₦airaland Forum

These people help enthroned gajaban. Nothing will happen.

grandstar:
Oga,
Does free trade not imply it exports to generate forex? Have you ever picked a copy of The Economist in your life and read it? I am now certain you used "expo" to gain admission to read Yoruba.

I requested you name one emerging economy that uses import substitution policies as its primary mode for economic and all you can say is I'm delusional. Delusional is not a Yoruba word. You probably think it means 'very intelligent' in English. It doesn't

Stop projecting yourself unto me. You know absolutely nothing about economics.

I challenge you to mention 3 globally acclaimed economist that you admire

You will simply reply that "I'm delusional"

lol...expo admission and Yoruba language studies.

You too immersed in you useless fact you can barely compregent 1% of.
If they import, it means they have enough export to.cover cost of import and that connotes they achieve import substitution for some aspects to cover import of other aspects.
That's not our case in Nigeria Mr epistle. Ours is a case of ignored potential to achieve import substitution. The room for growth is the latest room there is in this life. As long as unused land abound, idle and prepared minds waste away, capital is being looted, market exists and we are importing, import substitution will always be a welcome idea above any useless tightening of monetary policies your jargon addicted brain has imbibed from materials far above your intellectual capacity.

Can they? I doubt.

Neoteny:
I chose to show a new pair of shoes i got. Nondescript idiot online concludes I've no clothes to go with it.

like shoes and clothes are perishables? So daft.

Neoteny:
Wow I've never met anyone stupider.

Seriously?!

Never heard of refrigerators?

Or what if they chose to show only the onions?

What the heck has happened to Nairaland with this serious infestation of criminally stupid fukkers crawling all over?

you determined stupidity based on probable scenario. Who is the stupid one now?

Oga go and sleep.

I hope this is true but doubt it.

Neoteny:
What if they already have everything else they need?

..and what if they don't?

How probable (is it) that they have all other perishables? Use your brain.

morgstreme:
Language of a street wretched dysfunctional urchin..

"e pain am"...."face me,I face you brought-up"...

thank you.

Spiritual history teacher.
Even if I was raised inside coven as a blind witch and exploited to the point of deformity, I didn't raise myself so no biggie.

What next now?

lordnkem000:
I have been observing my married friends, colleagues & even neighbors around and I noticed deep down their marriages were all lacking discipline, they cheat on each other, lie, they pretend and most of them are so miserable.

Funny thing is two of my friends are not even up to 3yrs in marriage and they are so tired. Yesterday I met an old classmate of mine and he told me the girl I saw him with wasn't his wife, just for knacks, that he's been married for 1yr and 9months but he's tired of his marriage. It made me scared because here i am thinking of finding a wife and people in it are wanting out.

So I'm asking, what could be the problem with staying married these days?

People who have been married for 10+ years what is your secret? I'm curious to learn a thing or two

end time attitudes.

Even when uncommitted, they cheat too.

morgstreme:
What a loudmouthed DINGBAT you are..

Well...

It's your mental level..

e pain am.

morgstreme:
You have stamped internalizing negativity and failure in your life..

That's why what you "see" is what you get .

Just check out your life..

failure metre who measure your own for you? Lol.

Try another tactic, oga na-me.

Cheaply arresting their bad image with the subsidy the hardship has created.

nairalanda1:
Being an oil producing state is a disgrace

Being dependent on handouts from Abuja is a disgrace

Being a state that exports manufactured goods and services ,and that can raise a significant income from taxing gdp and can fight corruption, attract investment, and keep growing,that's impressive .

can any state afford to build refineries? Can they explore on their own?
The fate of the oil is to be sold and thats what the news is about.

Giant of corruption.

Street light of lass than N500k with profit, civil works, materials and more.

MoU means Memorandum of Understanding. Nothing more. Few crooked fellas sat down and struck an understanding of technical looting.

benuejosh:
^^^if you took your time to read you will understand that the government is not paying a dime. This guys will construct, commission and operate this particular rail line all by themselves. This is pure business. While they're doing this business to their gain, they're in turn building the Nigerian rail infrastructure. Nigeria government will only provide an enabling environment for them by removing bureaucratic processes and others.

You clearly didn't comprehend what you read or propaganda has blinded your brain. MoU remains MoU and is always an avenue for looting under your miserable party.

Paraman:
"Obi supporters"

call to accountability is now an association with one Obi. That Obi must be really upright o.

Imported with scarce forex.

Because of back to back senseless policies.

Subsidy went away and returned like a thief silently.
Naira floated, pegged, then floated again with peg.

Paraman:
You biafrans and obi supporters just love spreading fake news

https://punchng.com/petrol-importation-reduced-by-50-says-fg/

Wetin concern Obi with subsidy reintroduction again bros?

