Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,218,514 members, 8,038,193 topics. Date: Friday, 27 December 2024 at 10:24 AM

Floating Naira: Importers Abandon Tokunbo Cars At Seaport - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Floating Naira: Importers Abandon Tokunbo Cars At Seaport (51364 Views)

Shayi Business Crumbles: Customers Abandon Noodles, Eggs, Milk / Traders In Ladipo Market, Lagos, Abandon Their Shops And Run As Gun Men Attack / Documents You Need To Clear Your Vehicle At Seaport (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (Reply) (Go Down)

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Nicepoker(m): 10:16pm On Sep 28, 2023
Useless leaders. Revive that steel company in kogi. Then mechanical equipment and parts can be manufactured. Importation will reduce.

3 Likes 1 Share

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Chetas81(m): 10:16pm On Sep 28, 2023
POWER BELONG TO THE NIGERIAN CITIZEN BUT, THEY DON'T UNDERSTAND 😜😜🦍🦍🦍

5 Likes 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by ROTTWEILER007: 10:17pm On Sep 28, 2023
Karemarealty288:


https://leadership.ng/floating-naira-importers-abandon-tokunbo-cars-at-seaport/
.
Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by ChristineC: 10:17pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.

20 Likes 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by BarrElChapo(m): 10:18pm On Sep 28, 2023
Hmmm
Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by texazzpete(m): 10:20pm On Sep 28, 2023
When you have incompetent people in power, this is what happens.

You’re importing 32000 cars and collecting - for example - N1000 per car. Then greed makes you move to a position where want N4000 per car, but your imports now drop to 4000 cars. Which means you’re making more money in levies per car, but overall making much lower revenue.

Slash import duties. Make it easier and cheaper to clear newer vehicles. Give discount or tax breaks for electric vehicles. Thats how to use common sense.

33 Likes 5 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by IjebuWarrior: 10:21pm On Sep 28, 2023
JASONjnr:
The same person whom we were told did miracles in Lagos compared to other governors of his time.

We were asked to go and visit Lagos and see the wonders he performed.

I told them, this man asked Buhari to print more currencies and employ 50 thousand youths into the Nigerian army and feed them with agbado and pay them nothing.

They said he graduated with first class in accounting. Now, he floated the naira and give it a free way access....

Food stuffs are now 500times expensive more than what ordinary Nigerians would afford.

See who dey talk? Criminal like you wey dey support a fellow criminal like Ibori, you dey here dey talk. Oloriburuku somebody! angry

4 Likes 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by wolexade2018: 10:21pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.
Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by livenija: 10:22pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.
u are a fool

22 Likes 3 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by MrsTwrite(f): 10:23pm On Sep 28, 2023
Who still dey buy car this period?

3 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by BoldBrainz(m): 10:26pm On Sep 28, 2023
saphiere:
I belive this country will be a better place if a woman is allowed to rule.
Omo see as King Tonto took it upon herself to give Mohbad a befitting burial.
Women are always down to Earth

Tonto Dikeh and "down to earth" have no business being in the same sentence.

And she's not the one giving Mohbad a befitting burial. She's simply assuming a contributory role.

1 Like 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by jaxxy(m): 10:26pm On Sep 28, 2023
dysfunctional economy
Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Watinhapen(m): 10:27pm On Sep 28, 2023
Cars are now extremely expensive. Only few rich people now buy cars. The demand for cars has dropped significantly since subsidy was removed and naira depreciation.

4 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by cyrusmillz: 10:28pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.
Bro the darket hour is looking too long oh Kilode ...

