NewStats: 3,259,314 , 8,169,789 topics. Date: Saturday, 24 May 2025 at 05:06 PM 23ji

EkoExplorer:
Is it time to start considering motorcycles seriously now?

Even motorcycles cost well over 1m now.

F117nighthawk:
With the number of cars I still see on Lagos roads , traffic/holdup and even still with high cost of petrol sold at N1075 per liter depending on the filling station u buy.i am still not too convinced Nigerian motorists are feeling the impact of these problems highlighted in this write up.sometimes I wonder and ask myself how do Nigerians make this money and survive?the roads are still very busy,new car plate numbers and seen on daily basis,and traffic buildups are still experienced in many usual areas and this make me wonder.Nigerians are very resilient people they will always find ways to beat around this economy and still make good living for themselves

i think most Nigerians now spend fully with little or no savings in the equation

OlujobaSamuel:

Let me try to explain what I mean, you suggested the Yuan for Naira.
Just like Euro and Pounds (some other FX kept by CBN), the dollar has an impact of the naira equivalent of the currencies, so for every time the dollar value increases against the naira, so also will the euro, pounds or yuan or any other currency increase.
Naira to Yuan deal basically means trading directly by paying yuan equivalent, instead of paying dollar to the supplier while the supplier converts the dollar to his own currency himself

Okay.

So are you saying the same effect such transaction have using the USD is same with Yuan?

Procashtips:


Okay.

So are you saying the same effect such transaction have using the USD is same with Yuan?

Yes.

F117nighthawk:
With the number of cars I still see on Lagos roads , traffic/holdup and even still with high cost of petrol sold at N1075 per liter depending on the filling station u buy.i am still not too convinced Nigerian motorists are feeling the impact of these problems highlighted in this write up.sometimes I wonder and ask myself how do Nigerians make this money and survive?the roads are still very busy,new car plate numbers and seen on daily basis,and traffic buildups are still experienced in many usual areas and this make me wonder.Nigerians are very resilient people they will always find ways to beat around this economy and still make good living for themselves

He is right, I also import and sell cars, as at this moment I have two units that has been in Nigeria for 6 months, I have reduced prices of both cars three times hoping to recoup just my landing cost to no avail.
People prefers buying well maintained Nigeria used cars than buying imported foreign used ones.
Ordinary 2004 Corolla (Nigeria used) sells for 5m and above while imported one is between 7.8m and 8m depending on the condition.

OlujobaSamuel:

Yes.

What do you understand by this:

https://www.investopedia.com/articles/forex/030616/why-chinese-yuan-pegged.asp

iichidodo:
Cuba has undergone recession for decades thus their cars are mostly from the 50s, we can also adopt same and import cars from 1980s and 70s....We can kickstart the economy from there.

Not a bad idea but what about availability of parts?

Dshocker:
Why can't Tinubu step down for God sake?

And after stepping down....Dollar will immediately go back to 190 naira or fuel price will go back to 165 naira......and price of commodities will drastically reduced abi?
Nigeria problem is systemic, and no person alive in Nigeria can solve it in 30 years .....

What the doomed dingBAT cannot destroy does not exist 💯💯📢📢📢📢

Procashtips:


What do you understand by this:

https://www.investopedia.com/articles/forex/030616/why-chinese-yuan-pegged.asp

I also mentioned something similar in my initial post.
According to the article, the yuan is pegged to the dollar, sort of a fixed FX system, meaning 1dollar might be equivalent to 100yuan for a particular period of time, China won't store our fund as a means of value as there is no country that is interested in the naira, so to carry out any deal with us, the dollar equivalent will be considered, even though we are paying in Yuan.

It's just a sort of currency hedging. It will just minimize risk exposure from fluctuation, it doesn't take away the risk.

OlujobaSamuel:

I also mentioned something similar in my initial post.
According to the article, the yuan is pegged to the dollar, sort of a fixed FX system, meaning 1dollar might be equivalent to 100yuan for a particular period of time, China won't store our fund as a means of value as there is no country that is interested in the naira, so to carry out any deal with us, the dollar equivalent will be considered, even though we are paying in Yuan.

It's just a sort of currency hedging. It will just minimize risk exposure from fluctuation, it doesn't take away the risk.

You actually didn't read the article properly, the Yuan was pegged to the USD until 2005, right now, it's pegged to multiple instruments and currencies, which is why importing from China should be better off compared to other countries.

