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Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy - Politics (3) - Nairaland

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Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by aceblizzle: 10:00am On May 09, 2016
seyilabi:
No matter what foreign financial institution says about us, am sure Nigeria will be great again.
was Nigeria ever great?

1 Like

Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by slap1(m): 10:01am On May 09, 2016
FxDuke:

which brief years of suffering? is it elites or poor citizens you're reffering to? I dey laff! our leaders have failed to give us quality leadership! instead of simply fixing what needs fixing, they rather go on ego trips...it is not rocket science to turn around the economy! God has given us all the resources needed...people must have to start using their brain the right before any positive change will be seen. until then...
cheers

The poor masses of course! We must be willing to suffer some more while the rich find it hard to cut off their excesses.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by slap1(m): 10:04am On May 09, 2016
seyilabi:
No matter what foreign financial institution says about us, am sure Nigeria will be great again.

Thoughtless comments like this also account to our backwardness. You blindly believe Nigeria will be great when everything suggests otherwise. Faith without works is dead!
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by allCopacetic: 10:04am On May 09, 2016
After hearing CNN mention on two different occasions that Nigeria was one of the countries where the penalty for homosexuality is Death (without reservations)... I stopped believing the shyt from the Western media.
many of these junkie journalists can't even locate Nigeria on a map, but they'll sit in airconditioned offices 10 billion miles across the Atlantic and attempt to tell you the history of Nigeria better than your ancestors.
They just wana sell bad news and paint any African country as horrible as they can. It's mostly hogwash don't believe every crap you hear or read.
Pop quiz my a$$

1 Like

Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by lereinter(m): 10:13am On May 09, 2016
Itulah:
Pop quiz: Which oil rich economy hammered by the global slump in crude is in the throes of a full-fledged economic crisis — complete with rationing, civil strife and runaway inflation stoked by a weak currency?

If you guessed Venezuela, you'd be wrong. Although the South American country teeters on the edge of collapse and fits the above scenario, those same circumstances actually apply to Nigeria. Once a powerhouse of West Africa's economy, the effects of slumping oil prices have converged with mounting security concerns and widespread energy shortages.

The OPEC country, which produces more than 2 million barrels of oil per day, is resorting to rationing crude: In order to fill their tanks, citizens must endure long lines overseen by authorities.

Nigeria "is caught in a macro hurricane," famed short seller James Chanos told the annual Sohn Investment Conference last week. With currency reserves running low, the country could have "a big problem" within a few years, he said. Calling the country "a borderline failed state," Chanos added that he was shorting South African assets, in part because of their exposure to Nigeria.

In the year that Nigerians elected a new president, oil prices collapsed by at least 30 percent. This week, Nigeria's stock market staged a relief rally after the closely watched MSCI Frontier Markets Index decided to keep the country in the benchmark, after warning last month that Nigeria was at risk of being booted from the index.

Still, the outlook for Africa's largest economy remains grim. The extremist group Boko Haram has created significant political and security challenges for the embattled government of Muhammadu Buhari, and raise risks that could hit oil production.

"Nigeria is in trouble," Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview. Amid double-digit inflation, Nigeria's foreign reserves are dwindling as the government races to shore up a swooning currency, the naira.

Using a purchasing power parity metric, Hanke estimates that the country's prices are surging by a whopping 46 percent, far above the official rate of between 11 and 13 percent.

Weak growth — Nigeria's economy expanded by less than 3 percent last year — has done little to curb soaring food prices, which have risen every month since December 2015.

Meanwhile, oil prices remain firmly under $50 per barrel, heightening the risk of what consulting firm PricewaterhouseCoopers noted in a 2015 report could become a "security shock," as weak growth feeds political instability. Currently, the country's 2016 budget assumes an oil price of $38 per barrel.

Razia Khan, chief economist for Africa at Standard Chartered, expects crude will rise later in the year, but growth is likely to remain muted. Khan noted that the International Monetary Fund "expects growth to decline even further in 2016, to 2.3 percent."

Oil gives Nigeria around 95 percent of its foreign earnings. Should crude remain at current levels, PwC expects growth to contract and oil revenues to dwindle to $20 billion. Meanwhile, the currency has already overshot PwC's worst-case forecast for this year, blowing past 320 to the U.S. dollar recently.

"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."

Nigeria still has limited access to capital markets, and a $6 billion currency swap agreement with China may help contain the naira's losses. Yet with oil still hovering near historic lows, analysts are skeptical Nigeria will see a turnaround anytime soon.

"Following a tumultuous year for the naira in 2015 we believe the any recovery in the currency will have to be supported by a marked improvement in the crude oil price," Standard Chartered's Khan said, adding that oil would need to rise to near $55 to offset the effects of an "oversupplied market."

