Mindfulness:


Guy, educate yourself first before you spew rubbish.

Very funny a novice who said Nigeria exports more than it imports is telling another person to go get education. What a shame!.

musicwriter:


In order to make crude oil you must produce it- that process of production is the same as manufacturing. Crude oil doesn't pop up from the ground and start filling ships without doing anything.

In order to make charcoal you must produce it- that process of production is same as manufacturing. Charcoals don't fall from sky.

It doesn't matter what you call it, you still must produce (manufacture) it.

Moreover, some words are used colloquially, so an advanced person doesn't even need that dictionary definition sometimes.

brother Nigeria extract crude oil for shipment we do not manufacture it. extraction is just a sub component of the manufacturing industry. even if we could manufacture and export crude derivatives it still doesn't make us an industrialised nation just as exporting diamonds doesn't make South Africa one.

musicwriter:


Very funny a novice who said Nigeria exports more than it imports is telling another person to go get education. What a shame!.

Nigeria: Trade balance from 2005 to 2015 (in billion U.S. dollars)
The statistic shows Nigeria's trade balance from 2005 to 2015. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2012, Nigeria's estimated trade surplus amounted to around 63.7 billion U.S. dollars.

http://www.statista.com/statistics/383170/trade-balance-of-nigeria/


Total Exports (2014) $102,878,499,713
Total Imports (2014) $46,532,265,377
Trade Balance (2014) $56,346,234,336

http://globaledge.msu.edu/countries/nigeria/tradestats


Import (US$ Thousand) 44,598,201.12
Export (US$ Thousand) 90,554,484.84

http://wits.worldbank.org/CountryProfile/en/NGA

Nigeria reported a NGN 26.4 million trade surplus in December of 2015, down from NGN 298 million a year earlier. It is the lowest surplus since March of 2010 as falling oil prices in the last months of 2015 dragged exports down. Year-on-year, shipments dropped by 45 percent to NGN 533.8 million and imports decreased by 24.7 percent to NGN 507.4 million. In the last quarter of the year, sales sank 29.7 percent and imports declined 22.4 percent. Considering full 2015, the country’s total trade stood at NGN 16.4 million or 30.6 percent less than in 2014. Crude oil trade decreased by NGN 4.94 million or 41.6 percent. Balance of Trade in Nigeria averaged 201123.70 NGN Millions from 1981 until 2015, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -592200.72 NGN Millions in March of 2011. Balance of Trade in Nigeria is reported by the National Bureau of Statistics, Nigeria.

http://www.tradingeconomics.com/nigeria/balance-of-trade

Mindfulness:


But the problem here is not that fighting corruption and BH is bad or unnecessary, the problem is that people are not aware why it is essential and urgent. And it is a government's duty to justify their decisions in a way that a simple person can understand it.

The issue with the budget is just terrible.

While we both understand that there is no causal relationship between fighting corruption and poor economic policies, I think it's extremely optimistic to expect the average Nigerian to realize that much, no matter how often or clearly the facts are explained. Otherwise, we wouldn't already be seeing people chanting "Bring Back Our Corruption" - http://www.sharpjournal.com/bring-back-our-corruption-or-bring-back-our-girls/

As you noted earlier, there is a serious educational deficit amongst the Nigerian masses, yet every single one of those under-educated Nigerian adults is eligible to vote, and carries just as much electoral weight as the most well-informed voter. If Buhari allows his economic ideology to overshadow his anti-corruption and anti-BH efforts, I doubt that any amount of careful explanation will separate the two aspects of his government in the minds of all those ill-educated and ill-informed voters; the consequences for Nigerian democracy could be disastrous.

Mindfulness:

well i thought you would understand that, what i meant was that the trade deficit list of countries surprisingly contains most of the names of developed countries.

