progress69:
Clownish question.

The value of Naira is determined mainly by the price of crude.

Jonathan rode on oil tide for 3 years, with nothing to show for it, even in the reserves.

We started feeling the heat of the dropping oil prices which forced Jonathan to devalue Naira to N197 to a dollar, which was trading at N232 to in the parallel market. Bare in mind that oil prices was still as high as $70-75/barrel and Nigeria was producing oil at full capacity. 2.2 million barrels/day.

What do u expect when oil price dipped to low as $28/barrel with little reserves to defend the Naira as was done by Sanusi.

What do u expect, when militants blow up pipelines and reduce our production level to as lownas 1600 million barrels pwr day ( interestingly those that wail the much are always very happy when a bpmb goes off on crude pipe)

Bare in mind that Sanusi used about 50% of the reserves then to defend the economy and Naira, yet Naira lost over 20% of its value. Luckily for Nigeria, or let me say unfortunately for Nigeria, Oil price picked again in a short time.

Why I said unfortunately is because, if oil didn't pick up so fast then, our leaders would have been serious about DIVERSIFICATION!

Foolish opinion, liked by foolish people. How much was crude oil per barrel under OBJ (peak price) and how much was the Dollar to Naira exchange rate under OBJ (peak price)?

Reflect on that, and compare your reflections to your foolish post, and then decide for yourself that you're a foolish individual.

obailala:
The amount pumped in by investors is a drop of water compared to the ocean coming in from oil export. Oil price is purely the reason behind the drop in value of the naira because Nigeria depends on oil sales for over 90% of its forex. Of course, jonathanians would rather die than accept this simple fact.

With oil prices averaging $100 for Jonathan's tenure, there was high inflow of forex and the CBN then kept spending billions of dollars monthly to maintain the value of the naira at N160; thats is exactly what kept the value steady. But as soon as oil price dropped even under Jonathan's nose with his 'world class' crack economic team, naira dipped from 160 to 230 in the blackmarket, and this was despite the fact that the CBN then blasted $10billion within 6 months (Nov 14 - May 15) to struggle and keep the naira steady.

And yeah, talking about investors running away, nobody, not even the early morning akara seller takes their wares to a poor neighbourhood. Nigerias exinomy is a function of oil price, as soon as oul prices began to crash, and it was clear the econony was going to go down, investors started packing their bags.JP Morgan gave their first warning to delist Nigeria as early as February 2015, that was before anyone even dreamt that buhari was going to win elections. But then again, emotional Jonathanians would rather die than accept these facts.

You would acknowledge that there was investor's confidence erosion when Mr president's economic road map failed to hit the ground running after his inauguration.?

This Government is inexcusable in taking absolute responsibility for holistic governance failures. My opinion tho.


https://www.nairaland.com/3610659/how-much-prices-items-skyrocketed#53415195

hedonistic:


Foolish opinion, liked by foolish people. How much was crude oil per barrel under OBJ (peak price) and how much was the Dollar to Naira exchange rate under OBJ (peak price)?

Reflect on that, and compare your reflections to your foolish post, and then decide for yourself that you're a foolish individual.

I don't deal with dull people. Why not check the value of Naira to a dollar when her came in and what he was when he left. Also teell me the value of dollars world wide then. Then tell me the minimum wage and what exactly OBJ did in terms of infrastructure. I don't have time for childish senseless rants from kids who don't even belong to this section.

modik:


You would acknowledge that there was investor's confidence erosion when Mr president's economic road map failed to hit the ground running after his inauguration.?

This Government is inexcusable in taking absolute responsibility for holistic governance failures. My opinion tho.


https://www.nairaland.com/3610659/how-much-prices-items-skyrocketed#53415195

Yes absolutely, the lackadaisical attitude of the govt in hitting the ground running (even till now) eroded and erodes investor confidence. At times like this, in order to restore confidence, the govt doesnt just need to be working on overdrive, it also needs to be seen working. However, the biggest single cause of the mess we find ourselves in is the sudden crash of oil prices coupled with the revenue lost due to sabotage of up to 50% of our oil export.

Meanwhile, the cause of the skyrocketing of commodity and service prices is the exchange rate, the dead Naira. Nigeria imports everything.

progress69:


I don't deal with dull people. Why not check the value of Naira to a dollar when her came in and what he was when he left. Also teell me the value of dollars world wide then. Then tell me the minimum wage and what exactly OBJ did in terms of infrastructure. I don't have time for childish senseless rants from kids who don't even belong to this section.

