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Nairaland Forum / Nairaland / General / Politics / Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” (5316 Views)
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Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:05am On Nov 28, 2015 |
International financial and business news giant, Bloomberg, has expressed serious doubts on the ability of President Muhammad Buhari of Nigeria to turn around Africa’s largest economy and oil producer. In a scathing analysis of the over six months of Buhari in office, the news outlet concluded that the country was on a dangerous slide with investments at an all-time low, the stock market rated as the third-worst performing globally within the period, and growth projected to slow to a 16-year low of 3.3 percent. In an article, Buhari Bounce Becomes Bust As Nigeria Policies Annoy Investors, the group noted that stocks that soared as investors looked to the former military ruler to reverse decades of economic mismanagement and policy inertia, have all nosed dived and “Now hopes have fizzled in his ability to turn around Africa’s largest economy and oil producer. “Money that flowed into stocks and bonds in the West African nation, which McKinsey & Co. says could become one of the world’s 20 biggest economies by 2030, is now fleeing as growth prospects diminish along with oil prices. While Buhari, 72, has prioritized stamping out the graft that has plagued Nigeria since independence from Britain in 1960, policy-making appears as uncertain and haphazard as ever.” Quoting Ayodele Salami, who oversees about $ 500 million of African equities as chief investment officer of London-based Duet Asset Management Ltd., he said the initial euphoria has turned to disillusionment. Salami said, “After the initial euphoria, people have become disillusioned. He (Buhari) would probably say that he’s being deliberative and cautious. But we expected more.” Duet’s Africa fund has cut its investments in the country to about 24 percent of the total from 38 percent in the last year. According to Bloomberg, Buhari the hefty $5.2 billion fine levied on mobile-phone operator MTN Group Ltd. Are desperate moves to shore up government revenue outside plunging oil prices, warning that it could have dire consequences on the country’s economy. “The penalty imposed on MTN’s Nigeria unit last month for failing to register about 5 million subscribers may be an attempt to plug the hole in government finances, according to Cobus de Hart, an economist at NKC Independent Economists. “You cannot deny there might be a fiscal element to the massive fine,” he said by phone from Paarl, near Cape Town. “It will make investors a little bit more wary of investing in Nigeria.” On the stock exchange, it noted that “Nigeria’s benchmark stock index has plunged 22 percent since reaching a year-high on April 2, the day after Buhari was declared the winner of the presidential race against incumbent Goodluck Jonathan. That’s the third-worst performance globally in the period, after the bourses in Ukraine and Egypt. The index advanced 12.5 percent in the two days after Jonathan conceded.” It further observed that an even bigger concern for many investors is the authorities’ naira policy. The Central Bank of Nigeria, with Buhari’s backing, has burned through $4.3 billion of reserves this year and choked off supply of foreign exchange to banks and their customers to defend the naira, even as major oil exporters such as Russia and Colombia have let their currencies slide. The restrictions prompted JPMorgan Chase & Co. to remove Nigeria from its local-currency emerging-market bond indexes, tracked by more than $200 billion of funds, in September, triggering a selloff in the nations’ assets. While the naira has been all but fixed at about 198 to 199 per dollar since March, forward prices suggest it will drop by almost one-fifth, to 243.5, in a year. “The number-one issue is the exchange rate,” Andrew Howell, a Citigroup Inc. frontier markets strategist, said from Lagos. ”Access to foreign exchange is becoming a widespread problem.” Nigerian Breweries Plc, the nation’s biggest brewer that’s controlled by Heineken NV, said it takes two weeks to obtain dollars to pay for its imports, twice as long as it required a few months ago. Nestle SA’s Nigerian unit has had to wait six weeks for dollars, according to Renaissance Capital Ltd. analysts. Jan Dehn, head of research at Ashmore Group Plc, which oversees almost $60 billion of emerging market assets, remains unconvinced that Buhari is up to the job. The fund manager sold all its Nigerian government debt in the past year. “So far the Buhari administration has done all the wrong things,” Dehn said by phone from London. “Not only has he been incredibly slow in taking any action, when he finally has taken action on the economic front it’s been diametrically opposed to sensible policy. That is a major disappointment given expectations prior to his election.” http://thewhistler.ng/story/bloomberg-writes-off-buhari-he-has-no-capacity-to-run-nigeria?utm_source=&utm_medium=facebook#.VlkJq-kfNWI.facebook 8 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:06am On Nov 28, 2015 |
