creativehubb:

Every government in the world put in deliberate measures to protect it's currency and economy. Using too much naira(resources) to buy few dollars is a huge capital flight and loss of our national wealth. Government must ban the usage of dollars inside Nigeria, force all embassies to collect naira as payment for embassy fees, and force nations that we buy from to collect naira, or we form a trade group where we pay for goods with local currency. It is a shame how we allow dollar and america rip us off.

Baba we no get the stands for now... We practically borrow to run this sham we call government, so how do you now dictate to countries that borrow you money

Wee on a long ride ojere

ezugegere:
So all these tankers that won't allow someone to see road along Apapa-Oshodi express way, is it lagoon water they're going to fetch?

creativehubb:

Some products like whiskey, cigars, luxury cars, private jets, expensive body creams, perfume, luxury items in general, government can ban some or put heavy import duties on them, to discourage it's import...we should approach foreign producers to start off manufacturing plants in Nigeria. Critical times call for critical measures. We are looking for how to solve the currency crises, you are talking nonsense.

So d show no dey favour u and ur family again. Wonders of d century

BoldBrainz:


Omoh, nairaland is not for me abeg! I'm so over all of this right now.

😁 Welcome to Nairaland.... world of wonder's.

E go favour me and my family!
Amin Aseeeeeeeeee!!!!!!!!!!

Anybody supporting this Government is a hypocrite. TINUBU has failed woefully!

Refinery is Just the solution to all this problems... refinery alone can solve 70% if nigeria problems..I don tire for this country

creativehubb:
Government should impose import ceilings on goods we don't really need, we must drastically reduce our imports. If we don't demand dollars, it's value will drop. QED.

This is the petrodollar that Russia and the rest are fighting against.
Instead of using gold to back currency, they use dollars.

Which is why America uses it as a weapon against any country they don't like.
Other countries work hard and produce,
America just print money

Too bad for an oil producing country.
That's more than £0.5 /Litre on landing fees ?

CodeTemplar:
...or better still, heavily tax those goods to discourage demand and thus need for dollar by every trader.

You don't import, Customs don't make money
Even the ones they remit and the ones they don't remit.
Transporters go out of work

mrvitalis:

"If we stabilize power supply "

Nigerians are too poor for constant power supply... Anyone who can afford constant power supply have it... It's just fact that you guys don't want to accept

Average Nigeria needs to pay $100 monthly per house for us to have power 24/7


Fuel would sale for 1000 there is nothing anyone can do about it ... You need about $100 to fuel your car monthly

The issue should be focusing on your people earning more than focusing on the impossible of reducing cost

A typical APC SUPPORTER

SEE HOW EVIL THEY ARE

Just appointing a new CBN governor will not solve this dollars rising issue...the CBN governor cannot do it alone.. the president and other people in power must be involved...to solve this dollars rising issues nigeria must be a producing economy.. industrialized country... where we produce and export inorder to earn foreign currency, dollars...in nigeria we import too much which makes the demand for dollars to imporrt to be high which is causing the dollrs to be rising everyday and the naira to lose value...the solution is more exportation and less of importation..our refineries should work, ajaokuta steel company should work..this national assets can generate a lot of revenue in dollars, foreign currencies to nigeria and strengthen the naira against the dollars... simple

creativehubb:

Some products like whiskey, cigars, luxury cars, private jets, expensive body creams, perfume, luxury items in general, government can ban some or put heavy import duties on them, to discourage it's import...we should approach foreign producers to start off manufacturing plants in Nigeria. Critical times call for critical measures. We are looking for how to solve the currency crises, you are talking nonsense.

they can refuse to start producing in Nigeria because of instability in all sectors , again will heavy duty solve the problem ?
The problem in Nigeria is corruption and incompetences in governance, otherwise fixing our refineries should not be an impossible task, after all Dangote built one from the scratch, then why can't a country fix it's refinery . Spending billions on staff that don't refine any product.

Amonijosh1:
why cant we produce petroleum product with all the crude we claim to have in this country
we only sabi share excess crude reserve

I grew up in Nigeria in the late 70's to mid-80s. When I was growing Nigeria was a very beautiful Country lack of electricity wasn't an issue. I attended public school in Ibadan. education wasn't an issue back then. The Northernization of the whole country has been an issue that has plagued that country. Destroy education in a country and you might as well kill off that country. In the North education wasn't all that important but in the south education was considered a stepping stone to prosperity in life. Successive Heads of State from the North never attached any importance to education all one needs to do is go back and look at the list of who they have appointed in their cabinets for education. Now the whole country is falling apart maybe it is time for a divorce. Ask yourself one question why is it that the Northern part of the country seems to by an outlier when it comes to keeping Nigeria in its current form? The South South, South West, South East Middle Belts all calling for something different. Maybe it is because they are the only ones benefiting from the current setup.

Which way Nigeria ? This Govt must wake up oo... our problems seem bigger than what they assumed

Exactly what is done in several other countries.

creativehubb:

Every government in the world put in deliberate measures to protect it's currency and economy. Using too much naira(resources) to buy few dollars is a huge capital flight and loss of our national wealth. Government must ban the usage of dollars inside Nigeria, force all embassies to collect naira as payment for embassy fees, and force nations that we buy from to collect naira, or we form a trade group where we pay for goods with local currency. It is a shame how we allow dollar and america rip us off.

osazsky:
do they put on d gen for 24hrs..the guy said d thruth oga we are too poor to afford 24 hrs supply of electricity

Haba. How dare you say we cannot afford to pay 24 hours of electricity? Haba.