Get lost, you oaf. You know nothing, and would die with your foolish jaundice. Blaming oil price alone for the clearly policy-inflicted mess that your master Buhari and his Fulani gang have put us in shows that you're a hopeless nonentity.

Get lost.

hedonistic:


Get lost, you oaf. You know nothing, and would die with your foolish jaundice. Blaming oil price alone for the clearly policy-inflicted mess that your master Buhari and his Fulani gang have put us in shows that you're a hopeless nonentity.

Get lost.

Who collected your toy. Why are u angry and bitter?

Nnamdd1:
How did the dollar manage to stay at N170 for 4 straight years under massive looting under former President Goodluck Jonathan? And how is it now at N500 - N510 under massive savings under President Muhammadu Buhari?

http://www.naijahelm.com/2017/02/how-did-dollar-manage-to-stay-at-n170-for-4-years-under-jonathan.html

which naira was stable at 170 under Gej? it is either the supporters are too young to know or prefer to be deceived. I was working in a company that depended on importations for its raw materials

obailala:
Yes absolutely, the lackadaisical attitude of the govt in hitting the ground running (even till now) eroded and erodes investor confidence. At times like this, in order to restore confidence, the govt doesnt just need to be working on overdrive, it also needs to be seen working. However, the biggest single cause of the mess we find ourselves in is the sudden crash of oil prices coupled with the revenue lost due to sabotage of up to 50% of our oil export.

Meanwhile, the cause of the skyrocketing of commodity and service prices is the exchange rate, the dead Naira. Nigeria imports everything.

I strongly agree with you on the governance side.


Irrespective of the myriads of genuine causes of our economic downturn, we cannot loath over the fact that our case still has solution.

Stressing the diagnosis of our dwindling economy without putting political correctness behind and pursue vigorously economic rectitude cannot be overemphasized.

If we have a listening government, Nigeria's interest overrides political inclination. If the tool is given to tested and proven professionals, with minimal political intervention over the discharge of their duties, why won't the economy be under control?

Abagworo:
Dollar availability determines its value. Whether Buhari or Jonathan once the country is not getting enough foreign exchange to offset Dollar demand then it will keep rising. To achieve lasting stability requires departure from absolute dependence on oil for foreign exchange.

God bless ur for making use of your common sense

Abagworo:


I always knew from day 1 that the reason for bombing oil installations was to reduce available funds and make things difficult for Buhari Government to kick-start it's manifesto. This Government actually overcame the tactics late 2016 but is not doing enough to enlighten people about the causes of recession.

Buhari and APC are solely responsible for the recession. He came into power and first thing he did was to repeal pipeline protection contract without putting a better alternative plan in place. He cancelled the maritime university project. He reduced the stipend of ex-militants without taking his time to understand how to manage their reactions. He turns around to blame everyone else but himself. Enough is Enough.

Olril18:

u are really stup.id

hedonistic:


Get lost, you oaf. You know nothing, and would die with your foolish jaundice. Blaming oil price alone for the clearly policy-inflicted mess that your master Buhari and his Fulani gang have put us in shows that you're a hopeless nonentity.

Get lost.

Cc seun, mynd44, lalasticlala take note

Sunnyja:
When Buhari came in the oil price was around 30dollars per barrel and the exchange rate was 350. Now the crude is around 55dollars per barrel and the exchange rate is 500. it seems the more the govt makes more revenue the more the naira crashes. I am afraid that the exchange rate may reach 1,000 naira to the dollar if the price of crude gets 80 dollars per barrel

The kind of bold faced lies u people tell is shameful and alarming.
Its high time kids like u run from the politics section. First and foremost, Jonathan left oil at about $60/barrel and naira was N197/$ and traded around N230-N250/$ in the black market.
Oil later fell some months after to as low as $28/barrel.
If u are expecting an immediate sharp appriciation of the Naira cos crude finally stabilised at around $50-55/barrel for about 4 months now, then u need to havebur brain checked. How many times in the history of Nigeria have u heard a devalued naira appreciating back to whatever it was before or even a significant appreciation.

progress69:


The kind of bold faced lies u people tell is shameful and alarming.
Its high time kids like u run from the politics section. First and foremost, Jonathan left oil at about $60/barrel and naira was N197/$ and traded around N230-N250/$ in the black market.
Oil later fell some months after to as low as $28/barrel.
If u are expecting an immediate sharp appriciation of the Naira cos crude finally stabilised at around $50-55/barrel for about 4 months now, then u need to havebur brain checked. How many times in the history of Nigeria have u heard a devalued naira appreciating back to whatever it was before or even a significant appreciation.

