This is according to the CBN governor.
It is painful to read after Buhari's rice pyramids
What is the solution
https://www.vanguardngr.com/2024/02/stabilizing-naira-beyond-cbn-cardoso/
Applying this demand and supply principle, let’s examine how the exchange rate has performed in recent years. The exchange rate in Nigeria has increased/depreciated due to the simultaneous occurrence of two factors: a decline in the supply of US Dollars coinciding with a surge in the demand for US Dollars.

Mr. Cardoso revealed that imports requiring dollars amounted to $16.65 billion in 1980 but that, “by 2014, the annual import expenditure had significantly surged to $67.05 billion, although it gradually decreased to $54.71 billion as of last year.

For the 1000th time APC import of a Nation is never a problem, lack of export is the key issue

It's foolish and primitive to want to produce most things you consum

Pick the few you can prosuce well better than most of the world

Focus on it produce them in excess export and use the earnings to import things you can't produce efficiently

Between a man who farms his own food, treat himself, sow his own clothes, repair his own stuffs

And a man who specialized in one thing say making cloths and buys the rest who would be richer?

It's just basic logic and basic macro economics

mrvitalis:
For the 1000th time APC import of a Nation is never a problem, lack of export is the key issue

It's foolish and primitive to want to produce most things you consum

Pick the few you can prosuce well better than most of the world

Focus on it produce them in excess export and use the earnings to import things you can't produce efficiently

Between a man who farms his own food, treat himself, sow his own clothes, repair his own stuffs

And a man who specialized in one thing say making cloths and buys the rest who would be richer?

It's just basic logic and basic macro economics

People like you amuse me a lot.
You do not approach any issue with the intention of having a conversation and hopefully learn something new
Rather your intent is to assert and pronounce arrogantly exultant but oblivious of your comprehensive ignorance

Nigeria has 34 millions hectares of Arable land . That is MORE THAN Ukraine

That is NUMBER SEVEN in the world.
So from.That perspective we should be a leading producer of food

There is nothing wrong in importing. This is not an ideological issue

The issue on ground is simple in 2019 we had a $16 billion Bill for food
The question is HOW DO WE PAY FOR THAT?

WHAT DO WE EXCHANGE FOR THAT
Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc

What DO WE PRODUCE.??
Rather than ranting foolishly
Name one thing we should focus on if not food

Just one thing please

Like I said we are number 7 in the world in terms of Arable land 34 million hectares
We should compare ourselves with the Netherlands 1 million hectares

The Netherlands s is the Fourth largest food exporting country

aribisala0:

People like you amuse me a lot.
You do not approach any issue with the intention of having a conversation and hopefully learn something new
Rather your intent is to assert and pronounce arrogantly exultant but oblivious of your comprehensive ignorance

Nigeria has 34 millions hectares of Arable land . That is MORE THAN Ukraine

That is NUMBER SEVEN in the world.
So from.That perspective we should be a leading producer of food

There is nothing wrong in importing. This is not an ideological issue

The issue on ground is simple in 2019 we had a $16 billion Bill for food
The question is HOW DO WE PAY FOR THAT?

WHAT DO WE EXCHANGE FOR THAT
Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc

What DO WE PRODUCE.??
Rather than ranting foolishly
Name one thing we should focus on if not food

Just one thing please

Like I said we are number 7 in the world in terms of Arable land 34 million hectares
We should compare ourselves with the Netherlands 1 million hectares

The Netherlands s is the Fourth largest food exporting country

God bless you.

"Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc"


Incidentally these countries are also some of the largest producers of food for their domestic market.
We need to mechanize agriculture in Nigeria and take it more seriously.
There's no developed country that is not also very strong in Agriculture, even Japan.

ElSudani:


God bless you.

"Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc"


Incidentally these countries are also some of the largest producers of food for their domestic m.
We arket.

