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Nairaland Forum / Nairaland / General / Politics / The Falling Naira Is A Blessing (9321 Views)
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Re: The Falling Naira Is A Blessing by ibisko04: 10:04pm On Mar 20, 2015 |
KevinBrown:You have to take the necessary step first. The way to a producing economy is simple when you have people who really want the system to work at the helms of affairs. What we have now can not take us to the realms of a producing economy. POWER generation, transmission and distribution must first and foremost be in place. |
Re: The Falling Naira Is A Blessing by eposho: 10:04pm On Mar 20, 2015 |
this case is dead on arrival. op never gave thought to this before coming on line, case of too much apeteshi at night time. |
Re: The Falling Naira Is A Blessing by KevinBrown: 10:08pm On Mar 20, 2015 |
wirinet: Yes! This is what I'm saying. It means the true cost of the cable should be N12,000 not N3,000. It means the government has been subsidizing us all along due to an overvalued currency. And since our local industries can't compete with the foreign ones (in price), they had to close up. But now, if foreign products are more expensive than the locally made ones, people will start patronizing the local ones. And due to economy of scale the price of the locally made product price will also reduce. That's the secret behind all this chinese goods you are seeing. They are all enjoying economy of scale. |
Re: The Falling Naira Is A Blessing by Nobody: 10:10pm On Mar 20, 2015 |
wirinet:I was also holding back. I'll bet they even import the bolts they use. And not only that, their cars have the same designs as any other country. No uniqueness na. |
Re: The Falling Naira Is A Blessing by KevinBrown: 10:11pm On Mar 20, 2015 |
wirinet: Ignorance again! Pls always make research before commenting |
Re: The Falling Naira Is A Blessing by giantstrides(m): 10:13pm On Mar 20, 2015 |
Some of the arguments here are so funny, how many students can babcock accommodate? Even your FG sends students on scholarship abroad, when government wanted to train ex-militants as pilots, why were they sent abroad? we have nothing as a buffer for the high price of dollars to naira. No responsible government will see an unplanned fall in their currency as a blessing because they have no control over it. you must have a degree of control over ur currency else you will lose on the long run. |
Re: The Falling Naira Is A Blessing by KevinBrown: 10:20pm On Mar 20, 2015 |
Mods this should be frontpage Cc: Seun Afam4eva maclatunji Ngwakwe Ikenna351 OAM4J |
Re: The Falling Naira Is A Blessing by wirinet(m): 10:20pm On Mar 20, 2015 |
KevinBrown: Local finished products cannot be cheaper that Chinese product because of so many reasons, chiefly because; Up to 90% of the raw materials are imported Up to 80% of energy (petrol and diesel) used are imported. High tarrifs and duties on imported raw materials Lack of infrastructures, companies have to run and maintain generators, boreholes and sometimes build their own access roads. High cost of borrowing money. Interest rates by banks hovers between 20 - 25%. Interest rate in china is between 4 - 5%. Multiple taxation by Local state and federal governments. So even if the naira is devalued to N1000 to $1, local finished goods can never be cheaper than imported goods. |
Re: The Falling Naira Is A Blessing by wirinet(m): 10:23pm On Mar 20, 2015 |
KevinBrown: What is ignorance here. My first cousin that stays with me works with michellin and they have closed down their plant and resorted to importing directly from france. So please show us Innoson tyre manufacturing plant. |
Re: The Falling Naira Is A Blessing by KevinBrown: 10:28pm On Mar 20, 2015 |
wirinet: And I'm asking you again, all those imported Raw Materials, are you telling me they can't be sourced for locally? Its even funny, u included oil in the list, when Nigeria is the biggest producer of crude oil in africa, why should we be importing oil derivatives? Why can't we build refineries and start refining oil? The answer is very simple. Its because it's much cheaper (or so it would appear) to import it than for us to refine it ourselves. But once it starts becoming very expensive to import oil, believe me, u will start seeing refineries all over Nigeria. The same applies to other non-oil products. |
Re: The Falling Naira Is A Blessing by KevinBrown: 10:30pm On Mar 20, 2015 |
wirinet: So you don't know Innoson has a tyre manufacturing plant in Nnewi? |
Re: The Falling Naira Is A Blessing by adaweezy(m): 10:45pm On Mar 20, 2015 |
KevinBrown:why did dunlop leave nigeria ? |
Re: The Falling Naira Is A Blessing by adaweezy(m): 10:47pm On Mar 20, 2015 |
KevinBrown: KevinBrown:Your govt already subsidies the fuel ,,,,,,,,,, |
Re: The Falling Naira Is A Blessing by adaweezy(m): 10:53pm On Mar 20, 2015 |
atlwireles:I just gave you an hypothetical case study abd you are avoiding the question ... Last I checked development is to tally with the society not the other way round ,,,, Why are manufacturing companies sacking workers Your logic is quite illogical |
Re: The Falling Naira Is A Blessing by atlwireles: 10:56pm On Mar 20, 2015 |
adaweezy: Because they are over taxed and regulated. |
Re: The Falling Naira Is A Blessing by adaweezy(m): 10:57pm On Mar 20, 2015 |
KevinBrown:Nigeria spent 1 trillion on subsidy in 2012 . How much can build a 500 BPD refinery Stop defending absurdity jare and be honest |
Re: The Falling Naira Is A Blessing by adaweezy(m): 10:59pm On Mar 20, 2015 |
atlwireles:according to the PPTA Nig collects 85% TAX from IOCs why has no IOC sacked workers ?? |
Re: The Falling Naira Is A Blessing by atlwireles: 11:02pm On Mar 20, 2015 |
adaweezy: Please stick to the manufacturing sector. Remember this discussion is about the Naira. |
