ballabriggs: Diversified? Rubbish

Where oil is still the main source of government revenue and spending. Where oil is the main foreign exchange earner.

I only need to see the monetary policy direction of the CBN to know if the economy is diversified.

With falling oil revenue, it is raising interest rates to reduce the pressure on the reserves, it is devaluing the naira to hold the reserves and maintain macroeconomic stability. But guess what, it is still far from stability.

To talk of a diversified economy is grand delusion.

ballabriggs: Diversified? Rubbish

Where oil is still the main source of government revenue and spending. Where oil is the main foreign exchange earner.

I only need to see the monetary policy direction of the CBN to know if the economy is diversified.

With falling oil revenue, it is raising interest rates to reduce the pressure on the reserves, it is devaluing the naira to hold the reserves and maintain macroeconomic stability. But guess what, it is still far from stability.

To talk of a diversified economy is grand delusion.

taharqa: Diversify- ing, not Diversifi- ed. No one ever said Nigeria's Economy was already Diversified, but that it was on the path of Diversification and doing so apace....... And by d way, d % of Oil Revenue to d budget has reduced to the borderhood of just about 60% (down from about 80%-85% some few years ago), WHILST that of NonOil Revenue (NonOil Export is only a part of) is approaching 40%. So your assumptions are wrong. Only Oil Revenue as a % of Foreign Exchange Earning has remained high at over 80% (although this too has also come down slightly from around 95% some few years ago albeit more slowly)...

Pukkah:

The economy is not yet diversified. However, if this report is anything to rely on, absolute figures for non-oil exports have gone up. Oil remains the contributor of the lion share to foreign exchange earnings and this is not likely to change in the short run. We also don't know how much accrued to the government as revenue from the non-oil exports earnings.

There are many problems in the economy. There is massive and unprecedented oil theft which government appears unsure and unprepared to tackle aggressively. Oil revenue is falling and government is pussy footing on corruption and the word out there is that the Jonathan government is very soft on corruption. A lot of government spending disappears into corruption and waste which is why there's a disparity between the so-called economic growth and standard of living of the people.

Like you said, the CBN is pursuing very tight monetary policies and is yet to have a model that can reduce the high interest rates, inflation rate and strengthen the exchange rate. Sometimes I pity the CBN though because it can't control the goebrnment's fiscal policies. The infrastructure is still weak and the cost of doing business is still high.

If, in spite of these problems the non-oil exports sector was able to post these figures, I think it's commendable.

Abagworo:

ROSSIKE I do respect you as someone who loves and believes in Nigeria like I do but I'm only being real here. There is no evidence to back these claims except of course the experts that made the claim. Try and go to the streets of Ajegunle or any other densely populated area and claim things are better, I swear you won't come out alive.

taharqa: Just about 6 days ago:

[size=18]Nigeria’s cement production surpasses South Africa[/size]



As at 2002/2003, Nigeria could only produce 2million tons per annum and was the largest Importer of Cement in Africa (by far) as well as one of largest importers in the world (I think at one time, the 2nd or 3rd highest). TODAY (and at less than 8 years), Nigeria has not only STOPPED the importation of Cement but have even started Exporting some quantity. This it has done by raping up Domestic Production from 2million tons to over 28million tons per annum (almost HALF of the entire Africa's 62million tons per annum Production volume) and has now significantly surpass the 18million SA figures (a country that had Production Volumes about 5times more than that of Nigeria's), just as there are still huge rooms for further growth. All these in less than 8years (from OBJ to Yar'adua to GEJ)!!!

Some Sectors where this same Backward Integration Policy include Sugar, Cassava, Rice, Palm Oil, and even the recent introduction Automotive Policy. If we keep doing what we are currently doing, we very likely going to encounter similar Successes....


http://www.ventures-africa.com/2013/05/nigeria-saves-1-8m-through-local-cement-production-trade-minister/ (last year production's volume)

Abagworo: Or better still read this. There's no real increase in standard of living for majority but rather a decrease for majority. Maybe the new private jet owners that made money by being accomplice to the politicians in stealing are the yardstick for these insinuations.

http://www.gallup.com/poll/165761/despite-nigeria-economic-growth-few-good-jobs.aspx?utm_source=tagrss&utm_medium=rss&utm_campaign=syndication

So why are there still no jobs even with the so-called economic growth?

Pukkah:

The economy is not yet diversified. However, if this report is anything to rely on, absolute figures for non-oil exports have gone up. Oil remains the contributor of the lion share to foreign exchange earnings and this is not likely to change in the short run. We also don't know how much accrued to the government as revenue from the non-oil exports earnings.

