Quakertellicus1:
D for Dutch disease http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0



Your analysis is somewhat correct.....and yes...PDP does deserve some of the blame...because they talked a lot about power...and did not improve the supply much.

Still....the problem is diversification is not an instant thing. Take agric. Cotton is not a money spinner. Palm oil....we have fallen so far behind there....cocoa...we are no 5.

In my opinion,PMB should eventually stop running the country as if oil money is flowing in...and introduce austerity measures...ie increase fees, taxes,REMOVE FUEL SUBSIDY,cut excess spending in all arms of govt and put all new government spending in power, transport and education. We will have a hard initial ten years...but at the end of the day we will be in a position to become a manufacturer...so that we do not have to rely on oil again.

God forbid bad thing! The intense suffering people have experienced in the last few weeks is not something any country can survive for TEN YEARS. Haba. Is it a crime to have been born a Nigerian? Buhari has NO clear economic policy, that is the sad truth.

Make i quickly reply make i dey first page.
Clears throat. "Chai chai". But i tot CBN said that the airlines are lying. We dont know who to trust anymore. One thing is for sure. The masses are suffering and not happy.

Smh...lackluster administration

You mean $575 m which would have been money laundering? I don't understand why the airlines are complaining. They have been moving money out of Nigeria for a long time and got used to it. Now they are complaining. Companies that don't pay a lot of tax and just move money out of the country anyhow. All this foreign companies have been wrecking our economy for a long time. Are you telling me that they are allowed to move money anyhow like this in other countries? All their complains are just excuses. The only reason this companies will shut down is due to the fact they can launder money again and they don't see Nigeria as a cash cow again

let them become exporters. buy exportable stuff here with their local money and sell for forex cash in their home countries. not rocket science. that way they help themselves and nigerian export market as well as a new company business line.

kingthreat:
A leader who doesn't think of the negative impact his policies have on the people and the economy is not fit to be a leader.
Buhari, I pray the doom of banning forex actualizes right now so these dunces know what they're doing is wrong. If it delays longer, it will spell worse

Sometimes I wonder whether you guys are actually Nigerians or whether you are the foreign investors. While you keep blaming the govt for withholding forex, are you by any means aware that there is a negative balance of trade and a shortage of forex in the country?.... If the FG lifts the forex restrictions and opens the vaults, the present forex reserves of the CBN will be spent in just a few months, is that what you want?... or is it that you do not understand what the situation is?....

Whose side are you on exactly?... The CBn/FG isn't restricting the free release of forex because it wants to 'eat' the money, it is doing so out of necessity to save you from impending hunger. I know you will not still get the point because to you, it's most likely just a game of PAC vs PDP.

ephi123:


God forbid bad thing! The intense suffering people have experienced in the last few weeks is not something any country can survive for TEN YEARS. Haba. Is it a crime to have been born a Nigerian? Buhari has NO clear economic policy, that is the sad truth.

Kindly give us a hint of a clear economic policy which can miraculously manufacture forex instantly and get us out of this mess in a short while?

The country is suffering from a negative balance of trade due to the drop in oil prices. There is presently a massive shortage of forex and the FG/CBN is restricting forex release so the entire country wouldn't go hungry within months. What is so hard in this explanation that some of us can't understand?... You want the FG/CBN to release forex to everyone who asks for it, international airlines alone are requesting $575million, what do you think would happen to our forex reserves if the CBn releases all these funds?... Whose side are you on?... Are you taking sides with the foreign companies against your own survival all because you want an opportunity to criticise Buhari?

Skywalker5:
You mean $575 m which would have been money laundering? I don't understand why the airlines are complaining. They have been moving money out of Nigeria for a long time and got used to it. Now they are complaining. Companies that don't pay a lot of tax and just move money out of the country anyhow. All this foreign companies have been wrecking our economy for a long time. Are you telling me that they are allowed to move money anyhow like this in other countries? All their complains are just excuses. The only reason this companies will shut down is due to the fact they can launder money again and they don't see Nigeria as a cash cow again

God bless you!

Quakertellicus1:
D for Dutch disease http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0



Your analysis is somewhat correct.....and yes...PDP does deserve some of the blame...because they talked a lot about power...and did not improve the supply much.

