₦airaland Forum

Tekrify:
Lol..
Dangote isn't controlling Nigeria with his product...he is a major player in cement flour and sugar...

There are many flour industries...I mean a lot if u I'll know the Nigeria market u will understand that he has no monopoly on flour so prices are affected by the price of maize..

On sugar.. Dangote and BUA both import raw sugar into Nigeria and refine it..so as long as dollar keep rising expect the raw materials to rise therefore the finished product will also rise...

In cement.. lately a bag of cement is about 3,600 to 4,000.. you may think Dangote Inflated the price but he didn't...if ur close to those business men to trade cement ask them they will tell u the truth...The demand of cement rose higher this period even with the border opened dangote and co now currently supply neighboring countries...this all together raised the demand of cement in the country...a cement traders who order maybe an average of 10 trucks may only get 4 to 5 because of the limited supply...and they get it at the same cost price as it where since January...the traders are the ones who inflated the prices...
Am telling you this..the dangote doesn't benefit a dime from it...it those traders..Inshort..there are some states that are finding it hard to get cement from the factories so normally if they are going to increase their prices all other traders who easily have access to the cement suppliers automatically increase their prices in order no to cause an imbalance...

Assuming Ur sound in business or u have close friends who are into it you will understand that producers are not necessarily responsible for the prices...other factors increases the price of commodities..from security to road and in this case demand and supply

Look Dangote is a major player in cement but he doesn't have a complete monopoly..BUA has two cement plants in Nigeria one is in Edo state...lafarge has three cement plant in Nigeria ..one in cross River and two in Ogun state..
All this plant are working at full capacity...
Dangote also has three one in Ogun, Benue and kogi and is currently building one in Edo...so there is a competitive market in terms of cost of cement in Nigeria...BUA is also working on building two more cement plant ..one is Adamawa.... Dangotes is a major player but he doesn't have monopoly over it...Go and find out the definition of monopoly....

Lol ur asking me if the money is truly invested into Nigeria a joke...the money he is using to build Africa biggest refinery 650,000 barrel per day and the fertilizer plant in ibeju lekki came from the sky abi...or the money he isn't using on a cement plant in Edo came from Europe right?..or maybe the money he used to buy several lands in the north for sugarcane farming came from the underground..

Lastly the economy isn't going to be better especially with rising all prices...we only need to ban unnecessary products to save Forex and probably defend the naira for a while before who knows what will happen..a big example if the product that seriously has to be banned is petroleum products..we spend more than 15 percent of our total Forex on that single product..a shame to an oil nation

I'm a financial analyst. For every $100 worth of cement Dangote sells, he makes $60 in pure profit. Look at his financial statement, he boasts a 60% EBITDA margin in Nigeria when cement is supposed to be 10-15%.

How Dangote launders looted money from Nigeria

https://www.premiumtimesng.com/news/headlines/249298-paradise-papers-huge-chunk-dangotes-fortune-now-kept-tax-haven.html

Tekrify:
U made it sound as if he isn't doing u a favour...
What u should understand is..such principles are the same all around the globe...even the top companies in the US ur talking about do the same...a big example is Apple and it over priced products, what about Samsung.. as far as the profit is mostly reinvested in the country u can't castigate dangote...it better than a foreign company that will invest in here and take their profit outside the country..do u think all the foreign companies in Nigeria are really interested in the growth of our economy..they only want to make their Money and take dem to their home land and foreign banks.. If dangote charges more and at the end of the day all the Money is reinvested here it better than Chinese companies that take Nigerians as slaves and take all their profit outside Nigeria... what makes an economy healthy is the circulation of money in that economy..if more money( Forex) leaves the economy expect fall in GDP and ofcourse recession...

Lastly my age has nothing to do with this, it just common economics that people fail to understand and mostly inckude sentiment in judgements... although I will admit my approach could be better..

Dangote was implicated in the Panama Papers money laundering scandal, along with 13 of his family members. The man is a crook.

Tekrify:
U made it sound as if he isn't doing u a favour...
What u should understand is..such principles are the same all around the globe...even the top companies in the US ur talking about do the same...a big example is Apple and it over priced products, what about Samsung.. as far as the profit is mostly reinvested in the country u can't castigate dangote...it better than a foreign company that will invest in here and take their profit outside the country..do u think all the foreign companies in Nigeria are really interested in the growth of our economy..they only want to make their Money and take dem to their home land and foreign banks.. If dangote charges more and at the end of the day all the Money is reinvested here it better than Chinese companies that take Nigerians as slaves and take all their profit outside Nigeria... what makes an economy healthy is the circulation of money in that economy..if more money( Forex) leaves the economy expect fall in GDP and ofcourse recession...

Lastly my age has nothing to do with this, it just common economics that people fail to understand and mostly inckude sentiment in judgements... although I will admit my approach could be better..

Dangote sends most of his profits to his offshore account in the Cayman and British Virgin Islands.

Nigeria will soon ban fertilizer imports to allow Dangote to monopolize the markets for Urea and Ammonia. This will double the price of fertilizer and lead to rampant food inflation in Nigeria.

bigpicture001:
Who told you floating the naira is Nigeria's best interest Mr. Aconomist...?