3 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by poweredcom(m): 10:30pm On Sep 28, 2023
Dollar in d black market is now 1100 naira

5 Likes 1 Share

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Major7: 10:31pm On Sep 28, 2023
Chetas81:
TINUBU EXPOSED YORUBA PEOPLE WHEN COMES TO PROPAGANDA 🦍✌️😂




How can you allow your stupidity to take hold of you Condemning a whole tribe cos of one evil man. You need help tribalist

1 Like 1 Share

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Billyddude: 10:31pm On Sep 28, 2023
Chetas81:
POWER BELONG TO THE NIGERIAN CITIZEN BUT, THEY DON'T UNDERSTAND 😜😜🦍🦍🦍

How can they understand ?if it's not chasing clout with mo Bads death,its chasing big brother Africa ;

3 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by PrinceOfLagos: 10:32pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.
People like you shouldn't have access to the internet

19 Likes 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Billyddude: 10:32pm On Sep 28, 2023
Watinhapen:
Cars are now extremely expensive. Only few rich people now buy cars. The demand for cars has dropped significantly since subsidy was removed and naira depreciation.
And una president still running hup han Dan looking for foreign investors to invest in a dead economy..

8 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by DIVINEEVIDENCE: 10:33pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.

Floating a currency is a high risk economic venture.
You leave the currency at the mercy of the forces of demand, supply and production.

For such a venture to succeed, there must be a solid investment base which should progressively increase or at least remain stable if the currency must remain strong.

Foreign investors look at the calibre of people in power as well as the policies of their government before making investment decisions.

A character like Peter Obi, Yemi Osinbajo, Nuhu Ribadu, Babagana Zulum and a few others could comfortably float the Naira if they were the GCFR and the indices of investment and economic growth will swing in their favour.

With a celebrated shady character like ThuvB, it is economic suicide.

24 Likes 2 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Kukutente23: 10:34pm On Sep 28, 2023
grandstar:
Floating the Naira was the right thing to do despite the present teething problems.

One way to assist importers is to slash import duty on cars. It is quite high. It shouldn't be more than 20%

What's the point of floating naira if you're still going to slash import duty

4 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by BoldBrainz(m): 10:35pm On Sep 28, 2023
texazzpete:
When you have incompetent people in power, this is what happens.

You’re importing 32000 cars and collecting - for example - N1000 per car. Then greed makes you move to a position where want N4000 per car, but your imports now drop to 4000 cars. Which means you’re making more money in levies per car, but overall making much lower revenue.

Slash import duties. Make it easier and cheaper to clear newer vehicles. Give discount or tax breaks for electric vehicles. Thats how to use common sense.

You're sound.

You can import a vehicle for the total cost of 1.2 million naira, then spend another 1.5 million naira clearing it in Nigerian Ports, which is absolutely ridiculous. Import duties and port levies are stupendously high in Nigeria and it's not even as if the Nigerian Customs remits all of those revenues to the Federal coffers. Weirdly enough, they keep excusing this thievery with the fact they're trying to cut down on importations when we don't even have local manufacturing and assembly plants that are functional enough to meet the needs of average Nigerians. There's literally no Nord or Innoson vehicle that sells for 3 million naira. Yet the government and her agencies come up with anti-people policies with the claim of trying to boost local content patronage.

Then there's the issue of the falling naira against the dollar. It takes at least 5 weeks for an imported cargo to arrive our sea ports. We all know the dollar has never been stable for one full week since 2015. So imagine the situation where the money you have for clearing becomes inadequate just because of the dwindling value of the naira. Why won't importers abandon their cargos at the Ports?!

15 Likes 5 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Major7: 10:35pm On Sep 28, 2023
[quote author=wolexade2018 post=126081925][/quote]




The question is are they also enduring the darkness Don't be fooled,all these their policies are deliberate scheme to subject the masses to abject poverty,serve them and still serve their children. Don't you get it still?

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Billyddude: 10:35pm On Sep 28, 2023
texazzpete:
When you have incompetent people in power, this is what happens.

You’re importing 32000 cars and collecting - for example - N1000 per car. Then greed makes you move to a position where want N4000 per car, but your imports now drop to 4000 cars. Which means you’re making more money in levies per car, but overall making much lower revenue.

Slash import duties. Make it easier and cheaper to clear newer vehicles. Give discount or tax breaks for electric vehicles. Thats how to use common sense.

But common sense is not common after all..