Kindly read again, the above was written there as one of the options.


Which brings me back to the questions, shouldn't car dealers face East for importation of vehicles?

F117nighthawk:
I never said people are not suffering,I only made my comments of the topic,as bad as the inflation and downturn of it on the car importation and sales business is,u hardly notice the impact based on the numbers of cars u still see on our roads,I go out sometimes without my car yet I still feel the rush and the amount of movements of cars u still see even as petrol price and cars has gone up


quote author=Adewale1603 post=133023604] dey play. Nigerian's population are way too many for you to actually notice or observe. And you can't just draw your conclusion on that. People are suffering, there is economic decline and hardship

The guy is actually right. It reduced , but true to the population, you'd still be seeing cars.

There's a junction on the way to my office where there's usually hold up. Hold up that is enough to make you look for alternative route. That junction always require traffic controllers to decongest. These days, traffic controllers are hardly present, and there's no hold up. But cars are still many.

So it's a matter of relating it to what was, and not necessarily the number.

Procashtips:


You actually didn't read the article properly, the Yuan was pegged to the USD until 2005, right now, it's pegged to multiple instruments and currencies, which is why importing from China should be better off compared to other countries.

Kindly read again, the above was written there as one of the options.


Which brings me back to the questions, shouldn't car dealers face East for important of vehicles?

I get your argument, the swapped deal we have or had with them is more beneficial to them, China is not having a FX hedging with us, so what you are looking at as the cheaper option won't work, we ain't a major exporter to them.
Eg, if they buy goods worth 20k from us, and we buy goods worth 50k from them, how do they get their 30k fund since they won't be collecting our naira to keep as FX reserve, that's where the major currencies come in.
I wished someone deep into FX economics can shed more light on it.
Whatever swapped deal that is in place, will only reduce a little the FX crisis we have, not take it away

OlujobaSamuel:

I get your argument, the swapped deal we have or had with them is more beneficial to them, China is not having a FX hedging with us, so what you are looking at as the cheaper option won't work, we ain't a major exporter to them.
Eg, if they buy goods worth 20k from us, and we buy goods worth 50k from them, how do they get their 30k fund since they won't be collecting our naira to keep as FX reserve, that's where the major currencies come in.
I wished someone deep into FX economics can shed more light on it.
Whatever swapped deal that is in place, will only reduce a little the FX crisis we have, not take it away

Let me ask you, how has Nigeria as a government been dealing with China in all their partnerships, loans and infrastructural development programmes?

China has always been interested in our mineral resources, so the issue of how they'll get their 30k back would have been very easy. They can always get it via raw mineral resources we have in abundance.

Anyways, I just discovered that the deal was cancelled and no longer active.

3kay945:


Not a bad idea but what about availability of parts?

It's not like we are under an embargo or something,as long as there's a high demand in our domestic vehicle market then the parts can always be sourced around the world and imported, you know how well travelled and versatile my Igbo brethren can be on these kind of matters.

Procashtips:


Let me ask you, how has Nigeria as a government been dealing with China in all their partnerships, loans and infrastructural development programmes?

China has always been interested in our mineral resources, so the issue of how they'll get their 30k back would have been very easy. They can always get it via raw mineral resources we have in abundance.

Anyways, I just discovered that the deal was cancelled and no longer active.

We are a net importer with China, We exports goods worth about $2bn, while importing goods worth about 20bn, the margin is too wide.
China is a major producer, while we just export raw material, so the comparative advantage isn't on our side. The raw material irrespective of the abundance can't be compared to someone adding extra value in way of converting it to general use through manufacturing.

Thanks for that, I never knew it was cancelled, that's why I was initially confused on using have or had.

The reason why such might have happened might be as a result of practicality, how would remittance be made considering the wide disparity in trade between the two countries.
Maybe an ECOWAS currency or AU currency might work for such arrangement

OlujobaSamuel:

We are a net importer with China, We exports goods worth about $2bn, while importing goods worth about 20bn, the margin is too wide.
China is a major producer, while we just export raw material, so the comparative advantage isn't on our side. The raw material irrespective of the abundance can't be compared to someone adding extra value in way of converting it to general use through manufacturing.

Thanks for that, I never knew it was cancelled, that's why I was initially confused on using have or had.

