₦airaland Forum

flokii:
FG should open.borders, let people start importing cement.

Most peole have abandoned their building projects because of unreasonable price hike from so called cement mamufacturers.. Cememt that the major raw materials are available in Nigeria.

Open borders and imports after devaluing your currency when currency devaluation goes with exportation, what kind of economics did you study in school?

ufuosman:
Ibeto still dey? Don tay I see dat cement oh.

Enemies of the nation, cement that d materials dey use to produce it is in Nigeria. Govt should give licenses to as many as dey can let competition full d market in all sectors

Enemies of the nation are those who seat in CBN, printing trillions of naira per day to devalue the naira.

stasius:
Exactly. They should allow people import cement since the local manufacturers have decided to be wicked!

When did importation become the solution to high prices of cement cause by naira devaluation?

Mide70:
So unfortunate.... From #5100 to #10k-#14k times 2.... How will an average man embark in a project ? One thing I have discovered so far is that we Nigerian are our own problem....this increment wasn't from government but dealers and manufacturers...
I just pray God help the masses . May we obtain mercy in Jesus name

Is it the manufacturers and dealers that prints trillions of naira per day to devalue naira?

sukar886:
FG should open border for cement to enter, cement no suppose pass 5k

Cement no suppose pass 5k because you are the Chief Subsidizer of Cement in Nigeria abi?

Offpoint1:
I don't understand this gas debt, where does the electricity bills we paid monthly goes to?

You are paying subsidized electricity bills maximum N50/kWh which cost over N300/kWh to produce from natural gas.

Krigbe:
Please I stand to be corrected, commodities are not scares but there is no money to purchase them. Even if you no export the LPG is there money to buy in nigeria

I partially agreed with you, commodities are not scare neither is naira scare but naira is suffering from the scarcity of purchasing power which results in higher prices.

COMPAQ:
Ok, I guess you are happy to pay N15k for a 12.5kg cylinder?

LPG doesn't earn us much. Why not forgo it for 6-12months for prices to crash to say N7k, so that Nigerians have disposable income in their pockets, while we build additional gas capacity from the commercialization of gas flare sites and then LPG exports can resume.

Why is it so easy for government to deceive people like you, which cooking gas is Nigeria exporting? Are you not aware that majority of the cooking gas used in Nigeria are imported? Are not also aware that Nigerians are suffering from scarcity of purchasing power due to naira devaluation leading high prices and not scarcity of cooking gas?

Paraman:
Importing cement on the short run. But the issue about importing on the short run is that, it's going to be very expensive because of the high exchange rate.

We are not producing enough cement in Nigeria. We need more cement manufacturers in Nigeria

Stop falling for the cheap lies, Nigerians are suffering from scarcity of purchasing power to buy cement and not scarcity of cement.

jhubril:
I'm here sitting down in the hallway of my spacious apartment viewing this topic. For a while now I have been living off-grid and I can tell you that I have never regretted becoming my own PHCN. This country's economy is in a free fall. Going solar is a decision I have never regretted. Thank God 'Nigeria is not passing through me'.

In few years from now, the whole world will be enjoying free electricity from solar energy while a visionless country with maximum equatorial solar radiation is still celebrating oil refineries when electric cars are replacing fossil cars. Imagine buying a litre of petrol with heavy duty emission taxes when you charge your EV with free solar energy and electric motor also generates more free electricity while in motion. Visionless Nigerians are waiting for cheap petrol (pipe dream) from NNPCL refineries.

Suicideboy:
I use bike dynamo and bio gas digester

Biogas is one of the energy potentials Nigeria is yet to utilize properly. Imagine if all the agricultural waste, sewage from septic tanks (soak-away pits) and animals being used to produce biogas for electricity generation and fertilizer production which very cheap. In Benin Republic, residents exchanged their rubbish for biogas while Nigerians look forward to oil wells in the Niger Delta not realizing that their soak-away pits is an "oil well".

kelvindj98:
This government is not really serious about improving the economic situation. If it was, mining would have been aggressively promoted. A smart government will offer grants to industrious Nigerians willing to engage in this sector and in return reap the benefit of inflow of dollars.

Rather, the clueless Tinubu and Shettima are spending tax payers money travelling around looking for non-existent foreign investment that will only milked more forex from Nigeria. Nigerian economy needs local investment to grow and develop and not handling over our resources to foreigners on the plate gold called "foreign investment".

Offpoint1:
What is landing cost? If Nigeria leaders past and present wasn't useless, all the trillions wasted on subsidy isn't enough to have at least 3-6 running refineries?

Nigerian government building oil refineries does not eliminate the issue of subsidy because government don't do business to make profits but to provide essential utilities at loss. The NNPC was a Nationlized Corporation i.e a loss-making, subsidized, value-subtracting industry until PIA 2021 commercialized NNPC into NNPCL (a profit making, unsubsidized value-adding industry).

Iamanoited:
IT IS THE DUTY OF THE PRESIDENT TO REGULATE THE ECONOMY. AND FIX PRICES.

Who's duty is to regulate the value of naira?

nairavsdollars:
https://thenationonlineng.net/breaking-court-orders-federal-govt-to-fix-price-of-goods-within-seven-days/

Price control when naira is loosing value everyday, what a joke?

marenkurz:
Our leaders are too dumb.
They should be producing battery in Nigeria not just to take lithium away.

Transfer of technology is the most important. That was how China developed.

Transfer of technology are not given but are acquired through "patent license" which when the Chinese were acquiring from the West, Nigerians with their heavy duty ignorance were condemning the Chinese for copying.

