₦airaland Forum

100 buses newly assembled in Leyland factory Lagos for Kano State. 200 more in addition currently being assembled for Kano.

I think Ghana at some point would have to control the prices of fuel or do some type of subsidy with the way the prices seem to go up almost every now and then.

Kaduna at night

rvp2018:
Typical desperation...one positive thing said by a couple who didn't spend time in Kenya..and now Lagos is the London of Africa.You guys desperate for validation

Cry more.

Lagos is like the London of Africa when it comes to restaurants although Airport experience in Lagos more terrible than that of Nairobi says American couple who visited both Lagos and Nairobi.

Fast forward to 25.35 mins.


https://www.youtube.com/watch?v=XfqJ8se4KDc

obaaderemi:
Lagos is on steroids.
But it can do better....

This is a budget of $4bn(official rate)

Yeah I think Delta State just presented their 561.8 Billion naira budget (1.1 Billion dollars) as well.

Shaytun:
Fun fact: Nigerian Banks are some of the biggest banks in DRC.

Another Fun Dacts: Nigerian banks makes more money in DRC than Kenya Banks.

Exactly.
Access Bank is there, First Bank is there, and I believe UBA as well and they are all amongst the top 15 Banks there.

dmostcheerful:
What where you all expecting?
Truth be told, this man don't have any good intention for Nigeria and Nigerians.
He just want to die in the sit, that's all so he will answer Nigerian president, nothing more.
Ambition to steal Nigeria dry

So what are you proposing for Nigeria? Who is the best candidate?

Beautiful Lagos Nigeria
https://youtube.com/shorts/6Yh0B8i_rWY?feature=share

Kazikazi:

This is terrible. China is really mad at Kenya from other reports I've read. They even fined them 15 million dollars recently although the Kenyan Government denied it but I saw it reported all over even by Bloomberg if I'm not mistaken.

rvp2018:
Ghana is better country than Nigeria - because of it's liberal economy.
The problem is macro-economic - their gov just misbehave and have never heard of prudent economic management.
I guess it problem with democracy - where gov overpromises and has to deliver by borrowing aggressively.
I doubt you produce salt; from my reading; Ghana and Senegal; I think you import salt from all over - mostly South Africa & Namibia.
Salt producers in Africa are mainly South Africa, Kenya, Namibia, Ghana and Senegal

I doubt you produce salt; from my reading; Ghana and Senegal; I think you import salt from all over - mostly South Africa & Namibia.
Salt producers in Africa are mainly South Africa, Kenya, Namibia, Ghana and Senegal

Again you ignorantly make the mistake of thinking importation means non production. Nigeria produces salt just like Kenya and even more but they are only specific type of salts which do not meet the demand of all Nigerians. The companies I listed above are actually some of the salt manufacturers.
Also Kenya is not a top salt producer in Africa. So that's a big lie there. You just found a way to include Kenya.

rvp2018:
China or India are new import destination of kenya - previously we got everything almost from Britain & Eu. Consumers are always looking for best deal - it could be England today - Hong Kong tomorrow - China - Bangladesh - Veitnam.
Soon it will be kenya.

Gov job is not to go for easy way out - ban imports - and force people shoulder inefficient industries.
Gov job is to encourage Chinese and Indian companies to come to kenya - build industries here - and sell their stuff here cheaply.
In meantime local capacity by local kenyans is slowly building up - and eventually they compete.
Few more years - Kenya local indigenous companies - expand regionally - and few more years globally.

Gov job is to fix infrastructure, electricity, water and security so it become cheaper for Indian or Chinese companies to manufacture in Nigeria as step 1. Step 2 is for Dangotes to emerge.

Nigeria simply bans imports. Dangote who was selling salt then become industrialist - but selling products very expensively as he cannot manufacture them efficiently.

The results - 15yrs before this banning - Nigerians (on the street) were probably richer than now. The results of taking short cuts.

This economic policy is not the best for Africa. You need some control at first in the developmental stages, later you can become more liberalised. Ghana is a very liberalised economy and this is part of the issues some Ghanaians are discussing now. To adjust some of these very liberal economic policies.

