Cmeo:


Why are those international companies shutting down production and switching to importation? It is because they see importation to be more profitable than production. But with the BAT government import rate that is making importations costlier, production companies will be producing creating jobs for Nigeria instead of importation that will create the job for another economy.

Una head no correct o.

So they will suddenly see production as more profitable, when all the indices that made production unattractive, such as epileptic power supply and high level corruption haven’t been addressed?

Supporters of this government are really dumb.

BigBashiru:


What do you hv to offer Nigeria as a Nigerian?

which kind stupid mumu question be this?

Yamayama fall on that your big bald head !

tommy589:


He is brave knowing this may cost him reelection.

This measure to discourage importation is going to take many years as you mentioned. And probably many years after he has left to see the result
.
I am not sure their are serious cotton and tobacco farmers as it was in the past. Some manufacturers,like textiles and cigarettes makers have been disconnected for decades from their local suppliers..

Are these manufacturers/importers going to go back to local production instead of importation that offers less work force and like zero labor/management face off

You lost me when you mentioned Brave and Tinubu in the same sentence. That Dead man walking ain't brave or close to being brave. And as for him losing reelection Jeeze you call of those sham elections in Nigeria an actual election. No matter what he does his cult follower will still vote for him, Their heads are so far up his a** they could taste what the man had for lunch.

cucumbar:
which kind stupid mumu question be this?

Yamayama fall on that your big bald head !

Personal attacks is done by illiterate people

DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

The pain point advocates. $1= N2000. What a brilliant spin and wicked sychopancy

DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

Yoruba economics, yorubas don't know anything about the economy or economics.........

Even if dollar is 3000 naira will it stop Nigerians from buying phones since none is produced in the country, will it stop Nigerians from buying foreign cars instead of innoson, will it stop Nigerians from buying foreign rice, generators, clothes, solar panels and batteries, and all other imported goods.........

This one is talking about pain point..........

You are not even talking about the multiplier effect, trickle down effect, inflation, devaluation of naira, bad fiscal and monetary policies........

This is what you get when you hire a banker as a CBN governor........

Chaiii, pain point just like Isaac fayose, he can use 1400 naira to eat ewedu, amala, and pure water and women are the cause of inflation........

You guys know nothing, and always celebrate mediocrity........

Someone will be killing you and you will be petting him to do more......

All because you want to teach igbos a lesson......

I once said if you yorubas had given us Akinwunmi adesina that the igbos would vote him over Peter obi because of his track record as a minister of agriculture and at the AFDB......

But no, you had to bring out the worst of you.......now trying to defend the worst you, you can't use your brains.......and have become worst.......

Tinubu till year 2500......maybe by then all yorubas will be zombies........

Those who support evil should taste it......

PressMyButton:
Let CBN squeeze your balls, all ye import gluttons, unproductive beings. Let our naira breett.

Yorubas don't know anything about economics it is now very clear.......

Can someone explain to me why anyone would want to increase the rate of clearing at this time? It looks like this government made it a point of duty to kill Nigerians for not voting for them.

The hike is to make the thief in power to have more available Money to loot and launder.
They don't care about the commiserate increase in the prices of goods in the country and poverty increase it would cause.

DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

The reason why Nigeria economy defy economic theories is because our leaders are always putting the cart before the horse...

We want to encourage local production, ok that’s fine, but have we (looking at Agric sector):

1) Secured Nigeria enough to allow local production to thrive? The farmers in the North for example, battling banditry and boko haram day in day out thus preventing them from going to their farms.

2) Curb corruption in areas of grants/govt credit facilities so that these facilities will get to “real farmers” and not some nepotistic approach by officials in charge, given out these facilities to their cronies and praise singers who end up not using the facilities for its said purpose.

3) Provided enough storage and processing facilities to curb wastage, enhance food security and add value to farm products
Etc ...

These and many more precursor events should happen before discouraging import for an import dependant nation

cucumbar:
Una head no correct o.

So they will suddenly see production as more profitable, when all the indices that made production unattractive, such as epileptic power supply and high level corruption haven’t been addressed?

Supporters of this government are really dumb.

Don't get it wrong, epileptic power supply and corruption has been here not today and those company has been here too not today. It just got worst now that importation is profitable than production that's why they are dumping production for importation which the new import tariff foreign exchange rate is currently discouraging.

Before now, our government has been too lenient with consumers products importation and paying lip service to encourage production. Those leniency should only be given to manufacturers raw materials and not consumers goods as we have it now

An ignorant part of you forget that you are part of the government whether directed or indirectly; deliberate or non-deliberately through your actions or inactions.

Psalmistproject:
This means that Rice price has just added 4.4%

So if you have been buying rice for 50k then add 4.4% to it. It will give you 52200.

This applies to others.

Now you can clearly see the government wants to kill everyone.

How is this supposed to help the people.

You haven't created jobs or economic facilities and atmosphere to help people build income yet you are directly contributing to more hardship.

This is wickedness from the pit of hell!

I know they did this at a time they feel Nigerians are a little bit happy and distracted by the afcon wins lately.

Nonsense!!

when someone said last year that the price of rice will hit 80k I thought it was a joke....

millhouse:
a govt that just lifted ban on the 41 items accessing forex cares about local production ?

Lifting ban on them doesn't mean their high import tariff will not be paid on them and that their forex allocation is automatic.

IbeOkehie:


Ahhh, so you're a Federal Rep? Interesting! Good to know some of you are in here. And. British citizen too. No wonder nothing is working in that country....so many people in government have dual citizenship.

In Pakistan the entire Parliament has dual citizenship. See where they are now, that may be where Nigeria is also heading.

