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Nairaland Forum / Nairaland / General / Business / Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch (38272 Views)
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Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by swtdrms(m): 8:14pm On Feb 20, 2016 |
AnakinSkywalker: Thanks alot for showing interest...a small brief, am a programmer with lots of ideas which am already working on, besides i have lots of ideas about producing stuffs, one of the stuffs i believe i strongly believe we can do for ourselves is going into manufacturing thereby creating jobs. One of the industry i know can create lots of employment is the leather industry, my aim is to harness the opportunity available in the industry thereby motivating other Nigerians into thinking within. Back to your questions, i've been researching online about shoe making industry, checking up the machinery that's been used in italy and other shoe producing regions in the world, i found out there are small size machinery and tools there are been used in the manufacturing of these stuffs. So i intend to bring in these tools and machinery This is a dicey one, i have two options, the first been sourcing the leather locally, using the available leather in the country, though this may not serve as much as i would love but its one of the options, and you never can know how available leather is in the country until you try, i know for sure there are different leather manufacturing ventures in the country who can improve on the quality and capacity of their production if the market is encouraging. the second option is producing our own leather for our need, that is sourcing for animal herd and turning it into finished leather of the quality required. Sourcing for animal skin isn't going to be a challenge, the process of turning it into leather is the challenge, leather manufacturing is a long process. If need be, we'll have no option than to go into leather production. This is going to be a plus to us because other shoe producers will spring and they'll need these leathers. Doing this is going to put a chunk of the leather value chain in our hand.
I think the name is not the most important at this stage... working things out and see how successful its going to be is the ultimate. Lastly....i quite understand very much that the journey is not going be a easy one, just like my programming career, it took me over 7years before getting where i am today, but the most important thing is, i always keep my eye on the goal and that keep me going. This venture is surely not as difficult as my present venture, so its very much doable. Sourcing leather is the only difficult task as far as i've researched, producing the shoes, coming up with designs, sewing etc aint the challenge at all. Moreover, i'll say i grew up close to shoe manufacturers as a kid, My father was at a time in the shoe business, provide money for the artisan, they produce shoes, which he usually supplied to Bata and Lennards (indomie generation wouldn't know these brands) and also stalls in lagos island then and took others abroad. This was then in the nineties where there were no sophisticated machinery. Looking at the present situation or market, There are lots of experienced cobblers who produce beautiful leather slippers, but their lack of exposure and better business understanding made them stay at the level they are. I think my long preaching gives some clue. 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by trendytrendz: 8:26pm On Feb 20, 2016 |
SLIDEwaxie:if you want quality, the Chinese will give you quality, iPhone is made in China, Samsung phones are made in China, almost all electronics are made in China, machineries are made in China, so the issue of quality is non existent, it's what you want that they will give you. I shop online a lot, and I buy wares from river island u.k, their shoes and clothing are made in china but it's not of low quality. It's the Nigerian market demanding low quality items because of the reduced price |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by swtdrms(m): 8:27pm On Feb 20, 2016 |
JuanDeDios: Thanks alot bro, as i usually tell people, its high time we stop focusing on problems and challenges, but opportunities and solutions, i've tried several business ventures, farming, trading, producing stuffs including decorations and others. I've come to the realisation that no single venture exist without its numerous challenges, the venture without its peculiar challenges doesn't exist, so many people become best at what they do, not because what they do not have terrible challenges, but because they could swim against the tide. With this outlook, there's alot of opportunities available in the country but the question is, are we ready to go through the hard way and reap its immense benefits? That's the only way out our numerous challenges as people. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Jdesilentkiller(m): 8:44pm On Feb 20, 2016 |
The pattern I see is traders buying luxury goods.......textile, bags, shoes. Jewelleries....... Gosh!!!are they essential commodities? We dont need all this junks, as it is we have enough stock to last two years.... Is import the only business Try exports you nitwits.. 2 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 9:07pm On Feb 20, 2016 |
