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Want to buy a Car? Things to look out for when you test drive a new car October 19, 2016Often, when people buy cars, especially used cars, they are told to test drive it before making the purchase -which is the proper thing to do. However, time and again, while actually abiding by the advice to test drive; many people do not know what to look out for when test driving a used car especially. As more people take to buying used cars in our society today, it has become important to share our knowledge on the vital things to look out for. This way, you are sure to get the best deal, not just in terms of price but also quality. First things first: When you turn on the car, confirm if all the images on the dashboard are lit up before they go off – as they should. The reason is to detect any fraudulent masking of the vital warning signs of the car by the seller. At this point, it is okay to flag any irregularities and demand satisfactory answers. Are there any obvious vibrations when the car engine has been cranked and is running at idle? If there are any, it means that there’s something wrong and you need get answers from the seller Then: There is something called the death rattle, I will tell you about it. This usually occurs when there is a rapping, tapping or banging sound coming out of the engine when it is turned on and running, especially if it is cold. In this situation, you should check the tailpipe and ensure that the exhaust isn’t blue or black or even smell of antifreeze. Check the oil and flee if the colour is creamy-white as it is usually indicative of an internal coolant leak. Go for a drive: This is the ultimate test of the strength and dexterity of the car be it Mercedes, Toyota, Honda etc. Ramp it up- accelerate quickly, break sharply and take sharp corners- and while at it, be very observant. Is the car quivering? That is indicative of a bad alignment, control arms, bushings, tie rods – a rod that acts as a tie in the steering gear of a motor vehicle – or something else even more critical. Try breaking hard. Does it feel spongy, as in lacking firmness? It could mean bleeding brakes while stiffness points to a bad brake booster. A shuddering pedal underneath your foot equals to a need for new rotors. Also, try overtaking if you are on a dual carriageway to confirm that the car has good acceleration and also detect any issues. If the car is an automatic observe if jolts into gear when you accelerate evenly. This could spell a transmission error and you should flee. Transmission errors are not known to be easily fixed even by the best mechanics. Watch out for oil pressure, battery and temperature gauge too. Ideally, a short drive would not trigger any issues but if it does, run! What are some of the things you have considered while test driving a car in the past? Leave us a comment! Efritin is a leading marketplace where you can buy and sell everything. We have the largest selection of used cars. Click here to get the best deal for your next car.
Posted by: admin | November 22, 2016
Thinking of importing from China, below is a step by step guide of some of the processes.
– Find Supplier
– After agreement, shipping your items to Nigeria could pose a daunting task for a first timer.
Actually you need to understand what you agreeing to, because they are different types of shipping.
Okay, let’s start with the basics. When dealing with suppliers from China, you’ll often be offered 4 types of pricing:
FOB – Free on Board (or Freight on Board). This basically means that the cost of delivering the goods to the nearest port is included but YOU, as the buyer, are responsible for the shipping from there and all other fees associated with getting the goods to your country/address.
EXW (Ex-Works) – also sometimes referred to as the Ex-Factory price. This basically means the cost of the product and nothing else! No shipping costs or export fees in China are included in this price, never mind local port and custom fees or delivery to your door.
CIF – Cost, Insurance and Freight. In this case, the price also includes sea freight charges and insurance to deliver the goods to YOUR nearest port. But only to the port – from that point onwards, you take the shipment into your hands.
CNF – Cost & Freight (or Cost, no Insurance, Freight). Similar to CIF only this time insurance is not included.
If your supplier quoted you a CNF Nigeria price, this means that the price includes shipping of the goods via sea freight to Nigeria port. When the goods arrive, you’ll have to organise customs clearance and delivery to your home/office/warehouse.
While the CNF price can look very attractive, keep in mind that there will be other costs involved when your goods arrive in Nigeria, such as:
Customs clearance fee
Value Added Tax
Port security charge
Warehouse storage fee
So the CNF price is really just the tip of the iceberg and does not show you the true, FINAL price you’ll pay for the products you’re importing.
Also, as you’re new to importing, it will take extra time and be a lot of hassle for you to organise everything at Nigeria port.
