₦airaland Forum

dashpressmedia:
A Nigerian man, Remi, has claimed that ‘Olosho’ is a multimillion-naira industry in the Lekki area of Lagos State. 
“Olosho is actually a multimillion industry in Lekki. Please don't argue with me. You haven't seen what I have seen,” he wrote on social media

Why no foreign prostitutes in Nigeria?

Cause Nigerian prostitutes are cheaper & Naira is "weak." If a foreign prostitute travels to Abuja and does a transaction for N100k, that's less than $200

The conversation here is "How Importing and Exporting Impacts the Economy".

The average hourly rate in the US is $200 (don't ask how I know)

Weak Naira stops imports (the point)

Thus the way you protect the local business is to lower local transaction costs so foreign firms can't compete.

If it were $1 to N100, then more prostitutes would come to Abuja because N100k is $1000

"Strong" Naira encourages imports.

If you close the borders but $1 is N100, it solves nothing, foreign sellers will be attracted

Strong Naira subsidizes imports

If you devalue, then imports are expensive, thus local prostitutes will control the local market.

Keep in mind devaluation & revaluation are monetary means. They need investment in infrastructure like hotels to work.

Thus even if Naira is weak, if there are no hotels for local prostitutes, they cannot grow and employ more workers.

The best strategy is

1. build infrastructure, this lowers the cost of local business, and gives local players an advantage

2. Set your currency exchange rate to boost exports, thus weaker than the US dollars

3. Stop imports not with closed borders but by local cheaper alternatives

KEY TAKEAWAYS
- A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inflation and interest rates.
- A rising level of imports and a growing trade deficit can have a negative effect on a country's exchange rate. (The mess that Nigeria is in today).
- A weaker domestic currency stimulates exports and makes imports more expensive; conversely, a strong domestic. currency hampers exports and makes imports cheaper.
- Higher inflation can also impact exports by having a direct impact on input costs such as materials and labour.

References:
CFI
Kalu Aja

Copied!

Savedday2:
Sometimes am at lost when I see guys paying to knack kpekus wey we dey knack freely anyhow we want it.

jeromestarks:
For every 5 girls you see on the street of Lekki, 10 are olosho.

dashpressmedia:
Olosho is a multimillion industry in Lekki - Nigerian man claims


https://www.youtube.com/watch?v=K9TPjcHZCfs?si=FAMXPzPggBAX21Xn

A Nigerian man, Remi, has claimed that ‘Olosho’ is a multimillion-naira industry in the Lekki area of Lagos State. 
 
“Olosho is actually a multimillion industry in Lekki. Please don't argue with me. You haven't seen what I have seen,” he wrote on social media  

#dashpressmedia