₦airaland Forum

When you are banning products, you choose your enemies wisely. France also increase tariff for wine and US retaliated and France has to retract, but if they increase tariff against Nigeria for example, nothing would have happened.
While we could getaway with the Thailand Rice ban, you will not be a wise leader to try such a thing with the US.

There are some people in life you do not go head to head with.

Tobex4realTobex234:
There's is something in trade called retaliation. If we increase tariffs for selected imported products e.g rice that comes from Thailand.

Thailand may not have the capacity to produce yams. And let's say Nigeria exports yams to Thailand, their government will also increase tariffs for our yams.

So tariffs and bans are not scalable, especially when your country is just starting out. Remember that Nigeria increased the cost of visa for U.S citizens and Trump retaliated with even higher costs. Now that FG tried to even revert the increase, Trump no gree go back.

Even in eastern Europe, Holland and Asia, there are farms like that where people work and earn peanuts.
Some of the farmers in Nigeria have their own small small plots they use for farming to their capacity, it does not make hem destitute.

mra123:
Clearly, he also lacks understanding of what capitalism is. It is solely design to enrich the rich and thus, giving a plate of rice, or whatever, to Almajira in return for the work the Almajiri does at one's farm is in itself capitalism.

Maybe you can enter any bank website and download their account opening form, you can then tweak to fit a real estate KYC.
Banks seem to know how to profile people very well.

dejiotus:
You are 100 percent correct. That is why I intend to do a full Know your customer "KYC" checks before I rent to one of the prospective tenants showing interest.
Unfortunately for me, all the professionals involved when the house was rented to my former tenants, did not do any KYC checks at all. The old tenant apparently absconded three weeks before the end of her tenancy and I have not been able to locate her.

Magodo That means ideally, such a tenant should be a relatively high income bracket and should be able to pay yet they choose the option of bypassing. So it is not about the person's income but the personality of the person renting the house .

dejiotus:
Good morning my big Oga Mr McJay.
I have to agree with you o, that it is more sensible and wise just to waive the two months rent for the sake of peace and to get rid of a bad tenant. Tenants just need to know that legally any additional time spent needs to be paid for in full.

I will be grateful if you or any of our big Ogas and Madams in the house has a Know your Customer "KYC" template for prospective tenant, that can be shared. Landlords among us should please regularly inspect the meters in their properties to ensure there is no illegal or "bypass" connection. My tenant in [b]Magodo [/b]absconded and left me a bill of 945 thousand naira (yes just under 1M naira on a prepaid meter o!!!) to pay, when she was caught by the Ikeja Electric Vigilance team. She did not pay even one kobo for electricity over the preceeding 4 months. She had apparently engaged someone to tamper with the prepaid meter as electricity supplied was not being read by the meter. The property was charged 150K per month, for 6 months as loss of revenue plus 45K as VAT. My case is still unresolved and with the NERC regulator

Please, today is the SUKUK fund day, when should we start expecting news?

You keep missing the point, we all agree that imports does more harm than good, stop making it look like you are the first person to discover it. You are saying make dollar be 1k, 2k, 10k to force industrialization but the rest of us are saying it is not so straight forward.
Anyway, you have tried.

Theconglomerate:
A lot of you don't understand what's going on obviously.
Now how do you create that value chain when imports are there to fight price wise with that thing that you will produce here that gives that farm produce value chain?
I really want you to tell me how.
The consumers don't care about value chain,they care about product quality and cheap pricing.
If you keep subsidising import by supplying cheap fx,how will the Nigeria value chain grow?
Gosh!!!

New Zealand cattle rearers, na helicopter they de use herd their cattle.

@conglomerate, the truth is that even when we hate to admit it, food in Nigeria is cheap and poor storage facility means that farmers will remain poor. You keep shouting mechanized farming, if you have ever tried farming that is when you will know what it is to produce products that middle men will price with an I don't care attitude of you either take the money or leave it because they know that your products are perishable. so if my small acre is difficult to sell at my price, what incentive is there for me to go mechanized next year?

Agricultural value chain is what will drive mechanization. The value chain will include, product preservation and storage, create products that need these products as raw materials so that they will be constant demand, semiprocess them and make them available at the international market for forex, packaging, processing and refining.

ahiboilandgas:
The fulani herman is poor because of lack of education and innovations while his colleague in texa are rich cos of innovations and education....if u ranch a cow iy will produce 20 litres of milk daily while if u herd about it will produce 5 litres daily ....if u futher process into tin milk a 1 litres can be sold for 500 naira against 200 naira raw...in doing this industries spring up accountant will be needed , hr manager ,vet doctor, farm manager etc ...this what new Zealand does i can have milk from newzealand in a self in shorprites..but can have a fulani Nigeria originated milk in Algeria

Is there really a benefit of removing people from the farm, educating to only know how to speak English and become entitled to some goverment jobs?
Shouldn't we find a way to educate them to still be farmers but educated farmers.

ahiboilandgas:
where did u get the 70m workforce idle in the north? Agriculture which constitute 70 percent of Nigeria Gross domestics products is done in the North....u cant tell me the millions of farmers producing tomatoes,onions ,beans ,sorghum ,rice ,beef ,milk ,corn ,millet,irish patatos , grandnuts,ginger,limes , oranges ,yams in million of tonnes are idle...