If your supplier quoted you an Ex-Works price, this means that there will be LOTS of hidden charges in China + the actual freight charge + all the additional charges I already covered under CNF. This really is NOT the way to do business! You’ll never know for sure how much your import will cost in total, so please NEVER deal with Ex-Works prices!!!
A much better alternative to CNF, FOB, CIF and Ex-Works is to use a freight forwarding agent for your shipments from China. These companies will take care of EVERYTHING mentioned above and will deliver the goods to your door without you having to mess around with the customs clearance procedure.
You usually receive an invoice from them once your goods have arrived with all taxes, customs & port fees clearly listed.
I highly recommend you use such a company, at least for your first few importing deals. These freight forwarding companies are very affordable and can actually work out cheaper than if you try to do it all on your own.
My recommendation is to use a freight forwarder with great customer service, weekly shipments from China and very competitive prices. Get in touch with them to find out exactly how much your order will cost delivered to your door, after all the fees and taxes.
When contacting a freight forwarding company, make sure you ask for a Door to Door price. This is very important as otherwise you can end up with a host of additional charges when your goods arrive in the Nigeria.
So just keep it safe and play by the rules!
To sum it up – when you deal with suppliers in China, ALWAYS ask for a FOB price! This means product’s cost + local charges in China to the nearest port.
Ask your supplier for order dimensions (weight & size) and contact a freight forwarder for a door to door quote. Lastly – don’t forget about insurance! It will protect your shipment against loss and damage.
You can contact some Nigeria import and export companies for more information.
This is just a guide, you should do your own homework. We are not responsible for any liabilities for any los for anyone using this article as a guide.
Posted by: admin | November 22, 2016
Aluminium roofing sheets is the preferred choice for many home builders for many reason. Status symbol and its quality. The problem of corrosion and leakage associated with zinc roofing sheets is solved with aluminium.
Aluminium roofing sheet comes in two categories. There is the long span corrugated aluminium roofing sheet and the step tile aluminium roofing sheet. The unique features of the roofing sheet are its diverse colours, textures and thickness. The common colours are red, blue, yellow, green, chocolate and brown.
There is also the polycarbonate roofing sheet, which experts explain has the ability to withstand any change in environment and temperature.
Unlike zinc roofing sheet which is the common feature of houses in many ancient towns in Nigeria, aluminium sheets have become the new roofing trend in many states in Nigeria. Abuja, Lagos, Portharcourt and the other major big cities.
All the three major types of roofing sheets currently in use in the country have their respective merits. The metal sheet, known as the zinc, is the most common sheet and the oldest still in the market. Apart from its comparable low cost, it is strong and has the ability to withstand heat and weight.
Like zinc, asbestos Roofing Sheet is relatively cheap. But what has endeared it to many home owners is its ability to absorb heat and resist corrosion. However, environmentalists insist it is not environmental friendly. Asbestos is banned in many western countries due to health and environmental issue associated with it
In the case of aluminium long span sheet, its primary benefits include beauty, strength, durability and resistance to rust and corrosion.
But Aluminium Roofing sheet is not cheap, it comes at a high cost. The cost of fitting Aluminium roofing sheet by experts is also high. After paying that much, you don’t want unskilled roofing contractor setting up your Roof. be warned, If not done properly, homeowners can still experience leakage associated with Zinc roofing sheet.
Although aluminum sheets are the latest in roofing technology, asbestos and zinc are still in high demand by those who cannot afford aluminium.
The performance of a roof is measured based on its life span and it’s effectiveness to retain their strength, chemical and physical properties, appearance and resistance to all forms of failure.
Most roof failures occur at bolted connections that were either inadequately secured at the time of construction or that have since failed due to deterioration. Some roof designers often fail to take into account a number of design factors such as tolerance and factors of safety and these could result in roof failure. Other factors that could cause failure in roofs are the effects of wind and fire, poor workmanship, age, poor maintenance, height of the building and the use of cheap and substandard materials.The consequences of roof failures are usually devastating to the extent that they sometimes claim lives, and valuable property and possessions can be destroyed.