They do this for strategic ,security and social reasons often at great subsidy cost
We are still farming with cutlass and hoes
Dangote invested $20 billion in a refinery
If somebody invested $2 billion in garri production and another $2 billion in Rice and another $2 billion in yam we won't have any food shortage. We need to understand that agriculture is serious business. It is not a joke. If we can find $16 billion to import why can't we find the same to produce and sell just like Ukraine. We don't have any winter and can produce food 365 days a year.
I believe we can feed Africa with the land and rainfall we have

aribisala0:

They do this for strategic ,security and social reasons often at great subsidy cost
We are still farming with cutlass and hoes
Dangote invested $20 billion in a refinery
If somebody invested $2 billion in garri production and another $2 billion in Five and another $2 billion in yam we won't have any food shortage. We need to understand that agriculture is serious business. It is not a joke. If we can find $16 billion to import why can't we find the same to produce and sell just like Ukraine. We don't have any winter and can produce food 365 days a year.
I believe we can feed Africa with the land and rainfall we have

I agree with you. It is sad that out of the 10 countries with most arable lands in the world Nigeria is the only one with food shortages and this is a result of how we practice agriculture, mostly subsistence.

ElSudani:


I agree with you. It is sad that out of the 10 countries with most arable lands in the world Nigeria is the only one with food shortages and this is a result of how we practice agriculture, mostly subsistence.

We do not know how blessed we are with the quality of our soil
Do you know Australia is almost 8 times the size of Nigeria,Argentina more than double yet we have more arable land

The simple but bitter truth is we do not know how to farm.
Even worse is that most of what we produce spoils at the farm
It was really irritating hearing that bullshit from that joker? He always talks nonsense and actually thinks he has something meaningful to say
Which country that wants to be taken seriously outsources its food production to others. What if they decide to sanction or blockade you? It is disgraceful.
In fact with investment we can increase the size of Arable land if Tinubu is reminded
To RECHARGE Lake Chad as promised

aribisala0:

We do not know how blessed we are with the quality of our soil
Do you know Australia is almost 8 times the size of Nigeria,Argentina more than double yet we have more arable land

The simple but bitter truth is we do not know how to make food
It was really irritating hearing that bullshit from that joker? He always talks nonsense and actually thinks he has something meaningful to say
Which country that wants to be taken seriously outsources its food production to others. What if they decide to sanction or blockade you? It is disgraceful.
In fact with investment we can increase the size of Arable land if Tinubu is reminded
To RECHARGE Lake Chad as promised

You are absolutely right, we don't know how blessed we are. No country in Africa is even close to what we can potentially achieve with Agriculture alone.

ElSudani:


You are absolutely right, we don't know how blessed we are. No country in Africa is even close to what we can potentially achieve with Agriculture alone.

Well agriculture is how we ran the first republic,built the First Niger Bridge,Cocoa House,Unilag and fought the civil war with twenty pounds to spare for our returning rebellious brothers

aribisala0:

Well agriculture is now we ran the first republic,built the First Niger Bridge,Cocoa House,Unilag and fought the civil war with twenty pounds to spare for our returning rebellious brothers

Lol, our ever nagging brothers.

aribisala0:

People like you amuse me a lot.
You do not approach any issue with the intention of having a conversation and hopefully learn something new
Rather your intent is to assert and pronounce arrogantly exultant but oblivious of your comprehensive ignorance

Nigeria has 34 millions hectares of Arable land . That is MORE THAN Ukraine

That is NUMBER SEVEN in the world.
So from.That perspective we should be a leading producer of food

There is nothing wrong in importing. This is not an ideological issue

The issue on ground is simple in 2019 we had a $16 billion Bill for food
The question is HOW DO WE PAY FOR THAT?

WHAT DO WE EXCHANGE FOR THAT
Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc

What DO WE PRODUCE.??
Rather than ranting foolishly
Name one thing we should focus on if not food

Just one thing please

Like I said we are number 7 in the world in terms of Arable land 34 million hectares
We should compare ourselves with the Netherlands 1 million hectares

The Netherlands s is the Fourth largest food exporting country

No matter the amount of farm land you have there are foods you can't produce...

$15 billion food bill is very small for me

The focus should not be on stopping import rather what to do to increase export simple

mrvitalis:

No matter the amount of farm land you have there are foods you can't produce...

$15 billion food bill is very small for me

The focus should not be on stopping import rather what to do to increase export simple

and where is the forex to do that?
You have jobless youths, fertile land and Hungry mouths but want to conjure dollar out of thin air to be importing food. Are you normal at all?