I endorse this.

ahiboilandgas:
The growing Nigeria Gdp is useless and audio it is not reflected in the populace....china Gdp grew and boom 500m Chinese are off poverty....and everwhere it china made products...boom Nigeria Gpd grew poverty ,kidnappings,unemployements jumps to 1000 percents ....The Gdp is growing in the families of political appointees and is driven by crude oil explorations and not real work

One reason increase in tariff or ban of a specific product in my opinion is more effective is because, a dollar of 1000 will affect everything including essential products like drugs, books, electronics and even services.

However, when you target a specific product in isolation, you can manipulate different parameters for that product in order to optimize your desired result.

Theconglomerate:
Increase in tariff can never have the same effect as increase in forex.
Forex increase shoots up pricing way more than anything else.
You can't compare inflation caused by MPR rate cuts,excess liquidity,increased tariff,lending rate cuts to that caused by fx increase in an import dependent nation na,can you?
Now is closing borders that helps export your goods to neighbouring countries just to stop smuggling of rice into the country a good thing?
Why close your borders when you can just devalue your currency,make that product so expensive for your people to be able to afford in the first place thereby killing its demand and still have your borders open for business?
Besides,who told you rice smuggling has stopped?
You must be joking.
At this rate,Nigeria produced rice will never go nowhere because local and foreign are same price right now.
Bans are ineffective in corrupt nations caused by generational poverty.
Bans don't work here.

This thing you are trying to achieve can be achieved by increased in tarrif also even though I know that in Nigeria, bans are more effective. Smuggling will increase but so will the price which you say an increase in dollar will achieve.
You have to see what worked for rice was the ban and improved with border closure.

Theconglomerate:
If you put rice at 100k today,some people will still buy.
The question is how many?
The masses which make the bulk will have no choice but buy the cheaper one irrespective of quality.
Aba doesn't sell that much because people can still afford import with perceived higher quality.
I am talking about creating an avenue where people(masses) can't even afford import I the first place.

Just to ensure I am on same page with you. I am a strong advocate of produce in Nigeria, but the fact remains, Nigerians will rather adjust and go for imported products. You asked if rice was 30k and local rice was 16k, I tell you that many people to claim high social class will go for the foreign rice as long as it is available. That will mean importers will bring and adjust their price to the new rate.
Just like the phone seller just said, people will grumble but they will still buy it. Ever wondered why products produced in Aba have to carry international labels just to be able to sell them?

Theconglomerate:
Exactly.
You are right.
But then,phone importation isn't Nigeria's problem but importing things that we can produce.
This way,Nigeria importation will be limited to things we can't do without like phone,medicine and very strategic things.
This is what Emefiele meant by "strategic import".

Economics is not my strongest strength so in fairness, I won't be able to have a GDP kind of discussion with you.

But the ban policy worked for things like fruit juice, that was when juice like chivita and co set up factories in Nigeria. I think (not sure) the same thing was done for local production of biscuits.

Theconglomerate:
When you ban a product,you have created another industry called smuggling.
So why not just make your currency weak that discourages both importers and smugglers at the same time?
People will adjust?adjust how?No be you go adjust if only you see money to adjust
Na empty hand them dey use adjust?
If you tell him by 2021 You will ban his product,what he will do is look for funds and import products in 2020 that will last till 2022 and hike the price and cash out from 2020 to 2022,after cashing out and have built mad funds,he can always go and start importing another product you didn't ban because forex is still cheap
You can't ban everything na.
I asked you that if you feel currency weakening don't improve industrialisation,then why did GDP grow from the time when dollar was 160 to now that is in 400s?
GDP should have decreased if you think cheap forex is a good thing.
China did not move western companies from their base to start producing in china by just having cheap labour and favourable taxing.
They also did a lot of currency play and I mean a lot.

What works in Nigeria is the OBJ approach for fruit juice, where there was a government policy to BAN the importation, that is the only language Nigerians understand, otherwise people will always import.

How many Nigerians really have the patience of Dangotte to tie money down for up to 6-10 years building a factory when I can just start importation as early as next month as soon as I have money.