The problem of our economic misfortune has become irreversible?

Guess what..

westmest:


I guess, you live outside the country, when i was outside the country, i also thought it was due to crude blah blah blah,

Dude its not due to crude, if we had sound leaders it wont be this bad, naira shouldnt exchange above 300, many ppl have become Multi- millionaires by just trading dollars, this wouldn't happen if we had sound economists at the helms of affair.
And guess what!, its about to get worse.

Ok

90% of the forex needs of the non-oil economy is serviced by oil earnings. CBN ops to sustain/defend the naira against $ power is supported by these $ earnings. At 100/barrel plus for three straight years it is a no brainer why GEJ's era seems better. See the thing is that Nigeria's economy though no oil dominated is actually heavily dependent on it as it makes up the bulk of exports.
That is to say that whenever the prices are high the country enjoys an artificial boost!! to use the AD-AS model ( if youre familiar with it) the AD ( aggregate demand ) is propped up without any real increase in supply/productivity. The oil money also artificially appreciates the naira, above its true value that is. Take away the oil exports and u see that little of anything is exported. Last time I checked it was pyrophoric alloys or so lol. And the non-oil economy isn't really a boon to productive work, they're mostly import oriented, needing the very same forex that oil provides. The problem is structural. Productivity is almost non existent !!
Imagine the currency markets as a clearing house where Multinationals/Foreign investors seeking to trade naira earned for dollars, and Naija exporters trying to change their $ for Naira. The former class are a lot, but the latter, our own exporters are short of their foreign counterparts. Leaving more $ demanded on any given day than the naira.CBN easing with oil $ would normally help. However with low prices and avengers-wrought low production even now that prices have picked up.... you get this 350-500 per $ nonsense. Altho in a productive place the other side of the equation would normally produce demand for the home currency not allowing it to drop too far. Except it was intentional to make exports cheap ( eg China and Japan) but thats more or less controlled and not severe and abrupt like we have here. Well if you're an exporter you'd be having a ball tho. Your $ can be flipped for more naira .
Moral of the story : Oil is still a crucial part of our workings. We need an inclusive govt to get these disruptions to stop happening.The only way out is INDUSTRIAL productivity.
Note I didnt say agric. crops and other metals arent as big as the oil industry( and labor intensive agric has a production plateau, mechanization requires less than 3% on avg on the fields, so unemployment isnt gonna be solved by that). Platinum , rare earth metals etc or cocoa, nickel bring the largest producers less than 10 billion each annually. Most crops individually less than a billion. That goes no way to filling the 50-100 billion $ a year that oil provides. Concentrated mass Manufacturing beats oil any day !!!!
Regardless I hope I kinda answered a bit of your question.

progress69:

Interestingly those that complain and wail the most, are always happy when a bomb goes off on a crude pipe.
They have wailed abd prayed for Buhari's failure even before he was elected. U know that joy of we told u, as made many of them lost their senses. With low crude oil price, they jubulate when some terrorists blow up national assets and still turn around to shout hunger in tTFhe land. Very demonic clownish set of morons

+6.7

progress69:
Clownish question.

The value of Naira is determined mainly by the price of crude.

Jonathan rode on oil tide for 3 years, with nothing to show for it, even in the reserves.

We started feeling the heat of the dropping oil prices which forced Jonathan to devalue Naira to N197 to a dollar, which was trading at N232 to in the parallel market. Bare in mind that oil prices was still as high as $70-75/barrel and Nigeria was producing oil at full capacity. 2.2 million barrels/day.

What do u expect when oil price dipped to low as $28/barrel with little reserves to defend the Naira as was done by Sanusi.

What do u expect, when militants blow up pipelines and reduce our production level to as lownas 1600 million barrels pwr day ( interestingly those that wail the much are always very happy when a bpmb goes off on crude pipe)

Bare in mind that Sanusi used about 50% of the reserves then to defend the economy and Naira, yet Naira lost over 20% of its value. Luckily for Nigeria, or let me say unfortunately for Nigeria, Oil price picked again in a short time.

Why I said unfortunately is because, if oil didn't pick up so fast then, our leaders would have been serious about DIVERSIFICATION!

