₦airaland Forum

justtoodark:
[s]wait a minute....
why are you suddenly cheering for nigeria....??

you ghanaians are indeed strange....[/s]

whatisthetruth:
True!

So how much time is needed to get Nigeria to refine its own crude oil?

10years? 100years? 1000years?

slowice:
Ghana should emulate Vietnam and come cap in hand to beg us to allow their goods into our country instead of forming hard men

vaxx2:
Stop quoting me abnormally .....

vaxx2:
That is it

https://www.google.com/amp/s/punchng.com/nigeria-vietnam-agree-on-visa-waiver/amp/

whatisthetruth:
When will you take a stand against oil importation? You have oil, yet you have to take it outside Nigeria to be refined and then buy back the refined products.

When will you take a stand against weapon importation? Begging USA and Russia up and down.

When will you take a stand against importation of phones and laptops?

Everyone just talking about rice.

alizma:
Chai, see how Nigeria is trending. Good response. If na those selfish set of people, they would have rushed the offer just for short time benefit they will get from the foreigners

Just30:
Ghana does not export rice to nigeria.
Ghana export Medical solutions , and other finished products

ManirBK:
Is Nigeria a dumping ground?? Can't they sell their rice elsewhere? Kudos to FG

Area4Area:
Lol, go through your link carefully.
While Vietnam was talking about trade, Nigeria was talking about football. Read slowly this time

Meaning that the government has made up its mind and Our VP talking about sports.

vaxx2:
You ask for a link and that is it. the first agreement is removal of visa policy between diplomat , now trade discustion is the next way forward . you don't play football with your enemy. and osinbanjo been more educated. than buhari is far more exposed on regional trade . from football then to rice , even cloth and footwear will follow.

Vietnam’s $245bn non-oil exports expose Nigeria’s failures

If Nigerian policymakers are desirous of changing the narrative of a mono economy , they may need to look in the direction of Vietnam, a Southeast Asian country that has emerged from the ashes of oblivion to become a manufacturing giant.

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Between January and December 2018, Vietnam earned $244.72 billion from export of finished products from garments and shoes to smart phones, according to General Department of Vietnam Customs.
Nigeria, on the other hand, scratched only $3.3 billion in 2018 from more than 25 commodities from cocoa powder to cashew nuts.

The big difference in non-oil export earnings between the two countries exposes the failing state of industrial policies in Africa’s most populous country, as domestic challenges continue to hinder local production.

Today, giant phone makers such as Samsung, Intel and LG produce smartphones in Vietnam and export from there.
In 2018, the country fetched over $50 billion from export of phones and their components— the biggest turnover among export items— according to the country’s General Statistics Office. It has earned $27.3 billion from phones between January and July 2019.

The Southeast Asian country attracted Foreign Direct Investment of $16.74 billion between January and July 2019, according to the country’s Foreign Investment Agency. In the whole of 2018, Nigeria’s FDI was $2.2 billion, from $3.5 billion the previous year, according to the United Nations Conference on Trade and Development.

“The Nigerian economy is in dire need of private investments to move the economy forward,” Babatunde Ruwase, president, Lagos Chamber of Commerce and Industry (LCCI), said in Lagos on Wednesday.

“If economic recovery is to be sustained, there must be added drive for domestic and foreign direct investments, promotion of non-oil exports and continued efforts at improving the ease of doing business in Nigeria,” he said.
Key to Vietnam’s growth was market reforms, said Vo Tri Thanh, a Vietnamese economist.

The country worked on private business right, macroeconomic and social stability, while opening and integrating its economy into the regional and world economy, especially in the areas of trade and FDI.

Vietnam sees trade as the most important part of its manufacturing sector. In an article entitled ‘Vietnam’s manufacturing miracle: Lessons for developing countries’, three economists Sebastian Eckardt, Deepak Mishra, and Viet Tuan Dinh said Vietnam has numerous bilateral and multilateral free trade agreements, which dramatically cut tariffs, anchor difficult domestic reforms, and open up the economy to foreign investment.

Vietnam likewise reduced its cost of doing business for enterprises.

The World Bank said in its 2019 Doing Business report that the country made paying taxes less costly for companies by reducing the corporate income and value added tax rates while eliminating the surtax on income from the transfer of land use rights.

Taxes in Nigeria (state, federal and local governments) today are 54 and are increasing as states go increasingly cash-strapped, experts say.

As a serious country open to business, Vietnam made starting a business easier by publishing the notice of incorporation online and by reducing the cost of business registration. It equally made enforcing contracts easier by making judgments rendered at all levels in commercial cases available to the public online, the World Bank said.
It made exporting and importing easier by upgrading the automated cargo clearance system and extending the operating hours of the customs department.

Scanners at the Customs in Nigeria are barely working, with roads to Apapa and Tin Can ports in Lagos nightmares.
“Of particular concern and importance to us (MAN) are the challenges we face in moving our raw materials and goods to and from the ports,” Seleem Adegunwa, chairman, Manufacturers Association of Nigeria (MAN), Ogun State chapter, said at a recent CEOs business luncheon at Agbara, Ogun State, when referring to challenges faced by

Nigeria’s manufacturers at the ports.
Nigeria is yet to initiate reforms at all levels, with statist policies trumping market reforms. The country still pays over $1 billion on fuel subsidies and is yet to reform its outdated gas policies. Manufacturers self-generate over 13,000 megawatts of energy, according to MAN.

President Muhammadu Buhari has shut borders to halt smuggling of fuel and rice, but exporters can’t ship out their goods or import inputs through land borders.

Ede Dafinone, chairman, Manufacturers Association of Nigeria Export Group (MANEG), said the losses incurred by genuine exporters will further cut Nigeria’s non-oil export projections.

