₦airaland Forum

Diesel cost is now a big deal for businesses as well as salaries . If your workers spends 30k to come to work in a month, at least they will be demanding 90k and you cannot transfer these cost to the consumer because those ones are ready to leave your product for you .

A lot of petrol stations are now for sale. The business is not easy. It is very capital intensive and currently has the lowest margin of any sellable item.

No be small shege person Dey see. Imagine using 50m to buy product and you cannot make more than 800k gain because you don’t want to be too far from NNPC price. Mind you, there are other expenses to cover like diesel, staff, bank interest, taxes and state agency extortions . It is not a good business for now.

Empty promises as usual

From some comments above, it seems some Nigerians are now ok with being slaves under a God father. Such can never happen in SE/SS.

Slowly we are getting there(N2k). I tried all my best during election campaign to warn people but they were adamant in voting another person with certificate issues.

Prepare for bigger inflation because :

Fuel must reach 1500 per liter
Rice must reach 150k per bag
3 bedroom flat must rent for 3.5million / year in lagos
A plate of food must reach 6k

Implementation will be the problem. Am sure they will continue to export .

Everyone should prepare for another wave of inflation on :
Drugs
Rent
Cars
Petrol
Food
Clothes( even second hand )

The nation is about to enter another dimension of poverty.

What will you say about Bp drugs ? Thanks to God’s healing I no longer have angina . If not na steady 60k / month for BP medication.

helinues:
The problem with we Nigerians is we like to ignore issue based discussion like this and be dragging Apc this, Pdp that, LP those.

There are some products we shouldn't still be importing but due to monopolization of some sectors, we are still importing them which is costing us FX.

The cobblers in Nigeria can make better Timberland boot if empowered.

Those road side Tailor can make new creative design than Gucci if empowered.

You talked about fishes the other time, are the fishes in Nigeria river disappeared? Can't they be reared?

Why should we be eating embalmed fish and Turkey or you don't know know the process of those iced fishes is the same with corpse preservation?

So many issues to discuss about what's making us not to have head way

I have said it in my previous reply and I will say it again in case you are intentionally dodging to read that part. The problem is low purchasing power !!!!!!


After the cobbler and tailor finishes making the product , how many people can afford it? Are you not aware of the hunger in the land ? That is why second hand items thrive. Innoson makes car in Nigeria and how many people can afford it. Nigerians can’t even afford Tokunbo cars anymore, they now go for Nigerian cars with its wahala.

On if the fishes can be reared , not all fishes can be reared in captivity, even the catfish that can be reared is not easy for farmers as the end product is very expensive . If the government want the fishing industry to revive, they know what to do.

Crooks. Nothing good can come from this government .

They should first make food prices accessible and affordable before we can believe them on the solar

helinues:
Just imagine, what's the usefulness of 150m population when we can't produce our own clothes without wearing used one by others.

The cars and electronics, what's stopping the business people in Nigeria to have collaboration with foreign company and have assembling plant in Nigeria?

I don’t think you read my reply properly before commenting. I mentioned low purchasing power of the masses as reason for Okirika and other used items purchase . Do you think if we had a per-capita income of $5k that used items will have such huge demand. People that use to buy new tires now go for used tires because of purchasing power

helinues:
I can't even count how many suggestions I have made on this forum which those who are in government have made use precisely. Not one or 2 so they can't be coincidence.

If we can be producing our native wear, why should we still be importing Okrika clothes and shoes?

We still import okirika because of low purchasing power. Just like we import Tokunbo cars and electronics. If we produce our native wear with band A light, we will not be able to compete with imported ones

helinues:
Sebi large scale fishing farming can't be done in Nigeria. We must import everything even maggi

Eish

How many improvements have you done to make the country great? I can list mine.

Google the price of fishing trowel and tell me how many businesses can afford it. What modalities has been put in place to make the acquisition easier for businesses by the government so we can have a thriving fishing industry. This also applies to other sectors like agriculture, manufacturing , power, transport etc.

Obasanjo didn’t need to tax us so much to revive the economy from military misrule . What we have here are thieves masquerading as reformist . All the tax increases they have done have not been well accounted for/ utilised .