The most common material used for roof trusses is wood. It is relatively cheap and readily available, and easily worked. These qualities give wood trusses an edge over iron for small- to medium-sized buildings but in larger ones such as industrial buildings, steel trusses are used to provide stability against increased wind loads due to the height of these buildings. .
Alminium Roofing are available in many different colours, has a very pleasing and distinct appearance, it’s durable, has long span life, no maintenance required, it’s corrosion resistant, it’s not only used for Roofing but also for cladding and flashings. it’s economical to building construction due to it’s light weight, length are tailor made to specifications.
Any questions, do get in touch
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Classic – N
Bond – N
Shingle – N
Roman – N
Ridge cap – N
B.B.C – N
fascia board – N
treated nails – N
Wine with black patches
Black with white patches
Coffee brown with black patches
Aluminum Long Span per square meter
0.55 mm thickness – N
0.45 mm thickness – N
Aluminium Step Tile –
Aluminiun Stone Coated
0.45 – N
0.55 – N
Shingle 0.45mm –
Shingle 0.55M –
2,Prince ade odofin Street, United Estate
Sangotedo, lekki ajah Lagos.
FREE DELIVERY within Lekki
Outside Lekki – Attracts transport charges
Posted by: admin | November 21, 2016
Top Products to export from Nigeria
2. Palm Kernel Oil
This is the oil extracted from the pulp of palm fruit which is different from palm oil. Palm Kernel Oil is used for the manufacturing of various cosmetics, pharmaceutical products and confectioneries. The uses of this oil is broad and the mineral contents are said to be rich in protein for various uses. Nigeria has it quantum and makes dollars exporting it to other countries of the world.
3. Textiles and Garments
This industry alone generates close to $32bn as revenue from export from Nigeria. It is also a fact that unlike other products that battles with high strict rules of tests, Nigeria’s textiles enjoy duty free passage into United States where it has the largest markets in the world because of its unique designs, ethnic African designs and quality.
4. Cocoa Butter
This is the real sources of chocolates of all types. The fruits of Cocoa is the end products of various skin care products, health products, and pharmaceutical products. The demands of Cocoa is very high in both America and UK and that is why cocoa farming is very essential on its own.
This is a clay-like solid substance gotten from gallbladder of matured cow and oxen. The size could be as big as chicken egg, it’s a hotcake for foreign pharmaceuticals because they use it for medical purposes. If one could lay his hand a good quantity of well dried gallstone about 100g that is well packaged, ready buyers are waiting for it at either Asian or American markets to give you dollars.
Nigeria has put in place some proper Central Testing Laboratories to ensure that only certified products leave the country for Europe and America which are in dire needs of the product. Nigeria happens to be a significant producer of Rubber. A cubit meter of fine quality rubber goes for between $400 and $600 presently because of the instability of dollar rate in the market.
7. Sesame Seed
This may sound a bit strange if you are not from the area where it is produced in the country like Benue and Jigawa states in Nigeria. This product ranks second to cocoa in terms of export volumes and foreign exchange earnings. Nigeria is the 5th largest producer of this commodity and shipping it into foreign countries brings dollars exchange.
Pure honey is another export commodity from Nigeria to other countries. Presently, a kilogram of honey costs above $150 in the international markets. Pure natural honey contains well trace enzymes as sugar, mineral, vitamins and amino acids. A litre of honey can fetch good dollars in the foreign market.
The Niger Delta region in Nigeria is blessed with rich organic deposits of Shrimps. The demands of Shrimps is high in countries like Portugal, France, Belgium, Spain, Europe and USA.
Garlic is a cash crop which is grown under irrigation by farmers in the Savanna areas in Nigeria. With internationally certified good quantities of garlic, you are sure of foreign hard currencies.
11. Yam Tubers
Nigeria is presently the highest producers of yam. In 2009 alone, yam export accounted for about US$450 million exchange. But due to low quality it’s saddening to know that the country is not maximizing its export potentials of this products. So there is need for prospective exporters of yam to foreign countries to adhere to quality regulations that is guarding the process. Yam farmers must take this into consideration and tap from this opportunity.
