₦airaland Forum

CaseSensitive:
Nigeria has oil just like Iran. It has been the backbone of our economy. Iranians are paying 14.48 Naira per litre while Nigerians are paying 1,430 Naira.

But we have clueless Nigerian Americans and Nigerian Israelis parroting the rhetorics of the people keeping them in shackles. This country is not ready.

Point of correction, Iranians don't spent naira. They spend Iranian rials with a litre of petrol over 18,000 rial. How is that cheapness for Iranians?

Ishilove:
I need to understand how subsidy removal transformed the industry into a monopoly where one man is now determining the price of fuel for his own profit. They are quick to adjust price upwards, but when the global crude price dropped, they refused to reduce fuel price...

Someone should explain this to me the way you'll explain to JSS2 Student

Where is the monopoly?

Jman06:
Honestly, minimum wage in Nigeria should be around ₦500k considering the prevailing economic conditions. Civil servants are really suffering this time due to rising cost of living!

Imagine having your salary exhausted just within one week of receiving it. Then you have no choice than keep borrowing till the month ends. It's not easy at all! I don't know if those at the helm of affairs in this country even think about the plight of civil servants at all!

₦500,000 that will look like ₦5,000 in the market!
When will Nigerians understand basic monetary economics?

Sirleo05:
why is buying properties the next thing after someone hammer from fraud? why no invest first so that people will think this is the source of your income . is acquiring properties our goal in life whenever we have money?

Just take a look how a citizen is advising a fraudster on money laundering!

londonerr:
There is nothing called subsidy

Which kind of economics did you study in school?

londonerr:
Dangote should understand that energy security is more than availability, but must include affordability.... Oga Dangote, your products should reflect that Nigeria is an oil producing country...such as Russia, Venezuela, Iran, Saudi Arabia, Kuwait etc


Furthermore these hypes makes the IPO scary

If you want subsidy, you should be at Aso Rock protesting!

omoredia:
Based on the general economic outlook. If the Iran war stops expect a massive crash. Dangote wants to save himself

How is Iran in the Middle East related to Dangote IPO?

omoredia:
This Dangote share price is overvalued. If you buy you will lose money

Overvalued based on what metrics?

Mandem05:
Thank you for this statement, government doesn't have anything to do with coconut head people. Infact these coconut heads have been warned severally by government agencies but dem nor dey hear word. Di only problem i have now is this, WHY IS IT SO DIFFICULT FOR THE BANKS AND CBN TO ACT IN CASES LIKE THIS?? I mean PXES has a bank account supposedly linked to a BVN so how is it difficult to find and name the person associated with PXES BANK ACCOUNT?

Remove banks from your sentence, what is the duty of EFCC?

Chachalogo:
PXes is fully licensed. Duly registered with the CAC. Certified by the EFCC to operate.

So, I completely agree with your take, "...our govt is in bed with corruption".

Any financial institution operating as a investment firm without SEC licence is a fraudulent organization

dival247:
Pls tell Dangote to tell us what happen to shares in 2003 sugar

Which sugar shares in 2003?

Prod1:
Cash out loading for Dangote. Na una Dem go use as exit liquidity

Cashout as how?

EponObi:
Total marketcap at opening price is $1.6B or 2.15 trillion naira.

It's a fair price, unlike Space X.

If you can get in at IPO, it's a good deal.


ADDENDUM 🚨🚨🚨🚨:

What I calculated is only the shares offered for the IPO. I just got to know the entire marketcap would be around $47B or 63 trillion naira.

Way way overvalued. Retail investors buying the IPO will be burned.

It will play out like SPCX.

- It might pump or dump at opening. That's not your main concern.

- Your concern should be waiting and letting the chips fall; let those who FOMO with bad investing knowledge burn out.

- Then you come in to scoop the pieces.

The question you should be solving now before all those happen is: what is the fair value of Dangote refinery?

To give you a better picture, here's SPCX price history since IPO.

You haven't seen the financial records of a company but you know it's shares are overvalued.
Do you analyze with rumours or facts?

Waterwaytega:
Nigerians no de too benefit from dis oga oh..
Him suppose cut prices of fuel and cement for us but instead him de use us climb

How is prices of petrol and cement related to the post above?

Julius1995:
They are a tax haven. And a place corrupt people globally can keep their stolen wealth without little scrutiny and disturbance. The swiss are famed for that, I believe.

