₦airaland Forum

tctrills:
China was very very poor because they locked their economy. The moment they opened their economy to the world, they took over 600 million people out of poverty. Please do your research.
Japan also locked their economy in the nineteenth century we know the result.
I am not blindly supporting Obi. I have always advocated a free market economy. I have even debated it here on Nairaland in the past.

You got it all wrong bro. China locked her economy and the Chinese Government started investing in local production. They reversed engineered the products of the Europeans. The Government forced people to manufacture things in China. This whole process took 30 years. 30 years of suffering till they eventually got it right. It was after they got it right that China decided to open back their economy to the world. By then they've gotten a cheaper way to make European products and the world was ready for them.
So yes, China was poor when her economy was locked. But it was during those poor times they revamped her economy and became a power house.
Same happened to Japan.

So my bro, you didn't really do your research very well. The 600 million people that came after China opened her economy were the ones the Chinese Government forced to produce locally till they got it right. China suffered before they became where they are. I'm sure most of them insulted the President the way we insulted Buhari when he banned rice. But those 600 million people that went out of poverty after the economy was open will thank the Government for what they did. Same with the rice farmers that are now millionaires.

The current Nigeria doesn't need to open import restrictions. It will cause more harm than any good.

Peter Obi was wrong there whether you like it or not.

tctrills:
Good you brought up rice. When Buhari ban the import of rice, the price of rice almost tripled. It only brought suffering to everyone.
Since the time of Jonathan till now, the federal and state governments have invested more into rice than any other crop. It has only made Nigerians poorer and weakened out economy.
We ban the importation of cement and now the Nigerian people pay a much higher price for cement than most countries in Africa while only few benefit. When would we learn.

Rice was taking a toll on Nigeria import. Nigeria could not afford it hence Buhari banned it's importation.
Yes, the price of rice increased. But Nigerian rice farmers became millionaires overnight.
Increase in price of rice is a small price to pay for Nigeria being self sufficient in rice production. Increase in price of rice is a small price to pay for Nigeria becoming millionaires from rice farming.

Let me go further.
When fuel subsidy is completely removed (which Peter Obi supports), price of fuel will become over N400. But it would help the economy in the long run. Currently Nigeria budget on fuel subsidy is more than education and infrastructures combined.
If subsidy is being put in those areas, would the increase in fuel price not be a small price to pay for quality education and good infrastructures? Would Would the fact that the refineries (both public and private) are making profits and paying their workers good salaries not be a good thing? Would you keep dwelling on the fact that fuel is selling for N450 instead of accepting the fact that roads and education is now better and that more people are employed?

Let me also go further.
The Ajaokuta Steel company, when completed would produce more expensive steel than what we import (most Nigerians don't know this). This is due to the fact that the steel company employs an old model, more expensive ways of refining steel. Better, efficient and cheaper ways of refining steel are now in place. In essence imported steel would be more cheaper than the steel Ajaokuta will be producing.
Should that stop the Government from banning (or drastically increasing steel import duties) steel when the industry is completed and working?? Hell no!
When Ajaokuta steel company starts working, thousands of people will be employed both directly and indirectly. Manufacturing companies would start springing up like mushrooms. Engineering students would start working in these companies and they would get paid.
Yes, price of steel products will increase. But that's just a small part of the picture. The big picture would be that Nigeria produces steel and thousands of people would be employed.

Learn to look to the big picture of things if not you'll be a perpetual complainer till you die.

Lovenorth:
How is that got to do with solving the problems of the people of Nigeria, this government is truly a sadistic godforsaken government, and my only worry is that Tinubu said he would continue from where Buhari will stop if elected, that's why we need to work very hard to oust this terrorists infested administration

Christ in Heaven!! You guys are really cursed!! Damn!!

You guys insulted Nigeria when it was said her water ways was the most insecured. Fast forward to today, you guys are still complaining that Nigeria water ways haven't been attacked since last year..

The same way you guys will insult Nigeria when you hear Nigeria haven't had any attack from terrorists and bandits. You'll still foolish ask how that solve the problem of Nigeria.

Slowpoke

tctrills:
Do you know why the iphone is produced in China? All components of the iphone come in to China duty free.
The chips come in from south Korea and Taiwan, the precision equipment comes in from Germany. The design comes from the US.
The batteries run on Cobalt from Congo. All these come in duty free.

Those were the import goods needed to boost China's production which even Nigeria does today. When Buhari locked rice import, it didn't affect fertilisers, agricultural implements, viable seeds.

