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Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) (2866 Views)

“buhari Was Accused Of N2.8 Bln Scam As Oil Minister” – Madueke / Nigeria’s Foreign Reserves Rise To $31.5 Billion / Nigerian States Owe $3.3 Bln (2) (3) (4)

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Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by SkyBlue1: 3:32am On Mar 16, 2008
@4Play, i don't believe there is anywhere on this thread i was talking about shifting resources about. Wasn't the north producing some food for the country decades ago? So why can't they go back to agriculture? Why are we so quick to jump unto the whole splitting up thing? If Nigeria was well run would we be calling for a split? I hope we are not confusing our hate for the Nigerian leadership with our hate for Nigeria. Of course if you develop an area people will flock there, it is only natural. But if you spread the development, which can only happen simultaneously in our current disposition if states start working instead of waiting for oil revenue, then there will be development and growth in more areas. Hence population won't just flock to one area, but can flock to more areas, and even with that more people compared to now can carve out a career in their own regions instead of thinking they have to go to lagos or abujja to "make it". if we had competition between regions, this could drive economic development.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by JosBoy4Lif(m): 3:33am On Mar 16, 2008
Nigerians need to understand that we are in the agricultural state of development. The day that we can adequately feed all Nigerians we will be able to move forward.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by doyin13(m): 3:34am On Mar 16, 2008
Hmmm. . .Well with the North as presently constituted, there is hardly any way forward.

The South is basically subsidising a religious cesspit.

But the Cheap Labour and the vast expanses of Land might come in useful some day I suspect.

@4play

Deregulation of the Oil Industry I agree with. But it will not prevent the unequal eventuality which you warn against.

The South will prolly grow faster than the North in any case.

So I do not knw what manner of economic policy will stop the unequal development of the different regions. The result will be thesame

Are they not encroaching on our patch already as the Sahara stretches its borders.

But the current arrangement is holding the South back, not the Niger Delta alone. We should endeavour to make the South as Rich as possible by not encumbering it. therein lies the only recourse for the country.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Him(m): 3:36am On Mar 16, 2008
JosBoy4Lif:

Nigerians need to understand that we are in the agricultural state of development. The day that we can adequately feed all Nigerians we will be able to move forward.

We have been in this phase for how long?
When will we be able to adequately feed all nigerians? When oil is selling for $108/barrel and we still cant find 3-square meals, is it when oil becomes $2/barrel that we'd be able to afford to feed the nation?

What are we even doing to get past ur agricultural state of dev?
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Play(m): 3:43am On Mar 16, 2008
Sky Blue:

@4Play, i don't believe there is anywhere on this thread i was talking about shifting resources about. Wasn't the north producing some food for the country decades ago? So why can't they go back to agriculture? Why are we so quick to jump unto the whole splitting up thing? If Nigeria was well run would we be calling for a split? I hope we are not confusing our hate for the Nigerian leadership with our hate for Nigeria. Of course if you develop an area people will flock there, it is only natural. But if you spread the development, which can only happen simultaneously in our current disposition if states start working instead of waiting for oil revenue, then there will be development and growth in more areas. Hence population won't just flock to one area, but can flock to more areas, and even with that more people compared to now can carve out a career in their own regions instead of thinking they have to go to lagos or abujja to "make it". if we had competition between regions, this could drive economic development.

The agricultural sector in the North is far bigger now than in the 60s.A significant chunk of Nigeria's GDP is down to agriculture and much of that is based in the North so there you go.Most of the GDP growth we have been having in recent years(post-Abacha) has been down to non-oil growth and a lot of that comes from Northern agriculture.

That Northern agriculture is still there and you are still complaining. grin However,any policy change,in the name of regional competition, that means shifting money out of the North won't help matters.It will worsen things for the North and for the country as a whole.

I don't understand how you intend to achieve this competition between regions without implementing resource control which will necessarily entail shifting spending from one region to another.

We should be thinking of how we can compete with the rest of the world not how we can compete with each other.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by doyin13(m): 3:46am On Mar 16, 2008
@4PLAY

You sure about your figures so

I find it hard to believe ooo. that significant chunk of our GDP is from agriculture ke. . .

