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..

Winnersunited:
Must you insult others, so you are the only educated one while others are illiterates.

. I am sorry but I really cannot stand unintelligent comments. I cannot stand people engaging me who are either so blinded by dogma they post like uneducated people. I can respect your opposition, we don’t have to agree but post with intelligence.

Even I, who intend to vote for Tinubu have admitted many times that he is a flawed man but I will tell you the others are more flawed on the issues that matter to me I.e capacity to govern and track record…which is the logic behind my decision to vote for him.

When I see a post that I cannot defend, I keep quiet instead of defending the indefensible and coming across as an unintelligent poorly educated, ignorant person like most Obidients do!!!

There is a point when you defend at all costs and the issue is no longer about your candidate but you!!!!! How can anyone claiming to be educated come here trying to call me out on the word “ insist”and say you will insist an independent body does something and it doesn’t occur to you you’ve just made a fool of yourself? Sometimes when your candidate goofs (they all do) it’s better to just keep quiet instead of giving the issue more airtime and looking even more stupid!!!

Perfectbeing:
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.

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.

Perfectbeing:
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?

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

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.

Nigeria should be importing rice rather than grow it? Who told you Nigeria cannot grow enough rice to satisfy local demand and still have a whole lot to export?
What is premium rice? Are those countries growing their own rice in the sky? How is it bragging when you are able to produce what you eat ?

general111:
I dont know anything about this but inlove the way it sounds

These are the kind of people supporting Obi, empty heads who know nothing about how to improve an economy.

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.

Imagine people!!!! And you will be shouting that you want a better country! If I check well I find out that an empty brain like you is supporting PO

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..

socialmediaman:
That's the right thing to do.

Don't restrict them, tax imports higher, and invest the money from the tax on local production

That's what any sane government will do!

Vote Wisely and Hold Peter Obi Accountable. Yes We Can

I was tempted to call you names but I want to ask you a question before I conclude if to praise you or not. Kindly explain to us the different between the debt owned by American government and the debt of Nigerian government?

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.

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?

NOETHNICITY:
These are the kind of people supporting Obi, empty heads who know nothing about how to improve an economy.

So everyone has to understand economic terms to intelligent abi??
You sound like the one who is empty..
Abeg shift

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.

Perfectbeing:
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?

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

FreeStuffsNG:
Typical container economy ideology.smh.

I am not surprised at all. Someone already predicted this about HE Obi because Obi needs to keep importing foreign goods for his import business and supermarkets.


Little wonder he has nothing tangible to use to campaign for his 8 years in office as Anambra governor.


For the uncouth Igbo youths defending container economy,please go and look at the export side, if you see the export side of non-oil sector of Nigeria and where they come from in Nigeria ehn, you will never consider Igbo container economy as progress and never wish Igbo continues to be a dumping ground.

Check our foreign direct investments(FDI) too( screenshots of leading fdi states for both Q1 and Q2 2022 are below) and you will not see any SE states at the top 2 so these container economy is not it at all and not progress in the absence of FDI.

While SE is taking containers, Lagos,alone takes over 70% the FDI in billions! Apart from Anambra which is still very very low due to this container economy mentality and insecurity, all other SE states attracted zero fdi so far this year

Below is jiust the agricultural sector alone, watch cocoa from the SW and Sesame from the North with Jigawa the highest producer, doing multiple times the other agric ptoducts and bringing in forex into Nigeria and not destroying the environment or bringing in toxic contents.

I completely disagree with your suggestion that container economy is what Igboland needs.

Top priority for SE, and I agree with Prof. Soludo , is responsible parenting because most parents in Igboland have abandoned their responsibility of raising disciplined, respectful, educated and Godfearing patriotic children, these children currently litter the social media space for ipob terrorist group and jails in Nigeria and all over the world, followed by peace in Igboland un order to stop the shedding of blood of innocent patriotic Nigerians then investment especially from other tribes and foreigners so Igboland can attract investments and talents from other places like the SW does excellently.

