Patch patch somebody

Realtruth2023:


Bros you are lying through your teeth. The whole unprecedented stealing started with APC members in the last govt cornering and diverting the way and means printed money into their vaults that is why rate increase will not work because the bulk of our supply is outside the financial system. It will only hurt genuine importers and manufacturers who need credit.
You cannot use a small subset of people who import the mundane things to generalise Nigerians. 98% of our imports are for essential things.

I laugh at your claim that govt heist started with APC ...I was foolish not to realise I was engaging a propaganda bot....bloody waste of time

Realtruth2023:


Why are you so peeved by the truth? I am not pushing any narrative, it is the facts that there is problems in the country caused by your Emi Lo Kan crooner. Instead of you to admit, you want to play politics. There comes a time where you need to abandon politics and speak the truth to power, so that you don't invite curses on yourself. This is what you have failed to do.

What does admitting Tinubu has caused pains have to do with the question of why people don't rate Peter Obi's loquacious behaviour?

Mr man you are an attention seeker and I know what you're trying to do here.

SmartyPants:


What does admitting Tinubu has caused pains have to do with the question of why people don't rate Peter Obi's loquacious behaviour?

Mr man you are an attention seeker and I know what you're trying to do here.

Oga leave that grammer aside if Peter Obi's composure is anything to go by, then you don't know what loquacious as a word means.

Lithiumite:


I laugh at your claim that govt heist started with APC ...I was foolish not to realise I was engaging a propaganda bot....bloody waste of time

Try and to read and comprehend. The heist increased in APC's time that is what I said. So quit trying to support a futile policy. It is disastrous at the moment for us, and businesses cannot survive.

ufotunang:
.,if the price of fuel, disel is reduced and goes down..and the naira appreciates and have value against the dollars inflation will slide down .... because of the high costs of fuel, disel which has made the costs of transportation of these foodstuffs, goods to the market to be high and also the services to be high which this has made price of foodstuffs,goods to be expensive...also the costs of production of thes goods, products to be high by companies running their bussinesses on generator on expensive fuel, disel due to lack of constant power supply white all lead to increased in price of foodstuffs goods and services

Good. Yes,higher interests will lead to strengthening of the Naira which would naturally lead to a reduction in prices

ceejay80s:

We need to go to war with this government,
Let's teach them a lesson they won't forget

Right, but the generation that will do that is still in primary and high school. The generation that just experienced the after effects of #Endsars protest will never embark on such a journey or its similar one again, at least for the next ten years. In ten years time, a 10year old kid would be 20years old. That's the generation that can move to the street and tear down the government. It's common psychology.

ogaontop:

So the only way to reduce inflation is by increasing the interest rates? You're taming inflation while businesses that will employ jobs are closing down and even sacking the little employees they have?
Now I know tzhat CBN guy is a torso!!

This is the standard practice globally. Interest rates until it kills inflation.

It will lead to all the adverse conditions you mentioned but it will be implemented nevertheless.

That is why central banks are independent and government nor businessman can't dictate to them. The central bank will continue to raise interest rates until inflation is slain. Many times it leads to a recession but the central bank won't back down.

Its when the central believes it has contained inflation before it begins to reduce interest rates.

Realtruth2023:


You lie too much, how do you increase rates in an economy that is not credit driven to cut inflation, and an economy where the regulator has no control over money supply? Where there is so much cash outside the system? You are simply going to starve those who actually need capital for projects that can stimulate growth. Raising interest rates will only favor countries like the UK and the US where it is credit driven where most demand is credit fueled, so an increase in rate slows down credit and slows demand which forces price reduction and inflation reduction.

High interest rates have been used severally in the past and it worked so it's nothing new.

Prior to Buhari, interest rates were always positive.

grandstar:


High interest rates have been used severally in the past and it worked so it's nothing new.

Prior to Buhari, interest rates were always positive.

Please tell me when high interest rates worked in Nigeria

grandstar:


This is the standard practice globally. Interest rates until it kills inflation.

