Remii:
he is talking about industrial starch as raw material not food or fufu, but $9b is clearly an error

Guy its the grammar that's confusing you, I take it you do not know the process of obtaining starch from cassava since you don't eat it

omonnakoda:
Nigerians focus TOO MUCH on foreign exchange. When this starch leaves Nigeria WHAT is it used for? It is used e.g. in many tablets(medicines) which we import. In custard and lots more. If we focus on producing what we consume and trading internally then all this focus on dollars will disappear. The US has not had a trade surplus for many many years and is still strong. Exporting starch and charcoal and oil and solid minerals is not a sign we have arrived. We can do very well even if we export NOTHING or net to nothing. Many armchair economists struggle to grasp that

you are wrong my guy, if you do not balance exports and import you are doomed as a country

Adenex3051:
I was born, bred and not only buttered but also "amalad,gbegirid and ewedud" in Ibadan. So I say it all sense of responsibility that I know Ibadan well. I hereby challenge Mr Mu'azu Ibrahim to mention the $9billon starch company in Ibadan,
otherwise he should go perpetrate his lies elsewhere

Thank you very much, I said it yesterday that today dey will come with another pattern to calm Nigerians down

.

.

erico2k2:

Guy its the grammar that's confusing you, I take it you do not know the process of obtaining starch from cassava since you don't eat it

FYI. Am a chemical engineer so go Google uses of industrial starch from cassava. I know people eat start, especially in Warri area, I served there in 1991

Read about Industrial starch from this link

http://www.fao.org/docrep/x5032e/x5032e06.htm

Adminisher:


There is an error in the figures (maybe N9bn is the exact figure) but this your ignorance about the entire value chain of cassava needs spiritual work. Fasting and prayers. Full repentance and confession of sins. Who told you it is only for baking?. I can count about 24 uses for cassava starch without checking with Google. Please get serious and concentrate on the opportunities opening up with the dollar scarcity

But even the link states $9 billion, which is clearly a propanganda and fraud.

erico2k2:

you are wrong my guy, if you do not balance exports and import you are doomed as a country

That is dogma
THE MAJORITY of countries , over 100, run a deficit


In life when you progress beyond the undergraduate level you start to ask questions about what you read in books.
The world economy is complex and is not just textbook

There is politics and there is military might too

Having the Top Financial centres and Banks in your country makes a huge difference> If your country is where the Abachas of this world take their loot it makes a huge difference. If you have special drwing rights at the IMF it makes a huge difference.
If countries keep their foreign reserves in your currency it makes a huge difference. If all your loans are in your currency and commodities are priced in your currency it makes a huge difference

I do not know what you mean by doomed perhaps you will explain .

.
The United Kingdom,The United States ,Japan France United Arab Emirates and Hong Kong all run deficits.. In 2015 the US ran a deficit of $785 BILLION

The scenario you describe applies to countries with no manufacturing base that depend on one product and import the most basic things
It is a complex thing and not as simple as
Import bad

Export Good
With Globalization and Sovereign Wealth Funds it is a very complex story

symbianDON:

oga it is industrial starch. industrial starch from cassava is not in the same league as wheat flour used by bakers. industrial starch has a lot of industrial applications and is actually in high demand worldwide.

So where is this so called industrial starch coming from? I hope it is also industrial cassava crop. The fact still remains that you cannot make $9 billion or million a year from cassava starch, starch ooo even if it is used for industrial purpose or the entire ogun turn into a cassava plantation. Na only una sabi produce cassava starch? Ghana, cotê de ivoire, togo are not producing?

Chei! Children of IPOB, see as all of una dey piss for body when you heard just what one company did in Ibadan....FYI, many other companies are exporting from tiny villages in South-West but never announced unlike una wey dey shout Anambra ds, Anambra that. #SilentAchievers

kayfra:


Don't be ignorant. 1 ton goes for $500 and you have 20 tons in a container. You need to have shipped 900 container loads to make $9M. An easy feat and 900,000 containers to make $9B. An arduous task.

Wow and Nigeria never diversify even when crude oil seems doomed. All i see is lies.