ElSudani:


God bless you.

"Not engaging in food production at scale is a luxury for countries that produce IPhones trains automobiles etc"


Incidentally these countries are also some of the largest producers of food for their domestic market.
We need to mechanize agriculture in Nigeria and take it more seriously.
There's no developed country that is not also very strong in Agriculture, even Japan.

Do you know how much those countries spends yearly to subsidise the agricultural sector?
Moreover, no country in modern times has ever grown rich from farming.

Some think people just abandon farming for no reason.
That never happens, wherever there is money to be made, there will be large influx of players.

The government must provide massive agriculture subsidies to encourage industrial farming
since many players have concluded that it is not worth their time.
The government has to decide whether spending such money will be better for the country.

You guys are merely focusing on the symptoms instead of the root cause.
We can't blackmail basic economic decisions.

RepoMan007:
and where is the forex to do that?
You have jobless youths, fertile land and Hungry mouths but want to conjure dollar out of thin air to be importing food. Are you normal at all?

Forex is not some trophy to be kept in a museum.
It is just like any other tool of trade. There is always forex as long as you can afford the rate.

And what are you going to do about the jobless youths, force them into farms and pay them food wages?
Yes, we have to worry about food security, but this is the 21st century, and agriculture is no longer a major employer.

Show me a country whose economy depends on agriculture and I will show you a poverty-stricken country.

aribisala0:

They do this for strategic ,security and social reasons often at great subsidy cost
We are still farming with cutlass and hoes
Dangote invested $20 billion in a refinery
If somebody invested $2 billion in garri production and another $2 billion in Rice and another $2 billion in yam we won't have any food shortage. We need to understand that agriculture is serious business. It is not a joke. If we can find $16 billion to import why can't we find the same to produce and sell just like Ukraine. We don't have any winter and can produce food 365 days a year.
I believe we can feed Africa with the land and rainfall we have

Well, your political elites who control and have access to most of those resources prefer the imported ones than to engage in scrawny farming.

mrvitalis:

No matter the amount of farm land you have there are foods you can't produce...

$15 billion food bill is very small for me

The focus should not be on stopping import rather what to do to increase export simple

It is even a lie. I don't believe Nigeria spends anything close to $15bn importing food. If it is true, it will be the elites cause the larger percentage of Nigerians eat locally sourced foods
Before Buhari's border closure, the only staple imported food was rice. After he closed the border, most Nigerian households including food outlets now cook our local rice. The rest of our foods yam, maize, millet, cassava, beans, onions, vegetables are locally sourced. So who is eating $15bn worth of imported food? All those who eat pizza and baked beans

RepoMan007:
and where is the forex to do that?
You have jobless youths, fertile land and Hungry mouths but want to conjure dollar out of thin air to be importing food. Are you normal at all?

but the dollar is available for tinubu and co to import expensive cars. You guys are joker's you ain't ready for the success of the country.

ivolt:

Do you know how much those countries spends yearly to subsidise the agricultural sector?
Moreover, no country in modern times has ever grown rich from farming.

Some think people just abandon farming for no reason.
That never happens, wherever there is money to be made, there will be large influx of players.

The government must provide massive agriculture subsidies to encourage industrial farming
since many players have concluded that it is not worth their time.
The government has to decide whether spending such money will be better for the country.

You guys are merely focusing on the symptoms instead of the root cause.
We can't blackmail basic economic decisions.

Well, folks like nairalanda1 argue that subsidies are bad for the economy and free market will cure all that ails us.
Meanwhile at the base of free markets practiced by countries like USA is a large dose of socialism that exists in their agric sector. Why should poultry feed be so expensive for example when we grow maize?
It is true that Nigeria does not have comparative advantage in most agricultural products especially the exportable ones, but it is also true that the single achievement any govt can have that will set us on the road to economic prosperity is to achieve food security. If we can achieve that, our economy will have enough bounce to make further heights. A hungry man nor dey see road

ivolt:

Forex is not some trophy to be kept in a museum.
It is just like any other tool of trade. There is always forex as long as you can afford the rate.