tuale4u:Yes o, good for the economy. Importers, think local now and begin importing those capital goods as opposed to finished goods. Good news for Nestle, Dangote, Cadbury and the rest and bad news for those lazy importers. Do you know that the likes of Nestle and the rest get their forex needs at much lower rates probably N210 because they deal with banks directly and banks are willing to give them preferential treatment. Those importers if banned goods would go to the black market because no bank would give forex to do that. Nigerians, be patient; things will stabilise and our economy will better off in the long term. 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 9:24pm On Feb 20, 2016 |
grandstar:The forex needed to import the 52% input will be provided at N200 or thereabout because the CBN is willing to give it to them at that (N197) rate. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by grandstar(m): 9:30pm On Feb 20, 2016 |
walexy30: The same manufacturers who are finding it difficult to get enough forex! These policies can't work. Experts will tell you. George Soros made a $1billion betting against the British pound in 1992. He knew a British monetary policy of the government was not sustainable and bet heavily against it. He is a forex trader. A lot of people know rubbish when they see it even when uttered by governments 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AreaFada2: 9:30pm On Feb 20, 2016 |
ratiken: You see, people do not know the complexity of the economy. Let's take Cuba. Cuba has no money to import. And embargo is just being lifted. Now, Cuba has had to improvise, aside plenty of health care professionals churned out cheaply & high literacy rate, has isolation & so-called looking inwards helped Cuba? NO. Nigerian economic boom since 1999 has been based on FDI. Foreign money came aplenty. We have a market economy. With infrastructure, especially electricity & good roads/trains, local industry will rise again. Right now, locally produced goods are more expensive than imported due to adverse environment in 9ja. India & China once practiced protectionism, it did not help their economy. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 9:33pm On Feb 20, 2016 |
walexy30:I don't k now where you guys are getting this info from, the bloody CBN sells forex to their thieving friends in power, Just $18K request has been sitting on their table for 2 months.Has anyone here manage to get forex from CBN on here? or do we know of anybody who has? |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Davidifeanyi: 9:37pm On Feb 20, 2016 |
DeAfricana:Would I be right if I say you are too persimistic for my liking Sir' ?....thank you. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 9:45pm On Feb 20, 2016 |
AreaFada2:Correct, it never works |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by persius555(m): 9:57pm On Feb 20, 2016 |
SLIDEwaxie:I like the way u paint the picture of an industrial el dorado. No nation without sustainable power generating capacity can embark on an industrial revolution. Look at the power situation, does it look like we have an energy plan on ground? |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mrmetoo1: 10:05pm On Feb 20, 2016 |
erico2k2: You just took a bunch of factors and put them all together. Dude there's no need to argue or lie about this JP Morgan thing, it didn't start with the new government. This is not an argument for the sake of it, it's a fact whether it goes with your narrative or not. FYI http://venturesafrica.com/jp-morgan-delisting-nigeria-from-emerging-market-government-bond-index-interpreted/ http://bizwatchnigeria.ng/jp-morgan-threatens-nigeria-with-delisting-from-major-bond-index/ |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by erico2k2(m): 10:24pm On Feb 20, 2016 |
mrmetoo1:I will pass your link to a classmate of mine who works for their London branch and see what he says, I shall get back to you. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by NgwaManNaija4LF(m): 10:27pm On Feb 20, 2016 |
ZeroTolerance: That is not your problem,face your own issue. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by sashx(m): 11:21pm On Feb 20, 2016 |
swtdrms: Someone here |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by ibedun: 11:21pm On Feb 20, 2016 |
ozor1: You people can't differentiate between theory and reality. Which investor is bringing their money to Nigeria? Abi it was Nigerians round tripping money stolen from the people? Abi all the fake data madam world bank Iweala was producing? 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by madjune(m): 4:31am On Feb 21, 2016 |
tuale4u: Local production without NEPA... I wonder o. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by omonnakoda: 4:44am On Feb 21, 2016 |
