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Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Tianamen1: 7:46am On Mar 12, 2019 |
jomoh: Jomoh, Nigerians tend to be highly religious people who believe there is always a simple solution to even extremely complex problems. To the best of my knowledge, the last time America faced a crisis similar to the one it is facing was in the 1920's and it took over twenty years after the second world war to get their economy moving properly again. What Trump is doing in China is pandering to illiterate Americans who believe China is the enemy and the cause of their woes. Even China is facing economic headwinds itself. The crisis Nigeria is currently facing is a combination of our poor leadership and the fall out of America's economy. To develop, Nigeria needs long term plans and not patch patch solutions. Everything starts with better education for our masses. 1 Like |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by mfm04622: 7:52am On Mar 12, 2019 |
7lives: I wanted to "like" your comment more than once! 1 Like |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by StevenOba: 8:04am On Mar 12, 2019 |
Too much block heads on this forum. Someone is even shouting 'Igbo traders' . Do you know the potential jobs this will create? Let the textile manufacturers in China, Turkey come down to Nigeria enough of importing things we can actually produce. Lack of information is a disability. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Willie2015: 8:15am On Mar 12, 2019 |
7lives: You want to encourage local production... Where you dont have stable power supply.... no roads Infrastructure at almost zero level... How do you even compete with the Northern Elites.. That are warlords and textile smugglers..... Go and read about Mangal smuggling empire in the North.... Nigeria biz environment is simply hostile to bizness... |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 8:21am On Mar 12, 2019 |
7lives: How can local industries be competitive without regular power? Do you have any sense at all? |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by lastempero: 8:27am On Mar 12, 2019 |
B1ak3: Atleast most of those traders have succeeded in managing a shop to big firms and what have you done with your life aside reading adam smith evolution of economies and the likes, you and your cohorts keep dishing out policies that adds no value to the economy. They did the same to rice,cement and sugar and what was the outcome? |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Mccullum: 8:38am On Mar 12, 2019 |
No country in the world can be prosperous without focusing on productions of goods and failure to that will enhance instability to local currency as imported goods will mount pressure on forex while the Central Bank will feel the pressure of demands for dollars by importers as that usually caused inflammation which the masses suffer for. And advantages of boosting the confidence of investors is for the government to provide hope of no threat of foreign goods - e.g. our Music Industry while the home industries creat more jobs that up grade the standard of living of the populace. It'll be better to focus on how to build an economic growth of internal products than imported goods as only that can guarantee brighter and rewarding future of Nigeria. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by jomoh: 8:45am On Mar 12, 2019 |
Tianamen1: You’ve gotten it wrong my brother. Forget the media propaganda of CNN the American economy is doing very great for the first time in a very long time. Unemployment at the moment is the lowest in 10years. These are all results of the trump policies. Here is a simply break down. Most companies have left the us to establish in China with lower labour cost where they produce and send to the US who obviously have the money and the market. Initially trump wanted to ban those product from entering the US thereby forcing them to come back to the US if they want to sell to the US market. The plan was later shelved because the American labour can not provide the cheap labour China is providing and they have other sources of revamping the economy. Now he prefers to increase import tariffs on China products thereby achieving two things. 1. Make money for the country from china 2. Force China to negotiate a trade agreement that will see China increase their imports of US products thereby providing jobs to Americans. Now back to Nigerian situation Yes Nigerian economy is affected by America’s but apart from oil that we sell to America is there anything else we export in large quantities? None. And we use the money we make from the oil we export to import other product more than we produce thereby returning their money back to them. I don’t know where you lean on the policy but this policy is obviously not a short term solution neither a bit patch solution. This is a very long term solution that if managed well will be permanent and very good for the economy. We can not keep waiting for the right moment. If we don’t take the leap we will never grow. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by jomoh: 8:51am On Mar 12, 2019 |
eluquenson: How do you know a “sincere” government? No government in the world is sincere depending on the side of the policy you fall. BTW do we have to wait for all of us to agree that the government is “sincere” before we make changes. It’s not going to happen cos some will always disagree. But by my own appraisal, this government has shown more sincerity of purpose than any government in recent memory. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Tianamen1: 9:08am On Mar 12, 2019 |
jomoh: I am going to give you 5 names of different influential men in global economics. Google them a learn what the true reason for the crisis America is facing and not the simplistic view you and Trump share Ray Dalio Billionaire trader Tom piketty Best selling Author of book about capitalism Paul Krugman 2008 Nobel prize winner in Economics Peter Schiff Popular media personality, and strong proponent of the Austrian School of thought Jeff gundlach, the bond king, American investor. Things that seem obvious are not always as they seem. There are always multiple stories. Import subtracted from exports is only 1 component of GDP. A country can be very rich having fewer exports than imports if it meets most of its people's needs. Have a great day |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by darqly(m): 9:18am On Mar 12, 2019 |
7lives: You're calling people blockheads but you're pushing a similar narrative. You do not stimulate growth by banning anything, has never worked anywhere, will never work in Nigeria! Do you know the power needs of textile industries alone? How is power supply in your area? Does banning Forex for textile imports translate to improved power supply immediately? Does it mean we suddenly have the expertise or factories to meet local demand? You gradually build the local industry on the one hand, and still allow imports with possibly higher tariffs or duties on the other hand, to meet consumption demand. The FGN increased import duty on tokunbo cars, so we can produce NEW cars in Nigeria Did you buy a new car? How many Nigerians saw a made in Nigeria car to buy, and how much? What happened? Smugglers business boomed, port revenue decreased, jobs and businesses were hit and last quarter, the customs boss called for import duty REDUCTION to 45% on the same tokunbo cars. 3 Likes 1 Share |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by nosmassam(m): 9:20am On Mar 12, 2019 |
