows the dollar to naira exchange rate, that shows how we depend so much on the dollar and killing our own naira.
Until we patronize our own companies, we can't grow the economy, this painful stage is called the transition stage from foreign to local, the govt is not the problem but the time it takes Nigerians to accept the Nigerian goods will determine how long the pain will last.

In the next five years, we will fully accept our own economy and in the next ten years, we will have an economy that will beat France and Germany cos we have the market already.

It’s only the poor that will embrace the local economy cos the rich will still continue to import things. Do you know that there’s a bread that comes every week to Nigeria from Europe and it’s being bought by the rich? But the poor will be left to buy the bread made with poor quality flour. If everyone embraces the things produced locally, it would have been a different thing. It’s well

[quote author=Artiiclebeast post=126599389]

And buy a Nigerian-made phone to keep making these sorts of senseless comments.

Even the politicians hoarding and fuelling the Dollar to Naira craze while selling you the dummy you keep regurgitating will be amazed at how you have been able to put a "better" senseless interpretation to their cluelessness.

Na wa.


Baba mi koni baje fun. Agbadorian are so daft, myopic and cerebrally senseless. Bro thank you once again.

[quote author=richmond500 post=126599471]
There will be heavy inflation at first, even world bank and IMF warned us about the inflation that we will experience before the economy bounce back.
Don't let hatred becloud ur judgement.

Our economy is foreign dependent and it affects every sector of life.

Egbon abeg keep quiet. Why didn’t your senators patronize local car maker before buying those 160m$ suv. Or av you forgotten dat leadership is vertical and not horizontal. With over 45ministers and more than 20 SA SSA with more appointments on this image laundering what has Tinubu policies done to ameliorate ur suffering? Olodo

Love800:
Ok.
Now i understand.
Bad policies iis really bad.

But now, u talking abt the ban on okada and subsidy removal, abi?

Amongst others.multiple taxation.economic instability...

richmond500:
The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.

Time is coming when Naira will hit 5000 to a dollar. When this happens, foreign products will be difficult to purchase and we will have no choice but to buy made in Nigeria goods cos even a pair of foreign pants will be so expensive that only politicians can afford it while the rest of us will wear plantain leaves.

It's so annoying that the average secondary school student knows the dollar to naira exchange rate, that shows how we depend so much on the dollar and killing our own naira.
Until we patronize our own companies, we can't grow the economy, this painful stage is called the transition stage from foreign to local, the govt is not the problem but the time it takes Nigerians to accept the Nigerian goods will determine how long the pain will last.

In the next five years, we will fully accept our own economy and in the next ten years, we will have an economy that will beat France and Germany cos we have the market already.

For the past 40 years, the country has been preaching the gospel of "Buy made in Nigeria."

The Naira takes a tumbling when crude oil prices fall and there's a fall in dollar inflow because of it. It is at that time everyone becomes an economist.

But the Naira's fall was not Nigerians buying locally produced goods but a collapse in dollar inflow. For things to get better, Nigeria needs to export to encourage dollar inflows.

As the Economist magazine rightly said, "Protectionism has failed to industrialize the country,"

It won't help the Naira. If you like, effectively ban the importation of every foreign product and use of every foreign service, the Naira's value will not appreciate at all.

Imports aren't bad for a country. What Nigeria lacks is export. France and Germany, especially the latter are export giants. They even practice the complete opposite of what you preach: as members of the EU, there are zero tariffs between all EU countries.

Self sufficiency does not make countries wealthy. The best a country like Nigeria can achieve with protectionism will be no better than India in the days the License Raj in India which left India poor. Nigeria has tried it for 40 years and there's nothing to show for it.

India has changed its ways and is more focused on exports now and foreign companies like Foxconn has set up shop their manufacturing Iphones.

A weak Naira isn't enough to boost exports. It might even achieve the opposite has it may make it expensive to import much needed machinery to make goods produced here competitive.

Presently, exports have mostly comprised of low hanging fruits: things that don't take much effort to export which are largely unprocessed commodity and goods. Nigeria needs to scale up to exporting value added products and that is the area the country has done poorly but why you may ask?

The primary answer isn't poor infrastructure and bureaucracy as many will want to believe.

The primary problem is the high cost of credit. With bank lending rate over 25%, this will hamper the setting up of factories to produce value added goods for exports.

Until cost of credit falls below 10%, Nigeria will struggle with exports.

pendusky:


Just vote right next time

What does voting right next time have to do with it? The problems facing the economy are severe. Buhari left a monumental mess.

Artiiclebeast:


Hahahha

Voodoo economist has spoken...lol

The op will start patronising and buying "made in Nigeria phones".

Una too funny abeg.

Thank you.

As "The Economist" magazine said, "protectionism has failed to industrialize the economy." It is an extremely inefficient and counterproductive way of moving forward.

Just look at how much Nigerians pay for cement? It is daylight robbery. It adversely affect the construction industry which employs far more people than the cement manufacturers combined. What it has done is to just to make 2 men billionaires.

Artiiclebeast:


Don't mind the dullard.

If I had a huge cassava farm, he thinks I'll waste my time and resources processing garri to earn #1 from him when I can process and export starch to earn me FX from it.

Abi no be exportation dem wan encourage?

Confused people.

Where Nigeria falls short is exportation. The honest truth is that a country Nigeria's size hardly imports stuff in real terms.

Israel's with 9.5 million people: exports $188bn imports: $108bn
Switzerland 8.63 million people: Exports $488bn Imports: 291bn
Netherlands: 17.5million people: Exports: 719bn Imports: $454bn

Nigeria 223million people: Exports: $42.4bn Imports: $52bn
I doubt the figure includes remittances which will increase the dollar inflow. I would have mentioned tourism but there's hardly any here in Nigeria.

