sinkhole:
Is it only fabrics and food we need in Ngeria? what about machineries that we do not produce in Nigeria, what about all the essential electronics that are imported from China and Co?

ratiken:


That guy is right. You are thinking like Buhari who believes the economy is only about crude oil dollars. Communication, automobile, ICT, finance sectors have key investors whose forex were domiciled in Nigerian banks. Those monies are all gone as nobody is furthering investments.

HiddenShadow:
It is time the Igbo technological ingenuity witnessed during the war takes over Nigeria local production and make the SE/SS the industrial hub of Nigeria.

omonnakoda:
You are the one who believes the economy is about dollars of whatever origin and so if there are no dollars there is no economy? No!! The exchange rate to the dollar is not all there is to the economy.
All that rubbish about forex domiciled in Nigerian banks is fantasy. The forex market in Nigeria has been FUNDED by the CBN auctioning dollars EVERY WEEK. If you do not know find out. That quantum has diminished with oil revenues. During that regime of auctions Nigerians developed an appetite to consume all kinds of imports and that appetite is still raging like an unfulfilled erection.That is the situation and has nothing to do with so called investor funds

Nalikedis:
Importation of machinery is at 197... They are termed necessity goods under the CBN policy

tuale4u:
Local production and local goods are getting boost

SLIDEwaxie:
i knw we are on the same page bro, and i am not actually using the word 'you' as an direct address to you.


abt the policies and control measures. No, they are not!

the policies are enuff though, but the control measures are not.

but understand that the more firm the govt becomes, the more these people who don't understand, wails.

I was telling someone that the dollar and its increase really didn't affect me!

for example, I use damatol and soul mate for my hair. I use a Nigerian made perfume and roll-on.

I wear aba made jeans except for two that are like 3500 each. that is even too much sef. I knw that my boxers are from Nigeria. they're sold for 300 each. I knw a company who make jersey boxers in Ogun State and I knw dem plenty for naija.

my sandals no reach 2k and my bracelet na 50naira own for the hausa guys. it fits me fine. I stopped using wrist watch since 2010 when I bought a fake Rolex for 17k.

all these things no cost and e no worry me. my Ankara no reach 4k per six yard and the tailor na 2k at most. I no dey design clothes.


only my polo collections reach 4k each because I like them thick and colourful.

I hardly worry abt wot people think I wear and I go still beat anyone hands down with my modest dressings.

what I am saying is ds: the policies are in place but the control measures are not yet stringent...

but we need to start seeing the beauty in what we produce and stop worrying abt impressing others.

overall, I realised that na the poor people dey shout because the rich ones still dey buy at that increased price.

now, leave the rich to buy with all convenience and let the remaining follow me go local.

when person wan carry load wey e no fit carry, na dt time he dey complain of neck pain.

Flets:
Acute Forex shortage is not due to crude oil prices like Buhari and his minions will want us believe.

The biggest cause is the massive capital flight that followed Buhari's lack of economic direction. Nigerians are not aware that investor funds contribute over 60% of our forex supply.

Buhari's cluelessness and dumb attitude towards economy made investors pull their funds out. He further placed monetary policies that caused panic in the investor environment. The plan to fund the national budget with MTN fine was the final nail on investors funds.

Buhari is solely responsible for the very poor state of the economy.

SLIDEwaxie:
u shld increase ur sinking capacity and think wider.

1. it is impossible for every trader to still have the goods of almost 3 months on ground...unless u're a petty trader.

2. if it finishes...people will improvise. only the super rich will be able to afford the average things by then.

if a fake razor blade (Nigerian made) is sold for 5 naira, and imported tiger blade is sold for 20naira (current price), who wld buy the 20naira own unless they are rich enough?

in a nut she'll, the average Nigerian is more then the rich ones, those who prefer to import will be left at the mercy of the rich ones while the larger masses goes for the indigenous.

sooner or later, some average trader will stop importing because they will be unable to sell as quickly as they shld.

then the company in China will loose customers and decides to open a company here where the original blade will be sold for 10naira. then someone with the will of adenuga of GLo mobile will open a razor blade company and sell at 6naira...

that is where it all starts...

HiddenShadow:
It is time the Igbo technological ingenuity witnessed during the war takes over Nigeria local production and make the SE/SS the industrial hub of Nigeria.

swtdrms:
This is good news for the indigenous manufacturers, its high time everyone think of what he can produce and create employment. Am already thinking in the direction of high quality shoe production. Who's going to be my business partners.

erico2k2:

Simple Economics,it's cheaper to get it from china to thier shop than getting it from Kano .take MAF for example it's cheaper to get it from china than Nigeria..So we need strong economic policies like tax breaks to help.

ZeroTolerance:
I hate this SE/SS of a thing. Isnit necessary to always add the South South?

