₦airaland Forum

Fuckyoumod:
illiteracy is a disease! Kindly visit a hospital or a school.

Imagine someone who is suffering scarcity purchasing power caused by the government he voted into power blaming imaginary food scarcity!

Fuckyoumod:
yehn...yehn...yenh.... Big big talk and irrelevant questions.

You lots closed our boarder for years and ended up impoverishing and starving Nigerians with this ye-ye Buhari mentality. That made no useful impact.

Local rice became more expensive that foreign rice, beans became food for only the rich.

Abeg keep that your mentality inside your house and bedroom. We don't want to hear it again.

No country in this world has attained 100% sufficiency.

Are you suffering from Insufficiency or scarcity of purchasing power?

grandstar:
The mistake Nigerians make is that they think import substitution is the answer.

Countries do best when they focus resources in areas they have competitive and comparative advantage in. A motivational speaker would state areas that "are your calling."

If you have to place high import duties on a product or even ban it completely before it can be produced, that simply means it's not your calling.

Nigeria has no competitive or comparative advantage in producing the rice the country eats the most. In a place like in Thailand, it is grown as many as 3 times in a year.

The primary cause of hunger is not the lack of man. It is actually the lack of money.

I don't see how making food more expensive helps the poor.

When will you leave this your comparative fairytales and face reality?
The government of other countries are subsidizing products when they produce to make it cheaper while your own government remove subsidy to increase her looting capacity.

Triangles1:
They should check it well ohh, we dont want cancer abandoned foods.

If not cancer abandoned foods, what will Nigeria be deceiving herself itself with cheaper product coming from a country economically higher than her?

PAPIJAID:
Abeg let them import if that will solve this hyper inflation problem, Buhari tried to let Nigerians produce rice instead of importing but what did we get...abeg import if Nigerians will be able to afford it

You are import what other countries government have subsidized while while your government remove subsidy to increase with high import duties. How long will you keep defending the government oppressing you?

Kelklein:
But they have been comfortably wearing European white gowns to church all these while..

Shouldn't you all be happy that it's getting closer home..

Why the hate, dear fellow Africans (women!)..🤔🤔

Nigeria would be the first to liberate itself completely from the white folks.. we have done it with movies, we did in Music, now dressing.. next would be football..

It is called colonial slavery mentality!

grandstar:
Oga, you don't know what you're talking about. They are clearly different.

Your previous comments have shown that you lack the basic operations of foreign investment

Angelfrost:
I don't even get why food remains so expensive in a nation where the minimum wage is practically among the lowest on Earth...!

Seems average Nigerians are destined to suffer for life.

You support for the government to devalue your naira by increasing the minimum in naira, shout tax rich and keep blind eyes to the excessive ₦119 trillion in circulation, then expect things to be cheap?

FreeStuffsNG:
Even though your data is inaccurate, do you want Nigerian government to subsidize the cost of chicken like the US and others too?

The US doesn't subsidize electricity o

You don't want government subsidizing chicken but you need cheap chicken?

RichBoy247:
.
Opening of borders is the immediate solution

Opening to import what other countries government subsidized is the solution while your own government remove subsidy to loot more?

adioolayi:
..and farmers are still shouting about importation of corn, major constituent of chicken feeds.

Government should open the boarder for Importation of feeds, if cost of feeds locally is too expensive.so that the cost of chicken can come down.
It's too expensive

Are you aware of the heavy import duties charged in Nigeria?

richiemcgold:
Frozen chicken and turkey were very cheap many years ago. The price began to rise after Obasanjo imposed ban on importation of poultry products. If the ban is lifted today, the price will surely drop; just as it happened with rice.

Those countries government subsidized foods products to make it cheap while your own government remove subsidy to increase their looting capacity.

regenerateman:
The 2024 banks recapitulation is only for commercial and merchant banks. May be CBN will come for fintechs, micro finance banks, mortgage banks and saving houses in the future.

All financial institutions have there capitalization required by the CBN

grandstar:
That is very incorrect.

There are two types of foreign investment into a country:
[b]
1. Foreign Direct Investment

That is when foreign investment is used to set up factories, set up companies, purchase companies and more.

Foreign direct investment (FDI) is a substantial, long-term investment made by a company or government into a foreign project or firm.