Wizprodigy:

So where is this so called industrial starch coming from? I hope it is also industrial cassava crop. The fact still remains that you cannot make $9 billion or million a year from cassava starch, starch ooo even if it is used for industrial purpose or the entire ogun turn into a cassava plantation. Na only una sabi produce cassava starch? Ghana, cotê de ivoire, togo are not producing?

I wish to know the school you attended and who your teachers were....a lot of Ignoramus on Nairaland, man, you are the Chief of them!

Lagos ibadan expressway media doing Wat they kno best.
apc lying to the nation

tuale4u:


I think it is 9million dollar. maybe wrongly reported by vanguard.

That amount is still fraud. Had it been 9 billion naira i could have believed. But $9 billion is pure lies.
9000000000 * 199=1791000000000. That is 1.7 trillion naira coming out of a state in a year and yet cue to abuja for bailout fund. Haba think this na.

Lagos ibadan expressway media doing Wat they kno best.
apc lying to the nation

ChelseaDotCom:



I wish to know the school you attended and who your teachers were....a lot of Ignoramus on Nairaland, man, you are the Chief of them!

It is better than being fooled. 1.8 trillion naira is been derived from export of cassava starch only and yet the state still seek bailout fund to pay common salaries. Please who is deceiving who here.

Remii:
he is talking about industrial starch as raw material not food or fufu, but $9b is clearly an error

The fact still remains you cannot earn such amount of money from the export of one commodity. $9 billion or million whatever you call it is a big scam. Cassava starch only. Tell me what would happen when cocoa is been exported? We should probably be seeing $900 billion from it's export. 9 billion naira is believeable but 9 billion or million dollars is purely a scam.

Wizprodigy:

It is better than being fooled. 1.8 trillion naira is been derived from export of cassava starch only and yet the state still seek bailout fund to pay common salaries. Please who is deceiving who here.

Is it state money? Isn't it a private enterprise? How do you people think sef? State can only charge taxes on the profit made on the $9M dollars.

ChelseaDotCom:



I wish to know the school you attended and who your teachers were....a lot of Ignoramus on Nairaland, man, you are the Chief of them!

Mind you 1.8 trillion naira is roughly one third of buhari's 2016 budget of cassava. Oyo should have been more economically stable than lagos then. It is not only billions of dollars it should have been billions of pounds or euros. Apc should better stop lying to Nigerians. One week one lie.

kayfra:


Is it state money? Isn't it a private enterprise? How do you people think sef? State can only charge taxes on the profit made on the $9M dollars.

Stop using $9M it was stated as $9B. And that man never enter forbes list of richest men. The producer don't have name to cuz no name was written there. The company don't have name to cuz none was also written. The company don't have location in ibadan? No pictorial evidence too. Instead of you to condemn such lies you are hear defending it. Not good at all.

If the Naira remained stable at N197 to a dollar and N284.1 to a pound sterling at the interbank market, while the parallel market goes between N375 and Pounds N505, that translates that the banks will be indulging in sharp practices whereby the money they receive they will now sell to the black market operators and be making serious money from this act.

The Apex bank itself has to be blamed as I believe that they will connive with commercial banks to be selling the so called dollars to black market operators and the difference end up in their own individual pockets.

How come you sell at N197 within the banks and still people do not get the so called forex?The senate should look into this issue and be able to know how to get this disparity that is been practiced by the Apex Bank and commercial banks.If you receive money through money gram, the bank will give you at N197 and the hard currency will end up in black market at N375. You can imagine what they will be making.

With this, they will not want to regulate the exchange rate as they feed from this action of theirs. Prices of everything has risen to a point that people cannot afford anything for tehir families.

$9 billion is 1.8 trillion naira. No company in Nigeria does 1.8 trillion in sales currently. Not Dangote Cement, not Nigerian Breweries, not First Bank. Not even MTN. This is hogwash. Quality weed is definitely being passed around at CBN.

Wizprodigy:

The fact still remains you cannot earn such amount of money from the export of one commodity. $9 billion or million whatever you call it is a big scam. Cassava starch only. Tell me what would happen when cocoa is been exported? We should probably be seeing $900 billion from it's export. 9 billion naira is believeable but 9 billion or million dollars is purely a scam.