This is at the fore front in the international market. This product which is produced in good quantity in Nigeria with now perfected technology, has about 50% ROI.Even an individual can own a charcoal production outfit and have exporters shipping it for him. A large market for charcoal exists in ASIA, EU, and USA. A tone of this product goes for about $1000.
This sector recently received a boost from the National Cotton Association of Nigeria (NACOTAN) of N33 million to rehabilitate it. Cotton is the most natural sources of fiber and is demanded internationally.
14. Cassava Flour
Already we know that Cassava is food for all in Nigeria because of various methods of preparing it. There is need for this in the foreign markets as the demands of well processed cassava flour is increasing both in Europe, Middle East and in America.
15. Cashew Nuts
Almost every part of the country has the potential to produce this international commodity. Great quantity of unprocessed raw cashew nuts are exported to India, Brazil and Vietnam where they are processed into kernels and moved to the Northern America and Europe where they are sold for about $2 per pound. The demands are on increase for the consuming countries.
If you can produce snails in good quantity, there is a ready market for you. Snails are hotcake in European Countries and America. The good thing about this is that it is very easy to rear as it produces rapidly with close to nothing in expenditures for feeding.
17. Chili Pepper
Nigeria is blessed with good weather which supports the proper growths and production of this internationally accepted pepper. If you can grow and source for the export opportunities, you are sure to get it.
18. Fruit Juice
It may sound somewhat strange to the hearing of many that Nigeria provide export opportunity for fruit juice concentrates. Yes, we have it because Nigeria can boast of so many naturally grown fruits all over the country which provides the best of fruit juice productions of great quantities. The opportunity for Nigerian fruits export is huge in USA.
Forget about the facts that some greedy Nigerians go about smuggling chicken into the country. When we talk about poultry, it involves all domestic birds, egg or meat.
Nigeria poultry farm products are still highly needed both within Africa and Western countries because Nigerian weather conditions for poultry farming still remains the best compared to other countries. Poultry products export from Nigeria is an avenue that is still highly untapped.
20. Cosmetics and Soap
Nigeria has grown in this very important area but the only challenge that is holding us back is procurement of good technology to produce this in great quantity to compete favorably with other developed countries.
Soap making, which extends to other toiletries, laundries and so on are already export opportunity waiting to be invested heavily in.
Cotton is the most important natural fiber of the 20th century. The efforts of the Federal Government of Nigeria towards the development of the nation’s cotton sector received a boost recently, as the National Cotton Association of Nigeria (NACOTAN) got a lifeline of N33 million to enable the sector bounce back to life.
Nigerian snails are in high demands in America and Europeans Countries. The only thing the snails may constantly demand from you is your attention and care but they hardly fall sick.
You don’t have to buy their food and you may not have to spend much to create an abode for them. The beauty of it all is that the snails reproduce rapidly. They are capable of producing hundreds of eggs, which hatch into snails. It is now possible to produce 1,000,000 snails worth more than N5 million twice a year.
23. Leather and Footwear
Presently the world footwear and leather products sector is moving from high-cost industrialized countries to developing countries and many developing countries (Nigeria inclusive) have strong potentials in this sector regarding raw material and human resources, but have mainly remained suppliers of raw and semi-finished products.
The raw materials for leather and its products are mainly from livestock, and Nigeria is endowed with the third largest livestock population in Africa. Raw materials availability has been acknowledged as a basic comparative advantage towards the export of leather and leather products.
MINERALS FROM NIGERIA
Posted by: admin | November 20, 2016
The constant devaluation of naira as a result of the fall in oil price coupled with other economic variables offers a favorable environment for exporters in Nigeria to make huge profit and nation cannot grow without export. It is also about time we stop Nigeria from been a dumping ground of every manner of products from around the Globe.
From tooth pick, spoons, outdated items, scrap, toxic items and a whole lot more. It is about time Nigerians start exporting their goods and services. We are endowed with many natural and human resources, it is time to look inward for solution. But before you delve into exporting, you need to acquaint yourselves with knowledge of how the export market works.
