I found this reading very interesting

Please read this long presentations of CBN Gov

*Mr. Godwin Emefiele’s Report: Quote*

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.

Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because the Naira was now exchanging at 309 or so to the USD.

“That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term.

If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

“The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc? Let me bring that closer home.

“There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by the DAMAGING Indigenization Decree, has been the creation of us Nigerians.

Back then we had a booming economy.
We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world.

Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange.

Even Nigerian schools were foreign exchange earners because they attracted foreign students.

“We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars.

We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports.

We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.

In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’.

Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

“Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything.

Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.

“Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc.

We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind.

Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.“We are no longer top exporters of anything and the demise of oil means we have zilch… zero.

A country of 170M fashion-
conscious people has no textile industry. We take delight in showing how our made-in- Switzerland Aso Ebi is different class to everyone else’s.

When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level” music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.

“As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.

“And we Nigerians make it a
special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas. I could go on and on, but I don tire.

Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there.

“Just continue to wear your Armani gear and Swiss-made
lace, continue to spend your
money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC – Nigeria’s most successful club – not having a
sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo .

“Don’t curtail your interest in
choice wines ( we were the
number one champagne
consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricular.

“Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer.
Stock up on your Italian,
American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.

“Don’t even consider holidaying in Nigeria, it’s too dangerous – you have to fulfill your dream of being Nigeria’s Henry Ford.

Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly.

“Finally keep letting corrupt leaders who have looted your
commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyinbo. But don’t forget that there is a payback time:

Worth sharing again.

I must equally add,

Tell them we are praying over them

We've been living in a bubble. A fake rent seeking economy

We all contributed to the current state of the nation.

The last useless govt did not help the situation.It never saved and looted the little that was saved.

UK, other European countries and US educational institutions keep coming to Nigeria to ''market'' us, for us to attend their schools, further helping them to sustain their own economy. We import anything and everything from China, including rechargeable lamps that primary school students are manufacturing in China.

True talk

What a Pitiable situation we have found ourselves.

I'm less than 27 years old and I can bodly say, I knew of a better Nigeria while growing Up!!

Some people will still criticize him, I was telling someone not to expect the naira to exchange for even N300/$ again, it is what will force us to look inward which is already happening. Our insatiable taste for foreign goods is the bane of our current crisis.

segefx:
I found this reading very interesting

Please read this long presentations of CBN Gov

*Mr. Godwin Emefiele’s Report: Quote*

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.

Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because the Naira was now exchanging at 309 or so to the USD.

“That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term.

If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

“The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc? Let me bring that closer home.

“There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by the DAMAGING Indigenization Decree, has been the creation of us Nigerians.

Back then we had a booming economy.
We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world.

Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange.

Even Nigerian schools were foreign exchange earners because they attracted foreign students.

“We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars.

We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports.

We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.

In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’.

Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

“Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything.

Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.

“Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc.

We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind.

Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.“We are no longer top exporters of anything and the demise of oil means we have zilch… zero.

A country of 170M fashion-
conscious people has no textile industry. We take delight in showing how our made-in- Switzerland Aso Ebi is different class to everyone else’s.

When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level” music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.

“As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.

“And we Nigerians make it a
special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas. I could go on and on, but I don tire.

Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there.

“Just continue to wear your Armani gear and Swiss-made
lace, continue to spend your
money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC – Nigeria’s most successful club – not having a
sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo .

“Don’t curtail your interest in
choice wines ( we were the
number one champagne
consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricular.

“Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer.
Stock up on your Italian,
American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.

“Don’t even consider holidaying in Nigeria, it’s too dangerous – you have to fulfill your dream of being Nigeria’s Henry Ford.

Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly.

“Finally keep letting corrupt leaders who have looted your
commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyinbo. But don’t forget that there is a payback time:

Worth sharing again.

I must equally add,

these are raw facts, am I permitted to copy and republish? if course not without citation.

segefx:
I found this reading very interesting

Please read this long presentations of CBN Gov

*Mr. Godwin Emefiele’s Report: Quote*

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.

Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because the Naira was now exchanging at 309 or so to the USD.

“That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term.

If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

“The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc? Let me bring that closer home.

“There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by the DAMAGING Indigenization Decree, has been the creation of us Nigerians.

Back then we had a booming economy.
We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world.

Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange.

Even Nigerian schools were foreign exchange earners because they attracted foreign students.

“We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars.

We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports.

We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.

In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’.

Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

“Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything.

Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.

“Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc.

We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind.

Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.“We are no longer top exporters of anything and the demise of oil means we have zilch… zero.

A country of 170M fashion-
conscious people has no textile industry. We take delight in showing how our made-in- Switzerland Aso Ebi is different class to everyone else’s.

When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level” music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.

“As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.

“And we Nigerians make it a
special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas. I could go on and on, but I don tire.

Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there.

“Just continue to wear your Armani gear and Swiss-made
lace, continue to spend your
money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC – Nigeria’s most successful club – not having a
sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo .

“Don’t curtail your interest in
choice wines ( we were the
number one champagne
consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricular.

“Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer.
Stock up on your Italian,
American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.

“Don’t even consider holidaying in Nigeria, it’s too dangerous – you have to fulfill your dream of being Nigeria’s Henry Ford.

Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly.

“Finally keep letting corrupt leaders who have looted your
commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyinbo. But don’t forget that there is a payback time:

Worth sharing again.

I must equally add,

God bless you for this insightful writeup.Before you know some disgruntled low brain bigots will see no truth in this

Since I read about the Russian rouble crisis of 1998 last week,my resolve to continue to support this administration was greatly strengthened.The president and emefiele are actually trying their best,considering the various factors on ground.If you read the Russian rouble crisis of 1998,you will realise that this govt is actually doing a great Job.

If only we all can remove hatred and sentiments from they way we reason then we will know that every one of us is contributing in one way to killing our economy by ourselves.

It is true we all want change but,are we willing to make sacrifices for that change?When I read through comments on Nairaland and other social networks I can't help but SMH at our level of reasoning all because of sentiments,religion, tribe and political affiliations.

May God help us.

Realdeals:
Some people will still criticize him, I was telling someone not to expect the naira to exchange for even N300/$ again, it is what will force us to look inward which is already happening. Our insatiable taste for foreign goods is the bane of our current crisis.

Saudi Arabia is an importer of everything except petroleum products and they are better than us. We just need to stop importing petroleum products. That is why I remain angry with the occupiers of naija in 2012 they were misguided by those in power today. If not, we would have moved passed this stage.

Jorussia:
Since I read about the Russian rouble crisis of 1998 last week,my resolve to continue to support this administration was greatly strengthened.The president and emefiele are actually trying their best,considering the various factors on ground.If you read the Russian rouble crisis of 1998,you will realise that this govt is actually doing a great Job.

Pls can you share the link where I too can read it?thanks.

see them na the cones wrecked our economy finish.

Was it not awolowo that suggested the indigenization decree to gowon after the war so as to taunt igbos and remove igbos economic influence in the country seeing that we cant purchase any company with 20 pounds? THE CONES CANT MANAGE ANYTHING. COMPARE JONATHANS ECONOMY RAN BY IGBOS AND BUHARIS ECONOMY RAN BY THE CONES AND SPOT THE DIFFERENCE!

THE CONES CANNEVER BE A WORTHY REPLACEMENT TO THE ECONOMIC PROWESS OF IGBOS. SO BUBU BE WISE AND DO THE NEEDFUL?

And some fool named his dog Buhari..this is total lack of respect for elders...I wish someone someone called his father Papa Ajasco, he would like it..

Spread this message! GBAGAM! REAL TALK!

This still doesnt change the fact that the CBN allows too many anomalies in our society. Lets not be quick to blame importation and use it as excuses for CBN's failure. Some of us that don't have short memories cant be fooled.

There are many countries who import more than us, but do better because they dont permit such anomalies to obtain.
Was it not cBn that ignored everyone when banks were corruptly selling dollars at N320 and buying same dollars at N198?
Was it not CBN that supervised disbursing of dollars through backdoors during the elections? Why didnt they cry out?
Can the CBN come clean on how bdcs were allocated foreign currencies?
Is it not CBN that re-introduced all sorts of unscrupulous bank and ATM CHARGES even when our economy was still relatively stable?

We know nigerians need to cut down desire for foreign products, but cbn should also be ready to live up to its responsibilities. Rather than throwing blames at nigerians.

tuniski:

Saudi Arabia is an importer of everything except petroleum products and they are better than us. We just need to stop importing petroleum products. That is why I remain angry with the occupiers of naija in 2012 they were misguided by those in power today. If not, we would have moved past this stage.

It is wrong to compare Saudi Arabia with Nigeria, their population is about 31,000,000 that's 1/6 of ours, they earn 2x if not 3x of what we earn from crude and the Forex they earn in from tourism alone is probably more than what we earn from crude oil, so they can afford to import everything. They do not have a National assembly that collect about 15% of revenue and were able to curb corruption.