AreaFada2:Nigerian economy has NOT been based on FDI and money did not come aplenty that is vague and nebulous fantasy. How much FDI exactly ? Can you put a number on it? How much was in the non oil sector? The obvious one is Telecomm which was basically a technology whose time had come and was not peculiar to Nigeria beyond that please tell us ONE just one other sector that benefitted from this "Money aplenty" and to what tune Protectionism,Isolationism those are just words. Cuba is an extreme example that is not relevant in our case. Every one practices isolationism and protectionism. It is a matter of degree every situation is unique. India certainly developed technologies that are relevant to their peculiar situation as did China. They STILL practice protectionism to a large extent and so we need to find the right blend that works FOR US. Even when we had a lot of oil money it was stiil expensive to manufacture the problem is not just infrastructure. We have a deficit of entrepreneurs and that is why Indians are selling Fish in Nigeria and making juice why we have foreigners running Shoprite and DSTV and MTN. That is why every year millions of fruit and vegetables rot away Let us face it Nigerians do not have a clue about business. We have a skill and knowledge deficit in our workforce ad that is why we have welders from the Philippines in our oil industry Not every thing is infrastructure,a lot is about the quality of our people and we do not invest in that There are a lot of opportunities in our country that can be developed by a skilled and knowledgeable workforce.This is nothing to do with government or infrastructure but KNOWLEDGE. The knowledge state in our population is abysmal. Our people are ignorant ,over-religiose and superstitious and generally very backward. Government cannot do everything. Our people still believe all the nonsense coming out of pentecostal churches.Such a population cannot make progress. Why are Lebanese and Indians running restaurants in Nigeria even at the airports . We need to focus on our knowledge deficit which is huge 3 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by kaybee09(m): 7:50am On Feb 21, 2016 |
SLIDEwaxie:how I wish ur analysis will be fruitful |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Nobody: 7:51am On Feb 21, 2016 |
tuale4u: Until the old stocks finish, then all our eyes go open. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by playtheblues(f): 9:09am On Feb 21, 2016 |
The ones they buy from the local markets are also imported. tuale4u: |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AreaFada2: 10:03am On Feb 21, 2016 |
omonnakoda: I don't know how old you're but I guess you didn't grow up to meet the period we had almost constant light, steady water, good roads etc. We had Michelin, Dunlop, VW and others producing or assembling in 9ja. PAN of course too. Cost of production became too high, that producing abroad and importing made more sense. You will still see remnants at Ojo. What you don't realise is how many million people died of poverty in India & China during that period of protectionism. Protectionism has to be reasonable. Nobody is saying we should import amala or ewedu. Provide a conducive environment first. Pentecostalism took so much hold because of poverty & fear of poverty (by those relatively well off). I saw people (able-bodied, young) thronging a Pentecostal church in Mushin area one Tuesday morning. How many gainfully employed people in Toronto, Sydney or New York will have time for that? God seems their last hope. Government in 9ja has no time for them. Now, for Lebanese and others, some have experience investing elsewhere like Kenya, Uganda beforehand. Some just open a branch in 9ja. We also generally give favourable terms to foreigners than ourselves when granting licences, etc. Especially if those foreigners know how to help govt officials launder money. Dangote has tomato plants in Kaduna & kano I learnt. Hopefully it will get better. Take even cement, we have limestone in abundance but cement is VERY expensive compared to most developing countries. Cost of production partly responsible. If you have ever run a business in 9ja, you will appreciate this cost aspect. Sure we need more entrepreneurs. To do good business, you need money, which banks prefer to lend to oil & gas sector instead of a an adventurous beginner. In those countries where people are more entrepreneurial, they get incentives from government, whether it is tax rebate, low corporation tax, etc. Where do you think money has been coming from if not FDI? FDI in my opinion includes investment in stock market, state govts borrowing internationally to invest, our banks having easy access to cheap international money that they lend locally at cut-throat rate etc. Usually to oil & Gas & big businesses. Not just one Paris based company setting up shop in Okitipupa. Oil boom had only one major impact: we were able to increase foreign reserve that boosted FG credit worthiness, helped maintain Naira value, so that borrowing from abroad was easier and FDI flowed into a country not likely to go bankrupt. Oil money by FG and state allocations went 70% into recurrent expenditure 2 Likes |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by omonnakoda: 10:40am On Feb 21, 2016 |
