₦airaland Forum

Abaziaka:
We don hear you
but we can't afford to led you monopolize the oil sector just like you did with the cement and we the poor man pikin are paying for ur greed,
you are a great industrialists, but we need those mafia to checkmate ur excesses. In already deregulated oil sector.
We can't afford anyhow behavior in such a sensitive sector of our economy.

deregulated sector with secret subsidy

galantjoe:
Mafians are fighting for their gains
Dangote is also fighting for his own gain too
While Nigerians are being exploited
Removal of fuel subsidy is like jumping from frying pan to fire. It is far better to subsidize fuel than remove the subsidy

Without subsidy, imported petrol will not be less than N4,000/litre

Prince1759:
After countless increments, it's now time to remove subsidy.
The Same way petrol subsidy removal amounted to nothing, that is how electricity subsidy will be.

Nigerians, me included. We are all fools.....

Which petrol subsidy was removed?

erico2k2:
Arrant craaaap,The DISCOs are meant to invest their own monies not catch out on an already decaying infrastructure .How many new Gas power plant have these so called DISCOs built?

Discos have business in building power plants, that is for Gencos.

lordtim001:
Most people on Band A and Band B are paying above 150 naira per kilowatt hour. I wonder where the subsidy is coming in. Or is it only the Northeners that are enjoying this yet again?

You wonder where is the subsidy is coming when NERC fixed the price Gencos sells to TCN, NERC fixs price for Dicos and the same NERC fixs price for gas suppliers

nwirinedu:
You cant tell your MDAs , and government establishments to pay up their electricity debts, instead you use that money to install solar panels and want the masses to pay up your incurred debts by increase. There will be a revolution in the energy sector, this extortion is not sustainable .

I think the govt has a plan to kill all local industries that rely on power, Solar panels cannot power industrial growth this is a known fact .

You dont use solar panels to drive industrial growth , you have to go nuclear. But some clown want people in Africa to use solar panels.

We have coal, hydro power why waste money and land for useless solar panels which cant even sustain lighting for 6 hours straight?

You called solar panels useless, are you sure you are in the 21st century?

cassidy1996:
After privatization notthing change

How is privatization is the issue when you have a government that promises you cheap subsidized electricity yet they can't pay subsidy

phemmie06:
Where did the debt come from?
Are the discos not getting revenue from their services?

when you are underpaying for electricity due to subsidy

ivandragon:
There is a severe misalignment in the economic system of Nigeria.

The apc does not seem to understand the necessity of grassroot socio-economic development beyond pallatives and handouts.

The facade of prosperity declared by big companies that provide essential goods and services are more of a result of significant increases in prices of goods and services rather than an increase in the purchasing power of the masses, increase in sales of products, market expansion or introduction of new products to capture new markets/demographs.

For instance... Cadbury's increase in revenues over the years in nigeria have come from market expansion either by introducing new products, upgrading existing ones or entering new markets/sectors. These accounted for about 70% of revenue increases while increase in the actual cost of the products accounted for about 30% because there was relative stability and the purchasing power was comparatively high (when compared to what we have today).

But now, Cadbury's revenue is 100% as a result in increase of its products, in most cases, over 600% increase. While this has led to lower sales, the increase in prices is so much that it actually overcompensates for the lower sales.

https://punchng.com/manufacturers-record-n2tn-unsold-finished-goods/?amp

https://www.vanguardngr.com/2024/05/manufacturers-wail-as-unsold-goods-pile-up-in-warehouses/

Two critical examples will suffice...

First, estimated total sales of a particular product in 2014 was about 1m at N100 per piece giving N100m in sales revenue.

In 2024, that same product sold 600,000 pieces but at N500 per piece giving N300m in sales revenue.

So, while sales revenue has increased by 200%, actual sales have declined by 40%... that is not a good thing at all.

The second example has to do with the more obvious currency valuation and conversion rates. In 2014, that N100m was worth $500,000.

In 2024, that N300m was worth $187,000...

So while naira profit increased by 200%, dollar profit dropped by almost 300%... again, that is not a good sign and it certainly does not show true economic growth... and for a company that repatriates its revenues, it is going to read as declining profits at the head office abroad.

Finally, the bottom line is this, how has this translated to better socio-economic conditions for (1) the workers of those companies and thier dependents and (2) the general populace as a result of increased revenues (taxes) for the government?

Increases in taxes which further decrease their sales, profits in dollars?

malali:
Absolutely agree — with current inflation and cost of living, the minimum wage in Nigeria should be ₦150,000 at the very least. Anything less is economic gaslighting. Workers deserve dignity, not survival math.

With electricity tariff like N170,000 per month

Technig4:
funny how there was no protest

Funny how the government how government workers are receiving in silence while complaining of price increment

EPIJOE:
💯 Nigerian banks are not in any ways favorable to the masses. Instead of your money to yield interest as it was in the 90s , na to dey debit u. Small small change that you won't even take note until you want to withdraw, u no see your money is short.

Too bad. And they are declaring huge profit by exploiting Nigerians. Tuee

You want your to yield interest when you are earning a lot of nairas as minimum wage?

Technig4:
Funny how you can't keep N1000 in the same bank for one month and expect to see the same amount.

They will reduce it to N800 or N700. Why won't they declare profits upandan?

Funny how we partnered with NLC for a N615k minimum wage but landed on N70k minimum wage forgetting they are generated through taxes

Daisyle:
Naira devaluation really caused our GDP to drop, but experts say it will be beneficial to our economy in the long run.

It will only be beneficial when the government encourage production and exportation of goods and services and spending tax payers money to look for non-existent foreign investors while giving the masses false hope of importing non-existent cheaper agricultural products.