+7

Nnamdd1:
How did the dollar manage to stay at N170 for 4 straight years under massive looting under former President Goodluck Jonathan? And how is it now at N500 - N510 under massive savings under President Muhammadu Buhari?

http://www.naijahelm.com/2017/02/how-did-dollar-manage-to-stay-at-n170-for-4-years-under-jonathan.html

Nigeria used currency control to peg prices. They could better afford it because of oil prices. Nigeria because it has no foresight didn't invest or incentivise investment oil refineries and power. The 2 main reasons forex drain not agriculture.

Note buy power I mean the fact without power you can't manufacture. That's why machines are second biggest drain.

progress69:
Clownish question.

The value of Naira is determined mainly by the price of crude.

Jonathan rode on oil tide for 3 years, with nothing to show for it, even in the reserves.

We started feeling the heat of the dropping oil prices which forced Jonathan to devalue Naira to N197 to a dollar, which was trading at N232 to in the parallel market. Bare in mind that oil prices was still as high as $70-75/barrel and Nigeria was producing oil at full capacity. 2.2 million barrels/day.

What do u expect when oil price dipped to low as $28/barrel with little reserves to defend the Naira as was done by Sanusi.

What do u expect, when militants blow up pipelines and reduce our production level to as lownas 1600 million barrels pwr day ( interestingly those that wail the much are always very happy when a bpmb goes off on crude pipe)

Bare in mind that Sanusi used about 50% of the reserves then to defend the economy and Naira, yet Naira lost over 20% of its value. Luckily for Nigeria, or let me say unfortunately for Nigeria, Oil price picked again in a short time.

Why I said unfortunately is because, if oil didn't pick up so fast then, our leaders would have been serious about DIVERSIFICATION!

Tell it to the wind.

What is the role of the pilot when faced with turbulence in the sky or the captain when faced with storm on the high sea?

The present Government is inexcusable.

Dasuks:
90% of the forex needs of the non-oil economy is serviced by oil earnings. CBN ops to sustain/defend the naira against $ power is supported by these $ earnings. At 100/barrel plus for three straight years it is a no brainer why GEJ's era seems better. See the thing is that Nigeria's economy though no oil dominated is actually heavily dependent on it as it makes up the bulk of exports.
That is to say that whenever the prices are high the country enjoys an artificial boost!! to use the AD-AS model ( if youre familiar with it) the AD ( aggregate demand ) is propped up without any real increase in supply/productivity. The oil money also artificially appreciates the naira, above its true value that is. Take away the oil exports and u see that little of anything is exported. Last time I checked it was pyrophoric alloys or so lol. And the non-oil economy isn't really a boon to productive work, they're mostly import oriented, needing the very same forex that oil provides. The problem is structural. Productivity is almost non existent !!
Imagine the currency markets as a clearing house where Multinationals/Foreign investors seeking to trade naira earned for dollars, and Naija exporters trying to change their $ for Naira. The former class are a lot, but the latter, our own exporters are short of their foreign counterparts. Leaving more $ demanded on any given day than the naira.CBN easing with oil $ would normally help. However with low prices and avengers-wrought low production even now that prices have picked up.... you get this 350-500 per $ nonsense. Altho in a productive place the other side of the equation would normally produce demand for the home currency not allowing it to drop too far. Except it was intentional to make exports cheap ( eg China and Japan) but thats more or less controlled and not severe and abrupt like we have here. Well if you're an exporter you'd be having a ball tho. Your $ can be flipped for more naira .
Moral of the story : Oil is still a crucial part of our workings. We need an inclusive govt to get these disruptions to stop happening.The only way out is INDUSTRIAL productivity.
Note I didnt say agric. crops and other metals arent as big as the oil industry( and labor intensive agric has a production plateau, mechanization requires less than 3% on avg on the fields, so unemployment isnt gonna be solved by that). Platinum , rare earth metals etc or cocoa, nickel bring the largest producers less than 10 billion each annually. Most crops individually less than a billion. That goes no way to filling the 50-100 billion $ a year that oil provides. Concentrated mass Manufacturing beats oil any day !!!!
Regardless I hope I kinda answered a bit of your question.

With all the analysis and explanations provided, may I ask you rhetorical questions?

1.When the chips are down, who has the power to make policies capable of steering the economy towards productivity?

2. If those policies are in place, not as abrupt as our case here, would there be a visible change of fortunes in the economy?

3. Is government of the day excusable from economic management as a primary responsibility?

modik:


With all the analysis and explanations provided, may I ask you rhetorical questions?

1.When the chips are down, who has the power to make policies capable of steering the economy towards productivity?

2. If those policies are in place, not as abrupt as our case here, would there be a visible change of fortunes in the economy?

