₦airaland Forum

millhouse:
can you hear yourself again pls .

You are aware of the avalanche of international companies winding down, manufacturing companies closing shops and switching their business model from production to importation due to the harsh business environment in the country .
No country survives in isolation , even advanced countries still have to import materials one way or the other that aids manufacturing process.

What are the alternatives? For instance , the local rice ( which is not rocket science to produce ) we grow is almost at par in price with imported rice, so where is the advantage in local production here .
Let’s not put the cart before the horse.

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.

This new increment confirmed my feelings that the exchange rate increase on import duties is to discourage imports. If that's the case, it is another bold move by Pres. BAT to better our economy.

I am beginning to feel that the Naira fall could be part of government plan to discourage import, encourage export and make more Naira income. Why would cbn raise the import duty dollar rate from 700+ to 900+ in November 2023 and then again to 1300+ in January 2024 if not that it is a deliberate thing.

Now, is when our economy will know the real foreign investors who is genuinely interested in developing and being part of Nigeria market because any company opening in Nigeria at this time know that the company won't be able to repatriate it's capital back now until Nigeria's foreign exchange earnings improves in the future.

This is good. The CBN has nearly neglected and under regulate this area for so long.

No lie nah, especially in the services part of the economy.

Honestey:
I second the motion

Those in support say "Hay!"
Those against say "Nay!"

Could this be dangote's ploy to keep profiting from importation? Could this be his ploy of making gains from foreign exchange or balancing/using his foreign exchange earnings to pay foreign suppliers or simply a ploy for money laundering??

I am wondering because Nigeria can supply the total crude oil needed at dangote refinery.

Some least expected African countries are waking up and smelling the coffee, challenging and changing the narrative of Africa. Neo-colonialist and their agents should be ready to "let the poor breath"

As provocative as it was, the church not responding is very matured. It is clearly a deliberate attempt to cause trouble. He was not there alone but with other accomplice(s) His clear accomplice is the recorder of h video shouting "Allahu Alkar" as he was recording.

History told us that theft, pilferage and corruption was scarce or never in existence in Africa until slave trade and colonialism came to Africa. They looted us of everything, tricked and lied to us while still scorn us about it till today

Don't be surprised that Nigerians constitute a large percentage of the visitors to those countries.

The threat from the north is absurd. They don't own all Nigerian vote but only own part of it. It's time to tell them this

Northern Elites Against Relocation Of Central Bank, FAAN Are Protecting Own Interest, Their Children Who See Abuja As Comfort Zone —Maiyaki

Ahmed Maiyaki, a former spokesman for the Kaduna State Government has said that those speaking against President Tinubu’s approval for the relocation of the headquarters of the Federal Airports Authority of Nigeria and some Central Bank of Nigeria departments from Abuja to Lagos are doing that for selfish reasons.

He said the condemnation of the move was for their interests and not for the common people from the northern part of the country.

Mr Maiyaki said this during a live programme on Arise News TV monitored by SaharaReporters on Friday.

According to him, there are many significant issues affecting the northerners beyond that of CBN and FAAN.

SaharaReporters reported on Monday that Arewa Consultative Forum (ACF) kicked against President Tinubu’s approval for the relocation of the headquarters of the FAAN and some CBN departments from Abuja to Lagos.

The national publicity secretary of the forum, Prof. Muhammad Baba, described the move as a deliberate plot against the Northern region.

Reacting to the condemnation the move has generated in the North, the former spokesperson for the Kaduna Government said the Tinubu government decided to ensure efficiency and not to favour the Southwestern region contrary to what the ACF and other groups had claimed.

He said, “With all sense of respect, the northern leaders have the right to air their views. They have every reason to say something that protects the interests of the North. However, we need to know ‘what are the other issues that are more critical to the North that we expect the Northern leaders, either at the level of ACF or other critical groups to come to speak for the common man in the North?’

“Let’s take an example, for me as a Northerner, I believe strongly they are speaking to protect their own interest because if you check from 2019 - I challenge these leaders -we should have agencies of government like the CBN to publish the names of people that were secretly recruited.

“Most of these children are children of the political elites. These are children that have schooled abroad in the UK, in the, you know, New York. And they are back in Abuja in their comfort zone and they do not want to move out of Abuja.”

He said there had been no recruitment process in the bank that considered the children of the common man.

He said, “To be honest, you know we have many critical issues. We have the kidnapping issues, we have the banditry issues and besides, the CBN, for instance, is not moving completely to Lagos. There are 29 departments.

“For the record, I’m not a staff of CBN, I’m not speaking on behalf of CBN, but if you make a simple research, you will realize there are 29 departments in the CBN and only four out of these 29 departments are affected. And it’s not like the entire departments are moving to Lagos.

“You know, some staff, particularly those in the banking supervision and consumer protection, you know, are charged with the responsibility of supervising banks. The entire banks of this country are located in Lagos. Their headquarters are in Lagos. How do you supervise banks while you are in Abuja?

“For the records, I have not seen any statement coming from the CBN, but of course a simple check will tell you. Like a lot of commentators have said their staff travel all the way to Lagos at intervals of two weeks to supervise these banks.”

He described such regular travels between Abuja and Lagos as risky, adding, “The issue is they are too comfortable to just remain of Abuja, in Maitama, in Asokoro. They are children of elites.”