Please not that Nigeria Customs can not provide all the information about your exportation to the destination country. You must explicitly carry out all transactions with such country’s Customs Administration by yourself. However, you can contact the Nigeria Foreign Affair Ministry for valuable information.
If you live in Nigeria and you have the intention to start exporting goods from Nigeria to other parts of the world, then you must seek to pursue best practices in the Import and Export Industry. It is true that anybody can export goods from Nigeria to their clients outside the shores of Nigeria as long as they meet all the laid down requirements.
In Nigeria, we have a government organization like the Standard Organization of Nigeria (S.O.N) that ensures that all goods that are produced in Nigeria meet the certain requirements. The Standard Organization of Nigeria works hand in glove with the International Standard Organization (I.S.O) to ensure that any product that comes out of Nigeria is not substandard and can be used conveniently in any part of the world.
So if you are in the business of exporting goods from Nigeria, then you must ensure that you only export goods that meet the requirements set by the Standard Organization of Nigeria. These are the basic things you need to know about the products specifications when you are in the business of exporting goods from Nigeria:
To get started, you need to:
Know how the market works,
Legal international protocols,
1. You Need to Know About the Overall Dimension of the Products You Intend Exporting
It is very important to specify the overall dimensions of your product, so that whoever wants to buy your products is be able to have a pre-knowledge of the size of the products and the space it might occupy so that they can be well guided when making provision for transportation and logistics.
2. You Need to Know about the Materials Used in the Production of the Products You Intend Exporting
It is important to know the details of all the materials used in the production of the goods you intend exporting so that your buyers and the end users may know how to handle and manage the products. For instance; if the product you intend exporting is made up of iron, then you should know that if it is exposed to mist of water, it might likely get rusted. Also, if your product is made up of breakable glass, then you need to inform those handling it to handle it with care.
3. You Need to Know About the Environmental Effects and Requirements of Your Products
The manufacturer might specify the effect some products have on human and how to handle and make use of them. For example; if your product is flammable when exposed to certain high level temperature or fire, then it would be very important that you highlight it on the product so that those transporting it will know how to handle it.
4. You Expected to Know about the Anthropometrics and Ergonomics
You are expected to include the sizes of people that are expected to make use of your products. Take for instance; if you are manufacturing and exporting shirts, you should design your shirts or dresses in different sizes that complies with the sizes in Europe, UK, USA et al. You just have to know the various sizes of people in relationship to the products you intend exporting. Let us get it straight, Anthropometrics is the study of the sizes of people with respect to products, why Ergonomics is just the relationship between people and the products they use. The bottom line is that the data generated from Anthropometric is used to help design products to meet ergonomic needs.
5. You are expected to Include Users Manual in All Your Products
It is very important to include user’s manual with all of your products meant for exportation. With the User’s manual or guide, it makes it easier for anybody to purchase and use your products. All you need to do is to ensure that your product manual is written in languages that people in the country you intend to export them to understand.
6. You Need to Include Details of the Source of Power Requirement for Your Products
If your product requires electric to power it, then you just have to include the power requirements for the products. If you specify the power requirement for your products, then you would guide against electric voltage blowing off your products in the hands of the end users. It is fact that some countries have specification for all electric appliances that is imported in to their countries. So if you are into the exportation of electric appliances, ensure that your products meet the electric power requirement of the country you intend exporting your products to.
There are a lot you need to know about products specification if you are in the business of exporting. The best way to go about it is to check the requirements for the kind of products you intend exporting with the country you would be exporting the products to. In order for you to continue to be in the business of exporting, you must produce goods that meet the specifications of International Standard Organization (ISO).
EXPORT PROHIBITION LIST – What you are not allow to Export
Timber (rough or sawn)
Raw hides and skin (including Wet Blue and all unfinished leather) H.S. Codes 4101.2000.00 – 4108.9200.00
Unprocessed rubber latex and rubber lumps
Artifacts and Antiquities
Wildlife animals classified as endangered species and their products
e.g. Crocodile; Elephant, Lizard, Eagle, Monkey, Zebra, Lion etc.
