Quakertellicus1:


It would only work if

1.The owners are willing to sell. And something tells me most of them won't sell. Forex is HIGHLY valuable right now.

2.And anyway...20bn is not enough. We need more than that. Much more.

Quakertellicus1:
In other words....the companies want us to loosen forex restrictions.

The problem is...we cannot do that...unless we have enough forex coming in. And with our economy pegged to oil ,we cannot do that. Oilprcies are low.

If we did as the companies are suggesting...it would make things worse faster.

Quakertellicus1:


Eventually we would have to become strong in manufacturing.....which would mean more forex, and crucially,producing goods whose prices we can control.

We can no longer rely on oil, or even agric.

Quakertellicus1:


Eventually we would have to become strong in manufacturing.....which would mean more forex, and crucially,producing goods whose prices we can control.

We can no longer rely on oil, or even agric.

yaki84:



my bros in real sense we hv 47+billions of dollars in the system yet bubu is clueless on what to do.
if he save n shore up the reserve to 200billion dollars n at the end 80million nigerians die of starvation n hunger, will it be a credit, achievement or minus to his integrity?

disloman:
Do you mind them.What I believe is book economics won't solve Nigeria economy woes.We need practical approaches.We gat to go back to the basics before trying all these world bank ideas.Our economy is different from those of developed country.

yaki84:



[s]
these foreign investors r scared because of the cbn n buhari monetary policies.
I wan ask u question, do nigerian abroad acess dolls n send it back home?
no nigerian will be in a foreign country, invest n at the end of the day he cant repatriate some funds back home.
ask urself if u were these guys I mean d foreign investors, will u still put more monies into the country when u know u wont be able to repatriate it back home?
dont forget most of these investors collaborate with people back home n banks to get funds. so if u cant send funds atleast to repay the loans u took from banks back home, how will u put in more funds to that market.

yaki84:



[s]
these foreign investors r scared because of the cbn n buhari monetary policies.
I wan ask u question, do nigerian abroad acess dolls n send it back home?
no nigerian will be in a foreign country, invest n at the end of the day he cant repatriate some funds back home.
ask urself if u were these guys I mean d foreign investors, will u still put more monies into the country when u know u wont be able to repatriate it back home?
dont forget most of these investors collaborate with people back home n banks to get funds. so if u cant send funds atleast to repay the loans u took from banks back home, how will u put in more funds to that market.[/s]

SLIDEwaxie:
They kept going against Nigeria, and many are not seeing that this is all premeditated!!


Must we devalue our naira for you guys? Must we create an avenue where you invest and syphon back into your country? Because that is all you wanted!

To invest cheap and reap bountifully only for your to develop your land. You send returns and profits back to your parent company in your various countries and pay stipends as taxes here.

You disregard out citizens and strip is of our natural resources.

You take advantage of the greediness of the youths caused by laziness and use them against their own and yet with nothing to show to the host community.

Why do we have to devalue the naira with no source of supporting the economy with industrialization that may help to replenish the depleting reserve thru exportation?

You want us to use more money indirectly to buy products that you produce while you pay less to produce it!

It's that simple!

yaki84:




willing to sell? how when they wont get d dollars either.
the new policy is even if u have 3dollars in ur account, u wont get the dollars at counter but naira equivalent, so the issue of willing or not is not in this context cos they dont hv any choice than to sell. 20billion dolls can build a functional refinery n with large refining capacity which at a long term will checkmate dangote's monopolistic refinery if it comes to light.
how much was nigerias foreign reserve in 1999? I heard 3billion dolls.
did the govt then achieve something? yes they did, mtn, econet, globacom came in. if buhari was in power then with this his archaic n ancient darkage policies, those guys wouldnt hv set their foot into nigeria not to talk of bringing monies to invest.
the joy of investment is putting money n be able to recoup ur profits.
imagine if betting companies restrict bettors from WITHDRAWING!

Quakertellicus1:


Actually, they do.

The problem is if you devalue, you would spend more in naira for imported goods. Even for goods produced locally , you would spend more in naira because most of them depend on imported raw materials.This leads to price increases and inflation.

And it won't imporve our forex earnings....it would deplete them. Even if you bring in more foreign investors....they would set up manufacturing plants that rely on imported raw materials.....and that means more forex loss.

Eventually....you would have to take loans to keep things working...and we would be back to being a debt slave.

Yes...devaluation is going on....but the CBN is applying the brakes...while hoping the government gets alternative sources of forex.

