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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Economy Choking Under Pangs Of Politics- Businessday (11456 Views)
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Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by NavierStokes(m): 2:42pm On Apr 22, 2016 |
Source: https://businessdayonline.com/2016/04/nigerias-economy-choking-under-pangs-of-politics/ |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by chocolateme(f): 2:44pm On Apr 22, 2016 |
Ok |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by olorunda68: 2:47pm On Apr 22, 2016 |
more wailing as usual 7 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by NavierStokes(m): 3:21pm On Apr 22, 2016 |
Mods please do the needful. Although it isn't Rukky Sanda news I will state again and again, penultimate administration did two devaluations back to back and the effect was not felt by the populace. Prices of things remained roughly the same, the inflation rate was single digit. Obviously someone was doing something well. Today we have refused to do an official but apparent devaluation ( despite the real devaluation taking place) and inflation is double digit. Obviously someone isn't doing something well. 29 Likes 2 Shares |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by lexaydfg(m): 4:05pm On Apr 22, 2016 |
Mods are now doing their work... 1 Like |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Sunnycliff(m): 4:05pm On Apr 22, 2016 |
Zombies should come and take a dish of their unsavory meal been dished out by their Dullard in Chief! We are in auto reverse since this year! No good news so far in this economy since this year! #proudly5% and Wailer Rep 042!! 30 Likes 4 Shares |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Nobody: 4:05pm On Apr 22, 2016 |
Eyah... Buharinomics in action! 4 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by gbens2000(m): 4:06pm On Apr 22, 2016 |
I AV said it from day 1 there is a good heart but a clueless head.it will still amount to zero. 13 Likes 1 Share |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by anonimi: 4:07pm On Apr 22, 2016 |
Our man is busy chasing rats while his house is on FIRE. Who does that except a DullardPoo Yet the brain dead zombies keep hailing him like flies that will follow deadi bodi enter grave. www.nairaland.com/attachments/2638335_117378378808222686209331845457370151459142n_jpg21fab79f34191754f3edd356d25b008d 26 Likes 3 Shares |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Davidlein(m): 4:09pm On Apr 22, 2016 |
All i'll say is God Help Our Nation 3 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by blaquemyc: 4:09pm On Apr 22, 2016 |
no comment cuz i didn't bother to read it |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by realjoker(m): 4:10pm On Apr 22, 2016 |
I don't know why this western sponsored foreign media are hell bent on the devaluation of the naira without them highlighting the benefits of devaluation to us, all what they keep telling us repeatedly is how there will be hike in investment from abroad, without telling the gullible ones among us who have already fell for their cheap blackmail how the devaluation of the naira means that our local banks will need more naira to service their foreign debt mostly euro bond then leave them with little cash reserve, without telling them how our various state will need more naira to service their foreign debts even though before devaluation they struggle to meet their basic needs, they fail to tell the gullible ones how federal government will need extra hundreds of billions of naira to service foreign debts mostly IMF and world bank loans. Ever since the introduction of SAP over 30 years ago that we have been devaluing our naira from #1=1$ to the current $1=200 how many foreign investors have make our economic self sufficient in single sector of our economic? our local investors have make us self sufficient in many commodities eg cement instead we export wealth(raw materials that can employ millions) and import unemployment (what the raw material can be source locally and transformed to consumer consumption). how many of you even know that most of this foreign companies export our cocoa then import chocolate then package it here after shortchanging us? and that is what has been happening to other raw materials, just like we export crude oil then import refined petroleum product from them at exorbitant rate? All these foreign investors they keep shouting about are mere speculators and leeches on our national economic because i don't believe foreign investors who only invest in our stock market and buy government bonds and T bills as real investors we have so many sectors of our economic that we lead real investors like mining and manufacturing industries. what have Angola benefited from their satanic advice on devaluation? ans. a very though future. politics apart, use your brain once and say no to this western cheap blackmails. copied The economy is not in the best shape but when you compared the state of Nigerian economy to similar nations, generating 90% of their foreign revenue from oil you will agree with me that Nigeria is not doing bad at all. Currently, among such nations, Nigeria is the best in terms of investment destination. When you look at emerging-economies, Nigeria is second after China, the 2nd