grandstar:


How many years does it take for a palm tree to fruit?

Truth be told, if an Indonesian company was offered 100,000 jectares of free land, it only can meet the shortfall.

But it does very little for the country.

Nigeria's problem is exports and not imports

swtdrms:

Don't mind the idiot MAN chairman, i had to reread the caption to be sure its not traders association saying this. What exactly are the raw materials that can't be sourced locally, let him list them.

LordVoldemort:


The items include the following:

Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security  and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases

AustineE1:
One day we will all wake up to the realization that we are living in a failed economy,PMB seems to be on a mission to cripple this economy,all the economic gains of past administration has been put on auto-reverse.
Oh Nigeria,a paradise lost...my heart bleeds.

grandstar:


It is easier said than done.

One of the product is pslm oil. The country needs 2m tons but only produces 1m tons. The balsnce is Imported.

Do you think Nigeria can make up the shortfall in a month? How long does it take for a palm tree to fruit?

sinkhole:
It is the fault of news reporting in Nigeria, they should have asked the MAN person to list some of the raw materials! But meanwhile, we know that machines and vehicles spare parts are raw materials that are not made in Nigeria, electronic components are also not made in Nigeria and so on!

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

asha80:
why the fuccck should we import palm oil when adapalm in ohaji as big as it is is lying largely fallow? That is what Goke7 is trying to tell you..we should use our brain and force these huge raw materials lying fallow to to feed these industries..how you wondered what if adapalm ohaji and abia palms were functioning at full capacity?

LRNZH:


And we cannot source for many of these or alternatives back home in Nigeria? I wonder o.

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

Goke7:


Stop playing the ethnic card here, Innoson is getting more demand for their cars as we speak, shebi their chairman na Hausa man abi? What a shame

LRNZH:


Something is amiss here. How can a MAN chairman make such appeal without listing in the least, a few of these items that are essential raw materials?

Or is the CBN suppose to start guessing which of the 680 item is essential to MAN members?

MrGerald:
You're not in a position to know, he said re-appeal, they've appealed to them before and given them the items, so go and sit down!!

Dollarchap:
Devaluation of currency cannot in any way help our economy. Nigerian economy is import driven. Until we shift our focus from oil and begin to export non-oil products and still maintain positive balance of payments, devaluation will continue to kill our economy. I think the problem is that our government considered only our external reserves when they devalued the currency. But what of the other macro economic variables?
Government should please reverse this policy for the sake of small and medium scale enterprises.

ShowYourCertificate:
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness

Elijahrona2:

God forbid

phantonce:
They can give us a time frame of between 18 months and two years to develop the local product capacity for the items before including them in the list.

So this people actually had no plan to stop importation before.
They could actually source the raw material locally but just decided to import them

Ecoterrorism:
do you think its evey raw material that can be sourced locally? Tone down your insults to get an Abrahamic age

LRNZH:
What are these items that are essential raw materials? Let's hear what they are.

fitzmayowa:



The more reason why nigerians should always ask the kind of "CHANGE" they want, when next someone comes screaming "CHANGE"...SMH

LegatusGlaber:
Why don't they list those important raw materials, who knows we might find a way of making them here. Otherwise, this is nothing but an emotional appeal and veiled threat

LordVoldemort:


The items include the following:

Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security  and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases

Saifullah01:
MAN should realise that PMB is trying to optimise the utility of our current reserves subject to a constraint of falling oil prices and unlimited 'raw materials' to be put on that list. So my advice is this:


As unauthodox as it may seem this is a time for Nigeria to boost its local industries. This is like a protectionist regime imposed by the government for local manufacturing to take advantage of by governments refusial to devalue.

I was in kaduna yesterday and met with one of sokoto state government officials, he told me he was coming back from inoson motors HQ to discuss the possibility of supplying 800 sedans to the state government (and am very sure other states are looking towards that direction too).
My fear is does inoson motors have the capacity to service this sudden interest in their motors. So rather than MAN complain on government FX policies they should encourage their members to seize the opportunity. I expect inoson motors to drag CBN top officials to their plant - just like dangote did to his refinery - and secure commitment from the CBN to prioritise them if they choose to request FX for expansion of operations.