Nigeria simply bans imports. Dangote who was selling salt then become industrialist - but selling products very expensively as he cannot manufacture them efficiently.

The results - 15yrs before this banning - Nigerians (on the street) were probably richer than now. The results of taking short cuts.

you keep mentioning Dangote, as that's all you know.
If we take salt for example, there are several salt refineries in Nigeria. These are the top ten in the link below. It's an insult in my opinion to compare Nigerian manufacturing with that of Kenya, yet Nigeria protects her manufacturing industries. I think Kenya should do same too else you would regret it soon.

https://infoguidenigeria.com/best-salt-refineries-nigeria/

1) Covenant Salt Company Limited is a well-known manufacturing company in Nigeria that produce high quality iodine salt.

Covenant Salt Company Limited is one of the leading suppliers of refined free flowing salt in West Africa. Incorporated in 2001, Covenant Salt operates under the highest local and international standards to provide the best quality salt to its customers. This company can be located at Plot C10 Afam Close, Industrial Estate, Agbara, Ogun State Nigeria.

2. Dangote Salt Plc
This subsidiary of the Dangote group of companies provide Nigerians with high quality iodized salt. They produce a whole list of different types of salt for different uses.

3. Table Salt
This salt is a fine and refined product for home/domestic use. Following the recommendations and specifications of ICCID, this refined salt is Iodized (with iodide) so that the risks of iodine deficiency can be minimal and also to provide good health to its consumers.

It comes in retails packs of 250g, 500g, and 1KG packets
They are located at 1A, Alfred Rewane Road, Falomo, Ikoyi,, Lagos, Lagos State, Nigeria.

You can reach the company for partnership related purposes through the following lines 01-2695110, 01-2695109, (01) 2695108.

4. Columbia International Limited
Shed E/G And Shed 4, Apapa Port Complex, Apapa, Lagos
A Nigerian manufacturing company that offer salt processing services.

5.Bayswater Industries Limited
are the owners of Mr Chef Salt in Nigeria. This salt is of great quality and is very popular among many households in Nigeria. The company is located in conducive area in Sango Ota, Ogun State, Nigeria.

Their full address is Plot 34, km. 38, Main Road, Lagos-Abeokuta Expressway, Sango Ota, Ogun State, Nigeria.

6. National Salt Company Nigeria Limited
This company is another division of Dangote Group of Companies that specializes in the production, processing, packaging and distribution of iodized salt.

They are located at 15B, Ikosi Road, Oregun Ikeja, Lagos Nigeria.

7. Royal Salt Limited
Royal Salt Limited are into the production of salts in Nigeria. They are a major producers of salt and they distribute to both homes and industries.

The company is situated at Shed No.1, NPA Quays, Port Harcourt, Rivers State Nigeria.

8. Union Dicon Salt Limited
Union Dicon Salt Limited is into the production of various sizes of iodized salts. Their company is based in Lagos State, Nigeria.

Their full address is Kirikiri Lighter Terminal Phase 2, Kirikiri, Lagos Nigeria

9. NASCON Allied Industries Plc
Is a company under the Dangote group of companies.

10. Premium Salt
Premium Salt Nigeria is a product from the stable of Kenni700 Limited.
They are located in Lagos Nigeria; with their regional office in Benin City, Edo state.

Fourpockets:
You have a point, but at the same time you should also be thinking forward, imagine Kenya becomes enemies with a country like China or the U.S. if they decide to sanction you through restricting trade (like the US is doing to Russia) your economy could collapse because you were not thinking of how to be self sufficient, all you were thinking of is how to live easy.

Look at Russia, the sanctions aren't as effective cos they basically have their own industry in almost every sector. If let's say, Google decides to sanction them, they could easily switch over to yandex, it might not be as powerful of a search engine as Google, but it's something that could save the country from a collapse.