Read this thread to understand why multiple exchange rates is the worst thing in Nigeria.

https://www.nairaland.com/6330975/article-exposes-how-northerners-use

juman:
Every bonafide adult that meet the constitution requirement is qualify to be president.

This is why Nigeria is a zoo. Herdsman and illiterates as president.

juman:
@bolded
You are wrong.
Why must it be a politician?
There are uncountable number of non politicians that could be better leaders across the country.

There is possibility that non politician that interested could be better president.

If you are talking about non-politicians the list is endless. But Nigerians are too stupid to vote for a non-politician. And it is hard for non-politicians to get the financial support to run a campaign.

pansophist:
The Northern political elite knows that the day Nigeria restructure, will be the beginning of their doom. With all the national revenues that the North controls, their region is still the most infested with boko haram, herdsmen, childs marriage, poverty, almajiris, illiteracy, and so on. Restructuring to them seems like jumping from fry pan to fire. The north is a parasite that needs a host, and that host is other regions.

Restructuring will also facilitate the need for Nigeria's disintegration, because if state governors control the forces, education, and every other aspects of their economy, then it becomes easier for Nigeria to break up. The parasitic north will not let that happen. If Nigerians do nothing and fight back, the system will implode in itself, only that it may take time.

Nigerian Embassy are vacating foreign country rapidly, i know for sure about serbia that has an embassy two years ago, but the government is too broke to meet its financial obligations, same with Nigerian Embassy in Hungary that can't pay rent. Even at that, it is borrowing foreign loan with no hope of paying back, and will still borrow more.

With the naira value on a free fall, lack of economical diversification, dwindling oil revenue, a tsunami of unemployed broke youth with nothing to loose, population explosion and divide within the populace, it's not rocket science that it is not a question of "if", but "when" thr great reset will happen, and I hope it is not bloody. I hope.

If the Northern leaders have any sense, they would have developed their region to be strong in case of an imminent breakup, giving the fact that the North is landlocked, but no, they choose to practice their backward feudalism in the 21st century, where few are wealthy and the rest of populace in abject poverty.

Who cares about being a so-called "great and powerful" country on the international stage? Wouldn't you rather have clean water, 24/7 electricity and security? Multi-ethnic countries do not work. Nigeria must be broken into its component parts so we can join the ranks of Rwanda, Ghana, and Botwana in having a livable country. No diversity.

Coronabirus:
Banks sell FOREX and nobody stopped u from going into the business.
You ppl only know how to complain.

Quote: "Nigeria operates a very strong political patronage system, where incumbents are politically incentivised to directly benefit their kinsmen. There is an unspoken allegation that the licensing process for BDCs were thus skewed to favour applicants from the northern part of the country."

Coronabirus:
I don't know what people derive from spreading fake/hate news. So just because Northerners have understanding of BDC business it's perceived as a favour to them?
All other businesses in Nigeria taken over by any particular region should be seen as a favour or something like that?
So, Northerners should not succeed in any business because they're not worth it.
Many people are ignorant of BDC business operations but they started jumping to conclusions in ignorance. Those ppl buy dollar from CBN and sell it at a price that will fetch them profit. Banks sell dollars but ppl find it difficult to access it just like the way ppl nowadays find it difficult to get money from bank and then POS is introduced.
The way smart ppl embrace POS business today is the same way that make Northerners embraced BDC business for decades.

Quote: We were are selling any volume to the BDCs at ₦22/$ while they were selling it outside at ₦80/$.

Why wouldn't the Naira collapse when northerners are allowed to loot the country like this?

Rwandans are industrializing. They are building their own smartphones and electric appliances. Meanwhile, Nigeria is allowing businessmen to flood the country with substandard nonsense from China.

TheGoodJoe:
Nigerian youths need to wake up and take power from these folks who only think of stealing and not how to move this country forward.

The Rwandan government fears it's citizens. If they don't deliver development, they will be overthrown. Nigerians suffer and smile so our government sees us as dumb slaves.

Meanwhile, this is the public hospital in Nigeria. Our life expectancy in only 53 years -- lower than active warzones like Somalia and Afghanistan. Rwanda's life expectancy is 68 years -- despite being a landlocked country with no oil that is poorer than the poorest state in Nigeria.

This is the hospital Rwanda has built to care for its sick. Healthcare is free for all poor citizens. The wealthy pay around $10 per year in health insurance.

Meanwhile, this is the school in Nigeria -- the wealthiest nation in black Africa. Why wouldn't a student turn into a criminal, when he was educated in such a harsh and wicked environment?

Look at the school the government of Rwanda is building to educate its students.

The private sector in Rwanda is using locally made, cheap bricks to deliver affordable housing for the middle class. Here are the pictures. The houses only cost $20,000 or 7.6 million naira. Where can you find a pretty home like this for 7.6 million in Nigeria?

Rwandans praise their government. See the video:


https://www.youtube.com/watch?v=hjCtpZfXNSo

Here is an image of the slum that was demolished. Rwanda rescued all these people from poverty in just three years.