The reason why such might have happened might be as a result of practicality, how would remittance be made considering the wide disparity in trade between the two countries.
Maybe an ECOWAS currency or AU currency might work for such arrangement

How do you think we're paying all the loans we take from them in respect to the huge constructions they're handling for us?

Through mineral resources, so there's no trade deficit mineral resources can't pay for and China is betteroff with it and don't even care about the extra value You're talking about, afterall we are even doing the same with the Western world

Abyway, it seems Nigerians are already importing vehicles from China.

https://tradingeconomics.com/nigeria/imports/china/motor-cars-vehicles-transporting-persons

Procashtips:


How do you think we're paying all the loans we take from them in respect to the huge constructions they're handling for us?

Through mineral resources, so there's no trade deficit mineral resources can't pay for and China is betteroff with it and don't even care about the extra value You're talking about, afterall we are even doing the same with the Western world

Abyway, it seems Nigerians are already importing vehicles from China.

https://tradingeconomics.com/nigeria/imports/china/motor-cars-vehicles-transporting-persons

Yea, we are already importing vehicles from them with some assembled here. I'm even using one of such imported Chinese vehicle.
The loan we have with them can't be offset once, some will take upto 20yrs sef, and we would have taken more sets of loan before then. You are right on doing same with western world, as it stands, in of trade, the disadvantage is just too much on our side, except we can probably export art and culture at very high price, or war broke out that leads to global scarcity of some major raw materials that Nigeria is having abundance of it, and most of our leaders got caught up with the war

PulaPower:
Same Nigerians wey dey buy car everyday for this side?

If you compare the % of Nigerians using cars 20/30years ago to this day, you’ll understand this post nah wash..

How many people dey drive latest cars back then compare to today? If you wanna prove me wrong, just come Ogun state or Oyo state, make I no even reference Lagos - you go know say no be small thing..

Again, back then, how many 17-25 years old dey fit afford car? But today, even 16 year old pikin don buy car dey ride. You go dey see small small boys dey ride better cars..

Most of Nigeria knows all these sort of news nah just mere sponsored news - dem no dey take ham serious… Abi, how do you wanna explain Nigeria isn’t working to a 17year old boy with a personal house and a gallant car? Him go just look you like mumu..

If you wanna make it in life, just work hard for it. But the moment you start cooking up the orientation that *some people are coming to your rescue, you don already fail* !

You dey sick or na small pikin de worry you?. You think every Nigerian is involved in rituals and illegal businesses like some of you?
You sounded like a yahoo boy the way you are glorifying 17 year olds that bought cars. So what will you say it's the source of their income? Is it related to the missing persons posters littered everywhere in Lagos and Ogun?
He who takes from the devil will definitely give back to the devil ten folds. No amount of curse breaking crusade can relive their generations from the sins and curses of their father. Keep on....

EnglishUsa:
I have same thought some months ago, until I do my research. you can also do yours and you will come in the same conclusion

Hm...m

EnglishUsa:
if you remove riders or as we call them Uber, you will not see cars on the road of Lagos. 30% of cars you see on the road are uber, indrive, rider, Lagos ride. Many cars you see and think they are private... My dear, they are not

Assuming your post is okay, who owns the remaining 70%?

Please, don't take this personal. I believe you are accustomed to Lagos' overabundance of traffic. Bro, even the 30% you mentioned is sufficient for Lagos roads. I think you should travel abroad to see what I mean. Lagos is overly congested. If you doubt me, ask Dangote. Why do you think he is so confident that he will succeed? Lagos has an overpopulation problem.

The number of vehicles in Lagos is abnormal sir.

Singapore is now regarded as a blue zone for longevity. How did it achieve this? Their government imposed high taxes on processed foods, sugar, and vehicle usage. Coca-Cola in Singapore costs 30% more than in the United States. Using a vehicle there is extremely costly. However, public transportation is excellent, with comfortable air conditioning in the buses, trains, and so on. Every citizen takes approximately 7,500 steps per day, which is the recommended number. Obesity rates have also dropped dramatically there. And environmental sustainability is excellent because there is less carbon in the atmosphere.

So bros....there are still too many vehicles on Lagos. There are so many cars along the inner streets.

Sleekfingers:




And after stepping down....Dollar will immediately go back to 190 naira or fuel price will go back to 165 naira......and price of commodities will drastically reduced abi?
Nigeria problem is systemic, and no person alive in Nigeria can solve it in 30 years .....