#9 billion is more than $9 million.......
So I wonder why u think the former is possible but the later is not....stop allowing big numbers to confuse u.
$9 million or #9 billion worth of industrial starch export is very much feasible......
Nigeria exported $800 million worth of cocoa products in 2014.

I'm thinking the same here, but have in mind that revenue/sales does not translate to profit, it's the margin that matters.

veraponpo:

It is either he said N9b or $9m, it couldn't have been $9b for that company alone.

Very impossible case for now.

sam90s:
I'm thinking the same here, but have in mind that revenue/sales does not translate to profit, it's the margin that matters.

That is irrelevant to the discussion of FOREIGN EXCHANGE? How much of the expenses are denominated in dollars

what is industrial starch used for anyway?


pills, etc?

SIRTee15:



#9 billion is more than $9 million.......
So I wonder why u think the former is possible but the later is not....stop allowing big numbers to confuse u.
$9 million or #9 billion worth of industrial starch export is very much feasible......
Nigeria exported $800 million worth of cocoa products in 2014.

But according to the article $9B is been earned from the sales of cassava starch in 2015 only. So are you trying to tell me $9 billion is feasible? Between cassava starch and cocoa which one do you think would earn you more money? No matter what the cassava starch is used for $9 billion is definitely a fraud. Why didn't they write the name of the producer? Why wasn't the name of the company stated? Are you trying to tell me you can earn more from the sales of cassava starch than cocoa? Do you know the difference between the $800 million derived from a year sales of cocoa to $9 billion derived from cassava? Propanganda is all what i can see. You cannot sell a tonne of cassava and earn more if you sell a tonne of cocoa. Don't be deceived.

Wizprodigy:

But according to the article $9B is been earned from the sales of cassava starch in 2015 only. So are you trying to tell me $9 billion is feasible? Between cassava starch and cocoa which one do you think would earn you more money? No matter what the cassava starch is used for $9 billion is definitely a fraud. Why didn't they write the name of the producer? Why wasn't the name of the company stated? Are you trying to tell me you can earn more from the sales of cassava starch than cocoa? Do you know the difference between the $800 million derived from a year sales of cocoa to $9 billion derived from cassava? Propanganda is all what i can see. You cannot sell a tonne of cassava and earn more if you sell a tonne of cocoa. Don't be deceived.

Guy relax,
Almost everybody who commented admitted the $9 billion stuff is an error and not feasible.
Probably a slip of tongue from the cbn official or he was misquoted by the media outlet.
U are the only one here running up and down n making a fuss about it.
Forget about the impossibility and focus on the possibility.
For ur info....the global industrial starch market is worth $70 billion, while that of the chocolate industry is $96 billion.
Nigeria is the largest producer of cassava in the world, therefore if we get serious with our agro-allied sector, I'm sure we can export at least $1 billion worth of industrial starch.

SIRTee15:

Guy relax,
Almost everybody who commented admitted the $9 billion stuff is an error and not feasible.
Probably a slip of tongue from the cbn official or he was misquoted by the media outlet.
U are the only one here running up and down n making a fuss about it.
Forget about the impossibility and focus on the possibility.
For ur info....the global industrial starch market is worth $70 billion, while that of the chocolate industry is $96 billion.
Nigeria is the largest producer of cassava in the world, therefore if we get serious with our agro-allied sector, I'm sure we can export at least $1 billion worth of industrial starch.

The link also gave the same $9 billion and whereas why wasn't the name of the company stated or it's producer? Had it been it was 9 billion naira then there wouldn't have been any fuss about it. Even $9 million is unbelieveable cuz no state in Nigeria is on full scale agriculture.

Wizprodigy:

The link also gave the same $9 billion and whereas why wasn't the name of the company stated or it's producer? Had it been it was 9 billion naira then there wouldn't have been any fuss about it. Even $9 million is unbelieveable cuz no state in Nigeria is on full scale agriculture.

This guy I hope u know $9 million is just #1.8 billion, so I wonder why u keep insisting #9 billion is possible but #1.8 billion is unbelievable.

SIRTee15:


This guy I hope u know $9 million is just #1.8 billion, so I wonder why u keep insisting #9 billion is possible but #1.8 billion is unbelievable.

lol...any figure that has $ in front of it is bigger than anything with # according to some funny people.Even $0.001 is bigger than #1000...lolz