₦airaland Forum

Factcheck0001:
your container economist analysis can't work for a country.

It could only work for individual or some group, no country will build its economy on it cos reliance on imported goods depreciates n devalues your currency and makes u at d mercy of others.

So importation is how u want to achieve from consumption to production?

Do you have issues comprehending basic English?

mrvitalis:
Do you know how a currency loses value?

Lets start from there

So many factors cause a currency to lose value. Debt itself can cause a currency to collapse.

In Nigeria’s case , inefficient spending and low revenue rates are why the Naira lost its value.

Tinubu increased the foreign reserves to $23 billion, yet if the government tries to strengthen the naira, the reserves will collapse again.

The same man who blamed Buhari for borrowing, is trying to borrow money now. The problem with Nigeria is incompetence

Ttalk:
You just want to justify container economy you practice in your region.

Your Obi supermarket depends on importation of junks into the country and you want naira to appreciate.

Are you expecting a fiat pronouncement that will make naira appreciate overnight?

Let your charity begin at home and first tell your Obi to embark on building a business that will produce products that Nigeria can buy and export, stop blaming the president for the problem caused majorly by your brothers

Mrvitalis has spoken the painful truth. There is absolutely nothing wrong in importation.

Any time Nigeria suffers an economic crisis, it has never been about imports. It is always about a drop in exports through a declining crude oil price.

The Naira should naturally depreciate when dollar inflows reduce. Rather than accept the depreciation of the Naira which would reduce the demand for imports and encourage exports, they prefer a ban on importation so as to prevent the currency from depreciation. Import bans have never reduced the demand for dollars. Protectionism has failed to industrialize the country.

Bluntemperor:
And what about the Huge Infrastructures the President has Embarked on ,in different Regions and you People - Pretend as if he has done Nothing - for this 2- yrs?
Or have you now agreed that President Tinubu is the NIGERIA President?

I am an Apc person and I will tell you the administration still have a long way to go.......it is just two years so no need being pessimistic about the administration

mrvitalis:
You just want to put your mouth on a topic way above your intellectual capacity

Normal normal.. Mr Vitalis is very good in economy analysis...

Na him tribalistic part dey sumaw but he is very good

grandstar:
Mrvitalis has spoken the painful truth. There is absolutely nothing wrong in importation.

Any time Nigeria suffers an economic crisis, it has never been about imports. It is always about a drop in exports through a declining crude oil price.

The Naira should naturally depreciate when dollar inflows reduce. Rather than accept the depreciation of the Naira which would reduce the demand for imports and encourage exports, they prefer a ban on importation so as to prevent the currency from depreciation. Import bans have never reduced the demand for dollars. Protectionism has failed to industrialize the country.

Of all oil producing countries, Nigeria has the highest poverty rate, the highest number of people living in poverty and the worst GDP per capita. Only war torn countries are similar to Nigeria.

At some point, farmers realize that with irrigation, they can plant year round. Why should a country like Nigeria depend on the price of crude oil for survival. This is plain incompetence.

Even in the Torah (old testament), Joseph the dreamer was able to manage Egypts wealth during the time of plenty enabling Pharaoh to manage the economy then. Yet, thousands of years later. The Nigerian government is foolishly blaming fluctuations in oil prices for its failures.

Come on man, this is ridiculous!!!

MrVitalis is somewhat right about Imports. There’s a need for strategy and not blanket solutions. Banning imports on food and textiles is wrong and detrimental to Nigerians. The government needs to think through their policies

mrvitalis:
So are we not saying the same thing?
Nigeria makes its difficult to import raw materials

Allow import of steel a raw materials so that metal works industry can spring up

Allow import of fabric so that garment Industry can spring up

Allow corn and maize import so our poultry can be competitive

Is that u guys read and refuse to understand?

I don't agree with the bolded. The reason is, fabric is basic needs of life and it should be locally produced to sustain basic needs.

If I am President, there shall be ban on okrika shoes, clothes and bags because we can produce all these if there is a thriving industry for these.

The reason Aba shoe making and dying gradually is because of importation of Chinese shoes, fabrics, bags etc.

forgiveness:
I don't agree with the bolded. The reason is, fabric is basic needs of life and it should be locally produced to sustain basic needs.

