They can, but do they have the will to do it? I saw the report of what is gulping our reserves. Oil gulped 23.9 billion $, followed by machinery/computers at 6.9 billion $, etc...see as attached below....

Oil is the major culprit. Then I see no reason while we can't produce our own cereals, plastics, pharmaceuticals, and some chemicals.

But when you have bad policies and the ease to do business is zero, then know that it is not feasible. Break the structure into regions.

rinzaugustine:
if tinubu can stop the free fall of naira at 2000, that will be the greatest miracle in Nigerian history with the way things are going now

Ok.
If am to understand u, what you saying is it leads to inflation. Right?

Acidosis:


Nigeria is an import-dependent nation. When the value of the Naira falls against the US dollar, we spend more Naira getting imported products like your phone, usb cord, television, cars, rice, even toothpick.

It's simple.
History is on the side of the refinery never working or if it does, certainly never meeting the demand. The country's fundamentals have not changed. The naira is not going to magically start gaining.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Don't just call the leaders bro. We have never had one single person as a leader. We have had many of them. You should be say we have stupid and corrupt mind set. Every one is waiting for their turn to loot. Nobody cares about the future generations.


Nigerians self doesn't care about who the leader is. All they want is to get access to the national cake.

Acidosis:



So why hasn't the Naira gained significantly against the dollars since the removal of subsidy??

When we paid subsidy in billions of U.S. $$ - Naira was @700


Subsidy was removed in 2023 and Naira fell badly to N1200


What other evidence do you need to know that nothing thrives in the midst of corrupt and stup!d leaders??

LegacyB:

Ok . I respect your opinion. But I think you’re not correct , my perspective is different. Let’s see by January. I think it will crash.

On what basis are you expecting a crash? This is not a sarcastic question. I'm really interested to know your rationale for the expected decline in USD/NGN rate

Love800:
Ok.
If am to understand u, what you saying is it leads to inflation. Right?

Yes, it can lead to various economic problems, including inflation. Inflation means increased cost of imported goods, increased cost of production for local manufacturers that depend on imported machinery and fuel, and lower purchasing power.

Oburu202:
Don't just call the leaders bro. We have never had one single person as a leader. We have had many of them. You should be say we have stupid and corrupt mind set. Every one is waiting for their turn to loot. Nobody cares about the future generations.


Nigerians self doesn't care about who the leader is. All they want is to get access to the national cake.

You are right

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

ppl will just shift consumption To other imported things. It will not relieve any thing

Cromagnon:
ppl will just shift consumption To other imported things. It will not relieve any thing

things like what?

No consumption can gulp the billions of dollars refine petroleum is gulping

Prove me wrong if e sure for you

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

how Has it peaked. We have runaway inflation

Yourprick:
brother let's start more of export than import so our economy would start springing up,all what you're saying doesn't relate

start na. Who hol you?

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

But Dangote refinery is in free trade zone and would sell its product in dollars

fineboynl:
No text book economy policies can work in Nigeria.

Yes they do

Nigeria problem defy all form of economic principles.
No it doesn't

No it doesn't
Is demand not high
Is supply not low
Is price not high
Abi you don't know economic principles

Is demand not high
Is supply not low
Is price not high
Abi you don't know economic principles?

When tinubu remove subsidy i was one of those who said the economy will be destroyed within a short time and it came faster than i even thought. Subsidy is not Nigerians problem but too much corruption and insincerity by corrupt government

subsidy is what breeds corruption
It is Nigeria's problem
Subsidy of education, security, healthcare, Civil Servants etc
Remove subsidy and there will be no money to steal

Ikaeniyan0:
Do that mean we are not importing refined petroleum into Nigeria again?

What he’s trying to let you know is that importation volume reduced after subsidy removal but it instead of naira to appreciate it depreciates

SalamRushdie:


I meant to say 5000 naira

Now you talking

I appreciate so much.
Tank u sir

Acidosis:


Yes, it can lead to various economic problems, including inflation. Inflation means increased cost of imported goods, increased cost of production for local manufacturers that depend on imported machinery and fuel, and lower purchasing power.

Poverty, low purchasing power, and a weak currency are the reasons why Nigerians have shifted their preference from products made in the U.S., UK, and Italy to Chinese products. However, even products from China's Alibaba are no longer affordable for the common man.

Yourprick:
bro understand the post, look at our highest import, what happens when we stop importing petroleum products? Our problem is too much imports and petroleum up there has the highest percentage

Until we pay back our debt at the IMF , naira will continue to fall . For now they can only control ot for going higher than its but for d dollar to crash big lies

emmybobo1:

But Dangote refinery is in free trade zone and would sell its product in dollars

But Dangote Refinery is owned by a Nigerian and dollars the Dangote Refinery will earn from all over the world will stay in Nigeria.