Good Luck to Nigeria.

Another one is DrAkpa who is an Austrailian. There is no Nigerian elite who has only the Nigerian passport. Some folks who envisaged Tinubu's ascendancy to presidency went through Express Entry or sponsored their families to get it. Others are currently doing the UK or Canadian route. Literally, none of his appointees have just the Nigerian passport. If they don't have that of Western countries, they have PRs in the UAE. There is a reason Henley and Partners opened a Lagos office, and I think has a representative in Abuja as well.

aderadio1:
Cut and join approach will not take us out of this quagmire. A well thought out policy will.

Baba people's goodwill is running low. Don't let it this hardship boil over. Even we your supporters will not hesitate to change am for you.

you wey hardship go kee troway

casualobserver:


You are Obidients, there is nothing to address. Secondly it’s a waste of time reading an epistle by an Obidient ( I am not sure which one of you wrote the epistle but I didn’t read it. An Obidient is a person with a low IQ as far as I am concerned. No need for long story.

You know I once told you to utilize the education your poor parents gave you.

Reading a few lines will be very helpful.
spiitting facts doesn't make me an obidient.

Again i say,

ONKR, ONJR, ONSSR AEMBJ ONRAS WONJRE OMBTEJ.

But, don't reply. There's nothing sensible in your head to reply with.

Dbegining:



You know I once told you to utilize the education your poor parents gave you.

Reading a few lines will be very helpful.
spiitting facts doesn't make me an obidient.

Again i say,

ONKR, ONJR, ONSSR AEMBJ ONRAS WONJRE OMBTEJ.

But, don't reply. There's nothing sensible in your head to reply with.

The irony is that you think this is banter, pointscoring or jokes. Obidients are turning themselves into a lower subspecies….a laughing stock devoid of any intellect. And the voters are realizing it. Look at the results of elections in yesterdays polls. Even in Ebonyi, LP came 4th!!!!

Na Igbo business men dey suffer this wickedness..useless and greedy leaders indeed

APC agenda is to create mass poverty to be able to retain power as they like. Y’all haven’t seen anything. Upon all that is happening I haven’t heard people occupying roads to protest about the wicked policies the government is making. Y’all are afraid of death but forgetting all die na die. Stay in your house and continue to endure the wicked policies made by the evil leaders until y’all starved to death.

KillahPriest:
to your credit, you mentioned secondary school. Most of the locally manufactured goods in Nigeria still depend on imported foreign components since you can't have everything you want in one place. I've said it before and I'll repeat myself,, these your people in power are deliberately trying to destroy the economy and that's the only viable excuse for whatever they think they're doing which we're all seeing the effects of. A country can never tax it's already impoverished people out of its financial mess

I tired oo, many people would land in Libya very soon

Cmeo:


Don't get it wrong, epileptic power supply and corruption has been here not today and those company has been here too not today. It just got worst now that importation is profitable than production that's why they are dumping production for importation which the new import tariff foreign exchange rate is currently discouraging.

Before now, our government has been too lenient with consumers products importation and paying lip service to encourage production. Those leniency should only be given to manufacturers raw materials and not consumers goods as we have it now

An ignorant part of you forget that you are part of the government whether directed or indirectly; deliberate or non-deliberately through your actions or inactions.

In your mind now devaluation of the currency is the right way, what happened to banning the importation of those said goods, they did with male wears, frozen foods and rice. Stop defending nonsense

DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.

The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

With all due respect, May thunder fire you and all your generations unborn?

Gerrard59:


Another one is DrAkpa who is an Austrailian. There is no Nigerian elite who has only the Nigerian passport. Some folks who envisaged Tinubu's ascendancy to presidency went through Express Entry or sponsored their families to get it. Others are currently doing the UK or Canadian route. Literally, none of his appointees have just the Nigerian passport. If they don't have that of Western countries, they have PRs in the UAE. There is a reason Henley and Partners opened a Lagos office, and I think has a representative in Abuja as well.

And drakpa is the first thing that comes to your tongue when you want to make an example? Akpa kpa buo gi dia

No vision

DeLaRue:


You think so, but that's not the reality.

There is a pain point at which demand for many imported goods will fall fast. People will simply start buying less and less of them. Whether that pain point is at N1500, N1800, or N2000 to a dollar, I don't know.

But the CBN will have the data. They know. If N1500 doesn't stiffle imports to the level they want, I suspect the CBN will not mind seeing naira close to N2,000 to a dollar.

In some ways, it is to the credit of Mr Tinubu's administration that it is willing to follow this extremely tough path to redirect the economy from import-dependence to greater local production. For a politician facing election in just over 3 years to follow a path that may not show positive results for a few years, is truly brave.


The Nigerian economy was heading for the rocks after over 40 years of mismanagement. Tough decisions are needed to correct long term over dependence on imports.

That naira/dollar pain point is the point at which local production of certain goods starts becoming more viable than importing the same goods. This should translate to us producing more of what we need locally. This will lead to more job creation, less pressure on the naira, and a stronger, more balanced economy in the long term.

But this approach comes with a lot of economic pain initially, as the country is witnessing now.

That's the theory o.

Whether things happen in practice like I stated above is a different matter, because Nigeria's situation often defy economic theory.

Do we have all the raw materials to produce....For example Dangote is importing fuel to refine .A lot of local producers do same how will they survive??
The price will still increase

dacool1:


In your mind now devaluation of the currency is the right way, what happened to banning the importation of those said goods, they did with male wears, frozen foods and rice. Stop defending nonsense

Why must importation be ban, when it would still come in through smuggling thereby making money for smugglers and traders in black market while government lose revenue? Please learn strategic thinking.