wittywriter:
Ok...shoutout to fellow freelance & remote workers earning in dollars.




Wittyness

Olodo, it means that the small $50 you charge will be spent costly

wittywriter:
Ok...shoutout to fellow freelance & remote workers earning in dollars.




Wittyness

What difference does it make? Buying power of the naira falls.

SIRTee15:

Well I will admit this is an area that's grey to me. because I'm not sure if dangote will be purchasing the crude oil from Nigeria within the OPEC allocated quota for Nigeria.
Dangote refinery is meant to consume 600 thousand barrels per day, this is a huge chunk to take off Nigeria's OPEC quota when she barely produce up to 1.2-1.6 millions barrels per day.
However, remember dangote will also export refinery products- petroleum, diesel and by-products. He's not only going to sell to Nigerians. That would definitely help boost the Forex reserve.

The money they are Looting alone if they use it in Nigeria, oh my gawd, there will be marked improvement.

1m dollars is now 1billion naira

Nigeria is in dire need of dollars while Norway, which has the same oil production capacity as the country, saw its oil funds post a gain of $142.65 billion in the first half of 2023.

Norway’s sovereign wealth fund, a national savings pot designed to help the country prepare for life after oil, has announced a huge boost of $142.65 billion from the AI-driven tech surge in the first half of 2023, putting the investment titan back on track after one of its worst years ever.

Norway’s $142.65 billion gain is three times Nigeria’s 2023 budget of $49 billion (N21.83 trillion), according to BusinessDay’s calculation.

If we were producing crude and also refining imagine what the revenue will be like.

Nawao....

Na only God fit save this country

Ebola is working
Sad west ronuus are enjoying like never before kudos!

UnknownT:
You rushed and devalued the Naira without the attendant indices to make it stable at that price. You never made any attempt to increase our export but you rushed and removed the peg. Same way you rushed to remove subsidy instead of first tackling the corruption in the subsidy regime to get the accurate number of liters we consume daily.
These 2 acts are just to show how lazy and wicked our leaders can be. Because it is only a lazy and wicked person seeking for an easy way out will carry such actions without thinking about the adverse effect they will have on its citizens

Tinubu didn't devalue the naira. There is a formula that determines the power of every currency. The currency of a country is a certificate of the amount of wealth that is available in the foreign reserves of the said country. So if the amount of wealth in the foreign reserves of a nation is low, subsequently their currency will be weak

SIRTee15:

Well I will admit this is an area that's grey to me. because I'm not sure if dangote will be purchasing the crude oil from Nigeria within the OPEC allocated quota for Nigeria.
Dangote refinery is meant to consume 600 thousand barrels per day, this is a huge chunk to take off Nigeria's OPEC quota when she barely produce up to 1.2-1.6 millions barrels per day.
However, remember dangote will also export refinery products- petroleum, diesel and by-products. He's not only going to sell to Nigerians. That would definitely help boost the Forex reserve.

To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 15% of petrol cost.. that's something really but not much. So the refinery alone is not the All in all solution to d fx crises.. Many other things to be done!!

@VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare.

Terrible

Wellness77:

Tinubu didn't devalue the naira. There is a formula that determines the power of every currency. The currency of a country is a certificate of the amount of wealth that is available in the foreign reserves of the said country. So if the amount of wealth in the foreign reserves of a nation is low, subsequently their currency will be weak

I remember when dollar went as low as 130 dollars Jn 2014. That was GEJ. Everyone was enjoying 4 to 5% GDP. What happened after that? Nigerians especially the northerners, yoruba are disgraceful.

Make una enjoy una 1% GDP

being:

To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 10% of petrol cost.. that's something really but not much at all!

@VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare.

You prefer he use dollars to buy crude outside? Do you guys think at all?

OkCornel:
Well…we gotta cut down imports and be more productive as a nation.