Peter Obi said he will remove all import restrictions. Meaning even rice, Cassandra, fertilizers, sugar etc that we're now producing will be affected.. Nigeria will become a dumping ground for everything.

tctrills:
It doesn't matter, we are number 1 in cassava in the world.

A woman makes over N5 billion yearly from cassava alone every year.

tctrills:
You use funny words, dumping ground. Actually China was literally the worlds dumping ground less than 8 years ago. Waste and refuse from Europe and America used to be exported to china.

But then, Nigeria always had import duties. How did it grow our industries. We currently have more failed industry than anywhere in Africa.
You don't need to go to China for examples we here in Nigeria have import duties and we see it has not grown our industries.

China locked her economy for 30 years. Today China is competing with America for World power.

Guy, don't try to justify what PO said. Deep down you know he floped with that statement.

babzo:
I am happy for you, happy for him and happy for the family.

But not happy for Nigeria. This is just unbelievable.

A country with over 1 million soldiers, policemen, paramilitary, government funded security men, billions of dollars spent on security every year, billions spent on CCTV, NIN, etc and all this keeps happening.

America spend over $750 billion on defense. Yet a 14 years old boy will carry gun, enter inside school and shoot over 21 persons.

America with CCTV, citizen database, millions of soldiers, policemen, FBI, CIA couldn't stop a Nigerian man for robbing after 68 times.

tctrills:
Not really, we have been producing Agbado and cassava for more than 100 years now and things keep getting worse.

We've not produced to the extent Tinubu envisioned.

tctrills:
Actually, China has some of the biggest free trade zones in the world. Most of their industries are in the free trade zones. Also, China has multiple free trade agreements with many nations. Infact China would love to have free trade agreements with every single country.

Did China became where they are today by opening up her borders as a dumping ground for the world?

Kasssandra:
And what is his superior economy plan?

Especially as he is a member of a party that has made a hash of the economy in the last 8 years?

Producing agbado and cassava is much more better than removing import restrictions.

Tomorrow when Dangote and other foreign investors will choose Lagos to invest in, some scallywags will say it's because of seaport and that Lagos has been capital for 200 years.

tctrills:
We need both. We can't do without both. The iPhone is not produced in the US.

IPhone is produced in China. Did China restricted their import before dem dey where dem dey now?

Eriokanmi:
I differ cos I'm an exporter. You can only be in our shoes to understand this man's policies. Otherwise, it would just be like someone talking jargon to you.

You can only understand him because there are restrictions to import. Without the restriction you'd only be an importer. You'd dump your export trade.

tctrills:
You are so wrong. Let me reverse your question. If you are Apple and you want to set up an Iphone factory in Africa. Would you prefer a country we zero import duties, where you can bring in parts, tools, machinery and other needful things without cost. Or would you choose a country where your production cost would be increased by import duties?

Answer my question first. As a Nigerian would you produce or you'd import?

dyera:
The double exchange rate that makes life difficult for importers of manufactured goods also makes life difficult for importers of fertilizers and raw materials.

It doesn't matter if there's only one exchange rate or 10.. So long as our forex earning isn't increased, the exchange rate will still increase.
Before the double exchange rate in the 80s, Naira was still going down. The double exchange rate only made the official rate reduction slower.

If Obi singularize the exchange rate while increasing import, the effect would be so catastrophic. The singular exchange rate will do die that people would start doing local trade with dollars because naira will become valueless.

Eriokanmi:
Did you read the export side of the story? Read again

The export will be dead or non existent because whatever it is you want to produce for export, others will import it into Nigeria.

You just have to admit, Peter Obi goofed there big time.

Pakute:
Solve the lingering insecurity and watch Nigeria become the biggest Agriculture hub in Africa. If our farmers could be safe in farms, best believe, we can feed west Africa sufficiently.
But the dumb idea of Obi removing import restrictions is the quickest route to killing our economy, ironically, he was talking about the policy of moving from consumption to production. He doesn't come off as someone who knows his economics, obviously a gibberish a container economist would say. And if you sure sound like one of such pepper sellers who easily gets carried away by bogus & disastrous theories.

If after solving insecurity and Farmers still don't see how profitable farming is, people still won't farm.
Today, even thought Nigeria is more insecure than ever, rice production has increased so much that Nigeria is now the biggest producer of rice in Africa.

Why is that? Because rice farming is now more lucrative despite the insecurity and high rice price.