Eye must see am first

well depends on what you consider significant abi.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Play(m): 3:48am On Mar 16, 2008
GDP - composition by sector:
agriculture: 17.6%
industry: 53.1%
services: 29.3% (2007 est.)

https://www.cia.gov/library/publications/the-world-factbook/print/ni.html
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by doyin13(m): 3:50am On Mar 16, 2008
hmmm. . , 17.6 %

a bit too much to be honest

agriculture is as overated as Mode 9 cheesy
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Him(m): 3:50am On Mar 16, 2008
Where is this agricultural sector in the north?
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by JosBoy4Lif(m): 3:51am On Mar 16, 2008
How can we get past the agricultural stage when [b]we [/b]have not completed it?
Nigerians need a nation wide system so as to adequately develop this sector that is fundamental in all great nations.
The day Yar' Adua and company can provide Nigeria with stead light source, improve transportation system,the economy will be allowed to flourish.

But until there is a sense of transparency in all levels of Nigerian social system(government, business, individuals) nothing will be able to change.
Sharia law in my eyes is indeed unconstitutional and needs to be outlawed. But we all know that this is not the reason why the north is suffering badly. Middle East countries also use this system, Northern Hausa sates need to value education for it is the chalice of hope and there lies in the dilemma.

Nigeria's problems are not those of Niger and vice versa, just as Benin's problems are not those of Nigeria's.
Nigeria's problems lie in all of Nigeria. Make Nigeria more transparent and it will flourish.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Play(m): 3:51am On Mar 16, 2008
doyin13:

hmmm. . , 17.6 %

a bit too much to be honest

agriculture is as overated as Mode 9 cheesy

I actually found it too little compared to the figures I am used to.See this:
In 2006, oil accounted for just over one fifth of GDP, 85% of government revenue and over 90% of export earnings. Agriculture accounted for around 40% of GDP, the services sector for just over 30% and manufacturing 5% of GDP.

http://www.fco.gov.uk/servlet/Front?pagename=OpenMarket/Xcelerate/ShowPage&c=Page&cid=1007029394365&a=KCountryProfile&aid=1019744984923
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by SkyBlue1: 3:56am On Mar 16, 2008
@4Play, ok i think we are getting into a cycle now, LOL. Everything that i need to say i think i already have but let us just clear things up. The money that we make now, is it being used to develop the country? is it being used to build power stations, to create jobs, to create an environment that is appealing to investors, to improve education, to promote industrialisation? Is this happening around the country? If your answer is no then why is it? Could it be that this money is going into the pockets and private bank account of leaders? If the figures you claim are right, then is the problem with revenue generation or government and leadership? If the problem is with that then isn't the solution not really about resources but making sure that whatever money is obtained is used to develop the nation? If you could give Nigerians just 24hour power supply that even ghana enjoys and good roads and security and water, do you think Nigerians all around the country (south, east, north and west) will wait for anyone? So shouldn't the real problem be with holding people in power accountable? So what have we been arguing all this while for?
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Play(m): 3:58am On Mar 16, 2008
Doyin,you still want more? grin

Origins of gross domestic product 2005(a)
Agriculture (excl livestock) 38.6

[url]http://www.economist.com/countries/Nigeria/profile.cfm?folder=Profile-Economic%20Structure[/url]
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by JosBoy4Lif(m): 4:07am On Mar 16, 2008
If only politics attracted ethical human beings, instead of greedy conniving individuals.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by 4Play(m): 4:08am On Mar 16, 2008
@SkyBlue

Accountability has nothing to do with regionalisation.You were talking about regional competition as if that were a panacea to our problems.Corruption is not about whether you are running a federal or unitary state.I tend to think there is actually more opportunity for corruption with decentralisation.Diversifying the power structure simply means diversifying the avenues for enrichment.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by bawomolo(m): 5:09am On Mar 16, 2008
nigeria has a 70% poverty rate, everyone needs the money, not only the people of niger delta
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by doyin13(m): 9:11am On Mar 16, 2008
Bawomolo@

why should we punish one part of the federation for its natural endowment.

The situation is analogous to your low tax position onthe United States. You would not countenance
higher taxes for the rich to pay for social programs for the poor.

So also you should not distribute revenue that is generated from the Delta to other parts of the Federation in the name
of poverty alleviation.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by SkyBlue1: 11:34am On Mar 16, 2008
@4 Play, regional competition might not be a panacea to our problems, however what it represents is what is most important. Every part of the country striving to move the country forward instead of the nonchalant attitude that has come to symbolise our current disposition. With a more serious approach towards nation building do you think there will be tolerance for corruption? It is about what it represents, people finally waking up from sleep to develop the nation and trying to change it in the areas they are or in the areas they can as opposed to getting cosy with poverty and corruption. When people are working towards a common goal do you think there will be as much tolerance for a few who want to spoil it? And you are still saying it is the worst thing ever that could happen?
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by Uche2nna(m): 8:52pm On Mar 16, 2008
Sky Blue:

@4 Play, regional competition might not be a panacea to our problems, however what it represents is what is most important. Every part of the country striving to move the country forward instead of the nonchalant attitude that has come to symbolise our current disposition. With a more serious approach towards nation building do you think there will be tolerance for corruption? It is about what it represents, people finally waking up from sleep to develop the nation and trying to change it in the areas they are or in the areas they can as opposed to getting cosy with poverty and corruption. When people are working towards a common goal do you think there will be as much tolerance for a few who want to spoil it? And you are still saying it is the worst thing ever that could happen?