It will lead to all the adverse conditions you mentioned but it will be implemented nevertheless.

That is why central banks are independent and government nor businessman can't dictate to them. The central bank will continue to raise interest rates until inflation is slain. Many times it leads to a recession but the central bank won't back down.

Its when the central believes it has contained inflation before it begins to reduce interest rates.

You have spoken well. But also lets analyse the concept of stagflation which is predominant in Nigeria

I have seen houses stay unoccupied for Months and rents still remain

My dad in the 80s bought a car for 5000, he later bought a radiator for the same car for 5000

Years back a radiator for a basic saloon toyota costt 30 thousand

Low long term interest rates in strategic sectors like healthcare,, housing, manufacturing would foster economic growth and business expansion and job creation and might also in my opinion help to slighly reduce inflation like if a developer is on 3% interest rate, the houses built would increase the available houses in the market and since there is a longer duration to repay, it can be less pressure


Low interest rates should not apply for consumer credit
The Pros are more than the cons


Growthflation is better than Stagflation
Low interest rates should apply to sectors like
-Manufacturing
-HealthCare
-Producing of items that used to be manufactured overseas
- Technology Substitutes that arw as good
- Healthcare manufacturing
- Domestic Power plants
- Education and training of verified talented individuals in areas of job demand like agriculture, healthcare
- Petroleum refineries


.

Clueless government

Laird:




You have spoken well. But also lets analyse the concept of stagflation which is predominant in Nigeria

I have seen houses stay unoccupied for Months and rents still remain

My dad in the 80s bought a car for 5000, he later bought a radiator for the same car for 5000

Years back a radiator for a basic saloon toyota costt 30 thousand

Low long term interest rates in strategic sectors like healthcare,, housing, manufacturing would foster economic growth and business expansion and job creation and might also in my opinion help to slighly reduce inflation like if a developer is on 3% interest rate, the houses built would increase the available houses in the market and since there is a longer duration to repay, it can be less pressure


Low interest rates should not apply for consumer credit
The Pros are more than the cons


Growthflation is better than Stagflation
Low interest rates should apply to sectors like
-Manufacturing
-HealthCare
-Producing of items that used to be manufactured overseas
- Technology Substitutes that arw as good
- Healthcare manufacturing
- Domestic Power plants
- Education and training of verified talented individuals in areas of job demand like agriculture, healthcare
- Petroleum refineries
.

High inflation won't get the country anywhere. People are pissed as hell about the inflation rate and a lot of it is now down to a rather loose monetary policy. A paint of beans jumped from 9k a paint to 10k a paint in a week.

There's no alternative to an higher interest rate no matter how unpalatable it will be to the business sector.

englishmart:
Dangote said Nigeria's import dependency is akin to importing poverty and exporting jobs" This is someone who only values foreign workers. I know of an abysmally inept Filipino mechanic who doesn't know 22 spanners but earns 5k dollars+ monthly. The site has over 50 workers but their cumulative salary is less than N5m monthly. Once your skin is light, you're an engineer even if you come from prison.
Dangote doesn't believe there are competent Nigerians, and that's why an Indian who doesn't know the difference between ampere and voltage is the head electrician to electrical engineers with decades of experience. The cement he produces almost free of cost is sold at a more expensive price in Naija than he sells in other countries on the continent.
He should stop crying. Nigeria doesn't revolve around him and Edwin

stop fooling around. If Dangote got loan at 30% you guys will be the one surfer it. Dangote must increase the price in order to get his profit.
If there is any increase in interest rate its the masses that will surfer. Dangote was only speaking for you if you don't know.

englishmart:
Dangote said Nigeria's import dependency is akin to importing poverty and exporting jobs" This is someone who only values foreign workers. I know of an abysmally inept Filipino mechanic who doesn't know 22 spanners but earns 5k dollars+ monthly. The site has over 50 workers but their cumulative salary is less than N5m monthly. Once your skin is light, you're an engineer even if you come from prison.
Dangote doesn't believe there are competent Nigerians, and that's why an Indian who doesn't know the difference between ampere and voltage is the head electrician to electrical engineers with decades of experience. The cement he produces almost free of cost is sold at a more expensive price in Naija than he sells in other countries on the continent.
He should stop crying. Nigeria doesn't revolve around him and Edwin

The question most times about Nigerians is not about skills. 99% of Nigerians are crooks. They can send your company into oblivion.

