₦airaland Forum

illicit:
I thought they said the refinery will crash price and Nigerians will be better off...


Lamba

I thought they said after increasing the minimum wage to N70,000, Nigerians will super-rich?

obyno82:
Ohhh now it is hollow abi!! Oga have small shame and just keep quiet abeg.

Ignorance is a deadly disease!

obyno82:
What was the price of rice. This GDP is a very hollow argument.

"GDP is a hollow argument" keep entertaining yourself

obyno82:
What was the price of Nigerian rice then? Try and be sincere naaaa bros

What was your minimum wage, forex rate, money supply, GDP in naira and in dollars?

Image123:
Apples and oranges.

Simple question has turn rocket science for you to answer

Image123:
The question should actually be if we actually make anything exportable that can compete with China in the market.

Study the effects of currency devaluation on a products and come back to edit your comment

obyno82:
No you are missing what I am trying to say. Definitely the leader was clueless and it is unfortunate that Nigerians due to religion and tribalism voted him in. I was trying to state that banning rice importation without a plan on local capacity encouraged smuggling and make the price tank in the market.

The word "smuggling" is a clearing symptom of the cluelessness I'm talking about. Imagine a country whose is weak because they don't have enough dollars to defend and the only profitable and favourable to bring dollars into Nigeria is by exportation.
Now, naira is currently one of the weakest currency into meaning Nigerian products are one of the cheapest yet, the clueless government is not interested in exportation of rice to earn but they are busy borrowing dollars to defend the naira, looking non-existent foreign investors and deceiving their gullible supporters with cheap rice from Thailand when Nigeria rice is way cheaper.

nairalanda1:
For once, am.not going to blame tinubu, because this issue has been around since for over 3-4 decades, and got worse in 2009 when we lost the ability to produce a component needed for textiles.

The honest thing is that china has a production capacity that we cannot beat

Heck, even america relies on the Chinese now to produce a lot of their stuff.

Your statement "even American relies on China" shows that you lack knowledge of how the current Bretton Wood economic system is structured.
American Fed (central bank) prints for dollars for international business and these leave American soil when they import because if they don't, those dollars will remain in America causing inflation and high prices.

Image123:
interesting. Production is not mouth or noise. Why would i build a factory to produce spoons at 200naira or reinvent the wheel when i can instead get money to buy it from China for 50naira? Is that not a curse in 2025? This is not 1860 or 17th century. The US has the numbers but it's simple economic sense for them to make their clothes and electronics from Asia.

Can you mentioned the Chinese products that are cheaper than Nigerian made?

obyno82:
Shebi rice was banned and what happened? Did the people not suffer? Protectioniast polices encourage smuggling and impoverishes the people.

So Nigerians are suffering because rice was banned not because they voted in a clueless ex- military officer due to religion and tribalism

ponziponzi:
Many companies have folded due to lack of electricity. They just put it as high cost of production. Heavy industries relies in cheap electricity without which they will be uncompetitive. It is one of the reason our manufacturing industry is in a state of comatose.

Are you aware that naira been a weak makes Nigeria products one of the cheapest globally?

Image123:
China is simply cheaper, no competition. They have the numbers. Mass production, cheap energy, technical knowhow, resources, organized cheap Asian labour.

What is the minimum wage in Nigeria compared to China?

Celestialsword:
by who

Who was subsidizing before?

anonimi:
That is impossible for the Aṣiwaju ọmọlúwàbís who said that subsidy is gone two years ago.

It just doesn’t make sense at all for him to say what he does not want to do.

It didn't also make sense for Buhari to claim that subsidy was a fraud that doesn't exist but ended paying subsidy

Celestialsword:
This is 80% of Nigeria economic problem, despite the removal of fuel subsidy,it is still getting worse.

Nigeria lacks self sufficiency even in it's abundance God given reasorces.

Nigeria problem are the people (Nigerians) ;the masses and the leaders.

Imported petrol is heavily subsidized

prinsam30:
Has the minimum wage even been paid at all

Has all the taxes been increased to the required rate?

prinsam30:
The price should just come down once and for all

Has your minimum wage come down once and for all?

Owon:
But Dangote too na Weyrey


Why the sudden threat to change?


You bought in naira but want to sell in dollars!
Which kain witchcraft be that?

If you want hide anything from a blackman, put it in a writing and here is a typical example.

MadamExcellency:
Dangote's decision is unconstitutional. The naira is the only legal tender in Nigeria.

Lawlessness breeds Lawlessness.

But NNPCL selling crude to Dangote in dollars is constitutionally abi?

Realdeals:
Crude oil was sold to him at a fixed exchange rate, but still subject to international market price.
It appears the oil marketers that are importing were able to source FX at a lower rate than what was agreed with Dangote with FG thereby making Dangote product price higher than the imported one. Marketer are now saying PMS landing cost is less than #800.

Check the quality and grade of petrol imported marketers and stop dancing on prices only

Bigwings22:
The US Dollar is a problematic currency, the dollar is said to be a stable currency but year on year it still loses its value and causing problems for us in Africa.

While is it not causing troubles in South Africa, Lesotho, Morocco, Algeria, Ghana and Libya?

delzbaba:
We should never put hope or confidence in this man, he will play us like chess, I wish this fu*king country would just sit up.

Says a Tinubu supporter

TechBaron:
Can we just dismantle this British experiment for the good of our kids and the generation unborn?

365 days of battling with one problem or the other.

I'm very sure God himself is tired of Nigeria's problems!

Then start another British experiment by proxy using a Middle Eastern country

Mccollins042:
Why won't he if he has nobody to put him in check?

"put him in check" as the CBN governor in charge of monetary policy?

Skyehigher1:
Importation of everything need to continue even Americans are imported so many things please mr president open our land borders please the hardship is too much if you don't open our land borders and if importation is not continue our farmers are very wicked and greedy too same things goes to our business men and women we like to extort ourselves

Americans import with there own currency, dollars. While will Nigeria gets the dollars from?

Wisewriter:
I am still not impressed. We were told #200 per litre before.....

We have the oil, we have the refinery why removing #1 #1 when we can actually peg the pump price at N200 as earlier promised.

Removing all this #1 #5. #10 is not impactful to the lives of Nigerians.

How did your minimum wage arrived at N70,000 and forex rate N1,500?

Biodun556:
Good

Tinubu should not stop importation fuel pls

He should lift ban on importation of rice and other food items. Our local farmers are wicked

How is our local farmers wicked?

Mccollins042:
If he pegs it at 1500 and you don't have an alternative what would you do?

While will Dangote pegged petrol at N1,500?

Mccollins042:
Monopoly is when only one person controls the market, now marketers have ensured Dangote has competitors

Where is the one person controlling the market and where is the competition?

Omooba77:
https://punchng.com/members-incurring-losses-ipman-laments-dangote-nnpcl-fuel-price-war/

Shorting the product you want to buy with a future contract doesn't exist in IPMAN dictionary

JoshTim:
Check the recent FX liability settlement by MTN

MTN as a foreign multinational has a tradition of repatriating profits back to South Africa

ivandragon:
So, how has your analysis invalidated my position that PMS should be sold for not more than N400 given the present socio-economic realities?

I have the conditions of how petrol can be sold for N400 per litre using N700/$ as the forex but not with today's forex of N1,550/$ where the average cost of refining is expected around N750 to N800.
The forex rate of N700/$ will only be achieved if the CBN reduces the money supply by reducing the minimum wage because that is the number factor behind inflation in Nigeria.