If you have locally manufactured goods that you intend exporting to buyers outside the shores of Nigeria, then you should consider durable and attractive packaging for your products. Truth is that if your products are well packaged and all safety measure is put in place, then you wouldn’t have to worry about your products getting damaged on transit. If you are conversant with goods that are cleared from the wharf; you would realize that some of them get badly damaged because they are not properly packed.
The goods meant for exports are handled my different people that may likely not know the details of what you are exporting and as such may handle it roughly. If you want to give your customers value for every product they order from you, then you must pay serious attention to your packaging details. There are ways you could package you products to ensure that they are not exposed to what might damage them. For example; if you are exporting breakables like glass related products, eggs, et al, then you must take every little detail in the packaging seriously so that you possibly won’t end up exporting damaged commodities.
The truth is that the packaging you use for your products is as important as the products itself especially when you know that these products are meant for exportation and are subjected to longer travel periods when you are exporting via the sea (Shipping). Even if you are using Cargo Planes to export your products’ it possibly could also get damaged if not properly packaged. Also, if the packaging is not appealing, it can affect the sales.
1. Use Packaging Material that is Friendly and Healthy
Whatever material you choose to use for your packaging should be user friendly and must not contain any hazardous chemical. The truth is that if you are in the business of exporting, then you must be careful of the materials used to package your products or else it could be rejected by the government of the country you intend shipping the goods to.
2. Use Attractive Colors for Your Packaging
It has been proven over and over again that the choice of packaging for your products contributes to the brand image you are selling to your customers. If the packaging for your product is eye catchy and attractive, it could easily be spotted and picked ahead of same products from other companies. The fact that you are expected to make the packaging of your products attractive does not mean that you should solely use attractive and bright colors. There are ways you may combine colors nicely that can be appealing to people.
3. Ensure Your Graphics is Self Explanatory
You can design the packaging of your products in such a way that a buyer could easily tell the kind of product that is in it. Graphic artists have a way of communicating a message to people via their designs. So ensure that whatever design you chose for the packing of your product, is self explanative and the one that looks nice from both afar and from a close range.
4. Ensure All Instructions and Guidelines on the Packet of Your Products are Legible and Easy to Understand
It is important to make sure that all the information that is expected to be on the pack of your products are easily readable. You should use letters and fonts that can easily be read by all. You must also ensure that you use a minimum of four international messages to pass across very vital information on the pack of your products. For instance; if there is an instruction that reads “Highly inflammable” then you should not just write it in English language; you should also write it in French, Chinese, Spanish and German Language et al.
5. Make Sure You Use Water – Proof Materials
Products meant for exportation are subjected to all sorts of conditions; including mist, dews and waters. To prevent any of these conditions from damaging your products, you must include water – proof materials (nylon et al) to either wrap the products inside the package or to seal the entire package with it. With this in place; you can be sure that when your products are exposed to water it wouldn’t get damaged.
6. Ensure You Add Materials (Foam Like) That Could Absorb Shock
If you open a new electronic carton, you would see some foam like materials placed inside it. The purpose of such materials is to absorb all the shocks your products might likely be subjected to en route its destination. So you must be sure to include such materials when packaging your products meant for exports especially when they are breakables.
7. Ensure that you add Wrapping Materials That Can Prevent Scratches
There are wrapping papers used in wrapping products so as to prevent scratches that might occur in transit. You just have to pay attention to every detail with regard to the packaging of your products, if you want it to your consumers to receive the products they ordered in good condition. For example; if you are exporting products made from bronze or ceramic materials, you are expected to use paper or other friendly materials to wrap each unit of the products so that they do not rub off on each other and produce scratches on the products.
These are some of the factors you need to consider when packaging your products that you intend exporting from Nigeria to other parts of the world. Fact is that if you are exporting the products via ship, then you should expect the products to stay a longer period on transit and that is the more reason why you must chose durable packaging and containers for your products.
This involves activities relating to issuance of Certificates of conformance to applicable standards or contractual documents for products to facilitate export trade. It applies to specific consignments meant for export by the applicant.