Asiwaju Tinubu alone brought in multibillion dollars investment into Lagos and his successors built on it.
check my signature for free stuffs!

Typical urchin agbado analysis.. thinking they’re sounding smart without real life analysis.. E-blog , TikTok Exprience without ‘I-have-done-it exprience’ . You have no idea what CBN’s tools like: I&E, Form Q, Form A etal mean without Google.
Then you should not be talking. These tools are bleeding Naija forest reserves dry. Arbitrage is making Naija bankers, BDC and politrickians billionaires over night witjout adding any value.
We need a uniformed FX system where you can buy with your BVN, destination bank outside Naija. And you must pay duty to Customs for the exact amount within 6months. You’ll be barred from getting FX if you dont clear your duties customs and relevant agencies.

Perfectbeing:
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?

It will rather be "foolish" to compare a manufacturer that makes his products ie vehicles, plastics tanks, chairs etc and sells to the open market, government, private individuals, companies etc come to patronize him, to another person that is a career government contractor. Someone that has no financially sustainable business other than government paddy paddy deals.
Seems you are ignorant of how that works. See, before other people's eyes opened, Abiola was the only one chopping such big time deals, latter, people like nuel ojei, Arthur Eze etc in the early 80s entered the fold, later consolidated by getting oil blocks. In the 90s folks such as the late Hosa okumbo, orji kalu etc got in and by the late 90s early 2000 everybody had wisend up and all wanted to make easy money as gov contractors just as Abiola did, i inclusive.
You get a padded supply contract worth eg 10k, use 2k to execute it and share 8k with paddy paddy officials.
That I insist is not business acumen such as it is with Innoson.

ElSudani:


Nigeria should be importing rice rather than grow it? Who told you Nigeria cannot grow enough rice to satisfy local demand and still have a whole lot to export?
What is premium rice? Are those countries growing their own rice in the sky? How is it bragging when you are able to produce what you eat ?

Nigeria's rice yeild per hectare stands at 5tones, Thailand yield per hectare goes over 17 tones.

The global rice index per hectare ranks Nigeria at number 68 out of 83.

https://www.indexmundi.com/agriculture/?commodity=milled-rice&graph=yield

Oga, we simply don't have a competitive edge in rice production. Invest same energy in cocoa, you will be world number 1. You get the point now?

KaluwisxPRO:


The forex being given to oil importers, medical importers, bureau the change is enough to carter for the whole Nigeria’s legit forex demand. Do you know the amount of forex banks are hoarding for speculative trades?

If banks are forced to sell to Ordinary Nigerians at N430 at a monthly cap of $1000 whoever needs more should source for it themselves.

There will be a whole lot less demand for black market forex.

Importers can never do with $1000/month. It makes no difference at all to their requirements. The situation will still be the same. And priority dictates that medical equipment and other items for manufacturing in nigeria, including educational materials should be top on the list.

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.

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:


Nigeria's rice yeild per hectare stands at 5tones, Thailand yield per hectare goes over 17 tones.

The global rice index per hectare ranks Nigeria at number 68 out of 83.

https://www.indexmundi.com/agriculture/?commodity=milled-rice&graph=yield

Oga, we simply don't have a competitive edge in rice production. Invest same energy in cocoa, you will be world number 1. You get the point now?

The yeild per hectare is mostly due to the use of Fertilizer, nothing else. Do Nigerian farmers have the same access to Fertilizer and other equipments as their Thai counterparts?
Do you eat cocoa on a daily basis? The Chinese are leading producers of a lot of food crops like rice, wheat, maize, soya beans etc, mostly for domestic consumption, is that a bad thing?
Your argument doesn't hold water at all. Food production is not always for export purposes.
If your weather and land is suitable what competitive advantage are you looking for, we are not talking about growing apples here.
As a matter of fact, being able to feed yourself is a matter of national security.

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.

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.

