Devaluation will also cause inflation in the country because input into production and machinery for production are imported the consumers will pay more for goods produced.

durap: another sad news for nigerians at home but good news to those abroad

EAST or WEST ?Your sweet Home is the best

Devaluation has not started yet, by the time the new realities hit Nigeria, we would be exchanging $1 for N500. The naira is being kept high by CBN pumping excess dollars into the market, sanusi could do that because of available slush of dollars from high oil receipts with dollars selling above $100. But with the production of shale gas, the US is set to compete with OPEC in oil production. So OPEC would lose control of oul prices and oil prices would come spiraling down. That would affect the availability of dollars to the CBN, leading to supply shortage.


Anybody who do not want to die of hunger better keep his or her PHD, MSC or BSc inside his wardrobe and till the land. Because agriculture and agro-allied business will be the only to survive in the very near future.

The sad aspect is that the government seems oblivious of the unfolding economic realiies and are not investing massively in agriculture.

drnoel:
But how does this concern GEJ. No be SLS them mention?

A nation's economy tittering on the brink of complete colapse yet some1 asks how that is the bisness of the president!!

Seriously, are you alryt

wirinet: Devaluation has not started yet, by the time the new realities hit Nigeria, we would be exchanging $1 for N500. The naira is being kept high by CBN pumping excess dollars into the market, sanusi could do that because of available slush of dollars from high oil receipts with dollars selling above $100. But with the production of shale gas, the US is set to compete with OPEC in oil production. So OPEC would lose control of oul prices and oil prices would come spiraling down. That would affect the availability of dollars to the CBN, leading to supply shortage.


Anybody who do not want to die of hunger better keep his or her PHD, MSC or BSc inside his wardrobe and till the land. Because agriculture and agro-allied business will be the only to survive in the very near future.

The sad aspect is that the government seems oblivious of the unfolding economic realiies and are not investing massively in agriculture.

Everything seems planned right from the subsidy request and protest ,it will achieve the same result,devaluation of life and inflation

but what are we selling @ world market except oil,how on earth does SLS think that when we devalue our naira we will be better off in terms of external reserve appreciation when after all we are still in OPEC and cant think of exceeding our quota,can someone help me tell Oga Sanusi to go back to the drawing board with Madam Ngozi and come out with a better soln

Sack Sanusi now! Bring back Soludo. No shame in saying sorry.

it really hurt seeing we have people in position of authority who cant run allong side the trend in their areas of specialisation,same soln proffered some 30 years back and was grossly condemned is what someone os still coming up with today,even when the structure of nigerias economy is still unchanged.Gaint of Africa Arise

So u think its that easy to make and save that money ABROAD ?


EAST or WEST ?Your sweet Home is the best[/quote]

durap: another sad news for nigerians at home but good news to those abroad

U think its that easy to make and save those dllrs

They want the CBN to not devalue the naira LOLz! What they should have done a long time ago!! Hahahahaha, when Nigerian's are going to dubai to buy clothes, shoes, bags, hair, luxury apartments, they are going to dubai to spend money or parties and champagne, *maybe I would do the same, party up*, but let's look at this, most of this money is stolen money, imagine how much funds has left nigeria and is leaving regularly, on hotel bills, plane tickets hotel reservations, we are going to china also, to buy clothing items wall the great china wall, japan to buy cars, so much is leaving, so also to Ghana for education, south africa, united kingdom on education matters, india on health issues to treat things we could locally treat, if some of these people, were not allowed to leave the shores of this country OH nigeria OH nigeria Hmmm you people would not kill me!, see the only revenues coming in -oil and company taxes, Directors, ministers special advisers, senators and Honorable's, are no longer storing their money in naira there is a high demand for the dollar, because of the value, go to their parties and see how it is been handed out*dollars O*, and what's may be the reason for storing their money in foreign currency, maybe because at any point in time - if a serious govt comes into power the features of the naira may be changed, and *Gbam* they would be affected, now rather then direct funds to developing the income generating functions, even if we may make loss on the initial investment in SME's, we are still importing refined oil, our industries are being killed by government policies, bank interest rates are over the roof, bad debts are not being written off, everything is just going wrong, and no honest direction is being charted out for the economy, political rubbish is what is playing out everywhere, imagine this, housing estates for the police, in which the guest of honor should be the minister of police affairs, max the SGF, but who do we see? commissioning trivial issues of housing for the already corrupt Police force- President GEJ see the harassment that is happening in police stations- we need this structural adjustment programme - our borders need to be closed for at least 10-15years, the size of the civil service should be reduced, and those working their should be paid a pittance - just 18k, to discourage people for looking for government jobs

What we know how to do in Nigeria is implementation of policies that have nothing to do with the country's economic problems. In spite of the fact that we've seriously complained abount Naira's weak value that has even made Ghana, kenya, south africa etc currencies to have more values than ours, they still want to go ahead with such useless implementation. God'll help us one day and give us ability to draw a leaf from what recently happened in egypt, if not...

we need to produce and export finished goods ,dependence on imported goods remains a time bomb.

wirinet: Devaluation has not started yet, by the time the new realities hit Nigeria, we would be exchanging $1 for N500. The naira is being kept high by CBN pumping excess dollars into the market, sanusi could do that because of available slush of dollars from high oil receipts with dollars selling above $100. But with the production of shale gas, the US is set to compete with OPEC in oil production. So OPEC would lose control of oul prices and oil prices would come spiraling down. That would affect the availability of dollars to the CBN, leading to supply shortage.