Import duty has been increased greatly. The most painful one is the high duty imposed on fish a month ago. This is the reason for the increase in fish price recently. Isn’t fish food ? Shouldn’t they bring it down to make life bearable? It is only on paper they will announce a reduction in duty for food but in reality it is different .

The protest that can change Nigeria at the moment is the one where people will have to find their way to abuja, march to aso rock and ask the president to come out and address the citizens physically . He will know we now mean business in case he wants to continue to do anyhow. This protest of locking people inside stadium to protest will never work .

Bomaway007:
Please I need advise on how to handle a situation..I traded with someone on a p2p platform and the person paid from a account that have the same name as his verified name on the p2p platform with “phone payment” as the narration but 2 days later my bank restricted my bank account with my money in it becos of the transaction. I called customer care and they told me the transaction was reported fraudulent. Now the bank is asking me why the person sent me money and if it’s for business transaction I should provide my company CAC and/or company ID with the receipt I issued to the person for the phone sale..I contacted the person I traded with and he said he never reported the transaction as fraudulent he said his bank as also been frozen by his account cos he had a big transaction with someone and they want him to explain the reason of transaction he had done with the person…I don’t know what to do and I don’t think I can go to the bank and explain to them that it’s from crypto transaction we had legally and show them prove..I have more than what I traded in the account but everything was frozen

Were you able to resolve this? Kindly share with us how it went

I think the judiciary should be restructured to avoid making one judge so powerful. Certain judgement should not be left for one judge alone. It should be a form of jury .

Government should invest in education to avert certain occurrences . At least a secondary school graduate should know the risk involved in scooping petrol .

Unfortunately a large percentage of northerners are uneducated . At least some of the money saved from subsidy can be diverted to education . It will help this country in a lot of things

It is expected . Minimum wage is 70k / month. Divide it by the exchange rate of 1700 you will get $41.2 and if you divide it by 30 days you get $1.37 per day. The sad part is most arm of government and businesses are even struggling to pay this $1.37/day.

It is a lie. The tax will eventually reach the poor just like band A.

Most of that money must have been used to settle customs and other government agencies.

A plate of food will soon hit average of 5k. The next protest will be spontaneous at the rate things are going .

Hardship is just starting . Dollar which is responsible for the current hardship is now at 1,700 and heading to 2k.

I think they should defend the naira not to exceed 1,500 for economic stability .

They should release him abeg. What evidence do they have that he personally laundered money ?

Things weren’t good but tinubu made it worst .

Dollar is heading to 1700 so expect more fuel price hike.

At 2,000 per dollar pms will be about 1,300 in lagos and about 1,600 in other parts of Nigeria .

Now Nigerians will now start looking for how to exploit and steal from one another to survive rather than come together as one and protest massively against the economic conditions.

But seriously the youths are sleeping . I pray when they wake up there will still be a country left.

Tinubu and his team are using our future crude production to borrow money to squander and also increasing taxes to pay for other loans taken in previous years. Nigerians should expect more tax increase because the loans they are currently borrowing will still be paid as at when it is due.

crazymommy:
Price will go up or go down .

If today closes below 62k , the price might head down , or it might head up , if it heads down it "may head down to as low as 56k -57k ".if it heads up it will go to 70k.

Is that analysis too ? Will it not head to something before whether down or up ?

Take it easy and re-read it slowly you will understand .

But if you do not , let me break it down for you. There is a support at 62k that is supposed to hold to continue to 80k but that 62k is weak at the moment and if it closes below 62k today , there is possibility of visiting lower prices like 56k to 57k. But if towards the end of today we notice one magic pump that takes us above 62k then it means the support held.

If today closes below 62k. We may head down to as low as 56k - 57k.

Jzbabel:
If you know what is good for you, hold off plans for any additional long positions. Be on the look out for selling opportunities instead. Do not contemplate buying until price hits or breaks below $55k and starts to rise again. My humble opinion.

You sound so sure about 55k. Well…. From my humble analysis , yesterday deep is just the 12 hr chart confirming 62k as support. I think we go higher from here gradually to 80k . I am still expecting daily chart to also confirm 63k as support this week.