Re: The Falling Naira Is A Blessing by adaweezy(m): 11:04pm On Mar 20, 2015 |
atlwireles: Most manufacturers enjoy tax reliefs due to govt policies to enable them perform well and maintain steady growth Besides Nigerias tax laws especially CITA are very lenient on employers compared to the Tax rates in France and Germany . Sorry your Tax theory is feeble |
Re: The Falling Naira Is A Blessing by atlwireles: 11:07pm On Mar 20, 2015 |
adaweezy: Why not tell the collectors pondering down your doors monthly, threatening to break down your gate, that the manufacturers don't pay taxes. |
Re: The Falling Naira Is A Blessing by adaweezy(m): 11:10pm On Mar 20, 2015 |
atlwireles:The IOCs are part of the manufacturing sectors or what are they now marketing sectors ?... You keep avoiding the issues at hand... Discussions should not be about wanting to reply, it should be more about wanting to educate and you succed in just replying by sticking to a narrow view The naira is going down and nigeria is no china who produces ... This theories being postulated by you are similar to the SAP failure |
Re: The Falling Naira Is A Blessing by adaweezy(m): 11:16pm On Mar 20, 2015 |
atlwireles:Did I say manufacturers don't pay taxes stop reading to reply , read to understand ........ |
Re: The Falling Naira Is A Blessing by atlwireles: 11:20pm On Mar 20, 2015 |
adaweezy: The OP started this thread with some basic points, I agreed with the OP. I'm not here to discuss Nigeria's economic policy. This was about the Naira as a stand alone item. When I talk about manufacturing companies in Nigeria, I'm not talking of Shell, Exxon, Chevron, total etc. |
Re: The Falling Naira Is A Blessing by atlwireles: 11:22pm On Mar 20, 2015 |
adaweezy: Your previous comment should be withdrawn then. time to retire from this thread. |
Re: The Falling Naira Is A Blessing by snakie86: 6:26am On Mar 21, 2015 |
adaweezy: More reason why i stop replying d guy......... |
Re: The Falling Naira Is A Blessing by otokx(m): 6:57am On Mar 21, 2015 |
Some lies are quite wonderful. |
Re: The Falling Naira Is A Blessing by Nobody: 7:14am On Mar 21, 2015 |
KevinBrown: as far as manufacturing is concernes, you are highlighting your ignorance. all the so called nigeria manufactured goods are somply knock down products. they are delivered to nigeria as components and assembled here. innoson is a rebadged chinese car. this has been thrashed out on other threads in nl. NO COMPONENT in the car is nigerian made. ditto for the zinox you are referncing. motherboard, ram, case, screen, nothing is made in nigeria. even the much touted naira key doesnt work. it does notveven ship,with a proper cd, just one fake 50gb partition where with a poor driver launcher. all these components are bought with forex, so, there are no,savings whatsoever. do you have any idea how prohibitive manufacturing costs are in nigeria because of energy? it is only food and beverage, and the lowest manufacturing ( foundries) that can cope. all your so called made in nigeria are simply branded for nigeria, made in china. and paid for with dollars. and the costs of these items will go through the roof or the so called manufacturing will stop. |
Re: The Falling Naira Is A Blessing by Nobody: 7:54am On Mar 21, 2015 |
@OP, With or without your analysis, falling Naira is a huge blessing for me, Why I have always have this ambition to earn money in foreign currencies. I have started getting some dollars, my next target is Pound Sterling. This is why exporters rule! We humans have the capacity to turn every situation to an advantage. Those that want to cry can continue. Success is a choice!!!! 1 Like |
Re: The Falling Naira Is A Blessing by Volksfuhrer(m): 9:32am On Mar 21, 2015 |
patmaine: Delayed effect of lag variables in economics. It takes time for certain effects to manifest themselves. Everybody sooner or later would start making price adjustments of goods and services, from landlords all the way to market women! Don't worry, inflation would soon be upon you! |
Re: The Falling Naira Is A Blessing by Nobody: 10:31am On Mar 21, 2015 |
wirinet: please try to engage nigerchin , nocacao, kabelmetal or ---------directly. you cannot vouch for those so called ' made for nigeria' cables. the importers have cut so many corners to bring it down to 3k. they may even have done the covering in alaba. i am saying this because these bastards can get your office burnt for their small profit |
Re: The Falling Naira Is A Blessing by sorepco(m): 11:07am On Mar 22, 2015 |
my guy if others see that you planned ur currency's depreciation, they will act against you. see as china de keep her currency low and devalued yet the us a ad japan are askig them to revalue it. talkless of if china comes out says they want devaluation as an economic policy....thats why chinese products are this cheap. if they should revalue it to 1 renminbi to 1 dollar them go fall well well....so any coutry that wants to use devaluation as a policy can ot come out and announce it; they do it behid the scee mate Babalegba: |
Re: The Falling Naira Is A Blessing by sorepco(m): 11:12am On Mar 22, 2015 |
a very good and cogent observation. however, how shall our local industries succeed when we import everything, even tooth pick? there is a ceramic tile factory i Abia state; we have rice millers in ebonyi state and kogi; we dont import vegetables or fresh fruits, ulike egland, switzerland etc; Dagote is hintig at oil refinery in lagos ad before you know it other business me will come in. see how dagote cement de eter cameroon market anyhow...as their factory here is still to start production, yet i de buy dangote cement for douala. aija don de export cement, bros giantstrides: |
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