₦airaland Forum

shadeyinka:
Do you know that the average cost of yam from the farmer is between N60 and N90 per tuber. By the time it passes through the hands of the middlemen it is already N200-N600 per tuber.

The point is that the government is not protecting the farmers that is why most young men will not want to be farmers.

jpphilips:
The bold part can only come from a banker, TSA is wrong because the government decided to remove its funds from the banks abi?
What has the banks contributed to manufacturing since being in charge of the funds?
You forget that banks are private businesses why should government funds be there in the first place? Abi na only banks dey do business in Nigeria? Don't you think that Ibeto and Dangote deserve to have government funds too?
Banks should devise modalities to attract idle funds not depending on the governmnet, there is no country in the world where Government funds make money for banks while the real sectors decay, you guys should grow up and do real banking not whining about awoof money.

shadeyinka:
Whenever our country dealnwith foreign investors, they think short term only. Technologically, what has Nigeria learnt from Shell or Mobil? Nothing!

MadamExcellency:
We have more indigenous oil companies than IOC hence why not?

MTN - System programming, network synchronization, data technology etc. have already been transferred.

The IPOB guy that is charged to court with Nnamdi Kalu works for Ericsson in-charge of MTN, GLO Network Engineering hence he was able to setup the hidden transmitters, expanded the coverage area and sustained it until he was arrested. Is it not technology/technical-know-how transfer?

Technology transfer is real.

MadamExcellency:
If you care to note, two of my husband's friends that worked in Engineering Department in one multinational firm in Nigeria that were recently disengaged just opened a Nail factory in Imo State. I saw them in the market distributing their products. They are now employers of Labour

That is just one example, I have innumerable examples of technology transfer operational in Eastern Nigeria today.

plaetton:
You don't cut your nose to spite your face.

The ability of banks to create credit is extremely vital to economic growth.
Look at how the Bank of Japan, the European Central Bank, the US Federal Reserve, Bank of England, etc, etc, pump unlimited liquidity into their banking systems on a monthly basis to stimulate economic growth.

Pulling N3tr from the banking system at period of economic weakness was nothing but suiciding the economy to fight corruption.

It's like applying a jackhammer to your Scrotum to fight off a pesky fly.
At the end of the day, both the fly and your Family Jewels are history.

That's not very smart at all.

jpphilips:
This is a vague statement that is not worthy of note yet, so i will lock up my note pad, before I bring it out, answer the following questions;

Was your husband's friend working for a multinational NAIL company before he was disengaged?

jpphilips:
First what happened to the banks is the business of the banks not ours, the banker's nose what cut not ours so get that part cleared.
Nigerian banks don't create credit so bringing in Japan into the mix is just mischievous, when the MPR was just 12% the banks were lending at 21-25% what kinda credit comes at 25%? meanwhile Japan's lending rate is hovering between 1-2.5%, so my question is, does the Nigerian bank deserve the money in the first place?

They use high interest rates to suffocate borrowers in the real sectors of the economy, then buy up TBN at ridiculous rates, then manage to invest in Politically exposed persons & cronies is that what you call banking?
You have clearly admitted that the Nigerian banks have no clue how to attract idle funds, isn't that supposed to be shameful?
You want the Central bank of Nigeria to pump liquidity into the banks so that you will offer your customers fix deposit at 4% and return the rest to the CBN through TBN sales at 17% abi? Buhari has taught you guys a lesson.

Why can't that Liquidity be pumped into Ajaokuta steel complex through Government intervention funds? that is the real sector that need the funds not the kalo kalo banks.
Why can't we pump it into Dangote's refinery project to increase his refining capacity from 600,000bbls to 1.2m? Most of you interest groups put unnecessary pressure on the government for pecuniary gains even when the Government does the right thing for our common good.
When next a bank wants to charge ridiculous amount on savings accounts, it will remember that the account is the last chance of securing idle funds.

How many successful businesses have the so called banks supported? but Zenith will vomit billions to sponsor Fayose's election, God don catch una. No more free money, if you need it by all means work for it like everyone else.

jpphilips:
Your Wasso analogy is called redenomination, why most countries are scared of it is because it erodes foreign reserves and shrinks the economy.
Soludo proposed it but OBJ refused it, in my opinion, we have not gotten to that point, if the recession last for another 2 to 3yrs such that our foreign reserve is completely lost, we will be forced to free float the naira and redenominate, it will come to us naturally once we get to that point. It shouldn't be a policy direction, it is like sleeping with food in your pocket in case you get hungry while sleeping.

plaetton:
I repeat, you don't cut your to spite your face.
There are no rooms for sentiments in managing an economy, especially medieval mindsets.