Mindfulness:


Nigeria: Trade balance from 2005 to 2015 (in billion U.S. dollars)
The statistic shows Nigeria's trade balance from 2005 to 2015. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2012, Nigeria's estimated trade surplus amounted to around 63.7 billion U.S. dollars.

http://www.statista.com/statistics/383170/trade-balance-of-nigeria/


Total Exports (2014) $102,878,499,713
Total Imports (2014) $46,532,265,377
Trade Balance (2014) $56,346,234,336

http://globaledge.msu.edu/countries/nigeria/tradestats


Import (US$ Thousand) 44,598,201.12
Export (US$ Thousand) 90,554,484.84

http://wits.worldbank.org/CountryProfile/en/NGA

Nigeria reported a NGN 26.4 million trade surplus in December of 2015, down from NGN 298 million a year earlier. It is the lowest surplus since March of 2010 as falling oil prices in the last months of 2015 dragged exports down. Year-on-year, shipments dropped by 45 percent to NGN 533.8 million and imports decreased by 24.7 percent to NGN 507.4 million. In the last quarter of the year, sales sank 29.7 percent and imports declined 22.4 percent. Considering full 2015, the country’s total trade stood at NGN 16.4 million or 30.6 percent less than in 2014. Crude oil trade decreased by NGN 4.94 million or 41.6 percent. Balance of Trade in Nigeria averaged 201123.70 NGN Millions from 1981 until 2015, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -592200.72 NGN Millions in March of 2011. Balance of Trade in Nigeria is reported by the National Bureau of Statistics, Nigeria.

http://www.tradingeconomics.com/nigeria/balance-of-trade

All these data you pulled from western sources doesn't correspond to realities on the ground. That's the problem with theorists!.

Nigerians and the Nigerian government are crying we don't export, and here you are pulling off irrelevant data from thin air.

I would've loved you list me the items we export Vs the items we import. Common you can do it. Just do it.

eduj:

brother Nigeria extract crude oil for shipment we do not manufacture it. extraction is just a sub component of the manufacturing industry. even if we could manufacture and export crude derivatives it still doesn't make us an industrialised nation just as exporting diamonds doesn't make South Africa one.

Yes, Nigeria extracts crude oil by praying and fasting.

musicwriter:


All these data you pulled from western sources doesn't correspond to realities on the ground. That's the problem with theorists!.

Nigerians and the Nigerian government are crying we don't export, and here you are pulling off irrelevant data from thin air.

I would've loved you list me the items we export Vs the items we import. Common you can do it. Just do it.

I will gladly accept a ban for insulting you because you are the biggest i.diot I have ever met on this forum and someone needs to tell you that you are dvmb so that you eventually educate yourself before next you open your mouth and embarrass yourself.

Instead of providing a NIGERIAN source that disproves my point, you are still talking rubbish.

It is because of du.mb people like you that this country is the way it is..

Nobody is disputing that Nigeria's export revenue declined due to a falling oil price but Nigeria has had and still has a positive trade balance.


Go back to school, this time to one with teachers who can actually read and write.

musicwriter post
=44922704:


Yes, Nigeria extracts crude oil by praying and fasting.

don't hide behind sarcasm to avoid acknowledging your ignorance . since you're loath to learn from a fellow maybe a quick research online would do you good.

Mindfulness:




I will gladly accept a ban for insulting you because you are the biggest i.diot I have ever met on this forum and someone needs to tell you that you are dvmb so that you eventually educate yourself before next you open your mouth and embarrass yourself.

Instead of providing a NIGERIAN source that disproves my point, you are still talking rubbish.

It is because of du.mb people like you that this country is the way it is..

Nobody is disputing that Nigeria's export revenue declined due to a falling oil price but Nigeria has had and still has a positive trade balance.


Go back to school, this time to one with teachers who can actually read and write.

If you're an educated person yourself I'll know. From all I can see, you have nothing whatsoever to offer. Keep off my mention next time. Fortunately, Nairaland is the only media you'll ever have correspondence with me in your life.

omohayek:


While we both understand that there is no causal relationship between fighting corruption and poor economic policies, I think it's extremely optimistic to expect the average Nigerian to realize that much, no matter how often or clearly the facts are explained. Otherwise, we wouldn't already be seeing people chanting "Bring Back Our Corruption" - http://www.sharpjournal.com/bring-back-our-corruption-or-bring-back-our-girls/

As you noted earlier, there is a serious educational deficit amongst the Nigerian masses, yet every single one of those under-educated Nigerian adults is eligible to vote, and carries just as much electoral weight as the most well-informed voter. If Buhari allows his economic ideology to overshadow his anti-corruption and anti-BH efforts, I doubt that any amount of careful explanation will separate the two aspects of his government in the minds of all those ill-educated and ill-informed voters; the consequences for Nigerian democracy could be disastrous.