2 Likes

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Major7: 10:36pm On Sep 28, 2023
livenija:
u are a fool




Bros don vex angry,he doesn't understand what he's saying, don't mind him

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by IamtheTruth1(m): 10:36pm On Sep 28, 2023
Karemarealty288:


https://leadership.ng/floating-naira-importers-abandon-tokunbo-cars-at-seaport/

Floating Naira don sink
Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by tollyboy5(m): 10:37pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.
The drastic reduction in imported items is a welcome development. I don't know why people are wailing.

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by Major7: 10:38pm On Sep 28, 2023
Watinhapen:
Cars are now extremely expensive. Only few rich people now buy cars. The demand for cars has dropped significantly since subsidy was removed and naira depreciation.




That's the idea behind the whole thing,they're trying to create class but God will put them all to shame cos we're breaking those barriers cool

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by t2luv1: 10:39pm On Sep 28, 2023
NSNO:
I don't support Tinubu but floating the naira and removing subsidy was the best thing to do.
Alot of Nigerians don't understand how bad our economy is, they think its just to build roads and start farming etc.
Nigeria's economy needs a complete overhaul and the measures taken yet are just the beginning.
More hardship is on the way but like the saying the darkest hour is just before dawn, Nigeria's dawn is almost here, we just have to endure the darkness a little longer.

Floating Naira and removing Subsidy is not the main problem when it comes to Nigeria port and Custom. The main issue is that Vin's valuation crap. Most of the cars imported into that country are salvage cars and why are they deemed as salvage for the insurance company it is not worth repairing the car anymore. If a car is valued at $7000 and the car has an accident and the repair cost is $4500. With depreciation because of the accident, the car is now worth $4800. Add $4800 to the repair cost now you getting $9300 for a car that originally valued $7000 now you can see why it was marked as salvage. The car goes to the salvage auction maybe it gets sold for $2500, For the insurance company the write-off on the car is 7000 - 2500 = $4500 which they can claim on their taxes as a business cost. Now here comes the Nigeria customs with their Vin valuation based on the initial value of $7000 instead of the $2500 that the car was actually sold for at the auction. I have written and designed so many programs for various Insurance companies. I know the industry very well. Nigeria Custom needs to change how they do valuation and this will resolve this issue.

34 Likes 5 Shares

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by tollyboy5(m): 10:41pm On Sep 28, 2023
texazzpete:
When you have incompetent people in power, this is what happens.

You’re importing 32000 cars and collecting - for example - N1000 per car. Then greed makes you move to a position where want N4000 per car, but your imports now drop to 4000 cars. Which means you’re making more money in levies per car, but overall making much lower revenue.

Slash import duties. Make it easier and cheaper to clear newer vehicles. Give discount or tax breaks for electric vehicles. Thats how to use common sense.
Nope this your beer parlor analysis.
Once imported cars reduce drastically, people will be forced to use other means. Is either you purchase locally made cars or use public transport or enter train if you reside is Lagos. Which is a win win for the economy. Importers are killing the economy, let that sink in.

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by MorataFC: 10:42pm On Sep 28, 2023
JASONjnr:
The same person whom we were told did miracles in Lagos compared to other governors of his time.

We were asked to go and visit Lagos and see the wonders he performed.


I told them, this man asked Buhari to print more currencies and employ 50 thousand youths into the Nigerian army and feed them with agbado and pay them nothing.


They said he graduated with first class in accounting. Now, he floated the naira and give it a free way access....


Food stuffs are now 500times expensive more than what ordinary Nigerians would afford.
Did you read the post?

1 Like

Re: Floating Naira: Importers Abandon Tokunbo Cars At Seaport by anonymous1759(m): 10:43pm On Sep 28, 2023
grin
saphiere:
I belive this country will be a better place if a woman is allowed to rule.
Omo see as King Tonto took it upon herself to give Mohbad a befitting burial.
Women are always down to Earth


Like Patricia Etteh grin grin

2 Likes

(1) (2) (3) (4) (5) (6) (7) (8) (9) (Reply)

My Response To A Loan App Collection Officer That Threatened To Upload My Pix / Installation Of World Heaviest Regenerator, RFCC Unit At The Dangote Refinery. / Savings With KOLO: I Started In January But Gave Up Along The Line. Here's Why-

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 73
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.