I read an article once in the Harvard business review about international businesses in China, the author was complaining about how it takes more than 6 months to obtain a 1 year business permit in China! (You think that was just because of bureaucracy? ). That was their government delibrately protecting local companies from foreign competitors. Little wonder Chinese companies are number 1 in all sector of their economy.

And those that feel devaluation provides some sort of silver bullet, if we devalue then what?

Devaluation is meant to reduce the pressure on governments scarce dollar reserves by freeing it up for "other purposes". But by banning non essential items (call controlled devaluation) government has effectively freed up FX for essential purpose or "other purposes" like importation of raw materials and spare parts for local manufacturing. So let's not get it twisted, devaluation of the naira won't bring down the price the perfume (Montale - black auod) I coughed out 39k naira to buy online to 19k naira.

igwe123:

Lol, the dullar.d is a superhuman to his zombies, any advise should be treated as IPOB sabotage. Yeye ppl

Saifullah01:
MAN should realise that PMB is trying to optimise the utility of our current reserves subject to a constraint of falling oil prices and unlimited 'raw materials' to be put on that list. So my advice is this:


As unauthodox as it may seem this is a time for Nigeria to boost its local industries. This is like a protectionist regime imposed by the government for local manufacturing to take advantage of by governments refusial to devalue.

I was in kaduna yesterday and met with one of sokoto state government officials, he told me he was coming back from inoson motors HQ to discuss the possibility of supplying 800 sedans to the state government (and am very sure other states are looking towards that direction too).
My fear is does inoson motors have the capacity to service this sudden interest in their motors. So rather than MAN complain on government FX policies they should encourage their members to seize the opportunity. I expect inoson motors to drag CBN top officials to their plant - just like dangote did to his refinery - and secure commitment from the CBN to prioritise them if they choose to request FX for expansion of operations.

I read an article once in the Harvard business review about international businesses in China, the author was complaining about how it takes more than 6 months to obtain a 1 year business permit in China! (You think that was just because of bureaucracy? ). That was their government delibrately protecting local companies from foreign competitors. Little wonder Chinese companies are number 1 in all sector of their economy.

And those that feel devaluation provides some sort of silver bullet, if we devalue then what?

Devaluation is meant to reduce the pressure on governments scarce dollar reserves by freeing it up for "other purposes". But by banning non essential items (call controlled devaluation) government has effectively freed up FX for essential purpose or "other purposes" like importation of raw materials and spare parts for local manufacturing. So let's not get it twisted, devaluation of the naira won't bring down the price the perfume (Montale - black auod) I coughed out 39k naira to buy online to 19k naira.

asha80:
why the fuccck should we import palm oil when adapalm in ohaji as big as it is is lying largely fallow? That is what Goke7 is trying to tell you..we should use our brain and force these huge raw materials lying fallow to to feed these industries..how you wondered what if adapalm ohaji and abia palms were functioning at full capacity?

Reference:


Oga stop this thing you are talking. If you go to market and they tell you there is an Innoson sedan officially sold for 1 million under lock and key due to scarcity and the same model goes for 2 million, won't you cry out especially when some of your fellow competing taxi drivers are getting it for 1 million.

It is only free market that makes for competition that increases productivity and drives down prices. No one will invest and those inside will opt out if this skewed monetary regime is maintained.

lookandlaff:


thank-you o, the other day one of them was begging Saraki to remove tomato puree from banned items, meanwhile there is a glut of raw tomato production in the country now. Instead of the idiot manufacturers to ask for forex to procure machinery so they can manufacture their own tomato paste from local tomatoes like Erisco, they still want to waste our forex to use us as a dumping ground for EU subsidized overproduction of tomatoes.


http://www.tribuneonlineng.com/cbn-forex-restriction-on-imported-goods-to-stay-%E2%80%94saraki

Goke7:


So what is the big deal in exports?

Goke7:


The funny thing is that owners of companies like erosco and innoson are from same region as the main atagonists of the tight FX rules.

We don't like ourselves in this country, we only use ethnic bias for our personal gains and not even to advance our regions.