Barryseal:
What is the demand for Nigerian rice outside this shores? How much foreign exchange have we gotten for this rice we are number 1 now according to you? Will USA import low quality rice from Nigeria at a higher cost than the premium product they get from Brazil, India or Thailand at cheaper rate?

Do you know those millionaire rice farmers could have better served our economy if they were encouraged to produce ground nut, maize, cocoa, palm fruits, cassava, millet, instead of rice.

We have a competitive edge in these products than rice. Instead we crippled our purchasing power to lust after rice just for bragging rights.
Are we not better served importing rice and exporting 6 other cash crops to shore up our trade deficit?
I'm tired of black people and their reasoning to be honest.

Don't be slow..
Rice is the most consumed staple food in Nigeria.
With importation, we were enriching Brazil, Thailand, India and Chinese farmers while making ours poorer.
Even though we don't export it out, it still helped our economy in more than one ways. It enriched our local farmers and almost money needed to import rice is now being used for other things.

And who told you miller, cassava, groundnut, maize cocoa etc weren't improved on.

Check the top 10 agro export from Nigeria.

You should be tired of yourself too.. Black monkey.

dyera:
The double exchange rate that makes life difficult for importers of manufactured goods also makes life difficult for importers of fertilizers and raw materials.

Local production of fertiliser increased thanks to Dangote and Bua and other small scale producers.
Dangote and Bua reduced unemployment by employing thousands of Nigerians in his fertiliser plants. That is how to grow an economy.

Removing import restriction will end Nigeria local production in at most two years.

nedekid:
So how come Abiola was not a sucessful businessesman as a Glasgow trained accountant, but rather a government contractor that got his billions through sharp deals with his military collaborator paddies. Then from the billions set up so called businesses that were sustained through his cash inputs from his regular paddy paddy deals.
Show any one Abiola owned business that survived after his lack of government patronage and his later death. Abi how come his family claims he was owed billions by the state? No be contract?
There was nothing superbly smart about Abiola as a businessman other than he had good interpersonal skills, an extrovert that mixed with the powers that be and took good advantage of that to get sweet deals.
Abeg, use others to explain financial skills not Abiola. (God bless his soul).
https://www.washingtonpost.com/archive/politics/1980/08/17/itt-allegedly-spent-millions-to-obtain-contracts-in-nigeria/e44ffce6-2b75-4fd8-bd7a-c1005cb15713/

Don't be foolish. Innocent Chukwuma is a big businessman whose major customers is the federal and State Government. Should be now say he's not a smart businessman then?

Kasssandra:
And you know what that means...higher prices for most imports...including consumer electronics, tokumbo cars, and a host of other things.

Even higher prices for many things produced at home because they rely on imported componets and machinery to be produced.

At the end, you will complain and weep. Inflation will rise.



(No, I don't support Tinubu either, and the fact that he has no plan out is even more proof not to vote APC. )

Even if Tinubu brings out a more superior economic plan (of which producing agbado and cassava is one of them) you'd still not support him.

udeh3:
Yet, during his time as a governor, he Peter Obi patronized Nigerian made products. He was the first to buy 1000 units of Innoson motors. Go and verify. The government of today, how many of the indigenous car production company are they patronizing?

You guys always should go and verify, go and verify but when it comes to verifying, you guys are empty.

Who told you the the Government of today don't patronise indigenous car companies?

Even Innocent Chukwuma himself said FG under Buhari is his biggest Customer. Almost all new FRSC cars are Innoson. Go to the airport, virtually all new FAAN and NAMA cars are Innoson motors. Go and verify.

You guys will jus open your mouth waaaa..

descarado:
In a layman's term. Allow the market to regulate itself.

All things being equal, as long as we have the right amount of export to counter import,naira will bounce back under 2 yrs.

Export will never be able to counter import if importing things becomes too easy.

Let me ask you a question..

If you could produce a phone and you could also import to sell it for similar amount, which would you do? Consider the fact that you'd have to pay your workers and you'd also pay taxes and consider also the fact that you'd pay import duties.
Which would you do? Be honest with yourself..

Barryseal:
At what cost? Most Nigerians can't afford that local rice anymore as the price have quadrupled since the ban.

Rice increment is a small price to pay for getting to eat local rice.

Today Nigerians are still able to eat rice despite the increment.

You should be able to look at the end (the big pictire) and not just the beginning. Cheap rice was killing local rice farming.

Today, Nigeria is the biggest rice producer of rice in Africa. Millions of rice farmers are now richer compared to when rice was 9k. That is the big picture you should look at and not the price of rice.

ppogba:
The major mistake most literate Nigerians are making is that they are over- rating some of this aspirants and in fact most people in position of authority.
Take away PAs, SSA and the lots from most of them, you will discover how empty they are.