Can you calculate how much you spend on Data every month? Little Me spends nothing less than 16K on data monthly. I do Airtell 40Gig which is 8000 monthly and it doesn't last till the end of the month. About 3weeks or thereabout and I do another making 16K per month. Not to talk of voice calls too. Not to talk of how much I spend to fuel Gen just to put on at night just to charge o

You were thinking like those who thought Nigerians cannot afford telephone and look at us now.

Nigerians will pay for power. As in we will pay if we get constant 247 electricity. Do you know the industrial revolution it will even cause? Do you know? Guess you don't know sha.

You think industrialised countries of the world have daku daji electricity like we have here?

Even small Ghana sef they get 247 electricity and they pay for it. It is Nigerians that won't pay?

Stop playing

SoNature:
If we can stabilize power supply, the demand for petrol and diesel will be significantly slashed.

Why is Tinubu not making efforts to build power stations across the country?

He's not even talking about it. Too busy with his certificate matter

It goes well beyond the current government. It's a long term failure of government across several decades and hard decisions eventually became inevitable no matter who is at the helm of affairs.

Joshchi19:
Anybody supporting this Government is a hypocrite. TINUBU has failed woefully!

mrvitalis:

"If we stabilize power supply "

Nigerians are too poor for constant power supply... Anyone who can afford constant power supply have it... It's just fact that you guys don't want to accept

Average Nigeria needs to pay $100 monthly per house for us to have power 24/7


Fuel would sale for 1000 there is nothing anyone can do about it ... You need about $100 to fuel your car monthly

The issue should be focusing on your people earning more than focusing on the impossible of reducing cost

Fact. But can u educate us on why?

ChronicGp:
It's still cheap, make e reach 1k no problem

And u will see some people still supporting and saying he knows what he is doing. Since he knows what he's doing no problem. Make fuel reach 2k we all dey inside

So, fuel scarcity is back. What a country.

What do u expect from a drug baron that became president with a fake certificate

Nothing is wrong with them. They only read nl news and suddenly, they are economist in their own right. Where are the alternatives? Dollar is not our problem. Same issue will arise if we trade in 💴, even Cedis.
We bring Nothing to the table except oil and it works when our population was medium size but we had quadruple our population in the last 70 years and by UN estimate, Nigeria will be 3rd most populous country by 2050. Trouble is loading.

BoldBrainz:


You cannot drastically reduce imports when you don't have locally produced alternatives to those import products you're cutting off.

Do you want to create chaos in a national dimension? What is even wrong with some of you?

SoNature:
If we can stabilize power supply, the demand for petrol and diesel will be significantly slashed.

Why is Tinubu not making efforts to build power stations across the country?

His guys have not fully positioned in that industry yet. Why do you think Elumelu bought the Ughelli Gas plant?

treesun:


https://punchng.com/depots-deserted-as-petrol-landing-cost-hits-n720-litre/

Shame of a Nation!

The only oil producing country without a refinery and importing. Our leaders have brought shame and odium to this country.

What's Mele Kyari doing as NNPC managing director. He is a square peg in a round hole. He lacks managerial ability to Head such a sensitive lifeline organization.

NNPC needs radical shake up. This is the only way it could perform. I don't understand why the oil sector is still spared of radical shake up.

The sector must be sanitized.

Good points especially with "Fuel, food, health care and education are the major drains on our FX right now" but you did not mention some of the most critical things that would ensure success in fixing those four areas.

We need to fix power (electricity) and we need to fix infrastructure (transportation/road network: vehicular - passenger, goods, services, rail - passenger, cargo, etc). The number of businesses - any scale - already brought on their knees or outright death by power and infrastructure issues in Nigeria are uncountable. We are suffering from decades of horrible decisions at the top. We were just playing politics and focusing on the minors. All the things we crave, for sustainable economic activities, rely heavily on more important sectors that we keep neglecting.

We are in deep shit.

BoldBrainz:


This is naivety speaking.

All those items you mentioned are luxuries whose imports don't even contribute up to 4 percent of the pressure on the FX market.

Why?
Those are items that are comfortably affordable to Nigerians that don't number up to 10 million, at this very instant. Taking them off the import list or taxing them heavily is going to have an infinitesimal effect on the current naira/dollar quagmire. And humans have a way of sourcing for things that are out of reach, even if they have to circumvent the system. The moment you raise taxes on those things or ban their importation, they automatically become twice as expensive as cocaine. Importers will put more money into smuggling them in, and those willing consumers will only be too happy to spend even more to acquire them. You have solved nothing.

You people keep prescribing paracetamol for acute malaria. Fuel, food, health care and education are the major drains on our FX right now. Fix the basic rots in those four places with local production, and you have automatically eased pressure on the naira by 50 percent. Those are the things every ordinary Nigerian sweats to afford. If those things are domestically produced in the right quantity and quality, importers will no longer make profits from bringing them in, cause people will opt for what is home and affordable.

creativehubb:
Government should impose import ceilings on goods we don't really need, we must drastically reduce our imports. If we don't demand dollars, it's value will drop. QED.

The same government that import fuel?
What other commodity supercedes oil importation?

Wat landing cost again.. ? Fix the refinaries and stop exporting crude oil for refining? Sufer no dey Taya una.? Na waooo. How can u take crude oil from Nigeria. Transport it abroad pay for refining den pay for transportation back to Nigeria. Wen we can refine it here.. Is dis not madness?

The same question goes to the past government..... .

SoNature:
If we can stabilize power supply, the demand for petrol and diesel will be significantly slashed.

Why is Tinubu not making efforts to build power stations across the country?

BoldBrainz:


Nigerians are not too poor to afford constant electricity. Homes and businesses run on petrol generators, if you provide that electricity, Nigerians won't need those generators and will channel those resources to paying light bills.

Create the stable electricity first. Don't put the cart before the horse.

e go better for you