Government should sell its share of oil assets to raise necessary forex. Period. It was previously valued at $70 billion at some point when the Chinese had interest in buying, but that valuation would have crashed to almost half or 40% as of today for obvious market reasons.

Folks, there is no magic wand anybody can wave to fix the economy. You live by crude oil and you'll die by crude oil. Period. My only fear is, we will use all the forex earned to import cheap goods from China and we'll be back to square one.

Export substitution is a very long term goal and we as a country are simply not ready and I don't see a sense of urgency in pushing radical reforms through by both the government and us the citizens. We have nothing to immediately export that will replace the foreign exchange we earn from crude oil and we've been dumb enough to keep our refineries moribund for years. At least we could have been exporting PMS, Jet fuel, Kerosene etc which still has margins as high as 45%! Don't get it wrong, all countries that export crude, including diversified economies like Russia and Canada are feeling the pinch, but they are still in better condition compared to Nigeria. Folks, it could be worse, just look at Venezuela where the economy has totalky collapsed. It's the crude curse!

Every government we've had since we discovered crude is at fault. We watched all our nascent industries dry up and everyone became an oil and gas merchant overnight, either by importing refined fuel and round tripping or exchanging crude for refined oil. Bottom line, lazy governments with no vision begat useless and feckless economies with no support structure. You rip what you sow.

It's not solely a Buhari issue, it's Jonathan, OBJ, Abubakir, Abacha, Babangida, Buhari, Shagari, Muritala, and Gowon issue. Last time we experienced real growth was 1966, when we had regional governments. But all that is gone for good now. And we have to suffer and pick up the pieces.

So sorry folks, no good news or magic bullet. If we don't earn forex from selling our assets, then we better start exporting illegal drugs such as cocaine to bring in the dollars (joke). Export substitution with no power, no good infrastructure and abundance of major insecurity in key regions means we will not be able to compete where it really matters. Producing finished goods.

Welcome to suffersuffer land.

Apa sell ko...
PMB should resign... Fastest way!

you have a point though !

Hmm

I nor just understand the rate at which gals dey disturb me dis period. Abi dem dey smell wen man pikin get small change for inside account I nor just know

@Stelvin101 Lmao.... Better run frm them especially now our economy is in a mess

praxisnetworks:
Apa sell ko...
PMB should resign... Fastest way!

I concur

The fastet way to get out of the economic mess is to return to God and stop all the Kidnapping, Bombing, beheading little kids and corruption (emblezzling money) infact the wrath of God is on this country, everything has gone astray.... Time will come when a dollar will be equal to one thousand naira

babydoo:
The fastet way to get out of the economic mess is to return to God and stop all the Kidnapping, Bombing, beheading little kids and corruption (emblezzling money) infact the wrath of God is on this country, everything has gone astray.... Time will come when a dollar will be equal to one thousand naira

Lol.

If you like sleep in church from now till 2019. If you don't export goods to raise forex, the relative strength of your currency against majors will continue to fall. Return all your ancestors to God sef, it doesn't matter if we don't diversify our economy as a matter of urgency.

[s]

kayfra:
Government should sell its share of oil assets to raise necessary forex. Period. It was previously valued at $70 billion at some point when the Chinese had interest in buying, but that valuation would have crashed to almost half or 40% as of today for obvious market reasons.

Folks, there is no magic wand anybody can wave to fix the economy. You live by crude oil and you'll die by crude oil. Period. My only fear is, we will use all the forex earned to import cheap goods from China and we'll be back to square one.

Export substitution is a very long term goal and we as a country are simply not ready and I don't see a sense of urgency in pushing radical reforms through by both the government and us the citizens. We have nothing to immediately export that will replace the foreign exchange we earn from crude oil and we've been dumb enough to keep our refineries moribund for years. At least we could have been exporting PMS, Jet fuel, Kerosene etc which still has margins as high as 45%! Don't get it wrong, all countries that export crude, including diversified economies like Russia and Canada are feeling the pinch, but they are still in better condition compared to Nigeria. Folks, it could be worse, just look at Venezuela where the economy has totalky collapsed. It's the crude curse!

Every government we've had since we discovered crude is at fault. We watched all our nascent industries dry up and everyone became an oil and gas merchant overnight, either by importing refined fuel and round tripping or exchanging crude for refined oil. Bottom line, lazy governments with no vision begat useless and feckless economies with no support structure. You rip what you sow.

It's not solely a Buhari issue, it's Jonathan, OBJ, Abubakir, Abacha, Babangida, Buhari, Shagari, Muritala, and Gowon issue. Last time we experienced real growth was 1966, when we had regional governments. But all that is gone for good now. And we have to suffer and pick up the pieces.

So sorry folks, no good news or magic bullet. If we don't earn forex from selling our assets, then we better start exporting illegal drugs such as cocaine to bring in the dollars (joke). Export substitution with no power, no good infrastructure and abundance of major insecurity in key regions means we will not be able to compete where it really matters. Producing finished goods.