— CNBC's Dawn Giel contributed to this article.

http://www.cnbc.com/2016/05/06/nigeria-goes-from-powerhouse-to-pariah-as-hurricane-hits-economy.html

When was Nigeria a power house, maybe in the 70's ... This oyinbo people self
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by Chukazu: 10:43am On May 09, 2016
this south Africa media always looking for an opportunity to insult Nigeria.
what do they mean by " Power house of West Africa economy? "
didn't we top them to become the power house of "African" economy? why are they equating us with west Africa?
can't they just x-ray our economy without insulting us?
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by Ugosample(m): 11:01am On May 09, 2016
Marlbron:



What kind of stupid news from yellow journalist is this? Is it by force to devalue the naira? Even as it is the naira has been devalued from 150 to 199. What has happened? What has devaluation done for Nigeria other than to increase inflation? Once you devalue, fuel cost and everything goes up!

We have a two tier forex system. That system has limited inflation so far. It will be worse if we devalue further.


The only thing I oppose is allowing Dangote to buy forex for his refinery and factories abroad at government rates. Large investments like refinery should be net forex inflows not drains on our pockets. Why should Nigeria cough out scarce forex for one man to build his factories in different parts of Africa? Are we all working for Dangote?



I appreciate your point; and I understand you.. But you have to understand that this two tiered system does not work very well And as for Dangote, I agree 100% with your submission
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by ANTONINEUTRON(m): 11:03am On May 09, 2016
Ooni:
That is their business

all i know is that ondo produces 1.2 billion barrels of oil per minute

lagos offshore will produce 3 billion barrels of gas every second

ogun has unlimited deposit of uranuim

some people think ekiti produce only banana but ekiti has more gold than south africa and UAE put together

to hell with Niger delta oil. We can stay alone whether the economy is good or bad. I want my fellow sw youths to support me in my clamour for a south west that is not dependent on niger delta oil. I want us to shame the flaatheads
I don't get it

Ekiti have mre gold than S.A


Are humans that daft? That they knw ekiti have mre gold than S.A and mine it


If what u said is true, even gov't don't do jack abt it, before u complete 'Jack Robbinson' white investors mining it.

So stop thinking of yellow elephants possibilities.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by MrDavidson: 11:05am On May 09, 2016
Day in, day out, these people don't want to leave Nigeria alone. None of your epistles and tirades can make us devalue. How does our devaluing help your own situation over there? They're IMF agents.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by piagetskinner(m): 11:10am On May 09, 2016
No mind them... .they re beefing



We will be great Again
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by mrteee: 11:25am On May 09, 2016
allthingsgood:


Well yes, its true that the President "agreed" to take loan from world bank. Its also true that the President signed a powerful agreement with China that will limit the use of dollars in trade. So u can see why the west will not be happy with this. its really common sense. Nigeria's focus is shifting away from America's greek gift.

Ask yourself why the sudden interest in what happens to Nigeria. what is the reason for this write up?? Since all these years of our real challenges, the west[b] never even knew where Nigeria is on the map[/b]. Now that we are no longer solely dependent on them, they have started with their cock and bull stories. the sole purpose of this ridiculous write up is to discourage investors from Nigeria, its not because they like u!

True that. I read a one story in one UK newspaper (online) about a kidnap case in Warri, Delta State, and the newspaper attributed it to boko haram, and I was like "WTF?!! Which slowpoke wrote this story? BH in Warri? what nonsense.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by Goddex: 12:35pm On May 09, 2016
yongnoble:
It seems the wailing has gone international grin

Zombies, Oya over to you. Come and defend the indefensible
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by amtaken(f): 12:38pm On May 09, 2016
I don't care about the article, am telling you what is going on now. I can't be in Owerri. I got a job and family here, do you get?

By the way, where are the Owerri people getting their money for the property boom?

My friends who came back from UK were almost kidnapped in Owerri in January this year. Their SUV car was damaged by bullet.

Abagworo:


The article indicted Jonathan not Buhari. Where do you sell properties? Actually Owerri is booming right now and relocating to that city could help your business.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by Nobody: 12:52pm On May 09, 2016
Category1:
[size=13pt]God will punish b*hari ...I woke this morning to look for fuel, I couldn't find any filling station selling ,I just wasted my money.
Everything in the market are so f*cking expensive, not even that they added little money in it, its high high money. Something selling for 50naira before is now 150naira, what rubbish is that?....and the useless old man can't even tell us what's on ground...his dirty mouth have been shut months now[/size]
sad

Before you abuse Buhari, please abuse Jonathan.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by ReorxTohGan(m): 1:12pm On May 09, 2016
Walahi,i Don Taya For Naija FG!!

Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by ellovee(m): 2:15pm On May 09, 2016
fumisexy:
with time we will surprise other countries
Yes I quite agree with you but with present leadership, it will take decades.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by 735i(m): 2:33pm On May 09, 2016
allthingsgood:
All this attack started the instant we signed agreement with China. The west is scared to their bones to what this deal can achieve. All of a sudden Nigeria is no longer desperate for there slavish loans!