I was working in a company. Most people their were masters degree holder. I was the only Bsc. However, the company always import Indians to manage it. The last one that came was a graduate trainee. He was working as an intern at the same time Manager over people with 15 years experience.

It was crazy. However, these so called experienced Nigerians steal with reckless abandon. Their was a time they nearly sell a whole truck of company's goods (at a higher price pf course and share the difference. Which will be in 10s of millions).

99% of Nigerians will destroy your company. If you know the real story behind Etisalat's bankruptcy in Nigeria, you will weep.

englishmart:
Dangote said Nigeria's import dependency is akin to importing poverty and exporting jobs" This is someone who only values foreign workers. I know of an abysmally inept Filipino mechanic who doesn't know 22 spanners but earns 5k dollars+ monthly. The site has over 50 workers but their cumulative salary is less than N5m monthly. Once your skin is light, you're an engineer even if you come from prison.
Dangote doesn't believe there are competent Nigerians, and that's why an Indian who doesn't know the difference between ampere and voltage is the head electrician to electrical engineers with decades of experience. The cement he produces almost free of cost is sold at a more expensive price in Naija than he sells in other countries on the continent.
He should stop crying. Nigeria doesn't revolve around him and Edwin

Have you considered that those foreigners are actually used to carry out money laundering and forex arbitrage?
You think he's the only one doing it? You think they are not aware that those guys are dumb?

grandstar:
As much as I sympathize with Dangote, there's no option bit to increase interest rates above inflation
There's simply no alternative to slay inflation.

All the curses being poured on Tinubus head would simmer once inflation is down.

Interest rates won't stay high forever. Once inflation begins to come down, interest rates would begins to slide down as well.

To slay the inflation, you need to increase production and reduce costs so as to increase supply. The inflation is not due to demand but supply. Demand has obviously gone down in Nigeria due to high cost occasioned by naira devaluation and subsidy removal. Any other thing is just waste of time.
Presently, farmers with fresh harvests are demanding double of what they demand last year for their goods. How will interest rates curb that?
We need to deal with things from the root not dance around it

pocom16:


Those indians and the likes have kept his company going.

You can give us any company the size of dangote group and in thier line of business that doesn't have foreign workers in mass in Nigeria.. sometimes it is the issue of trust not even competence.

Cement isnt produced at anything near cheap. The disesel used to power those dump trucks and mining equipment aint cheap, the equipment themselves ain't cheap.. gas and LPO that runs the plant ain't cheap, gypsum isn't cheap too, there are licenses renewal for the coal and limestone mines

Indians have kept his company going? That's a joke right

Gerrard59:


It is not just work ethic but basic honesty. Have Nigerians in charge and they will ruin the entire facility with brazen theft, ethnic bigotry and unnecessary infighting. So, let the Indians, Filipinos and Chinese run the facilities. So far it is working, fine by me.

cc: englishmart

I don't understand this funny comment I keep seeing that Indians are more honest than Nigerians. Like are you guys kidding me? Indians?!!
If it's about honesty, Indians are a corrupt ad Nigerians. I can tell you for free that Ghanaians, Ivorians and Kenyans are less corrupt than Indians. Nigerians should cool it with the self- hate abeg.
And work- ethics? You mean Indians are more hardworking than Nigerians? Indians?!!

NOETHNICITY:
Dangote employs foreigners to head and manage his Nigerian employees.
Put a Nigerian in charge of everything and watch the die automatically. Nigerians employees will connive with other lower ranking workers to finish him off.
Dangote has been in this business for decades and he knows what he is doing.

I have a business too and I know what I see daily in the hands of my Nigerian workers

So Indians don't connive? Have you worked with Indians before?