AreaFada2:How old I am is irrelevant. I called you out on the nonsense you wrote about FDI since 1999> We certainly are old enough to remember everything about Obasanjo. It is irrelevant but we are old enough to remember standing on roads while the likes of Gowon rode by. Your childish and stupid resort to the hominem device of "how old you are has absolutely nothing to do with anything, We never had constant light or water across most of Nigeria in fact most of Nigeria was not even on the National grid. The thermal station at Egbin in Lagos stated was built i 1981. In that area there was no electricity. Arcross the whole of Lagos Island u till 1984 and even 85 Human faeces was carried by night soil men in buckets on their heads and it was so across much of the state. So which water are you talking about? I called you out on your claims on FDI answer that and quit muddying the water of discussion by writing a Phd on Nonsense How much FDI entered since 1999 in the non-oil sector simple question. Again you talk of Cuba and India what does any of that have to do with when I or when your father was born? 1 Like |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AreaFada2: 10:48am On Feb 21, 2016 |
omonnakoda: Your abusive nature doesn't speak good of you. And you will describe yourself as coming from a sophisticated and respectful people? I always knew all that is eye service before the back-biting. Yes, many of you jambites spew trash here. You only get to see them when jamb results are released. Because they completely misinterpret the little they glean from google. What was the population of Nigeria/Lagos in 1981? Has Nigeria developed at the same rate it did from 1970 to 1983 compared to 1983 to now? Since you know it all, tell us the figures of all the investments. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by omonnakoda: 10:56am On Feb 21, 2016 |
AreaFada2:What a stuupid thing to say .You don't know me but start talking rubbish about my age and wwhen I was born and then make your own assumptions.What has it got to do with anything? What has population or development in 1981 got to do with your claim on FDI from 1999? That is what I am talking about address that claim that you made Those things you mention do not reinforce your argument or claims You are just adding all kinds of distractions and extraneous ideas.Not relevant! You come here making assertions about your opinions and try to give them a pseudo-factual mien when it is all nonsense |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AreaFada2: 11:14am On Feb 21, 2016 |
omonnakoda: Are you ok? You're very angry. Not good I tell you. You mentioned Egbin & 1981 in ur post? Can you string thoughts, answer & reply together? What population does Egbin has to supply now? Development is not just about doing, but adequacy of what is done. Well, FDI has gone into agriculture. A German company Vicampro has a massive potato farm in Bokkos, Plateau. South Africans have also set up cattle farms in Nassarawa and other places in the Middle Belt/North. Then power sector to fund small power plants. The Chinese govt via their development bank has invested in railway too. These are non-oil & gas. People in a hurry to totally condemn GEJ's government like to forget these investments over the last few years. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by omonnakoda: 11:28am On Feb 21, 2016 |
AreaFada2:According to you the economic boom since 1999 has been due to FDI as we can see in a potato farm in Plateau and Cattle farms in Nassarawa. You are the one who told us that I am too young to remember a Nigeria where there was light and water every where and I informed you that the biggest yes biggest generating plant in the whole country was built in 1981. This was in Egbin in Lagos state. This was a place that had no electricity and no water in fact Most of Lagos State territory had no Electricity. If that could be the case in Lagos state how much less Otuoke? In Lagos the were carrying excrement on their head in buckets. NO there was no such Nigeria as you would have us believe. So please Go back and read all the ridiculous nonsense you wrote about FDI creating a BOOM and all you can come up with is potato farm but here you are contradicting yourself and cannot even make up your mind what point you are trying to make .First you say investors are fleeing. What is it? Get out of my face , you are a charlatan |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by AreaFada2: 11:40am On Feb 21, 2016 |
omonnakoda: Hahahahaha! Excrement & bucket. You heard stories. If only I didn't know Lagos then, I might believe it was like that all over Lagos. As if people don't poo in gutters and Lagoon in parts of Lagos now You're too angry to put your thoughts together. Until others follow Truworths physically leaving 9ja, you won't admit. He doesn't even know that most investments are not in brick & mortar. Hahaha. Mr Guru, well done. As you travel wider and educate yourself better, you will realise you currently know nothing. It is allowed, enjoy your youthful exuberance. Good luck omniscient guy. |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by jaytee01(m): 2:22pm On Feb 21, 2016 |
mrmetoo1:Don't mind that id--iot! |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by Seunjungle(m): 12:12am On Feb 22, 2016 |
Sincerely, this is making sense! Let there be no gab btw foreign and local manufactures. This system should have been introduced for long... this is helpful! Nigeria, this is your time arise and let's see that great in you? God bless our local manufacturers God our economy God bless the brains behind it God bless Nigerians God bless our Presidrnt God bless Naija!!! |
Re: Dollar Scarcity: Traders Throng Aba, Onitsha, Lagos, Kano Markets - Punch by mikolo80: 5:29am On Feb 28, 2016 |
DeAfricana:what better way to force the factories back online |
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