Corruption is one of the major reasons why the country is in the mess that it has been and is so - even though I perfectly understand and to a great extent agree with your standpoint - I believe that the elimination of corruption is necessary and urgent. However, fighting corruption without sound economic policies will not lead the country out of this mess and we both agree that Buhari's approach is inefficient, ineffective and even counterproductive.

musicwriter:


If you're an educated person yourself I'll know. From all I can see, you have nothing whatsoever to offer. Keep off my mention next time. Fortunately, Nairaland is the only media you'll ever have correspondence with me in your life.

No, I won't keep off. I am on your case from now on. I will make it my mission to highlight that the stupidity of people like you - who are represented in this country en masse - is what is disastrous.

Next time you type something, engage your brain and Google should be your best friend from now on - that is if you actually understand what you read.

Mindfulness:


No, I won't keep off. I am on your case from now on. I will make it my mission to highlight that the stupidity of people like you - who are represented in this country en masse - is what is disastrous.

Next time you type something, engage your brain and Google should be your best friend from now on - that is if you actually understand what you read.

Unfortunately, Nairaland doesn't have a BLOCK botton.

Ugosample:



Thank you.

IMF loans have helped countries like South Korea in recent past. Why do we vilify them all the time

Even Dubai was built with loans, manage these loans properly and you go. "Wack" it like IBB and coterie did, the end result will be Nigeria as we know it.

eduj:

exactly. I don't understand why many Nigerians distrust imf and other western financial agencies while happily applauding the Chinese.The substandard products flooding our markets today and knocking out the little indigenous companies present in naija are mostly Chinese. China is just exploiting US like the British back in the day-which is hardly any cause for euphoria. this is the case of a slave trading masters.
it's a given that for those top economies to prevail (China and Europe) , other countries would be underfoot (3rd world countries) but, that doesn't stop us from laying the blame on the appropriate doorstep. if our govt misuses the Chinese loan, we would also end up being dictated to by them because, we can't repay it.

Exactly, many countries took these loans or expert advice and became better for it, our leaders take it and mix it with corruption then dilute with ITK get bad results and point their dirty fingers at the west. I always repeat we don't like their advice but we love their money. We must be thieves then. If everytime we have deficits we run to them IMF, World bank etc for funding, or medical related issues such as simple vaccines etc we run to them and still use them. My fiancee once was like that, by the time she got to Oxford and got on the policy side she realized how we as a people handicap ourselves with this our cynical attitude.

AZeD1:

Did you factor in the same cost of production when you were using your formula in the first place?

It is u that didn't get. Cost of producing product A in two different countries is an emphasis on, commodity A and two different countries. It is not my formular it is the standard formular in finance!

erico2k2:

Seriously? I think we have to look beyond oil. I as a person xport charcoal? *does that count? A friend of mine from lagos export palm oil and chemical starch. I know loads of others as well.

yeah i just exported CASHEW NUTS last month. Do u mind if we can share knowledge on export biz?

Yanks and always talking about other people's economics when US is the worst on the planet when it comes to economics. A country that has been running a deficit for more than a decade with over $20 trillion in the hole should be the last to talk about economics and if not for fiat, petrodollar, and fed reserve printing money as it likes - the US would have been auctioned off to the highest bidder for cheap time ago.

Still don't know why they care more about devaluation than those who are affected by it. Bloomberg should proffer its economic solutions to the US to help the country solve its deficit problem and $20 trillion debt profile. Then maybe, folks will start taking them seriously after that. You can't remove the plank from ya own eyes but you have all the solutions in the world for other people's problems - hysterical lol.

Fvcking yanks.

obailala:
If my knowledge of history serves me right, Nigeria's devaluation history dates back to the Structural Adjustment programme of the IBB regime in 1986.

Hmmm i thought you were among those saying Nigeria is 16years old? Which one is 1986 again?

ibietela2:


Hmmm i thought you were among those saying Nigeria is 16years old? Which one is 1986 again?

The last 16 yrs of democracy was enough for a lot of damage done by the military to be corrected; the last 5 years of steady oil price boom especially was more than enough to change things. But all the opportunities were bungled, hence our constant referral to the last 16 years of wasted potentials.

But that is by the way, I was referring to the history of devaluations in the last 30 years, so learn to stick with the topic.

TonyeBarcanista:

1. A devalued naira makes it attracts hoarders of the dollar to bring out the currency since they know that they would make more.

2. We have the capacity to export products like cement and few other items, especially some agricultural items. However, it doesnt stop our government from empowering local manufacturers and producers so as to enable us meet local demand, thereby reduced reliance on import.

3. it isn't every time that one should be political in decision making.