At the campaign period, a wise candidate will talk less especially if it has to do with the economy and security.

Truth is as an outsider a bit far from. the corridor of power, the more you look, the less you see. It is when you mount the saddle that you will know wosop.

That's how I was just shaking my head when I watched the video of when Peter Obi was saying how Nigeria can generation N1.3 trilion to give ASUU in one month. He was calculating how much oil Nigeria loses in one day. He started calculating how much Nigeria would make per day if those oil was being stolen.

The guy makes Nigeria problem looks easy to solve. In his mind when you're the President and you have full control over the police, military and finance of Nigeria, you would be able to solve every problem.

ppogba:
The major mistake most literate Nigerians are making is that they are over- rating some of this aspirants and in fact most people in position of authority.
Take away PAs, SSA and the lots from most of them, you will discover how empty they are.

At the campaign period, a wise candidate will talk less especially if it has to do with the economy and security.

Truth is as an outsider a bit far from. the corridor of power, the more you look, the less you see. It is when you mount the saddle that you will know wosop.

That's what I keep telling people.. Most people, especially the Obidients think that Nigeria will become an Eldorado if Peter Obi wins.
They think insecurity, kidnapping and banditry will stop.

Most of them think like children. I remember when I was a child. I use to think my father can stop every form of harm from happening to me. His presence alone makes me feel safe. But now that I'm older, I realize he's only human and he too can get harmed.

Nigerians need to grow up.

hegelian:
These are the right question ask him not turning everything to tribal and silly tantrums like people do.. He posed a good solution but with several holes to exploit.. The question should be how will he block those holes.. That is the whole point of interviewing contestants to help them formulate and think deeper that usual.. But here we just do silly jokes and tribal fights.. Thumbs up to you sir for asking the right questions

There's no whole to block there. That's like trying to block the cloud from bringing down rain.
If imports are restricted, the economy will go down in one year. Yes, things will become cheaper but people won't even have the money to buy the cheap things.

Peter Obi really goofed there. That is enough to stop every local manufacturer to stop supporting him. That's if they're wise enough.

seunmsg:
Once importation becomes free for all in a country that urgently needs to scale up local manufacturing, how do we then become a productive economy? Where will the forex for the payment of this unrestricted importation comes from? By the time this Obi guy is done with our economy, Naira will be exchanging for N10,000 to $1. Buhari would be a child’s play compared to this dunce they are packaging for us.

Guy, it is easy to know someone that just pour what what he crammed. Peter Obviously just poured out what he crammed. He's actually a dunce.

dyera:
That is where you are wrong. The current policy of Buhari will only help exporters especially of Agric product, it work against local production.

Peter Obi's proposed policy will make it easier for local manufacturers that need to import raw materials abroad.

Buhari was too dumb to realize that by blocking importers of goods, he is also blocking importers of raw materials for production.

Fool. When Buhari banned importation of rice, did he ban importation of fertilizers and agricultural equipments needed to farm rice?
Is Nigeria not the biggest producer of rice in Nigeria today?

Eriokanmi:
You're nothing but an olodo.

I'm an importer. I also export . Each time I'm paid in dollars on goods exported, I'd need to change the dollar to naira to pay salaries , sort overheads, etc. Then, depending on your capacity, you need to source loan to buy some materials needed to produce locally for export. In this case, the naira loan sourced would now be exchanged for dollar to buy those raw materials. I'd noq buy at black market or bdc rate. Invariably, there's no much gain when dollars are paid for goods sold overseas cos we're still going to get more dollars locally to buy materials overseas.

The problem I have with you urchins is, you're too emotional and most of you lack the right knowledge tackle pertinent issues. Liberate yourself please. Stop behaving like an illiterate.

Don't be foolish. If everyone finds it easy to import goods (eg rice) who would want to waste his time to own a rice farm?

hegelian:
That is the right thing to do sir.. I hope whoever win the election implement this.. Don't restrict import, instead tax it and use the tax to uplift local production from sme loan and real industrial loan and support.. It's really not recket science..

When there wasn't restriction on rice importation, how did local rice farmers faired in Nigeria?

socialmediaman:
Peter Obi has the least baggage out of all 3 major contenders if elected President. Vote wisely and hold him accountable

You foolish people think you'd be able to hold him accountable if he becomes President? Kids are what you guys are. Little kids.