If China or India goes to war today, virtually almost all countries in Africa would be affected but Kenya as we know it today would completely collapse and with this kind of thinking from rvp2018, this would sadly continue to be the case even until 2035, if this is also the mindset of newly elected Ruto. I hope not.

rvp2018:
There is nothing one can learn from Nigeria.
We are going the opposite way.
We are allowing duty free entry of goods from East Africa Goods, COMESA and AFCTA.
That basically means Kenya companies have to be competitive at very least regionally.
The industries that are protected are very very few - for specific period - because we expect we can and should compete with China or India.
This why Kenya is making huge strides forward despite having no oil or large arable land.
In the meantime Nigeria is world poverty capital, infrastructure is completely broken, gov cannot get taxes, social investment is zero (out of school kids staggering), insecurity & kidnapping the order of the day.
This all because the economy is failing the majority
And working for a few Northern Elite like Dangote.

We are allowing duty free entry of goods from East Africa Goods, COMESA and AFCTA.

Maybe good for Kenya but for a market like Nigeria there have to be some sort of control. Kenyan market is 4 times smaller than that of Nigeria.

That basically means Kenya companies have to be competitive at very least regionally.

Being competitive in East or Central Africa is nothing to brag about. Those are the poorest regions in Africa and Kenya is not even competitive there.

The industries that are protected are very very few - for specific period - because we expect we can and should compete with China or India.

Can you also compete with them via exports to their country? Of course you can't, not in this decade at least. So why should this economic competition be in Kenya or Africa? You would definitely get beaten at home all in the name of competition if you don't protect your industries early enough except these Indians and Chinese are training Kenyan manufacturers (local content law) and establishing industries rather than just exporting to Kenya.

This why Kenya is making huge strides forward despite having no oil or large arable land.

Except that Kenya is not making huge strides. Your biggest export is flower, second is tea. Both together were just a paltry 2.5 Billion dollars export in 2021.

This all because the economy is failing the majority
And working for a few Northern Elite like Dangote.

Hogwash.

rvp2018:
And then you wonder why Nigeria is poverty HQ of the world.
Protecting all these inefficient local industries cost your economy a lot.
It creates few rich Dangote's who own such industries - and leave everyone pay expensively for stuff that are "dirty" cheap out there.
It protects them from international competition.
The biggest loser remains Nigeria consumer who is forced to buy all these 100 goods expansively despite them being of poor quality.

So you'll rather allow India and China flood your market with their goods all in the name of international competition rather than allow your sme guys stay employed?
Those millions of sme's in Nigeria (45% of all informal sme's in Africa) are the backbone of the Nigerian economy. It is better most of them slowly transition into small scale local manufacturing or buying from local manufacturers for their small businesses (no matter how slow and painful the process may be).
Little India should borrow some economic sense from Buhari. Learn and stop yapping.

rvp2018:
At what point do we stop protecting infant industry?
This Nigeria prohibition list is way too much - and has no exit clause.
https://www.trade.gov/country-commercial-guides/nigeria-prohibited-and-restricted-imports

Wow, this policy makes sense to me. If I were to be the president of a country like Nigeria (200 million people), I would even add more to the list.

rvp2018:
Import substitution is a failed policy.
This was tried in Africa btw 1970-1990 - and it became a failure.
IMF introduced SAP to fix that failure.
South Asia went for export-oriented manufacturing mostly
And whenever they did import substitution - they were strict timelines when industry was expected to be competitive.
Mostly you need give local firms or farmers - something like 5yrs - if they cannot be globally competitive - allow imports.
Otherwise, you're punishing 200 million consumers - to save 5 million rice farmers and millers.
Protected infant industries - rarely work in an enviroment where corruption thrives - because those tarrifs/subsdies will remain forever.
Look at Nigeria cement - Dangote & Nigeria is now "globally" competitive so much Dangote has invested all over Africa - but cement tarrifs/restriction - still persist in Nigeria.How does that even make sense?
If Dangote can compete in South Africa or Ethiopia - why cant Nigeria allow almost duty free entry of cement - so Nigerians can get best deal

Mostly you need give local firms or farmers - something like 5yrs

Exactly.

Look at Nigeria cement - Dangote & Nigeria is now "globally" competitive so much Dangote has invested all over Africa - but cement tarrifs/restriction - still persist in Nigeria.How does that even make sense?