Still....the problem is diversification is not an instant thing. Take agric. Cotton is not a money spinner. Palm oil....we have fallen so far behind there....cocoa...we are no 5.

In my opinion,PMB should eventually stop running the country as if oil money is flowing in...and introduce austerity measures...ie increase fees, taxes,REMOVE FUEL SUBSIDY,cut excess spending in all arms of govt and put all new government spending in power, transport and education. We will have a hard initial ten years...but at the end of the day we will be in a position to become a manufacturer...so that we do not have to rely on oil again.

You are on point. But ur suggestion will lead to massive protest and NLC strike

Of what essence is the need to have foreign investors who jus make money and ship it out of d country?

Ae they not the ones depleting our reserves, why does a company like BA not service its planes with their pounds in d uk, why mus they use of reserves.

The reason our pilots remain under employed is becos most airlines used here are wetleased from xpartiates.

Once again support made in nigerian products and conserve our forex, let's use our forex to buy producive things and not flashy things that add zero value to our economy.

Stop developing other economies at our expense.

obailala:
Kindly give us a hint of a clear economic policy which can miraculously manufacture forex instantly and get us out of this mess in a short while?

The country is suffering from a negative balance of trade due to the drop in oil prices. There is presently a massive shortage of forex and the FG/CBN is restricting forex release so the entire country wouldn't go hungry within months. What is so hard in this explanation that some of us can't understand?... You want the FG/CBN to release forex to everyone who asks for it, international airlines alone are requesting $575million, what do you think would happen to our forex reserves if the CBn releases all these funds?... Whose side are you on?... Are you taking sides with the foreign companies against your own survival all because you want an opportunity to criticise Buhari?

This is not just about forex. This is about every damn thing going wrong in the country, no fuel, no power, inflation out of the roof. Buhari is not managing the economy well, that is a FACT.

holicalpha:
Its really Disheartening to see all these happening.

One Fool thinks her Opinion matter

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You don't have to be surprised bro. The person you snapped her comment only talks about dicks, circumcised and uncircumcised, big and small, fat and thin, etc.. I've also seen people complaining that s/he is a fraud star.. So don't expect anything meaningful from such emptyness..

mars123:
to buy Nigeria is now bullshit There are developed countries of the world today that made tougher sacrifices and their citizens are better for it today. Very soon we will see benefits of the forex policy. loosing some foreign investment today will ensure that we grow our local manufacturing industry that has a lot of potential tomorrow.

didn't know that we have started manufacturing things like airplanes locally even ivm imports their engines

kaeforum:
Of what essence is the need to have foreign investors who jus make money and ship it out of d country?

Ae they not the ones depleting our reserves, why does a company like BA not service its planes with their pounds in d uk, why mus they use of reserves.

The reason our pilots remain under employed is becos most airlines used here are wetleased from xpartiates.

Once again support made in nigerian products and conserve our forex, let's use our forex to buy producive things and not flashy things that add zero value to our economy.

Stop developing other economies at our expense.

Hahahahahahahaha! If they aren't of relevance, then why is sai barber chasing them from one country to another while they reject him and his damned administration? People talking as if it's not still some of them foreign coys that establish businesses here and increase employment opportunities.. Thank goodness I refuse to be a zombie because zombies can defend anything, even if that old and lanky headless goat decides to wipe out 50% of Nigerians!!

Zceesneh:
Who u epp? Who u epp? Who u epp? U don baff? Who u serve? Don't slam my door what is wrong with you

Hahahahahahahaha!! See wetin fuel scarcity and lack of power supply dey cause.. Some people uburu don dey hyper...

Quakertellicus1:
D for Dutch disease http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0



Your analysis is somewhat correct.....and yes...PDP does deserve some of the blame...because they talked a lot about power...and did not improve the supply much.

Still....the problem is diversification is not an instant thing. Take agric. Cotton is not a money spinner. Palm oil....we have fallen so far behind there....cocoa...we are no 5.

In my opinion,PMB should eventually stop running the country as if oil money is flowing in...and introduce austerity measures...ie increase fees, taxes,REMOVE FUEL SUBSIDY,cut excess spending in all arms of govt and put all new government spending in power, transport and education. We will have a hard initial ten years...but at the end of the day we will be in a position to become a manufacturer...so that we do not have to rely on oil again.

