₦airaland Forum

BizBloke:
[color=#000033]If by the highlighted, you mean it'd make raw materials relatively cheaper for international industries to buy, produce and import to Nigeria, I think that doesn't hold any economic water. It'll go full circle and come right back to bite our asses.

If you mean making the raw materials relatively cheaper for local industries, we produce and export to other countries, it makes sense because over time, it'll lead to balance of trade and payments. Currently, trade and payments are negatively tilted against this country.

I think you mean $1 to 1 RMB (yuan). That's about 85.14% decrease in exchange rate value between both currencies and that's difficult to come by in the short-run.

In the medium- or long-run, everything is possible.[/color]

Thanks for the enlightment sir, sure i gain more insight and issue base analysis

[color=#000033]True that! Yet, a shift in consumption pattern on an aggregate level won't result in aggregate production of farming produce except there's a private-public partnership. A good number of Nigerian youths going into farming won't fix the economy by a good percentage because they need stable electricity, they need machinery, they need venture capital, they need adequate storage facilities, they need good transportation, etc.

The government has to be involved.[/color]




[color=#000033]I like this point most. I wish we ask more [right] questions and wish we did during the last election campaign when we were promised 99.64% drop in the dollar-naira value which is basically mathematically impossible for Nigeria to achieve in half a decade.[/color]



[color=#000033]Being service-oriented isn't bad in its entirety; it's bad when Nigerians are made to slave (not work) and earn low income (like you pointed out) for Indians, Chinese, Lebanese, etc. within the territorial boundaries of this country. Heck! The employment regulatory body in the country pisses me off.

If Nigerians work for these people and earn right, I don't mind. Exportation doesn't involve products only; it encompasses services, platforms, etc.[/color]



[color=#000033]Spot on! Let's hope she does right by the naira and she's not on this trial-and-error swing she occasionally plays on.[/color]

BizBloke:
[color=#000033]You've got great points but don't exactly go with leaving the system the way it was simply because lots of people out there will suffer and truthfully die if the dollar keeps rising and hits N700, N850, N1000.

Yet, what's happening now is only a temporary solution: a key indicator of a trial-and-error economic team, so they dabble into this and dabble into that, hoping that somehow, a quick fix will avail itself to cure Nigeria but that's never going to happen.

Sadly, the naira will still crash because the pillars giving it strength right about this week/weekend will still weaken. If factories aren't set up (with good and steady supply of electricity) for local production, consumption and exportation, the naira will keep crashing.

We've been running a mono-economy.[/color]

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