Realdeals:


It is wrong to compare Saudi Arabia with Nigeria, their population is about 31,000,000 that's 1/6 of ours, they earn 2x if not 3x of what we earn from crude and the Forex they earn in from tourism alone is probably more than what we earn from crude oil, so they can afford to import everything. They do not have a National assembly that collect about 15% of revenue and were able to curb corruption.

The overriding factor is that they don't import petroleum products. Population,tourism,national assembly and corruption are relative.

SuperS1Panther:
We all contributed to the current state of the nation.

The last useless govt did not help the situation.It never saved and looted the little that was saved.

UK, other European countries and US educational institutions keep coming to Nigeria to ''market'' us, for us to attend their schools, further helping them to sustain their own economy. We import anything and everything from China, including rechargeable lamps that primary school students are manufacturing in China.

The problem with the last government was insincerity. They tried to give an impression of good economy because of 2015 elections leading to so many cover ups and economic errors. However I believe this Buhari government is the most sincere in our history and will put us on a path to sustainable economic development.

We can start lifestyle adjustment now to save our economy from collapse.

Realdeals:


It is wrong to compare Saudi Arabia with Nigeria, their population is about 31,000,000 that's 1/6 of ours, they earn 2x if not 3x of what we earn from crude and the Forex they earn in from tourism alone is probably more than what we earn from crude oil, so they can afford to import everything. They do not have a National assembly that collect about 15% of revenue and were able to curb corruption.

Saudi Arabian economy has more issues than Nigeria today. That explains why we should appreciate the reduced impact of the oil crash on Nigeria which has far more natural problems than Saudi Arabia.

Watch the ugu Republicans rip you apart with senseless and illogical assertions..

segefx, tell me, can I share this in my blog?

I may need your social media username(s) as reference.

Thank u

segefx:
I found this reading very interesting

Please read this long presentations of CBN Gov

*Mr. Godwin Emefiele’s Report: Quote*

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.

Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because the Naira was now exchanging at 309 or so to the USD.

“That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term.

If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

“The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc? Let me bring that closer home.

“There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by the DAMAGING Indigenization Decree, has been the creation of us Nigerians.

Back then we had a booming economy.
We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world.

Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange.

Even Nigerian schools were foreign exchange earners because they attracted foreign students.

“We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars.

We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports.

We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.

In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’.

Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

“Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything.

Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.

“Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc.

We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind.

Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.“We are no longer top exporters of anything and the demise of oil means we have zilch… zero.

A country of 170M fashion-
conscious people has no textile industry. We take delight in showing how our made-in- Switzerland Aso Ebi is different class to everyone else’s.

When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level” music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.

“As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.

“And we Nigerians make it a
special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas. I could go on and on, but I don tire.

Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there.

“Just continue to wear your Armani gear and Swiss-made
lace, continue to spend your
money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC – Nigeria’s most successful club – not having a
sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo .

“Don’t curtail your interest in
choice wines ( we were the
number one champagne
consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricular.

“Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer.
Stock up on your Italian,
American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.

“Don’t even consider holidaying in Nigeria, it’s too dangerous – you have to fulfill your dream of being Nigeria’s Henry Ford.

Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly.

“Finally keep letting corrupt leaders who have looted your
commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyinbo. But don’t forget that there is a payback time:

Worth sharing again.

I must equally add,

op don't forget we loaded our purse with $ instead of ₦! although this is a good write-up but there is a tremendous monetary misappropriate that must be blame on CBN;
look:
At this critical economics situation in Nigeria, any office holder performed bellow expectation must be fired, Emefiele is biased, he give full support to the traders which squandered the mediocre income of poor, and also lead to the depreciation of Naira all blame on inflation! if the CBN sided the traders(sellers) upon the buyers then CBN is intentional killing ₦aira. Rule of market stated that,the seller protected the value of commodities while the buyer protected the value of money(₦) CBN is the referee! why CBN backing the traders upon the consumer?:

At 21st century Nigerian is still yet to know how monetary system function, in the market trade is in all form of arrangement in transactions, although in any sound economics nation, transaction done to the nearest centimes, the buyer negotiates to the smallest amount he preferred the goods worth, and the seller bid for the highest price possible! when they get to the acceptable price, then that's the price of the goods and also the real value of the money paid!
To let this work,the money used in transaction must be in the smallest denomination to the price of the smallest goods in the market of a given nation! The higher denomination in market force the price of the commodities upon the real value of the goods hereby rendered the money valueless, also the effect of no change leading to cheating and violated the rules of market, in which only negotiation--bid can determine the real price of any commodity!
In Nigeria market today the seller had been raised upon the buyer, they were the market gods, this is unfair and it's rendered the money valueless because, when goods value is protected by the seller, the value of the money is protected by the buyer! that's how the market function in the monetary system.
In a market where there is a goods worth's ₦1.50k, it's an abuse and violation of market rules to have ₦5 as the least denomination. It means we intentionally empowered the seller against the buyer...that is upgrade the goods value against the money value in the market! it is criminal.

