UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.

UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.

UstazAhmed:
This is what Buhari want to put an end to but southerners will never allow that happen. He closed the borders and they are weeping. Is this the way to develop the nation? Tomorrow they want us to vote for Tinubu or Osinbajo, DOA. We must continue ruling this nation anyhow we want. Thanks to Allah Mahmoud of INEC was reinstated and he's to conduct the next elections.

JaceBlaze:
Hmm

GeneralPula:
75% of what is being imported in are fake things from China..

Thanks to Flatinoz !

TMKsouth:


Countries should strive to be exporters rather than importers. Being an importer means you produce very little things of your own and have to buy from others. There's nothing wrong with importing as long as your exports (what you produce) are more than what you bring in, or more valuable in dollar terms.

blamingthedevil:

Import is nothing something to be proud of..... that is why we are not developing as a country

JaceBlaze:


Not really good for the economy.So how is it that Nigeria claims to have the highest GDP while on the other hand they are the biggest importer in Africa? I need clarity on that.

TMKsouth:


Their economy does really good when the price of crude oil is high, but falls into recession when the price of oil drops. So they are overreliant on oil (as the largest producer in Africa). So they spend a lot on imports but little extra cash is coming in.

I know their entertainment industry brings in money too but the state is not good at collecting taxes and so loses that revenue. Foreign direct investment is also lacking coz of the security issues and poor infrastructure, as you've seen with Twitter and Shoprite recently.

So, I'm also at a loss like you are. Where do they get money from? Maybe one of them could assist us with your question.

JaceBlaze:


So basically they are one commodity reliant economy.Does the entertainment industry really count?

TMKsouth:


Countries should strive to be exporters rather than importers. Being an importer means you produce very little things of your own and have to buy from others. There's nothing wrong with importing as long as your exports (what you produce) are more than what you bring in, or more valuable in dollar terms.

Efewestern:
This isn't new, we have been crying about this for years, unfortunately, we have some trained economists like EzeNri who justifies our economic waywardness by throwing big grammars.

Efewestern:

Israel with a population of a few millions export more goods and is more productive than Nigeria with a population of 200 million, we have no single shame, what's the total landmass of Israel again? Heck, what natural resources do they even have?

Efewestern:

There is something wrong with us as a people.

Efewestern:

I notice the Asians are flooding the South African market with their goods, you all shouldn't go the Nigerian way, protect all local industries at all cost!

Efewestern:


Africa must not be a dumping ground.

CSTRR:
And btw, there is no problem with imports.

Infact, the richest countries of the world are big importers.
That is why they have trade deals and trade wars.
You need some level of imports to produce your own exports.

The problem with Nigeria is that we are not importing the right and essential things that we need to make local production work.
Most of our imports are nonsense.

Big imports are not bad, as long as you are exporting much higher.

CSTRR:
For example, if innoson imports 50% of all the engines made in Japan.
That is not bad.

As long as he is exporting cars and getting a higher value for Nigeria.

A win-win for both Nigeria and Japan.
Both countries would never go to war because we are both making money

But most times, that is not the kind of imports Nigeria does.

EzeNri:

United States is the largest importing nation in the world, followed by EU, China and Germany.

And these happen to be the largest economies in the world.


Isreal imports as much as it exports and the former is growing more than the former. IMF projects by next year Israeli import would grow by 5.3 percent while export by 4.2 percent.


The only thing wrong with us is believing we will grow this economy by killing importation. We closed border against rice import, what is the price of locally produced rice in the market today?

Kill every weak local industry and redirect the resources into producing those things we can with absolute cost advantage and then import those we can't.

Simple economics!

Nigeria is not dumping ground.

Dumping means foreigners exporting those goods we have a cost advantage in and selling them at ridiculously low prices than obtainable in their home countries, and increase the price after destroying local competition.

Can you name any of those goods in Nigeria?

EzeNri:

United States is the largest importing nation in the world, followed by EU, China and Germany.

And these happen to be the largest economies in the world.

Isreal imports as much as it exports and the former is growing more than the former. IMF projects by next year Israeli import would grow by 5.3 percent while export by 4.2 percent.

The only thing wrong with us is believing we will grow this economy by killing importation. We closed border against rice import, what is the price of locally produced rice in the market today?

Kill every weak local industry and redirect the resources into producing those things we can with absolute cost advantage and then import those we can't.

Simple economics!

Nigeria is not dumping ground.

Dumping means foreigners exporting those goods we have a cost advantage in and selling them at ridiculously low prices than obtainable in their home countries, and increase the price after destroying local competition.

Can you name any of those goods in Nigeria?

ibedun:


Theoretical. Where will Innoson export his cars?

ibedun:


You mean well with the above statement however at this critical point we should see importation as a killer and poverty entrenching. We must develop a very negative perception towards importation. At the moment we deserve and are entitled to zero importation!
The next generation are going to be poorer.

CSTRR:

West Africa for a start.

But it should not just be restricted to only innoson business.

We can replicate it in other sectors of the economy by a thinking govt.

Even our tech firms

ibedun:


THEORETICAL NONSENSE!!!

Just listen to yourself!

An unproductive country with no goods and services to EXCHANGE should peg importation to the absolute barest minimum!!!
We are getting poorer through currency devaluation.
A country like Nigeria should be producing all the food and fuel it requires BUT na toto and babies the foolish men and women are producing. Foolish us.

CSTRR:

No.

We must develop a negative attitude toward low productivity.

It's because Nigeria's leaders are not sophisticated, that is why reducing imports is the bulk of our economic policy.

I am all for reducing imports, but the major focus should be on exports.
That is what will make Nigeria prosperous.
Export mentality. Not just to reduce imports.

If we need to import all the cocoa in Ghana to produce chocolates that will serve the whole of West and central Africa, then it makes better economic sense.

Reducing imports should not be an economic policy of the 21st century.
Not country grows with that mentality.

China did not grow by reducing imports. It grew by increasing exports.

Increasing export should be the economic goal.

But that kind of policy is not for average leaders like we have in Nigeria.

EzeNri:

Pegging importation is the reason rice is very expensive.

Free market is the solution.

Nigeria should only invest in things she has cost advantage and IMPORT the rest.

Simple economics.

ibedun:


Rice is expensive because our local currency is weakening against the dollar we are exchanging for rice. This is pure madness!!!

ibedun:

If we can’t produce common food to eat, what exactly are we existing for?

I see disaster in the horizon. We are going to run out of dollar eventually.....we are living in a state of emergency and we don’t know it!