Nigeria's import figures are small compared to those much smaller countries.

What impresses me most are Israel and Switzerland. They are not re-export destinations like Hong Kong which re-exports the products to China for instance.. Goods entering Switzerland or Israel are used within there

richmond500:
The essence of these policies is to kill importation business and make Nigeria a production country.
Your business is not the only business that is dying, many business that depends on dollar has closed down and more will close too.

Time is coming when Naira will hit 5000 to a dollar. When this happens, foreign products will be difficult to purchase and we will have no choice but to buy made in Nigeria goods cos even a pair of foreign pants will be so expensive that only politicians can afford it while the rest of us will wear plantain leaves.

It's so annoying that the average secondary school student knows the dollar to naira exchange rate, that shows how we depend so much on the dollar and killing our own naira.
Until we patronize our own companies, we can't grow the economy, this painful stage is called the transition stage from foreign to local, the govt is not the problem but the time it takes Nigerians to accept the Nigerian goods will determine how long the pain will last.

In the next five years, we will fully accept our own economy and in the next ten years, we will have an economy that will beat France and Germany cos we have the market already.

This article article you wrote here shows you don't know the cost of production in Nigeria. What are we producing?

Ok

Crafteck1:


Amongst others.multiple taxation.economic instability...

grandstar:


What does voting right next time have to do with it? The problems facing the economy are severe. Buhari left a monumental mess.

After saying all these
So are you happy now?

richmond500:
It's a matter of time.
Local Companies will spring up, it's a matter of time.
We are too engrossed in foreign products and that is why the effect is so hard on us.

Things will go back to normal, its a good policy, let's just endure for a little longer

Naira crashing badly for The first time Yoruba people are majorly in government

Artiiclebeast:


And buy a Nigerian-made phone to keep making these sorts of senseless comments.

Even the politicians hoarding and fuelling the Dollar to Naira craze while selling you the dummy you keep regurgitating will be amazed at how you have been able to put a "better" senseless interpretation to their cluelessness.

Na wa

Those that cannot use Itel phones are the ones that will use Nigeria made phone.

Majesty7:


Oh my God! How can someone be this daft? The need (USD) must not be above earnings (inflow).

We will still be importing but the inflow must be way above the request. With that Naira will be strengthened!!!! Do we need to open your skull?

Read the 2 comments below to understand what's truly going on.

43Ronin:

agbadonomics! Lol. glasko-smithline, P&G and other other plastic companies are they import dependent? dude bottle & pure water factories are shutting down in their thousands. Tinubu is just clueless and a tool for western powers to destroy and destabilise our country simply because they have his corrupt dosier. manufacturing companies are shutting down! there is no electricity neither is fuel or diesel cheap thus increasing their cost of production. The main problem is not import but the people. the Nigeria people still don't get it that APC is purposely sabotaging the economy. They closed the borders and stopped import of rice only to allow fulani herdsmen to destroy acres of crops and farmlands. they purposely stopped our refineries from producing and invested billion of dollars into dangote refinery yet its not working and even when it does it won't reduce the cost of fuel when they saw stealing of crude oil sales is not working fast, they now decided to steal the crude oil itself so that they can stop fx proceeds from this and destroy the naira. my people ask yourself how can an economy move from good to worst in a short span of 8 years? it was planned. the real reason they are doing this will soon be unveiled.

JaskanFactor:
Its better to sell-out the business before you start to loose more money or get into debt, press that reset button cause the business plan does not pass the test of reality on the ground.

After reset , find a new business that is more in line with the harsh conditions on ground, bearing in mind that we are currently in the days of tribulation as prophesied in bible, the time when people will suffer in the hands of the owners of the world.

The world has we know it, or knew is being closed down, what type of business do you think will work, bearing in mind farming in Nigeria is now very dangerous since the owners of the world want to end farming in order to cause higher food prices and starvation.

As such i would first cut my living standard to war time rations, then hopefully that will allow you to save enough money for a business that will survive the days of tribulation.

You have no idea how many Nigerians industrialists etc now dead and gone who complained bitterly about the rate naira was loosing value since its inception.

If you treat Nigerian economy like a thief, you just mind end up with a solid business plan.
For example , if they are killing farmers, you just might want to start locally produced items for people to grow thier food inside thier houses before the the price of bread becomes 1 year salary.

Cause trust me on this, Nigerian economy or any black African economy willl never improve until they have reduced the population to the standard set by the nazi bill gates and his masters.

They rollled out poison injection and you did not die, do you think they give a shit about economy, everything you need to survive is the target.


Ask yourself why 500 armed terrorists with helicopter support will go and destroy a tomato processing plant in northern Nigeria , and that was 2 years ago.

Ask yourself what business terrorists have destroying food production facilities, and let that sink in as you plan your future survival strategy.

And just in case you do happen to find a good business, dont forget, they are now planning to use every technology they can get to collect your money in taxes, even as they raise the inflation to biblical figures.

grandstar:


Where Nigeria falls short is exportation. The honest truth is that a country Nigeria's size hardly imports stuff in real terms.

Israel's with 9.5 million people: exports $188bn imports: $108bn
Switzerland 8.63 million people: Exports $488bn Imports: 291bn
Netherlands: 17.5million people: Exports: 719bn Imports: $454bn

Nigeria 223million people: Exports: $42.4bn Imports: $52bn
I doubt the figure includes remittances which will increase the dollar inflow. I would have mentioned tourism but there's hardly any here in Nigeria.

Nigeria's import figures are small compared to those much smaller countries.

What impresses me most are Israel and Switzerland. They are not re-export destinations like Hong Kong which re-exports the products to China for instance.. Goods entering Switzerland or Israel are used within there

Great and analytical summations!