₦airaland Forum

Madam

This is time to partner and finance the establishment of international rice, fruit juice, milk electronic, electrical, mechanical etc industries whose products constitute the largest imported goods and the greatest pressure on our foreign reserve.


Pls hurry up before we end up like Ghana.

If this information is true, it shows that satanic forces like gay America , juju tinubu and Islamic buhari are against GEJ because of his respect for Christ.


2015 Election will be a war between satanic powers and heavenly powers

eledacedar:
And most times, when the pay rise happens, job cuts follow because the employer has to make profit. Ordinarily, if the employer is to make profit, the possibility of pay cut is often the best/easiest way out. However, for the purchasing power of the employees to correspond with the devaluation, they need pay rise.

This was what happened in 2008/2009 when the price of crude fell and CBN raised naira/dollar rate from #139=$1. The ripple effect led to many jib cuts with the banking sector hit very hard. I won't be surprised if job cuts start happening by 1st quarter of 2015.

I need better explanation on how the rise of naira/dollar rate to #139=$1 caused banks to cut jobs down.


Remember

Sanusi was witch hunting banks owned by Southerners.


Also your information failed to let the world know that cheap importation destroys local industries.

fr3do:
and engage our universities and polytechnics in arms manufacture

Olodo

In arms development while DICON mass produced outstanding newly developed weapons.

djon78:
Who writes these half baked write up for these politicians. Asiwaju is brining up out dated gold standard and comparing it to what is happening to our currency.
Nigerias problem is that our economy is only oil driven accounting for 75% of foreign currency earning, adding to it, we do not add value to the oil via efficient refining rather we still import refined petroleum of which Asiwajus company OANDO is one of the major importers(culprit) and is all part of the problem.
Most people dont realize that a major war is being waged on our economy presently even worse than bokoharam. Our Stock Exchange was exposed to foreigners who are selling off their shares, crude oil price is falling and Naira has been exposed speculators( big hedge funds and financiers) who are taking a big bet on Naira with $ billions in order to make huge profit. Thats why CBN came out with the policy to devalue Naira to chase away these speculators. If not done, what happened to Asian nations in 1997 financial crisis will be a childs play. Our saving grace are both the finance minister and the CBN Governor, they have responded well with the sound fiscal and monetary policies they have put in place, it is the ignorant and novices who dont have any clue about economy will insult them.

Gbam


Asiwaju did not tell his audience that almost everything used in Nigeria is imported and that our local industries are almost dead because of cheap imported products made possible by availability of cheap dollar.

Trash

hayoakins:
My conclusion

Devaluation should be the last resort and not a top of the list option as in the case of the clueless CBN and FG.

Nigeria being a monoeconomy with an unfavourable balance of payment, the best the FG could have done was to establish and personally manage industries with the highest import e.g Rice, Fruit, consumer goods etc as it is obvious that the commercialisation policies designed to encourage local production of these products are not working as no entrepreneur is willing to take the risk and invest heavily in the industries due to unpleasant competition with importers in the same industries who would rather trade quality for quantity at the expense of local producers. The government could however commercialise or totally privatise the companies established after a predetermined number of years.

(c) Ayobami 2014

Devaluation of naira is the best step taken to save our foreign reserve which we will need to partner and finance international rice milk fruit juice electronic electrical mechanical etc industries whose imported products constitute the greatest pressure on our foreign reserve .


Sir I think the step you proposed is wrong

The best steps are

1) Devalue naira in order to save our dollars.

2) Use these dollars to partner and finance the establishment of international rice milk fruit juice electronic electrical mechanical etc industries whose imported products constitute the greatest pressure on our foreign reserve.


3) After 10yrs , sell off the government shares to the Nigerian people

slimfit1:
Let the govt invest on things we import simple no body wants to start those types of business with their money. Or tell people that have looted our money to pay up.

Gbam


Government should partner with international rice, fruit juice, milk, electronic, electrical and mechanical industries and finance the establishment of these industries.