Lifestone:

How does his poor knowledge of business and economics make the comment best. You guys should spare us from your pure emotions
Dangote remains the highest employer in Nigeria outside of Government

Yinmu

Ojuntana:

So Indians don't connive? Have you worked with Indians before?

I am not saying that we don’t have corrupt foreigners, but we are more likely find honest ones who will help you manage your business.

Dangote is a business man. All he seeks are individuals who will help him grow his business.
This is all that matters

Ojuntana:

I don't understand this funny comment I keep seeing that Indians are more honest than Nigerians. Like are you guys kidding me? Indians?!!
If it's about honesty, Indians are a corrupt ad Nigerians. I can tell you for free that Ghanaians, Ivorians and Kenyans are less corrupt than Indians. Nigerians should cool it with the self- hate abeg.
And work- ethics? You mean Indians are more hardworking than Nigerians? Indians?!!

ultron12345:
Depends on the perspective of the person speaking.

Employers tend not to like them, but Business owners love them.

I'll speak based on my experience with them, as a business owner.

Several years ago, I had serious difficulties managing various businesses I had set up. The staff dealt with me. Forging of invoices, theft of inventory, inflation of contracts, there's nothing they didn't do.

The Nigerian workers were out to finish me.
Like they say, "where person dey work, na there e dey chop, hence the name, workchop (workshop)".

You sack and replace them, the new ones continue from where the old ones stopped. They will even improve their techniques of stealing so as not be caught like their predecessors.

After trying so many methods to reduce all this, from utilizing tech and automating several processes, to involving relatives, it came to my realization that the only way to stop all this was to run the businesses myself, to be "on ground" always, but that wasn't possible. So I planned to start shutting them down and to focus only on one. I told a friend who was also a businessman about my challenges and plans, hoping he would be able to purchase some of the assets I was hoping to sell from the shutdown businesses. He recommended I hire indian management. I wasn't keen at first, but finally decided to try it.

To put it shortly, I eventually got an Indian manager for one of the businesses and it worked like magic. Business began to be good. Profit began to come in. For the first time, I could be away and still be confident and relaxed that my business is in good hands. Apparently, the business troubles we had been having weren't because of "bad economy", it was because of "bad workers" who were out to build houses on my head.

Today, the businesses are growing from strength to strength. All key positions are occupied by indians. If I'm starting a new business today, all key positions go to indians by default.

I have recommended the "indian solution" to so many business people, at least 5 of which have adopted it this year alone, and it has been good stories since then. Not a single one of them has regretted the decision.

The simple truth is that the average Nigerian is corrupt and is a thief. Those who have not stolen have not done so simply because of lack of opportunity.

And that's why our country is like this, after all, the leadership is a representation of the citizenry. Nigerians are a bad people and have rightly given rise to bad leaders.

Below is a post I made few years ago about this same issue.

If Indians are not corrupt, why do Nigerian businesspeople employ them to manage affairs? If you open the post by Ultron, you will find where he complained of constant theft by his Nigerian staff, even after changing employees countless times.

NOETHNICITY:
I am not saying that we don’t have corrupt foreigners, but we are more likely find honest ones who will help you manage your business.

Dangote is a business man. All he seeks are individuals who will help him grow his business.
This is all that matters

Lol. Indeed. So Dangote is not corrupt like other Nigerians that's why he can work with honest Indians

You guys can continue deceiving yourselves

Ojuntana:

Lol. Indeed. So Dangote is not corrupt like other Nigerians that's why he can work with honest Indians

You guys can continue deceiving yourselves

When you establish your own company you can employ people from wherever you chose and you can decide to retain them if at your own expense. Until then, Dangote has the prerogative to employ whoever he chooses from wherever. Na he company not yours

Gerrard59:




If Indians are not corrupt, why do Nigerian businesspeople employ them to manage affairs? If you open the post by Ultron, you will find where he complained of constant theft by his Nigerian staff, even after changing employees countless times.