You did not have this issue in the last govt because oil prices were high...meaning forex flowed into the country.Meaning...we had enough forex to import and do business. Not anymore.

ibedun:


You are highly ignorant! And I bet you have never left Nigeria (let alone Africa) in your life. There is international politics and economic structure. There is status quo. There is a reason some countries have nuclear and chemical biological weapons in their possession but yet do not want other countries to develop the same. There is a reason why some countries are almost permanently rich and others are permanently poor. Have you ever heard or read about the WTO? They have already designed the templates that will force Africa to remain dirt poor for the next 500 years. Portfolio investors are profit seekers not "investors".

gimakon:


-150

First you don't know what you saying. So you think you know policies more than these fellows?
For a nation like nigeria, I think it's dying, purpose of coming to your country wasn't for money sake, but business sake, you don't have what they want or you want to witch hunt them, na run them go run na. We don't have energy, stable energy is a very big problem, the small one we have, cattle rearer day block am, yet his mismanagement of funds surpassed GEJ own. Extent he saves money to import grass for cattle... no be madness be that?

What a dying nation needs is stable energy and loosen up of policies not tighten it. The more things are made difficult, we not going anywhere.

wirinet:


Luring investors? You do not lure investors, they beg to come. Iran is not begging investors and yet many of them are lined up to invest in Iran after the sanctions has been lifted.

China did not need to lure US investors before they closed shop in the US and opened same in China. Once you put in place infrastructure and conducive corruption free business environment, foreign investors will troop in. It was corruption that drove the likes of virgin airlines, Vodafone, Siemens, etc, away.

The Nigerian business environments is too cumbersome and difficult for genuine foreign investor.

yaki84:




bobo we r saying the same thing, atleast I had a credit in economics in my ssce but buhari had F9. so interms of policies am better off than buhari.

am a wailer and am against the tightening monetary policies of cbn n buhari.

Quakertellicus1:
4.Finally...either way...we must improve forex intake...which for me means we become manufacturers of goods for export. That is the best route.

LordVarys:

Let's compare with the Egyptians who recently devalued theirs.



http://m.mgafrica.com/article/2016-03-27-nigeria-vs-egypt-on-the-economy-who-is-smarter-seems-sisi-is-besting-buhari

wirinet:
Luring investors? You do not lure investors, they beg to come. Iran is not begging investors and yet many of them are lined up to invest in Iran after the sanctions has been lifted.

China did not need to lure US investors before they closed shop in the US and opened same in China. Once you put in place infrastructure and conducive corruption free business environment, foreign investors will troop in. It was corruption that drove the likes of virgin airlines, Vodafone, Siemens, etc, away.

The Nigerian business environments is too cumbersome and difficult for genuine foreign investor.

Quakertellicus1:
In other words....the companies want us to loosen forex restrictions.

The problem is...we cannot do that...unless we have enough forex coming in. And with our economy pegged to oil ,we cannot do that. Oilprcies are low.

If we did as the companies are suggesting...it would make things worse faster.

wirinet:

Which investors are fleeing from Nigeria ? Which investors came to Nigeria in the first place? The only investors that comes to corruption infested country like Nigeria are the Chinese, the Indians, the Lebanese and lately, the south Africans, the western investors only engage in portfolio investment. Portfolio investors are like predators, they prey on weak economies. They do not create jobs or add value to the economy.

The same west that imposed SAP on us, which we are yet to recover from are still the same people telling us how to run our economy.

seguno2:


Practically, how do we become manufacturers of goods for export, from where we are now?

36STATES:
The dullard has to look for SS/SE experts to man the critical sectors of the economy. The Tinubus and their hausa masters are not equal to the task.

Quakertellicus1:
In other words....the companies want us to loosen forex restrictions.

The problem is...we cannot do that...unless we have enough forex coming in. And with our economy pegged to oil ,we cannot do that. Oilprcies are low.

If we did as the companies are suggesting...it would make things worse faster.

Almajiri1:

These only happen when a baboon Nepa certificate holder is given executive powers.

ibedun:


You are highly ignorant! And I bet you have never left Nigeria (let alone Africa) in your life. There is international politics and economic structure. There is status quo. There is a reason some countries have nuclear and chemical biological weapons in their possession but yet do not want other countries to develop the same. There is a reason why some countries are almost permanently rich and others are permanently poor. Have you ever heard or read about the WTO? They have already designed the templates that will force Africa to remain dirt poor for the next 500 years. Portfolio investors are profit seekers not "investors".