Ur argument would be entirely right, if not for the fact that those people who are charged with the task of Nation building both at the local and federal level are very corrupt. Even the populace have taken corruption as a normal way of life. Public funds are meant to be squandered. It would take a whole lot to institute the culture of accountability into our politicians. Even the populace have to undergo series of re orientation to disabuse thier minds from "biziness" as usual. That my friend is a daunting task. Not impossible but really daunting and would take a looong time.

I really believe that the region of the country that makes the bulk of the Nation's revenue should be the one benefitting most from the revenue. But simply giving more money to this region( a la thier politicians ) would unfortunately not solve the problems of the Niger Deltans. It would not solve the youth problems in the ND, it would not build roads or schools in the villages. Nor would it bring constant electricity to the rural areas. It would just be another avenue for a bunch of politicians to get richer at the expense of those the money was actually meant for.
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by Kobojunkie: 8:56pm On Mar 16, 2008
Uche2nna:

your argument would be entirely right, if not for the fact that those people who are charged with the task of Nation building both at the local and federal level are very corrupt. Even the populace have taken corruption as a normal way of life. Public funds are meant to be squandered. It would take a whole lot to institute the culture of accountability into our politicians. Even the populace have to undergo series of re orientation to disabuse their minds from "biziness" as usual. That my friend is a daunting task. Not impossible but really daunting and would take a looong time.

I really believe that the region of the country that makes the bulk of the Nation's revenue should be the one benefitting most from the revenue. But simply giving more money to this region( a la their politicians ) would unfortunately not solve the problems of the Niger Deltans. It would not solve the youth problems in the ND, it would not build roads or schools in the villages. Nor would it bring constant electricity to the rural areas. It would just be another avenue for a bunch of politicians to get richer at the expense of those the money was actually meant for.

PRECISELY!!!!
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by bawomolo(m): 10:50pm On Mar 16, 2008
why should we punish one part of the federation for its natural endowment.

we are not punishing anyone, were was the uproar when the pockets of this country was funded by cash crops from the north and south west.  niger delta aren't an autonomous region, so i don't see why part of their income doesn't belong to nigeria.

The situation is analogous to your low tax position onthe United States. You would not countenance
higher taxes for the rich to pay for social programs for the poor.

you are right, no one is asking for niger delta to lose the taxes they already change on oil companies. shell just started a 200billion dollar development program in the niger delta. are northerners or yoruba asking for a share?? no.  companies such as chevron and total have had such projects too. the problem is poor governance in niger delta and not other regions siphoning the morning. remember niger-delta development project under abacha??

So also you should not distribute revenue that is generated from the Delta to other parts of the Federation in the name
of poverty alleviation.

during the depression in the US, money was siphoned from all available means to alleviate the suffering of the party.  there's no point in having a federation if people aren't willing to sacrifice. nigeria can as well dissolve
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by lucabrasi(m): 1:20am On Mar 17, 2008
the figures are just what it is,figures if its not having any bearing on the standard of living of nigerians,idont agree with giving 95% of oil revenue to the niger delta because apart from the problems it might bring between the tribes the likes of ibori,alams and the rest of them and their clique will just have more money to steal and spirit away overseas also i reckon the presidential system of government we r practicing in nigeria is wayyyy too expensive and i agree with power being in the centre which in my opinion is true democracy as it doent leave much room for the sort of abuse we r having now from the likes of them obj and co,
lastly we shouldnt forget the niger delta benefited from the income generated before the oil boom and so its only right that the oil revenue should be shared with all the states,the fact that we have corrupt leaders should not be a reason to do this and not forgetting that a lot of money was actually allocated to the niger delta and so its not the fault of the nigeria government if the south-south governors,councill chairmen and the rest of 'em decide to line their pocket with the allocation
Re: Nigeria Foreign Reserves Rise To 58.3 Bln Dlrs(results?) by Backslider(m): 9:28am On Mar 19, 2008
Atleast we know we have 58.3 billion $

Singapore has 120 billion

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