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Nairaland Forum / Nairaland / General / Business / Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch (38273 Views)
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Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by JuanDeDios: 4:16pm On Feb 20, 2016 |
swtdrms:Not necessarily. Some manufacturers are folding up because they can't import raw materials. Then there's still the problem of access to credit. Of course the CBN can intervene directly on behalf of these manufacturers but will they? I wish you well in your shoe biz though since you can source your materials locally. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by millionaireman: 4:19pm On Feb 20, 2016 |
Exactly repeating Buhari's first time in office as HoS. Soon Nigerians must be queuing up for sugar, bread, tea, rice, etc. essential commodities with soldiers flogging them under the rain and sunshine. The self-acclaimed most sophisticated group in the south of Nigeria say that they knew that Buhari was an Economic illiterate, yet they voted him president. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 4:23pm On Feb 20, 2016 |
swtdrms: I don't mind... What machinery do you think of using? Where do you intend to source leather from? What name do you want to name the brand. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Godiloveu(f): 4:26pm On Feb 20, 2016 |
tuale4u: YES O! No more excuses, Nigerians home and abroad come show ur skills of creativity. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by SLIDEwaxie(m): 4:32pm On Feb 20, 2016 |
chigoizie7:biliv me, some are. but the ones that aren't, the Chinese already had some of our bros who they deposit them with. some of the Chinese has even set up warehouses here. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by chinchum(m): 4:34pm On Feb 20, 2016 |
chigoizie7:there is a govt policy of access to dollars at official rate for importers bringing machineries and raw materials for production. There are other policies aimed at protecting local producers |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by trendytrendz: 4:34pm On Feb 20, 2016 |
SLIDEwaxie:have you taken into account the lack of educated labour in Nigeria? I know of a Chinese company that started producing carpet in Nigeria but closed up the business later cause importing from China was far cheaper and sustainable, I haven't seen light in 1wk, how do u expect a massive factory to power their machines? With generator?? All the world over, as at yesterday, Italy was complaining of losing the fabric market to china because it's simply cheaper to produce in china, do you produce more clothes than Italy? Nigerians just come to talk about local production without knowing every single bit about it, we will still need to import Chinese expatriates to teach us how to run and service the same machine they sold to us, so what are you producing locally if even expertise is imported? Why don't you have a Nigerian construction company handling most construction projects around Nigeria just like Julius berger or ccecc are doing. So I want to ask you, if you import fabric like cotton, and still import the machine to make the cloth but only assemble the cloth in Nigeria, are you really producing locally?/ |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by SLIDEwaxie(m): 4:39pm On Feb 20, 2016 |
erico2k2:true...but the main reasons why leathers from kano are expensive is because they are real leathers and not synthetics!! and good enuff, they are durable. I personally dnt mind the Chinese, they provide alternatives. a show made from indigenous leather may cost 2k while the ones from China will be around 800 and 1200. I still say it is better to choose from those two than go for Italian leather at 12,000!!!! |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by kenyad: 4:41pm On Feb 20, 2016 |
ayoola2002: ayoola2002: I dont think it need to bother any reasonable person if a dollar is sold for #5000. let us patronise local products and leave fantasy of foreign products. Any genuine importer of machinery and raw materials not available locally can approach bank with genuine documents and get forex at official rate of 197 or 198. We need to change our attitudes in order to live in a better country. A thousand mile journey start with a step. #buylocalproducts 2 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by HRich(m): 4:47pm On Feb 20, 2016 |
ODVanguard:I wonder how what you produce will look like. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by SLIDEwaxie(m): 4:48pm On Feb 20, 2016 |
trendytrendz:if a Chinese company folded up for making carpets that full ground for kano and litters our market, then u shld understand that it lacked the visibility study to begin in the first place. do u think things are not supposed to be cheaper if not for diesel costs added to production costs? so, what I am saying is dt, the ones who survived are already used to powering with diesel. now, let me educate you over this: things produced in Nigeria are far more durable than those imported from China. that is why the Chinese ones are cheaper. u have a choice. the the thickness are not as the one produced locally. I will give u a few instances based on experience... a steel stanchion from China measures 11.4m whole the indigenous measured 12m. a thickness gauge of 0.5mm roofing sheets from China is actually 0.45mm. a neon bulb from China will last for an average time of two months, while the others lasts for at least, a yr. things being cheaper is not the case, what abt the durability. who knows, someone already started the design of a generator that uses water...who knows... it may actually be a saviour! necessity produces genuis!!! 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Frankel7(m): 4:48pm On Feb 20, 2016 |
