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Nairaland Forum / Nairaland / General / Business / CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% (19959 Views)
Checkout Made In Aba Products Made By Local Manufacturers (photos) / Manufacturers Contemplate Exit As Production Cost Rises By Over 50% / You’re Killing Local Manufacturers –MAN Alerts CBN (2) (3) (4)
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by asha80(m): 10:43pm On Jan 24, 2016 |
Government also has to do something serious about power so as to encourage local manufacturing 3 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by mekaboy(m): 10:52pm On Jan 24, 2016 |
Chinazaekperem5: Have their products met local standards talk more of international? |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by DeLaRue: 10:56pm On Jan 24, 2016 |
Please can I add that, this period is a preiod of profound opportunity for Nigerians. You dont even need to be brilliant at identifying opportunites. The opportunities are right there in your face right now if you care to open your eyes. If you are looking for ideas for small scale investment, please go to shoprite if you have a free 30 minutes on your hands this week. Just spend that time walking around, look at prices of imported commodities which can be easily (well, if you are determined) produced to at least 95% percent of the quality of imported varieties. The truth is, it is only a matter of months before shop rite start feeling the pinch and dropping several of these imported products and turn to local producers. And its not just Shop rite. Many medium to large companies are in the same situation. The opportunites right now are massive. Whether you like Buhari or not, please leave that aside for now. See how you can take advantage of this FX policy. 7 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by mekaboy(m): 10:58pm On Jan 24, 2016 |
YoursGEJ: That is because we have nothing to offer the world. Devaluation will just make Nigerians poor. Countries that devaluation work for are those that produce for export. When they devalue people will be able to buy more of their products. That way they make more money. But all we have is oil and devaluation will only hurt us. However as our foriegn reserves go down, our only option might be to devalue to encourage investors to bring in forex. 2 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by jobsat34(m): 11:01pm On Jan 24, 2016 |
Jorussia: the restriction only affect those importing goods that can be sourced locally. other goods that can not be source locally can access forex through CBN so far its legit.. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by mekaboy(m): 11:04pm On Jan 24, 2016 |
DeLaRue: Nice, but as long as we don't have the infrastructure and economic policy to support manufacturing, even as 500 naira to a dollar, imported items will still be cheaper. |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by persius555(m): 11:12pm On Jan 24, 2016 |
DeLaRue:The outside world always knew we have the potential to become economic giants, but nigerians are always an impediment to the countrys growth. They will do anything to keep us from growing on our own. Our huge market is always an attractive market for their produce. The earlier we realise that no citizen of another country will like nigeria better than nigerians, the better for us. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Chinazaekperem5: 11:12pm On Jan 24, 2016 |
mekaboy: Good question sir Believe it sir, some locally produced commodities are just as good as those sourced internationally. We just have a mindset in Nigeria that debase local products. It is an attitude problem On the whole, The local producers have not had the opportunity to benchmark their output with imported equivalents. They now have the opportunity to do so and make the required improvements-if needed. 2 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Chinazaekperem5: 11:13pm On Jan 24, 2016 |
DeLaRue: Interesting sir This is the exact reason why we should support this policy Quite enlightening 2 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Jdesilentkiller(m): 11:16pm On Jan 24, 2016 |
bashdawodu:My Guy you just spoke my mind. Let them come and set up the industries, hospitals, schools, shopping malls here. It will stimulate our economy. God!! Why do we hate our country this much!?!? 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Chinazaekperem5: 11:20pm On Jan 24, 2016 |
DeLaRue: Exactly what I have been saying. I can bet my life that a lot of people are ready to take advantage of this policy direction. However, I have to criticize the Buhari government for the lack of explaining the policy in open terms It is still a bit hazy. They have to explain this to the business community and assure them that it is long term strategy and not something they will discard in a few months time. If they do this, I can assure you that a lot of people complaining will start aligning themselves accordingly There is an information gap right now 1 Like 1 Share |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Bluffly: 11:20pm On Jan 24, 2016 |
porka: not reversed but reviewed |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by chinchum(m): 11:24pm On Jan 24, 2016 |
In the long run, the local manufacturing base will expand, creating more jobs. Nigeria must learn to accept delayed gratification. When all we want everynow and then is instant gratification, leaders like fayose will arise with stomach infrastructure and there wont be sustainable growth. Ban on certain goods importation will initially come with certain pain for a while, but it will stimulate local production to growh. 3 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by searay(m): 11:40pm On Jan 24, 2016 |
Chinazaekperem5:how about putting some restrictions to imported items |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by aloeman15(m): 11:54pm On Jan 24, 2016 |
My people really do suffer for lack of knowledge. Who remembers the ban of our agric products from entering the eu- starting this year, till further notice? There's no time to explain the intricacies of international commerce. Basically, our cost of producing ANYTHING is too high. Do a bit of checking to see why. And don't bother with any attempt at standardization, you'll just run yourself into the ground. Has anyone in govt given a timeline for when Buhari is meeting the business owners and when they can start getting dollars for their machinery? March? April? June? Or in the fullness...? The future is grim because the cbn policies are not working in tandem with ANY OTHER govt initiatives. We'll understand just how much trouble we're in when the 2016 budget is appropriated. There's no point telling a deaf man to listen for a car horn. All the warnings have been ignored- which is a good thing: We all need shock therapy to bring us to a true realisation of our situation. Una cari go. 2 Likes |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by SomebodyLovesMe: 12:09am On Jan 25, 2016 |
