fastlane84:



But do we have the enabling environment to manufacture? I feel its way cheaper to import than to produce(eg. petroleum products)

no it is way cheaper to produce than to import petroleum products
.
The four refineries in
Nigeria have a combined
production capacity of
445,000 barrels per day
while the country’s daily
output of crude is put at
2.44m barrels per day as of
February 2015, according to
the US energy information
administration.
.
According to a Vanguard’s
January 6 th 2015 article , the
sum of N10trillion was
spent on subsidy between
2006 and December 2013.
Much of the shortfall in
excess crude account was
used to pay oil marketers.
This amount is more than
Nigeria’s two-year budget
figure, three times the
budget allocation for health,
and two times budget
allocation for education in
the 2014 fiscal year.
.
subsidy is a scam
.
https://www.naij.com/440079-analysis-why-nigeria-does-not-need-fuel-subsidy-anymore.html

blazer234:


Do you realize that this country is not producing those things needed for commercial agriculture and industrialization? We need to buy those things from abroad and we will have to buy expensively. At the end of the day, those things we produce will still sell expensively.

And it is bureau de change, not bureau the....

nobody is buying expensively. the fund for the machines will be released at the official rate of N197 to $1 by the CBN since we dont have import restriction on them, since there is no alternative in nigeria.

godoluwa:
bottomline is that devaluation will brings inflation bt manageable while refusal to devalue it will destroy Nigeria economy. the best thing that CBN can do is to make forex available to manufacturing companies, importer of electronic gadgets & automobiles through LC so that the money will not be diverted elsewhere. we can never achieve producing all our needs locally in 100yrs to come. importation of toothpick is pure propaganda, we need to face the reality & stop defending thrash. we need to first have 24hrs stable electricity before we talked about production. a poster talked about buying innoson cars, my question is how many cars does innoson manufactures in a year? how many Nigerians can afford the price?

that is how we have been devalueing our naira frm N0.80 to $1 in 1985 and nw we are in N197 to $1. what difference has it made. than giving us false hope.
if u like devalue it to N500 u still need to balance ur import and export, import 50% and produce 50%. or else it will continue to go down.

godoluwa:
hw many vehicles has innoson produced? hw many Nigerians can afford innoson cars?

that is what am saying.
1. their production rate is low because we are nt buying frm them we prefer to buy mercedes, toyota, Honda and others.
2. They are nt affordable because it is managed on little fund, and they produce little quantity. u knw u the bigger the quatity and machinery the cheaper the comodity
.
but if the FG pump enough money into their company they will boost production and also make the car affordable by subsidizing it, just like MTN mobile network rate came down after the introduction of GLO

DDeliverer:


if it is this easy....why is the government not doing it?

nobody wants to suffer, why will you go into industrialization when you can get money frm oil. plus corruption has eaten deep into our democratic system, people embezzle money allocated for industrial reform.
remember we once have NITEL which was catering for our telecommunication needs at a cheap rate bt we sold it and the buyer shut it down. only to import MTN into nigeria, to come and give us cut head call rates and all this money will end up in SOUTH AFRICA.
.
We once have working refineries bt they got spoilt and instead of the govt to repair they chose to pay subsidy to refine the oil outside the country. just to mention a few.
.
Nw south africa have: DSTV, MTN AND MULTI CHOICE, TELKOM MOBILE, VODACOM, SHOPRITE and all this are international companies. bt we have none here in nigeria
.
Nw u can see that corruption is the main problem with our growth. All we need to get back on track is patriotism, dedication and accountability. remember NO PAIN, NO GAIN

.

.

DDeliverer:


yeah, even a baby can understand this....great..

but before we can deal with other countries say America, on a trade by barter level, that will take 10...20... or even 50years..
it can't be achieved in 4years ba?
and is agricultural product the only thing we can produce?

it can be achieved in 4 years if the government pump enough money as we can get into the initiative. it must nt be agriculture. we can start with production of
.
Car - via innoson nigeria limited and expand production because nigeria spend more money on cars, atleast we can supply to other third world countries.
.
POULTRY- investing enough money in poultry will yield interest within a year.
.
TELECOMMUNICATION- we will need to invest in GLO which a nigeria company to boast production so we can service other african countries and if possible out grow MTN.
.
we can also go into:
phone production
Building and construction in africa.
.
this are a few sectors that can yield quick return in a short period, atleast to satisfy our national needs.
.
That is why seun said "Let Naira Fall So That Nigeria May Rise" we must suffer to enjoy.

DDeliverer:


I think I understand..
The long n short of the matter is for Nigeria to start producing..

yes. the aim is for us to start producing and stop importation. after this is achieved nigeria can nw trade with other countries via TRADE BY BATTER. we give USA $1bilion dollars worth of agricultural product, they give us electronics and weapon worth of $1bilion dollars, nw with this type of trade naira will nt fall again because we are nt trading with it again.
hope i helped.

j

DDeliverer:
I'm not an economist and I'm here to learn as we learn everyday...
How can this free fall of the naira lead to the rise of Nigeria?
I'm confused...
Somebody educate us...

Let me explain as briefly as possible.
The product that fuels our economy is petroleum. bt it is quite unfortunate that this product has lost its international value. Leading to dollar scarcity in CBN. nw for nigeria to manage this situation.
the Cbn stopped allocating money to the bereau the change operators and pegging the official price at 199=1 dollar. dis is to discourage the importation of products that can be produced in nigeria, e.g toothpick, biscuit, cars and petroleum. forcing marketer to buy made in naija product, this will force other countries to import frm nigeria, and also come and establish their company in nigeria because it will be cheaper to invest in nigeria. nw if this is done nigeria will nw fuel their economy via exportation of agricultural and local products. there by reducing the stress of competing with bigger economies like usa and Uk for foreign product like phone, cars and fuel. which is making our naira to fall.
The bottom line is that nigeria wants to go into INDUSTRALIZATION which is nw helping CHINA.

a

cozy7:
Plz don't call me a sadist, bcoz you'd smile too if u were in my shoes. I made a $1000 withdrawal from one of my online investment to my PM account. When my exchanger paid d Naira equipment to my GTBank account, I couldn't help but wish d naira would keep falling and d dollar keeps appreciating. Nairalanders what do u think?

if it continues to fall, there will inflation in the country. so the money will nt be useful. things u buy 100 naira will nw be 300 or 400.

m

d

how can a girl be doing dat to a fellow girl

buhari must probe the writer

#IstandWithBuhari. who do you stand with.

DSS
4 vs 3
KANU FC.
.
Both teams nead player re-enforcement due to fatigue

blood of buhari, help us

j

package get a new person and start all over again. remember "Love dont cost a thing"

Rip

with this her breast that lack self esteem

fuckgratulations
.
So you are having unprotected sex with a woman you are nt married to. and she is even living with you. pls dont come here to beg us to pray for u in the future o,

After the reggae play the Blues

Ndi Igbo si na "Nwata etoghi eto wara ogodo, ikuku kuwe oburu ya na ogodo ya".

.