Anybody who do not want to die of hunger better keep his or her PHD, MSC or BSc inside his wardrobe and till the land. Because agriculture and agro-allied business will be the only to survive in the very near future.

The sad aspect is that the government seems oblivious of the unfolding economic realiies and are not investing massively in agriculture.

I think you should keep your mouth SHUT if you do not know what you are talking about......

The bottom-line is this: Nigeria has to become a manufacturing economy in order to mitigate the adverse effects that a devalued Naira would bring to the populace. To achieve this, the banks have to peg their interest rates between 5-9% ( Yes, I know that's a fantasy); by so doing the SMEs would have increased profit margins which can lead to a further expansion of their businesses. This would in turn, enable them to employ more people.

The obvious truth about developing and developed countries is the direction Agriculture is not the way to go, technology is the answer and that's what developed countries sell *TECHNOLOGY* mechanized agriculture, is technology, the answer is technology equipment machinery that can help us manufacture produce, we have to go steal it, or force them to invest in nigeria by establishing assembly plants. And if any government says agriculture os the way we may have to wait a little longer then we expected to develop, we need agriculture for only one reason feed ourselves and not exportation *that is a plus if we reach that level* these people with all their certificates can not see, they are only book intelligent

CFCfan: The bottom-line is this: Nigeria has to become a manufacturing economy in order to mitigate the adverse effects that a devalued Naira would brung to the populace. To achieve this, the banks have to peg their interest rates between 5-9% ( Yes, I know that's a fantasy); by so doing the SMEs would have increased profit margins which can lead to a further expansion of their businesses. This would in turn, enable them to employ more people.

The stark reality is that Nigeria cannot become a manufacturing economy. We do not have the infrastructure (power, transportation and education) to base our economy on manufacturing. Our comparative advantage lies in our huge fertile land mass, our massive population and our relatively young population, so agriculture is where we can make an impact.


China rules the world as far as consumer manufacturing goes because they have the infrastucture, skill and population, so much so that even US and EU cannot compete. Imagine Detroit with its huge manufacturing economy has gone burst.


We can start with agriculture and then venture into agro-allied products, but manufacturing is a waste of tim and resources. we do not even have the basic raw materials and machines and still have to import them.

NIGERIA

djustice: Sack Sanusi now! Bring back Soludo. No shame in saying sorry.

Under Soludo, the exchange rate went from N115 to N150.

I seriously question your sanity

texazzpete:

Under Soludo, the exchange rate went from N115 to N150.

I seriously question your sanity

But he planned to peg the exchange rate to N20=$1

CFCfan:

But he planned to peg the exchange rate to N20=$1

If you can reduce the pressure on the dollar and try to produce and buy Nigeria,it is very possible to achieve ,but i think exporting should be cheap and local exporters get more money and able to produce more,tariffs and total ban on some goods. and checking the borders for effective control.

It's interesting how we manage to twist relatively benign events into doomsday hysteria

Maybe you guys need to worry more about corruption than about producing this or manufacturing that. Just a thought because you can implement every policy known to man but if u have rampant and chronic corruption as you have in Nigeria, then ure just wasting ur time u will never develop.

what do they say abt economics? bring ten of them 2gether and u cant have one answer., u will end up with 10 essays.

Brimmie: All Ds Kpayan Wey Una Dey Talk No Clear To Me


Abeg Abeg.. Make Una Make Am $1 = N100.. At Least!!

ure so ignorant dude!

