with the current situation now in the USA we nigerian should be Happy at least, Last week the washington mutual fund which is one of the best bank was closed down.

cruworld:

with the current situation now in the USA we nigerian should be Happy at least, Last week the washington mutual fund which is one of the best bank was closed down.

There is nothing to be happy about, when USA's economy goes down, my guy, the world economy will be pulled down with it, Nigeria is known for oil, and when Americans drives less, when the factories in American shut down and all their banks are going under, what do you think will happen to the price of Oil, what do you think will happen to people that are employed, how would they get paid, and when they are not paid, it is a chain reaction, so nothing to be happy about, it is only time for us all to pray and wish that the down trend will change fast.

cruworld:

with the current situation now in the USA we nigerian should be Happy at least, Last week the washington mutual fund which is one of the best bank was closed down.

Nigerians should be happy because a bank in America supposedly failed?? Are you sane?? GOSH!!! You may think Nigeria is insulated in some way from all that is happening around the world today but I ask that you please look at the down side to that insulation.

.

tpia:

you should be sad for Nigerians abroad- and hope the poverty they fled from in Nigeria doesnt chase and catch up with them outside Nigeria.

So you think this is about Nigerians abraod, my guy, this will affect the people in Nigeria/Africa more than the people in the western world, mind you, in the western world, regardless of how bad it get, the govt will still look after their own pple, but in Nigeria where most of the pple depends on the sacrificial lambs of the family that has been sent abraod to be sending money home, they will be the one to suffer.
In the battle of life, we fight alone.

plz dont try to misunderstood me what am trying to say is dat We nigerian should be greatful to God we are now on the progress line to succeed and beside dat am not talking only on the Bank but the entire crises happening including the mortage and employment, If you are not happy about Nigeria that means you are a bastard maybe u belong to the Niger republic Not Federal Republic of Nigeria, despite the fact dat there is notin people are still coming from notin to sumtin why dont u stop criticizing the government and think of a way to achieve your success by urself, take YAHOO boys for example.

this guy is spelt correctly M-U-M-U. how do u think the Nigerian economy is insulated? think about it an investment firm as large as lehman brothers may have had dealings with some Nigerian banks or haven't you heard of off-shore banking.so true America is in trouble but Nigeria is equally in soup, http://connectafrica.

cruworld:

plz don't try to misunderstood me what am trying to say is that We nigerian should be greatful to God we are now on the progress line to succeed and beside that am not talking only on the Bank but the entire crises happening including the mortage and employment, If you are not happy about Nigeria that means you are a bastard maybe u belong to the Niger republic Not Federal Republic of Nigeria, despite the fact that there is notin people are still coming from notin to sumtin why don't u stop criticizing the government and think of a way to achieve your success by yourself, take YAHOO boys for example.

For my sake, i hope to God you aren't a Nigerian. You aren't very bright, are you?

cruworld:

plz don't try to misunderstood me what am trying to say is that We nigerian should be greatful to God we are now on the progress line to succeed and beside that am not talking only on the Bank but the entire crises happening including the mortage and employment, If you are not happy about Nigeria that means you are a bastard maybe u belong to the Niger republic Not Federal Republic of Nigeria, despite the fact that there is notin people are still coming from notin to sumtin why don't u stop criticizing the government and think of a way to achieve your success by yourself, take YAHOO boys for example.

I am so surprised that this is a statement of someone that even knows how to use a computer, this saddens my heart to know that a nigeria cld even think this way.
Where is Nigerian foreign reserved banked, at unity bank in abuja?
My guy think well, Nigeria as a nation has so much to lose and nothing to be happy abt, we all daily thank God for his blessings over us, but nothing to be greatful about when it comes to the down turns of world economy, cos Nigeria economy outside of other world's cant even survive.
China has been our greatest investor lately, and remember what happened on tuesday when the house reject the 700B$ package, now you think if china goes down, you think Nigeria will now rule the world economy? think again.

We should cry and weep because the failure of the american economy signifies more poverty for the average african who does not have an uncle in the senate

this problem began long before we realized it. the Nigerian foreign reserves is shored up in dollars. which means if the american economy goes bust then we are damned. our reserves would just blow in the wind like the zimbawean toilet paper money, just like that. so brovas pray that even if the American economy goes bust. it will be with a soft landing, http://connectafrica./2008/09/19/greedy-bankers-in-the-mix-of-global-depression/

cruworld:

plz don't try to misunderstood me what am trying to say is that We nigerian should be greatful to God we are now on the progress line to succeed and beside that am not talking only on the Bank but the entire crises happening including the mortage and employment, If you are not happy about Nigeria that means you are a bastard maybe u belong to the Niger republic Not Federal Republic of Nigeria, despite the fact that there is notin people are still coming from notin to sumtin why don't u stop criticizing the government and think of a way to achieve your success by yourself, take YAHOO boys for example.

