Aero Contractors, Innoson Manufacturing Company(cars) Nnewi is reported to have suspended activities! 14 airlines leave Nigeria. And over 100 factories is said to be shut. 4.5 million jobs is reported to have been lost since June 2016 and Naira is about 412 to $1 Yet there seem to be no major shift in policy or sacking the major players driving the economy(finance minister, cbn gov. Etc).
When a tactic/plan fails, then it is only wise to change it- it makes no sense repeating the same thing while expecting a different result- The government seems to be stuck in that limbo.
Again, what I still cant piece together is how and why our locally produced goods are so high. Palm oil is produced in Nigeria- how is it that it has since skyrocketed from about 200 a bottle to 350-400. How is it that beans produced locally is extremely high. What of locally produced rice?
Ok! I am not an economist, but I believe farmers purchase fertilizers.90% of raw materials used in fertilizer production is imported like MOP et al, so high exchange rates affect this things thereby making the fertilizer more expensive and same time making the farm produce expensive when farmer purchase expensive fertilizer.
Again, the link goes down to dollars since we import major things and rely on importation.
If FG really listens or care to solve some of this issues here is what they can do:
-Subsidize dollars for importers
- Subsidize fertilizers for farmers and engage in massive distribution.
- Sack those your economist who are confused and employ people who can drive the economy
Again, I am not an economist but the above 3 mentioned are the emergency issues that FG needs to address. Subsidizing dollar translates to businessmen and companies getting dollars at lesser rate, and subsidizing fertilizer will mean cheaper fertilizers for farmers. This will keep businesses open and we will also have cheaper food items in our market.
Then if that is achieved they can:
- Re-open our dead textile industries and others
- Keep engaging in the rail way building nd most capital project in the budget etc
The capital project would pump money into the economy.
I feel like FG is sitting at the sideline wishing that Oil price goes up so our economy can have some breathing space. They need to forget about oil, theres no sign for now.
FG need a strategy change before it becomes a sorry situation and FG needs to stop being stubborn.
Also, I know for us watching from behind, It is easier said than done but when your policy is hindering growth and you still maintain such policy- then it isnt a matter of easier said than done, it is a matter of not doing anything.
Note: 'Many Market men and women are also very much responsible for this current hardship. A bag a pure water for example might be 60naira and then the retailer sells each sarchet 5naira, if the factory adds 5 naira and sells it to retailer 65naira. Then you see a retailer selling it 10naira per one. Haba for God's sake? We cause many of this problems too. This is similar to some other goods that the price is high. We are being too selfish'.
#FG Rethink #9JAyouthsAwakening #ReInventNigeria
Call Me Eedris Ngene- My message is for those with Basic understanding.
When a tactic/plan fails, then it is only wise to change it- it makes no sense repeating the same thing while expecting a different result- The government seems to be stuck in that limbo.
Again, what I still cant piece together is how and why our locally produced goods are so high. Palm oil is produced in Nigeria- how is it that it has since skyrocketed from about 200 a bottle to 350-400. How is it that beans produced locally is extremely high. What of locally produced rice?
Ok! I am not an economist, but I believe farmers purchase fertilizers.90% of raw materials used in fertilizer production is imported like MOP et al, so high exchange rates affect this things thereby making the fertilizer more expensive and same time making the farm produce expensive when farmer purchase expensive fertilizer.
Again, the link goes down to dollars since we import major things and rely on importation.
If FG really listens or care to solve some of this issues here is what they can do:
-Subsidize dollars for importers
- Subsidize fertilizers for farmers and engage in massive distribution.
- Sack those your economist who are confused and employ people who can drive the economy
Again, I am not an economist but the above 3 mentioned are the emergency issues that FG needs to address. Subsidizing dollar translates to businessmen and companies getting dollars at lesser rate, and subsidizing fertilizer will mean cheaper fertilizers for farmers. This will keep businesses open and we will also have cheaper food items in our market.
Then if that is achieved they can:
- Re-open our dead textile industries and others
- Keep engaging in the rail way building nd most capital project in the budget etc
The capital project would pump money into the economy.
I feel like FG is sitting at the sideline wishing that Oil price goes up so our economy can have some breathing space. They need to forget about oil, theres no sign for now.
FG need a strategy change before it becomes a sorry situation and FG needs to stop being stubborn.
Also, I know for us watching from behind, It is easier said than done but when your policy is hindering growth and you still maintain such policy- then it isnt a matter of easier said than done, it is a matter of not doing anything.
Note: 'Many Market men and women are also very much responsible for this current hardship. A bag a pure water for example might be 60naira and then the retailer sells each sarchet 5naira, if the factory adds 5 naira and sells it to retailer 65naira. Then you see a retailer selling it 10naira per one. Haba for God's sake? We cause many of this problems too. This is similar to some other goods that the price is high. We are being too selfish'.
#FG Rethink #9JAyouthsAwakening #ReInventNigeria
Call Me Eedris Ngene- My message is for those with Basic understanding.
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