If I President, there shall ban on okrika shoes, clothes and bags because we can produce all these if there is a thriving industry for these.

The reason Aba shoe making and dying gradually is because of importation of Chinese shoes, fabrics, bags etc.

So why you ban it and we produce over priced dress and sell to ourselves like we have chicken today.. What exactly would you gain other than reducing the purchasing power of your population

Producing something is one thing
Producing something efficiently is another thing

To strike the nail on the head, what's killing the economy is import of finished goods and export of raw materials. Let's turn the table: import only raw materials; export only finished good, and in 20 years, Nigeria will be at the top.

dederocs:
But their export volume exceed their import volume...hence their balance of payments stay favorable... Nigeria imports way too much, the trend must be reversed...it's better we depend on ourselves, don't import much and export more.

Not true.
What we lack is discipline. You also need to consider what's called "comparative advantage" in economics. I give you what you don't have and in which i can do better, and you do the same to me. A country doesn't have to export most things to develop. No! There's so much corruption in the land. I've been to most parts of the EU countries. Many wish they had one quarter of what we had. They import much more than they export yet, their GDP is way higher than ours. You sourced for loans for developmental projects on which interests will be paid and eventually, you paid the capital from your foreign exchange earnings(e.g, crude). You got the loan and awarded contracts to your cronies and proxies at 3 times higher than the actual contract sum. Most parts of the jobs weren't done and the money ended in your pockets. By the time the loan was liquidated, nothing was left to move the country forward in all spheres. That's the way Nigeria is being run by the government of the day.

Visit Czech Republic, Hungary,Iceland, Poland, Ireland, and other poor eastern European countries. They call themselves poor but their GDP is way higher than ours. They import much more than they export.

When you vote the right candidate into power, someone who has no interest in dragging business with business owners but willing to create an enabling environment for businesses to thrive, Nigeria will experience true development. Only through this can we grow an export-driven economy. When last has the federal government looked into cocoa, cola, cotton,coffee and other agricultural produce? What of loans to local farmers. Bank of agriculture is gone moribund. Agric used to be our strength before the advent of oil. When they want to give out loan to farmers, they deliberately boycott BOA and give governors in every state to share. They'd eat 90% of it and the real farmers don't see anything.

Amazingly, these produce are even more needed now than ever, globally. We could see what PA Awo did with agricultural produce, the north was rich in cotton. Our steel was working. My grandpa's house was built with steel from ajaokuta back in the days when they first started, before it was shut down. There was a railway built up to itakpe , conveying ores. What has changed? The answer is simple...indiscipline cum corruption. Politicians would come to you, they tell you things they can't achieve in a decade and you can't ask questions. Someone came and said he built an entire city/state and you fell for his lies, maybe out of bigotry and you got stuck as he doesn't care about your existence now that he's in power . Who's to blame? The same person awarded contacts to his company he's operating by proxy but can you do anything?

In conclusion, being export driven is a panacea to every country's economic growth but not the actual factor affecting us as a nation. Even if you're the world largest exporter but your leaders lack discipline, those who export less will be better than you. New Zealand and Australia put together import 5 times more than what we import and export far less, yet they're much more developed with better GDP, why? You can answer that. With good leaders in place who truly means well for Nigeria, we will attain our full potentials but are you ready? Aren't you still blinded by tribalism or bigotry? In china, if you steal government or public funds,it's execution. Here, after a few media trials, they'd leave them alone and if they now join the ruling party, their sins are forgiven.

We're just suffering in the midst of plenty, needlessly. A prime minister of a developed nation was seen boarding a commercial plane last year cos his jet was not functional. Can tinubu do that? He had 3 private jets before becoming president. What if he channeled cost of 2 jets into agriculture in Lagos and employed people in his farms? How many manufacturing or thriving businesses does he have? These are the issues we deliberately set aside. See what they spent on building a VP's residence? Every leader just comes, eats and leaves without any meaningful programme in place. All we see is propaganda and lies. Had the 2bn USD spent on PHC refineries TAM, which has now been shut down, been channeled into agriculture, we won't be importing most of the agricultural needs in a few years to come rather, we'll be exporting them. It's a shame to note that Nigerian industries now import cassava starch because local suppliers can't meet up. Our leaders don't even feel ashamed of lying anymore cos they know you're still sleeping. Wake up!

dederocs:
We need more export less imports, exports must be more than imports in our balance of payments, this is how our naira can be in demand and become strong.

