t2luv1:


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.

Thank you for this enlightenment. Nigerian custom needs serious internal restructuring of her processes.

Kukutente23:

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

Floating of the naira and slashing of import duties are two parallel lines that never converge on any basis. The latter can be done even in the face of the former.

The problem with the floating of naira policy was that it was hastily done. Leaving your currency base to be determined by the forces of market demand and supply should be an initiative to be contemplated only when you have enough local production to give strength to the currency and discourage imports.

Imagine having local production and manufacturing capacity like Russia, then giving your currency the audacity to show off in the open markets and raising import duties to discourage imports and encourage local patronage. That right there, is the foundation of an economy that can show off in the face of global challenges.

tollyboy5:

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.

This your ogogoro analysis....the phone you are using to type this crap, are you the manufacturer or was it imported kuku find other options like going to nitel office to make calls

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.

Gbam.
If they make a policy that the duties for the cars already at the port have been slashed, they would make huge revenue instead of holding on to the cars and making no money....doesn't make sense honestly.

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

Ruling a country is different from a village burial.
The ministries women are heading, how well do they fare?
U think u leaf 200m people by talking?

Billyddude:



This your ogogoro analysis....the phone you are using to type this crap, are you the manufacturer or was it imported kuku find other options like going to nitel office to make calls

There are car manufacturers in Nigeria and no phone manufacturer in Nigeria. So it does not apply mr shepe.

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.

It's like you don't understand what it takes y
to float a currency and what economic benefit a country has for taking this move.

In economics, you have to check your comparative advantagea before making such calculative move. What are the expected result or effect on the economy for floating the currency?

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.

And what feasible plans are on ground to navigate the country past this perilous times.

You just talked as if Nigerian government have good plans for the masses other than keeping the poor so the powerful can increase wealth.

I think it's just good to understand the concept of power play. Then you'll know that these Nigerian politicians give no f**k about nobody.

They do everything that favours them.
Every policy they make have a loophole that they can exploit to take advantage of the masses.

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.

Them don go cut the light at the end of the tunnel

tollyboy5:

There are car manufacturers in Nigeria and no phone manufacturer in Nigeria. So it does not apply mr shepe.

Mr ogogoro analysis..go nitel office Make your calls or use nipost post your letters...

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.

If only floating the naira and removing subsidy was all our economy needed then you would be correct but these 2 policies do not compensate for corruption and other terrible government policies.

BennyDGreat:


Thank you for this enlightenment. Nigerian custom needs serious internal restructuring of her processes.

Ask anyone who buys cars from any USA salvage auction. When you log into the auction website it is the law that each car must have its ACV(Actual Car Value) number and the Estimated repair cost value. The difference between the two numbers should closely match the Reserve value of the car. The Reserve value is the expected value the insurance company thinks the car will sell for. Nigeria Custom need to use the Reserve number in their valuation calculation. It's a very simple process

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%

We don't have any policy in place to make the naira recover. It's just a continuous free fall. It reminds me of Zimbabwe.

tollyboy5:

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.

Which local made cars? Tell me the local made car ur president is using

that is even not a problem. The major problem now is that our LCs are being rejected in d intl market meaning that nothing is coming into the country again and the one inside can't sustain. Tinubu better tread carefully cos when people have nothing they remeber the govt and want freedom

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.

No pain no gain. You are absolutely right!

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.

My brother, you talk am o.

But sincerely, with those wicked dafts parading themselves as leaders, walahi, common sense is not common.
The only thing that baffles me in this country is how people keeping voting in people without common sense and still defend them

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.

Just read what you wrote does it make sense to you, people are facing real hard time surviving... They want to rebuild nigeria yet their salaries and looting going smoothly...

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.

/

You know nothing!

Countries like Switzerland, Japan, China, etc are notorious for intervention in their forex. The big news this week is that all eyes are on Bank of Japan because of Yen weakness. Now imagine a country like Nigeria that’s running on voodoo economy. USA as big as it is still offers subsidies to farmers. This is why I abhor textbook intelligence. Nigerians have multiple degrees but application and common sense are their biggest challenges. Tailor the economy to local contents. Economic prescriptions from IMF and World Bank have never helped any country.