APC is a socialist party whose policies are directly opposed to trade liberalization and free market economy. 15 Likes 3 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Lordave: 7:07am On Nov 28, 2015 |
[b]Buhari duped us- Washington Times Nigerians are getting poorer for the first time since 1999- BusinessDay Buhari is a düllard and cannot rule Nigeria- Bloomberg Buhari is a Nomadic Vagabond- Sahara Reporters I'm a poor man, my village, Daura, has no water supply- Buhari. March, 2015 With Nijeriya's $1m, I will provide South Aprika, Kenya, Angola and the rest of Aprika with Water Infrastructure- Buhari. November, 2015 We are dying of contaminated water supplies- Daura Residents. December, 2015 I've joined wailing wailers- BeremX I'm in coma, and as such cannot comment on Political issues, Chai Buhari- Omenka Though he has misstepped, I've resolved to remain an Abobaku to Buhari- PassingShot We don't have light to charge our phones and keep blindly supporting Buhari- QuotaSystem and Coolitempa I know it's Iberibe, but it's Buhari or my employers kill me- Demdem Though I don't have a certificate, but I'm a professor in BuhariNomics. My eternal master is certificate-less too- NgeneUkwenu. The past government didn't tidy up the ministry of Information, it's so unkempt and dilapidated. There's no MTN network inside the building so I can't comment on the superbly -working government now- Lie Mohammed. [/b] 43 Likes 5 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:16am On Nov 28, 2015 |
I didn't support buhari in d first place, I just pray DAT God will revive our economy back. 3 Likes |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Ebubeslym(m): 7:18am On Nov 28, 2015 |
#pray for Nigeria |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by dunkem21(m): 7:21am On Nov 28, 2015 |
Space booked for beremx 5 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by DickDastardly(m): 7:23am On Nov 28, 2015 |
I will wait to hear PASSINGSHOT's version of the story first before i comment 8 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by dotG(m): 7:24am On Nov 28, 2015 |
Gej still the best 8 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:26am On Nov 28, 2015 |
Buhari's gross incompetence is beginning to gain international attention!!!How did we get here 27 Likes 3 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by mightyhazel: 7:26am On Nov 28, 2015 |
Now dis is gettin serious 5 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by mightyhazel: 7:28am On Nov 28, 2015 |
DickDastardly:passinshit has been passin v hard stool lately.I pity him right now 10 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by kodded(m): 7:29am On Nov 28, 2015 |
8 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Csami(m): 7:32am On Nov 28, 2015 |
Before nko! Considering the way he's been busy dragging airspace with birds. All na evasive tactics. 21 Likes 2 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Firefire(m): 7:34am On Nov 28, 2015 |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:34am On Nov 28, 2015 |
mightyhazel: Passing shit seems to be going senile goin by the nonsense he has been posting of late 7 Likes 2 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Nobody: 7:35am On Nov 28, 2015 |
urtentic: NO God will give us BIAFRA 5 Likes 2 Shares |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Adminisher: 7:40am On Nov 28, 2015 |
Bloomberg did not write off Buhari at all. This conclusion is in the parochial mind of this IGNORANT OP who has been paid to write unreasonable thrash APC is not a socialist party. The first country Buhari visited was the US. He has constructive working relationships with all European leaders. The same people who blame him for being pro-western also ate now calling the government socialist. Please get serious about the problem Nigeria has. The Naira has crashed with the oil market.The FG needs to attract investments whilst ensuring that the country does not get raped again. The only way we gain from incestments is when the companies come here, pay taxes as at when due, obey our laws and pay good salaries to Nigerians. I nternational banks raped us when we were selling oil at $114 a barrel , we now have a debt of $70bn without an indication where the money went. I never thought I will see the day when paid articles in Bloomberg become a rating scale for Nigerian governments. That is inferiority complex on a massive scale. They also write that trash about Russia, Iran and Venezuela . Never about debt ridden Greece, Brazil and UK. Well these countries are becoming stronger by the day due to sanctions. Let us wait for Buhari's budget for 2016 and it's reflationary programs. Nigeria should also institute a comprehensive ban on products from countries that our currency is doing badly against lime the US. Our anti corruption drive should continue because thst is the only way Nigeria will be efficient and prosperous , the view of some US institution is completely irrelevant. We are going to need to take some loans and the money in the world now is realky in the hands of western banks. A few infrastructure deals financed from China, GCC countries are more likely the ones we should be concentrating on. 5 Likes |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Lordave: 7:45am On Nov 28, 2015 |
