Let me explain some economics for the benefit of those who think high food prices are a result of "poor ease of doing business"
Last year, one congo of garri was sold wholesale for N80. This year it is hovering between N200 and N300
Does it mean business was easier to do in
Last year, one congo of garri was sold wholesale for N80. This year it is hovering between N200 and N300
Does it mean business was easier to do in
Nigeria last year?
Of course not. The business climate has hardly improved over the last 12 months.
Business doesn't perceptibly improve that way.
It usually takes decades for business policy innovation to exhibit appreciable improvement
Why did food prices surge this year?
Of course not. The business climate has hardly improved over the last 12 months.
Business doesn't perceptibly improve that way.
It usually takes decades for business policy innovation to exhibit appreciable improvement
Why did food prices surge this year?
The covid-19 pandemic critically reduced the supply of food due to the economic shutdown that kept farmers, wholesalers, distributors, retailers and consumers at home
The shutdown also affected global shipping and meant that our usual food imports weren't able to get to Nigeria
The shutdown also affected global shipping and meant that our usual food imports weren't able to get to Nigeria
Even though global trade has resumed, the damage done to supply chains and jobs is already done.
Food prices have gone up especially for countries that rely on importation for survival.
Low oil prices means that our capacity to import has been devastated
Therefore no amount
Food prices have gone up especially for countries that rely on importation for survival.
Low oil prices means that our capacity to import has been devastated
Therefore no amount
of "ease of doing business" will lower the cost of food in the short term.
To add salt to the injury, the weather this year has been terrible.
2 months of drought in southern Nigeria and flooding all over the food belt of the North means that our food supply has been gravely
To add salt to the injury, the weather this year has been terrible.
2 months of drought in southern Nigeria and flooding all over the food belt of the North means that our food supply has been gravely
affected.
Therefore supply is low, and demand is high. This leads to plenty of money chasing few goods, and which leads to inflation.
Because prices take longer to come down than they do to go up, it means that a return to normal of production will leave a huge arbitrage gap in
Therefore supply is low, and demand is high. This leads to plenty of money chasing few goods, and which leads to inflation.
Because prices take longer to come down than they do to go up, it means that a return to normal of production will leave a huge arbitrage gap in
profits for smart investors.
Now is the time to enter production and processing.
Those who remain complaining and griping about the govt and politics will remain left behind
We will overcome this challenge
And when we do, some of us will have made a tidy profit, with capacity
Now is the time to enter production and processing.
Those who remain complaining and griping about the govt and politics will remain left behind
We will overcome this challenge
And when we do, some of us will have made a tidy profit, with capacity
to take on bigger projects while the others will stay complaining and processing their immigrant visas to Canada.
The time to profit isn't when everything is calm and peaceful but during the most challenging times.
That is the best time to grow.
Growth isn't easy or tranquil
The time to profit isn't when everything is calm and peaceful but during the most challenging times.
That is the best time to grow.
Growth isn't easy or tranquil
Growth is painful
You either grow or die
That's the mindset we need to adopt to put our country in shape
When production meets demand, prices will drop. The millionaires & billionaires will have been created
Which side will you be on?
The complainers or the billionaires?
You either grow or die
That's the mindset we need to adopt to put our country in shape
When production meets demand, prices will drop. The millionaires & billionaires will have been created
Which side will you be on?
The complainers or the billionaires?
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