Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,369 members, 7,954,499 topics. Date: Friday, 20 September 2024 at 08:32 PM |
Nairaland Forum / Nairaland / General / Politics / FG Replies Bill Gates' Comment On Buhari's Economic Plan (48450 Views)
Atiku Reacts To Bill Gates’ Statement Against Buhari’s Economic Plan / Bill Gates: Buhari’s Economic Plan Doesn’t Reflect Needs Of Nigerians / Bill Gates' Buhari Economic Blueprint Statement: Ben Bruce, Reno Omokri React (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by cytell56: 11:15pm On Mar 23, 2018 |
Mophasa: Shithole response 2 Likes |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Sirjamo: 11:21pm On Mar 23, 2018 |
Has the value of the only commodity Nigeria depend on ( crude oil) gone down by half or not? |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Nobody: 11:24pm On Mar 23, 2018 |
pls can anyone sincerely help me to secure a job offer in Canada |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by biztip: 11:27pm On Mar 23, 2018 |
just like every soccer teams have defence so do our fg have her own defence. but in d case of our fg, its porous |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by flamingREED(m): 11:27pm On Mar 23, 2018 |
APC is supposed to be A Newspaper Outlet. 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by grandstar(m): 11:38pm On Mar 23, 2018 |
nextstep: I disagree that once power is constant and plentiful, things will sort themselves out. The biggest drawback facing the Nigerian economy is the extremely high cost of credit. The real sector of the economy such as factories and real estate will continue to underperform. Lending rates of double digits has limited the economy for decades. I am sure if cost of credit was between 5-9% over the past 30years, it would have easily added an extra 2% to the economic growth yearly. An extra 2% would have a transformative change to the country putting the country firmly the middle income status. Per capita income would be between $5,000 - $7,000 rather than the poor $2,000 the nation has today 2 Likes |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Babateemd: 11:38pm On Mar 23, 2018 |
senseless. the guy knows what he has seen and knows the truth. the budget is not same thing as effective money release and spent on purpose. be serious instead of wasting your time to answer. |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Nobody: 11:43pm On Mar 23, 2018 |
iphenon: Have a balance of like 3m and pass ielts, then you are set |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Cjrane2: 11:47pm On Mar 23, 2018 |
Is Bill Gates also a Nigerian? = NO! Is Bill Gates a member of PDP = NO! Is any member of PDP rich enough to bribe Bill Gates = NO! BUHARI IS A TOTAL DISASTER TO NIGERIA 4 Likes |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by CoolAmbience(m): 11:55pm On Mar 23, 2018 |
4kDdullard: Of course, they know better of the Nigerian economy than Mr. Bill Gates. |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by CoolAmbience(m): 11:57pm On Mar 23, 2018 |
Nwaohafia1: How does Bill Gates control the world's economy? You don't seem to have anything to say. |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by bart10: 11:59pm On Mar 23, 2018 |
How can you set out 60 strategies? Idiots |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by SamsonJohn743(m): 12:06am On Mar 24, 2018 |
Nigerian ministry and big gramnar are lije 5/6. |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Macmoni(m): 12:19am On Mar 24, 2018 |
LesbianBoy:dy have igbolize d poor man mtcheeewe |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Kingspin(m): 12:24am On Mar 24, 2018 |
The government reply is simply an essay writing. If you did government at the secondary school level you will easily found more answers there especially at the theory section. 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by Eluwilussit(m): 12:45am On Mar 24, 2018 |
OBAGADAFFI: You dey mind yeye people. Bill Gates for explain am wella for them. Bunch of fraudulent swines. 2 Likes |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by OsamaB: 12:48am On Mar 24, 2018 |
Replies like this are what is resulting to Nigeria ‘s greatest exodus. Why can’t they take correction about their failure? 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by achiever12: 12:59am On Mar 24, 2018 |
BiafranBushBoy: I thought they are treating N-Power people well now? |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by achiever12: 1:01am On Mar 24, 2018 |
CoolAmbience: Bill Gate is the second richest man in the world. Please take some time to think about that. 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by aston406: 1:04am On Mar 24, 2018 |
As stupid as they are, they went as far as replying him |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by udemzyudex(m): 1:13am On Mar 24, 2018 |
OBAGADAFFI: The thing just tire me, ah first it was elrufai, now the FG. I wonder what they are afraid of? |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by slivertongue: 1:16am On Mar 24, 2018 |
Gate talked about deliverables &nt one mundane document. d results in d field are in d negative. nt all can b decieved 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by talk2percy(m): 1:28am On Mar 24, 2018 |
Nwaohafia1:sorry sir, are u asking me? 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by nextstep(m): 1:44am On Mar 24, 2018 |
