₦airaland Forum

Ask4Info:
99% of times i click at topics on the homepage of nairaland, i can't help but get amazed at the Age and Mental Stability of the Moderators of this forum.

How on Earth are 2 body guards walking beside the Number One Citizen of a country and His ADC walking behind become news worthy?

Tell em bro, tell em

Next thing they'll probably ban you

Smh

ibedun:
Ok I will explain. The current policy of import restriction and profit repatriation is tough but vital to conserving our meagre foreign reserves (which means we are not going to IMF to borrow expensively) and forcing Nigerians to seek domestic alternatives and maybe reset our brain to production instead of consuming what others produce.

The increment of import duty to make imports more expensive whilst raising government revenue is another policy to help our country bear and survive the oil price collapse - our only source of dollar.

The government's money supply restriction (through CBN open market operations, banking cash ratio, the TSA etc) the government has saved the economy from hyper inflation and a more severe naira depreciation against major currencies.

The government of Nigeria unfortunately cannot adapt economic growth policies at this time because our industrial productive capacity is zero. We cannot have industrial production or export led growth because we just can't produce anything. Unfortunately should the government go for growth this will only encourage larger importation of consumer products and the eventual draining of reserves and the total collapse of naira and that will lead to outright starvation of our people. Nigerian people and the government are currently stuck and no policy can change the reality on ground. Except there is a miraculous increase in oil price which is very doubtful at the moment.

This government is doing the best it can at the moment.

u've missed d fundamental point. Import restriction presuppose dat many things still get imported. Now d question should be, "at what cost?"(naira/dollar value & its implication for cost of production & ultimately d price at which dos goods will be sold). In d same token, which int'l market will be willing to buy our products? The footwears being produced by the Aba boys, how many of it has d govt bought or encouraged its exportation. Hear dis, FOR EVERY THING WE IMPORT (from raw materials to finished goods) there is someone or a cabal somewhere(economic & political elites) benefiting from it. Dangote is a household name in Nigeria. Tell me what he produces dat is sold in d international market? We produce things but d question is, what has d govt done to create a market for dos tinz dat we produce abroad?

ibedun:
Ok I will explain. The current policy of import restriction and profit repatriation is tough but vital to conserving our meagre foreign reserves (which means we are not going to IMF to borrow expensively) and forcing Nigerians to seek domestic alternatives and maybe reset our brain to production instead of consuming what others produce.

The increment of import duty to make imports more expensive whilst raising government revenue is another policy to help our country bear and survive the oil price collapse - our only source of dollar.

The government's money supply restriction (through CBN open market operations, banking cash ratio, the TSA etc) the government has saved the economy from hyper inflation and a more severe naira depreciation against major currencies.

The government of Nigeria unfortunately cannot adapt economic growth policies at this time because our industrial productive capacity is zero. We cannot have industrial production or export led growth because we just can't produce anything. Unfortunately should the government go for growth this will only encourage larger importation of consumer products and the eventual draining of reserves and the total collapse of naira and that will lead to outright starvation of our people. Nigerian people and the government are currently stuck and no policy can change the reality on ground. Except there is a miraculous increase in oil price which is very doubtful at the moment.

This government is doing the best it can at the moment.

Inflating import duty is a myopic economic policy decision. In d sense dat d price of PMS & the value of d exchange rate (which was literally damaged by d govt's initial stance not to allow d market forces determine d value of d naira relative to its pair) affect d cost of production (for items imported to produce things like Bournvita, juice,etc, in d country). For basic necessities such as d examples I've mentioned which average Nigerians patronize, it becomes a burden on dem. The rich will afford ANYTHING but for average Nigerians like civil servants whose salaries are meager or unpaid for sometime now, they bear d brunt because d producer will calculate into d cost of production d inflated import duty, d cost of PMS & cost of buying dollars used to import). The govt should be critical in its thoughts & use a gradualist approach to make sincere economic changes dat are ppl-centred.

ibedun:
Ok I will explain. The current policy of import restriction and profit repatriation is tough but vital to conserving our meagre foreign reserves (which means we are not going to IMF to borrow expensively) and forcing Nigerians to seek domestic alternatives and maybe reset our brain to production instead of consuming what others produce.

The increment of import duty to make imports more expensive whilst raising government revenue is another policy to help our country bear and survive the oil price collapse - our only source of dollar.

The government's money supply restriction (through CBN open market operations, banking cash ratio, the TSA etc) the government has saved the economy from hyper inflation and a more severe naira depreciation against major currencies.

The government of Nigeria unfortunately cannot adapt economic growth policies at this time because our industrial productive capacity is zero. We cannot have industrial production or export led growth because we just can't produce anything. Unfortunately should the government go for growth this will only encourage larger importation of consumer products and the eventual draining of reserves and the total collapse of naira and that will lead to outright starvation of our people. Nigerian people and the government are currently stuck and no policy can change the reality on ground. Except there is a miraculous increase in oil price which is very doubtful at the moment.

This government is doing the best it can at the moment.

let me ask u, all this defense u put up for d FGN, has the Minister of Finance talked about it or the CBN Governor or even the Minister of Information as a way of telling Nigerians wot dey are doing? If any of dem has, den share with me d link for verification. Have u heard about political communication before(a part of the theory of Structural-Functionalism?

This is no news please.

.

.

what is nairaland turning to...how does this affect us

Ask4Info:
99% of times i click at topics on the homepage of nairaland, i can't help but get amazed at the Age and Mental Stability of the Moderators of this forum.

How on Earth are 2 body guards walking beside the Number One Citizen of a country and His ADC walking behind become news worthy?

my brother i tire o

AyoolaIgwe:
let me ask u, all this defense u put up for d FGN, has the Minister of Finance talked about it or the CBN Governor or even the Minister of Information as a way of telling Nigerians wot dey are doing? If any of dem has, den share with me d link for verification. Have u heard about political communication before(a part of the theory of Structural-Functionalism?

You are failing to understand that Nigeria is seriously STUCK!

Even God himself (let alone Jesus or Muhammed) cannot save you. Have you heard the saying "stuck between a rock and a hard place"? There is no policy that can change our current reality. That reality is we (170m people) produce nothing of value or worth and now we do not have enough international currency ($) to continue our mindless importation. The meagre output of our industries are not exportable. Oil has been fooling us for decade making us believe we are rich.

Once again no policy(ies) can change our current reality.
Buhari can only try, nobody can do it.

ibedun:
You are failing to understand that Nigeria is seriously STUCK!

Even God himself (let alone Jesus or Muhammed) cannot save you. Have you heard the saying "stuck between a rock and a hard place"? There is no policy that can change our current reality. That reality is we (170m people) produce nothing of value or worth and now we do not have enough international currency ($) to continue our mindless importation. The meagre output of our industries are not exportable. Oil has been fooling us for decade making us believe we are rich.

Once again no policy(ies) can change our current reality.
Buhari can only try, nobody can do it.

we aren't stuck. poor leadership per time is d reason we're where we are now!
The policies of d present administration from it's inception last year brought us to where we are. Specific areas include:- petroleum sector, exchange rate policy & TSA(a sudden full implementation of TSA for d records did more harm dan good).