₦airaland Forum

All in the course of ruling the people by force


I am a Nigerian. And a patriotic one. No amount of blackmail and name - calling will make me look back on my
choice of a new president. A president I know will fight
corruption. A president I know will not steal my money. A
president I know will not promote violence. If the
Jonathanians like, let them hug transformer. Buhari your only hope!

#iThink | #iBelieve | #iNewNigeria

#TakeBackNigeria | #iStand4NewNigeria

Why am I not on the list

Manufacturers are crying that cost of production keeps rising.

The development, which assumed ascendancy in the last six weeks, has been traced to, amongst other factors, the continuous fall in oil prices in the international spot market, and the slide in the foreign exchange rate of the naira, when compared against the dollar and other hard currencies.

The fear among stakeholders in the Organised Private Sector (OPS), some of who spoke in confidence, is that the unfolding development snowballs into a major economic crisis, if no steps are taken urgently to stem the tide.
Besides the falling oil prices on which the nation relies for over 85 per cent of its federally revenue, an official of one of the special interest groups pointed out, the devaluation of the naira and the non-inclusion of raw material inputs in sourcing foreign exchange from the bi-weekly Royal Dutch Auction System (RDAS), have grave implications for manufacturing, which depend on inputs from overseas.

The official, who stressed that his identity must be veiled, said what is playing out now, is reminiscent of the events of 1986 when the naira was devalued by the then military
government, which resulted in the steep rise in prices and caused collateral damage to manufacturers of consumer products, “the effects of which the nation has not
recovered from.”

In his view, the naira’s purchasing power will drop and cost of inputs will increase. The effect, said the source, would be that goods emanating from Nigeria will command higher prices, as against imported ones, “and this is sounding a death knell to the indigenous
manufacturers, or whatever is left of that sector.”

While acknowledging the fact that the scenario was unanticipated, the official, nevertheless called for a shock therapy, saying the response to the challenge, especially by manufacturers and other segments of the OPS, might result in production cuts and price adjustments, with its attendant consequences, adding that one of the most painful unintended outcome of the measures manufacturers might adopt to keep afloat, would be to lay off some of their workers. “This will be at variance with the government’s often trumpeted agenda, which is that of creating jobs,” he said.

The official said since the economy had come under so much stress, the Federal Government should, as a matter of urgency, consider postponing the implementation of the proposed ECOWAS Common External Tariff (CET).

The effects of the oil price slide and the woeful standing of the exchange rate of the local currency against the greenback are also telling on the prices of consumer items and building materials.

An official of a leading publishing outfit expressed his frustration about a car he intended to procure, and on which he had reached a financing deal with his bank. He
said: “ We had agreed on a loan of N4 million but, to my surprise, they have re-valued it to N5.6million, holding the exchange rate of the naira, responsible.”

It was also learnt, that prices of building inputs, especially cement, have equally skyrocketed. A random survey of cement prices from dealers, was most revealing. A 50kg bag of the 42.5 grade cement, which sold for about N1,500 just last weekend, is now going for between N2,100 and N2,250 - without prejudice to the brand.
Responses to The Nation inquiry from one of the leading manufacturing outfits, whose official asked that both his identity and that of his organisation be veiled, showed that the prevailing economic circumstances, are responsible.

He said: “Besides the cost of energy, which is enormous, the cost of money and the exchange rate regime, have simply compounded the situation,” adding that he is aware that the cost of newsprint which Customs agent procured for client, has shot up to N185,000 per tonne, representing an increase of over N28,000, the official said.
Against this background, the Manufacturers Association of Nigeria (MAN) has gone into a strategy meeting on how to deal with the situation and mitigate the consequences of
the pending economic gloom.

Crude oil is not just Nigeria’s principal export commodity, but every aspect of the country’s life revolves around it, hence the yearly budget is predicated on the price of
crude in the international market.

Manufacturers depend largely on imported raw materials and the naira, fast depreciating against the dollar makes it undeniable for prices of goods and services to go up.
Some sectors have reacted to the reality of consequential crippling budget shortfalls. For instance, banks have increased their interest rates to avoid liquid erosion.
Players in the Fast Moving Consumer Goods (FCMG) are reviewing their prices. Just last Monday, banks reportedly increased their interest rate from 25 to 26 per cent. Other
manufacturing companies have also jerked up their prices.

Mrs. Ngozi Okonjo-Iweala, the Finance Minister and Co- coordinating Minister of the Economy, has warned in the wake of the unsavoury development that Nigeria needed
to brace for tougher times ahead, by reviewing its expenditures and building economic buffers through budgets that would be based on modest oil prices.

An economic expert, Joel Bisola, noted with regret that the situation had put manufacturers in a tight corner because the government’s reaction to the falling price of oil will lead to the lowering of the purchasing power of the local currency and increase in cost of inputs.

He also pointed out that the effect would be that goods emanating from Nigeria will command higher prices, as against imported ones. This, Bisola added, “will sound a death knell to the indigenous manufacturers, or whatever is left of that sector”.
It was gathered that following series of complaints by members, MAN summoned an emergency meeting of its Economic Policy Committee (EPC) in Lagos to discuss the way forward. Sources said members lamented the severe impact of the erosion of the local currency’s purchasing power on their businesses and the increase in prices of their raw materials, machinery, spare parts and all other import-dependent procurements.