3. Is government of the day excusable from economic management as a primary responsibility?

Leave all this story you're saying to sound intelligent.

If oil prices and output stay low and we don't move the Nigerian economy away from oil, this recession will continue.

We've had this coming since the 80's and guess what.....its finally here.

ba7man:
Leave all this story you're saying to sound intelligent.

If oil prices and output stay low and we don't move the Nigerian economy away from oil, this recession will continue.

We've had this coming since the 80's and guess what.....its finally here.

Now it is obvious to know that we are in a rudderless ship. So unfortunate that the government of the day is so helpless and cannot manage the economy out of murky waters. What a shame!

The task of moving the economy away from oil rests on the shoulder of the ordinary Nigerian in the streets?

Leadership failure carried over till date has become our bane. Too bad.

modik:


Now it is obvious to know that we are in a rudderless ship. So unfortunate that the government of the day is so helpless and cannot manage the economy out of murky waters. What a shame!

So you think diversification of an economy that has been reliant on oil for around 40 yrs is somthing that will occur in 1yr?

$ 8 billion is required to revive our Steel industry alone.

You better brace yourself for what's ahead.

ba7man:
So you think diversification of an economy that has been reliant on oil for around 40 yrs is somthing that will occur in 1yr?

$ 8 billion is required to revive our Steel industry alone.

You better brace yourself for what's ahead.

.... .. A journey of a thousand miles they say, begins with a stride......Show me a budget that has been designed to address this, even now, and I will agree with you that there is hope for this country and vise versa.

obailala:
In all of these, I find it weird that you have not been able to see or acknowledge the fact that there was a major drop in the forex inflow into the country and that was what ultimately led to the scarcity of forex in the system. You seem to just dwell on the fact that 'Buhari restricted forex supply to the market' without acknowledging the inevitable reasons why.

Are you aware of how fast the foreign reserves were running down between November 2014 and May 2015?... The reserves dropped by $10bn from $38.5bn to $28.5bn within this period, and despite this infused $10bn, the Naira still fell in the black market to N230 because there was still short supply in the market. Meanwhile this was even in a period when oil still sold above $60. Of course when it was obvious that the drop in oil price was not going to reverse, it was inevitable to start restricting what CBN issues to people and to the market, and that was the genesis of forex restrictions.

Let the truth be said that the decline started during Jonathan's regime.
No doubt, oil prices has been the chief contributor to this and the anomaly that is politicians feeding the fx system got shut down. Mind you, it has also exposed heavily how the country is unable to get fx outside of oil.

Now, if Mr Buhari was worth his weight, he'd have mapped out this before coming into power. From their campaign, they made it look like they had confidently drawn up blueprints for productivity in other areas.
Instead, we got infinitely mundane mix and match and match policies especially in the black market. I mean it took quite a few months to employ a Finance Minister despite the seriousness of the economy! (akin to sailing in a storm with no one at the wheels)

Couple this with a relatively lacklustre roadmap to local productivity to ensure exports or at least even seek trade deals to ensure exports if not now even the future.

Instead, he'd managed with his atrocious economics, we have had to ensure a non uniform fx system where few with access to CBN can conveniently benefit to an extremely large extent. He's subsequently then shoved up policies that impacts directly on the most common man by and too slow to implement infrastructures that can spearhead productivity.
The laws for example are terrible for businesses (I run one) yuck!
His knack for arbitrary total bans on items we can not produce to meet demand without extensive government support is dumb.
The result is that with salaries stagnant, we are now seeing majority of the population unable to afford items they need to survive.

BlackBaron:


Let the truth be said that the decline started during Jonathan's regime.
No doubt, oil prices has been the chief contributor to this and the anomaly that is politicians feeding the fx system got shut down. Mind you, it has also exposed heavily how the country is unable to get fx outside of oil.

Now, if Mr Buhari was worth his weight, he'd have mapped out this before coming into power. From their campaign, they made it look like they had confidently drawn up blueprints for productivity in other areas.
Instead, we got infinitely mundane mix and match and match policies especially in the black market. I mean it took quite a few months to employ a Finance Minister despite the seriousness of the economy! (akin to sailing in a storm with no one at the wheels)

Couple this with a relatively lacklustre roadmap to local productivity to ensure exports or at least even seek trade deals to ensure exports if not now even the future.