Welcome to suffersuffer land.

[/s]

this is the solution:
[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

oyinkinola:
[s][/s]

this is the solution:
[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

Go begin chase the loot where you hide am. Abacha loot is still hanging in banks after 20 years.

Good luck and God speed.

oyinkinola:
[s][/s]

this is the solution:
[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

You sound mentally handicapped..... You mean we should retrieve $2billions and loose $10billions in the process.

kayfra:


Go begin chase the loot where you hide am. Abacha loot is still hanging in banks after 20 years.

Good luck and God speed.

...why nigerian don't want to talk bout the looted fund? to what interest do looters to the nation!

oyinkinola:


...why nigerian don't want to talk bout the looted fund? to what interest do looters to the nation!

Chase looters but don't rely on recovered funds to fix the economy. Not reliable and too time consuming.

kayfra:


Go begin chase the loot where you hide am. Abacha loot is still hanging in banks after 20 years.

Good luck and God speed.

Being cynical doesnt help anybody. If you dont have solution, best to read posts and move on!

kayfra:
Government should sell its share of oil assets to raise necessary forex. Period. It was previously valued at $70 billion at some point when the Chinese had interest in buying, but that valuation would have crashed to almost half or 40% as of today for obvious market reasons.

Folks, there is no magic wand anybody can wave to fix the economy. You live by crude oil and you'll die by crude oil. Period. My only fear is, we will use all the forex earned to import cheap goods from China and we'll be back to square one.

Export substitution is a very long term goal and we as a country are simply not ready and I don't see a sense of urgency in pushing radical reforms through by both the government and us the citizens. We have nothing to immediately export that will replace the foreign exchange we earn from crude oil and we've been dumb enough to keep our refineries moribund for years. At least we could have been exporting PMS, Jet fuel, Kerosene etc which still has margins as high as 45%! Don't get it wrong, all countries that export crude, including diversified economies like Russia and Canada are feeling the pinch, but they are still in better condition compared to Nigeria. Folks, it could be worse, just look at Venezuela where the economy has totalky collapsed. It's the crude curse!

Every government we've had since we discovered crude is at fault. We watched all our nascent industries dry up and everyone became an oil and gas merchant overnight, either by importing refined fuel and round tripping or exchanging crude for refined oil. Bottom line, lazy governments with no vision begat useless and feckless economies with no support structure. You rip what you sow.

It's not solely a Buhari issue, it's Jonathan, OBJ, Abubakir, Abacha, Babangida, Buhari, Shagari, Muritala, and Gowon issue. Last time we experienced real growth was 1966, when we had regional governments. But all that is gone for good now. And we have to suffer and pick up the pieces.

So sorry folks, no good news or magic bullet. If we don't earn forex from selling our assets, then we better start exporting illegal drugs such as cocaine to bring in the dollars (joke). Export substitution with no power, no good infrastructure and abundance of major insecurity in key regions means we will not be able to compete where it really matters. Producing finished goods.

Welcome to suffersuffer land.

Op you must have elementary knowledge of economics. It's a pity most pple talking on this are ignorant on the dynamics of exchange rate.

kahal29:


Op you must have elementary knowledge of economics. It's a pity most pple talking on this are ignorant on the dynamics of exchange rate.

Do you want to elucidate and puntificate or you think your platitude is worthy of any serious consideration?

Long story short. You yarned nothing. Just empty talk.

OP, there is no urgent mechanism anywhere.

My only fear is, we will use all the forex earned to import cheap goods from China and we'll be back to square one.

By the time all the cheap goods break down, wear and tear off, our fabrication engineers would be so confused that all universities in the country would close down its engineering faculties for churning out non-innovative white collar fabricators and welders since the past 60 years.

There is shortage of knowledge in the country. Until we learn to invest more on inclusive knowledge, industrialization and hardwares, we'll keep depending on cheap Chinese goods and expensive hardwares from Germany and the US.

kayfra:


Lol.

If you like sleep in church from now till 2019. If you don't export goods to raise forex, the relative strength of your currency against majors will continue to fall. Return all your ancestors to God sef, it doesn't matter if we don't diversify our economy as a matter of urgency.

says god kayfra

I totally disagree on the subject of sales of Nigeria oil asset ,it is practical economic suicide and carelessness.
You don't do business that way!you want to sell asset to funds importsimports,absolute unadvisable!
The economic issues facing Nigeria has not gotten to that level and never will Thank God.
The issues are always been PMB inability to gather an economic to manage the current issues waay before to contain and sustain Economic growth!
I keep saying it and continue to say it.PMB is fortunate to have a good shot at the economic the way GEJ was able to achieve growth but he needs economic team to properly advice and not amaechi,oshiomole,and co!