To ensure that locally manufactured products meant for export conforms with the relevant Nigerian industrial standards as well as the quality requirements of the importing countries including packaging.
The procedures for Product-Type certification involve:
Palm Fruit (Banga)
Bread Fruit ( Ukwa)
Edible Local Chalks (Nzu)
Herbal Products (Medicine/Soap)
Nigerian Made Shoes (Aba Made Shoes)
Nigerian Made Fabrics (Adire, Akwete, Aso Oke, etc.)
Arts and Craft
Locally Designed Beeds
Home Video/Audio Cds
Locally Published Books
Locally Made Weaves
To able to provide an accurate charge for your export, following details are required?
Weight of item
Item name ( some item are banned)
For Export Prices visit Nigeria Import and Exporters
Speak to us if you require further assistance.
Posted by: admin | November 20, 2016
In the 60’s and 70’s, the naira was more valued than the dollar. As at 1985, the dollar and the naira were just about even with the naira slighty higher. The decline of the naira have been staggering, today the official rate is about $1/305 and black market rate is $1/475.
WHAT HAPPENED TO THE NAIRA
-Too much reliance on Oil
– Weak export/Manufacturing sector
-Tough economies measures impose by IMF/World bank
From Obasanjo regime till present, the leader and govt officials have been looting the country massively with no accountability. Imagine how much foreign reserve have been looted, billions in dollars
Too much reliance on Oil
Successive govt have ignores Nigeria Textile mills, Rubber, Cotton, Coal, Steel plant, opening of other sea ports in addition to Agriculture and many other domestic sources. Instead they have been relying heavily on the money from Oil boom. Now oil prices have crashed spectacularly, the govt is running out of funds.
The mentality of the govt and the people need to change. Govt need to invest heavily in other sectors and encourage small and medium enterprises. Provide tax relief to made in Nigeria goods.
Weak export/Manufacturing sector
This sector is dying fast in Nigeria and the there is no enterprenuer spirit any more in Nigeria. Most youngster always prefer the fast lane. No drive to make or create anything instead we are a heavy consuming nation. Successive govt have failed so far, neglecting this sector. The revenue from this sector is quite limited for a population of over 160 million.
Tough economies measures impose by IMF/World bank
The policies attach to IMF and other loans have been detrimental to the economy and the value of the naira. Noting not long ago Osibanjo -vice president of Nigeria hinted nigeria loan stands out $60 billion. Those policies are not disappearing any time soon, one of such is SAP – Structural Adjustment programme.
BENEFITS OF A WEEK CURRENCY
-Encourage and boost domestic manufacturing sector
– Increases export
Encourage and boost domestic manufacturing sector
A weak currency encourages, industrialization and manufacturing of goods in the home country because imports are more expensive but when you export you get more money for your exports.
Usually, when you devalued a country’s money against $$, there is always some upside. The manufacturing sector has to boom. This will help raise revenue from other sector apart from the oil.
Nigeria or individuals can net huge some of money exporting to countries with strong currency. Nigeria can raise huge forest reserve via export.
Made in Nigeria product will be cheaper compare to imported products
DOWNSIDE OF HAVING A STRONG CURRENCY
–Discourage exporting and encourages importing
One downside of a strong currency is that it hurt the export businesses, especially when exporting to a country with a weak currency. Exporters can end losing large sum of money depending on the volume of their export.
-Not by in CBN
Trying to stabilize the currency by using Nigeria forest reserve to artificially fix the rate is a loss cause. Nigeria will end up losing all her foreign reserve.
– Revive Made in Nigeria
Revive all Nigeria ailing manufacturing sector, invest in equipment and people. Lets Nigeria start exporting
Although manufacturing is growing today,it still grows at 3% a yr, whearas it should be growing double digits to make a huge difference.
-Address Bad Trade Policy
The govt should also stop implementing bad IMF Policy. Allowing the western Govt to easily dump all their manufacturing goods in Africa and Nigeria is bad strategy for currency.
At the same to not allowing Nigeria or Africa access to western market. The imbalance must be address.
Posted by: admin | November 19, 2016