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Nairaland Forum / Nairaland / General / Politics / How Buhari Is Dealing Deadly Blows To The Nigerian Economy. (4430 Views)
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Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by chinchum(m): 3:33pm On Feb 17, 2016 |
PapaBrowne: To what extent do we export refined goods? As to your analogy, do you think a N200/chivita juice before devaluation can still be produced with profit margins of 200/juice after devaluation of naira. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by babyfaceafrica: 3:37pm On Feb 17, 2016 |
urboy1:oga which school did you do ur phd?..and how many phd?.....which country?.....cos someone just finished phd in english from unilag he did not spend up to 5 million |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by PapaBrowne(m): 3:42pm On Feb 17, 2016 |
chinchum: About refineries, I think a short term solution could be to buy or lease existing refineries overseas or enter swap agreements. Ship crude out, get it refined and ship back to base. No much exchange of currency. We save all that 35%. As regards export value vs import value, I think available statistics would indicate that import values might have tanked to a greater degree across board than our exports. 2 Likes |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by chinchum(m): 3:43pm On Feb 17, 2016 |
stevecantrell:Too bad, i assume this forum bestow on you a pseudo anonymity. Why not tell us here how you know ? I am asking you do that because too many people call their gut feelings fact, and it is not necessarily true. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by boneruns(m): 3:46pm On Feb 17, 2016 |
stevecantrell: You're right. I know some that made over 800,000 profit in less than 1 hour. This happened right in my presence. But he was able to access forex because he knew someone at the top, not even CBN. 2 Likes |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by PapaBrowne(m): 3:47pm On Feb 17, 2016 |
chinchum: The price of Chivita is still selling retail at N250. They surely would sell below cost of production. Plus they source majority of inputs locally. If you want a better example, use Dangote cement whose price has actually dropped today vs say 2014. Or commodities we export like cocoa, sesame, cashew et al. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by mrmetoo1: 3:50pm On Feb 17, 2016 |
PapaBrowne: Question though is, is Chivita exported? Even if Chivita sells at 25 cents would that make a difference as far as making it a product other countries want? Honestly, I can't say I know enough but I don't support devaluation because besides oil, I'm not sure we have the products for exportation that devaluation will make more attractive. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by stevecantrell: 3:57pm On Feb 17, 2016 |
boneruns: Oh boy ! Why u sitting on d fence ? Tell ur guy we should collabo ! 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by chinchum(m): 4:08pm On Feb 17, 2016 |
PapaBrowne: Home > Business > Industries > Economy > [size=15pt]Nigeria’s trade balance weakens as oil prices bite This NBS statistics gives the picture. If you said import value has declined, you are right, but you are only half right, because export value has declined way more, no thanks to drop in crude oil price. We export mainly commodities, and close to nil refined goods. Devaluation of the currency will bring further hardship and wont solve the intended problem. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by boneruns(m): 4:10pm On Feb 17, 2016 |
stevecantrell: It isn't that I am sitting on the fence. I don't have the kind of authority he has. He even didn't have to stand up from his desk, even thing was done via exchange of email. Man, the whole thing surprised me because I never imagined such amount could have been made in short period of time. The kind of racketeering going on in forex market can make someone buy choice property in Lagos. Although the method he used was kinda one-off, but I suspect he may have other methods he in his brain bank. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by stevecantrell: 4:15pm On Feb 17, 2016 |
boneruns: Well at least you corroborated my assertion. Money is being made and made big in these hard times. 800k / hour is very modest, going by what we have seen so far. The middle classes who don't have access to these methods, will be decimated if this trend continues and that isn't good for anyone. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by aresa: 4:17pm On Feb 17, 2016 |
2sex: You don't have to support anybody to figure out that Nigerians went to the polls and gave the president a mandate to manage our affairs and this is exactly what he's doing and if for whatever reason you don't agree with his stewardship, you have your constitutional rights to vote him out come 2019, it's called democracy in case you still don't know. Btw. Do you really think I care about whatever insults you stored under your tongue? Please go ahead if you must. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by urboy1: 4:17pm On Feb 17, 2016 |
My brother you funny oo.. this post is about Dollars to Naira... and you dey talk of Unilag... calm ooo..lol.. babyfaceafrica: 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by babyfaceafrica: 4:19pm On Feb 17, 2016 |
urboy1:sowie..u did not specify |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 4:27pm On Feb 17, 2016 |
aresa:how is he doing what he is elected to do? Aside gallivanting around and fighting corruption, I ain't feeling him, dude. Fork off damn it! 3 Likes |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 4:31pm On Feb 17, 2016 |
boneruns:are you saying surprise? Dude, please I beg you move with the jet age. You are still living in the past. Right now, you can make Millions within the shortest possible time if you have the right system. I have seen guys do it. Akin Alabi who own nairbett once did 3Million naira with 12 days, this was before he started Naira bet. I knew of another Nigerian who build a software used by Internet marketers and amassed $80,000 within 2 weeks. Give or take, he made over 70k pure profit from it. The problem is they won't tell you exactly how they do it. Shiiits are happening bro and information is the key. I had to go meet a white guy to explain some part of the process used by the software guy. And I am still digging around. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by aresa: 4:37pm On Feb 17, 2016 |