Production also helps a nation reduce or halt inflation...by putting the value/money into production we create more value and utilise our wealth efficiently by using it to create future wealth. Inflation is either caused by excessive spending on consumption (when there is too much money in circulation compared to the volume of production) or government policy (which can also be referred to as cost pull inflation)... example is the fuel subsidy removal which led to increase in prices of goods and services across board

Nations like America, UK export expertise, imperialism, they make trillions from Africa's resources etc, they have large manufacturing industries in Nigeria and across Africa, processing and reselling our raw materials to us, as finished products...so big nations export way more than they import...not to talk of weaponry etc they export, which are very expensive.

Black man and him mumu sense , if all countries behave like you and insist on only more exports who will buy those exports ? A free market should be a free market , that is why America is the greatest country in the world , it imports almost everything but still manufactures

Ttalk:
And Peter Obi is your concubine that makes you his advocate.

I only use him as a typical example of hypocrisy that has blinded the reasoning capacity of many that attack the president

The topic is beyond your intellectual capacity,so keep off before you continue your rabble rousing.

And you can't make sense without mentioning Peter Obi?

mrvitalis:
So why you ban it and we produce over priced dress and sell to ourselves like we have chicken today.. What exactly would you gain other than reducing the purchasing power of your population

Producing something is one thing
Producing something efficiently is another thing

We have our own textile industry before colonialist came to brainwash our head to believe foreign fabrics are better than our local fabrics.

We have to revert back to producing our own fabrics to make it attractive for not only our consumption but also for exportation.

What do you gain wearing cheap Okrika suit, shoes, etc when we can produce them in abundance in Aba?

Importation of okrika shoes, clothes, bags etc is destroying our shoe, bag, cloth industries in Aba, Kano etc. And as a result of these, creating unemployment which leads to high crime rate.

We must look inward and be innovative to develop industries for local consumption and exportation.

OOOKEWALE:
Your critique presents a compelling challenge to Nigeria's prevailing sentiment that imports are inherently harmful to the economy. You argue convincingly that the real economic killer isn't importation itself, but rather Nigeria's failure to develop robust export capabilities. When a country imposes import restrictions on goods it cannot competitively produce - like wheat, steel, or turkey - it simply forces citizens to pay higher prices for inferior local alternatives, effectively lowering living standards. This misguided protectionism is particularly evident in cases like Ajaokuta Steel, where Nigeria persists with import duties despite the facility's well-documented inefficiencies, thereby handicapping downstream industries that rely on affordable steel inputs.

The hypocrisy in Nigeria's trade policies becomes especially glaring in sectors like textiles. While the government imposes import duties on finished fabrics to "protect local industry," it simultaneously restricts cotton imports, driving up costs for domestic textile manufacturers in places like Aba. This contradictory approach prevents Nigerian producers from competing globally with textile powerhouses like Turkey or Bangladesh. You rightly point out that successful export nations understand a fundamental truth: to export finished goods competitively, a country often needs to import raw materials or components. The examples of China and Germany demonstrate how being import-dependent in certain sectors can actually fuel export growth in others.

Your argument suggests Nigeria needs a complete overhaul of its economic policy approach. Rather than blanket import restrictions, the government should implement targeted reforms - eliminating duties on goods Nigeria cannot produce efficiently while strategically supporting sectors with genuine competitive potential, like rice production. The current system, which often serves the interests of rent-seeking elites rather than the broader economy, reflects poor governance more than sound economic thinking. Your frustration with these policies is entirely justified, as they prioritize political expediency over the economic welfare of the nation and its citizens. The solution lies not in demonizing imports, but in developing coherent industrial strategies that recognize Nigeria's actual comparative advantages while participating smartly in global supply chains.

You read and understood, nice. mrvitalis you need buy this guy cold beer 🍻, plenty comments here na just to show face,

Tianamen1:
So many factors cause a currency to lose value. Debt itself can cause a currency to collapse.

In Nigeria’s case , inefficient spending and low revenue rates are why the Naira lost its value.