In case you didn't know, the CBN sets interest rates, not the banks.
The CBN sets monetary policy, not the banks.
The federal government sets the agenda of where investments should flow, not the banks.

In case you didn't also know, high interest rates are almost the norm in third world economies, and not peculiar to Nigeria.
Banks are in the business of risk management, and cannot afford to throw money at every John D. Public that walks into their halls.

There is nothing to gloat about in draining the life force from an ailing economy.
Not matter how much you loathe the banks, every one is paying the price for this financial misadventure.

totorimi:
I wont waste my precious advice to someone who doesnt understand but let me just chip in one.

Empower SME's and govt should hands of the business of any profit maximization let private sector drive employment and the economy. Govt should concentrate on good roads and ensure the tax system is water tight against evasion or fraud., power and affordable housing for all. Think Nigeria first and send away all illegal aliens away from Nigeria.

baby124:
If we don't fix transportation issues, nothing will work. Most industrialized countries drove growth through improvements in transportation. Faster movement of people, better reach of farmers to sell their goods, and it opens markets for otherwise inaccessible locations. We need to take our train system seriously, and develop it through steel from Ajaokuta. And also assist farmers with subsidies, and selling their products on an international market. We also need to start putting agricultural products on the exchange market.

Amitex:
The presidency should immediately send a bill to the NASS to change our political system to parliamentary system. The Presidential system is for rich countries. Then commence restructuring of the country as documented on the 2014 CONFAB report.

As for the present ministers, they should all be sacked. Government should bring in tested hands to manage the already battered economy between now and May 2019. They have shown very poor capacity. Except one or two.

We do not need a Senate nor house of representatives. Neither do we need cabinet ministers. Under a parliamentary system, the ministers are appointed from amongst the parliamentarians with a Prime Minister who is head of government.

The president should be a figure head chairman of Council of States. This same system should be replicated across the states. Interesting enough our LG is already practising quasi parliamentary system of government as councillors Supervise the different departments.

searchng4love:
Unfortunately it's not that straightforward...

SUPERPACK:
it will solve it. currently the naira is falling due to its scarcity as a result dwindling export profit as a result of global crude oil price slump, coupled with pipeline vandalization by the NDA, meaning that we earn just 20% of our previous profit. Nw an increase in agricultural exportation will increase our foreign earning since they will pay us in dollars when they buy our product and this in will make dollars available to the importers and effectively crash the demanding cost of dollars.
.
HOPE YOU UNDERSTAND.

oyinkinola:
[s][/s]
hoo! my God, for how many times i will say that am not calling for denomination of Naira or re-decimal nor touch the real value of Naira it's only market can do that; and the case of Nigeria is far more different btw what the European countries including Germany did after the world war and the case of Ghana and Zimbabwe recently!
what the differents:
google CBN check how many denomination in ciculation today, check your pocket how many denomination rest in circulation? where are the rest? also, Nigeria (₦1) least denomination know to world and exchange market is ₦1, where is that ₦1 in your pocket(circulation)? how can Nigerian take ₦1 that is not in our pocket to the market for exchange to $1 (other world active currency) and expect ₦1 to have eqaul value with $1 in your pocket and in american wallet(circulation), just imaging!
in Nigerian today the smallest denomination in the market(pocket) is ₦5! is this realistic? if will take our least currency to the exchange market today american will not accept because we will cheat them they only know ₦1 as our least denomination not ₦5, now we are killing ₦5 by force if dead, the next smallest currency is ₦10! is this how monetary work in america, europe and asia?
our currency is powerful, i maintain, ₦1 has what is worth in the market today, eg if you can take ₦5 to market and have 3 articles, when you divided ₦5 / 3 = ₦1.66k...eg poly bag, tom tom etc ₦1 fair in the market it was killed, CBN must return it!