Key Takeaways
Foreign direct investment (FDI) is a substantial, lasting investment made by an investor, company, or government into a foreign concern.
FDI investors typically take controlling positions in foreign firms or joint ventures and are actively involved in their management.
The investment may involve acquiring a source of materials, expanding a company’s footprint, or developing a multinational presence.

2. Foreign Portfolio Investment

Foreign portfolio investment (FPI) consists of securities and other financial assets held by investors outside of their domestic market. It does not provide the investor with direct ownership of a company's assets and is relatively liquid, depending on the volatility of the market. Along with foreign direct investment (FDI), FPI is one of the common ways to invest in an overseas economy. FDI and FPI are both important sources of funding for most economies.[/b]

First of all, I only mentioned Foreign Direct Investment. That is not the same as portfolio investment.

The vast majority of Nigeria's foreign reserves are not made up of foreign loans.

What is incorrect about my comment?
Foreign Direct Investment and Foreign Portfolio Investment is actually the same thing. Buy shares of companies in Nigeria with dollars, repatriate dollars back home. Majority of these dollars are borrowed to fulfill such obligations.

grandstar:
What you're saying is incomprehensible!

What relationship does foreign investment and loans have in common?

The forex (profits) they repatriate home are majorly loans borrowed by the federal government.

Putinofrussia:
Govt businesses are always at a loss because the leadership and staff are always in a race to steal them blind because it is govt pickin,nobody own am.
When people cry that Govt should start a firm or enterprise,I always laugh.Just consider those companies gone as soon as they are established.

What do you expect government organisations (nationalized organisations that are never created for profits if not debts and loss?

grandstar:
These last minute deals before the new year seems to be to avoid the 30% capital gains tax that goes into effect tomorrow.

That 30% is way to high. I would have urged 20% at most. It is currently 10%.

The corporate tax at 25% is also high. I haven't even included the withholding tax of 10%

The OECD countries (rich nations club) has an average corporate tax rate of 23.5%. If the government truly wants to encourage Foreign Direct Invest, it should nothing higher than 19.5%.

Manufacturing Association of Nigeria said it should be 20%.

Why are Nigerians are always interested in foreign investors when they forex illiquid?
How long are we going to sustain foreign investors with borrowed loans?

U

oluayebenz:
I was shouting about the new minimum wage but many kept attacking me.

Instead of labour to fight for inflation and prices control, but they keep fighting for minimum wage, 80k that will soon be useless and equivalent to 25k

Countries make life better for it's citizens by increasing the purchasing power of money but Nigeria will decrease the purchasing power through excessive printing, taxation by the government then labour union who claim to fight for the rights of workers will demand more money added to the minimum wage to further decrease the value combined with money creation from every bank to bank transaction due to digitalization.
Nigeria is the only country that fights inflation without mentioning money supply, the government deceived the masses with excessive money outside circulation causing inflation rather than excessive money in circulation.

New York that is farther away from the equator is hotter than Nigeria in summer, please stop joking.

abbey621:
NYC has maybe 3 or 4 truly cold months in a year, the summers are sometimes hotter than 9ja, the comparison is the coastal nature being surrounded by water.

Hi

oglalasioux:
There’s no rain in Europe, you mean? What of tropical countries like Brazil or even southernmost states of America like Florida where their seasons are like West African seasons?

Don’t excuse government ineptitude of building substandard cities to people who want to pave their compounds. I’ll understand if you advise those paving their compounds to allow space for trees. Apart from that your reasons are wack.

Do you even read and comprehend my comment or it is too difficult for you?

abbey621:
Then give an explanation where the same coastal land in another part of the world is not experiencing such even tho it is technically more crowded than Lagos. Come to Coney Island or the Bronx, everywhere is locked, vegetation is scarce and yet the issue you mentioned is null and void, why is that?

Last time I checked, New York was a geographical location to experience winter and concrete are needed to store heat energy and release into the atmosphere when temperature.
So, paving everywhere with concrete in a hot country like Nigeria where plants should be grown to increase the atmospheric oxygen level to in order to cool environment because oxygen is a very cold gas

meobizy:
Paved floors are pretty. This topic is a waste.

Pretty in hot country like Nigeria, no wonder your AC turn to oven.

oglalasioux:
So Europe that has been paving practically everywhere for hundreds of years don’t have rain?