We got no business importing fuel, wheat, rice, palm oil, stock fish, steel and steel related products, rubber etc

Bubu led the way by rearing cattle.....
O ye to your agbado tents......
Instead of putting the grease inside the pan to make it hot, we are hailing the wind who is stylishly putting out the fire

benalvino3:


I remember when dollar went as low as 130 dollars Jn 2014. That was GEJ. Everyone was enjoying 4 to 5% GDP. What happened after that? Nigerians especially the northerners, yoruba are disgraceful.

Make una enjoy una 1% GDP

Exactly!
I think it is their party called APC that is probably responsible for the tumbling economy

See below what these guys did to our dear country

grandstar:


Taxation is important but you're exaggerating things here. The present government has plans to prune the number of taxes present in the country from 52 to 10. So, I

In today's world, you don't go far without globalization. The reason why the Naira is tumbling is due to a lack of dollars.

Foreign investment is a must considering that cost of credit (loans) is quite dear and even scarce. Soludo said that foreign investment amounting to 5% of GDP yearly for 5 years consecutively would lead to the economy overheating.

It is absolutely needed for him to drum up investment into the country. That doesn't mean he is ignoring the troubles at home. The "removal" of the fuel subsidy and attempt to unify rates are far reaching actions to indicate he isn't ignoring the local economy.

For instance, NDDC is planning to build 9 industrial estates in the states it covers.

Also, Buhari chased away many foreign investors from the country, Shoprite being the foremost example. These foreign multinationals contribute massively to the economy.

The challenges on ground are huge. Lamido Sanusi alleged that the CBN under Emefiele printed 22 trillion Naira. This alone is scary.


Tinubu does not have to run everything. That is why he has an economic team.

Mr. Rice bandit rest

grandstar:


Taxation is important but you're exaggerating things here. The present government has plans to prune the number of taxes present in the country from 52 to 10. So, I

In today's world, you don't go far without globalization. The reason why the Naira is tumbling is due to a lack of dollars.

Foreign investment is a must considering that cost of credit (loans) is quite dear and even scarce. Soludo said that foreign investment amounting to 5% of GDP yearly for 5 years consecutively would lead to the economy overheating.

It is absolutely needed for him to drum up investment into the country. That doesn't mean he is ignoring the troubles at home. The "removal" of the fuel subsidy and attempt to unify rates are far reaching actions to indicate he isn't ignoring the local economy.

For instance, NDDC is planning to build 9 industrial estates in the states it covers.

Also, Buhari chased away many foreign investors from the country, Shoprite being the foremost example. These foreign multinationals contribute massively to the economy.

The challenges on ground are huge. Lamido Sanusi alleged that the CBN under Emefiele printed 22 trillion Naira. This alone is scary.


Tinubu does not have to run everything. That is why he has an economic team.

Still playing sycophantic songs for president.

No FDI will come when FX payouts to UAE and foreign airlines have been stallled. Oyibo investors arent stooopid.
-No FDI when national grid has collapsed.
-No FDI when there is no security of lives and property.
-No FDI when there is no middle class. We have rich and poor in Naija. Current increases in fuel prices and FX have eroded the purchasing power of average Naija.
- Shoprite didnt leave Naija entirely… they sold to Naija entire.

If the president can focus on power and security alone… local smes can jumpstart the economy.
Stop blaming GMB, BAT enthroned him and stood behind him and his policies for 8yrs. Stop insulting our intelligence..

lexy2014:


how many taxes has Tinubu reduced from 52 to 10?

why is the naira tumbling due to lack of dollars? why is there no dollars?

does Tinubu need to "drum up investment into the country" before the investment will come? is that how investment comes into a country?

since he did all the "drumming", which investment has come?

what benefits has accrued to Nigerians since the "removal" of fuel subsidy and the unification of the exchange rates?

pls what is "NNDC"?

which plan are they planning? what stage of their plan are they in right now?

you said "Buhari chased away many foreign investors from the country" and it is only shoprite you could mention.

by the way, didnt you support buhari for 8years?

One problem I hv with some Yoruba supporters. Some of them like shifting goal post. They blindly supported buhari for 8 fucking years of tears and sorrows and dis idiot is here blaming buhari. Same buhari that blamed PDP

being:

To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 15% of petrol cost.. that's something really but not much. So the refinery alone is not the All in all solution to d fx crises.. Many other things to be done!!

@VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare.

Ok let's agree on crude FX loss. because it's likely dangote will buy from what Nigeria produce. NNPC and other oil companies cannot suddenly start producing more crude oil simply because Dangote is asking for crude oil. He will simply buy from available crude oil Nigeria has been able to produce which is at most 1.6 million barrels per day ATM.

However, the focus is taking pressure off the naira. Yes Forex within CBN will reduce but so also will be the demand. If the demand goes down there will no pressure on the naira, it will finally be able to breathe.

As I said earlier, the refinery will help boost the Forex via exportation of refined products.

As for more needs to be done. I 100% agree, but nothing will be done. Diversification is good on paper but implementation is a different ball game all together.
Nigeria does not have what it takes to export any product globally at a competitive rate. What needs to be done to make that happen is beyond the capability of the clueless politician in abuja.
Our best bet is to focus on our comparative advantage which is crude oil and it's refined derivatives.
That's the truth.

benalvino3:


I remember when dollar went as low as 130 dollars Jn 2014. That was GEJ. Everyone was enjoying 4 to 5% GDP. What happened after that? Nigerians especially the northerners, yoruba are disgraceful.

Make una enjoy una 1% GDP

Mostly Yorubas they are very very disgraceful. Bcs they live with propaganda,

festacman:
Mr. President,
- Focusing on taxation without any clear plan to boost the productive capacities of existing businesses as well as create enabling environment for new businesses to create jobs is antithesis of economic growth. No economy grows on taxation alone.

- Leave the pursuit of FDIs for now. Come home and rebuild the building blocks of the economy.

- Quit wooing UAE like a beautiful bride. Come home and focus on wooing local investors to invest in sundry areas of the economy.

- Forget the beautiful speech at UNGA. Come home and give beautiful economic roadmap.

- Forget ringing bell at NASDAQ stock market. Come home to ring the bell of local industries and SMEs by carefully packed incentives and ease of doing business initiatives.

- Run back back home and roll out your all-encompassing economic plan to revitalize the economy as contained in your manifesto.

- Quit chasing shadows. Go after the substance for time is running out.

- There is fire on mountain at home. Run home and quench it, my president.

Please, who are you and where are you?

I don't care about your political leanings, let me host you. I reside in Abuja and I'm a very concerned Nigerian youth. Let us have beers together. Let us trade ideas. Let me know you. We both will never regret it. I promise you, with this audacity and intelligence you have to address issues bluntly, I'll be your very good friend and we'll both like this friendship.

Please mail me!

They keep saying dollars is scarce. What of the $3 billion loan NNPCL took earlier this month? Why didn't that have an effect on the exchange rate? I don't understand this upside down economic system we are practising.

To you all expecting Dangote refinery to solve our dollar crises, have your forgotten the kind of country we are in? Instead of Naira to appreciate, it might even go higher and some idiots in suits will come outside to blow confusing grammars to explain why it happened like that. Nigeria matter no dey suprise me again, I have given up hope on things getting better in the country.

Kaycee9242:
See where hitting the ground running landed us, so Buhari is far better than this man

the CBN is busy PRINTING Trillions of naira - excess liquidity with no substance backing it up and the excess trillions of naira being

printed by Tinubu is being changed into DOLLARS, POUNDS and EUROS --------- the TINUBU people to loot millions mortgaging the whatever

is left of the country as NIGERIA runs into BANKRUPTCY

THIS IS WHY HE WANTED TO BE PRESIDENT - BEFORE THE END OF 2023 - HE WOULD HAVE PRINTED 999 TRILLION CONVERTED TO DOLLARS

very soon - no one will accept naira again even within Nigeria ----- NEXT TIME - VOTE YOUR TRIBE and RELIGION AND ALLOW A KNOWN

CRIMINAL ACCESS TO THE FEDERAL TREASURY - ONA MUST HEAR WORD ---- YESTERDAY I PREDICTED IT WILL BE $1= N5,000 by DEC 2024