Nigerians are wonderful people ,they are very easy to win their trust and they are ready to do anything for any leader that recognizes with them and share their pains.
Buhari has proven to be a complete total failure in this regard ,he has not even tried to win the trust of the people ,he has shown them that he doesn't care about their pains or travails. Nigerians know that the road to economic recovery will be tough and they expect it but a leader that will impose strident measures must carry the people along in his plans,make them see reason with your policies ,encourage them.instead of traveling all over the world buhari should be touring states in Nigeria and letting ppl know that it will soon be over. Buhari has never consoled or even sent a message of condolences to victims of boko haram attacks,the Fulani attacks nationwide has not even moved buhari to issue a statement,what about the recurring fuel scarcity any sensible government will at least speak personally on the issue not issuing statement through a fatass mommy boy Femi adeshina. The president has totally and completely cut himself off from the people and he seem to be living in a fools paradise .

ephi123:


This is not just about forex. This is about every damn thing going wrong in the country, no fuel, no power, inflation out of the roof. Buhari is not managing the economy well, that is a FACT.

It's mostly all an effect of the forex scarcity.

Fuel Scarcity: Marketers complained of lack of forex so they stopped importing. NNPC was forced to take over 100% fuel importation, but they don't have the logistics capacity for that, hence the fuel shortages you experience today.
No power: This is a problem lingering since the 80's, in the last 17 years, over $26 billion (OBJ $16bn and GEJ $10bn+) has been spent on power yet we still have darkness. Buhari only got his first budget approved last week.
Inflation: We import almost everything we use in Nigeria from food to clothes to toothpicks. Lack of forex drives up the price of forex and this consequently drives up the price of everything (INFLATION). Even pure water prices have gone up cos the producers import the polythene bags.

To whole accusations about Buhari 'lacking an economic policy' is all about devaluing the Naira, a lot of foreign investors and nations want the Naira devalued so they can multiply their profits they exploit out of Nigeria. These guys are ready to frustrate and twist the arms of Nigeria until it devalues. These guys are not your friends, they only care about their profits while ordinary Nigerians grapple in the inflation that comes with devaluation. Nigeria has devalued countless times since the 80's when N1 = $2, but none of the benefits of devaluing has ever worked in Nigeria and it has only led to more inflation. Merits or demerits of devaluation at a time like this is debatable though, but do not always think these people shouting 'economic policy' are your friends.

Please just start by telling me what his economic policies are. He has none as far as I am concerned. All we see is inflammatory decisions that backfire and increase pressure on the already ailing economy.

TPAND:
A sound economist should please explain Buhari's economic principle, because it doesn't seem to be working.
It is chasing investors rather than attracting them, or is this as a result of the dip in crude oil prices

obailala:
It's mostly all an effect of the forex scarcity.

Fuel Scarcity: Marketers complained of lack of forex so they stopped importing. NNPC was forced to take over 100% fuel importation, but they don't have the logistics capacity for that, hence the fuel shortages you experience today.
No power: This is a problem lingering since the 80's, in the last 17 years, over $26 billion (OBJ $16bn and GEJ $10bn+) has been spent on power yet we still have darkness. Buhari only got his first budget approved last week.
Inflation: We import almost everything we use in Nigeria from food to clothes to toothpicks. Lack of forex drives up the price of forex and this consequently drives up the price of everything (INFLATION). Even pure water prices have gone up cos the producers import the polythene bags.

To whole accusations about Buhari 'lacking an economic policy' is all about devaluing the Naira, a lot of foreign investors and nations want the Naira devalued so they can multiply their profits they exploit out of Nigeria. These guys are ready to frustrate and twist the arms of Nigeria until it devalues. These guys are not your friends, they only care about their profits while ordinary Nigerians grapple in the inflation that comes with devaluation. Nigeria has devalued countless times since the 80's when N1 = $2, but none of the benefits of devaluing has ever worked in Nigeria and it has only led to more inflation. Merits or demerits of devaluation at a time like this is debatable though, but do not always think these people shouting 'economic policy' are your friends.