So Europe that is naturally a cold winter paving everywhere with concrete to absorb heat and warm should a standard for a hot country like Nigeria?
In case you don't, green plants and trees takes in carbon dioxide in the presence of sunlight and release oxygen which is very cold gas into environment, and that is while you a cold sensation under a tree during a hot afternoon.

emperor4love:
Bro even the white do pave everything in the street ,though some are adopting green in environment

Do these white people lives in the hottest region of the world that needs oxygen from green spaces to cool the environment?

muyico:
Ground wAter 🌊💦 is natural

If these trend continues in Nigeria that depends heavily on underground, expect possible scarcity of water in the future.

sulaak:
If you want good education, healthcare, security, and a welfare system, pay your tax. As taxpayers, Nigerians will be forced to hold the government to account. If you pay for something that is not delivered, then you will fight for your rights.


That is why those countries in Europe have good roads, schools, and healthcare. That is why those countries in the West build their budgets on tax revenue rather than oil exports.

Nigerians don't need to pay taxes to have all those you listed because majority of the equipments and expertise required are not in Nigeria which requires dollar payment.
Example is electricity, all the electrical equipments like transformers, control box, earthen rod, cranes etc are imported into Nigeria with dollar and Nigeria pays taxes in naira. The same applies to healthcare, imported foreign medical equipments with dollar, Julius Berger and CCECC will have to convert there profits from road construction from naira to dollars and repatriate back home.
The government will borrow dollar loans against natural resources like crude oil and natural gas as collateral to fulfill these obligation.
So, Nigerian paying taxes to the government is almost irrelevant to having good roads, electricity, water supply, healthcare etc.

JaskanFactor:
YOU FORGOT TO MENTION THAT THE MONEY YOU HOLD TO SAVE IS ALSO TAXED THROUGH INFLATION.
You pay tax on
1) Earnings
2) Spending
3) Saving (the money you hold is being taxed by inflation , have you seen the price of gold and silver lately)

They are devaluing the money at the speed of light, then taxing people on earnings and spending ontop of devaluation.

Economist called it "inflation tax"

Mrexcell:
The UK and the US citizens won't complain because they know their govts are utilising their taxes very well unlike here in nigeria where most of the taxes are likely to end up in the private pockets of corrupt govt officials.

Visit the social media platforms and handles were American and British citizens are gathered and see them complaining bitterly. The elites American and British citizens have there wealth warehouse in tax havens like Panama, Cayman Islands, Switzerland, Dubai.
Also, a lot of British elites (millionaires, multimillionaires and billionaires) are now rushing to Dubai where they won't pay taxes.

CaptainFM1:
Instead of chasing them, more competitors should come into the market. That will further drive the price and efficiency in the system.

Why do most Nigerians prefer illusions over reality. An industry only has a lot of players sign of infancy, stagnation and inefficiency. Once these factors are addressed, economic growth sets in with acquisition and merger reducing the number of players while increasing efficiency, quality, quantity etc

oz4real83:
Dangote still imports crude oil. This implies that foreign exchange still escapes Nigeria through crude oil imports from Dangote while he gets foreign exchange from oil marketers who source it locally. If dollars come in from abroad, this would have amounted to contributing to trade surplus, not dollars already within sourced to buy products from him.

Nigeria having trade surplus means means the value of export is greater than the value of import i.e more dollars enters Nigeria than leaving Nigeria. This is basic reason behind Nigeria's recent surge in external forex reserves.
Yes, dangote refinery imports crude but also export it which is way higher than the cost of importing it.

Switruth:
You have captured it all. Sadly we all thinks it's Dangote who is crashing it...Let them clash at our advantage...

Sadly how common sense has turned rocket science. Price of things are crashing, naira appreciating against the dollar and some are worshipping some imaginary competition theory while been blinded by there emotions to see dangote refinery earning massive forex from exportation with Nigerian been at trade surplus i.e more dollars flow into Nigeria than out of Nigeria.

jericco1:
Then he will set the price as he likes

Look at the flimsy excuse he is giving for the hike in cement. Imagine we have a viable competition there, he would not have said those thrash

The day Nigerians stop defending an oppressing government is the day Nigeria gets better.