onatisi:

The same way apc opposed every single thing gej was doing then. Apc opposition antics has driven Nigeria politics backwards and now the nation is more divided than ever . Apc used both the religious and tribal card to heat up the polity now do u expect ppl to just forget the past easily like that? It will take years and years for national spirit balance to be restored back into Nigerians. Every Nigerians now sees everything as north vs south and Christians vs Muslims

Try harder!!
Everybody knows it was pdp that tried to use religion and ethnicity to divide Nigeria
Where were you when FFK (gej campaign chief) said silly things like 80% of apc governors are muslims. were you people not the ones wailing that PMB will islamise nigeria. Even Sambo was caught on video tape saying people should not vote for Osinbajo because he has 5000 churches.

You can lie but you cannot change history records.

[quote author=grandstar post=42571404]

There is no subsidy and yet the government can't meet demand for forex! Its incomprehensible

The biggest symptom of its inability to meet demand is the 306 at the back market.

Buhari extremely poor understanding of economics will leave the economy in tatters.

The naira will hit 400 if this expansionary budget is passed[/quote,
ur exports are alltime low and u want him to meet our unneccessary demands for dollar,so u want our reserves to b totally depleted because of forex demand abi?
real imports dat hav positive effect on d economy such as equipment,raw materials for production etc have enuf forex.
those want to go and spend lavishly in dubia,buy designers wear should source 4their own dollar.

u and noi hav sometin in common.

sai buhari

[quote author=asamaigho post=42579228][/quote]
With this kind of statement one is not far frm the reason we li e in bondage in Nigeria. Y don't you ask the FG to lead the way in importing machines ie ones to build refinaries and to be used by direct labour? Y dnt they FG import power station Turbines? etc.

[quote author=asamaigho post=42579228][/quote]

That is why you alliw your forex be determined by market forces. If demand for forex is too strong, your currency will depreciate making imports more expensive snd unaffordable. At the same time, it makes locally goods more competitive price wise increasing local sourcing and boosting exports.

There is nothing wrong in importing the luxuries you mentioned. Nigeria's problem is that the country does not export.

Caseless:
Jonathan da pdp , Allah ya'isa! Thieves kowai.

. We nigerians are the problem of Nigeria. When it is said that Jonathan did something good will praise him nd insult Buhari similarly the other way round. I just dnt understand what we want.

Caseless:
Jonathan da pdp , Allah ya'isa! Thieves kowai.

. We nigerians are the problem of Nigeria. When it is said that Jonathan did something good will praise him nd insult Buhari, similarly the other way round. I just dnt understand what we want.

centmichael101:
Story Story!!aha make Una clap 4 Una self...APC I like it more when u guys lie to Nigerians

. Don't mind them wen they see stories like dat they'll start sayin said Buhari without any scrutiny nd wait for its manifesting

ramsol00:


Lol....lol....you are such a funny dude. Reading your initial comments, you seems to appear like someone with better understanding of macro economics, but unfortunaletly your comments shows you lack even the basic knowledge. Apologies if this sound like insult, I never intended to in anyway or manner.

Now
1. If you ever follow the fall of naira from when it began last year, then you should know that Emiefiele has been doing this even before Buhari was sworn in.

And you said "There is no subsidy and yet the government can't meet demand for forex! Its incomprehensible

The biggest symptom of its inability to meet demand is the 306 at the back market."

2. Dude like I said I dont want to sound disrespectful, so you mean it is the business of FG to sell dollar? LOL....dont forget CBN is/should be an independent institution but you can actually argue this in the case of Nigeria though. But the truth is that the present governor was not appointed by Buhari, it is easier to say that Emiefele is only responding to the naira fall to the best of its knowledge.

3. Now for your information, CBN being the FG's banker sells the FX (ofcourse on behalf of FG) simply from the Foreing reserve,However, due to the consuming nature of our economy (importing virtually everything) as well as drastic fall in the price of crude oil (our major "95%" source of forex) our foreing reserve (from which the CBN will sell the fx to people n companies) has been going down drastically day by day. Now my question is, if you have to be objective, do you then blame Buhari(a govt of just 8/9 months old) for not understanding the economy or you blame the past leaders who have failed to build our foreing reserve when the oil price what at its peak?

4. This is not to side with the present govt, but we should understand that in any economic problems, there are always two-way responses for it. The first way is via monetary policy (through the CBN) and the other way is via fiscal policy (use of govt income n expenditure i.e budget). All efforts we have seen so far are basically CBN monetary policies which are expected to be independent of the FG position. You can only see much of FG responses from the implementation and ofcourse the effectiveness of the budget as well as how well the FG and CBN can align their policies together in producing some corrective measures to the present crises. Emiefele's response to the economy crises has been the same both in the Jonathan's era and now. In the real sense, You cannot put the blame on Buhari for inability of the CBN ( a governor that was not appointed by him and that would also reqiures 2/3 of house to remove) to accurately respond to the problems.

5. This is not to take away the fact that the present goverment has been struggling to show us the way out of the present economic crises. They also need to come out plain and tell us their plan to get out of this mess rather than telling us all we already know about the past admin loots.

Buharis economic policies are nothing to write home about.

Both foriegn economic experts and local economists such as Soludo and Sanusi have both condemned them Buharis economic policies.

Buhari is fully in charge of the CBN. The foriegn restrictions started once he assumed power

The naira will hit 400 if this expansionary budget is. passed without an official devaluation at theofficial rate.

Topiipii:


Someone on the front page should please quote the comment above as well as the comment quoted by coleon, more people should see this and not the misinformation currently put there by grandstar on importation.
cc: Demmocrats, Mynd44

coleon and others are supporting hubris.

I wanted to go into exportation but had to shelve it becsuse I will not sell my forex earnings at 197!