There are many problems in the economy. There is massive and unprecedented oil theft which government appears unsure and unprepared to tackle aggressively. Oil revenue is falling and government is pussy footing on corruption and the word out there is that the Jonathan government is very soft on corruption. A lot of government spending disappears into corruption and waste which is why there's a disparity between the so-called economic growth and standard of living of the people.

Like you said, the CBN is pursuing very tight monetary policies and is yet to have a model that can reduce the high interest rates, inflation rate and strengthen the exchange rate. Sometimes I pity the CBN though because it can't control the goebrnment's fiscal policies. The infrastructure is still weak and the cost of doing business is still high.

If, in spite of these problems the non-oil exports sector was able to post these figures, I think it's commendable.

theoctopus:

What is really funny about your posts is that you claim one report is fake and go on to use another report as your proof. Dont you understand how you sound. You are a bundle of contradiction.

theoctopus:

Most of what you people quote as facts are fake reports from the opposition. Isnt that funny. All the recent reports about Nigeria, both from within and outside the country shows that

1. Inflation rate has dropped

2. Exchange rate is stable

3. Corruption in government has dropped.

But then again, you will counter my points with another report from an opposition source. It is a funny circle of propaganda, isnt it?

Pukkah:

3. Provide evidence that corruption HAS dropped.

Abagworo:

ROSSIKE I do respect you as someone who loves and believes in Nigeria like I do but I'm only being real here. There is no evidence to back these claims except of course the experts that made the claim. Try and go to the streets of Ajegunle or any other densely populated area and claim things are better, I swear you won't come out alive. I referred to India because the media and the so-called experts think India has advanced technology and economy.

http://news.oneindia.in/international/india-leads-world-in-suffering-gallup-poll-1348542.html

solomon111: Nigeria should've been a global manufacturing giant by now.
The resources are there,the skilled Nigerian personells can be sourced both in Nigeria and the diaspora,the only thing we've been lacking is decent governance to put all these factors together,and invest in critical infrastructure.
It's nice to know that we may have begun to get it right.

ballabriggs:

Non-oil revenue 40% of budget? Reason why they cannot implement budgets to 40%.

Rubbish

ROSSIKE:

I think the simultaneous remodeling of 22 national airports is a sign of reduced corruption in the system. I'm looking at these newly, fabulously remodelled airports like Kano, Enugu, Benin etc and thinking, ''so where the hell was all the money going before this Jonathan govt came to power??'' I'm looking at the long abandoned railway system, suddenly roaring back to life, and estimated to cover something like 5 million passengers this year alone. And I'm thinking ''hang on a second.. where is this money coming from since we've been repeatedly told by past govts that there was no money to do these things?''

Meanwhile, road transport companies have filled the airwaves in an unprecedented endorsement of the federal govt highway reconstruction programme, that has seen thousands of miles of federal roads returned to perfect condition. Again leading one to think ''surely they can't be embezzling that much of our earnings if they're doing all this now with our money!''

ROSSIKE:

I think the simultaneous remodeling of 22 national airports is a sign of reduced corruption in the system. I'm looking at these newly, fabulously remodelled airports like Kano, Enugu, Benin etc and thinking, ''so where the hell was all the money going before this Jonathan govt came to power??'' I'm looking at the long abandoned railway system, suddenly roaring back to life, and estimated to cover something like 5 million passengers this year alone. And I'm thinking ''hang on a second.. where is this money coming from since we've been repeatedly told by past govts that there was no money to do these things?''

Meanwhile, road transport companies have filled the airwaves in an unprecedented endorsement of the federal govt highway reconstruction programme, that has seen thousands of miles of federal roads returned to perfect condition. Again leading one to think ''surely they can't be embezzling that much of our earnings if they're doing all this now with our money!''

anonimi:

This is exactly what I tell people- for almost 40 years we had no investments for maintenance and/or renewal in infrastructures and services. The military and civilian governments were simply stealing the money and sending it abroad.

Abagworo: You people keep typing ignorantly. Abacha regime had oil selling at between $9 to $20 per barrel and he was able to achieve so much in infrastructure, imagine if he had 100$ per barrel to work with.

The easiest way to change Nigeria is 1st of all death for corruption, end of importation of petroleum products and the accompanying fraud called subsidy.

Capitalization of agriculture with the money formally used for subsidy.

The fact is that between 1980 and 2001 Nigeria as a whole was earning roughly what Akwa-Ibom State and Rivers State is earning today.

ow11:

1. Any idea what the inflation rate is so we can back calculate what value $9 is today and the cost of capital projects?

2. How many Nigerians moved from poverty to the middle class between 1993 and 1998?

Nigeria is still as hopelessly corrupt as it was during Abacha's regime. The theory of less corrupt is a misnomer and can't exist as rent seeking and intimidation was at an all time high in those dark days. It would be nice if you tired not to pontificate the fella.