In other words, you're confirming that the dollar scarcity bruhaha is artificial, good.
Tell me, what's stopping those hoarders from selling in the black market. I mean if the naira will eventually be devalued, it won't sell for higher than 250 naira at a time. What kind of person will want to sell dollars at the official rate when he/she could sell for more at the black market.


So, devaluing the naira helps the country negatively, sir

musicwriter:


All these data you pulled from western sources doesn't correspond to realities on the ground. That's the problem with theorists!.

Nigerians and the Nigerian government are crying we don't export, and here you are pulling off irrelevant data from thin air.

I would've loved you list me the items we export Vs the items we import. Common you can do it. Just do it.

What a display of willful ignorance..you haven been given a lot data,you should have provided a different source of data-maybe a Naija-made. Since everything in the west is bad, why are u typing with a western-made phone/laptop? A western developed social media sites like FB?
Naija way of blaming someone instead of taking responsibility. Our greedy leaders took loans from IMF and the west and misappropriated those funds, then we are hailing our corrupt leaders and blaming IMF?? Naija is peopled by congenital -eediots.

SirShymexx:
Yanks and always talking about other people's economics when US is the worst on the planet when it comes to economics. A country that has been running a deficit for more than a decade with over $20 trillion in the hole should be the last to talk about economics and if not for fiat, petrodollar, and fed reserve printing money as it likes - the US would have been auctioned off to the highest bidder for cheap time ago.

Still don't know why they care more about devaluation than those who are affected by it. Bloomberg should proffer its economic solutions to the US to help the country solve its deficit problem and $20 trillion debt profile. Then maybe, folks will start taking them seriously after that. You can't remove the plank from ya own eyes but you have all the solutions in the world for other people's problems - hysterical lol.

Fvcking yanks.

Are u aware that Naija has been running a deficit budget for a very long time?

When you buy things in dollars you are charged 320, if you get paid in dollars they give you at 198. So it is hell

AZeD1:
Those people who say we should devalue the Naira have never said what the country stands to gain from devaluation.

obailala:
The last 16 yrs of democracy was enough for a lot of damage done by the military to be corrected; the last 5 years of steady oil price boom especially was more than enough to change things. But all the opportunities were bungled, hence our constant referral to the last 16 years of wasted potentials.

But that is by the way, I was referring to the history of devaluations in the last 30 years, so learn to stick with the topic.

One of them from the last 30 you are talking about is here again and claims to be the saviour

ibietela2:


One of them from the last 30 you are talking about is here again and claims to be the saviour

Yes he has an ingredient which the others totally lack. And since no reasonable civilian could be forwarded in 2015, we had no choice but to select the lesser evil.

NDPVF:
In zombies voice, Bloomberg is a wailer!.

guy for God's sake... We are talking about creating a great nation u are talking about wailers. is about time we talk national growth not politics pls

adconline:

Are u aware that Naija has been running a deficit budget for a very long time?

However, the US has been running a deficit since like forever, while being $20 trillion and counting in the hole. So if those who think they have a solution to naij's economics problem are from a country with a much more severe economic problem than naij's that's being masked by certain leverages it enjoys - wouldn't it be wise to proffer the solution to their own country with the majestic formula they have before telling others what to do? Or can a blind man lead someone with glaucoma?

Also, once you look at how persistent they're and the way naij's economy is the most discussed apart from Venezuela and Russia (at least these two countries aren't cordial with the US), you just have to wonder why they care that much, especially for a country that doesn't care about other countries apart from when its interests are involved. That is the same way the US has been the most vocal against Brexit, when the same country won't allow the same things it wants the UK to do.

Personally, I believe the current naira policy right now is the best thing this government has achieved. Devaluation won't solve any problem whatsoever apart from increasing inflation and getting horders to unleash their stashed loot. Solving economic problems especially when you have a depleted reserve and major source of foreign exchange is in a limbo isn't something that happens overnight. It is a long hard grind. It is basically like trying to burn fat and build muscles - it takes time, unless you want to cheat.

As for the economics illiterates posting junk trade surplus - I don't know when a country that has never been self-sufficient and doesn't manufacture anything, apart from oil, started having trade surplus. They just collated figures of things consumed by naij diaspora in countries with naij huge populations for the useless data that has no bearing on anything. The current situation can be a blessing in disguise if handled properly. Folks just need to be vigilant.

musicwriter:


Very funny a novice who said Nigeria exports more than it imports is telling another person to go get education. What a shame!.