Chinazaekperem5: You are very intelligent. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by 4everGrand(m): 1:11am On Jan 25, 2016 |
ednut1: because that's wat always comes outta ur mouth. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by olayinkafuny80(m): 1:37am On Jan 25, 2016 |
we are even importing toothpick |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Femiwilli: 3:23am On Jan 25, 2016 |
APC & Buhari have decided to run this country not on sound policy but cheap propaganda 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by rhymaster: 6:03am On Jan 25, 2016 |
Jorussia: I hope you are not one of the dullipobs? Nigeria will not be interested in importing all those small things again so stop being lazy and go work hard and create something! You are so lazy that all your entire idea of entrepreneurship is to go to China and buy what another person made at inflated prices and come dump them in Nigeria? If you don't like this development, you can move to China. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Nobody: 6:14am On Jan 25, 2016 |
ednut1:check the dry mucus in your nose 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by mandarin: 7:42am On Jan 25, 2016 |
grandstar: |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by grandstar(m): 7:44am On Jan 25, 2016 |
[quote author=mandarin post=42300387][/quote]mandarin you wrote nothing |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by mandarin: 7:46am On Jan 25, 2016 |
aloeman15: I agree there's need for a time table and policy harmonization. But all these warnings bro, we need to show determination to be a productive economy |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by sorepco(m): 9:34am On Jan 25, 2016 |
I feel like crying tears of joy. This is how an economy is runned. Local manufacturers and sme being the main drivers of economy and employing majority ofpeople. Infact if this policy is sustained for 24months ahead...there shall be major changes in our economy. I feel my monday is blessed just by reading the positive feedback from those working In local manufacturing stagger: 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by 19naia(m): 3:34pm On Jan 25, 2016 |
Nigeria needs imports to expand its domestic production. The most robust economies rely on imports of raw materials and accessories for their domestic manufactured products. They even go so far as to export their domestic production facilities. The quality of production and services in Nigeria will always depend on imports. China and USA deoend heavily on imports for domestic production. Nigeria cannot possibly domestically produce all the varieties of raw materials and technology to make a world class (robust and advanced) domestic production sector. I know how to make devices with raw materials available in Nigeria, but i am still bound to import the accessories used in electronic control to manage the device safely. I have to import because the PWM controller is not manufactured in nigeria and if it were, it would still rely on its own high tech parts being imported. Imports are still happening in Naija but under tightening flow. Import is as essential as domestic production, but no need for a robust import market if it simply replaces even the simplest things that can be produced locally. Why buy import rice if local production is cheaper, quality and available? Its better to have focused on production sector right from the start rather than international currency flow manipulation. Because local production needs imports to support its advancments in every way. Expensive imports can lead to expensive domestic product if raw materials and accessories have to be imported. Also, once the domestic production reaches a saturation level, it quickly plateaus and prices have to drop due to excess supply or exportation can happen to intervene. Exportation intervention would be the best to take domestic production further, but the tightening on international currency flow to manipulate the Naira value to a high level, will bring down the potential for export opportunities. Its best to just leave the currency flow alone at some point and focus on production. When the currency is at its lowest, is the best time to invest heavily in domestic production for export because the price will be attractive to foriegn buyers. This currency manipulation move that restricts international flow is showing benefits in local production, but it is taking away from the left hand to put in the right hand. Taking away from export potential and giving it to local consumption. The real growth to strive for in economy is export markets. The local production will reach a plateau set by the consumption limits of the domestic population and their habits. Exports can enter markets much larger than Naija domestic market. There is economic hope though because Nigeria has an ace in its hand if it uses it well. Oil. Oil is a dimming prospect at this time, but refined petroleum products in Africa are the hot commodity and Nigeria will easily have huge export opportunities in Africa if Nigeria would simply focus seriously on domestic production of the most demanded products. There is concern about Nigerias production overall because Nigeria seems to have a very difficult time sustaining production of electricity supply which is the common denominator for productivity among every productive nation. The major road block is electricity supply and when that is solved, it will be the feasibility proof for and productivity ambitions Nigeria follows. Oh, we havent even metioned water supply. There is still work to be done before we parade success. Stability/sustainability requires a bit more than shifting things from the left hand to the right hand without adding to the whole from elswhere. 1 Like |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by skj1377(m): 4:31pm On Jan 25, 2016 |
Realdeals: They can and will they dont have dollars to give you. The only thing is you can convert to naira at local rate. I have same problem already. what i do is wire out just the way it was wired in |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by debbleopto: 11:45pm On Jan 26, 2016 |
Obiagelli:. Long time. I miss you really. |
Re: CBN Forex Policy: Local Manufacturers Happy As Production And Sales Leap By 50% by Nobody: 10:21am On Jan 27, 2016 |
debbleopto:Nice words, i missed all my nairaland friends too |
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