₦airaland Forum

Shikena:
It's been officially declared several decades ago that Nigeria's economy defies economic logic.

It is difficult to quantify the natural greed of an average Nigerian businessman.

For example, news of impending fuel price increase or dollar increase is enough for an immediate increase in the cost of products across Nigeria but a corresponding actual reduction in fuel price or dollar value will not reflect in cost of products due to perpetual "we are selling old stock" argument.

Honestly it's tiring

Prices of everything is going up in the market as we speak

Rice, beans, and other foodstuffs is on the high side

nairalanda1:
Source From Nairametrics.

Very very elaborate and insightful.

Patch patch economy

Naz34:
Obidenz. Una no go ever like peace and good news for una house hold. So, let such things flee from you all .

Yeah I was expecting you.

The countries that have strong currencies have it because their economies are based on exporting manufactured goods and services. Not on oyel.

Your government is not building that kind of economy

Calling me obidbeit implies obi wants to build an economy for Nigeria like that ot a sane developed country.

You guys no wan hear truth.

( I no dey support obi or tinubu or even atiku self)

peleson1:
Very very elaborate and insightful.

Patch patch economy

More like economy built on sand , not on strong foundations.

yesloaded:
Naira is appreciating but cement price is going up

Whats happening?

The federal government is taxing cement 50% then the recent tax is also contributing to a bit.

nairalanda1:
More like economy built on sand , not on strong foundations.

More like economy built on muddy soil (atuma); without a solid foundation. It will always crack and shift and faulter .

Maybe they want it this way while hoping that real investment will be made on those real sectors mentioned by foreign investors but the truth is that the government and the politicians have refused to directly drive investments into these key areas , they only budget then use every means to deep hands into the budget and contract everything to themselves through back door and the cycle continues year in year out . They are only interested in making sure they steal more than enough to last their generations to come by investing heavily to sustain insecurity just to create a kind of election that will always remain flawed due to affected areas which will sustain their rigging mechanism to keep them in power perpetually .

It's a very sad experience.

I'm shocked and disappointed in my self for finding myself living in the same country with these animals.

I keep praying to my Opu-Tamuno to navigate my path to a sane place soonest

Kudos to the author of this article. This is a long and interesting read. I am surprised FDI is just over $500 million out of over 5 to 6 billions of dollars that came in as fx inflows into Nigeria.

In other words, we should not rejoice yet at the rapid appreciation of the naira and the swell nature of our foreign reserves.

What the writer is saying is - the strengthening of the Naira should be naturally based on Productivity, strong export that creates inter-currency competition.
It should not be manipulated with earned Petrodollars.

Let there be productivity, robust Non Oil Export and Foreign Direct Investment.
We can't be celebrating Inflows that are driven by Portfolio Investors.

Gotocourt:
The federal government is taxing cement 50% then the recent tax is also contributing to a bit.

Are you sure of this 50% tax on cement?

Prices of goods and services are not going down
Only those with money to import things in bulk are at an advantage

I agree with this 💯 %
This is where most of the critics of the government missed the whole point of the reforms.

These people don come again. I know they're not happy as they're losing big time . Make e drop below 1k as predicted by the players jare. Im happy. But tinubu should leat it drop to the amount he met it. Dangote I see your hand, the saviour of the masses

Eriokanmi:
These people don come again. I know they're not happy as they're losing big time . Make e drop below 1k as predicted by the players jare. Im happy. But tinubu should leat it drop to the amount he met it. Dangote I see your hand, the saviour of the masses

It is not in your interest without the corresponding increase in production and export.

Something dumped from $1 to 400 to $1 to 1700, u are calling this appreciation.

yesloaded:
Are you sure of this 50% tax on cement?

52% in 2025
https://www.google.com/amp/s/thewhistler.ng/govt-takes-52-of-our-income-from-cement-dangote/amp/

50% in 2019
https://investdata.com.ng/dangote-cement-nets-n119-24bn-half-year-profit-after-50-tax-expense-drop/

E shock you abi 😲, no worry yourself 😅😂🤣🙌.

RichBoy247:
China intentionally depreciates its currency for some reasons

While US Dollar and British pounds are a curse to US and UK respectively.

yesloaded:
Are you sure of this 50% tax on cement?

The FG has denited this,

Do not mind those naysayers.

MT:
The FG has denited this,

Do not mind those naysayers.

Ohk but the price is going up these days

It's now sold for 11,500 in my area here in Ibadan whereas the one I bought just 2 weeks ago was sold for 10,500

I still remembered that I bought a bag for 3,300 just few years back during Buhari era

It's sickening that the price of cement is this high

Is Dangote refinery not output. It is moving from 650,000 barrels per day to 1.35 million barrels per day. By the time that is also actualised. That is more than 200 large manufacturing companies output.

Porksupplyib:
Something dumped from $1 to 400 to $1 to 1700, u are calling this appreciation.

yes it is. The reset of the currency was to achieve the actual value. Naira is at the best in 21 months.

nairalanda1:
You people don't read the article.

Also, didn't know you were a tinubu supporter as well...this article criticises the government polices that have led to the appreciation.

