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Nairaland Forum / Nairaland / General / Politics / Tinubu - FG Practising Voodoo Economic Policy (6525 Views)
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Re: Tinubu - FG Practising Voodoo Economic Policy by Nobody: 9:36pm On Mar 08, 2013 |
Rent seeking in the simplest barest form is gaining without adding value...when you approach CBN and purchase forex at official consideration and rushing to the black market to sell at huge premium ..that is rent seeking. When you out of high level connection secured OPL and later sell it to others at huge premium..that is rent seeking...there are wide array of rent seeking activities that we as a nation currently engages in that is not beneficial to the economy in the long run since there is absolutely no value creation in the chain. |
Re: Tinubu - FG Practising Voodoo Economic Policy by nduchucks: 9:40pm On Mar 08, 2013 |
Frankly, it is an exercise in futility to argue (discuss) exchange rate and monetary policy without the ability to define each term, let alone understand the terms. Basically, an exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies is the rate at which one currency will be exchanged for another. Nuff said |
Re: Tinubu - FG Practising Voodoo Economic Policy by Nobody: 9:42pm On Mar 08, 2013 |
ndu_chucks: Frankly, it is an exercise in futility to argue (discuss) exchange rate and monetary policy without the ability to define each term, let alone understand the terms. I don't think there is any controversy whatsoever over that definition. |
Re: Tinubu - FG Practising Voodoo Economic Policy by omonnakoda: 9:45pm On Mar 08, 2013 |
ilugunboy: Rent seeking in the simplest barest form is gaining without adding value...when you approach CBN and purchase forex at official consideration and rushing to the black market to sell at huge premium ..that is rent seeking. When you out of high level connection secured OPL and later sell it to others at huge premium..that is rent seeking...there are wide array of rent seeking activities that we as a nation currently engages in that is not beneficial to the economy in the long run since there is absolutely no value creation in the chain.That is one way of looking at it . The essential training of an MBA student is how to make rents. Often by adding value like Microsoft,Apple, etc so rent seeking can be defined as extraordinary profit. I do no agree that it is necessarily a bad thing and your definition is very narrow indeed. In fact Capitalism is about rent-seeking period and That is what underlies all Intellectual property businesses even pharmaceuticals are able to sell a drug that cost $1 dollar to make for $100 under this guise. As such it is inaccurate to say China has virtually eliminated it.Though they are notorious for violating patents they are a member of the WTO and have obligations. Many American companies protect their interests by moving manufacturing to China and enforce their rights particular high tech products 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by omonnakoda: 9:48pm On Mar 08, 2013 |
ndu_chucks: Frankly, it is an exercise in futility to argue (discuss) exchange rate and monetary policy without the ability to define each term, let alone understand the terms.It is an exercise in futility to argue /discuss ANYTHING withouth the ability to define it etc. Is that supposed to be some profound spiritual revelation 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by lovenaija2(m): 7:10am On Mar 09, 2013 |
jmslimx: These Leaders always forget that MUSIC , MOVIES do not build the society , For America , South Korea , Japan to be what it is today is the development of man power , Technology , Scientist , why cant they invest money on young Nigerians to go learn some special skills with 3billion..We the youth need to stand upto these leaders .. without it i dont think we would go anyway forwardONE OF THE MOST INTELLIGENT WRITE UPS ON NAIRALAND, HUMBS UP BRO. |
Re: Tinubu - FG Practising Voodoo Economic Policy by lovenaija2(m): 7:19am On Mar 09, 2013 |
love naija:GOVT AND MEDIA MUST START CELEBRATING, REWARDING AND CREATING REGIONAL & ANNUAL COMPETITIONS FOR INNOVATORS AND JOB CREATORS AND NOT MUSICIANS ET AL THEN JOBS WILL BE CREATTED, WE WILL OWN OUR GROWTH AND BUILD FOREX LIKE CHINA. LONG LIVE ALL NIGERIANS 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by gramci: 11:28am On Mar 09, 2013 |
nchewi: Does this guy by chance look like your father? 1 Like
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Re: Tinubu - FG Practising Voodoo Economic Policy by ewet: 3:50pm On Mar 09, 2013 |
No thnks to your madam world bank who is so clueless and out of touch with reality that her policies are pointless. The mumu (GEJ) she is advising is so dumb tht he cant see tht the economy is being stiffled by lack of money for productivty via the real sector. This is because domestic debt of such proprotion has Nigeria's does no country any gud. 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by dayo1401: 4:00pm On Mar 09, 2013 |