And what are you going to do about the jobless youths, force them into farms and pay them food wages?
Yes, we have to worry about food security, but this is the 21st century, and agriculture is no longer a major employer.

Show me a country whose economy depends on agriculture and I will show you a poverty-stricken country.

That's not true. Netherlands, Norway, even China, Thailand, Philippines and a host of other countries are agric-dependent and they are doing well
Let me add Singapore too

Agboriotejoye:

That's not true. Netherlands, Norway, even China, Thailand, Philippines and a host of other countries are agric-dependent and they are doing well
Let me add Singapore too

You are wrong here.
Agriculture contributes less than 10% of those countries economy,
Norway is even less than 2%.

BTW, Thailand and Philipines doesn't belong to that list. They are not rich
but still my points applies to them.
Large contribution from agriculture denotes poverty.

RepoMan007:
and where is the forex to do that?
You have jobless youths, fertile land and Hungry mouths but want to conjure dollar out of thin air to be importing food. Are you normal at all?

Give loans to people to produce what you can export instead of building infrastructure that brings no forex


If that Lagos Ibadan rail money was used to loan to cocoa farmers to turn to chocolate producers

Cassava farmers and ethanol factorys

It would employ more people, pay back the loans with ease and generate forex and revenue

brown3:
but the dollar is available for tinubu and co to import expensive cars. You guys are joker's you ain't ready for the success of the country.

...and even for pilgrimage too.

ivolt:

Forex is not some trophy to be kept in a museum.
It is just like any other tool of trade. There is always forex as long as you can afford the rate.

And what are you going to do about the jobless youths, force them into farms and pay them food wages?
Yes, we have to worry about food security, but this is the 21st century, and agriculture is no longer a major employer.

Show me a country whose economy depends on agriculture and I will show you a poverty-stricken country.

I am sure Netherlands is poverty stricken in your eyes also.

ivolt:

You are wrong here.
Agriculture contributes less than 10% of those countries economy,
Norway is even less than 2%.

BTW, Thailand and Philipines doesn't belong to that list. They are not rich
but still my points applies to them.
Large contribution from agriculture denotes poverty.

The Dutch agricultural sector is highly mechanised, and has a strong focus on international exports. It employs about 4% of the Dutch labour force but produces large surpluses in the food-processing industry and accounts for 21% of the Dutch total export value.[195] The Dutch rank first in the European Union and second worldwide in value of agricultural exports, behind only the United States,[196] with agricultural exports earning €80.7 billion in 2014,[197] up from €75.4 billion in 2012.[24] In 2019 agricultural exports were worth €94.5 billion.[198] In an effort to reduce agricultural pollution, the Dutch government is imposing strict limits on the productivity of the farming sector, triggering Dutch farmers' protests.[199]

One-third of the world's exports of chilis, tomatoes, and cucumbers go through the country. The Netherlands exports one-fifteenth of the world's apples.[200] A significant portion of Dutch agricultural exports consists of fresh-cut plants, flowers, and flower bulbs, with the Netherlands exporting two-thirds of the world's total.

Norway is also the world's second-largest exporter of fish (in value, after China).[171][172] Fish from fish farms and catch constitutes the second largest (behind oil/natural gas) export product measured in value.[173][174] Norway is the world's largest producer of salmon, followed by Chile.[175]

Maybe what you mean is subsistence farming as we have in Nigeria. In Netherlands, through agric, just 4% of the labour force generate over €90bn export from agric alone. In Nigeria about 60% of farming labour generate less than $10bn. Farming is big business.
Nigerian leaders don't want to do anything but just steal money and live off govt largesse

RepoMan007:
I am sure Netherlands is poverty stricken in your eyes also.

Agriculture contributes 1.5% , yes, less than 2% to Netherlands economy.
Is that what you call dependence?

When we tell you guys to stop listening to political jobbers, you won't agree.

Just compare Nigeria vs Netherland's economic dependence on Agriculture and it will
clear your doubt.

ivolt:

Forex is not some trophy to be kept in a museum.
It is just like any other tool of trade. There is always forex as long as you can afford the rate.