Government has no business creating farms, manufacturing coys e.t.c. The focus should increase on attracting more largely mechanised farming and providing security. While portfolio investors may appear sporadic, it is welcomed and we actually need more of them. Nothing happens overnight, it is detailed planning. There is a reason many democratic govts were afraid to take long term decisions that will cause transient pain that may take years as Nigerians are witnessing. Subsidy and keeping naira very cheap was a perfect short term strategy that usually collapses some day , but make the govt appear good to the masses. I dont blame the masses, over 90% wants to feed their family in peace. The masses are just like little kids in a home, they really dont understand or care as how the food provided by daddy and mummy comes by, the good parent to them is the one that provides food to them even if it was stolen or borrowed.

ElSudani:
It is not in your interest without the corresponding increase in production and export.

was there a time there was an increase in production and export since the beginning of the apc-led administration? Tell me anyone you know of. Only Peter Obi had this in his manifesto. An export driven economy is a progressive one.

As you can see, the apc has failed woefully. They can't take Nigeria to her fair haven economically. Ordinary insecurity which they promised to nip in the bud within their first term, they failed. The last time I checked, we're at the mercy of the American people. Isn't that a shame?

If tinubu can at least drop the fx rate to where his boss had left it, it would better the lots of hundreds of thousands of SMEs. You dont seem to know how many of these SMEs, some whose products were for export, have closed shop under this failed party called apc. The giant ones also exited Nigeria for other african nations. If the rates can drop much further, raw materials can be imported as some of the SMEs would return to business. I remember my friend I met during the nysc days, who was into cashew export. The apc's poor economic policy wrecked him. Materials used in producing feeds for fish and poultry are so expensive but with the low fx rates, the price of eggs and chicken will drop. I don't want to talk of giant industries affected by the weakened naira as they always bought usd to order raw materials at higher rates.

The appreciated naira will rather boost production and exportation. You can imagine lever brothers and Co, producing from Ghana. That's how bad it is. Only an enemy of Nigeria will say the news isn't in his/her interest. My cousin who used to sell his bar soaps in Cotonou will go back to business. After his business crumbled, he japa to the UK and now he's complaining over there. Wait, do you think all the materials used for those goods produced for export are sourced locally? Even dangote imports chemicals for his refineries and cement. Those trading in fx will cry in coming days cos it's gonna drop to as low as 1k. We the local producers are very happy rn

Shikena:
It's been officially declared several decades ago that Nigeria's economy defies economic logic.

It is difficult to quantify the natural greed of an average Nigerian businessman.

For example, news of impending fuel price increase or dollar increase is enough for an immediate increase in the cost of products across Nigeria but a corresponding actual reduction in fuel price or dollar value will not reflect in cost of products due to perpetual "we are selling old stock" argument.

When we told you guys that the new tax laws will make things harder for Nigerians, you guys defended with they are "taxing the rich and not the poor", now you complaining of cement prices.

givedemwotowoto:
More and more propaganda being sprinkled on our faces.

Agbadorians will sit the whole day and think “What can I publish to hint that Tilumbu government is doing well though there’s no reality to it?”

See the carefully worded Agbadorian scent below



===

See another one 👇🏾

Yes. It's propaganda because your brains can't comprehend the write-up.
Education indeed is never a scam

nigeria has moved from a negative trade deficit of 1trillion in 2021 to a positive trade surplus of 25 trillion in 2025, for d first time crude oil price is crashing while naira is getting stronger nd revenue only slightly affected , for a country dat was over 90% dependent on crude oil just 3yrs ago .U CANT SAY U NOT DENZ IF U STILL HATE TINUBU

nairalanda1:
Yeah I was expecting you.

The countries that have strong currencies have it because their economies are based on exporting manufactured goods and services. Not on oyel.

Your government is not building that kind of economy

Calling me obidbeit implies obi wants to build an economy for Nigeria like that ot a sane developed country.

You guys no wan hear truth.

( I no dey support obi or tinubu or even atiku self)

Enemy of progress.. They are used to it going up, and now that it is moving against their projection, the enemies of the nation have started sounding like a craz* economist at Iweka Road.

What else do you people want again, naira is appreciating we are complaining naira is depreciating we are also complaining. Na we ay make u dey hoard dollars. Naira would come down to #1200 in next few months..

And it's better for our imports.

nairalanda1:
You people don't read the article.

Also, didn't know you were a tinubu supporter as well...this article criticises the government polices that have led to the appreciation.

How we fit cash na him I ask only



Any thing money am in

Very insightful, brilliant, and sound financial analysis.

The points are very cogent and I believe that the relevant authorities will consider them.

Thank you very much.

/
Long term vs short term.

Bet against the naira and you will never lose. There is no continuity in their confused and conflicted policies—2 steps forward and 20 steps backwards. Where will naira be vs US$ in 5 years? The journey to N5000: 1$ has already begun. Early birds will reap the benefits later.

/

ibawon:
The Naira is appropriating and I hope it reflects on the market and goods in general.

It will not reflect because the appreciation is artificial.