Goodoldays:
Make we see the dividends of Dangote refinery first because nothing has be heard of it since

Dangote building an oil refinery instead of building lithium refinery, lithium battery factory and solar technology factory is clueless investment. Dangote, NNPCL, BUA and modular refineries are all potential stranded assets because electric cars and renewable energies are making them useless.

Lastmessenger2:
You all have been scammed again. He got cheap forex at the expense of the Nigerian people and built his refinery and now he will be importing crude instead of doing local refining of Nigeria crude

Oga, there is nothing like cheaper forex. It is called "Forward Forex Contract and Future Forex Contract. Serious businesses across the world are conducted with forward and future contracts and not spot markets because spot markets is for urgent needs.

ValCon888:
One of the solutions to the expensive fuel cost is for Dangote to cut off IPMAN from his supply chain.

In the near future, he should consider supplying directly to consumers by setting up petrol station outlets across the country.

This will drastically bring down the cost of petroleum products.

People like you will be the first to shout "Monopoly".

BALLOSKI:
Good to see local investors taking over the investment. What I don't want to hear is them not being able to produce enough from this platform due to technical deficiency or financial strength.


We need all we can get to meet our OPEC quota and it's the less investment in this space that has brought our daily production down.

This is why black Africans will always be poor, we hand over resources to foreigners when it is useful and they hand over to us when it is useless.

seunjungle1:
The arithmetic here is what I'm confused about.
He sold his farm at above 12 billion dollars and his net worth is about 2.5 billion dollars.

His networth is as a result of the percentage of shares he owned in the business that was sold.

lexy2014:
from the little chemistry I know, I dont know how Dangote will refine crude oil without being able to produce petrol from the refining process and now ay that petrol will be produced at a later date. it does not make sense

The little chemistry you learn in secondary school about refining is not correct,the distillation unit separates hydrocarbons into different fractions which are raw materials for refined products and petrochemicals not diesel or petrol. These fractions have to be further process to get the desire products.

nairalanda1:
Dangote plans to refine petrol this year, maybe, (if I understood) February.

Also, modular refineries like EPRC, Duport, Watersmith, Aradel, Opac and Lowerie refined all petroleum products except petrol because it is subsidized.

Artscollection:
Steady supply of electricity won't even do any magic at this point unless the minimum wage is increased by over 400 percent so That the purchasing parity of an average nigerian will tally, if not people wont even afford electricity.
The real inflation rate is over 100%.Nigerians are in big shit.

Increasing the minimum wage by 400% is the way to hyperinflation.

Brendaniel:
And the government had to borrow more than 8 trillion to fund the 2024 budget...


Who is the joker here?

The CBN governor is printing N1 trillion per month to further devalue and make it meaningless.

PARADIZEPRIEST:
THIS YA EQUATION HAS NO BACKING IN PRINCIPLE OF ECONOMICS. IT LOOKS MORE OF VOODOO. 1yuan today is N150,currencies are valued based on economic reality,not abt frivolous specuating which you guys are just begging the question.

The exchange rate you qouted between naira and yaun is a result of dividing Chinese forex rate by Nigerian forex rate. Now, Nigeria being an import dependent economy who wants to solely import from China using Chinese yaun has only one option of borrowing yauns with an interest rate to buy Chinese products in yauns directly.

lexylaw09:
BUA Group is constructing a 200,000 barrels per day petrochemical refinery in Akwa Ibom State, Nigeria.

The BUA group, Akwa Ibom Refinery is expected to kick off operations in 2024.
It is owned by Nigerian Businessman, Abdulsamad Rabiu.

Nigerians are pushing Direct Domestic Investment(DDI) as a means of bridging infrastructural gaps across economic sectors as govt continues to expand windows of private sector participation in the economy.

Wrong investment, electric cars don't need oil refineries.

wink2015:
NIGERIA GO AND FACE MECHANIZED AGRICULTURE.

STOP DECEIVING THE PEOPLE.

NO FREE MONEY ANYWHERE !

Nigeria can alot of forex from the entertainment by selling Nigerian musics, movies and comedies on a Nigerian app instead of South African Showmax or American Netflix and Amazon apps.

Islie:
[b]• Loss may hit $10.73b as country fails to meet production benchmarks in last 10yrs
• Forex crisis to persist amidst elusive economic diversification plan
• Tinubu, NASS jettison economic analysts, place economy recovery on uncertain oil market
• Stakeholders insist budget assumptions unrealistic [/b]https://guardian.ng/news/fg-strained-to-meet-650m-barrels-target-over-crude-backed-loans/

Attention! Attention!! Attention!!
Nigeria being an oil dependent when fossil fuels are being phased out and electric cars are manufactured is disastrous. While renewable energy is making oil irrelevant, Nigeria is still expecting magics from oil sector.

temizeee:
I wouldn’t expect much, i just don’t want to be biased because this same Dangote group has set the same standard for cement in Nigeria and he has set the bar, the BUA cement proclaimed to be cheaper hasn’t find their way to the top up until now………..a lot of Nigerian are just brainwashed into thinking Dangote is going to be our savior, our eyes are not opened yet….. well let us keep our fingers crossed 🤞, we will all learn the hard way.

The only problem is that BUA brainwashed you to believe his factory price as retail price, BUA cement is N3,500 at the factory and N6,000 at retail shops.

gaskiyamagana:
Ideally, it supposed to be cheap. But if is higher, don't blame him, blame the successive government who can not build or run refineries for us.

Instead of shifting blame, while not focus on the current government that is destroying the economy. Nigerian economy is suffering from inflation which is excess money in circulation causing the prices to rise and the CBN governor is printing N1 trillion per month to devalue naira more.

Phred1717:
Dangote price can only reduce when there's enough competition in the market, for now expect the same price

Has competition made your landlords to reduce house rent?