₦airaland Forum

LaIabobo:
Lol Nigeria ehn.
IOCs would rather sell to foreign countries because they need dollars instead of selling to Dangote in Naira
Person wey swear for naija no do well

Are you ready to have an exchange rate of 50 million = 1 USD?

Mandem05:
I don't understand this exporting of crude when we have Dangote refinery importing crude oil from the US and other countries. By supplying Dangote refinery we can safe a lot costs as a country. I just taya sha.
It should not be that difficult to figure out. NNPC!!! act now and bring a little respite to Nigerians plight!!!

Will you save cost with Nigerian being the world most expensive crude instead of employing comparative advantage?

ibabz:
17 Trillion in 9months and this government has borrowed more than any government in 1yr in office.

These criminals are quoting oil revenues in naira they devalued to make look big instead dollars

Funkyswagzz:
Wait o dangote goes to US to buy crude and Nigeria is going to sell crude to US? Hmmm I can't believe this😳😳

international trade operates by comparative advantage

Heffalump:
The headline is a big lie. If there's an inflow of $172m per month the exchange rate will crash by now. Everything about APC government is fake!

Have you checked your forex market daily transaction demands? $172 million is peanut for a 220 consumers are import dependent.

travelzcruix:
Untop person money, them mark am like achievement. Anyway, make una sell land send one person go Yankee, wey go remit on behalf of the family.

Our oil money, our oil money that you celebrate is someone's personal money.

Akinpresident:
Nonsense

So people sending their loved ones money home or people earning from their jobs abroad are now govt's achievements? 😂

If they want to reduce the pressure on the dollar, they should reverse all the evil the last administration did to FX transactions.
First, allow people to use their bank cards and make payments anywhere dollar is accepted. That's how it works before. If I can pay anywhere in the world with my card, why do I need to go collect physical dollars from the bank? This will make more FX available for importers and other bilateral activities.
Secondly, allow people to receive foreign currency sent to them in their local bank account. That's how it was before. Money I made from freelancing platforms were paid to my bank account directly at CBN's rate. Nowadays, you'll need a dorm account and then you'll go withdraw the physical dollar and start looking for aboki to give you naira and take the dollar. Nonsense if you ask me.
Revert the era of receiving dollar in your naira account. Why do I need to keep dollar when I'm spending in naira?
And to be honest, the decision of the Buhari govt to impose all these restrictions didn't anyway help the Naira. So why continue to punish citizens with unnecessary constraints?
Until they remove all these anti people restrictions, naira will still be dancing at this level.

The forex that will be made available will come from where?

Mypeople2:
Dangote if you feel that they are importing fuel to challenge you, why don't you bring down your price.Simce you won't be importing and be paying import duty tax,you can as well sell below N400

Are you ready to provide the required subsidy?

ufotunang:
.. importing fuel makes the price of fuel to be expensive using 1500 naira to a dollar to import fuel... that is why fuel is very expensive..if the fuel is produced here in Nigeria the fuel price will go down and reduce which it will reduce the price of foodstuffs goods and services...with Dangote and other local refineries producing fuel in Nigeria price of fuel will cheap and affordable... Importation of fuel depreciates the naira against the dollars and make the naira to lose value... that is why exchange rate is 1500 naira to a dollar now in which nigerians are complaining ..too much Importation makes the economy to be bad as you can see how Nigeria economy is bad

I will disagree based on the theory of comparative advantage which states that countries should produce and exports what it has comparative advantage in and import where it doesn't. The real world international trade operates on a two-way trade I.e intra-industry trade where a country export it's expensive products to a higher income countries earning forex and importing the cheaper products from lower income countries. Nigerian Bonny light crude is one of the most expensive crude been priced above Brent crude which is the world most expensive crude benchmark. Dangote refinery and other Nigerian countries should be more export-oriented earning more forex while imports cheaper ones with less forex and more forex for conservation and foreign investment by Nigerians.

gabbasin:
If it's cheaper for the marketers to import, so be it. The downstream sector is deregulated and marketers should have options to either buy from local refiners or import, no one should be forced to buy from Dangote, if Dangote wants patronage it's prices should be reasonable

If Nigeria has visionary leaders, two-trade (intra-industry trade) would have be employed in all sectors. Intra-industry is system by a country sells it's expensive to higher incomes countries and import the cheaper from lower income countries which export been greater than import, net export will be created.

Chicagograduate:
We were told that market forces and competition will force the price of fuel down.Uo till now it has not.Instead it keeps increasing.

Has competition and market forces from your landlord reduce your house rent?

Paraman:
It seems Dangote want the government to totally ban the importation of fuel. I disagree with such a move... What happened in the cement industry should not happen in the oil industry

Have you ever wondered while 5 modular refineries has been producing diesel and jet fuel with petrol since they where commissioned since 2020?

JAOS:
government should force dangote to sell petrol next month

Government should also force itself to subsidize petrol from Dangote refinery as NNPCL is being subsidized for petrol importation.

pharmagba:
From the Monopoly of sugar importation
To Monopoly of rice importation

Where is the monopoly?

EmperorCaesar:
Innoson ?

Innosson been an unqouted company has nothing to do with market capitalization on the stock market.

unity004:
They are looking for another avenue to get loans from world bank, china e.t.c

When the oil finally finished that's when Nigeria will start taking other sectors like power and agriculture seriously.

