₦airaland Forum

Vicotex:
Tinubu no dey try , make we talk truth.

On the macro level,things are sure looking up,I can attest to the fact about increased export receipts......do you know remittances have increased with the devaluation of the naira.....if the economy was as bad and unserviceable as obidients claim we would have been having serious riots on the streets......all everyone needs do is to get ready to adjust and take advantage of the number opportunities still available out there.

Ikaeniyan0:
Please go through the link below and see how wrong you're

https://www.nairaland.com/8203854/cbn-6.96-billion-current-account/1#131847026

How does that delinquent inference void my candid assertion!!

Believeintruth:
Oga you are making noise over a projection that is a probability of coming to pass. Ahhhhh propaganda no dey tire you? A performing government will not need to do all these noise making. Oga please get a new line of work this your Job of propaganda is surely a messed up job.

That was how you shouted dangote refinery,propaganda!!

Student loans, propaganda!!

Lagos red line, propaganda!!

Clearing of Forex backlog to foreign airlines,propaganda!!

Zero tariff on certain foods,propaganda!!

Seems the word as just been added to your inept lexicon......every central bank and economic managers all over the world make verifiable projections on their economies,instead of you to counter with facts and reasons you differ ,you come here ranting in comarederie with Ur fellow nay sayers!!

Ikaeniyan0:
What exactly in the manufacturing sector are you talking about?

Only in the food sector will there be an increase and the zero tariff policy is just for 6 month and I don't see it gulping close to what we're spending on importing fuel

From next month, Nigerians wont also need to import naphthalene again

The manufacturing sector is very vast and we are still not self sufficient in many areas.....take steel for example,do you know how much steel we need to drive the economy to a $1 trillion GDP,do you know how much inputs are needed in the food and beverages sector. The difference here is that if we ramp up our imports for manufacturing by adding value,the impact will be felt in the economy.

At this point we cannot allow dollar rates to go too low so as to drive up dysfunctional demand that won't be good for the economy.....if you produce more you export more!!

Ikaeniyan0:
So which sector is going to eat the billions of dollars we spend on importing petrol? What's the thing we will be importing that we have not been importing before

I don't see any new thing we're going to be spending billions of dollars on

When Dangote start producing LPG, we won't need to be spending a lot of dollars importing it too

We haven't gotten any where near 50% of our manufacturing capacity and more materials still needs to be imported,the manufacturing space will be expanded and smaller players who had hitherto been crowded out will be able to come in.......also the zero tariff policy on food by the govt,you need Forex to meet that increased demand for imports......our forex demand can never be fixed and there are so many factors that can eat up all ur forex you make available even if its times 2 what we already have in the market.

Bobodee09:
Why are advising hoarders of dollars.

By October they will know howfar.

Can you all see how independent marketers are very quiet., trust me many fueling station will close up before December.

Filling stations would improve and this is the time to even invest but u see those tank farms....they are gone for good!!

Ikaeniyan0:
The pressure on the naira will really reduce because we won't need to be spending billions of dollars on importing petrol again.

The CBN will now have more dollars at their disposal

Not true!! There are other sectors that would eat that differential up!! It them depends how well the CBN can manage that by channeling it into more productive sectors like manufacturing

flokii:
Are people still hoarding dollars with the way economy is recovering gradually?.. Once demand for FX drops, the high exchage rate too will drop.
How I wish PBAT Government can tackle importation and let's move from consumption (import dependance) to production (industrialization). This will make naira gain massively in the FX market. Exchange rate can reduce to less than #500 to a dollar.

This cannot happen overnight but it's never too late to start.....it took china several decades of painstaking hard work to get where they are today......the hard work is what many of us don't want to do or accept.

KaLuCh:
Do you understand that our currency was devalued?




Kindly educate me on why the naira was devalued twice.

Scratching my head. Oh I think I get it. We needed so much naira to buy dollar that we decided the natural thing to do will be to further reduce the value of naira so we can get even less dollar with it? Genius!!!

Back to topic.