olajide_07: They want the CBN to not devalue the naira LOLz! What they should have done a long time ago!! Hahahahaha, when Nigerian's are going to dubai to buy clothes, shoes, bags, hair, luxury apartments, they are going to dubai to spend money or parties and champagne, *maybe I would do the same, party up*, but let's look at this, most of this money is stolen money, imagine how much funds has left nigeria and is leaving regularly, on hotel bills, plane tickets hotel reservations, we are going to china also, to buy clothing items wall the great china wall, japan to buy cars, so much is leaving, so also to Ghana for education, south africa, united kingdom on education matters, india on health issues to treat things we could locally treat, if some of these people, were not allowed to leave the shores of this country OH nigeria OH nigeria Hmmm you people would not kill me!, see the only revenues coming in -oil and company taxes, Directors, ministers special advisers, senators and Honorable's, are no longer storing their money in naira there is a high demand for the dollar, because of the value, go to their parties and see how it is been handed out*dollars O*, and what's may be the reason for storing their money in foreign currency, maybe because at any point in time - if a serious govt comes into power the features of the naira may be changed, and *Gbam* they would be affected, now rather then direct funds to developing the income generating functions, even if we may make loss on the initial investment in SME's, we are still importing refined oil, our industries are being killed by government policies, bank interest rates are over the roof, bad debts are not being written off, everything is just going wrong, and no honest direction is being charted out for the economy, political rubbish is what is playing out everywhere, imagine this, housing estates for the police, in which the guest of honor should be the minister of police affairs, max the SGF, but who do we see? commissioning trivial issues of housing for the already corrupt Police force- President GEJ see the harassment that is happening in police stations- we need this structural adjustment programme - our borders need to be closed for at least 10-15years, the size of the civil service should be reduced, and those working their should be paid a pittance - just 18k, to discourage people for looking for government jobs

thank u bro! This is nigeria's problem!!

kingoflag: Maybe you guys need to worry more about corruption than about producing this or manufacturing that. Just a thought because you can implement every policy known to man but if u have rampant and chronic corruption as you have in Nigeria, then ure just wasting ur time u will never develop.

Cronic corrption is a feature of rent economy. In rent based economy the relationship between the government and the governed is that of indeference because the government does not depend on the people to survive. If all the people strike (except the oil workers) or they are all nuked out of existence, the government would still collect its rent from oil companies. But tax based economy cannot afford to antagonise the population too much, as the government depends on taxes from its population to survive. The government is forced to establish a symbiotic relationship with its populace. The government provide amenities and infrastructure for the people to be productive and the people in return provide money in the form of taxes to run the government. That is why in a tax economy tax offenses are taken as seriously as murder. You are forced to pay the tax and still spend long term in prison.

kingoflag: Maybe you guys need to worry more about corruption than about producing this or manufacturing that. Just a thought because you can implement every policy known to man but if u have rampant and chronic corruption as you have in Nigeria, then ure just wasting ur time u will never develop.

Democracy is really rubbish ,good governance is the key.Nigerians are scared of death,Death penalty on corrupt practices will scare many away from corruption. Death penalty will reduce corruption to about 80%,

The funny thing is that the economy is collapsing under the hands of retardeenic GEJ and the people who are crying here are the ones crying the most for him to come back in 2015 to ruin the rest of their lives! Good luck to you! At the current rate, people like me rake in about N 1 M per month in Dollar equivalent. If and after you ruin the economy, my N 1 M might be worth N 5 M or N 500 M, who will lose??

Instead of travelling abroad for medical treatment every time,they should equip the hospitals and attract Nigerians back to that sector and save foreign exchange.

eddiebruk: Abeg naira should hit 200 Naira to Dollar...so that i can start pushing funds to 9ja for more profit...e no concern me if naira like make he hit 500 Naira to 1 dollar

It will lead to insecurity as well due to inequality.so plan electronic gate as well and bulletproof car.

olajide_07: They want the CBN to not devalue the naira LOLz! What they should have done a long time ago!! Hahahahaha, when Nigerian's are going to dubai to buy clothes, shoes, bags, hair, luxury apartments, they are going to dubai to spend money or parties and champagne, *maybe I would do the same, party up*, but let's look at this, most of this money is stolen money, imagine how much funds has left nigeria and is leaving regularly, on hotel bills, plane tickets hotel reservations, we are going to china also, to buy clothing items wall the great china wall, japan to buy cars, so much is leaving, so also to Ghana for education, south africa, united kingdom on education matters, india on health issues to treat things we could locally treat, if some of these people, were not allowed to leave the shores of this country OH nigeria OH nigeria Hmmm you people would not kill me!, see the only revenues coming in -oil and company taxes, Directors, ministers special advisers, senators and Honorable's, are no longer storing their money in naira there is a high demand for the dollar, because of the value, go to their parties and see how it is been handed out*dollars O*, and what's may be the reason for storing their money in foreign currency, maybe because at any point in time - if a serious govt comes into power the features of the naira may be changed, and *Gbam* they would be affected, now rather then direct funds to developing the income generating functions, even if we may make loss on the initial investment in SME's, we are still importing refined oil, our industries are being killed by government policies, bank interest rates are over the roof, bad debts are not being written off, everything is just going wrong, and no honest direction is being charted out for the economy, political rubbish is what is playing out everywhere, imagine this, housing estates for the police, in which the guest of honor should be the minister of police affairs, max the SGF, but who do we see? commissioning trivial issues of housing for the already corrupt Police force- President GEJ see the harassment that is happening in police stations- we need this structural adjustment programme - our borders need to be closed for at least 10-15years, the size of the civil service should be reduced, and those working their should be paid a pittance - just 18k, to discourage people for looking for government jobs

God bless you bro. let us keep on deceiving ourselves when tis obvious we are our own worst enemies but always looking for whom to blame.