This sort of pathetic reasoning is the reason why Nigeria continues to go the way it is today. Can I suggest that you please go educate yourself on global economics and how this whole will most likely work against Nigerians who are trying to catch up with the less than 1% who continue to enjoy their piece of the national cake.

It's amazing how ignorant some people can be, and still use a computer.

blackspade:

It's amazing how ignorant some people can be, and still use a computer.

Am sorry guys but u don't need to talk to me like that for raising this topic u have to appreciate me for that, You guys need to enlight me on the effect of this on nigeria economy not to be abusing me and beside dat coz some1 knows how to use computer dosent mean He/She knows all, am tryin to know wat might happen and dat is why i raised the topic.


sorry anyway 

cruworld:

Am sorry guys but u don't need to talk to me like that for raising this topic u have to appreciate me for that, You guys need to enlight me on the effect of this on nigeria economy not to be abusing me and beside that because someone knows how to use computer dosent mean He/She knows all, am tryin to know what might happen and that is why i raised the topic.


sorry anyway 

You are a real man, and i do appreciate when a man cld admit to have been wrong and apologize, takes a real man to have done such, and i am so sorry too, if i was hard on you at all.
I am sure if yu read all the post already, you will grab the effect of the falling and failing economy on a global scale.

Credit crunch is not new to Africans.We have always had it. Maybe it good the rest of the world feel it too so that they will know how hard it is to be an African.

It is time we change our perception of america being the master of the world,it not working anymore,the game is over,power,knowledge and understanding is shifting to those that wants it-Seek Ye Shall Find,it is not the perquisite right of america,it belongs to all.

We don't particularly have to deal with america as regards our resources at this time and age,with the rest of the world springing up powerfully economically and otherwise,in fact,we can make use of our resources,use what we have to get what we need,we are not alergic to development,are we?

This whole world economic scenario and complexities are man made and it can be unmade for the good of all,just look at the wind blowing and the chicken yanshes are showing,how the financial market in general have been crafted to benefit a few at the expence of the people and the people is the power behind the market,let natural forces prevail,necessities,point of interaction.

We should be thinking of how cut off ties with the foreign reserve bullshit,although with the present state of nigeria,it will be like from fry pan to fire,our leaders are self-destructive rats.

redsun:

It is time we change our perception of america being the master of the world,it not working anymore,the game is over,power,knowledge and understanding is shifting to those that wants it-Seek Ye Shall Find,it is not the perquisite right of america,it belongs to all.

You make me laff without a stop, so how come Iran that has been asking are yet to find, they have been seeking the downfall of even Isreal and they are yet to get it.
Till America is dsiplaced, which they are yet to be.

redsun:

We don't particularly have to deal with america as regards our resources at this time and age,with the rest of the world springing up powerfully economically and otherwise,in fact,we can make use of our resources,use what we have to get what we need,we are not alergic to development,are we?

If we refuse to deal with USA, tell me which conutry do we deal with at present? China? even china at present depends on USA to buy all they are making, china is a manufacturing nation, and if USA dont buy from them, they are doomed, they only bring the leftovers to africa, but we can afford to buy all the manufacture.

redsun:

This whole world economic scenario and complexities are man made and it can be unmade for the good of all,just look at the wind blowing and the chicken yanshes are showing,how the financial market in general have been crafted to benefit a few at the expence of the people and the people is the power behind the market,let natural forces prevail,necessities,point of interaction.

We should be thinking of how cut off ties with the foreign reserve bullshit,although with the present state of nigeria,it will be like from fry pan to fire,our leaders are self-destructive rats.

The whole economy is man-made and so far controlled by the economy of the USA and mind you every nation in da world has investment in the USA, so if that nation go down, the world will be flat on its face, so let us get real and stop all this, " let us cut america" foreign reserve is always needed, but we might look into other ways to invest it instead of in dollars that is vapourising.

Nigeria's external reserve is depleting drastically because of the wall street crisis.

It is not about greedy or destructive quest,it is about peaceful,equitable and harmonious quest that will uplift humanity from the strings of ignorance,injustices and inequalities.The world is reaching its peak,we need to define what we actually need,not what they think we need.

What americans need is not what nigerians actually need,europe and some parts of america of wil perish from cold if they don't keep the heat burning but nigeria is round the year heat,,just one example of different needs,their faith shouldn't be our faith,most of the things americans want is what they already have,it is like a vicious circle,looking for nothing,and creating more turbulence to keep the greedy pigs fatting.

Fhemmmy:

You make me laff without a stop, so how come Iran that has been asking are yet to find, they have been seeking the downfall of even Isreal and they are yet to get it.
Till America is dsiplaced, which they are yet to be.
If we refuse to deal with USA, tell me which conutry do we deal with at present? China? even china at present depends on USA to buy all they are making, china is a manufacturing nation, and if USA don't buy from them, they are doomed, they only bring the leftovers to africa, but we can afford to buy all the manufacture.