Tinubu increased the foreign reserves to $23 billion, yet if the government tries to strengthen the naira, the reserves will collapse again.

The same man who blamed Buhari for borrowing, is trying to borrow money now. The problem with Nigeria is incompetence

You tried hard to talk Nonsense.
Your last Statement - is in question?
Where and when did Tinubu ever blame Buhari for Spending Or eh like say - hate and bitterness, never leave your mind.

Sibrah:
does abok1 produce radios and flashlights

Let the heedeeot roam abeg

Sibrah:
You are going in circles trying to avoid our overall lack of competitive edge in anything. Only things the world hasnt showed interest in, like cassava and yam, are things we top production charts of and appear to be competitive in.

My response is meant for people versed in Competive Advantage, Comparative Advantage, Balance of Trade and Protectionism.

Bluntemperor:
You tried hard to talk Nonsense.
Your last Statement - is in question?
Where and when did Tinubu ever blame Buhari for Spending Or eh like say - hate and bitterness, never leave your mind.

What are you even talking about? Nigerians are always sentimental. Everything must be viewed through political lenses. Lots of people blame Buhari for this mess. That's my point. Tinubu does not have to personally say it himself to benefit.

forgiveness:
We have our own textile industry before colonialist came to brainwash our head to believe foreign fabrics are better than our local fabrics.

We have to revert back to producing our own fabrics to make it attractive for not only our consumption but also for exportation.

What do you gain wearing cheap Okrika suit, shoes, etc when we can produce them in abundance in Aba?

Importation of okrika shoes, clothes, bags etc is destroying our shoe, bag, cloth industries in Aba, Kano etc. And as a result of these, creating unemployment which leads to high crime rate.

We must look inward and be innovative to develop industries for local consumption and exportation.

You want to return to 1700 economics practice? Na wah ooh

Bizibi:
there is a reason why economists call it balance of trade..... you don't need to bring politics into discussion like this,what the op said is the truth,the government need to adjust some policies for Nigeria to grow. There are certain exports nigeria can't compete now. Nigeria government need real technocrats in some agencies not politicians and sycophants.

Yes, while government need to create better atmosphere for exportation, that shouldn't stop government from placing tariff on importation of some certain good, today every countries of the world are keen in protection their local economy through tariff on importation just like US and China are doing.

Tianamen1:
Of all oil producing countries, Nigeria has the highest poverty rate, the highest number of people living in poverty and the worst GDP per capita. Only war torn countries are similar to Nigeria.

At some point, farmers realize that with irrigation, they can plant year round. Why should a country like Nigeria depend on the price of crude oil for survival. This is plain incompetence.

Even in the Torah (old testament), Joseph the dreamer was able to manage Egypts wealth during the time of plenty enabling Pharaoh to manage the economy then. Yet, thousands of years later. The Nigerian government is foolishly blaming fluctuations in oil prices for its failures.

Come on man, this is ridiculous!!!

I said 1 + 1= 2 and you went off on me.

Because Nigeria is overdependent on crude oil isn't my fault. I simply stated what the consequences were when oil prices dropped.

grandstar:
I said 1 + 1= 2 and you went off on me.

Because Nigeria is overdependent on crude oil isn't my fault. I simply stated what the consequences were when oil prices dropped.

sorry

Ttalk:
You just want to justify container economy you practice in your region.

Your Obi supermarket depends on importation of junks into the country and you want naira to appreciate.

Are you expecting a fiat pronouncement that will make naira appreciate overnight?

Let your charity begin at home and first tell your Obi to embark on building a business that will produce products that Nigeria can buy and export, stop blaming the president for the problem caused majorly by your brothers

Edited: I am sure calling out the hypocrisy of the OP and his Obidients brothers really touched your nerves hence your going gaga on my mention.

Just like I said your container economy is what has destroyed this nation and it is high time Nigeria consciousness is raised to address the monster caused majorly by a section of the country.

The government didn't placed a blanket ban on importation as the OP trying to portrayed and placing tariff on certain commodity is necessary to protect local industry and create employment.

How will tariff placement on alcohol, cigarette, fabrics and some basic grains that can be produced locally reduced the standard of living according to the OP.

His general contents comes from the position of unpatriotic stance and a traders mindset where individuals business of importation hurts the overall economy of Nigeria.

