₦airaland Forum

Akaujaa:
Good development but note that Dangote refinery wouldn't necessarily be serving Nigerians nor reduce the price of fuel in the country. Just like his cement, Nigerians will likely buy it at higher cost than other African countries. We need to understand the politics behind the business.

So, you still believe the rumours of Dangote cement selling cheaper in other African countries.

coputa:
Dangote refinery cannot cater for the needs of Nigerians.we consume 32million litres of PMS everyday not to mention AGO, they will still import to bridge the gap until all the nations refineries will start producing at full capacity.
.

I disagree with you due to the following reasons:
1. Dangote refinery has a capacity of 650,000bpd and according to Energy Education, 1 barrels equates 170litres where petrol is 43% which 170*0.43=73 litres.
Now, 650,000bpd *73litres = 47,450,000 litres which Wikipedia approximated as 50 million litres of petrol. Also, diesel is 23% of 170 litres i.e 39litres according to Energy Education. Now, 39litres *650,000bpd = 25,350,000 litres of diesel.
2. NNPCL refineries has a combined capacity of 445,000 which petrol is 32,485,000 litres while is 17,355,000 litres using petrol as 73 litres/barrel and diesel 39 litres/barrel from Energy Education.

Rostikol:
I'm talking about if you are worth 7 billion dollars, you should be looking to spend a minimum 3 billion dollars on public works.

Nigeria is a poor country of 230 million people with an annual budget of just 35 billion dollars.

I just don't see how I can in good conscience be worth 7 billion dollars in such a country and not be looking to spend AT LEAST 3 billion dollars on public works, but instead setting up some 'foundation' that might spend 50 to a 100 million dollars if that.

It's bullshiit. UnAfrican.

They learnt that selfishness from westerners.

The issue is that you don't understand the meaning of networth and are mistaking for bank account. Networth is simply assets minus liabilities, assets are your investment where liabilities are debts. For example, you need a capital of N500,000 to stock your shop and borrowed N300,000 to add with the N200,000 that you have which makes it N500,000 capital required.
Now, networths is assets-liabilities which is investment capital-debts, where investment is N500,000 minus N300,000 debts gives N200,000 networths. Then, N200,000/N1,000(official rates)=$200 networth.
NB: The interest rate on the loan was excluded from the calculation.

SoNature:
This is totally FALSE. You people should stop pushing this false narrative because it's sickening. Being loud or quiet is all about choices. There's no one-fits-it-all rule for how people choose to live their life.

Davido is rich and very loud. He even posts his expensive lifestyle on social media, making you wonder why he hasn't been used to wealth since he was born into it.

Comparing Davido with Adenuga is off point, because artiste/celebrities have a tradition of show off while normal businessmen live a simple life.

ogododo:
https://dailypost.ng/2024/01/10/naira-drops-to-n1089-against-us-dollar-at-official-forex-market/

Just imagine a country of 200 million population expecting naira to appreciate because of the NNPCL-Afreximbank $3.3billion loan which $2.5billion has been received while CBN is owing $7billion backlogs for foreign investment. Nigeria has the capacity to earn $10billion daily, rather than borrowing dollars to pay dollar debts.

PARADIZEPRIEST:
Hmm a she she bere,dollar hoarders go hear am.
Global economic order is undergoing....
BRICS WILL SOON REPLACE DOLLAR FOR INTERNATIONAL TRADE deals.
YAUN TOO WILL SOON TAKE OVER CHINA BELT AND ROAD TRADE PARTNR NATIONS

Forget these Brics malaria dream, Chinese economy has a longer way go and even if it happens, Nigeria being import dependent economy will have an exchange rate of 1Chinese yaun =100,000,000NGN.

MrEverest:
Lol, they will only end up impoverishing everyone and destroying the economy. You don't devalue your currency as a way of discouraging imports, especially when you don't have local substitutes.

China and other South East Asian countries devalue their currency because they have massive volumes of finished goods to export and even use locally. So, it benefits them unlike us.

This is where the cluelessness comes in, devaluing your local currency and looking for foreign investors instead of empowering local investors. Foreign investment is nothing but indirect importation, a foreign investor will only invest to make dollars and repatriate home. Nigeria with a population of 230million is a heavy-duty importer not exporter, importing by borrowing dollars instead of earning dollars by exporting.

ChimaAdeoye:
This regime has carried on with Buhari's wasteful policy of merely printing more naira notes , depleting the national foreign exchange reserves and borrowing massively !

Then they try to deflect the blame for the crashing naira on the poor roadside aboki forex dealer! As if any aboki has the power to determine the dollar, Euro or British pound exchange rate!

Exactly the distraction that Buhari and Emiefele used in claiming that one aboki website was responsible for the depreciating naira exchange rate! While they very well knew they had printed and pumped in extra #27 TRILLION paper naira into the economy with nothing to back the extra printed naira notes!

Not to mention the frenzy of racking up foreign debts as if it was going out of fashion and bringing our foreign reserves to almost zero from more than $55 billion dollars where they met it!