Eazybay:
Bros u nailed it!! Most rich men who used to donate massively to communities and all have now gone underground. Someone said d Nigerian economy thrives on CORRUPTION. I mean datz abnormal but itz looking true. Let's encourage local investment for pardon or tax waiver

jpphilips:
The richest man in Africa is a legitimate buisnessman with investments littered everywhere home and abroad, only the politicians hide their loot abroad therefore, it is paramount that corruption fight is sustained if possible, intensified.

jpphilips:
Our industrial base is non existent? wow!! so the Manufacturers association of Nigeria are mere pallbearers abi?

ajepako:
Diversify the economy

Discourage importation and export more

Put incentives in place to stimulate the growth of our local firms so they can export

lakez:
We all prefer imported goods to what is being made in our own country

The simple solution to the dwindling naira is to reduce our balance of payment deficit , the economist in the house will more or less agree and we can only do that if we export more than we import
And we can not export what we have not used within the Shores of the land

ezenwajosh:
THE ONLY WAY IS TO LET BIAFRANS GO..... OUR MARRIAGE (AMALGAMATION) HAS EXPIRED..... IF BIAFRANS ARE NOT LET GO..... THE ECONOMY WILL BE WORST.... AND TISSUE PAPPER WILL WORTH MORE THAN NAIRA

jpphilips:
It's actually reverse engineering not re-engineering, that is stealing like the man you quoted stated, no sane person in the world transfers his technology, it has never happened.
Again even if you work for a foreign company, the trade secret is with R& and most foreign companies in Nigeria have their R& offshore, so you as an employer is an instrument of implementing solutions, but where the solution came from will elude you even if you serve the company for 50yrs.
Coca cola has bottling companies littered everywhere, who has the concentration formula of coca-cola even in those bottling companies?
Again you have the issue of Patent to contend with while considering Technology transfer. It is not really a piece of cake. When you get the technology, you have the issue of raw materials to deal with, let me give you a few global examples.

Till the US sanctioned Russia few years ago, all the rocket engines utilized in the US are all Russia made, the mighty US? can you beat that?
The silicon Valley of the US is depending on 80% chinese raw materials surprised huh!!
Adolf hitler got the E=MC2 formula before the US but guess who made the first Nuclear bomb? US because Germany had no access to plutonium even though he has the technology to enrish one, you see my friend, even the countries you are looking up to are actually looking up to each other, the real world doesn't run on the personal feelings of most Nigerians.

nabiz:
For our naira to improve, we need to increase exportation and reduce importation. To achieve this, i think th federal government should build a production friendly environment.

The unit cost of production in nigeria is higher than average in the world and as a result our prduct may hardly compete other product in the international market in terms of cosst and qaulity which in long ruin affect export which improve our currency

To build a production friendly environment, government should improve power output, and other infrastructure

jpphilips:
Excellent!! step one, create a manufacturing atmosphere to guarantee competitive products outside Nigeria.


Excellent!! step one, create a manufacturing atmosphere to guarantee competitive products outside Nigeria.

shadeyinka:
Perfectly said!

shadeyinka:
Well said! How do we go about this?
I know that Nairalanders are not as clueless as those who represent us

oyinkinola:
people just rush into post without understanding, I've said the same thing,several times as if people were deaf.
all the ideas you people post here had been implemented several times by the various past regimes, why it didn't yield the desire result!
my opinion have nothing to do with re-denomination of Naira, re-decimal of Naira or devalue of Naira!
Naira is powerful, and it worth what it deserve in the market today.
if Naira is powerful why reform it; reform is necessary because, there is a lot of cheating in the market that dry-up the little amount of money in the pocket of poor, if you have N20 in your pocket and you lost 4% of it, it too heavy for poor to carry, during this time of recession the poor can't afford been cheated of there mediocre income!
look: 1kobo to 100k have gone! N1 to N4 had followed, now we are killing N5 gradually, if it dead it will be abandoned and we will take-on on N10! also no coins in circulation, N1 that is Nigeria exchange currency is not in market, how N1 will compete with $1 active dollar and win!
all these lead to inflation and hardship of poor!

jpphilips:
Those middle men would have contributed to the distribution chain so don't blame them, just like someone said, the Government need to set the atmosphere for business to thrive, if the MM bought the yam at 90naira per tuber and the MM have to cross 5 states each waiting to collect revenue for doing nothing after he has bought diesel at 200naira per liter, how on earth do you expect him not to hike prices?