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Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 9:23am On Mar 12, 2019 |
With what infrastructure : DIESEL You are a block head as far as I’m concerned ! 7lives: |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 9:24am On Mar 12, 2019 |
The guys head is blocked and fried. darqly: |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by jomoh: 9:35am On Mar 12, 2019 |
Tianamen1: Ok can you give me a link, I’d love to read up on the cause of the American problem. Still On the Nigerian issue. If import and export substitution is just 1 component then you will agree with me that we haven’t even gotten that one right let alone the other ones you may be talking about. Let us get this straight first before moving to the others. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 9:42am On Mar 12, 2019 |
urahara: That both of you couldn't figure out that for a country to grow, it has to protect her local industry says how very little you know of economics. Even your open trade Western countries protect their local industries always (Recent case in point: donald Trump's trade war with China) |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 9:45am On Mar 12, 2019 |
lastempero:see foolish talk. Na only bitterness for d president of everyone for him generation dey him brain, notin more. Slaps |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by grandstar(m): 9:46am On Mar 12, 2019 |
lastempero: Actually, the effect can be found in cement. It led to a massive increase in cement production. That can not be taken away. But was it really positive? It was one step forward and 5 steps backward. Cement sold locally is very expensive due to lack of foreign competition. It has also made Dangote a multi billionaire. In 2014, Dangote cement declared an after tax profit which was above 50% of their sales figure. That means if Dangote slashed his cement price by half, he would still declare a profit after tax! The high cost of cement would have impacted negatively on the construction industry. I'm sure more labourers would been employed and more houses built. I would not be surprised that for every job his cement plants created, 10 were lost in the construction industry 4 Likes |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 9:49am On Mar 12, 2019 |
lastempero: Olodo, being a poor large consuming nation does nothing but kills your economy? What school did you go to? |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Thisis2raw(m): 9:51am On Mar 12, 2019 |
7lives:shei dey have to set up the factories in a country where the govt is mill businesses with bad economical policies |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by ehinmowo: 10:02am On Mar 12, 2019 |
Tianamen1: As much as I appreciate minimal government interference in the economy, I want us to know that she cpntrols the big gun (macro). Hence her action or inaction has effects. Even the perfect market, in reality, is not perfect. However, I am against closing the country trade wise. with the right policies, local production will have advantage over imported goods and importation will suffer a natural haemhorrage. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Sagay212: 10:18am On Mar 12, 2019 |
Shadymurphy: Instead of banning, why not compete. Produce your own and let whoever wants to import do So. If what you produce locally is of good quality, believe me people will buy and abandon the imported goods. By the time the importers see that people are buying more of locally made, nobody will tell them to look elsewhere . But this gra gra won't work. 1 Like |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Sagay212: 10:23am On Mar 12, 2019 |
StevenOba: Before telling them to come open factories here, do you have steady power and good roads plus security? Or you want them to come and spend more money running generators and risking their lives? Why not tell your leaders to stop travelling abroad for treatment and shopping? Why not tell them to stop sponsoring people to Mecca or Jerusalem to go and pray to God as if God is not in Nigeria. 4 Likes |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by lastempero: 10:31am On Mar 12, 2019 |
grandstar: At least I have seen someone that understand what we are talking about here,I have first hand information on that of cement, our people at the helm of affair don't factor all that you mentioned above into consideration b4 taking their backward decision. 1 Like 1 Share |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by lastempero: 10:41am On Mar 12, 2019 |
jayfolarin: Mumu outside the test books you read in school so you can reason with your sense and know what is peculiar to your country and know that your country dont have the capacity to produce textile materials in the next 50 years and the only effect this policy will have on the economy is just to squeeze it the more. America should have banned apple and other big electronic companies from producing their products outside america or you should ask your demigod to ban the importation of generators when you dont have enough power to go round. 1 Like |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by lastempero: 10:44am On Mar 12, 2019 |
Sagay212: My brother see what is killing Nigeria,I wonder what these guys learnt from school,they just dish out policies without knowing the after effect of the policy. |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Tianamen1: 10:49am On Mar 12, 2019 |
ehinmowo: in theory what you've said is accurate. Unfortunately, economics studies human behavior and overtime it has being seen that only smuggling and the impoverishment of the Nigerian people happens when we ban goods. We need to create a productive environment. The most important element in achieving this is security. Nigeria's security issues are tied mainly to poverty. This implies that banning goods would lead to more poverty which would lead to insecurity, further damaging Nigeria's fragile industrial environment. A focus on education and healthcare would reduce poverty and naturally spur industrialization. 1 Like |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Amhappy(f): 11:02am On Mar 12, 2019 |
grandstar: Thank you. It time Nigeria grow her export,however we need to address the basic problems that make production an uphill task. Why can't we solve the root cause problem of power. Any Textile company running on Generators cannot compete with imported materials. The aim of a business is to make profit. 3 Likes 2 Shares |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by GoldHorse(m): 11:15am On Mar 12, 2019 |
grandstar: If you are into production or manufacturing you won't write all the things you wrote above |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by Nobody: 11:15am On Mar 12, 2019 |
lastempero: You are too dumbb and emotional to warrant a reply from me. Get some real life economics lesson and you will see the truth to what the adults are saying on this forum about this topic |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by urahara(m): 11:16am On Mar 12, 2019 |
jayfolarin: The problem with Nigeria is that it's infant industries have not grown up since 1960. 2 Likes |
Re: Economist backs CBN ban on textiles; says FOREX on imports enough fund deficit by lastempero: 11:21am On Mar 12, 2019 |
Tianamen1: My dear too many shallow minded individuals are too many for Nigeria. |
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