If Nigeria Can’t Attract $10bn in 2024, I Will Have To Bet Against The Naira - UgoDre Obi-Chukwu
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- čas přidán 6. 05. 2024
- UgoDre Obi-Chukwu, Founder and Chief Analyst at Nairametrics spoke to the Global Business Report about Nigeria’s Foreign Exchange challenges
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UgoDre, you're on point. Keep it up
😊😊😊o😅p😊
Despite the devaluation of the Naira, the Banks are dropping big profits datas. This is a major surprise and call for review. The manufacturing/ production sector is down.
Something is not right.
Am also hoping that this gain should impact in other sector.
The banks got the $ below NGN1000/$
Selling at any rate above NGN1000 will result in this kind of profits.
Imagine burying $ at 460 and Selling @ 1300
It only points to the obvious fact that Nigeria is a 'POS' economy. The real sector is no doing well. But banks are trading currency
The numbers just aren't adding up. Only days ago, Dangote mentioned that many Nigerian companies won't be paying dividends due to the effects of Naira devaluation. Are these banks operating from the moon?
How will you attract FX when you ready to tax them 0.5%. Who will bring money into such economy. Many people are already thinking of how to move their money out of the formal sector. Seems the best way to survive the Nigeria govt is to go back to the stone age of hiding your money under your roof.
Profit is measured by income - Expenses(which. Includes Tax)
There is Profit before tax and profit after Tax
What decides for every investor is if there is Profit after all variables are calculated.
So 0.5% tax is not the only available variable for consideration.
Banks in Nigeria are not making as much as they would if the economy is positive.
But Mr Rotus, can somebody really explain it to me in clear terms, how is manufacturing and other industrial sectors failing (losing profits) but banks are declaring over 100% gains
Is this not an arbitration?
Banks are smiling to the bank... While the rest of the economy is struggling
Every company is crying loose except banks. Something smells here... Are they likely making their gains from FX?
This show what is wrong in that country. How many of the manufacturing company dropping this type of profit except bank? We are not ready to fix that poor nation.
I echo your sentiments. Naija banks are very lazy- creaming profits from transactions and savings by ordinary citizens. Let them go and support and finance the manufacturing and agric sectors, + housing industries like most banks do around the globe and we shall see if their profits will be so mega !
The entire devaluation mess translated to profit for banks AND the productive companies all reported losses. Very SAD.
Privatize NNPC
Something is not adding up.
Most service and consumer goods companies are declaring losses and contracted earnings while the banks are declaring wonderful results .
Has the Nigerian bank8ng system decoupled from other sectors ??
Nigeria is a mystery .😂😂😂
Privatize NNPC period
Privatise the NNPC
POS ECONOMY
Any good news from TINUBU'S ADMINISTRATION is a nightmare for the Igbos and the Obideints.
Very lame. Must you comment?
@@CuepointStan The facts hurt you?
Stupidity at the highest level.Keep deceiving yourself@@user-hj9qj4td7q
@@user-hj9qj4td7q facts indeed. Please validate and understand facts.
Dangote is an ibo man as well.