Rwanda ( a nation poorer than the poorest state of Nigeria) is demolishing slums and relocating its poor to modern apartment blocks. The government has given the people full ownership of their apartments so they can sell them or use them as collateral with the bank. This is how you lift thousands of people out of poverty.

Nigerian government are you listening? While poor African countries and moving forward, Nigeria is moving backward.

DSoj:
U are here ranting on nairaland like a jobless self glorified cow with a dumb sense of belonging and entitlement, if u think as a whatever Nigerian, Dangote owes u an explanation on his PRIVATE PROJECT, sue him to court . TRY IT! You are talking junk like an illiterate

You are here defending Dangote as if he is paying you. Typical Nigerian slave -- full of blind tribalistic loyalty and stupidity. That's why your leaders treat you like cattle.

RedPanthar:
Smh. When do we stop this political statements


KPMG performed an audit and declared to Nigeria that it would cost atleast trillions in dollars to fix the entire value chain in electricity if the country were to have round the clock power supply relying on gas and hydro. Hence, the country is considering Nuclear power as am economically cheaper alternative

Electricity doesn't get fixed in a day whether Jonathan, Atiku, NK or FFK.

Nigeria needs about 25,000 Megawatts to deliver 24/7 electricity. We currently produce around 5,000 Megawatts and need 20,000 more. The three Gorges Dam in China cost around $40 billion and generates over 20,000 MW.

RedPanthar:
Smh. When do we stop this political statements


KPMG performed an audit and declared to Nigeria that it would cost atleast trillions in dollars to fix the entire value chain in electricity if the country were to have round the clock power supply relying on gas and hydro. Hence, the country is considering Nuclear power as am economically cheaper alternative

Electricity doesn't get fixed in a day whether Jonathan, Atiku, NK or FFK.

Na, FAT LIE. Post the link where they say it would cost $ 1 trillion?

The whole of Nigeria generates less power than my small town of 200,000 people in America.

mightyhazel:
I really wonder why banks and other financial houses wont trade these currencies. Banks will never have currencies to trade..they are always short of it..

Nigeria is one big flawed entity and it seems ok by all

Most of Nigeria's problems come from this corrupt multiple exchange rate policy. The country will never develop until that system is abolished.

tollyboy5:
You must be a very Bad economist. The kind of corrupt people that could be considered are those who will cheat oyinbo to favor nigerian not the ones who stole from poor people.
What economic reform can someone who import generator do to this country ?

Any Idiot that cannot FIX electricity is Bastard and eternal failure!

But Johnathan is the one who created the electricity problem by giving DISCOS to political cronies. That may go down as the worse political mistake in Nigerian history... we would be better off with NEPA.

emmykingzy:
Jonathan is a million times better than this current disaster of a president.
And when compared to other SE/SS candidates, many are much better than Jonathan.

Name the candidates. And to be honest, Jonathan was worse than Buhari. Remember, Jonathan was enjoying oil prices of $80-100 per barrel and still accomplished nothing. $10 billion was missing from the treasury, etc. Another administration like that and Nigeria will collapse.

.

tollyboy5:
I don't understand you. Who is qualified in this country? Atiku? Tinubu?

Okay they're not qualified them let them have their own country and rule themselves.

I blame Niger delta for all this

I consider Atiku somewhat qualified compared to someone like Goodluck Jonathan. Atiku is corrupt, but at least he can communicate and has a clear economic strategy to float the Naira, land reform, reducing recurrent expenditure, etc.

https://www.aljazeera.com/opinions/2019/1/23/atiku-abubakar-how-i-will-get-the-nigerian-economy-working-again

We have all seen what a disaster Geoduck Johnathan (the first president from the SS/SE) was. And most of the governors and politicians from the region are hardly better. While the North is a big problem, we must also admit that the SS/SE is not producing politicians qualified to rule the country.

Am I wrong or right? Discuss.

DSoj:
Dangote doesnt Owe U or anybody any explanation about his PRIVATE PROJECT.
U werent there when he built his biz empire, he didnt take a dime from U , so what what nonsense evidence are U looking for? Is it a govt project built with tax payers" money?
My friend go and build ur own life!!

Dangote was also allocated thousands of hectares of free federal land and tax incentives. He also has access to dollars at the CBN rate. As a Nigerian, I have every right to demand accountability for this project. Your reasoning is that of a slave or a monkey.

DSoj:
Dangote doesnt Owe U or anybody any explanation about his PRIVATE PROJECT.
U werent there when he built his biz empire, he didnt take a dime from U , so what what nonsense evidence are U looking for? Is it a govt project built with tax payers" money?
My friend go and build ur own life!!

So long as the government gives Dangote an uncompetitive monopoly, he must deliver industrialization and jobs to the people. Every Nigerian is paying a tax to Dangote cement. For every $100 of cement he sells, he takes $60 in pure profit. The government doesn't allow importation, so we are forced to buy from him.

In a normal country, Dangote would have been ran out of the country, but Nigerians are merciful. We allow him to monopolize cement, and in return he must deliver a refinery.