Nuzo1:
Unfortunately, yes!

I can agreed with based on the passed economic of Nigeria. In the 60s, 70s and 80s, Nigeria has one of the strongest currency in the world making locally made expensive to Chinese made, but now the naira is one of the weakest currency. Where is the excuse coming from?

walozanga:
Peter obi once told us that the way out is by moving from consumption to production. If china have to close the gap created by the resent unhealthy trade relationship between them and the US and they turn there major attention towards Nigeria,. It means that soon Nigeria might start importing pure water from china ( it can be that bad because our trade with china is one sided)

Peter Obi told you, what has he produced in Nigeria?

chidiokay:
And whats the price of garri ... compare the price of paint of garri 2022 and 2025 are we not finished yet

is that dangote?

Turkey 1kilo is over 7k from how much, is dangote into poultry

Family loaf of bread above is almost 2k when last you see dangote flour in the market

Data subscription is double the price for a data that dry up like methylated spirit ...where is monopoly in telecomm

Dstv ridiculous sub prices .. is that dangote tew

Some of you una education be waste ... at the mention of Dangote a myopic Nigerian thinks "Monopoly" ... even dangote have business lines he was kicked out

To be sincere, your comment is very sweet and I feel like clicking the like button one quadrillion times.

dododawa1:
N800/litre petrol in sight as oil prices tumble

Without enough dollars loans from AfDB, Afreximbank, World Bank, IMF, the cheapest petrol would be N10,000 very soon. A citizen of an oil dependent economy with large rejoicing at oil price crash is simply rejoicing for the incoming economic disaster unknownly.

TrackerSK:
Is it a crime for reduction of about 200 to 300 to be experienced?why always 20 to 15

It is a crime if your minimum wage reduces to N2000 or even N1,300?

Graciousnaija:
Government needs to set up a taskforce backed by law to ensure enforcement when there's fuel price reduction. Majority of these marketers are terrible and will rather keep making undue gains from citizens who are expected to benefit from this laudable government policies.

Every sane person knows that the price reduction of petrol in Nigeria is due to the $1 billion loan borrowed from World Bank to defend naira which resulted in some level of naira appreciation and price reduction for petrol.

[quote author=blacksam01 post=135020973]Did u see the retailers sramble for lower price of fuel at the station..? So which demand are u talking about.. is the price of fuel not same since DAngote reduced the first time not to talk of the second time.. this should show u that demand is inelastic...

So why then are the producers jostling to out do themselves in a price war whereas demand for PMs is inelastic..?

That is simply because of public image and competition, not market forces...

Hope u get..? [/quote/]
What is competition if I may ask?

blacksam01:
U are not making a good analysis.... Come on board with economics analysis....

You that is making good economics analysis thinks the price of a commodity is the determined by the number of producers abi?

AndSunGorilla:
Why is the minister of public road transportation not doing something about.

Every sane person knows that the price reduction is a response to naira appreciation after the FG borrowed over $1 billion loan from World Bank to defend the naira and will last long.

commoditiesnig:
Very good news.. we hope for further reductions spon

Keep hoping

Kingbuhari:
Dangote control price of fuel in Nigeria... God who do is this thing

religion! religion!! religion!!!

Godfullsam:
With the price of crude oil in the global market, the price of fuel should not be up to 700/litre.

Oga, let use our common senses.
Nigeria is an oil dependent economy with over 230 million people who depends on selling to earn forex and imports what they want.
Now, lower oil prices reduces forex inflow into Nigeria which creates more demand on the dollars and depreciating which leads to price increment.

blacksam01:
It is not market forces... It's competition in open market

Competition of using loans from AfDB, Afreximbank Chinese Eximbank, World Bank etc to defend the naira.

Bimpe29:
Is like market force is in force now

Market forces of borrowing loans to defend the naira

sparko1:
This is actually still very high, by now we should be close to 600 naira considering the price of crude oil.

Lower oil price means higher price of petrol for Nigerians, dividend of oil dependency.

koning:
Did BUA do that with cement?

Wishful thinking. N10,000 for a bag of cement is outrageous. More players have to get involved in Cement production or even importation first. Create a level playing ground for all.

When you both are tired of dreaming, the cheapest cement is the one you currently buying. When the next election comes, vote tribe and religion.

dollypi:
I’m just waiting for BUA refinery to come online and give Dangote a run for his money.

That’s when the real market forces will come into play.

Let the masses breathe.

keep dreaming

Powerhouse5050:
Recently, I read that no Nigerian bank is included in the top ten in Africa.

I bet to differ and also believe that the requirements was only based on what's on paper.

Now let's talk about Nigerian banks.

It is evidently clear that Nigerian bank launder money for military, civilians, business men, government contractors, drug dealers and oil cartels because no laundering would be possible without the partnership of a bank in Nigeria.

When you consider the percentage/cut by Nigerian bank to get this process done.

Then you would realize that Nigerian banks are making so much money which couldn't be put on paper.

A vivid example was when EFCC uncovered some Diezani stolen funds which was kept $105 million in one of the bank head office in Lagos but it was never on record to avoid traces.

Look at all the acquired banks by the Access Bank, it wasn't for free and it was 100% paid for, so where does the money came from?

Add those funds used to acquire those bank from 10-12 countries and add it to the asset of Access Bank in Nigeria and tell me how much billions it would be.

In Nigeria it is evidently clear that we don't do full disclosure and I'm not surprised that Access Bank does not do full disclosure in order to avoid scrutiny.

So, Respect to Nigerian banks and kudos to them for staying under the radar.

If we add illegal money to the asset of banks, i ro believe nothing less than 5 Nigerian banks would make top 10 in Africa.

Totally off point