[s] 2sex:[/s] Unintelligent nonsense.. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by wirinet(m): 4:39pm On Feb 17, 2016 |
PapaBrowne: I am responding to your post because i respect your views a lot, i know you love this country and would like to see it progress, unlike some people who pray day and night to see Buhari fail even if it means the destruction of Nigeria. You do no seem to understand the seriousness of the problems created by PDP 16 years of looting, profligacy and visionlessness. Have you ever heard of the word zugzwang? Zugzwang is a chess position, whereby whichever move you make is a bad move. Nigeria and Buhari is in an economic Zugzwang. Now, what do you think will happen if the naira is allowed to float against other currencies. I think the same 2 scenarios would still play out. If you buy your $10million dollars in January when crude prices was $35 to the barrel and naira was N197 to the dollar, three months later when oil falls to $27, naira might have fallen to N300. You keep forgetting that our main source of foreign exchange is crude and the supply of dollars into the Nigeria market depends on the price of crude. If the naira is allowed to float, it might lead to free fall as lots of speculators would buy and hoard every available dollar in anticipation of the naira falling further, leading to the naira falling further. Remember, crude prices are speculated to fall as low as $20 later this year, so we expect the naira to fall even further. I know Buhari trying to restrict demand for dollars is an exercise in futility, the pressure on the naira is to great and so the more oil prices fall, the more the disparity between the official and parallel markets, the more banks and speculators take advantage to make billions, due to the weak regulatory capacity of CBN. I know Buhari is just bidding for time, hoping that somehow crude prices would rebound to around $40 -$50 per barrel. If it continues to fall, then i am sorry to say, we are in trouble, whether we control or float the naira. 3 Likes 1 Share |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by OreMI22: 5:13pm On Feb 17, 2016 |
Bihari is toooo dumb to understand your scenarios. He believes you can simply order or solve economic problems via military fiat. That is why he is called a dulllard 2 Likes |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 5:40pm On Feb 17, 2016 |
aresa:retarded response. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 5:50pm On Feb 17, 2016 |
aresa:Sliced bread is now 400 Nairal. Something that used to sell for 200. If I swear for you ehen... |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by Bevista: 6:06pm On Feb 17, 2016 |
Your analysis is not entirely correct. The CBN does not just hand out dollars to importers. Most imports are done through LCs (Letters of Credit), and the bank will settle those payments only after there is evidence that the importer has taken delivery of the items. --- It is possible that some roundtripping still exists but clearly not at the exaggerated levels you are trying to portray. --- Finally, I am also a proponent of devaluation, but we all need to be aware of the unintended consequences it will bring. Fuel will become more expensive leading to higher inflation - basically, every item in the market will react instantly once the devaluation is official. There is also the possibility of industrial action from labour unions who will demand wage increase to counterbalance the effect of devaluation and inflation on REAL wage. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by emitope: 6:14pm On Feb 17, 2016 |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by iamodenigbo1(m): 7:09pm On Feb 17, 2016 |
FastShipping:etu te Fastshipping? |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by CyberWolf: 7:42pm On Feb 17, 2016 |
2sex:You wan do round tripping too? .. Bros they will catch you oo and of course, you know what it means to be in EFCC's net this time around |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 8:00pm On Feb 17, 2016 |
CyberWolf:see, I go find way start. Anyway, na way. |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by Bevista: 8:04pm On Feb 17, 2016 |
wirinet:Finally, someone with an objective understanding of the gravity of the situation. A real economic zugzwang, indeed! --- You see, even the Oil price narrative is only one aspect of the story. We must also consider the profit per barrel of crude oil. Say, if our average production cost is ~$25/bbl and oil sells for $50, then we earn a profit of $25. But if oil price falls to $30, then we earn only $5/bbl. So, a 40% drop in oil price leads to an 80% drop in oil revenue. --- The situation is really dire and we are in an economic quagmire. 1 Like |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by CyberWolf: 8:10pm On Feb 17, 2016 |
2sex:Take am easy oo bros unless you are well connected in CBN and your bank otherwise, you will have to answer some questions and you know what that means.. Me self just chill for corner dey observe events first.. 2 Likes |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by 2sex(m): 8:28pm On Feb 17, 2016 |
CyberWolf:yeah... we dey observe and men dey hammer lol |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by OGOg: 8:45pm On Feb 17, 2016 |
Where is 4play when u need him most |
Re: How Buhari Is Dealing Deadly Blows To The Nigerian Economy. by aresa: 9:56pm On Feb 17, 2016 |
2sex: Why are you crying now that bread is N1000? Do you not know that when you steal your treasury dry, when you drain and share your foreign reserve, when you mismanage your resources and when you refused to save your money when you were making $100/per barrel from oil sales for rainy days like today when oil is selling for $27 that there's going to be serious consequences down the road like when bread is going to sell for 400 naira like you are complain now. You sat there like mumu for 16 long years shouting GEJ till 2019 when they were doing serious damage to your economy, while they were looting and sharing your reserve, now you are crying over bread and looking for somebody to blame for your mumuness.. You better wake up and smell the garri, there's no free lunch of free ride after failing to save and prepare for tomorrow, you reap what you sow.. |
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