The world have gone digital and decentralization is taking place, you need to wake up!

IslamVIRGINS:
Why snow when we are not in Christmas season

South Africa is a South temperate located in the Southern hemisphere where winter is experienced mid-year while those Christmas snows you see are from Northern hemisphere countries where winter is experienced between October and February.

MrJames007:
Can an alternator be attached somewhere so that it recharges the battery as it's in motion?
Just thinking aloud o.

EVs are operated by electric motors which converts electrical energy into mechanical energy but can also convert mechanical energy back to electrical energy charging the spare battery.

okeke6969:
A process called fractional distillation is used in oil refineries to separate (as well as join or split) the various lengths of hydrocarbon chains to create different petroleum products from the different distillates.
What is crude oil distillation process?
Within the fractionating column, crude oil is split into the following fractions:
1)LPG.
2)Petrol/ gasoline.
3)Lighter fuel (naphtha)
4)Jet fuel (kerosene)
5)Diesel.
6)Lubricating oil.
7)Fuels for ships.
Bitumen.

So tell me where they hide the petrol/ gasoline.

The fractional distillation unit cracks down crude into different alkane hydrocarbons based on their temperature and pressure which are sent into other processing units for processing. The CDU produces refinery gases are sent into the NGL unit where LPG is produced not CDU producing LPG. Petrol has diverse production process but will all end up the the petrol mixing pool while diesel production which little further cracking.

Bluntemperor:
Good to hear that,but was it done in Agulu ?
I was also told there is more better Rice in Ebonyi.
But why can't these Southern States in Nigeria Feed the rest of Nigeria as we are still having Food Scarcity.
What happened to Lagos Rice Mill in Imota,as we have not been hearing nor seeing their Products

Which food scarcity is Nigeria suffering from?

Tapout:
Oya they should bring down the prize of fuel abeg. They can't be paying subsidy and fuel pump prize is over 600 naira.

After importing a litre of petrol at N1,200 and subsidizing N500, what pump price are you expecting?

Chicagograduate:
Īf Nigeria has her own refineries all this issue about subsidy removal on petrol will not arise.
We sell crude oil to foreign refineries abroad at OPEC price in dollar and buy the refined products back with high foreign exchange at a costly price back with all forms of taxes.This is why fuel is costly.Imf cannot give good advice.

You are totally wrong on these, petrol is subsidized because NNPCL is owned by the government and government don't do business to make profit. Reasons why government hospitals and universities are cheaper than private ones.

CyberWolf:
Abolish bureau de change and fix exchange to a particular rate.

Then, borrow dollars from World Bank to defend the fixed exchange rate.
NB: APC supporters and sense are two parallel lines that will never agree.

michlins:
Nigeria needs to leave that cult called OPEC. We need to pump our crude as we want and sell as we want. We can not be doing what developed nations are doing

Dangote has no reason to buy crude oil from anywhere except here. We need cheap fuel to drive industrialization and we can not achieve that if our refineries keep buying at international rates

But the thieving class will never accept that so let's keep doing the same thing and be expecting a different result

Oga, Dangote refinery will be buy crude from anywhere provided they have comparative advantage like partnership with the sellers.

OPICANTO2223:
Ban all bureau du change, crypto market completely and let all dollar transactions goes through the bank

Support bad governance based on tribalism and religion and beats around the bush. The currency of a 230million heavy duty importers has no demand, hence naira devaluation.

santaclaws:
Hopefully it goes lower than 1k soon, so we can start addressing prices of goods and the greed of distributors in Nigeria.

So, it is the greed from distributors that made CBN to print trillions into and borrow dollars to pay debts?

Kukutente23:
Wait
Are you saying Nigeria has refineries but it's scarcity of crude that's the problem?

Dangote refinery will have to invest in upstream oil production and become and integrated oil producer.

Racoon:
Not good for Nigeria. We are not yet self sufficient in food production as there is still a high prevalence of food insecurity and inflation.

Is Nigeria suffering from food insufficiency or high prices due to the CBN printing trillions of naira into circulation?

Samesame247:
I think it is good we write to international bodies that Nigeria is hungry and needs her food. We can't be hungry and export foodstuffs; Garri go cost gan.

Let us be food sufficient and the health status of our food improved before exporting food remaining for the common man

Is Nigeria suffering from food insufficiency of high prices of food due to CBN naira devaluation?

maasoap:
National security my ass. It is all about business competition. It happened with Huwei when the company made breakthrough with 5G technology, now it is about tiktok gaining more popularity than......

It is both national security and business competition

Rejouir:
Why are we as a country this low minded. This is a foreign owned country. What happened to our own indigenous manufacturers. Obviously these foreign investors are here to make profit, and send back to their country in their own currency. And we all know how much naira is to a dollar.

Tinubu and Shetima are busy spending tax payers looking for more foreign investors that will milked more forex from Nigeria and devalues the naira. Guillible Nigerians rates governance based on the amounts of foreign investments they attract rather than the amounts of local investment they attract.

sukar886:
I blame FG for this, they should open border for cement to enter, then you will see dangote and others reducing there prices

FG devalued the naira by printing trillions which lead to higher prices of cement and other commodities and then, opening border to devalue the naira by importing cement is now the solution to high prices of cement abi? Who taught you such economics?