10 years after the establishment of these industries, government should sell off its shares to the Nigerian public.

As demand for local products increase and imported products decrease, this will reduce the demand for dollar and take off the pressure on our foreign reserve.

egift:
The same Fake Prophesy Pastor Kulmuyi is just talking about. Nigeria will not divide and those supporting the current mismanagement in order for Nigeria to Divide will be disappointed.

What stops you from relocating to Borno Adamawa and Yobe if you truly believe in one Nigeria.

Nigeria will cease to exist

cocoduck:
And Satan had a purpose for USSR which was far far bigger than Nigeria, since USSR is history, Abeg, leave that thing, I am a christian also but I don't involve God in politics. Nigeria as she is right now is a fraud being held together by brute force, God is not that wicked.

I wonder when God started forcing his will on man


Some people said they want sharia nation and someone thinks God will force his will on them and thwart their dream

Is that what God told him.


We should stop putting words into God's mouth.

abdulwastecx:
you just don't get it... yea there is huge potential because of the population but the problem are just too numerous.
don't full yourself that most made in China goods are produce in Aba or Onitsha. The reality is it is much cheaper to produce in china than Nigeria even when you consider the shipping cost and other things.

We used to run a furniture company where we produce panel doors, flush doors, kitchen cabinets etc but it was impossible to compete with better manufactured Chinese furnitures that are cheaper and more aesthetically pleasing.

what we have in Nigeria are marginal entrepreneur which can hardly feed themself...they are hardworking but the government and system make things very hard for them.
imagine how many Nigerians are hawking along the express way, imagine how many of them are pushing wheel, conductors, taxi drivers, labourers, spare part selllers etc.

Nigeria is a country with little skilled Labour force

Now that the price of imported furniture will rise dont you think your company's product will be in high demand

abdulwastecx:
how do you developed technology when all Nigeria lack all the basic research centers ?

How do you developed technology in a country of 175million people with only 6000 megawatts of electricity?

How do you developed technology in a country where it is impossible to borrow money from banks?

poeple are just running away from, the truth is that Nigeria lack the leadership, technical labour force, right environment to developed

Have you visited ABA NNEWI or any other SE industrial zone


What they need are
1) publicity,
2) further training ,
3) access to youtube programs that teaches how technology work/are produce
4) and a public or private venture to help them get their products to long distant customers without them leaving their locations or travelling to their customers location.

kmariko:
It is time to go into production using locally sourced raw materials....
It is also time to export Nigeria from abroad and invest as it will buy more.
it is time to corner the market in area where foreign goods dominate.
It will be time to go into agriculture and food processing of native food.

Every situation is an opportunity for those keen on making it

Its time to produce and sell our local technology.

atlwireles:
Laughing at what? The same SLS who spent $117B in 4.5 years defending the Naira? The joke is on him.

20% of $117B is approximately $22B. Ijebulogic failed to realise that $22B is sufficient to finance the establishment of international electronic electrical and mechanical industries in Nigeria whose products constitute the largest imported products into Nigeria and exert the greatest pressure on our foreign reserve


If Nigeria partners with foreign industries and starts producing electronic electrical and mechanical products, the demand for dollars in order to import will reduce.


Sanusi was a disaster to our economy. SLS was shortsighted and blinded by politics

Volksfuhrer:
What the cbn is trying to do is obvious. It is still a bandaid all the same if you don't drastically cut government spending 70 percent of which is recurrent expenditure. Or are we saying there's no political will to do this.

Devaluation is an easy choice but it has its costs and limits.

Do you know that cheap imported products destroy local industries and high cost of imported products encourage local industries.



This is a blessing for local industries but disaster for importers.

atlwireles:
It easy, when nothing is involved. Attempt to amend the constitution for resource control and fiscal federalism. You will hear your party members declaring war.

Even Yoruba elites opposed off shore money given to oil producing states in the confab

atlwireles:
The National conference taught me one lesson, the Hausa/Fulani are not the only people against resource control and fiscal federalism. Please look for Ubong Attah interview and read it.

