₦airaland Forum

UjSizzle:
Everything else aside, he is right about th importation. We import a lot of unnecessary items especially from South Africa you begin to wonder if there are no companies in Nigeria.
But then again when you look at the high cost of production in the country (esp with respect to overheads and our epileptic power supply) you realize it's cheaper to import than to produce.

Take for instance Unilever's Sure. About a year ago it was sold at #450 and imported. Today, importation of the deodorant has been banned, and Nigeria's substitute, Rexona sells for #700 -- that's twice the price of the imported substitute.

With an unfriendly business climate, what entrepreneur wouldn't be interested in making decisions and taking options that reduces his business risk?
The average business man would rather travel to China, employ cheap labour to manufacture his goods and import back to Nigeria. That's a lot cheaper when you consider the cost siting a factory in Nigeria-- There's the bureaucracy in acquiring land. Tax officials breathing down your neck. Epileptic power supply. Unstable political/Economic climate. Crime. Generally the cost is blowing off the roof.

Mr Emefiele and the government will do well to improve the business and investment climate in the country before banning imports. They'll also have to provide infrastructure and palliatives to cushion the most vulnerable in the country, because when this ban on importation starts a lot of people will be unable to afford even the basics.

989900:
You are almost 100% correct -- we need to get off dependence on oil.

However, if there is anything I have come to learn since the late 70s, it is : never write off oil!

The bankers and world financial powerhouses will ensure that oil rises; when, I don't know.

They'd start a war somewhere strategic maybe.

erico2k2:
I cnt write some lengthy statement cos I'm in a location which restrict me.however talking of China every most manufacturers of the world have factories in china cos of cheap labour and stable govt. Is it Samsung. LG. Be. BMW. Mercedes. Nokia.u name it.its a way of lowering their overheads. It's Business not politics. The ban a we eat in lo don comes from south America. Greece is the largest producer of olives but Germany is the largest exporter of olive oil reason being it's cheaper to process the olives into oil in German than Greece once again I say business not politics.

erico2k2:
Boss sorry to say ur Ideology is a acient thus wrong.

mykl01:
Nigeria sounds Strategic enough don't you think
Please let's not wish others war. Liberalise the economy, allow Naira to find its value, decentralise government, allow southern ports to function, reduce the price of maintaining the Senate, House of Reps and Presidency, sell off Presidential fleet and encourage Bubu to stay at home, make agriculture more interesting, tractors, harvesters, fertilisers, remove fuel Subsidy and government regulation on fuel and fuel issues.....
We will never do any of these things, just cosmetic nonsense by Emefiele who is teleguided by the body language master...
Ndi ara!!

omonnakoda:
The question is not whether it is a good idea or not .This is not an ideological issue but a practical one. Nigeria is not China and Nigeria does not have the resources or capacity to police its borders. We cannot stop guns and drugs coming in so what are we talking about? Let us focus on what will work in practice not in theory. Even under a military government it will not work how much less a civilian one. There are far too many problems to police in Nigeria,Armed robbery Boko Haram,Illegal refineries,kidnapping and the vast majority f our police are corrupt.

You cannot stop rich people spending their money because of ideological hang ups what is important is to focus on the big picture. If rich people have FOREX of their own and want to import garri that is fine just Tax it . I would have no problem with a 1000 naira cup of German garri if 900 naira of it goes to government. Even today a litre of petrol in the EU is well over 300 Naira and much of that is TAX!! while we are fighting for subsidy so effective tax is a smarter curb on demand than banning.

The idea that China closed their border totally is a bit exaggerated anyway China has always been more advanced than Nigeria. Our workforce needs major overhauling and upgrading.
Nigeria has signed up to WTO rules and has some obligations ther too so we cannot just use bans for everything some of the people we are trying to export to will react so we must think carefully about consequences before acting. But yest the objective should be to increase our productivity and without electricity power some bans will not make sense so we need to act in national interest but do so taking everything into consideration and acting wisely

sosanova:
Anybody who believe Buhari n Emiefele that Naira will stabilize in 2016 is a bonafide Zombie. .Quote me anywhere
......With all the wrong Economic policies being implemented by Buhari that is causing the Nigerian Economy to shrink in size , ln 2016, Nigerians should expect $1 to be close to the 500 Naira threshold as anticipated by Dangote.