SLIDEwaxie:
In all my posts, I prefer using the razor blade as a common sense example. it shld be very simple to ingest.

that was because someone was complaining and blaming the govt for the increase of tiger razor blades from 10naira to 20naira, instead of being ashamed that we still import razor blades!!!!


the items that were banned were the ones that could be produced and sourced right within Nigeria (as far as a learned).

imagine we import frozen turkeys and chickens!!!

we import textiles and leathers!!!!

let us be sincere, the price of dollar shldnt be our concern even if it is 2000 to a dollar by year end. thinks produced within the country can never be that expensive.


go buy chicken from mama chuckwu's poultry, kill and eat!!!

go buy leather shoes from aba, or from that cobbler down ur street and wear.

go buy Nigerian Ankara and not England or London wax...

as a youth, start producing razor blades...let us start exportation and people will have to convert their currencies to naira before they cld buy from us.

the economics is simple...I jes hope many will understand.

SLIDEwaxie:
u shld increase ur sinking capacity and think wider.

1. it is impossible for every trader to still have the goods of almost 3 months on ground...unless u're a petty trader.

2. if it finishes...people will improvise. only the super rich will be able to afford the average things by then.

if a fake razor blade (Nigerian made) is sold for 5 naira, and imported tiger blade is sold for 20naira (current price), who wld buy the 20naira own unless they are rich enough?

in a nut she'll, the average Nigerian is more then the rich ones, those who prefer to import will be left at the mercy of the rich ones while the larger masses goes for the indigenous.

sooner or later, some average trader will stop importing because they will be unable to sell as quickly as they shld.

then the company in China will loose customers and decides to open a company here where the original blade will be sold for 10naira. then someone with the will of adenuga of GLo mobile will open a razor blade company and sell at 6naira...

that is where it all starts...

Dolypson04:
Some days ago, I asked a crucial question asking about how the likes of Korea survive the ridiculous increase in dollars to their Korean Won. (1USD = 1033 Korean Won).
If they could be living at least far better than us in terms of economy, livelihood, power, etc. Then I think there should be a way out for us too. But first of all. we have to experience a shift from consuming nation to manufacturing nation.

ken4jj:


Manufacturing is not moimoi like people look at it. The cost of doing business in this country is too high and that is why importation is even flourishing. The world is now a global village. What you manufacture in Nigeria should be competitive with the rest of the world. If it cost N100 to produce a product here and it cost N50 to bring it to the nigerian market from elsewhere, which one will consumers want?
For example, i have worked in manufacturing companies and it came a time when our manufacturing cost was compared to our 8 other branches in Asia, Europe and South America and we found out that our cost per carton was 3 times more expensive than the nearest one. The Global top directors were contemplating reducing our capacity here in Nigeria and increasing the ones in Asia so that the can produce a part of our volumes and ship to us. i do not know how it went because i left shortly.
What i'm trying to say is that the most important issue for our manufacturing here is lack of supporting infrastructures. I remember our yearly energy budget was so high because of diesel and Gas. So until we can compete in cost with the rest of the world, forget it we can not make headway in manufacturing because it will be too expensive and importers will take advantage of it to bring cheaper products. But if our cost of production can compete with others, importation will die a natural death as it will be cheaper to produce locally. Why do you think that American Companies are flooding China? It is because it is cheaper to produce in China due to their low cost of labour. Will you say Americans in China are not patriotic? The loyalty of a business man lies in his profit and not sentiments. The earlier we fix our infrastructures,they better.

Aufbauh:
This is how the fall of naira will herald the rising of Nigeria.
It is logical that when there is scarcity of FX, we will have no option than to look inward.... #BuyNaijaToGrowTheNaira

tuale4u:
Local production and local goods are getting boost

HiddenShadow:
It is time the Igbo technological ingenuity witnessed during the war takes over Nigeria local production and make the SE/SS the industrial hub of Nigeria.

DeAfricana:
i think the writers a trying to make us believe that dolar scarcity, is good for our
economy but, the truth of matter is, the other way round.first
we dont have the factories, that can service ordinary
one tenth of our needs,and to solve that we needs more dolars for equipments
and other things.many of all this people you see going to other city to buy goods,
is not that those citys, are industrialized,the are just going to people who still have old stocks,
and when that finishes, the will have no choice than to start importing .and inflation we be the order
of the day

chigoizie7:





Lolz, u re just funny.

Those going to buy locally are buying from fellow traders who still have old stocks. What will happen when all the goods finishes?

It is not as if there are local industries where those goods are produced, NONE.


In less than 3months, we will witness the real inflation. So, don't jubiliate yet.
As no industry can be set up, run and produce in 3months or 6months, from scracth( feasibility studies 1st, importation of machinery, building industries, production proper and roll out) in 6months? It is just funny. Things might change on the long run, but that is if a tangible policy and law is set aside to back the local manufacturers. What if after defying all odds to buy or set up industries @ high cost and dollar come stabilise, what will be their fate when Benin republic and other ecowas states will still enjoy the ecowa free trade laws? ( nigerians will import via ecowas countries and then bring in through the borders, increasing the IGR of such states, because our importers will pay customs duty or any other tax @ their ports and borders) naija will loose big time.
U people just read anything and believes it, hook, line and sinker without reasoning further

oduastates:


Thank you for bringing up the razor blade matter.

Razor blade making machine cost only $17000
Saw tooth making machine $2000
Conveyor belt making machine $20000 - $200000