Some pple say it's good for the local industry. I agree. But look @ it this way. If those ones who could not get dollars to import buys up what is on ground,were do they buy again cos truth be told even the pple that sells in Aba,Osha & Kano imports those goods. Now,here's an example of my argument: Pure water which is what we can boast of manufacturing locally is now sold @ 150n a bag. Y No light. And d chemical used in d production is sourced abroad & so it's still a merry go round. Soon d dollar will get to 500 den a bag of pure water will be @ 250. All na change. A change is a change weather for or against. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by princemeadow(m): 4:55pm On Feb 20, 2016 |
DeAfricana:Prority is given to importation of plants and machineries. Pls, this is a good omen for Nigeria. FYI I'm starting tooth pick production very soon. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Lilimax(f): 4:56pm On Feb 20, 2016 |
SLIDEwaxie: |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by olaztek(m): 5:15pm On Feb 20, 2016 |
ken4jj:SIDE EFFECTS OF GLOBALIZATION |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mrmetoo1: 5:19pm On Feb 20, 2016 |
ratiken: Huh?? What are you talking about? Is Buhari CBN governor? No one is saying the economy is about crude oil dollars but crude oil has been our major forex earner, this is the fact. Crude oil dollars has been about 75% of our forex earning for years, this isn't something we all of a sudden realized May 2015. All those other sectors still contribute about 85% of our GDP but we're talking about forex here. I agree that we need to get our act together to give this economy a boost but bros it'll be a long painful ride, there's no magic bullet anywhere. Fact is we need to diversify our income, we need to build up infrastructures. We need a solid structure, those things are what drives investors. You guys mix traders and investors. Investors are in it for the long term. We need guys that'll invest in manufacturing, agriculture, minerals, etc. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Sunnypar(m): 5:22pm On Feb 20, 2016 |
swtdrms:Let's talk Steve the dancer@ gmail.com |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mrmetoo1: 5:34pm On Feb 20, 2016 |
ozor1: This JP Morgan thing is one of those things that I think some folks hope we'll forget quickly. You know the delisting was supposed to be done early 2015, it was only extended because they didn't think it'll be fair to welcome a new government with that. This wasn't a decision they made because of the new government. Then I'm sure the decision to delist beginning of the year didn't happen all of a sudden. It's something they review over a long period before they take their decision. They didn't start the review in May and all of a sudden delist in September. They actually just gave a six month extension. 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Kazrem(m): 5:39pm On Feb 20, 2016 |
This is good for the local industry. I suppose PMB intentionally leaves the economy/naira in auto fall so that we can all see the negative effects of always buying from abroad. This is simple arithmetic: You have a wife, a damsel for that matter. Because of your oju kokoro you abandon your wife and become a regular customer to brothel. As a result, the olosho increases her charges. Your pastor or Imam intervenes in the matter and mandated you not to visit brothel again and if you must, you would pay times 3 of what you normally pay. What happens? You resort to your legal wife. She now looks angelic to you. The final result: she bears beautiful children. That's the similitude with the current economic crises in the country 2 Likes 1 Share |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Chuksyno(m): 5:58pm On Feb 20, 2016 |
Aufbauh:Look inwards how? |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ifyan(m): 6:04pm On Feb 20, 2016 |
Hmmmmm don't fall for the propaganda by agents of 419 Change. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by precious1967(m): 6:12pm On Feb 20, 2016 |
everybody is looking for dollars, i dont know why? even pepper, yam, and meat sellers are also involved. na wao. 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by oduastates: 6:15pm On Feb 20, 2016 |
Arcard: There are thousands machine fabricators in Ibadan . If they are familiar with the machine , then good let them build . If not , import . The CBN is funding the importation of machines and spare parts. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by omegatwelve: 6:30pm On Feb 20, 2016 |
DeAfricana:You know the drilling... |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by NgwaManNaija4LF(m): 6:42pm On Feb 20, 2016 |
ZeroTolerance: They are our blood brothers and sisters, take it or hang. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by jimi4us: 6:46pm On Feb 20, 2016 |
BALLOSKI:[size=20pt]oh lord please come and save us, they are now comparing us with their jihadist nation.[/size] 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ZeroTolerance: 7:13pm On Feb 20, 2016 |
NgwaManNaija4LF:Do they agree? |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 7:22pm On Feb 20, 2016 |
afroxyz:I take it you do not run a business in Nigeria cos if you did your thoughts would be diffrent . |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 7:24pm On Feb 20, 2016 |
oduastates:Speak about what you know. The CBN only give forex to thier friends. Ordinary $15K I asked for is still on the desk for two months now.I wanted to buy a CNC machine. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 7:29pm On Feb 20, 2016 |
mrmetoo1:Do not stretch it.it was made cos of this new Govt. They had no clear cut economy olives. The economy was trending on the speculative markets. We lost investment confidence.The delayed budget did not help matters. We now ha e a pay as yoy go economy no long term plans.I had two friends who wanted to open a software development company in Nigeria geared 2wards cc tv. Guess what they said they will wait and see what happens after the budget. Now they said thier capital will lose its value cos of the crash of the Naira. And these where meant to be loans and remortgage. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by swtdrms(m): 7:42pm On Feb 20, 2016 |
Sunnypar: Thanks bro, i'll send you a mail to make us start talking... |
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