I understand all that you are saying but my belief is that if the Naira gets devalued to say 1000, cost of items will just increase, people will adjust, Labor will cry for increase in minimum wage and then there will simply be price adjustments and still no industries built.

So, if goverment wants that your sole distributor guy to build a factory, just tell him that in 2021 june, there will be a ban on the importation of that his product, only then will he consider building a factory, that is even if he does not go and look for another product to import

Theconglomerate:
There is a difference between devaluation and depreciation.
Outright devaluation brings investor confidence.
If I come and invest in Nigeria because naira has depreciated to 500 and all my calculations for my investments are based on that 500 and after doing my investments it comes and appreciate to 250 nko?
Have I not just wasted money in investing in Nigeria.
As for your 160-420,go and check the naira corresponding GDP too and tell me whether it did not increase or not.
If it increased,that tells you Nigeria Nigeria hasn't devaluated enough and still needs to go down more.
When you hit satiety and the impossible import limit,that is when the magic happens.
As for companies importing raw materials and machinery,which do you think will make final product more expensive due to devaluation;
Importing finished products OR
Importing raw material and machinery(one off import)?

Cheap forex you say, but don't forget that same forex was 160 around 2014 and is not around 420 now in 2020. That is already a 162% increase, how much higher will then be considered a fair increase?
Also, do not forget that even in manufacturing, many of the machinery and raw materials have to be imported also

Theconglomerate:
Cheap forex.
Imports are so cheap because of CBN supplying cheap dollar forcefully to Nigerians.
If you float the Naira and make devalue naira officially to its true value to about N500/$,my brother you go see investments sotey you go shout!!
When you devalue a currency,you boost investor confidence because they will know there are no more surprises.this is one point.
Also,let's put you in Josien's shoes.
If you were josien and you are an importer but you have eye to start manufacturing those things you import in Nigeria,but you bring out your calculator and press and you find out that importing that product is cheaper than the cost of producing that same product in Nigeria,
Tell me will you build the factory or keep importing?

Let's not argue about the amount of another person's funds.
What then do you believe is his reason for not investing in manufacturing? Low forex price?

Theconglomerate:
I never said he has a $100m cash if this is the confusion.
I said he can liquidate or divert funds from JHL holdings to his new factory that can be up to $100m.
Josien is a very rich man that lagos knows so I wonder why we are arguing.

You sure say non be you be this Louis Vuitton Moet Hennessy's sole distributor??

Theconglomerate:
Louis Vuitton Moet Hennessy(LVMH) has its largest market for champagne worldwide in Nigeria and someone that has been their sole distributor for Nigeria for several years can't afford $100m because he isn't poor enough to be begging for capital on NSE and ahiboilandgas has concluded he can't afford the money because NSE says otherwise?
This is ridiculous I swear.

This scenario is confusing to me sir

emmanuelewumi:
Ololo was used by someone banks to manipulate their share price and make profits from the manipulation.

Barth Ebong the former CEO of Union Bank also approached Ololo to assist him manage and defend the stock price of Union Bank , when the ambitious young guys managing Access Bank wanted a hostile takeover of Union Bank by mopping up the shares on the floor of the exchange.

If the foundation is faulty, there is nothing the righteous can do. That was what happened to Ololo and his over N100 billion debts

If I was a bank manager also, I will not also give loan. Not in a country where people see loan as their own share of the national cake and not something they are supposed to repay.

ahiboilandgas:
how many Nigeria banks that can give 5bn naira for medium scale companies? Ask u self ...they rather loan to kogi state at 27 percent and collect it with irrevocable payments orders...or loan to 10000 civil servants at 250k each at 27 percents paid in 24 months and zero monitorium

Thanks a lot.

I like the way you have responded. You are otherwise saying, except one is not interested in doing this, there is not excuse not to be able to do because there are many options available.

freeman67:
There are lots of options there. They gave about 7 banks you can transfer, about 12 placement agents you can contact for enquiries on means of payment and 3 Financial Advisers' to the Sukuk 3.

Yes you can go to the bank and transfer of you do not do mobile/web transfer or if the amount you wish to transfer is more than what you can do on the internet.

Apart from the three options available on lotus capital to complete the payment, can one go to the bank to do a transfer?

Nakedman:
That's the summary. It's backed by the Federal Government with bullet payment upon maturity.

I remember your experience, it may even have been you that wrote the article I am making reference to. I know I read something like that somewhere that cleared out some general misconceptions.