“I am sure the government would not be closing all banks because of the discovery of bank fraud and similarly should not close all land borders to catch those that are smuggling,” he reasoned.

The list of items barred from accessing foreign exchange is getting longer with essential industrial inputs being added from time to time by the central bank.

The Export Expansion Grant has been suspended since 2013, and industries can’t sell because 49 percent of the population is multi-dimensionally poor.

Nigeria and Vietnam have things in common. One is that half of the population in both is less than 35, which provides ready labour force for industries and firms. But unlike Nigeria, Vietnam has well-trained skilled labour who fit into its industrial dream. This began with reforming the education system, paying attention to sciences which are important for industrial growth.

Two, agriculture employs more than half of the population in both Nigeria and Vietnam. Rice is the most important crop in both countries.

Furthermore, both countries have comparative advantage in leather/shoes and have enormous raw materials in food and agro-allied sector.

But Vietnam strengthened access to credit by adopting a new civil code that broadens the scope of assets that can be used as collateral.

Most banks in Vietnam, including VietcapitalBank, NamABank and ABBank, lend at between 8 percent and 8.6 percent, but almost all Nigerian banks lend at above 20 percent, and even up to 30 percent.

Vietnam likewise increased the reliability of power supply by rolling out a Supervisory Control and Data Acquisition (SCADA) automatic energy management system for the monitoring of outages and the restoration of service. According to energypedia.info, 100 percent of Vietnamese have access to electricity.

However, things are different in Nigeria, with over half of Nigeria’s population without access to energy, and firms resorting to diesel or gas to fuel their generating sets.

“Vietnam invested in infrastructure, especially in the power sector and connectivity. To keep pace with rapidly growing container trade (which expanded at a staggering average annual rate of 12.4 percent between 2008 and 2016), Vietnam also developed its connective infrastructure, including seaports and marine terminals,” said economists Eckardt, Mishra and Dinh.

“Vietnam has leveraged its demographic dividend through effective investment in its people. In the latest 2015 OECD Programme for International Student Assessment (PISA)—which tests high school students in math, science, and other disciplines—Vietnam ranked 8th out of 72 participating countries, ahead of OECD countries such as Germany and Netherlands,” they added.



ODINAKA ANUDU
https://businessday.ng/exclusives/article/vietnams-245bn-non-oil-exports-expose-nigerias-failures/

Just30:
Ghana does not export rice to nigeria.
Ghana export Medical solutions , and other finished products

whatisthetruth:
When will you take a stand against oil importation? You have oil, yet you have to take it outside Nigeria to be refined and then buy back the refined products.

When will you take a stand against weapon importation? Begging USA and Russia up and down.

When will you take a stand against importation of phones and laptops?

Everyone just talking about rice.

Area4Area:
Good for Ghana but leave Nigeria with her decision

ashlyfab78:
It will always be rice bro, buhari don't have where they manufactures phone and other stuffs...

whatisthetruth:
Lol, it’s only rice ooo

Omoslim26:
When will Nigerians come to realise that there is nothing Fg can do with the interest of the common man at heart do you think this big politifcians eat dat sand sand local rice
y are we dis gullible and easily played
why are we dis gullible

whatisthetruth:
Of course Nigeria is a dumping ground, what exactly do you produce?

Even the oil that comes from the ground in your country can’t be “produced” here in Nigeria, but has to be produced overseas and dumped back here.

The world is switching to electric cars, but when you ask Nigerians about EVs, they tell you it’s not feasible in naija. So expect also to be a dumping ground for old combustion engine car tech.

whatisthetruth:
When will you take a stand against oil importation? You have oil, yet you have to take it outside Nigeria to be refined and then buy back the refined products.

When will you take a stand against weapon importation? Begging USA and Russia up and down.

When will you take a stand against importation of phones and laptops?

Everyone just talking about rice.

Just30:
Ghana does not export rice to nigeria.
Ghana export Medical solutions , and other finished products

justtoodark:
vietnames people are welcome in nigeria....
we nigerians see them as black people....

Susu888:
Take a chill pill mehn! It ain't magic , its a long process and we barely took the first step. If we can begin to feed our selves (Agricultural industries) then next clothing ourselves (Textile industries also on the way) after that we arm ourselves( Defense industries) before u know it and in the space of 15 yrs we will be a force to reckon with around the globe. U can't just wish something into existence or do you think others wished it?? Its a painstakingly long process. Have a little patience or just shut it bcuz the last we need are pessimistic characters such as urself going around making us feel like nothing is happening while in reality there is a whole lot of change! we r getting there by God's Grace. The world shall witness the rise of another super power. A beacon to the black race.

justtoodark:
this is what we are trying right now,and you are busy shoutin on us....
do this ghanaians even understand how big nigeria is....??
nigeria is not ghana....

and i will say the truth....
we nigerians see other black nations as hostile enemies....!!!!

yeah,i said it....its the truth....we have been thinkin this way for decades....!!

zabuur:
Shut up. Shut up again, shut the Bleep up. Na everything u wan do at once. When trees fall on trees, no be the one on top u go first remove? Like u have any solution to anything.

Shut up joor

Chicastle:
Tomorrow now that thing would start begging for fighter jet. you are here bragging of rice

Who rice help self

Omoslim26:
When will Nigerians come to realise that there is nothing Fg can do with the interest of the common man at heart do you think this big politifcians eat dat sand sand local rice
y are we dis gullible and easily played
why are we dis gullible

Area4Area:
Good for Ghana but leave Nigeria with her decision

justtoodark:
realy....

if alcohol count to the Medical solutions,then so be it....

your royal fvckupness....