Well Dangote,BUA, and Lafrage have done well. Other businessmen/women in Nigeria can go into cement manufacturing and join the league of the top manufacturers if they want the prices down. This is better than importing something as vital to Nigeria as cement, when we have all it takes to manufacture them in large quantities and export to more African countries.

TookDownYourMum:
Funny thing you mention rice actually.

Ghana originally had a import ban on rice and the government originally subsidised rice farmers but when they went to the IMF for a loan, the condition was to lift the import ban and remove subsidies for said rice farmers. You can guess what happened next? The local rice farmers couldn't compete with the US produced rice and fell into poverty as a result.

This is the problem with going to the IMF.

TookDownYourMum:
Having a weak Cedi is not all bad..Its kinda a double edged sword

Cedi depreciation could make the jump for Ghana to be a export oriented nation possible since exporting shit will be comparatively cheaper. Places like Japan and South Korea artificially weaken their own currencies for this reason. Its just that if you were to import anything or travel aboard, it becomes more expensive as a result.

It also raises the price of goods but you wouldn't really have this problem if Ghana actually invested in its agiculture sector. 20.6% of arable land and over 7 million Ghanaian farmers yet NPP imports more than $2 billion worth of food that could be produced locally and banks make it hard for farmers to get access to capital and also screwing small businesses over with high interest payments.

Of course cutting such imports that could be produced locally would strengthen the Cedi too. Really, 1D1F initiative should of allowed boom of factories and creation of jobs via creating wealth and allowing Cedi to depend on itself. Thereby increasing the Cedi value. I don't know whats really happened there though.

The problem here is that you don't just become export oriented in one day. The easiest is to begin with the agricultural sector. Adopt the Buhari policy of banning imports of rice and stuff like that which can be produced locally.
Local prices would be high at first due to lesser competition but with time more people would be encouraged to farm and export.
A depreciating cedi to the dollar at the rate it is going is not good for the Ghanaian economy at the moment because it affects everything.

rvp2018:
Nigeria flooding is almost annual ritual - every 3yrs.
This worse in 10yrs
Unusual drought last seen in 40yrs is facing east Africa or horn of africa.
Same problem - environmental disaster. More rain in Nigeria. Less rain in Horn of Africa.
Difference - kenya gov is always ready to assist drought victim.
Nigeria flooding victims on their own.

So how do you know Nigerian Government is not assisting?

Mkenya2019:
You've answered yourself.
Nigeria gov is not building anything.
PPP - means gov contribute land and non-financial stuff - private investor bring their money.
Others you borrow loan - like SGR.
The tax rebate thing - again you dont get the revenues - Dangote has seen you're destroying his business with broken road - so he fixes the road his trucks uses the most and charge it as tax - brilliant for Dangote - and huge mess for rest of the country.
In short your Nigerian gov is so broke I doubt it can pay salaries and pension without borrowing.
Leave alone spend on development.

Worry about your Government. You are borrowing to pay salaries and you are at risk of debt default. This is dangerous given the fact you import a lot and your reserves are not really high.

Sh162.2 billion of borrowed money on operating expenses such as payment of salaries and utilities in breach of the law.
Official records show the government borrowed Sh916.6 billion in the financial year 2021/22, which was Uhuru’s last full fiscal year in office.
The State’s recurrent expenditure has been growing rapidly in recent years due to the accumulation of debt repayments, civil servants’ salaries and wages as well as a growing pension burden.
The government spent Sh162.2 billion of borrowed money on operating expenses such as payment of salaries and utilities in the financial year to June in breach of the law, reflecting a biting cash crunch.

https://nation.africa/kenya/business/state-uses-sh162bn-loan-illegally-on-salaries-utilities-3950530

Mkenya2019:
Nigeria pays debt from revenues - both oil and non-oil (very little it appears)
The 1st charge on revenue is debt - both domestic and external.
Therefore, if you are playing 90% debt servicing ration - it basically mean all the revenues you get - monthly or daily or annually is enough to pay debts.
Then you borrow again to pay salaries and pension - the 2nd charge on gov money.
Then gov has to pay for recurrent expenditures - electricity, tissue paper, rent
The other spendings like development & social spending is discretionary.
It very unlikely Nigeria gov is spending anything on development

But Nigeria is actually spending on development. Federal roads are built using the private public partnership program. Federal roads are built by MTN, Glo, Dangote, BUA, NLNG, etc for huge tax cuts. At least 13000km out of 35000km federal roads for now.