The new CBN governor is printing N1 trillion per month and don't forget that rhe enaira rose by 200% plus with the naira stablecoin which will result in more money in circulation equating higher inflation rates, and higher forex rates and higher prices of commodities for the masses.

Psoul:
From this your question, I will like to ask you this:

How old are you?
How educated are you?
Do u understand economics and business?

If you're up to 25yrs, has O'Level and can understand economics and business and you still go ahead to ask where's the monopoly given to Dangote, then something serious is wrong with your head.

Why is the monopoly?

Difrent:
Are you seriously asking this question.

Intels majority shareholder was Atiku Abubakar

IBEDC majority shareholder is Olushola Ayandele

Recall the 49% is in case of foreign ownership....many companies are 100% owned by Nigerian Politicians .

Dey play

You didn't answer my question proving the 49% foreign ownership rather you went about displaying your obsession with politicians.

Sticooooooo:
That's a good news, at least they are heading somewhere. Let's hope is for betterment on our country not there pocket

Nigeria being an oil dependent economy is disastrous when oil and other fossil fuels are being phased out for electric cars, green energy and advanced recycling technology.

Kukutente23:
So are we always going to be informed any time the refinery gets a supply of crude?

Besides, how practicable is it for supply to take a whole month when production is supposed to be every blessed day.

If we go by the 650k capacity, the crude supplied will last just 10 days.

What happens to the refinery in the remaining 20 days before the next supply is completed?

Dangote refinery will definitely join other modular refineries suffering from scarcity of crude to refine. The Agbami oil field produces 100,000bpd which Dangote refinery is not the only clients, it will take 10 days to gather one million barrels for shipment.

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

Dangote, BUA, FMN and others operates major sugar refineries in Nigeria while there are multiple rice factories in Nigeria operated by both foreign and local firms.

thelegend1:
This is quite an interesting topic that is a 2 edged sword in Nigeria.
Personally, even though I have a Masters degree, I would lean toward Skills acquisition.

Here's why

1. Take IT for instance. Once you're a good coder/developer/IT security expert...nobody cares if it is school cert you have.
2. In my core industry, those business entrepreneurs with a knack for sales are really cashing out. (Farmers, Carpenters, Glass or window makers, Iron wroughtsman, Plumbers, Food and Building material suppliers.
3. Skills bring business to your doorstep, whilst you have to carry your degree to another man's doorstep for employment.

Most of Nigerian degrees are only used as soft skills in the office (if you doubt me, name 10 companies that their business is based on Calculus rather than Microsoft Word, Excel and PowerPoint).

The world is moving at a fast pace with technology and most degrees would be outdated; a simple app does my accounting nowadays as against a full time accountant (Remember when getting ICAN certification was the holy grail 10 years ago).

Finally, check the ratio of Skill based and Degree based jobs our Japa-citizens are getting abroad. I dare say skill based is at 65%.
Get a degree, but it is a must that you have a Skill.

I agree with you but you still need the knowledge of calculus to design and manufacture computer hardwares and softwares.

justmondris:
They plan. He cannot survive in a country where he cannot monopolize the economy via the government.

Yet, Dangote Group is operating in several African countries.

mctech:
Dangote not in the good books of Emilokan. What does this portend for the Refinery as well as the entire business community who Dangote has surpressed?

Tinubu created LFTZ as a governor and still invited Dangote to build refinery, all these "Dangote not been in the good book" of Tinubu is just a political stunt before the refinery start operation.

Psoul:
Let federal government just give you the monopoly of importing/supplying matches or toothpick into the country and see how rich you'll become in 5 years time.

Now, compare it with the different business monopoly that the Fed. Govt has given to Dangote.

Where is the monopoly?

Difrent:
According to the indigenous degree which sets the tone for company ownership a foreigner cannot own more than 49% shares of Most companies i.e the majority shareholder is almost always a Nigerian and are most times politicians

Please, where is the prove of 49% foreign ownership and what is the name of the politicians?

Jozibrainz100:
Even developed countries in the world also thrive on foreign investors. Beside that, Are u aware that alot of industries in Nigeria are owned by our politicians but are disguised as foreign companies?

Please, can you mention the companies owned by politicians that disguise as foreign companies.

Bigchristo:
You are the person who actually lack knowledge about what i pointed out for you, read through and see where the CBN partnered with Dangote refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.”? You think such an amount can not revive any of government ailing infrastructure or refineries? You are in support of a single man building a refinery while an entire country don’t even have a functioning one? I see your level of understanding is very low, come to Abu Dhabi and other Arabic countries it’s government refineries that run all operations not an individual, you need to travel to places like Saudi and Qatar and see how an oil rich nations manage their crude and infrastructural industries, sense far from you bro keep writing grammar while some individuals hijack what belongs to an entire country to do their own personal business, same you will want Nigeria to be a good country.

What happened to the trillions of naira pumped into NNPCL refineries?

Bigchristo:
You are very foolish person I don’t need to be trading words with you, but just for clarity sake check and educate your bastard sef 😂👇

How you suddenly switched from CBN borrowing dollars loans and fulfilling forex backlog of Bluestar to CBN borrowing Dangote billions of naira still surprises me.