I don't like when people start to write as if Nigerians are the worst people on earth. That's a bloody lie and you can tell your ultron guy to check himself if he is indeed saying the truth. Nigerians run most banks for example 100% and banks are even better run than these manufacturing plants. The average Nigerian is not worse than the average Indian or Chinese. I have worked in companies managed by Indian, Chinese and Pakistani and I can assure you they are not better than Nigerians in terms of honesty in terms of corrupt practices. Nigerian business owners prefer them because they have no qualms when it comes to cutting corners and sharp practices. The worst part is how they treat those who work under them. You need to experience it to understand. The part about not being corrupt is simply because they are not familiar with the environment enough to steal. But I can assure you if they see moves by under them that they know will benefit them, they have no qualms about allowing it.
So to answer your question directly, Nigerian business guys employ them because they help them carry out sharp practices without batting an eyelid and also there is the angle of money laundering which i don't want to get into.

[quote author=NOETHNICITY post=130775197]When you establish your own company you can employ people from wherever you chose and you can decide to retain them if at your own expense. Until then, Dangote has the prerogative to employ whoever he chooses from wherever. Na he company not yours[/quote
Yeah and it's his forex he's using to pay them not mine. I wonder why the honest Indians are paid in dollars and not naira. I'm sure you are one of those Nigerians who wailed that NOI was being paid in dollars as Minister

Ojuntana:

I don't like when people start to write as if Nigerians are the worst people on earth. That's a bloody lie and you can tell your ultron guy to check himself if he is indeed saying the truth. Nigerians run most banks for example 100% and banks are even better run than these manufacturing plants. The average Nigerian is not worse than the average Indian or Chinese. I have worked in companies managed by Indian, Chinese and Pakistani and I can assure you they are not better than Nigerians in terms of honesty in terms of corrupt practices. Nigerian business owners prefer them because they have no qualms when it comes to cutting corners and sharp practices. The worst part is how they treat those who work under them. You need to experience it to understand. The part about not being corrupt is simply because they are not familiar with the environment enough to steal. But I can assure you if they see moves by under them that they know will benefit them, they have no qualms about allowing it.
So to answer your question directly, Nigerian business guys employ them because they help them carry out sharp practices without batting an eyelid and also there is the angle of money laundering which i don't want to get into.

Okay. Thank you for your side of the explanation. In your opinion, in a manufacturing setting, how is theft avoided or fought against by the managers? What do you recommend?

Confused CBN! The more they increase interest rate the worse the economy gets. They need to move away from the textbook approach of monetary policy and think out of the box. No economy can experience growth at 30% interest rate.

grandstar:


High inflation won't get the country anywhere. People are pissed as hell about the inflation rate and a lot of it is now down to a rather loose monetary policy. A paint of beans jumped from 9k a paint to 10k a paint in a week.

There's no alternative to an higher interest rate no matter how unpalatable it will be to the business sector.

Consumer credit in Nigeria can fuel inflation


Low interest Credit for manufacturing , construction, food and critical sectors can reduce inflation in my opinion as more producers amd more providers of this essentials like food, healthcare, medicine, housing can lead to more competition and lower prices

Gerrard59:


Okay. Thank you for your side of the explanation. In your opinion, in a manufacturing setting, how is theft avoided or fought against by the managers? What do you recommend?

I don't know much about manufacturing processes but what is easy to implement is CCTV camera in the factory premises and also batching of goods. These two have proven effective against workplace theft to the best of my knowledge.

By the way, it seems the ultron guy is actually a Lebanese or Indian cause I saw a thread in which he was advocating for Indians or Lebanese of Nigerian descent to take political offices in Nigeria.

Ojuntana:

I don't know much about manufacturing processes but what is easy to implement is CCTV camera in the factory premises and also batching of goods. These two have proven effective against workplace theft to the best of my knowledge.

By the way, it seems the ultron guy is actually a Lebanese or Indian cause I saw a thread in which he was advocating for Indians or Lebanese of Nigerian descent to take political offices in Nigeria.

Thanks for the information