Mkenya2019:
Pity Nigeria whose debt servicing ration is already 100% otherwise Kenya is one of Africa most resilient economy with well diversified economy that is impossible to bring down - because it doesnt depend on one or two things. The stats speak for itself - base rate in Kenya is 8%, commercial loans from banks are doing 15%, inflation is 9% - apart from debt to gdp that just is 69% - everything pretty much looks good.

Move on to Ghana - currency has depreciated by 50% - inflation is 40% - base rate is 25% - commercial banks are most likely lending if at all at 35% - considering their own gov wants to default on domestic debt - I think lending has stopped. That is already Lebanon.

Let me address the bolded once and for all. Most of those debt servicing that made the total debt servicing go above 100% of revenue especially in first quarter 2022 are local debts. Most of the Eurobonds Nigeria took were used to service those local debts acquired over time (especially from the Banks) running even to about a decade ago.

This is why even when it went above 100%, Nigeria could still do the debt servicing with the Eurobonds. A lot of those local debts were also shifted over time as is the culture in Nigeria.

With the Eurobonds and external debts, Nigeria sells crude oil and gas and as at January 2022 had an external reserve of about 41 Billion dollars.

Does Nigeria actually need debt restructuring?
Nigeria is currently not in a debt crisis as most allude to even though the country’s public debt is at an all-time high and the debt service to revenue ratio is sometimes over 100%.

Nigeria’s debt is divided into external and local debt of $40 billion and N26.2 trillion respectively as of June 30th, 2022.
The debts are currently being serviced and are at no risk of default based on current information.
A recent debt sustainability report issued by the Debt Management Office assessed Nigeria’s debt profile and stated it was sustainable based on the following;

Nigeria’s public debt-to-GDP ratio of about 25% is much lower than the 70% recommended for emerging markets.
Nigeria’s pubic debt is mostly made up of its local debt which accounts for 61% of the total debts.
However, it pointed out that risks do exist for external debts if oil revenues fall due to oil price shocks and more recently crude oil theft.
It also pointed out expensive CBN Ways and Means debt as a major concern but can be mitigated if it is restructured for a longer term.
See excerpts from the report

The Public Debt Sustainability Analysis shows that Nigeria’s Total Public Debt is sustainable in the medium-term. The Debt Level and Gross Financing Needs show low risk to debt sustainability as all the debt burden indicators are below the Baseline and Shock scenarios. The Total Public Debt-to-GDP ratio was below the MAC-DSA’s benchmark of 70 percent for the Emerging Markets at 25.5, 26.1 and 25.8 percent in 2021, 2022 and 2023, respectively, and thereafter declined to 23.6 percent in 2026. Similarly, the Gross Financing Needs are high but lower than the MAC-DSA’s benchmark of 15 percent at 3.8, 3.1 and 2.4 percent in 2021, 2022 and 2023, respectively. The financing needs are met by domestic financing through the issuances of FGN securities in the domestic financing market. External financing would be from the concessional and semi-concessional sources, as well as market financing by the issuance of Eurobonds in line with the Nigeria’s Medium-Term Debt Management Strategy, 2020-2023

The Debt Profile, however, shows moderate risk and susceptible to some shocks such as Market Perception, Share of Debt held by Non-Resident and Foreign Currency Denominated Debt, which may undermine debt sustainability in the medium-term. Risk arising from Market Perception measured by Bond Spread at 315 basis points crossed the early warning threshold of 200 basis points, but below the 600 basis points for upper early warning threshold. The issuance of USD4.0 billion Eurobonds in 2021 increased the exposure of the Total Public Debt profile to foreign exchange risk, which is mitigated by the domestic currency denominated debt, which accounted for 61.40 percent of the Total Public Debt as at December 31, 2020. Refinancing risk is minimised by longer maturities of the Eurobonds and the spread of maturities to prevent the bunching of maturities, thus, achieving a smooth redemption profile. Also, the Debt Profile is exposed to risks associated with the volatility of oil prices, as well as enhanced short-term debt vulnerabilities and the cost of debt servicing arising from CBN financing. However, the sustained implementation of economic initiatives and reforms by the Government aimed at stimulating growth and boosting revenue are expected to moderate these shocks and financing pressures in the medium-term. In addition, if the CBN financing through Ways and Means Advances is re-structured into long-term debt