All I know is we have not had it this bad as a country, and to add insult to injury, Buhari would travel out of the country during a crisis period like this. Which responsible leader does that? In other countries, you would see the Prime minister cutting short personal holidays when any major thing goes wrong, Parliament reconvening just because a major steel company which would cause job losses is about to be sold off; yet the Nigerian president deems it fit to act deaf and dumb while the whole country is groaning under the scarcity; he did not deem it fit to call a broadcast/explain the situation and apologize for it, he did not deem it fit to declare a state of emergency, rather he deemed it fit to travel. I was a pro-Buhari supporter before but not any longer. He is a highly insensitive president.

The truth is Buhari should have appointment ministers earlier..not like they could have managed this any better. But would have allowed people know its not the new governments fault. As it is, some people are blaming Buhari for the economy woes.

ephi123:


All I know is we have not had it this bad as a country, and to add insult to injury, Buhari would travel out of the country during a crisis period like this. Which responsible leader does that? In other countries, you would see the Prime minister cutting short personal holidays when any major thing goes wrong, Parliament reconvening just because a major steel company which would cause job losses is about to be sold off; yet the Nigerian president deems it fit to act deaf and dumb while the whole country is groaning under the scarcity; he did not deem it fit to call a broadcast/explain the situation and apologize for it, he did not deem it fit to declare a state of emergency, rather he deemed it fit to travel. I was a pro-Buhari supporter before but not any longer. He is a highly insensitive president.

Yeah... his travels are indefensible and his silence on pressing national issues are very irresponsible.

obailala:
Sometimes I wonder whether you guys are actually Nigerians or whether you are the foreign investors. While you keep blaming the govt for withholding forex, are you by any means aware that there is a negative balance of trade and a shortage of forex in the country?.... If the FG lifts the forex restrictions and opens the vaults, the present forex reserves of the CBN will be spent in just a few months, is that what you want?... or is it that you do not understand what the situation is?....

Whose side are you on exactly?... The CBn/FG isn't restricting the free release of forex because it wants to 'eat' the money, it is doing so out of necessity to save you from impending hunger. I know you will not still get the point because to you, it's most likely just a game of PAC vs PDP.

I am a business man. I import and my business is crumbling cos of insensitive policies. May Buhari soon actualize policies that will affect your source of livelihood too.

kingthreat:



I am a business man. I import and my business is crumbling cos of insensitive policies. May Buhari soon actualize policies that will affect your source of livelihood too.

Okay businessman, apologies for your affected business. But then, let's say the truth, with the prevailing negative balance of trade occasioned by the drop in oil prices, the present forex restrictions are inevitable. If the FG/CBN lifts the restrictions and grants every request for forex, Nigeria will run out of forex reserves in 3-6 months.
http://www.vanguardngr.com/2015/05/external-reserves-cant-pay-for-more-than-3-months-of-imports/

The forex restriction isn't because Buhari is a sadist or because he is insensitive to the damage to your business, the restriction isn't also an 'economic policy' per se, rather it is a desperate move borne out of necessity, a need for survival. You certainly do not want to know what happens to a nation that runs out of forex reserves (especially for a nation like Nigeria that imports basic things like food and fuel). Just google the economic crisis in Venezuela presently and you will get a hint.

NNPC imported less than the required amount of fuel to satisfy Nigeria's demand, we all know the consequences of that in the past month. So just imagine what happens when we can't import fuel at all due to zero forex?... It is unthinkable. It is bad enough that the restrictions have affected your business, but remove the restrictions and in 3-6 months down the line when reserves dry up, it is not only your business that would be affected. As long as oil prices remain low and the negative trade balance remains, this forex restrictions would be a necessity. The only solution is to diversify the economy and expand the source of forex. But unfortunately, diversification takes good time. Nigeria is presently in trouble! and I laugh when I see people thinking Buhari is responsible for this.

SycophanticGoat:



Hahahahahahahaha! If they aren't of relevance, then why is sai barber chasing them from one country to another while they reject him and his damned administration? People talking as if it's not still some of them foreign coys that establish businesses here and increase employment opportunities.. Thank goodness I refuse to be a zombie because zombies can defend anything, even if that old and lanky headless goat decides to wipe out 50% of Nigerians!!

HMM Wailer alert!!!!