Well Nigeria does actually export more than it imports and has done so at least until December 2015. Facts are not things to argue about ,in this case the clam is either right or wrong and can be quite easily verified

SirShymexx:


However, the US has been running a deficit since like forever, while being $20 trillion and counting in the hole. So if those who think they have a solution to naij's economics problem are from a country with a much more severe economic problem than naij's that's being masked by certain leverages it enjoys - wouldn't it be wise to proffer the solution to their own country with the majestic formula they have before telling others what to do? Or can a blind man lead someone with glaucoma?

Also, once you look at how persistent they're and the way naij's economy is the most discussed apart from Venezuela and Russia (at least these two countries aren't cordial with the US), you just have to wonder why they care that much, especially for a country that doesn't care about other countries apart from when its interests are involved. That is the same way the US has been the most vocal against Brexit, when the same country won't allow the same things it wants the UK to do.

Personally, I believe the current naira policy right now is the best thing this government has achieved. Devaluation won't solve any problem whatsoever apart from increasing inflation and getting horders to unleash their stashed loot. Solving economic problems especially when you have a depleted reserve and major source of foreign exchange is in a limbo isn't something that happens overnight. It is a long hard grind. It is basically like trying to burn fat and build muscles - it takes time, unless you want to cheat.

As for the economics illiterates posting junk trade surplus - I don't know when a country that has never been self-sufficient and doesn't manufacture anything, apart from oil, started having trade surplus. They just collated figures of things consumed by naij diaspora in countries with naij huge populations for the useless data that has no bearing on anything. The current situation can be a blessing in disguise if handled properly. Folks just need to be vigilant.

I agree with most of what you say but it is not junk trade surplus it is reality. I am not even giving an opinion on its significance just to clarify the fact that Nigeria has had a positive balance of trade for more than 30 years
Yes a country that doesn't manufacture anything apart from oil can have a trade surplus if it lives within its means.There are countless examples in the Middle East.
Anyway it is not true that we do not manufacture anything. We may not manufacture industrially but we still "manufacture" and that goes a long way. Our agricultural production is as important as oil even more as a contributor to GDP . We manufacture garri and smoked fish and egusi and Gulder and so on.In fact more than most AFrican countries and that goes a long way to saving foreign reserves.
I believe the right argument should be made with the right facts. Facts should not be sacrificed for expediency or convenience. I too do not support devaluation perhaps with a very different argument

omonnakoda:

I agree with most of what you say but it is not junk trade surplus it is reality. I am not even giving an opinion on its significance just to clarify the fact that Nigeria has had a positive balance of trade for more than 30 years
Yes a country that doesn't manufacture anything apart from oil can have a trade surplus if it lives within its means.There are countless examples in the Middle East.
Anyway it is not true that we do not manufacture anything. We may not manufacture industrially but we still "manufacture" and that goes a long way. Our agricultural production is as important as oil even more as a contributor to GDP . We manufacture garri and smoked fish and egusi and Gulder and so on.In fact more than most AFrican countries and that goes a long way to saving foreign reserves.
I believe the right argument should be made with the right facts. Facts should not be sacrificed for expediency or convenience. I too do not support devaluation perhaps with a very different argument

However, "facts" can be deceiving sometimes when the reality doesn't give credence to these "facts", especially when dubious characters are in-charge of collating them, in a country where folks are allergic to keeping proper records. You can correlate it with the Nigerian football age syndrome. Based on "fact" and the birth certificate issued by naij, Taye Taiwo is 31 years old...but in reality, he isn't anywhere near 31 and should be over 40. Another classic example is the bogus naij GDP that accorded an industry like nollywood billions of dollars, just to make up numbers, when in reality, the industry isn't worth anything - apart from junk.

A country that doesn't manufacture anything, apart from oil, low agricultural produce export yields, and food items and other miscellaneous things to its huge diaspora population - but imports basically everything, including refined crude - can't have trade surplus in reality based on logic. The numbers don't add up and you can't compare MENA country with small population/consumption ratio vis-a-vis their huge oil export - to a naij with huge population ratio vis-a-vis its disproportionate oil export. So if naij has been enjoying real trade export for that long, its economy won't be perpetually messed up as it is. The figures are dubious and I doubt they record what they import. How can you even export more than you import when you are not even self-sufficient in anything and not even oil, which is naij's primary foreign exchange earner?