Source: Nairametrics

ufuosman:
I still surprise for those supporting Tinubu honestly

I am supporting Tinubu. Why are you surprised?

ufuosman:
Tinubu supporters make una self check dis man well. Una no wish dis man and naija well for una to support dis man.
Dis man need rest, even grand children or great grand children no need to disturb am

But who amongst the top four contestants is better than Tinubu? Kwankwanso may be great also (in my opinion) but Tinubu is still more innovative than he is and the kind of vice he chose leaves much to be desired.
Except we look outside the top four to maybe the Accord party guy.

rvp20182:
Add ajaokuta steel company - and learn to FINISH what you START - and THE OPERATE THEM. That most difficult part for a bonobo in his natural habitat the ZOO.
Bonobo has 12,000 MW of installed power.
Bonobo can barely get 2,000MW running - for 30min - before collapsing the grid.
And it's been happening for 30 or two generations

Look at Kenya - Lamu deep sea - 2yrs done - now operational.

SGR - 2.5yrs done - operational.

Nairobi expressway - 1.5yrs done - operational

GET IT DONE.

A 27km expressway is no big achievement.

Kagd10:
And what's bad in what he said? I'm familiar with Tinubu's trait quite much. It's the trait of uran!us people. They don't focus on one thing at a time. For example, Tinubu didn't complete his statement of 100 bags of.... Before bringing up another statement of 1000 barrels of oil. These people tend to have several things going in their minds. They also tend to be innovative/creative people cos lots of things race on their mind which they can't help since uran!us is exalted in the mind hence the tendency to think outside of the box for these folks. One thing noticeable about them is their dress sense. They always look different from others or stick out. I guess that conote to Tinubu's cap and the cross wrapper tie in his younger days. They don't do things in the normal way. They're seen as weird cos of their unusual trait. They are also light sleepers. This doesn't mean they don't sleep but they don't have it easy at times cos of their constant racing mind. Now I see why Tinubu always slept at 3a.m and makes up for it during the day. Or why he recently left for uk to go rest his mind.

That being said, Tinubu is the man. His legacies and creative input in Lagos are unmatched by anyone. And he didn't rule anyone or their papa nor was he part of any federal admin, so leave him alone.

The man certainly thinks out of the box. He is not fluent but he acts like an innovative person and this is proven.
He made a first class in accounting in Chicago State University but beyond that as Governor of Lagos, he introduced Oracle to Lagos audit system as far back as 1999. One who thought of bringing experts from Europe to build the wall of Lagos at Eko Atlantic, opened the Lekki Corridor for a free trade zone in 2006 amongst others.

Cheapgadget:
The number of voters tinubu will get next year will determine the number of mental illness we have in Nigeria

Omo na Tinubu be my candidate oo. If not Tinubu then Kwankwanso. They are the only two competent people there out of the four most popular candidates so far, if we are to be fair.

pacespot:
For any Nigerians supporting this man, may the calamity they wish Nigeria befall them.

What if those people think your support of Peter Obi actually means you are the one wishing calamity on Nigeria? Debate with people, maybe you are wrong and their candidate is the best for Nigeria?

Nigerian Airforce (NAF 930 aircraft) the first to land at the new cargo Airport in Ekiti commissioned today by the outgoing Ekiti state Governor.

Shma2022:
Kenya revenue on agricultural products alone is $5B. If you add iron and steel, mavhineries, clothing accessories etc... You'll hit more or less $8B to $10B.

Don't l*ck @ss.

South Africa only receives $ 5.1B from car exports.

Give me the data that breaks down these things comprehensively.