U can call me a wailer if you like ..... 2016 is just around the corner .

dominique:
But we're interested in knowing how you intend to achieve this. Our major source of revenue isn't worth so much right now and chances are that it won't get any better next year. As much as I want to believe them but I don't believe they have any strategy.

sosanova:
Anybody who believe Buhari n Emiefele that Naira will stabilize in 2016 is a bonafide Zombie. .Quote me anywhere
......With all the wrong Economic policies being implemented by Buhari that is causing the Nigerian Economy to shrink in size , ln 2016, Nigerians should expect $1 to be close to the 500 Naira threshold as anticipated by Dangote.

U can call me a wailer if you like ..... 2016 is just around the corner .

omonnakoda:
... We should be importing machines and equipment not building materials ,clothes and basic electronics

nextstep:
Absolutely right. Just hope there's:

1. enough forex to buy these expensive machines
2. bank that will give me loan to import now that my retail business has crashed (hah hah, what revenue will I use to show the bank)
3. power for these machines
4. suitable raw materials (I don't plan to mine and preprocess silicon, iron, tin, rubber, petroleum all by myself) so I can make a tin can for my tomatoes or plastic container for my juice
5. A sea port near me so I can import machines without hauling them across from Lagos

chukkiephil:
how can you describe a man who said you don't need power for farming?! OMG!!! and this man is our CBN GOVERNOR WE DON DIE!!!!!!!

managermahmud:
Let me use this medium to call on all Nigerians let's be steadfast, prayerful and remain optimistic, Nigeria shall be better. GEJ said it all; every nation has its hard times and time of tribulations. He went further to tell us to be prayerful.
This shouldn't be a time for we to antagonize the govt or antagonize ourslves, we should unite ourslvs cos the people united can never be defeated. Even GEJ that was unseated did not antagonize this present administration, then who are we to antagonize?
Pls let's remain united and collectively clean this very economic and social 'mess' in Nigeria.

Aluta continua ...Victoria Ascerta!
Ubi Victoria! ....Ibi concodia!
God bless Nigerians
God Bless Nigeria
#PrayForNigeria

Bigmarx:
so that abdulrahman go enter perform magic?

erico2k2:
I cnt write some lengthy statement cos I'm in a location which restrict me.however talking of China every most manufacturers of the world have factories in china cos of cheap labour and stable govt. Is it Samsung. LG. Be. BMW. Mercedes. Nokia.u name it.its a way of lowering their overheads. It's Business not politics. The ban a we eat in lo don comes from south America. Greece is the largest producer of olives but Germany is the largest exporter of olive oil reason being it's cheaper to process the olives into oil in German than Greece once again I say business not politics.

nastyesco:
We don't care as long as the economy is stable...my pocket before any tribe...I am yet to see ethnic special discount at market..

Bigmarx:
the only thing I see recently in people when it comes to Nigeria politics is ...LYING....if it is a northerner everyone will understand and blame the difficulty on the past administration. You all agreed the past administration was a mess yet you want him to immediately revamp the Naira? Emefile is not your minister of finance, Emefile is not your minister for trade and investment, Emefile is not responsible for Naira free fall. It is your government that has failed not bringing up any economics policies. When we were being delisted from JP Morgan, when investors were losing heavily many of you said it was non of your business. Emefile is only striving to cover your unclothedness and you are screaming for his head? Is it Emefile that will diversify your economy? Build factories? Reduce dependence on importation? When you take an accountant/Auditor for a finance minister you all said she will learn on the "moreover NOI" was a disaster.....lol....Truth is if you can tolerate "X"....be ready to tolerate all values of X.....pls leave Emefile alone channel your dissatisfaction to the right quarters.........Obrigado....