largest economy in the world. Mind you, China has lost over $4 trillion this year, Brazil two years ago was most thriving emerging economy and currently relegated to junk by credit rating, same with Venezuela, Argentina, etc. In Africa, South Africa is regarded as business powerhouse, but this year alone South Africa has suffered from global financial slowdown and Rand lost about 30% against the US dollar, 2016 economic growth forecast was cut to 0.9% from 1.7%. The same thing happened to Angola, even after devaluing her currency, Kwanza, slides 40%. Russia, Kazakhstan, Turkey, Asia-Pacific (Malaysia, Singapore, Thailand, Indonesia, New Zealand, etc) are all suffering from global financial crisis but somehow Nigeria has been able to manage it better. Please note that this situation is similar to what happened in 2008 (recession), with even lower oil prices but because of 2008 experience, financial institutions, Central banks, etc. are making adjustments to their monetary policies just like this administration is doing. Even at that, Abenomics developed by Abe, Japan Prime Minister has failed. So Nigeria situation is not unique. This administration is not A Government Of Failure, Tears And Disappointment but of hope, determination and strength, even in the face of global pressure to devalue and succumb to IMF cabal, We stand and soon we will all reap from this administration. Stay positive. 11 Likes 1 Share |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by jaksabbey(m): 4:10pm On Apr 22, 2016 |
SEE. EPISTLE Abegi who read am finish sud summarises 1 Like
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Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Babalegba(m): 4:10pm On Apr 22, 2016 |
Our able president is clearing up he mess left by the ineffectual buffoon, 2 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Beehshorp(m): 4:11pm On Apr 22, 2016 |
Buhari is the worst thing that has ever happened to Nigeria 25 Likes 3 Shares |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Nobody: 4:11pm On Apr 22, 2016 |
The summary of the article can be encapsulated here... With foreign investors said to be avoiding the country until the FX controls are removed, Nigeria’s local bonds are the only ones to have made losses this year among 31 emerging markets tracked by Bloomberg. Nigerian average yields have risen 161 basis points to 12.31 percent since the end of 2015, whereas Russia’s have fallen 26 basis points to 9.29 percent and Colombia’s 28 basis points to 7.77 percent. What they don't tell you is that loosening foreign exchange controls works....for a while. If we are not earning enough forex to replace the forex lost by the loosening of the controls.....we could enter a state where our savings account is drained down to zero....and we are left with no option but to take a big fat IMF loan that would take decades to clear off again. And we should also not forget the massive devaluation of the naira that would result...leading to marked increase in prices....and inflation. The article is just a big and unnecessary advert for loosening the controls. While at the same time it pretends that there would be no side effects of loosening the controls. Bad economics...bad article. 9 Likes 1 Share |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Originality007: 4:12pm On Apr 22, 2016 |
7 Likes
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Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by ricsman(m): 4:13pm On Apr 22, 2016 |
it is well |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by kentuta(m): 4:13pm On Apr 22, 2016 |
Proudly 5% wailer....zombies how far. 4 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by pangea2: 4:15pm On Apr 22, 2016 |
Voting Buhari was a grave mistake 9 Likes 1 Share |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by fitzmayowa: 4:16pm On Apr 22, 2016 |
Quakertellicus1: GBAM!!! 1 Like |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Nobody: 4:17pm On Apr 22, 2016 |
Pls, who knows if our President is in the country now? LOL. 7 Likes |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Wazobia12(m): 4:17pm On Apr 22, 2016 |
Hmmm... |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by folks4luv(f): 4:18pm On Apr 22, 2016 |
. |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Lilimax(f): 4:18pm On Apr 22, 2016 |
When men are cast down, then thou shalt say,There is lifting up (Job 22:29) 1 Like |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Flets: 4:18pm On Apr 22, 2016 |
While I care less about western media position on our economy. ..... its more painful that I can't justify my position by clearly pointing to Buhari's plan to revitalise the economy. 2 Likes 1 Share |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by alutarabbi: 4:19pm On Apr 22, 2016 |
Its obviously not working. This buhari sef.. 1 Like |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by iamodenigbo1(m): 4:19pm On Apr 22, 2016 |
APC 1 Like |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by Nobody: 4:19pm On Apr 22, 2016 |
anonimi: What would a PDP government, assuming your man won in 2015...have done differently? I am serious by the way. |
Re: Nigeria’s Economy Choking Under Pangs Of Politics- Businessday by iamodenigbo1(m): 4:20pm On Apr 22, 2016 |
All Promises Canceled 5 Likes |
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