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What Is The Best Way For Nigeria To Do Business With Other Nations?

I've not done enough research on this but I think it would be nice if Nigeria does not tie her economy to some foreign national bank by not using Dollars or Pounds for her transactions.

I would hereby like to suggest a "trade by batter" instead.

Any suggestions?

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4 answers

That is what you think. Countries take importation of Crude as a national issue. We have a trump card!!!

We are behind in a lot of areas, we need to catch up or jump the queue somehow. We need to think of a way that will take us away from handouts from the countries we do business with.

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The problem with your proposal is that countries don't actually trade with each other. Businesses do.

For example, a palm oil farmer posts an advert on the Internet and a soap company in South Africa chooses to buy the palm oil for manufacturing. Of course they trade in dollars, because that's the currency they both know about. The Nigerian farmer can immediately convert his dollars to naira to spend at home, or use it to import farm equipment!

So the government is hardly involved in import/export and that's a [url=http://good thing]good thing[/url]. Barter won't work, because it requires double coincidence of wants. A farmer that wants to exchange her palm oil for tractors, would need to find a soap factory that also manufactures tractors, way of determining the number of gallons of palm oil that should be exchanged for one tractor. This complicated process is eliminated by using a trusted common currency - the dollar!

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Or like, I will give you 300 million barrels within a year if you construct rail lines with network of 1000kms and 400 train stations within that year. (not necessarily the figures given but at least you can make a bargain).

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Because countries like US and UK are consumer countries. Their economy thrives on purchasing goods. How many products are made in UK or US? Why dont we trade with what we have: OIL (for example) to get the stuffs that we need.

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