PH refinery will also start working in december.

7lives:


You haven't read about Dow theory, the dollar is already at the plateau.
Hoarders will not see it coming, I'm saying this because I know that currency speculator will exhaust their naira muscles before the government will intervene, and so they won't have enough naira, to mop up the dollar as they've always do. and so dollar will be on a free fall.
Instead of hoarding, the stupid hoarders should be selling, " no one buys into resistance", they won't see it coming.
Mind you these hoarders are playing against Jagaban o, a man of stoch market experience.
As a trader you can't continue to buy, you must sell as well, this is what Nigerian hoarders don't understand.
I hope it won't be too late when they want to sell.

You guys are just terrible. If jagaban has anything to do, you think he would have done it long ago

Ikaeniyan0:
But Dangote Refinery is owned by a Nigerian and dollars the Dangote Refinery will earn from all over the world will stay in Nigeria.

PH refinery will also start working in december.

Lol okay

That was how we're told to stop importing rice and farm our own locally. We did but ended up buying the rice more expensive than the foreign imported rice.
Our locally produced goods are more expensive than import. WHY

Nigeria import everything..not only petroleum. Its an import dependent country. The only thing we export is crude oil. If Nigeria stops importing refined petroleum, it will improve the value of Naira, but not significantly because we import everything.

Because they are sick mentally,dollar is what they worship.
Imagine an idiot importing furniture into naija
Importing leather shoes,or other nonsense things like moet,henesse,vodka whereas we have local alternatives.

Ikaeniyan0:
I really pray the refinery will work

^^^

airsaylongcome:


On what basis are you expecting a crash? This is not a sarcastic question. I'm really interested to know your rationale for the expected decline in USD/NGN rate

Simple Economics 101 . Demand and supply and equilibrium.

Ikaeniyan0:
It's an insult to be comparing Nigeria with Ghana that had to suspend paying her external debt

^^^


This is the unwarranted arrogance and empty pride that has put Nigeria where she is. No humility. No willingness to learn - either from her mistakes or from the mistakes of others.

There is absolutely nothing that says your country will not default on its external debt at some point. The foundation is being laid for that very calamity and we may get there much sooner than you think.

Pride goes before a mighty fall.

LegacyB:

Simple Economics 101 . Demand and supply and equilibrium.

Great, at least I'm speaking with someone that understands the fundamentals. So what exactly will boost our supply of USD in the next three months? Oil sales which is our biggest source of USD is not increasing. So where are we expecting sudden inflow in 3 months that will match the current pressing demand? Unless government wants to intervene and create an artificial drop, Naira is in free fall for the foreseeable future

Ikaeniyan0:
The Nigerian economy is better than Ghana economy.

define better. what indices are you using?

Ikaeniyan0:
Nigeria is not running to the IMF for a bailout like Ghana

^^^
Go learn something useful from history.

In the early 1980s your country was in the same position it is now. There were 2 choices: take a loan from the IMF or adopt the World Bank's structural adjustment programme (SAP). The same nationalism you exhibit now was on display then - and the people (filled with 'righteous' anger) said they wanted nothing to do the IMF. Little did Nigerians know that they were not in a position to pick and choose, and little did they know that the IMF and the World Bank are brothers in arms. We adopted SAP and the rest is history.

By 1986, the exodus of this country's workforce for greener pastures had begun. Some of those who left at that time never came back - they died and were buried abroad. Some of those alive are still there. The children born to a large number of those who left - do not know Nigeria and most of them in their lifetime, never will. An entire generation of children exported before birth to countries that are already far, far ahead. Don't ever think the so called 'japa' syndrome is a new thing. The world and time itself both move in cycles.

Maybe this time we will be forced to adopt another SAP and a Paris Club loan and a London Club loan and an IMF loan (all at the same time) to teach arrogant people like you a valuable lesson.

MadamExcellency:
Anyone telling you that Naira is crashing due to importation is lying to you. Why is the US Dollar not crashing to the Chinese Yuan?

It is crashing because Nigerians lack confidence in their government and country.

It is crashing because of a lack of effective policy implementation.

It is crashing because every family wants to send one or more of their children abroad.

It is crashing because we have more bad guys in leadership positions who know how to follow shortcuts and evade punishment.

Finally, it is crashing because of the lack of credibility of the President.

Nigerians only blame the leaders for everything... una own dey una body...

It's a good deal. The dollar is far stable.