Instead, he'd managed with his atrocious economics, we have had to ensure a non uniform fx system where few with access to CBN can conveniently benefit to an extremely large extent. He's subsequently then shoved up policies that impacts directly on the most common man by and too slow to implement infrastructures that can spearhead productivity.
The laws for example are terrible for businesses (I run one) yuck!
His knack for arbitrary total bans on items we can not produce to meet demand without extensive government support is dumb.
The result is that with salaries stagnant, we are now seeing majority of the population unable to afford items they need to survive.

Spot on.

But political loyalists would rather absolve the present government and their actions and inactions from the mess we are in.

modik:


With all the analysis and explanations provided, may I ask you rhetorical questions?

1.When the chips are down, who has the power to make policies capable of steering the economy towards productivity?

2. If those policies are in place, not as abrupt as our case here, would there be a visible change of fortunes in the economy?

3. Is government of the day excusable from economic management as a primary responsibility?

Well the govt is supposed to have a plan lol. Not me or you. Regardless Nigeria is really just an oligarchy of notable personalities who have appropriated the voice and welfare opportunities of their ethnolingual groups unto themselves. Until such norms of socio economic and political behavior are overturned it'll be ex army generals like we have now, or a reluctant tool of others e.g Jonathan, heading our affairs.
What happened to Atedo Peterside and Pat Utomi and co....... Simple, they cannot mobilize politically in the present terrain.

Dasuks:


Well the govt is supposed to have a plan lol. Not me or you. Regardless Nigeria is really just an oligarchy of notable personalities who have appropriated the voice and welfare opportunities of their ethnolingual groups unto themselves. Until such norms of socio economic and political behavior are overturned it'll be ex army generals like we have now, or a reluctant tool of others e.g Jonathan, heading our affairs.
What happened to Atedo Peterside and Pat Utomi and co....... Simple, they cannot mobilize politically in the present terrain.

You just emphasised the obvious. Political enthusiasts might not agree with you tho. They prefer to blame every body and everything but themselves and the power brokers. Nigerians know better.

modik:


You just emphasised the obvious. Political enthusiasts might not agree with you tho. They prefer to blame every body and everything but themselves and the power brokers. Nigerians know better.

Same enthusiasts that'll be running left to right when it's their turn to chop but there's nothing to eat because the politics they've played has destroyed the economic base of the nation. The rent-seeking mode of enrichment we have in Naija is stale . I mean ppl are running same gambits that politicians ran in Shagari's time till today. End of the day it's to move the money abroad. Lol, changing it into foreign currency pounds or dollars-propping them up- and wonder why the naira is shit ......
I'll be happy if we had Taiwanese style or Suharto like feudal Lords who invested the bulk of their capital into their respective countries. If you'd be oppressive at least allow growth.....With all the billions stolen the only thing they can boast of is houses in Houston or London or both and elsewhere. No factories for e.g FMCG goods, machinery etc in PH , Lagos, Kano or Ibadan.. No refineries at home, but some abroad. No power generating companies. However they'll never tire to erect white elephant projects.

Even this so called 'industrialization' talk is most likely to be morphed into a race for who has the most factories/projects in their 'zone'. Turnkey projects that will only benefit the foreigners who install the equipment and secure maintenance contracts for their companies. Of course in conjunction with the politicians ad top civil servants. Eventually packing up and leaving a vacuum in the respective locations.
No attention is paid to setting up industry in places that have enabling environments; culture of innovation, import replacing actors, mini industry that can be scaled with the presence of larger actors from which sub functions could be appropriated etc. Without these the factories come into a vacuum, fill it up and due to the very same vacuum do not foster growth, leaving at the quickest sign of cheaper costs elsewhere. Or as is the case in Naija most of the time; bad management.
Lagos-Ibadan Axis, PH-Aba and Nnewi-Onitsha are like the only three I can think of that somewhat reach these parameters. But i dont expect these areas to really get much .lol. NASS boys and girls will always fight for what they feel is their right. Cat blame anybody. Afterall its a zero-sum game. Tho, the gist will remain the same, 'How can Naija move forward?', OR 'Why is naira weak?' lolololol.
Commission of inquiry this, board that....

The question is very simple to answer. It's because we have incompetent set of leaders at all levels, leaders with no foresight or ideas about how to solve political and economic problems. Yes! The price of oil might be somewhat low now but why is it that only the masses has to bear the burden? The global oil price is low but we buy oil at high price...
We don't have constant power supply, yet our government ban the importation of generators even when we can't produce one. And this makes production and manufacturing very expensive and prices of commodities went up.
Our government ban the importation of rice when we are just planning how to grow and make ours eat able.
This government is the biggest joke of the century.