DamnnNiggarr:
Peter Obi

When Nigeria is ready for economic growth, we will start talking about local investment and not foreign investment.

Jozibrainz100:
While hoping for more investors, We keep losing the few ones we have...It is well.

Nigerian economy needs local investors grow not foreign investors that invest $1 and expect $50 in 30-31 days. If the forex to repatriate back home is not sufficient, CBN will borrow to fill the backlog. No economy can grow way, FDI milking forex from Nigeria and devaluing our naira while revaluing their own currency and Nigerians end up looking for greener pastures.

NinjaMetahuman:
since 2019, price of commodities have increased more than 1000%, yet price of data remained constant or lower.

Did pantami control the value of naira before engaging communication companies to keep price of data down?
E.g
Price of data reduced by 50% in 2020

https://www.thecable.ng/pantami-data-price-reduced-by-50-between-january-and-november/amp

Then reduced further to 350/GB in 2023
https://dailypost.ng/2023/02/03/average-price-of-1gb-data-reduced-to-n350-from-n1200-in-4-years-minister/

Another article telling networks not to do nonsense under pantami.
https://businessday.ng/news/article/fg-orders-mtn-airtel-to-reverse-10-hike-in-data-price/?amp=1



6months under this current dunce that called himself communication minister that busy discussing AI on Twitter when people can't even afford 30gb of data, the price of has jumped 10% in 6months.
And it will likely jump more again.

compare the price of diesel that powers cell towers in 2019 to 2024 and remembered telecom subsidy does not exist. The results will be very low quality service rendered.

nedekid:
Where is the electricity to diversify?
Just to power our smaller generator of 80kva, not the 120, 350 kva, we bought 300 liters yesterday, by this evening we had to get another 300l. Guess what? Diesel is 1k per liter. All the work is just to pay the diesel supplier.
2 days, 600k to power Gen set. How much is the revenue? Alternative is to shutdown and throw people out of work.

Electricity is not the problem but ignorance of the New Electricity Acts is the problem. Electricity has been moved from the exclusive list (federal list) to concurrent list (State government, private businesses and individuals) can generate, transmit and distribute electricity. Nigerian businessmen are expected to formed power companies and build power plants, send the qouta that is needed to their factories and sell excess to grid. In advanced countries, people sell electricity back to the grid from their rooftop solar PV panels and Nigeria being an equatorial country has excessive sunlight to enjoy constant electricity from solar technologies.

Bigchristo:
Are you stupid? Can’t the government use that money to fix our own government owned infrastructure? Be like say sense nor Dey your head, a single person is building refinery while an entire country can’t have a single functional refinery you are there trying to open that your dirty mouth to talk smh

Why will the government borrow to fix infrastructure when it still has a forex obligation to fulfill? Currently, CBN is owing $7billion obligation to foreign firms operating in Nigeria and NNPCL is borrowing $3.3billion which will be used in filling forex backlogs with a reminder of $3.7billion. America who brought us democracy has over 129 private functional refineries while Nigeria is still experimenting socialism with NNPCL refineries. The day people like you understands that great economies are built on private businesses and not government socialist failures is the day Nigeria will attain greatness.

babatunji91185:
They wanna increase price but not service. Ask Dstv how their increased price is going so far.They wanna increase price but not service. Ask Dstv how their increased price is going so far....

The higher the forex rate, the higher the price and the lower the service and vice versa.

NinjaMetahuman:
I said the current communication minister is 100% worse than pantami but people on Twitter uarning nonsense. A totally clueless ediot who always put cart before the horse.

They have already increased the price by 10% in the last 5 months o. Atleast pantami didn't let this happen.

Does the minister of communication control the value of naira? As far naira keep loosing value, the prices of commodities will continue to increase.

jimcaddy:
How is the government trying to increase wages so as to cushion this effect. No one seems to be talking about that. Telcos are just thieves. In saner climes, data is so cheap, but in Nigeria data is like gold. I don't understand anymore o

Why are people like you parallel to basic economic knowledge? The government increasing minimum wage is the surest way to hyperinflation. While the new CBN governor is printing N1 trillion per month to devalue naira and increase the production cost, you are busy pointing fingers at Telecoms.

3seriez:
If we are going to be fair, telecom tariffs have been stable for a very long time now.
Not to justify their need for an increase but you don't expect their tariffs to remain the same when their operating expenditure & expenses have gone up.
Even ordinary pure water price has gone up.
It is well.

There is nothing ordinary about pure water, the production cost has increase which translate to higher prices.

ivandragon:
So, will Startimes grant sub-licenses to other satellite TV providers?

It is interesting because startimes and others have always accused dstv of exclusivity of sports programmes, so will startimes show the way or will they eat thier 'words'?

Wait, where you expecting Multichoice to keep their prices stagnant when naira is loosing value?

ogashman:
Dstv are business minded. They knew that afcon hardly get reasonable viewership like euros and others that's why they ain't showing it.

They might not be able to recoup their investment if they had bought the rights

I think new New World TV bought all the Broadcasting Right.