He created these problems and it keeps getting worst.

iichidodo:
Cuba has undergone recession for decades thus their cars are mostly from the 50s, we can also adopt same and import cars from 1980s and 70s....We can kickstart the economy from there.

Ma look you well

OlujobaSamuel:

Yea, we are already importing vehicles from them with some assembled here. I'm even using one of such imported Chinese vehicle.
The loan we have with them can't be offset once, some will take upto 20yrs sef, and we would have taken more sets of loan before then. You are right on doing same with western world, as it stands, in of trade, the disadvantage is just too much on our side, except we can probably export art and culture at very high price, or war broke out that leads to global scarcity of some major raw materials that Nigeria is having abundance of it, and most of our leaders got caught up with the war

Unfortunately, there are no finished product we have comparative advantage on when it comes to trading with China. What can we export as finished goods/products to them?

beyep:

https://www.youtube.com/watch?v=iA1DBhoJm-U?si=AgiOoiaaHFeOUwjB



https://www.thecable.ng/interview-dealers-now-diversifying-as-nigerians-can-no-longer-afford-cars-says-nicakelv-ceo/

My brother hang in there....the God we serve will soon rescue his people with a mighty move of his right hand! The egyptians you see today ....you will not likewise see tomorrow! Ndi uchu..........they will never harvest from their toil instead they waylay hardworking people to loot and plunder their increase!

Eriokanmi:
Tinubu effect. E go reach everyone. What amazes me is the way people are running away with their family overseas after gullibly voting tinubu. Why are they leaving nah? Isn't it better they stay back and reap the gains of their bigotry? Cowards!

O ti binu😂😂

Eboofa:




My brother hang in there....the God we serve will soon rescue his people with a mighty move of his right hand! The egyptians you see today ....you will not likewise see tomorrow! Ndi uchu..........they will never harvest from their toil instead they waylay hardworking people to loot and plunder their increase!

dem don use tithe tie this one

haybhi1:
It's a sorry case and it's really tiring. Although not entirely true, I know young folks who buy and can afford cars. Some legit, some illegal, but people are cashing out o.

Anyway, if you care to make some dollar cash as a side hustle. Check my siggy to learn about ST, Cbex. It's about the only legal thing I can guarantee helps with daily 10k lately.

Hello People, the statement is true, you may give him or her a trial (ST Cbex) for minimum fees of 100 dollars or more depending on your disposal income . The risk is minimal at the moment. It's a succur in this current situation. Thanks

F117nighthawk:
I never said people are not suffering,I only made my comments on the topic,as bad as the inflation and downturn of it on the car importation and sales business is,u hardly notice the impact based on the numbers of cars u still see on our roads,I go out sometimes without my car yet I still feel the rush and the amount of movements of cars u still see even as petrol price and cars has gone up


quote author=Adewale1603 post=133023604] dey play. Nigerian's population are way too many for you to actually notice or observe. And you can't just draw your conclusion on that. People are suffering, there is economic decline and hardship

Is it until you finally notice the negative impact of dollar homes that you'll agree that there's a serious problem with the economy ? It's people like you who encourage the government to be irresponsible after all, an ordinary Nigerian says he hasn't noticed anything wrong happening yet

Your problem is understanding simply English language,I am not here to issues with people who don't reason or think before they write

RZArecta:
Is it until you finally notice the negative impact of dollar homes that you'll agree that there's a serious problem with the economy ? It's people like you who encourage the government to be irresponsible after all, an ordinary Nigerian says he hasn't noticed anything wrong happening yet

F117nighthawk:
Your problem is understanding simply English language,I am not here to issues with people who don't reason or think before they write

na your wahala boss

[quote author=haybhi1 post=133030045] It's on my siggy, profile[/quote

I didn't see anything

epainos:



I have been saying that if I were president, I would not be bothered with corruption. I would just face over population. That's all. And I have my plan to tackle it.

It takes time to fully grasp that overpopulation is our true problem, not corruption. Why? Overpopulation has fueled corruption, so no matter how you combat it, it will not die. So, we just need to stop fighting corruption amd cut off its food.

The bad news is that it will take about 20 years after cutting off the food supply to see any significant positive effects. This is the state we are now. It is why I always laugh at political commentators. Lol.

Japa is a temporary solution if you want to have a good life. If you are in your 20s or older and still want to pray for Nigeria, sorry. japa!

The most valuable asset natural resource a country has is the people, they create and build. Only a failure will see it's people as liability