Barrytone:
Am a landlord that don't need tenants for now, let me rest my head a bit after that December police saga. I really hot shocked reading the experience of a landlord here today. This I have been shouting when the only diversification of investment was property. It might work for others but never for me. "Man know thyself". My December experience also taught me a lesson I never knew which I shared here. A tenant whose rent has expired doesn't deserve a quit notice. Such tenants get 7 days notice of repossession of your property. He seizes to be a tenant at expiration of rent and becomes illegal occupant. Approach a court a ask for permission to posses your property. Evict him in 7 days or there about. Tenants quit notice is the receipt he got when he paid for the premises which has a termination date. Which date again does he need. He knew when to quit from The onset. Quit notices are for tenants whose rents are still running. Am not a lawyer but lawyers learning this for the first time should quietly credit my account for the lectures.

@Xiaoli, Although I can't still remember where I saw that article, I am hoping it is not a WhatsApp broadcast, because that will make it difficult to track but if my memory is anything to trust then I think what read then is in line with what MR MC has written below about the 7 days grace rather the general perception that quit notice is the only way to evict an owing tenant. Also the general misconception that once you have a quit notice you can stay in a house free is also not true.

I really wish I find that article.

XiaoLi:
The whole thing is just tiring when somebody living in a house built with your hard earned money is dictating to you, please search and share at the bolded.

MrMcJay:
Has her present tenancy expired or it is yet to expire?

If the property is in Lagos and her tenancy is expired, she is not entitled to the statutory 6 months quit notice. All she's entitled to is 7 days Owner's Intention to recover premises.

Why does it seem like tenancy laws are made to protect tenants. I heard 2 landlords sharing notes and one thing they said that struck me was that having a tenant is like getting married, they are very gentle and humble when begging for the house, but once inside you see their true color.

I also think I have read somewhere that the quit notice law has two parts, but most people only know the part that favors the tenant, that it also protects the landlord but people just stop at the first part.
I'd have to search for it

XiaoLi:
Hmmm, at the bolded i am worried about this too but im keeping her 50k as damage fee but 50k is nothing compared to the equipments in the apartment, she might just decide to vandalize alot of things before moving out, na very wicked lady she be and have intimidated her husband to the extent that her husband have no say!

But seriously, why would she say things were stolen and yet no list of items stolen?
With that list AMD the would have tried to track where it happened. Whether in Canada or Nigeria. People shouldn't just throw blanket accusations.

Boyhood:
I thought this matter don settle?? Why resurrect am again?

A car that was driven from Lagos arrived at your house, entered your garage and even though you have not driven it since then, you say the transmission (gear system)is bad? The compressor also is bad?
Are you saying the driver did not drive with AC in the course of the journey?

Is the driver that delivered it on Nairaland so that we can ask him his experience on the road and with the car.

Codyella:
Oh really? Now you want to type? After you were reading my messages and ignoring them?

You told me that the battery is new. The car had rust on it and I did not want to go for it but because you assured me that the car had no issues and the battery was new, I went for it. Stating that I knew of the state of the battery is unethical cos its not possible for you to tell me that a car with rust had a dead battery and I will go for it. I'm not a spend thrift!

Car was delivered even without a drop of brake fluid and the oil was even at the tip of the stick with a rusted filter. Tell me, who does car service without putting those?!

You're clearly a fraud! I can't believe there was a time I defended you! I guess I got a taste of my own medicine and I hereby apologise to those guys I doubted.

MPR is now 12.5%, what are the implications?
[quote author=emmanuelewumi post=90057231][/quote]

Naira. I think some has shared the link.

XiaoLi:
You mean 1M$? Is it a $ denominated investment, what is the interest rate

Lol... In short, na u go personally screen her. Questions like "if the family comes upon $1M, what will you do"?, If she start with "I wee travel round the world, change the cars of all our neighbors in the estate", We go know say this one go finish all the money in one year,
Anyway I know you know what to do.
Lol

Sholapey:
He should bring her here for we the iyaoko to test drive her.

Yes. Offer and yield of 5 &6,,%

emmanuelewumi:
At 6%

MTN has something currently with 1M as minimum, I have a mail from afrinvest to that effect.

XiaoLi:
I think It depends on how much you want to invest? I currently have commercial paper with FBN quest, you can contact them to inquire the minimum amount they will accept as i don't know if this investment porfolio is available for small investors. You can also do sovereign eurobond. This is the message i received from FBN quest"Hello ..,There are 11 Sovereign Eurobond options with different maturities and yields. Yields may vary from as low 3.5% to possibly as high as 6.5% or even more depending on the Bond price and maturity" better you contact FBN quest but i'm sure they will have something for you.

Wow... And you are here thinking investment, lucky you to start early.

Make sure you marry someone with similar investment mentality and not those high maintenance slay queens otherwise you will find yourself liquidating all your investments one by one.

In short, before you marry, carry her come here for screening because I don't trust you, by the time they rub your head two times, you go release ATM password and account login details.

Grupo:
Hahaha. That was why I was asking if there were under 30 guys here the other day.

Let me not lie, in 2,000, I was in primary 3. Hahaha.