Today, the proponent of importation is good are the people dumping substandard products especially pharmaceutical items and drugs that are killing Nigeria in the name of importation into the country, empowering foreign industries while destroying the local ones and creating high unemployment and weak currency.

Hypocrites

Listen Reno,you very Well would have perfectly understood his prognosis on balance of trade but because you're drunk with Bigotry your head became beffuddled!!

Was he talking about blanket importation? No!! Did he infer that Alcohol,cigarrettes and such trivial imports be allowed?No?? Why then did you bring Alcohol importation and the likes into it?To discredit the write-up? Why? For What? Is the write-up about Tinubu or is it about the general malady in Nigeria's Import/export regime since a long time ago??

Bro,your being clever by half can never and will never go Well for you!!

You are dying slowly of Bigotry while they are moving on...

Ttalk:
You just want to justify container economy you practice in your region.

Your Obi supermarket depends on importation of junks into the country and you want naira to appreciate.

Are you expecting a fiat pronouncement that will make naira appreciate overnight?

Let your charity begin at home and first tell your Obi to embark on building a business that will produce products that Nigeria can buy and export, stop blaming the president for the problem caused majorly by your brothers

Edited: I am sure calling out the hypocrisy of the OP and his Obidients brothers really touched your nerves hence your going gaga on my mention.

Just like I said your container economy is what has destroyed this nation and it is high time Nigeria consciousness is raised to address the monster caused majorly by a section of the country.

The government didn't placed a blanket ban on importation as the OP trying to portrayed and placing tariff on certain commodity is necessary to protect local industry and create employment.

How will tariff placement on alcohol, cigarette, fabrics and some basic grains that can be produced locally reduced the standard of living according to the OP.

His general contents comes from the position of unpatriotic stance and a traders mindset where individuals business of importation hurts the overall economy of Nigeria.

Today, the proponent of importation is good are the people dumping substandard products especially pharmaceutical items and drugs that are killing Nigeria in the name of importation into the country, empowering foreign industries while destroying the local ones and creating high unemployment and weak currency.

Hypocrites

how you know a brain deprived person

The naira is weak because of low oil production and lower oil price in addition to the loans and also increased import demand due to increased population &taste

I agree with some of the reasoning in ur original post but not the assertions..
For instance, would it hurt if we dont import at all and produced every cloth and food we needed for everybody even if at higher selling price.. and we still exported oil... would there be any hurt on the economy ? So u see import must be checked else import (demand) can grow to a level to which export cannot match esp if local industry is low

mrvitalis:
Firstly that's a big lie at the bolded

Our trde deficit has always been between +4 billion to -4 billion dollars

If you add foreign remittance it has always been positive

India has always had negative trde deficit

Your naira is weak not from import.. But loans your government take

Ttalk:
You just want to justify container economy you practice in your region.

Your Obi supermarket depends on importation of junks into the country and you want naira to appreciate.

Are you expecting a fiat pronouncement that will make naira appreciate overnight?

Let your charity begin at home and first tell your Obi to embark on building a business that will produce products that Nigeria can buy and export, stop blaming the president for the problem caused majorly by your brothers

Edited: I am sure calling out the hypocrisy of the OP and his Obidients brothers really touched your nerves hence your going gaga on my mention.

Just like I said your container economy is what has destroyed this nation and it is high time Nigeria consciousness is raised to address the monster caused majorly by a section of the country.

The government didn't placed a blanket ban on importation as the OP trying to portrayed and placing tariff on certain commodity is necessary to protect local industry and create employment.

How will tariff placement on alcohol, cigarette, fabrics and some basic grains that can be produced locally reduced the standard of living according to the OP.

His general contents comes from the position of unpatriotic stance and a traders mindset where individuals business of importation hurts the overall economy of Nigeria.

Today, the proponent of importation is good are the people dumping substandard products especially pharmaceutical items and drugs that are killing Nigeria in the name of importation into the country, empowering foreign industries while destroying the local ones and creating high unemployment and weak currency.

Hypocrites

What do expect from oloripelebes

mrvitalis:
You just want to put your mouth on a topic way above your intellectual capacity

Oga go sleep

even SS1 economics student knows and will explain this better.