40% of the demand on FX is projected to be eliminated. So we have 40% suplux. The CBN would loose approximately 25 to 35% influx of FX via local currency sales of Crude oil, leaving us at about 5 to 15% suplux. And it is safe to say that other economic factors will easily mop up that suplux but let's say they don't, you really think this is the magic wand we need to wave and fix the Naira?

I think not.

We had been over defending the naira pre tinubu without commensurate productivity to support it.....this has become unsustainable and an heavy strain on our economy.....what we need to urgently do is to improve productivity accros all sectors and the govt needs to meticulously administer much needed stimulus to boost the economy and block leakages as much as possible.

Your currency can't have any reasonable value if you aren't productive, simple!!

Naira20:
Don't sell your dollars o....
If you can, buy more and store away from Nigerian banks.

I don't ses the naira gaining much on the dollar anytime soon.....the naira has actually found it's true value as we were over defending the naira before now to the detriment of our economy......exports have now increased and what we need to assiduously strive for is to ramp up production across all sectors to be able to shore up our GDP.

CyrusVI:


Our success as a country is now tied around Dangote's progress

He will succedd and we will too

God bless PBAT

There are other refineries already on ground and more still coming up,we are going into an era where we might not need to export raw crude any longer......this is really a game changer and we must be excited

madridguy:
Everything is now looking like a plan. A script well directed.

You now understand that Nigeria is a movie!! And that tinubu isn't really Ur enemy as many would think!!

DaddyCoool:
Let's all pray it lives up to it.
At least, one reason for optimism. One ray of hope...

Except, Malta gang won't like this, those who make fortunes through importation and subsidies

Those huge tank farms owned by importers are now redundant!!

ogaontop:
Peter Obi is humble to the core!
People do misunderstood his meekness for weakness but he's not close to being weak, give him power and see how he will be very decisive with actions!

Then what would you say about the man that allowed his 2 opponents into his bus and gave them a ride!!

noleflendum:
Will Grieving Peter Obi die if he didn’t visit where there’s funeral?

Every politician that matters in Nigeria would attend that occasion in Katsina......even tinubu is very good friends with the yar'adua family even when he was in opposition!!

Politics should be about humanity first!! It's the useless followers who can't think beyond their noses.

vanbonattel:
If a Chinese is taller than you, then you are really SHORT.

There are tall Chinese too....you remember Yao Ming?

Vadese1:
I wouldn't go too far, just be aware that agricultural operations in most parts of the world are being subsidies for their citizens. Basic life necessity in western world enjoys subsidies. Don't come and mention US or UK. To mention less, Education is free for most of the Arab countries for their citizens. Nigeria is the only country that her citizens will continue to sacrifice every things

I always laugh at Ur likes that would always insult their country at every chance without showing any capacity of really understanding the problems.

Do you know how much subsidy goes into agric as we speak in Nigeria,education is almost free in Nigeria even upto tertiary level depending how you want to look at it.

Nigeria still remains one of the cheapest countries to live compared to those other places u mentioned.....I am not unaware of the high level of corruption that pervades out society.....our problem is more systemic than individualistic.

The govt are sure doing their bit but it all gets eaten up by few .

Eriokanmi:
His production can't meet daily local consumption. He once said his petrol will also be for export. With this, there will still be fx demand by other players. We consume 66m liters daily

Not true ....it has always been touted and one of the major selling point for the refinery is that it can take care of the entire local production.

Eriokanmi:
Dangote refinery cannot guarantee that. Because its not the source of the FG's foreign earners. I totally disagree. The birth of the refinery is a way forward but can't also guarantee production for local consumption 100% so, fx demand will continue, including in other sectors like manufacturing.

I'd have reasoned with Dangote, had he said, the policy will slash fx demand by his own refinery by 40% because his refinery won't need to order crude from the Americas anymore,which he'd have paid for in dollars by raking up all the dollars available in our banks and ctreate scarcity of same.

Exactly what he was saying!! No need to import fuel anymore which you would have hitherto needed Forex for

sleek214:
Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

Did he ever tell you he had anything against tinubu....intact this refinery getting of the ground is a huge advantage to tinubu.....