grandstar: Thank you for your insightful reply. You are absolutely right that the high cost of credit is holding the nation back, and I think government has a role to play in underwriting/guaranteeing lower interest rates for certain sectors of the economy, particularly heavy- (and light-) industry. I too have struggled with trying to work within a system where the credit rate is on average more than 20%. That said, the two underlying factors that determine credit rates are inflation, and ease of doing business. First, the fiscal environment changes from month-to-month (based more on government whims than actual economic theory) that it's hard for a bank to give out loans at (for instance) 9% this year, just to see the real value of their money erode within 1 or two years, during the term of the loan. Not only does the Naira change value wildly (compared to the currencies we exchange to buy industrial and consumer products with), but domestic inflation varies from 14-19% (NBS statistics). At the very least, loan interest rates have to beat inflation and the swinging Naira - hence the double-digit rates we've been experiencing. No bank is going to offer anything below 20% because they are guaranteed to lose; even if they were favourably disposed to losing money, they'd be out of business fast. Note: when inflation was high in the US and UK in the 70's and 80's, interests rates also approached usury; there's nothing a bank can do about that (and frankly it's not their role to regulate inflation) Second, there's quite a lot of friction and uncertainty in the market: one month you can buy petrol under #100, another it's #150 - that is if you can find it. One day you can import plastic parts for #30,000 per kg, next month you need #45,000 for the same - that is if the gov't doesn't ban what you were importing or restrict your access to foreign exchange - often without warning and contracts have been signed. There's no guarantee that you'll have enough energy to produce - or fuel to transport - your products, that is if the roads are good to where you are. All these sources of friction have to be taken into account, and they result in higher costs/interest rates for everybody in the value chain. There are many people who started making things in Nigeria, but because of the power situation (erratic supply, gen, erratic fuel, etc), found it hard to compete with manufacturers where power is plentiful and cheap, just on cost alone. It made more sense to import; and because we import so much (and export practically only oil), our economy is unable to withstand any shock, adding to the friction above. The effects are also felt in storing perishable goods, education, hospitals, general well-being. We are forced to waste so much time and energy procuring power - buying a gen, maintaining it, scouring and queuing for petrol, causing downtimes for all kinds of businesses, which leads to the inflation being high. Manufacturers/sellers/transporters all have to add this friction into their own margins, so guess what - prices get higher. And this is a vicious cycle: if petrol/energy costs more this year, then I need to charge more for what I'm making, whether it's food, medicine, or even my fee for engineering consulting. Even brooms will cost more because the seller needs to pay for more-expensive food and medicines. In summary, if power is regular, relatively cheap, and plentiful, the cost of business will come down, a lot of the frictions and uncertainties will reduce, and as a result year-on-year inflation will also decrease. Banks will try to outdo each other in reducing rates in order to sell loan products (just as the telecoms outdid themselves to lower prices in the past decade). Government can do a lot to hasten the drop in rates/inflation, but by just making power plentiful, they would give the economy a huge boost. 5 Likes 1 Share |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by lexy2014: 3:13am On Mar 24, 2018 |
Fongido:c d way buhari is following bill gates up and down 2 pose& snap pishure |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by vicfajeze: 4:14am On Mar 24, 2018 |
4kDdullard:DONT MIND DEM |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by mikolo80: 4:48am On Mar 24, 2018 |
bill gates wants to enslave you and you are welcoming him very stoopid 4kDdullard: |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by AnodaIT(m): 4:53am On Mar 24, 2018 |
Talking of credit and lending rates, hope you understand that almost 40% of the borrowed money (in some instances) go wasted on power supply to run the factory grandstar: |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by zoedew: 5:41am On Mar 24, 2018 |
Better to have been silent and see what is there to be learnt from his comments. 1 Like |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by tiwiex(m): 5:52am On Mar 24, 2018 |
OBAGADAFFI:They obviously didn't think about it. Na where person get interest everyone go see. The purpose of the ERGP abi Wetin dem call am was never clear to anyone because it was just another government abbreviation. Bill Gates read am come dey wonder Wetin this thing mean. So he tell them Wetin e think say e mean but he no see any reference to human beings inside. Na so Osinbajo come say, na true oh. Ewoo, dem don catch our lie. No, na Lai talk am. Dem come go prepare plenty grammar to explain the ERGP. Even for the explanation, dem still argue say capital expenditure for health increase. The exact problem Bill Gates complain about. Awon olodo. 2 Likes |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by blazesam(m): 5:54am On Mar 24, 2018 |
for some of us that did read economics in sch, education is said to be the bedrock of every society. 2. the state of health wise of the people of a nation determines their productive capacity. WHAT ABOKI IS SEEING WITH THE ALMAJIRI KIND OF EDUCATION, CAN NEVER UNDSTAND BILLS NOTE |
Re: FG Replies Bill Gates' Comment On Buhari's Economic Plan by israelmao(m): 6:06am On Mar 24, 2018 |
Intervention programmes should be in such a way the ones that create lastIng impact not a one-off programme,when people's mental capacities are economically,educationally and socially empowered it brings about lifetime changing effect.This is real human capital. |
CBN FX Scam: Emefiele Ordered My Arrest, Detention For 101 Days - Whistleblower / Edo Election: Excitement Galore At PDP Situation Room In Benin / Banky W Wins PDP Primaries & Reps Ticket For Eti-Osa Federal Constituency
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 66 |