Dealing directly with China has yet to yield much dividends for Nigeria. I remember back during Obasanjo’s time, the man was willing to sign it all with China. To date, we are yet to see TRUE development and many of the projects have been stalled for one reason or another. So it is not about who we deal with but essentially how motivated we are to take advantage of those deals. Personally, I prefer we deal indirectly with china, at least until quality is enforceable on that end. For the past 2 years at least, it has been one problem after another from the country. We should make sure that our investment is guaranteed.

Fhemmmy:

The whole economy is man-made and so far controlled by the economy of the USA and mind you every nation in da world has investment in the USA, so if that nation go down, the world will be flat on its face, so let us get real and stop all this, " let us cut america" foreign reserve is always needed, but we might look into other ways to invest it instead of in dollars that is vapourising.

I believe this downturn is a good thing for all economies affected. Not saying we should let it happen again, and not that we can completely avoid them anyways. But imagine the good that would eventually come from this. Price resets and more. Looking on the other side, I believe this is good for all economies affected and may be what is needed in the long run.

it affects alot of countries, i will affect us bad if it collapse finally but thank God they already agreed to the bail out plan

the crisis in america has indirect adverse effects on every other economy, did you say Nigeria? we are very much affected. what happened to the price of oil? it peaked some months back at about $146 per barrel, but there was a sudden crash when there was fear of a recession in the US economy, oil is now at $98 a barrel difference of about $50, multiply that by the millions of barrel exported daily. no man is an island, but i would say the americans control the market.

Crude oil in its fact is not the only cash cow for the Nigerian economy, there are numbers of economic resources that can sustain Nigerian for generations. Afterall crude oil was only discovered in the mid 70s whereas Nigerians has been surviving on agriculture, raw materials, and commerce.

Nigerian financial market is getting stronger and resiliant at the moment and our market has no direct trade with the westerners. Nigerian financial market is built around the country's GDP and as a matter of fact its bahaviour at the moment is eratic whereby its flexing is strength into tapping from the westerners. Today we have at least 3 major banks operating a corporate service to the UK public and soon inter-continental bank will be opening another corporate branch in Houston follow by Zenith in New York.

Now let's have it that recession is eroding in UK and USA, the only shake up that may occur if at all are the established offices in these cities not in the ones in Nigeria. At worst case scenario those branches will call it a day though it will reduce the overall return of each bank's balance sheet.

When it gets to the point where all factories in the US, UK and Nigeria folds up then we are back to the dark ages, therefore as far as technology is improving day by day crude oil being the life wire cannot be ducked from the existence of humanity.

And according to Dr Susan George i qoute "Nigeria will eventually be the feeders of the world". click on google and type her article on Nigeria.

We are insulated to some extent because banks are not exposed to subprime mess that we have over here, but make no mistake about it Nigeria will be adversely affected if the US economy under performs. Our major export is pegged to the dollar, our currency is pegged to the dollar and our reserves is in dollars.

The slow down in the NSE is caused by loss of trust in accounting practices, not by anything that is happening in Wall Street.

akininNC:

We are insulated to some extent because banks are not exposed to subprime mess that we have over here, but make no mistake about it Nigeria will be adversely affected if the US economy under performs. Our major export is pegged to the dollar, our currency is pegged to the dollar and our reserves is in dollars.

Financial market is vastly different from natural resources. One is manmade and the other is GOD.

Only an economics student could understand this, if the dollar becomes very weak to the extent that it's of no use in the global trade, then there will be shift to which other country's economy is stronger whereby trading with its currency. And i reckon one day it will be NAIRA

This is my take on the subject.

Yes, the ripple effect will get to Nigeria and Nigerians. On the short run; demand for global oil will reduce, oil prices will fall. Our economy that depends so much on oil price fluctuations will crumble based on this fact alone.

On the long run, I hope this will be a wake up call for our government to elevate infrastructure for other sectors to thrive. The budget is benchmarked around oil prices rather than all general contributing sectors; the lower the oil prices, the worst our economy become. This will send a message to our governing bodies that it is important to diversify our portfolio and pay very good attention to the decay of infrastructure in the country for other sector to thrive, and contribute to taxation for development. They need to lay a solid foundation to improve energy, logistics around the country, health care, securities and all.

'

courage89:

This is my take on the subject.

Yes, the ripple effect will get to Nigeria and Nigerians. On the short run; demand for global oil will reduce, oil prices will fall. Our economy that depends so much on oil price fluctuations will crumble based on this fact alone.

please enlighting us why the dd for oil will reduce globally due to the financial services credit crunch happening now in the US and UK. Na wa o

brein:



How're USA economy got to do with me and my personal affair for heavens sake poster, !.

BRB