Only onions, no soup ingredient?

Imagine Onion and Rice lol.

How muchhhhi?

Subsidy is back and our neighbours are getting cheap fuel via our imports. That's the meaning.

After paying bribes and waiting forever, who wouldn't be overjoyed to become even citizens of north Korea or Russia.

Nothing new. We are fantastically corrupt for a reason. Though boreholes have grades and extra features that can swell price, I doubt it is the premium type they are planning to build for that amount. Imagine a borehole with overhead than of 50,000 litres, solar powered and with backup. Pressure pump to push the water farther away and make it go round. That's the kind they should be doing but ...

May be the light is the one God said let there be in Genesis. The one darkness comprehendeth not...lol.

When will they increase input instead of chasing money.

Mostly to one part of the country and funded by another part.

grandstar:
Name one emerging economy that is using import substitution as it's primary model for growth.

I will mention 10 that are using free trade (very low or no import duties) as their primary growth model.

1. Poland
2. Mexico
3. Bulgaria
4. Croatia
5. Lithuania
6. Latvia
7. Hungary
8. Mauritius
9. Uruaguy
10. Chile

So these countries are printing forex right? You must be very much delusional than I estimated previously. What are they using to buy the things they are importing?

grandstar:
Imports has nothing to do with the present problem.

The CBN is running a loose monetary policy and that has swollen money in circulation. That inadvertently led to more money chasing the same amount of goods and forex Monetary policy needs to be tightened.

Why do Nigerians believe we have an import problem? Nigeria does not have an import problem. What the country has is an export problem. Nigeria is exporting enough. The country isn't generating enough dollars.

Switzerland with a population of 8.7m people imported $291bn worth of goods and services.

Israel with almost 10m people had imports of $108b

These are tiny countries. Nigeria with almost 22 times the population of Israel barely imports $60bn


Import substitution policies don't work! When they even do seem to work, they carry a lot of baggage with them.

The ban on cement import imports have simply made Nigerian cement one of the most expensive in the world and made 2 Nigerians billionaires. Those in the building industry believe the ban has done far more harm than good. The minister of works Mr. Umahi has not hid his displeasure at the high cost of cement.

Another is the policy demanding that 70% of all oil and gas contracts in that industry be given to Nigerians. This has made the founder of Nestoil probably a billionaire. How many people can buy a private jet worth over $60m?. But operators in the industry are unhappy.

Import substitution policies don't work and that is why you consistently see policy somersaults. The CBN was compelled to lift the dollar restriction placed on 43 products.

Pat Utomi, a seasoned economist just recently said they don't work.

For countries to prosper, they need to focus resources on where they have competitive and comparison advantage. Products and services here will bring in the much needed foreign exchange.

If the resources wastes on rice was invested in agricultural commodities the country has comparative advantage in, by now, I won't be surprised if exports of such products adds another $5-10bn annually to what the country presently brings in.

Sesame seed alone can bring in $2bn as well as sheabutter. Cambodia increased its cashew nut production from 100,000mt -700,000mt in 10years. Nigerias production stayed flat at 100,000mt.

When South Korea started its rapid development in the 1960s, exports were expanding by 40% yearly for 10 years.

Nigeria isn't used to exporting. Recently, due to the drop in the value of the Naira which made Nigerians food cheap in CFA terms, trailer loads of foods being transported got seized and traders treated as economic saboteurs. A devaluation is supposed to spur exports.

Exports are the real problem and not imports.

You are delusional and talking rubbish. Import substitution is the ultimate. I have always spotted your tendency to over rationalize and overestimate your textbook jargons and theories.
You also assume presenting facts and stats makes you right. 99% of you arguments are irrelevant to discussion/topics.

Blazetrailer:
Comprehension issue!! You are the unintelligent one. Now read

1.The govt is not getting forex inflows. All future oil sales for months/years have been locked up in future/derivates, meaning the oil have been sold in advance and money collected by previous administration.

2. The current govt came up with an expansionary budget, designed to spend its way out of economic challenges, hence a very huge budget

3. The subsidy is back, meaning govt have to spend more than it budgeted in order to avoid social strife/disruption

4. No multilateral/bilateral organisation is willing to give Nigeria further loans due the poor ratings and so because they feel that the reforms were half hearted and there might be irrational govt interventions soon based on on-going events.

5. The only option left is to borrow internally through ways and means(same thing previous admin did)

All of the above are facts in the open.

Do you understand now?

So the govt is trying to spend its way out of economic challenges but in another breathe, increasing interest rates to curb circulating money level.

You are talking zig-zag bro.