And what are you going to do about the jobless youths, force them into farms and pay them food wages?
Yes, we have to worry about food security, but this is the 21st century, and agriculture is no longer a major employer.

Show me a country whose economy depends on agriculture and I will show you a poverty-stricken country.

Agriculture is a major employer in all industrialized countries, not just in direct farming alone but also in the processing industries. If you know one industrialized country that doesn't employer a lot of this way please tell us.
You complain of unemployment, you worry about food security but the solutions are right there in front of us.
Your last sentence is just laughable. Why don't you just show us any of the rich countries that is not dependent on agriculture?

Agboriotejoye:

I don't see how your response negates mine.
Agriculture contributes less than 2% to the Dutch economy, that is a fact.
Did you find anything contrary.

We are talking rates and ratios, not raw numbers.
My points stands that large agricultural contribution denotes poverty.
I haven't found an exception yet.

ivolt:

Forex is not some trophy to be kept in a museum.
It is just like any other tool of trade. There is always forex as long as you can afford the rate.

And what are you going to do about the jobless youths, force them into farms and pay them food wages?
Yes, we have to worry about food security, but this is the 21st century, and agriculture is no longer a major employer. Show me a country whose economy depends on agriculture and I will show you a poverty-stricken country.

You're very amusing. Do you really the worth of agriculture at all? The number of agricultural employees in China is more than Nigeria's total population — 229million people. China's total agricultural value alone stands at around $1.2 trillion whereas Nigeria's oil revenue doesn't even come close to $50B. Please say what you said again, if you still can.

ivolt:

Agriculture contributes 1.5% , yes, less than 2% to Netherlands economy.
Is that what you call dependence?

When we tell you guys to stop listening to political jobbers, you won't agree.

Just compare Nigeria vs Netherland's economic dependence on Agriculture and it will
clear your doubt.

but they dare not leave that less than 2% to drop. They know why.

ivolt:

I don't see how your response negates mine.
Agriculture contributes less than 2% to the Dutch economy, that is a fact.
Did you find anything contrary.

We are talking rates and ratios, not raw numbers.
My points stands that large agricultural contribution denotes poverty.
I haven't found an exception yet.

You're right though. Even the Op is confused and spreading confusion. The total food import in 2019 was just N959bn which was just 5% of total imports in Nigeria so what exactly is the fuss about?
The dude is screaming over just 5% of imports

RenaissanceGuy:
You're very amusing. Do you really the worth of agriculture at all? The number of agricultural employees in China is more than Nigeria's total population — 229million people. China's total agricultural value alone stands at around $1.2 trillion whereas Nigeria's oil revenue doesn't even come close to $50B. Please say what you said again, if you still can.

I think some of you can't tell the difference between numbers and rates or are deliberately
sidestepping it.
It doesn't matter if China's agriculture value is 1000 gazillion dollars.

When you are asked what is the percentage contribution of agric to Chinese economy,
it is still 7% !
Guess Nigeria's ratio is?

Also, did you know that Nigeria's oil revenue does not also come close to Chinese manufacturing?
But it is irrelevant to the issue being discussed.

China has 229 million agricultural workers, 25% of its population, and I can tell you it is not a position that China wants to maintain.
It used to have more than 70% of its people in agriculture and guess what its economy looks like at that time, it was famine everywhere.
You see big agricultural numbers is not something to brag about but to plan against.
It signifies low productivity and poverty.

Agboriotejoye:

Well, folks like nairalanda1 argue that subsidies are bad for the economy and free market will cure all that ails us.

He is a selective free-market proponent.
He never ever criticises government spending no matter how outrageous or wasteful unless the masses are the beneficiary.
He is essentially anti-subsidy for the citizens only.

Meanwhile at the base of free markets practiced by countries like USA is a large dose of socialism that exists in their agric sector. Why should poultry feed be so expensive for example when we grow maize?
It is true that Nigeria does not have comparative advantage in most agricultural products especially the exportable ones, but it is also true that the single achievement any govt can have that will set us on the road to economic prosperity is to achieve food security. If we can achieve that, our economy will have enough bounce to make further heights. A hungry man nor dey see road

You are right.
True free market is impractical.
It is a recipe for an unstable society.