We borrow funds to share and party. What could go wrong? There is no light at the end of the tunnel because everything needed in a productive economy is non-existent in Nigeria. Prayer and fasting won’t cut it.

/

His supporters are here but they won't comment on this thread. But when he makes one stupid appointment,You will see comments like jagaban, Press their neck, Ride on, we gat your back....
Very stupid and empty set of people.

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

Aunty keep quiet, we are still cleaning the poo left by Alison-Madueke Diezani after 10years +

Do you know that PHCN now force prepaid meter for free on area where there's constant electricity supply, there by ripping them off...while area with little or no electricity supply beg or bribe their officials to buy meter from them... Corruption every where....

RepoMan007:
We do not want to produce now. We want to be selling crude and be living large while doing nothing productive with our strength.

Yeah, the usual excuse.
We did not produce prior to this evil destructive apc, yet naira was relatively stable against dollar and pounds.
Pounds was 240 for 16 years.
All the factories are being shutdown daily. Is there anything this regime has not killed?
We do not produce, have you personally tried to produce with diesel at ₦1100 per liter?

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.

My cousin imported 2 siennas, he cleared the first for 1.5m, 2 weeks later the second came he got stuck clearing it for 2.8m!
No be juju be that?

nedekid:

My cousin imported 2 siennas, he cleared the first for 1.5m, 2 weeks later the second came he got stuck clearing it for 2.8m!
No be juju be that?

Haha the second sienna don hang like this

Innoson cars are there you will not buy that one ..you want foreign cars.....that is why the dollars is rising and the naira losing value... that is why a dollar is 1000 naira to a dollar...too much of importation is the one causing this dollars to rise and naira to lose value...in nigeria we import everything and export nothing...let Value what we have in this country and patronize them

Dey play?

NSNO
post=126077264:
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.

NSNO
post=126077264:
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.

Dey play!

Wait o o. . Are they using US-DOLLAR to clear imported vehicle in Nigeria at Custom?

tctrills:

We don't have any policy in place to make the naira recover. It's just a continuous free fall. It reminds me of Zimbabwe.

China supports Yuan in the FX market because China knows the importance of maintaining a strong currency. Even the mighty USA does the same thing for the Dollar though rather in an indirect way by maintaining higher yields on the Treasury notes rate thereby inviting other countries to buy her debt with the promise of a higher yield returns. Now comes this Kosi Kosi (kosi owo, kosi ina, kosi food always kosi kosi) country subscribing to whatever USA banks like Chase or Goldman Sachs advocated for by liberalizing the free float of her currency. The same banks mind you selling derivatives shortening the currency thereby creating artificial pressure on the Naira. You can not put a price on stupidity.

InvertedHammer:

/

You know nothing!

Countries like Switzerland, Japan, China, etc are notorious for intervention in their forex. The big news this week is that all eyes are on Bank of Japan because of Yen weakness. Now imagine a country like Nigeria that’s running on voodoo economy. USA as big as it is still offers subsidies to farmers. This is why I abhor textbook intelligence. Nigerians have multiple degrees but application and common sense are their biggest challenges. Tailor the economy to local contents. Economic prescriptions from IMF and World Bank have never helped any country.

We borrow funds to share and party. What could go wrong? There is no light at the end of the tunnel because everything needed in a productive economy is non-existent in Nigeria. Prayer and fasting won’t cut it.

/

I'm one of those who still believe it makes zero sense to take loan from China and build railways. That's not our priority at the moment. We need to get things working. As it is, nothing works.

The pressure on the naira is just too much. Fuel importation alone drains more than half of what we earn selling raw crude. We can tap into the oil industry and flood the African markets with our products. Ghana shouldn't be importing fuel from India when there's Nigeria.

The naira will continue to fall until we take the pain and sort out and can be sorted out locally. For now, we can only hope Dangote stays true to his promise of getting that refinery working, that's the only way we can stabilise the naira a little bit.

Billyddude:


Haha the second sienna don hang like this

Omo, moto don hang ohh. He told the shipper to clear the car, sell it and give him any change that remains.
Since then, moto don enter voice mail, no moto, no monie. Lol