Oga, what useless deal did you reach with China? You better wake up... You're in a sinking ship and all you can notice is colour of another man's boat? undecided
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by allthingsgood: 2:39pm On May 09, 2016
735i:


Oga, what useless deal did you reach with China? You better wake up... You're in a sinking ship and all you can notice is colour of another man's boat? undecided

Shut up!
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by systemz(m): 2:42pm On May 09, 2016
"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by bb6xt(m): 3:01pm On May 09, 2016
Because we refused to be tied to the apron strings of the Breton Woods cabal they have resorted to discrediting us. This administration is saintly in comparison to GEJ's yet they didn't criticize him because they had their stooge (NOI) doing their bidding under him.

By this rash of de-marketing I am convinced that we are on the right path. To PMB's economic team I say more power to your elbow! May God give them wisdom and doggedness to see us through this trying times.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by iykeany: 3:04pm On May 09, 2016
Nigeria will be great again only if we go back to the regional system of government we once practiced. This humongous central system of government foisted on us by the military has done nothing but to create in us laziness in mind by encouraging feeding bottle federating States that can't sustain itself.

We cannot continue to delude ourselves into thinking if corruption is defeated most of our problems will be solved, yes corruption is endemic to every system of government and is injurious to the growth of any state, but corruption thrives because we practice a system of government that encourages stealing, to say the truth corruption will still be perpetrated no matter what, but a workable system whereby every possible loophole that allows for such is blocked i.e prevention rather than curative approach is the best bet to eliminating corruption.

The earlier we come to terms with the reality on ground and the need to find a lasting solution devoid of sentiment and bias(political affiliation and tribal) the better for us.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by deluxez12(m): 3:12pm On May 09, 2016
fumisexy:
with time we will surprise other countries
maybe Zimbabwe
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by bb6xt(m): 3:58pm On May 09, 2016
allCopacetic:
After hearing CNN mention on two different occasions that Nigeria was one of the countries where the penalty for homosexuality is Death (without reservations)... I stopped believing the shyt from the Western media.
many of these junkie journalists can't even locate Nigeria on a map, but they'll sit in airconditioned offices [b]10 billion miles across the Atlantic [/b]and attempt to tell you the history of Nigeria better than your ancestors.
They just wana sell bad news and paint any African country as horrible as they can. It's mostly hogwash don't believe every crap you hear or read.
Pop quiz my a$$

By the time you travel 10 billion miles not only will you be across the Atlantic but you would have left our galaxy!
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by bb6xt(m): 4:00pm On May 09, 2016
allCopacetic:
After hearing CNN mention on two different occasions that Nigeria was one of the countries where the penalty for homosexuality is Death (without reservations)... I stopped believing the shyt from the Western media.
many of these junkie journalists can't even locate Nigeria on a map, but they'll sit in airconditioned offices [b]10 billion miles across the Atlantic [/b]and attempt to tell you the history of Nigeria better than your ancestors.
They just wana sell bad news and paint any African country as horrible as they can. It's mostly hogwash don't believe every crap you hear or read.
Pop quiz my a$$

By the time you travel 10 billion miles not only will you be across the Atlantic but you would have left the Milky Way galaxy!
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by allCopacetic: 5:04pm On May 09, 2016
There's a certain thing called a figure of speech, if you assume a literal interpretation...I can't help you
bb6xt:


By the time you travel 10 billion miles not only will you be across the Atlantic but you would have left the Milky Way galaxy!
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by najib632(m): 5:11pm On May 09, 2016
phayvoursky:
NOW U SEE...

WHERE ARE D GUYS DT VOTED FOR CHANGE?


A POWERHOUSE IS NOW A HOUSE ON FIRE.
Who caused the economy to crumble by buying private jets and not saving anything for the country God will judge all of you that dont want Buhari to succeed may you and your future generations never benefit from change. Amen
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by 735i(m): 5:19pm On May 09, 2016
allthingsgood:


Shut up!

Ode!!! People dey analyse you sef dey open mouth...mtchew
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by bb6xt(m): 5:30pm On May 09, 2016
aceblizzle:
was Nigeria ever great?

My brother, any time people talk of the good old days and being great again I can't help but say "God forbid!". If we've ever been so great then how have we come to this sorry pass? I pray Nigeria become great but I doubt that we've ever really been great before. At least not as great as I hope we should be.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by bb6xt(m): 5:34pm On May 09, 2016
allCopacetic:
There's a certain thing called a figure of speech, if you assume a literal interpretation...I can't help you

Ngwanu you win, carry cup.
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by mark3009(m): 6:12pm On May 09, 2016
Orikinla:
The solution to falling price of oil is simple and can be done and the price will double within 20 days.
What is the solution?
Re: Nigeria Goes From Powerhouse To Pariah As 'hurricane' Hits Economy by tomakint: 8:25pm On May 09, 2016
Ooni:
That is their business

all i know is that ondo produces 1.2 billion barrels of oil per minute

lagos offshore will produce 3 billion barrels of gas every second

ogun has unlimited deposit of uranuim

some people think ekiti produce only banana but ekiti has more gold than south africa and UAE put together

to hell with Niger delta oil. We can stay alone whether the economy is good or bad. I want my fellow sw youths to support me in my clamour for a south west that is not dependent on niger delta oil. I want us to shame the flaatheads
I swear you gonna kill me.....grin cheesy grin

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