He said, “We know we are in 2024, you are talking about somebody sounding warning to somebody at 2027. The new note that we want to see today is the north that seems to protect the interests of the common man not joining issues…

“Let’s talk about FAAN. For instance, how many people fly from Abuja if you compare the number of flights of domestic and international flights in Lagos? Besides, FAAN was brought to Abuja in just 2020 by Hadi Sirika. So this is just returning FAAN to where it belongs. So as far as we are concerned, we shouldn’t be joining very critical national issues.

“The essence of this relocation of some of these departments to Lagos is for efficiency. You cannot supervise banks; you cannot do some of these functions. According to records, just about 409 staff members of the CBN are moving to Lagos. But we’re not talking about other staff of about the same number that have been posted back to other branches of the bank in Abuja and other locations.”

https://saharareporters.com/2024/01/26/northern-elites-against-relocation-central-bank-faan-are-protecting-own-interest-their?

This threat should stop please. CBN is an independent body and the bank took the decision on its internal matter.

I will be so much disappointed, if Pres. Tinubu fall for this threat.

Truly, a new sheriff is in town.

The reason for the complaint is that this decision hit them much. Their daughters, sons and wives will be affected as their won't be able to sit at home to earn their salaries, allowances, bonus and promotion without going out of their homes again.

BennyDGreat:
Ahh Baba....this thing don pass social media criticism.

There must be a way to hound those people and physically put them in prison to suffer without privileges. If not, we will only shout on social media and those people will still walk free or at most get like 2/3 years in jail when they ought to use life in prison.

I concur, this is a better solution.

BennyDGreat:
Regulations that regulators are the first ones that break?

Aren't you following Emefiele's ordeal and all the things he did...

Even in those countries you mentioned, can anyone have the effrontery to take the kind of actions leaders take here....where someone will steal and will still laugh and get away with it because his friends are the judges, police offers and other enforcers of the law

We don't have strong institutions and some people are bigger than the regulations and laws. SIMPLE.

It is true some people could seem bigger than some regulators but they are not bigger than all of us equipped with the power of social media. We as citizens needs to play our part by saying something if we see something

BennyDGreat:
The biggest pressure on the naira is corruption that doesn't allow businesses to thrive.
How about ease of doing business?
Power?
Insecurity?
Dollar earnings?

All these ones about CBN not being able to regulate is not the basic issue.
They are trying to avoid the major issue...all these ones stem from that one issue CORRUPTION.

If CBN does all the regulation, if CORRUPTION still thrives, everything is a Pure waste of time!

No nation is immune of corruption, whether US, Vatican or Saudi Arabian. Regulations is what keep it at bay because regulations comes with penalties that deter people from unholy practices

MRSALT:
That's not true. Ask yourself where Fintech will get the naira to pay the recipient in Nigeria? They buy naira with dollars of course. The only issue is that they buy through the parallel markets instead of the Central Bank. Last year, an Indian company in Nigeria asked me to pay some dollars in their international account, while they deposit the naira equivalent in my account. If the deal was done, it would help to take the pressure off the demand for dollars and straighten the local currency.

Not getting to the Central Bank takes the currency out of CBN regulatory control and makes the market volatile and put naira under pressure. If you leave it to miscreants.

Thank you Oyedele. These fundamental facts are what will drive us to a better management of our economy not just vague figures. This is qualitative analysis not just quantitative analysis that those neocolonialsts are giving us.

Ay4christ2010:
You are a fake Christian

Pele o, original Christian!

Church seems to be becoming a place where bold criminals use for their operations, all in the name of Jesus to avoid prosecution.

Morbeta11:
Illegal miners that has CAC registered company.......

CAC registration is different from profession permit (license). They can register a company and don't have license to do the profession. Anything you don't have license to do and you are doing is illegal (in this case mining).

Zonefree:
That Oyo Governor is just disgracing himself!

Are you sure you are not the one disgracing yourself??

CAC registration is different from profession permit (license). They can register a company and don't have license to do the profession. Anything you don't have license to do and you are doing is illegal (in this case mining).

Our planning approach in Nigeria is reactive and not proactive.

The fault is from everyone and not government institutions alone.

E go better for Cardoso. Why would Headquarters alone have over 4k staff?

Fujiyama:
^^^


It would be good to know which multinational company...and whether they do animal sacrifices in their home countries.

I can assure you that if Bilfinger Berger made goat sacrifices before building new bridges (or fixing old ones) in Berlin or Dusseldorf, animal rights activists would make life difficult for the company. The average german would probably recoil in shock - it just isn't their way.

See, sacrifice is sacrifice whether you use animals, fruits or burn/kill/warp something with or without life. Not everything
is done to the camera, J or B Berger won't do such a thing to the face of camera in a country that has laws against such but that doesn't mean that they can't, couldn't or didn't do it.

ELsmile:
Wetin concern contruction and sacrifice

Sit down there. A multinational company in over 60 countries is currently building a big factory in Kwara and there was sacrifice made when the project started, some where buried down and construction was done it. I saw it live and not that I was told. It's so pathetic that oyinbo deceived us to forget our own but they are good at it. Africa mumu too much abeg.

Is this Putin or his clone?

I asked because Western news media told us Putin I dead at a time and that he is currently very sick.

yewit37486:
So "Bald AI" will explain the relevance of Pareto to the assertion YOU made (which you can't seem to explain)? Please be smart.

Yes, let me tell you that's one of the capabilities of Bard AI. Now that you have learnt the power of "Bard AI", go on it to learn the relevance of Pareto 80/20 as it concerns purchasing power to large number of population too. Happy to facilitate your learning. 🥂 Cheers!