urtentic:You want God to revive your economy, why didn't you vote for him in the presidential election? 1 Like |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Chubhie: 7:45am On Nov 28, 2015 |
Lordave:apt! LOL @ iberibe demdem. 3 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by annexworld(m): 7:46am On Nov 28, 2015 |
HMNN |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by cheruv: 7:53am On Nov 28, 2015 |
Csami:He's planning to fly to France soon 4 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Bobbystanley(m): 7:57am On Nov 28, 2015 |
Who doesn't know that Ajala is a square peg in a round hole? He is incompetent to rule over Nigeria. 5 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Csami(m): 7:57am On Nov 28, 2015 |
cheruv: Na that one go make bird enter the plane engine. 2 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by ishiamu(m): 7:58am On Nov 28, 2015 |
Buhari is a terrorist - BobbyStanley 2 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Bobbystanley(m): 8:00am On Nov 28, 2015 |
ishiamu: When I mean a terrorist I don't mean the likes of Shekau. He is in the same category with Osama Bin Laden. 7 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by doctokwus: 8:01am On Nov 28, 2015 |
One cannot deny that PMB has been annoyingly slow in taking decisions and has sometimes lost a lot of momentum in the process. Even in his famed anti corruption war,one has not really seen any considerable and well outlined plan on how the corrupt wud be taken headlong.It was the desperation of Lamorde to retain his seat that saw all the initial motion by efcc. But one cannot only hope and bliv it will all turn out good in a few months time. 3 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by abouzaid: 8:01am On Nov 28, 2015 |
you would never see this type of thread on the front-page but tonto dike,linda ikeji bedroom and pictures of buhari,his wife and daughters eating tuwo at a wedding. 2 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by SeverusSnape(m): 8:05am On Nov 28, 2015 |
Lordave: 8 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by stinggy(m): 8:09am On Nov 28, 2015 |
Salami said, “After the initial euphoria, peopleLet truth be told, this is the general feeling for all and sundry. While plugging leakages and fighting corrupting, is it hard to work alongside? Salaries of FG workers are being delayed every month, even Education ministry workers haven't been paid October salary as at last week. Kemi Adeosun just said she hasn't recieved details of any recovered money yet my president was bragging in Iran.. On the stock exchange, it noted that “Nigeria’sThis shows that everything should be working well by now if Buhari hasn't been un-necessarily slow. Even the PHCN that got serious before have gone back to old ways in most places (not mine) I don't wanna totally rule him out yet though, I' ll wait till next May. 2 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by SeverusSnape(m): 8:11am On Nov 28, 2015 |
DickDastardly: Let me comment for the paid poster. Passingshot 3 Likes 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by Okpueze1(m): 8:12am On Nov 28, 2015 |
As in those days, Idiagbor was the action man. Someone kept on travelling to the extent of being impeached while on travel. With all due respect possible, Mr President must you honour all these calls(distractions) to the detriment of the citizens? Do you want history to repeat again? Mr. Vp is like you are not copying from Idiagbor because you are almost inactive or is there something you are not telling us? Yes many things are happening because they weren't covered in the year's budget, but what of coming out to address some issues with us here rather than doing so with the foreign press in foreign lands? We need you Mr. President please. 1 Like 1 Share |
Re: Bloomberg Writes Off Buhari: “he Has No Capacity To Run Nigeria” by carnegiefan: 8:17am On Nov 28, 2015 |
jcmaiah: That is what happens when a cattle herdsman runs a $500 + Billion economy. All the "sai baba" noisemakers in Nairaland and Facebook have all gone AWOL. Ndi ara. 7 Likes 2 Shares |
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