Kaycee9242:
See where hitting the ground running landed us, so Buhari is far better than this man

the CBN is busy PRINTING Trillions of naira - excess liquidity with no substance backing it up and the excess trillions of naira being

printed by Tinubu is being changed into DOLLARS, POUNDS and EUROS ---------FOR the TINUBU people to loot millions OF $$$- THEREBY

mortgaging whatever is left of the country as NIGERIA runs into BANKRUPTCY THIS WHY $$$ IS RISING - fake trillions of naira

is being used to chase few dollars available - fake because it lacks substance, it lacks oversight, it lacks purchasing power

THIS IS WHY HE WANTED TO BE PRESIDENT - BEFORE THE END OF 2023 - HE WOULD HAVE PRINTED 999 TRILLION CONVERTED TO DOLLARS

very soon - no one will accept naira again even within Nigeria ----- NEXT TIME - VOTE YOUR TRIBE and RELIGION AND ALLOW A KNOWN

CRIMINAL ACCESS TO THE FEDERAL TREASURY - ONA MUST HEAR WORD ---- YESTERDAY I PREDICTED $1= N5,000 by DEC 2024

SIRTee15:


Ok let's agree on crude FX loss. because it's likely dangote will buy from what Nigeria produce. NNPC and other oil companies cannot suddenly start producing more crude oil simply because Dangote is asking for crude oil. He will simply buy from available crude oil Nigeria has been able to produce which is at most 1.6 million barrels per day ATM.

However, the focus is taking pressure off the naira. Yes Forex within CBN will reduce but so also will be the demand. If the demand goes down there will no pressure on the naira, it will finally be able to breathe.

As I said earlier, the refinery will help boost the Forex via exportation of refined products.

As for more needs to be done. I 100% agree, but nothing will be done. Diversification is good on paper but implementation is a different ball game all together.
Nigeria does not have what it takes to export any product globally at a competitive rate. What needs to be done to make that happen is beyond the capability of the clueless politician in abuja.
Our best bet is to focus on our comparative advantage which is crude oil and it's refined derivatives.
That's the truth.

what about tourism?
If that desert rocky terrain country that equally has same crude oil could do it, then we too can

Nazgul:
I want to ask...

Aside crude oil, what else does Nigeria export. Cos the way our naira is diving downwards, it's almost as if we export nothing.

Why can't Tinubu diversify the economy. Shebi they said gold is in zamfara, why not export it in large quantity and get forex?

We have tons of agricultural raw materials the world needs, like Cocoa, cashew, cotton, millet, rubber...etc.

What's with the absolute dependence on crude oil, why not invest in agriculture and export these raw materials to countries that need them?

because it takes no effort to get it and steal the proceeds

crude rushes like a tap from oil platform - except where there is vandalization - its just like little maintenance which is contracted out to
foreign companies - so you just sit down and vessels come - fill up and you receive tens of millions of dollars alert for the day - and they (the so called owners of Nigeria gather to steal - and that's all - easy money have blocked their reasoning faculty and its oil and no other thing ever

980 kee u dia! Up up up dallar! Is 1000 okay! Nooooooo

IamAsiri:


And how much is the local rice that is not being imported? What's the cost of plastics made in Nigeria compared to their imported counterparts? Are they cheaper? Are their prices reasonable even if they are cheaper?

Ok, let’s import everything and expect the Naira to appreciate in value ✌️

BoldBrainz:


Please, who are you and where are you?

I don't care about your political leanings, let me host you. I reside in Abuja and I'm a very concerned Nigerian youth. Let us have beers together. Let us trade ideas. Let me know you. We both will never regret it. I promise you, with this audacity and intelligence you have to address issues bluntly, I'll be your very good friend and we'll both like this friendship.

Please mail me!

Thanks bro for kind words but Nairaland operates on basis of anonymity and it has been so over the years. I would prefer it stays.

BigIyanga:

Still playing sycophantic songs for president.