Is the interview on naira land

atlwireles:
Why do you talk like a kid sometimes? Where was your mouth when a conference was called to discuss Nigeria? Please remind us where you and your party stood on the issues as regard to federalism in all totality?

Pretenders like you, are the core reason this Nation will go no where. Always speaking from both sides of your mouth.

Gbam

Ask the stand taken by Hausa Fulani people on resource control and fiscal federalism.

Obiagelli:
I should have stopped earlier. Total waste of time.

Is it not true that the North opposed resource control and fiscal federalism.? Yes or No.

atlwireles:
So the constitution that gave all land and mineral rights to the Federal government was written by PDP leaders?

Gbam

Obiagelli:
Who has been leading the executive, legislature and judiciary since 1999? Are they waiting for the military to give them another constitution? Have your pdp ever muted the ides

It is your Hausa Fulani allies that have opposed resource control and fiscal federalism.

Obiagelli:
I like the word might, i like how you ignored china.


Btw why can't Enugu mine its own coal, why can't zamfara sell its mineral resources. Ask your pdp lead FG

It is your Hausa Fulani allies that have opposed resource control and fiscal federalism.

Volksfuhrer:
Did you say cbn was left with no choice? You think devaluation is a magic wand that solves this problem. Well now that you have devalued the naira, you think foreign investors including local ones would not want to hedge their funds by holding forex thus putting more pressure on the naira.

Perception is key here. And how realistic is $78/b of oil bench mark for the 2015 budget. Investors know how risky the effects of such a policy could be on your reserves, and now they are bailing.

The bench mark could drop to 50$/b for starters. Plug leakages in oil revenue and curtail looting. Why didn't they start with that?

O boy Wise up


CBN is trying its best to prevent depletion of our foreign reserve since no one is certain if oil price will rise again.

Obiagelli:
I don't have time for irrational debate, will you like to compare your country with china? I bet you didn't know they produce oil

Its people like you who don't understand economics that come online to make shallow points.


Algeria population is small compare to Nigeria.


Algeria might be practicing resource control and fiscal federalism unlike Nigeria where some useless regions have refused to depend on their God given talents and resources.


Don't come online and discuss economy without in depth thought on issues like this.

brainpower:
I don't think the north is the least developed region in the country.
The problem is that they have so much land mass and most of their indigenes do not like western education and cos of that it looks as if they are not developed coupled with the fact that it is only their elites that can own big farms which we can agree that most of the biggest farms are in the north. They have a refinery, they have kano and so on. And if we check govt capital expenditures since the inception of the country, you will agree with me that they have gained more after Lagos state which is so cos it used to be the capital. Let's not forget that they have got Abuja too.

I think the least developed region based on FG expenditures is the south east, it is due to their hardwork that they have come this far and the little that is being done by their state govts. My opinion anyway.

This post is one major reason why people fail their exams.

Obiagelli:
I think i am done here

Answer the question


What is the population of Algeria.?

warrior01:
You should have equally made it known to your audience that now is a good time for those creative hardworking men and women in Aba and other cities that produce those shoes, belts, weavons etc that are exported to African countries. If not for laziness and over dependence on government's welfare, you should have noticed the positive sides too.

Gbam

Obiagelli:
How stupid can this question get? Algeria diversified its economy, that is why they are able to keep their benchmark so low. Even the Saudis, uae and co aren't as stupid as our government has been.

Algerian economy

agriculture : 8.4%; industry: 61.1%;
services: 31.5% (2011 est.)


Mainindustries:

petroleum, natural gas, light industries ,
mining , electrical , petrochemical , food
processing, steel

List the electronic products they produced.?


What is the population of ALGERIA.?

warrior01:
Reading a lot of ignorant responses here. So many even blaming Jonathan but the wise ones are seeing opportunities. Lol.... at people exposing their grade A ignorance all in a bid to criticize Government.

Gbam