Naysayers in the mud!! Let them be buying the fuel they have refined in their backyard......to them dangote can never work and tinubu is the one sabotaging him!!

Vadese1:
This your comparison has no basic. Nigeria is among the world highest crude oil productions . Ghana is no way to be compared with nigeria. The crude production from one oil field in delta region alone is bigger than the entire productions lines from Tacoradi in Ghana. The nigeria government is supposed to make fuel cheaper to her citizens than any other countries, because aside the fuel benefits there is no other benefits that come from the government to the citizens

So because we have fuel in abundance we should be getting it free.....do you know what the cost of production and transport is?

Tell me one thing that's free in the US or UK,you guys complain too much..........the naira had been grossly overvalued for a long time and now it's finding it's true value we are yet still not understanding it.

KEVIND:
If we can't buy fuel for ₦300 or less then its not a good news for the common man in Nigeria.
Majority of Nigerians are going through hell because of petrol prices.

You people and Ur falacies....it's obvious u know nothing about anything....N300 in this era when even bag of pure water is 400.....cross the border to our west African neighbours and see how much fuel is sold,as high as 2k per ltr in Cameroon....Ghana is also higher than ours....mind you Ghana has crude too!!

Even Saudi Arabia,the number one oil producer in the world does sell cheaper than ours

vowiski:
Let them be deceiving gullible Nigerians

Person weh dey cash out since

Naysayers in the mud!! Dangote refinery will never work,fuel will get to 2k per ltr,tinubu has nothing to offer.....Una see una life

sweetkev:
200 million people relying on one refinery owned by a monopolist. What happened to Dangote cement will definitely happen to his refined products.

Power of monopoly will be at play here but the useless government need to make our refineries work and put competent people there but with those idiots in power, I know that will never happen.

There are other private refineries....it's not just dangote

yarimo:
TINUBU Used WIKE in 2015 ? Kids with free bonus data just to post rubbish everywhere

He is very apt on this!! Tinubu and Wike alliance did not start today,even Wike very much acceded to that fact.....amaechi was well aware of this and that was the origin of his disdain for tinubu.....he was too opinionated of himself and thought he was at par with tinubu because of how they both started APC not knowing tinubu was several paces ahead of him

MEEVEET:
Tinubu used wike to weaken Ameachi starting from 2015 ... Knowing to well that Ameachi would challenge him for the ticket

I don't know why people can't see tinubu game... It's so simple and basic

Now he is using sowore to cause protests with very Vogue demands that can't be meet or seen as reasonable... Shifting away minds from electoral reform protest

Tinubu game is controlling the opposition to kill real opposition, that's it

You are spot on!! Tinubu and Wike romance didn't start 2023!! He had always been an ally to weaken amaechi in his base....."my enemy's enemy is my friend" but amaechi was too silly not to checkmate them...he over relied on the cabal to help him but they sure failed to.

illicit:
Kiekie

And Taooma!! No one else comes close!!

Mariangeles:
I quite enjoy @mama deola's skits.
Although, he can be very loquacious.

Not funny at all!!

Artscollection:
He should get the pms out first then pricing should follow and he can as well export if necessary but first, i want the competition to start so that the price will level out at some point.

Which competition.....no one for now would be competing with dangote!! Once he starts the doors would shut to petrol imports!!

That's why everyone is fighting to get there own piece of the pie before it takes off.....you see all those tank farms will be rendered redundant....a lot of people and businesses will be affected by that refinery

Artscollection:
I dont understand if it is the same fractional distillation that we learnt in secondary is been used here or some kind of rocket science

That refinery will work and must work,however it's the cost to Nigerians that should be the major concern.....they just haven't gotten PMS pricing to the point they want it which should be higher than what we are paying now!! Dangote wouldn't want to spend all that money and energy to build his refinery and govt still regulated prices

Artscollection:
Is it tgat bad or just Politics, i mean the dangote fuel

It's either sabotage or the refinery itself isn't ready as dangote is claiming!! However I won't make much of it because,they are still test running as we speak.