Men really, the saying that a picture is worth a thousand words is really true.

How many words did you type up there op

In response, I give you this:

[img]http://www.chichinwaafrica.com/wp-content/uploads/2016/02/jpg[/img]

booscy:



these are raw facts, am I permitted to copy and republish? if course not without citation.

Yes you are..Go ahead.

oyinkinola:

op don't forget we loaded our purse with $ instead of ₦! although this is a good write-up but there is a tremendous monetary misappropriate that must be blame on CBN;
look:
At this critical economics situation in Nigeria, any office holder performed bellow expectation must be fired, Emefiele is biased, he give full support to the traders which squandered the mediocre income of poor, and also lead to the depreciation of Naira all blame on inflation! if the CBN sided the traders(sellers) upon the buyers then CBN is intentional killing ₦aira. Rule of market stated that,the seller protected the value of commodities while the buyer protected the value of money(₦) CBN is the referee! why CBN backing the traders upon the consumer?:

At 21st century Nigerian is still yet to know how monetary system function, in the market trade is in all form of arrangement in transactions, although in any sound economics nation, transaction done to the nearest centimes, the buyer negotiates to the smallest amount he preferred the goods worth, and the seller bid for the highest price possible! when they get to the acceptable price, then that's the price of the goods and also the real value of the money paid!
To let this work,the money used in transaction must be in the smallest denomination to the price of the smallest goods in the market of a given nation! The higher denomination in market force the price of the commodities upon the real value of the goods hereby rendered the money valueless, also the effect of no change leading to cheating and violated the rules of market, in which only negotiation--bid can determine the real price of any commodity!
In Nigeria market today the seller had been raised upon the buyer, they were the market gods, this is unfair and it's rendered the money valueless because, when goods value is protected by the seller, the value of the money is protected by the buyer! that's how the market function in the monetary system.
In a market where there is a goods worth's ₦1.50k, it's an abuse and violation of market rules to have ₦5 as the least denomination. It means we intentionally empowered the seller against the buyer...that is upgrade the goods value against the money value in the market! it is criminal.

even if we have a lower denominations the fact is goods prices had gone beyond that because of local and import cost.I think this is not our real problem.

KINGwax007:
Watch the ugu Republicans rip you apart with senseless and illogical assertions..

segefx, tell me, can I share this in my blog?

I may need your social media username(s) as reference.

Thank u

Yes you are permitted.

segefx:







even if we have a lower denominations the fact is goods prices had gone beyond that because of local and import cost.I think this is not our real problem.

...isn't the add up of lower denomination that give the highest denomination?
...isn't the lowest denomination that will be used for change?

SuperS1Panther:
We all contributed to the current state of the nation.

The last useless govt did not help the situation.It never saved and looted the little that was saved.

UK, other European countries and US educational institutions keep coming to Nigeria to ''market'' us, for us to attend their schools, further helping them to sustain their own economy. We import anything and everything from China, including rechargeable lamps that primary school students are manufacturing in China.

must you insult,

what have you done to salvage the battered economy,

simple omatek computer, you no fit buy

Thank God they acknowledge it.

Very apt and sensible write up.

This is a great write up coming from the CBN Governor, but unfortunately he does not live by the principle he prescribed in the write up. he would not categorical say that he uses made in Nigeria car, shoes and wears, neither would he say that he eat locally made rice or that his children all school in Nigeria,neither do his friends or other Elites. The Elites to the best of my knowledge are the most unpatriotic Nigerians. the massage of the CBN Governor is not for the Poor Nigeria masses who constitute about 80% of the Populace but the Elites who swore not to see this country grow. the Poor masses who could not afford the Elite luxury goods which are mainly imported, makes do with the local alternatives. the Poor masses whose kids manage to travel abroad go their to hustle and bring the money home to add to our GDP. the Elite steal the Money we have here and export them abroad.