₦airaland Forum

Kukutente23:
Wow. Is Nigeria starting to owe international investors again?

Kukutente23:
Wow. Is Nigeria starting to owe international investors again?

Bluntemperor:
Is that what the statements above is saying?
Sometimes the way we talk and do here on this Forum is so shallow and if you don't understand the context,just pass and let it be.Why should you spew rubbish on topics you don't understand,for this is not girls and boys or Marriage things,where everyone is a teacher!
-This is about International Trade-Importation of Goods and Services.
-It might be govt intentions Not to allow anything as they do in the Past 80s and 90s,where the govt then were Importing -Saw-Dust through the Port!
It could .
- Govt may also have a broader look at the huge amounts of bill, that your Former CBN governor - Emiefiele created that up till now,nobody knows their bills .i.e. Fictitious Money,just to Steal from the Treasury.
Since there is no Consequences on Corruption in Nigeria,the Consequences is that Funds for- basic things ( roads,water, education, health care, Lights Provision) are diverted to Dubai, London,etc..
It's not everything is Politics.

dustydee:
Good news. This means imports have reduced?

lexy2014:
he asked a simple question. in all you said, I dont see anywhere you answered his question. you are even done worse of what u are accusing him of

malali:
Why doesn't the government allow more private investors to set up refineries? We have many small-scale refineries costing between $30-50 million. Even if we don't export, they could meet local demand.

It could boost crude oil production if we license one in every state. We have fewer working refineries compared to crude oil production, unlike countries like Singapore, which don't produce oil but export refined products, contributing to 5-15% of their GDP.

Why not issue more refining licenses? Give one to each region, even the poorer northern states. This could create revenue and jobs locally.

Every region should have a refinery license to produce something valuable for the whole country. Instead of giving oil licenses to individuals, why not invest in the whole state's economy?

It's not fair to ask a whole state to farm when oil can bring in more revenue. Let's share the wealth more equitably and develop our nation together.

webizone:
You are still missing the mark. All states can't go into the oil business. That's like putting all the eggs in one basket. Not to mention the logistics of it all. It will only take one price hit on the open market to unravel. Every region in Nigeria can produce an industry that will rival oil production, fact.

What you should be saying is let government create an education endowment fund that is being funded by different industries Nigeria could develop. This fund and the institution that oversees it will be responsible in training the citizens in specializations that enable further wealth creation.
As a bonus, government will provide stipends as a form of welfare until people can stand on their own.

seunlayi:
Economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives

“Total Energy has gone to invest 6 billion dollars in Angola instead of Nigeria. If the truth must be stated, the present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.

“They know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously. If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in. We can be serious if we choose to be but we need to change from transactional leadership in government to transformational and genuine servant leadership,” OBJ said.

Bluntemperor:
You wouldn't see Importations mentioned there,in my writing ,but once is politics,boys and girls affairs,the food don land here be that.
What you see,the man is not asking questions,just open your mindset,biko!

Emeskhalifa:
Talk to us in Layman's term.

Are they talking about loan individuals collected from banks and loan apps or they are talking about the loan they collected from China and IMF?

Treadway:
nah

Letters of credit are guarantees provided by banks to big importers or other international business concerns. Basically it signals that your banks are not only strong enough to fund whatever the level of transaction the letter authorises, but also speaks to the strength of the businesses that use them, cos logically no sensible bank would guarantee a business that they are not certain can repay.

So what this report means is a cumulative depiction of how banks cannot foot the bills of much of the transactions in recent times esp when converted to FX equivalent, and also depicts that most businesses have stopped international trade/imports.

Treadway:
better framed as 'international trade has reduced'

AmericanIdiot:
Nigeria we hail thee🇬🇧
Useless country
God is not here

Augustenite:
The same way your papa useless wey him no fit born you in wealth.

Treadway:
better framed as 'international trade has reduced'

Emeskhalifa:
Talk to us in Layman's term.

Are they talking about loan individuals collected from banks and loan apps or they are talking about the loan they collected from China and IMF?

VanuatuWycombe:
No. It means Nigerian importers who import on ‘credit’ (who their banks assure the exporting manufacturers from abroad that such Nigerian importers will pay at a later date after which the goods have landed in Nigeria), have reduced in number.

It takes an importer to approach a commercial bank to write such letter after such importer might have filled some forms.

Ni commercial bank can write letter of credit on behalf of its customer, where such customer has not chosen to buy on credit.
The letter is just to show and assure the exporter that such Nigerian importer is credit worthy, and as such, the exporter should proceed with shipment and that the bank will handle all payment relating to such transactions on behalf of the its customer.

Where such decline exists, the doesn’t mean the economy is doing well or not doing well.

opeldavid:
Oga, it simply means the economy is not doing well, stop twisting it.

opeldavid:
Oga, it simply means the economy is not doing well, stop twisting it.