This policy is an amateurish. How will forex flow into the economy if the average exporter is unprepared to export because of this policy. Many foriegn investors will not bring their forex in because of this overvalued rate when the black market is 306.

And again, you are saying we should basically ban imoorts and make goods locally. This too is counterproductive.

When you brought your woman home, did your mother say," Great! He has brought home a woman. Come and marry her". I am sure not.

Your mom will ask, " Does she have good manners? Can she cook? Is she polite? Is she hardworking?

Likewise in manufacturing, it is not just about making every products? You have to ask questions? Does the country have comparative advantage in this product? Are we competitive in making it? Are we productive in manufacturing it? These are the time tested questions.

Countries don't grow rich by being a Jack of all trades. They prosper by focusing on areas they have comparative advantage. The petroleum sector has brought prosperity to Nigeria. Imagine if the country had 4 sections like that?

The truth as you are aware is that protectionism has failed to industrialise the country. Countries that have industrialised have accomplished that through exports.

MabraO:


U just an enemy of progress
Govt is coming out to tell u dey didn't pay subsidy for January as at that they save #200bil yet u dying over heels just because the govt is making lil progress

If at all u claim subsidy was paid were u d beneficiary?
I bet wen there is scarcity today u ll be amost ur groups(enemies of progress) to castigate the govt nd start spewing poo

As long as the government refuses to deregulate the price of kerosene and petrol, there will be scarcity. The truth is bitter. Thank me once iy happens!

coleon:


My dear friend the govt has thought this through and i can tell you a genuine manufacturer that intends to import machineries for manufacturing will get FX at the official rate of 197naira to a dollar through LC's, i am saying this as a professional trader that does international trades day in day out in a commercial bank.
The only set of people the govt has pushed to the black markets are people like you that erodes our economy without any production capacity making us imports toothpicks,soaps,plastics e.t.c and i support the govt fully on this.
Nigeria need to take this tough decision , you said importation has never been the issue and you got likes, stop misinforming the public because of your pain to get cheap FX because over-importation is actually bad for any economy and it's the very big issue here in Nigeria because this is what has put so much pressure on our foreign reserves and it's making the exchange rate to sky rocket.
We need to stop this importation madness ASAP and export more finished products other than crude oil.

Nigeria does not overimport.

Just look at the populations of Belgium,Switzerland and Sweden and compare with the size of their imports. You will even feel ashamed to see Nigeris imports

Imports have never been the country's problem but the best scapegoat. Imports generate lots of employment and taxes to the government.

Nigerias problem is that the country does not export. The government policy is presently geared towards conserving forex and not generating it. Nobody is keen on selling their hard earned forex at 197 whether they are exporters or foriegn investors.

grandstar:


coleon and others are supporting hubris.

I wanted to go into exportation but had to shelve it becsuse I will not sell my forex earnings at 197!

This policy is an amateurish. How will forex flow into the economy if the average exporter is unprepared to export because of this policy. Many foriegn investors will not bring their forex in because of this overvalued rate when the black market is 306.

And again, you are saying we should basically ban imoorts and make goods locally. This too is counterproductive.

When you brought your woman home, did your mother say," Great! He has brought home a woman. Come and marry her". I am sure not.

Your mom will ask, " Does she have good manners? Can she cook? Is she polite? Is she hardworking?

Likewise in manufacturing, it is not just about making every products? You have to ask questions? Does the country have comparative advantage in this product? Are we competitive in making it? Are we productive in manufacturing it? These are the time tested questions.

Countries don't grow rich by being a Jack of all trades. They prosper by focusing on areas they have comparative advantage. The petroleum sector has brought prosperity to Nigeria. Imagine if the country had 4 sections like that?

The truth as you are aware is that protectionism has failed to industrialise the country. Countries that have industrialised have accomplished that through exports.

To quote loosely from the video posted on the front page in which Pat Utomi advised Buhari to keep quiet: "we had an extended windfall (in the price of oil) for a long time- this was because of China and India and we refused to save". It is known to everyone in this country that the Forex reserves even came down instead of going up at times during this period, so who do we blame? In the past eight years apart from the first two years of Yar' Adua's tenure, our savings (Forex) has been nothing to write home about the current oil crisis is only serving as our deserved punishment. Buhari is only trying to salvage the situation and no matter how good a policy he will come up with, we'll have people who would be affected by that policy. The fact is that we have allowed ourselves to be dug into a pit by successive past administrations and given the situation at hand, a quick recovery is out of the question. It is better for us now to forget about instant participation in the global scene and develop ourselves first as we have nothing to compete with in the first place apart from oil. I will like to go on and develop my points, but I am very tired right now and hardly like typing lengthy responses.

P.S: Somebody stated earlier on this thread or the one created by Davide470 that those who are clamouring for devaluation are the BDC operators and those who earn Forex, your words (emboldened above) just confirmed that point.

I am presuming that you have a domiciliary account and that your forex will remain in dollars till you attempt to cash in so if that is the case, I am pretty certain that there are ways you can bypass selling your forex at 197 as stated above.

erico2k2:

Name one country in the west where all you mentioned are not imported plz.our problem was never import rather lack of economic policies to support exports

People like you don't know anything including the people that like your comment

The french drink a lot of wine but they are not the largest importers of champagne WE ARE, they produce...

The usa don't IMPORT what they produce locally, the money they earn from taxation and toursim alone is ok to cater for thier next generattion

WHAT do we produce in NIGERIA? Nothing, I went to the airport yesterday saw the massive construction that is going on at the abuja airport guess what all the steel and aluminum used is imported then I ask what if ajaokuta steel company was functional, what if aladja steel company was functional? There will be more jobs! More income! The cost of constructing the airport will be less! And that will save the economy billions of usd!