The idea of tax havens been a place for corrupt money is totally a misconceived view that is weaponized to keep it away from many.
Now, imagine of group of countries with little to zero tax laws, secretary laws, citizenship for money, and global business access legalized by the law and accepted globally.
Tax havens holds more legal money than illegal money but the illegal part is pronounced as a weapon to keep majority of people away and caged in the system they created but not operate in.

Stephen0mozzy:
There's something the Swiss are doing right.
They're not loud, but they're obviously mad rich.
Meanwhile, here's the breakdown for our fatherland.

Why are you so surprised?
Switzerland is like the global headquarters of tax havens where the wealthy hide and structured there wealth but the legal and the illegal ones.

Gbogboski:
The defense minister said they have a budget of #5.4 trillion

What is the purchasing power of ₦5.3 trillion?

TemporaryHansel:
To be fair we need a defense budget of at least $15b for our military to be functional and be able to fight current threats properly.

My problem with this country is Nigeria is not making enough money to live first world lifestyle true, but why are elected officials then squandering the "little" one we have on irrelevant things, instead of using everything we currently see to upgrade the country both in terms of infrastructure, economy, HDI etc?


@nairalanda1 @raumdeuter

and the $15 billion should be less a trillion nairaland

Racoon:
Then divert it to better the health or educational sector of this nation. Afterall, the insecurity ravaging Nigeria have not abated despite the humongous budgetary provisions.

Divert valueless nairas to which health sector?

Gbogboski:
What then is the use DICON set up to produce armaments for the country?

Producing with what budget?

Kukutente23:
Trash!!
Who mentioned subsidy or forex rate here
Go and fry akara!!

Continue to advertise your ignorance on Nairaland, it won't sell.

chigator2:
Why can’t the government kill two birds with one stone by subsidizing at least one petroleum product while partnering with local refineries to guarantee a stable domestic supply?

First, the subsidy would alleviate the burden on the masses while supporting the growth of local industry. Second, it would encourage investment in domestic refining capacity, because more refiners would have an incentive to establish and expand their businesses locally.

When petroleum products were subsidized by the government, you guys called it "free money for the elite" ask the government to remove it so that the imaginary theories of competition, monopoly, demand and supply will determine the price for you.

erniok:
So we should make do with this atrocious acts abi?

Nigerians are giving themselves the illusion of the imaginary monopoly and competition theories they scammed them in school, using borrowed dollars to import substandard expensive petroleum products from Europe.

chigator2:
If as the biggest oil producer in Africa, we are yet to produce finished product that is affordable enough to discourage anyone from importing petroleum products of any kind, then something is fundamentally wrong with us.

Which planet are you typing from?

Kukutente23:
Face your front
Your ignorance is nauseating

Ignorance is when you don't know how oil is priced and you are still expecting petroleum products to be selling at the same price when they were subsidized with forex rate below ₦200.

omoredia:
Dangote was them all along. It was all a scam

What is the scam there?
Diesel subsidy has been removed since the day of Obasanjo.

Kukutente23:
Priced by who?
You guys just make comments for the sake of taking space

Go and educate yourself and stop typing comment to lengthen the trend

Kukutente23:
There's no such thing as international rate. Russia does not sell its oil same price with US. The price you're calling international rate is the US price adopted by other Western countries. Emancipate yourself from mental slavery

Some of you needs to do some proper research before coming to type comment on Nairaland.
Oil is priced based on grades and Nigerian bonny light is priced above Brent.

Kukutente23:
What does subsidy have to do with the fact that crude produced and refined in Nigeria is being affected by US-Iran war? When will you people receive sense

To answer to your question in already in your comment, stop dancing around and face reality.

Gerrard59:
Isn't this as a result of the US war on Iran? Diesel has been deregulated for a long time now. The problem is the lack of proper public transport system, bad roads and lack of electricity.

So proper public transport system is now an immunity from high prices of diesel and electricity?

saintopus:
Bring back the value of the naira! Reduce inflation that is what we want

To reduce inflation:
1. The money supply has to be reduced with economic reforms and restructuring.
2. Minimum wage also have to be reduced.
3. Taxes has to be reduced.
Note: You can fight inflation with over ₦100 + trillion in circulation, minimum at ₦70,000 i.e excess money.

NewHe:
That's inflation! What's the best solution at bringing down inflation?
Me: If there's much supply prices will go down,Nigeria has an unproductive population/economy!

Inflation is caused by excess supply of money in circulation and not fewer goods and services.