I ask a simple question.....forget about foreign reserve....lets talk about sovereign wealth fund... ....what sense does it make for Nigeria to be saving in SWF..instead of spending such money on infrastructural projects..like road...power..agriculture..thereby creating job..diversifying the economy...growing the economy,..reducing dependency on OIl..and ultimately increasing its income throgh taxes... Please expert in the house....advise and comment.. 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by jpphilips(m): 12:10pm On Mar 15, 2013 |
dayo1401: I ask a simple question.....forget about foreign reserve....lets talk about sovereign wealth fund... ....what sense does it make for Nigeria to be saving in SWF..instead of spending such money on infrastructural projects..like road...power..agriculture..thereby creating job..diversifying the economy...growing the economy,..reducing dependency on OIl..and ultimately increasing its income throgh taxes... Most of you have knowledge of the economics of the process, unfortunately, the PDP led Govt doesn't apply economics. the reason why every govt tries to save in the face of poverty is because there are crucial event that need money to be settled, not necessarily infrastructural developments. if an impeachment threat is leveled at the president what does he do? share money to the house if the president wants some phoney bills passed, what does he do? share money to the house campaign, elections, all cost money hence why they save. I bet you by may 2015, the so called SWF, ECA and foreign reserve will be missing. 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by Standing5(m): 8:37pm On Jan 03, 2017 |
Symphony007:. |
Re: Tinubu - FG Practising Voodoo Economic Policy by Cire80: 9:55pm On Jan 03, 2017 |
This was in 2013. What sayest thou now Mr. TINUBU 2 Likes |
Re: Tinubu - FG Practising Voodoo Economic Policy by Nobody: 10:59pm On Jan 03, 2017 |
Thank You! You explained it so beautifully. I honestly never knew much about this foreign reserve. You should be working in d CBN or NASS. Nice one omonnakoda: 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by Standing5(m): 11:14pm On Jan 03, 2017 |
Statsocial :I don't totally agree with him. Foreign Reserve is total forex available to satisfy forex needs. Low foreign reserve, will send a message of forex scarcity to private individuals who have forex for sale and vice versa. It can be manipulated to settle debt but not advisable. T 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by realborn(m): 11:21pm On Jan 03, 2017 |
Statsocial: Mr Omonnakoda indeed spoke well. However, in concurrence with Mr Tinubu which Mr Onmakoda identified too, growing the reserves without stimulating manufacturing and production, and not providing same for necessities/goods consumed but not manufactured locally will lead to higher prices and perhaps staglaftion. We urgently need to identify these pertinent goods, re-stimulate the manufacturing sector to produce most of these goods within a specific duration otherwise, with scarcity of forex, all sectors will suffer, demand will exceed supply, and the Naira will continue on a free fall. For example, the allowance of forex for supply of petroleum products daily put a strain on our reserves. Why can't we have more investors like Dangote building refineries of similar capacity concurrently to ensure that in 4 years we will have no need to import, export to neighboring countires and save a huge chunk of our mandatory forex flight? Another example is the commendable rice revolution. Why can't the FG consolidate on the learnings and ensure within a year we have rice reserves adequate to feed the nation and also export? Other key agricultural products alike. In the short run, the FG needs to adequately manage the militating Niger Delta factor to sustain crude oil production (our present key forex commodity) to ensure production is at optimal level and thereafter supply corresponding forex for requisite commodities until we are duly sustainable to locally churn out these products. If this is not done, the Naira will keep sinking low. Lastly, the FG needs to study how we survived before the advent of crude oil. We may reinvigorate the cash crops and minerals of yesteryears with minimal financial inputs with huge stimulating impact on employment and the economy thereby reducing the over-dependence on crude oil. The micro and macro economics factors need to be reevaluated. My 2 cents (not an expert)! 2 Likes |
Re: Tinubu - FG Practising Voodoo Economic Policy by Standing5(m): 11:32pm On Jan 03, 2017 |
realborn:God bless you. What we need is to stimulate local production. With local production there will be no need for huge forex with which to buy foreign goods. Imagine if 10 states replicate the Lake rice initiative or 10 states go into cotton production? |
Re: Tinubu - FG Practising Voodoo Economic Policy by realborn(m): 11:54pm On Jan 03, 2017 |
Standing5:Thanks! 1 Like |
Re: Tinubu - FG Practising Voodoo Economic Policy by Standing5(m): 11:37am On Aug 07, 2019 |
I wonder what Tinubu says Buhari is practicing. Long time. |
Re: Tinubu - FG Practising Voodoo Economic Policy by FarahAideed: 11:43am On Aug 07, 2019 |
Tinubu what is Buhari practicing? 1 Like |
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