On the other hand I quite agree with you. Subsidies should go to farmers and not petrol importers. This is one of the reasons why I wished Yar'adua removed it. Jonathan showed political naivety when he tried and wouldn't dare it again.

Abagworo:

Abacha was obviously corrupt and was able to loot up to 5billion Dollars even at that low value of crude oil.

Yar'Adua, Jonathan or any other leader that is not of an opposition camp cannot take that decision because the beneficiaries are the PDP sponsors. Our refineries can function and new refineries can be completed in 2years if there's a need for more but I somehow believe that world powers are behind the inability of our refineries to function because they benefit from our finished products importation.

I was against Jonathan's subsidy removal methodology. which was aimed at increasing prices of petroleum products and still encouraging importation. The important thing is for us to be self-sufficient in finished petroleum products and there won't be need for importation and subsidy with the attendant foreign exchange flight.

Josydaky: Mod pls move this thread to FP

anonimi:

Don't bet on it, my dear.

Ozonna:

MODs need to do the right thing here by pushing this thread to FP. You guys needs to visit the Business section of NL to see how interest in Agro related businesses are growing @ an astronomical level.

This thread is not just about praising GEJ, there are tons of info about our economy here

taharqa: The Info on this thread has really jolted me and forced me to begin an Intense search on the different Sectors of d Nigerian Economy and the extent/direction of changes in those Sectors. I hv been practicali surfing d Net, including Youtube, for sm days now. And, Oh Boy did I discover things??

For instance, d kind of developments in d Ceramic/Tiles subsector is simply Astonishing and yet I never knew anything about it. And of course Agriculture, where a true Revolution (and I usuali do not use that word lightly) is currently taken place. For instance, who knew that both Okomu Oil and Presco have both DOUBLED (yea, I said Doubled) their Production Capacity in d last 3 years? And that d Parent Company of Presco is building another entirely 'new Presco II' in Rivers state, Or that PZ/Wilwax are both building what wud be d largest Oil Milling Cop in Nigeria and Africa in Cross Rivers state?? How many people know that Michelin (and Dunlop, I think) still has active thousands of hectares of Rubber Plantations in Nigeria even after pulling out Production from d country, Or that both Okomu and Presco have acquired thousands of hectares of Rubber Plantations (yea right, I mean Rubber, not Oil Palm) in Edo and Delta in d last 2 years (so d fact that Nigeria exported over $2billion worth of Rubber already this year isn't that much of a surprise as it honestly was when I read it here)? How many people know that Nigeria's Yield per hectare of Rubber is d best in d world; better than those of Indonesia and Malaysia?

On Rice, I watched Youtube Videos of 7 new Rice Mills (out of at least 14) that have opened in d last 3yrs. Or, the fact that for the 1st time in d nation's history, Nigeria now has at least 2 companies that produces Fruit Concentrates for our industry and hopely for export instead of importing ALL d Concentrates when we are sm of d top producers of d Fruits in d world in d 1st place- Tearago Citrus Conc Cop in Benue (I knew of this b4) and Dangote Pineapple Conc Cop in Cross Rivers (didn't know of this b4)? Or Fertilizers, Milk, Liquid Steel, Plastics, etc etc etc......

I wud be bringing these new Info bit-by-bit on this thread (as well as the threads that I wud surely opened on sm of them). Plz, if any person has other Info, I wud reali love to see it in order to learn and discuss. My Passion for this country's future and Respect for GEJ just got a huge boost these past for days. Just as my Rage at d Persons in charge of d President's and Govt's image/publicity got a concomitant boost...

Sincere 9gerian:
And all these are happening in spite of Boko Haram. Just imagine for a second what would have happened without Boko Haram, particularly in agriculture?

For instance, who knew that both Okomu Oil and Presco have both DOUBLED (yea, I said Doubled) their Production Capacity in d last 3 years? And that d Parent Company of Presco is building another entirely 'new Presco II' in Rivers state, Or that PZ/Wilmar are both building what wud be d largest Oil Milling Cop in Nigeria and Africa in Cross Rivers state?? How many people know that Michelin (and Dunlop, I think) still has active thousands of hectares of Rubber Plantations in Nigeria even after pulling out Production from d country, Or that both Okomu and Presco have acquired thousands of hectares of Rubber Plantations (yea right, I mean Rubber, not Oil Palm) in Edo and Delta in d last 2 years (so d fact that Nigeria exported over $2billion worth of Rubber already this year isn't that much of a surprise as it honestly was when I read it here)? How many people know that Nigeria's Yield per hectare of Rubber is d best in d world; better than those of Indonesia and Malaysia?

taharqa:

Here is the Video on Nigeria Agric Transformation Success Stories Part I, as hosted by the NSE and CNBC Africa.

The

http://www.cnbcafrica.com/video/?ytid=rAN273yWT_k