The meeting, it was learnt, concluded that the development had led to very significant increase in the cost of production, leading to the un-competitiveness of local products, especially in the face of the impending implementation of the ECOWAS Common External Tariff (CET) in January 2015. The CET will allow goods from any other part of West Africa into Nigeria without the imposition of any tax, import duty or levy.

One of the top managers of a manufacturing company who is a member of MAN’s EPC, summed up their frustration, when he said the Naira is going to end up at 200 to a dollar, equivalent of 33 per cent depreciation.


Source : http://www.abiolainfo..nl/2014/12/manufacturers-warn-against-looming.html?m=1

See as foul dey chop foul intestine Time will tell... All those lies you've been lying to us ::::: Derizzzz God ooooo

#ThinkNigerianYOUTH #iNewNigeria.

"Nigerian Youth is mainly pre-occupied with analyzing English Premier League & El-Classico Matches, Chatting online and Drinking Alcohols and Smoking "Igbo". He doesn't care about His Right as a Nigerian as long as He enjoys Himself at every point in time, not to talk of Him having the Interest in Fighting for it."

~ Adeoye Abiola, 18/12/2014.

blinkmoneyo:
abeg Na how many? this is nija jor the rest are just insignificant

That's unfair oooo

What a country

idupaul:
Because of my crush for this girl I stopped watching channels and now you have brought here to torment me

Lovely tits

Wow lovely

Wow!!! Nice packaging

Lovely pics

Good, I will add my own later:::: My hair is virgin though

RedBenson:
In reality or in dream? Have you seen, sucked and smooched dicck before?

You're too corrupt for my likening byebye

RedBenson:
I dont understand you. What did you say?

I haven't had sex before

qtx:
shut,, up your filthy oozing cavity, we haven't forgotten our NYSC corpse members that GMB ordered almajeris to kill when he lost election in 20011 o, in fact if you lost a relation in that violence you will not open your mouth with green teeth to spew this loads of po.o this alone can make even the weakest man to rise up doing anything to ensure he doesnt win that election. Let me not waste my energy, he is not even going anywhere, he will repeat his failure as usual bet me...

It doesn't favour you right

I can imagine the look on your face now, like you wanna
broke down into tears , sorry bro #smiles

#WeAreOneNigeria , Don't let politics divide us, none of
them will guarantee me and you the automatic ministerial
post or ambassador ,they will only employ their family and
people close to them::: They would have forgotten that
they will still run to us after their tenure elapse and
Nigerians will still accept them with open arms but me and
you can make Nigeria a better place that is if we #Believe
and #iBelieve.

akinvest:
HATER OF GEJ.

Ekuku ni bami lo'ruko je

RedBenson:
I didnt hear you well. What did you say?

I'm a virgin now

kepal99:
lol... Noone is divided, U dnt av to act in pretense. And if u were pained by ma comment, sorry bro go chillax smwhr ehhh #peace

Take care

Mathewa:
hnnnnn.. Ojo kan ni tole ojokan ni tolohun. Yoruba proverb

see ya big head, na only oyinbo you sabi Olodo ochi..... ''ojo gbogbo ni ti ole, ojokan ni ti oloun''

Ok

blinkmoneyo:
JONATHAN

So you can see beyond ur imagination #smh ,so na only 2pple dey contest 4 president 4yaMind bah

mayorjosh:
btw who is yemi osinbajo

He is a mechanic and he is well equipped to fix your engine

shinysmrt:
Wats d correlation?
A murderer would be a murderer whether in a perfect economy or impoverished nation! So all d shootings in America are as a result of a failed nation? Am sori buh it just doesn't add up!

You miss the whole gist, if you ask any thief today that ''why are you stealing''The response will be ''frustration'' due to the lack of basic amenities. Nigerians are suffering and smiling and the paper economy which is not strong before is now falling. So tell me how the youths are going to survive without job after spending 4 to 5years in school. Entrepreneurship is the key if the basic amenities are there but our leaders has failed us. You can try and read about Dubai's Economy and you will agree with me that Nigeria is a failed Nation. Thanks

ritux:

Bro you and I know both APC and PDP will surely rig the elections at all levels. The best rigger will be the winner and the loser will cry out saying the opponent rigged the election.

So that's your plan bah . Tinubu is becoming a clown!!! Imagine he dear kashamu to travel to America with him if he won't be arrested for his shortcomings::::::: It's true though

Lolzzzz #funny #Moustache

With that her two pointer

Nigeria is broke and this man keep squandering our Money not considering that we are drowning in debt

OMG!!!


Failed Nation

yemivictor:
Me too! It is such a delicious piece.
I'd, however, like to seize this opportunity to honour Dr Doyin Okupe's wish.
Dear Sir Okupe, indeed, you are a bastard!!

Lolzzzzz , #Gbam #Endorsed but it's too big for someone like me to say that because in Yoruba land, even if the Elders are acting foolishly we use to give them a bit of respect but since he has said it then ''I will respect him by saying he is a BASTARD''.

Failed Nation

DukeNija:
W

W for Whiskey

manot:
ur area has a problem, d light is improving gradually.

For your mind