ElSudani:


The yeild per hectare is mostly due to the use of Fertilizer, nothing else. Do Nigerian farmers have the same access to Fertilizer and other equipments as their Thai counterparts?
Do you eat cocoa on a daily basis? The Chinese are leading producers of a lot of food crops like rice, wheat, maize, soya beans etc, mostly for domestic consumption, is that a bad thing?
Your argument doesn't hold water at all. Food production is not always for export purposes.
If your weather and land is suitable what competitive advantage are you looking for, we are not talking about growing apples here.

That's a simplistic take if it was all about fertilizer. In crop production you have various factors such as ecology, soil type, weather etc.. China for instance can't produce cassava with all the fertilizers in the world my friend.

I took my time to give an overview of the concept of global trade. Importing rice and exporting cocoa balances trade deficit. With all the saving you made on rice import why is USD going over 730? The answer is simple, trade deficit. Importing rice was never the problem but rather our lack of export.

Barryseal:

That's a simplistic take if it was all about fertilizer. In crop production you have various factors such as ecology, soil type, weather etc.. China for instance can't produce cassava with all the fertilizers in the world my friend.

I took my time to give an overview of the concept of global trade. Importing rice and exporting cocoa balances trade deficit. With all the saving you made on rice import why is USD going over 730? The answer is simple, trade deficit. Importing rice was never the problem but rather our lack of export.

China produces more than six million tonnes of cassava every year. That is not bad for a country that doesn't eat cassava as much as we do. I did mention weather and soil if you care to read my reply to you.
Rice is a staple in the Chinese diet and they produce it more than any other country in the world. If Nigerians want to eat rice as well and they have the weather and the soil to support it the smart thing to do is to grow it themselves, unless you are trying to tell me rice cannot be successfully grown in Nigeria. That of course will be a lie.

Perfectbeing:
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.

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.

Eniitankorede:




Importers can never do with $1000/month. It makes no difference at all to their requirements. The situation will still be the same. And priority dictates that medical equipment and other items for manufacturing in nigeria, including educational materials should be top on the list.

Kerosene and Diesel are not being subsidized, but are people buying them or not…? If there are people buying Kerosene without subsidy, then those who needs petrol can equally afford it without subsidy.


Giving none existing marketers usd at subsidized prices is just another form of enriching a few at the detriment of the whole country. Demand and supply of Petrol should be the only thing dictating how much it is sold, not govt fixing a price.


Those who wants to import from abroad should source for more USD themselves however they can if they cannot do with $1k monthly cap. Millions of Nigerians don’t even need up to $1k monthly to do their small scale imports.

Perfectbeing:
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..

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?

KaluwisxPRO:


Kerosene and Diesel are not being subsidized, but are people buying them or not…? If there are people buying Kerosene without subsidy, then those who needs petrol can equally afford it without subsidy.


Giving none existing marketers usd at subsidized prices is just another form of enriching a few at the detriment of the whole country. Demand and supply of Petrol should be the only thing dictating how much it is sold, not govt fixing a price.

NNPC is the only sole importer of petroleum products. It was during Jonathan era that every crook was importing or stealing our money.

This is less than one-chance, this is half-chance. No import restriction? Alright, keep your dangerous ambition to yourself oo. Without import restriction we will be nothing but a vulnerable country as all kinds of business e.g drugs can flow anyhow.

ElSudani:


China produces more than six million tonnes of cassava every year. That is not bad for a country that doesn't eat cassava as much as we do. I did mention weather and soil if you care to read my reply to you.
Rice is a staple in the Chinese diet and they produce it more than any other country in the world. If Nigerians want to eat rice as well and they have the weather and the soil to support it the smart thing to do is to grow it themselves, unless you are trying to tell me rice cannot be successfully grown in Nigeria. That of course will be a lie.

You are wrong. Nigeria even with non mechanized farming is number one in cassava production. On the other hand, our government has invested so much into rice with only negative result. It Nigeria would export cassava and other crops we easily produce and in return import rice and wheat without import duty, it's a win win for the Nigerian people.