No FDI will come when FX payouts to UAE and foreign airlines have been stallled. Oyibo investors arent stooopid.
-No FDI when national grid has collapsed.
-No FDI when there is no security of lives and property.
-No FDI when there is no middle class. We have rich and poor in Naija. Current increases in fuel prices and FX have eroded the purchasing power of average Naija.
- Shoprite didnt leave Naija entirely… they sold to Naija entire.

If the president can focus on power and security alone… local smes can jumpstart the economy.
Stop blaming GMB, BAT enthroned him and stood behind him and his policies for 8yrs. Stop insulting our intelligence..

What you have said is quite true.

But are you being fare to the government? Please note I am apolitical.

The mess on ground is overwhelming, is daunting. Yes, Tinubu hypocritically frustrated Jonathan's effort in 2012 to remove fuel subsidies. He did play a big role bringing Buhari to power and endorsed him for a second despite knowing he was a disaster.

Wingeing and whining about the past isn't the solution. The economy needs to be brought back to life.

The fact that Charles Soludo and NOI have both endorsed his policies is an indication he is on the right. Rome wasn't built in a day.

An economist here who has worked on privatizations overseas says it takes a year to get one done. Meanwhile, you're expecting miracles overnight.

Tinubu biggest gaffe so far is the nomination of Oluyemi Cardoso for the post of CBN governor. He isn't an economist and the post demands one with a PHD.

As I said, I'm apolitical. I'm more policy focused.

We will be alright!

The President rand the bell at the New York Stock Exchange so dollars will soon start flooding the country.

Iree o! You will all learn...you think leading a country is as simple as balablue or "Gazelle garagara" as one compound idiot here was trying to explain the meaning.

OkCornel:


Ok, let’s import everything and expect the Naira to appreciate in value ✌️

Too bad you can't answer my questions objectively.

Again, how has buying made-in-Nigeria goods helped our economy with rice as the major point of discussion?

Nazgul:
I want to ask...

Aside crude oil, what else does Nigeria export. Cos the way our naira is diving downwards, it's almost as if we export nothing.

Why can't Tinubu diversify the economy. Shebi they said gold is in zamfara, why not export it in large quantity and get forex?

We have tons of agricultural raw materials the world needs, like Cocoa, cashew, cotton, millet, rubber...etc.

What's with the absolute dependence on crude oil, why not invest in agriculture and export these raw materials to countries that need them?

You are very wrong!

We export church branches world wide!

Cantonese:
995 today.

APC in eight years brought this country to its knees. The desperado who wanted the Presidency by all means, brought one baba back, who was tending to his cows in his village. They hounded GEJ out of office and took over. They claimed to know all, deceiving their bewitched and easily gullible supporters. Now every morning, all we hear are stories of hardship piling on their same bewitched supporters. Notice that they have not made one single comment for days, concerning the very glaring failure of their principal.

Na here everybody dey.

Them even wear Buhari a coat and tie during the campaign!

Can you imagine!

grandstar:


Taxation is important but you're exaggerating things here. The present government has plans to prune the number of taxes present in the country from 52 to 10. So, I

In today's world, you don't go far without globalization. The reason why the Naira is tumbling is due to a lack of dollars.

Foreign investment is a must considering that cost of credit (loans) is quite dear and even scarce. Soludo said that foreign investment amounting to 5% of GDP yearly for 5 years consecutively would lead to the economy overheating.

It is absolutely needed for him to drum up investment into the country. That doesn't mean he is ignoring the troubles at home. The "removal" of the fuel subsidy and attempt to unify rates are far reaching actions to indicate he isn't ignoring the local economy.

For instance, NDDC is planning to build 9 industrial estates in the states it covers.

Also, Buhari chased away many foreign investors from the country, Shoprite being the foremost example. These foreign multinationals contribute massively to the economy.

The challenges on ground are huge. Lamido Sanusi alleged that the CBN under Emefiele printed 22 trillion Naira. This alone is scary.


Tinubu does not have to run everything. That is why he has an economic team.

Tinubu's economic team is too top heavy with his Lagos and yoruba crowd, he should widen it slightly......nobody knows it all, no tribe knows it all!