₦airaland Forum

Truth234:
Well, the entire Nigeria economic landscape ooze greed and corruption

Thank you very much bro for reading between the lines which of course some find so hard to do the previous person that i was chatting with understood it this way too...

Truth234:
You still don't understand, I am asking you what are these options? The reserve depletion was directly due to poor economic decision which saw our debt servicing cost surged to 26% of our annual budget (http://leadership.ng/news/422050/debt-servicing-to-gulp-35-of-nigerias-revenue-imf).

Part of the idea of listing on emerging market bond index was to reduce debts servicing cost and increase inflow of investment fund but when the administration couldn't help their appetite for borrowing, they had to pay the cost from our reserve. How is it not related?

If i would borrow from your last paragraph,it says when the administration couldn't help their apetite for borrowing that sure smarks of greed and something else you know...

Truth234:
Can you mention one of those options? It is simple, the only commodity backing that listing was oil and it fell, if they had allow the currency to react proportionally, it would have been a total disaster as our domestic market would suffer and cost of production would have increased by 40%.

They did what they had to, what was the benefit of the listing? Are average Nigerians gaining from it? The truth is all the benefit was never accounted for when their team left office, our foreign reserve dip, naira slide to all time low, gdp started dropping from first quarter, etc.

Before we were listed, our foreign reserve was way better and our economy was averaging 7.4 growth rate and pose to be the fastest economy after China.

When i said options i meant he could have taken other decisions than the one he took,the depleting of the reserves was not due to the index or anything related to it,it was due to our own greed and corruption let's represent our facts right...

starlingslimnet:
Now this is stupidity and pure madness.....these guys should learn to separate tradition from Faith.

The church is blind... Anglican are blind

That you hate a set of rules doesn't make them wrong or blind. It's high time we go back to those good old days of spiritual purity and sanity....

Op in as much i like your analysis the truth is when the oil price began to fall our naira to dollar exchange rate was not up to 200 and the CBN had other options too...

Very typical of him to toe the familiar line of his compatriots these people are clowns who have been taught to keep on saying the same thing in an interview yeye people.....

mikolo80:
precisely, Just hope he comes this corruption wild goose chase,
it will come to naught without dictatorship fiat

I am afraid he might not do much there

Hmmm season film eni wo tan

mikolo80:
yes these is
Jonathan is gone forever
pdp is gone for 4 years hopefully more
competition is what will force service out of politicians
democracy is a very slow system of govt
but it's steady as long as there is enough 'supply 'to meet the 'demand '
hopefully baba gives us at least 5 GW
next president apc pdp or New pdp is forced to up their game
there's no going back, only forward however slow
better than the gear 5 reverse free fall that pdp was taking us

Now i understand and that's continuity picking up from where your predecessor left right? Isn't that what you meant?

mikolo80:
well at least pdp is out.
and Jonadisaster
hopefully his ministers and agency heads Will compete among themselves for his favor/future office

The truth is i have to say this irrespective of who gets angry that there just isn't any difference between now and then that's just it...

mikolo80:
not if we have a leader with the gumption to follow through his vision
my fear is buhari has no vision Just gumption

Now you have completely spoken my mind!! God would help us!!

Chanchit:
Lol!

But you na badt guy finally

989900:
It's really a pity.

BTW, increase in local production is the need-to-do; not necessarily bans.

'Most' imports are due to lack of enough local production.

Then the goverment needs to work on education/propaganda (whichever works) of the need to purchase our own.

For example, why buy imported-carcinogenic-chemicals-preserved-frozen chicken/turkey in lieu of fresh ones from our own farms?

Now you understand where i'm coming from,we need to make our own work as fast as possible and even others would abandon theirs for ours but our leaders have their brains elsewhere...

mikolo80:
if you go through some previous quotes about 2 weeks back you'll see a debate I had about this.
economics trumps politics everyday
everyone worship at the altar of money

Well the truth is the reverse is the case in Nigeria,Politics trumps Economics that's why we are backwards...

Okay the beats just start!!!

mikolo80:
we don't need their funds
just steal their customers with cheaper produced goods (consumer then capital)

Can we actually do that? When politics is not dead?

989900:

In a mutual respect and ideal scenario, we need them and a lot more -- while weighing the pros and cons.

As much as we need forex coming in, we need so much to stop 'avoidable forex' going out too, of which the destiny of the latter is more in our hands than the former.

Import of refined petroleum products, rice, palm oil, turkey, chicken, sugar alone consumes roughly 75-85% of our forex!

Our target should be, reducing those imports to the minimum by increasing the production of those items at home.

No doubt we have an implementation problem.
Some Governors can't even implement a 'simple direction' to pay workers salary after being bailed out.

Absolutely spot on!!bro the problem that i see here is that even if we try to ban we make no move to increase production,the last govt tried a bit in agriculture a bit but so far we haven't seen any.. These Governors are the same people that would plot against the C in C if he doesn't dance to their tune irrespective of party affiliation. That is the sorry state that we have found ourselves.. It's a pity. We politicize virtually everything..

Chanchit:
Lol, funny enough there's no day I don't come in here, I read most of the stories on back page before it hits FP i just decide not to comment on most, but I do comment sometimes though.

That's cool too i also do that sometimes i just get to see sneak peaks of your presence sometimes..

Nice

Absolutely spot on!!!!

Rubbish!!!!where's your source??

mikolo80:
not if they need something from you. cheap labor, oil, especially cheap labor
or you're substituting imports

Which of course we have to give in exchange for their funds right??

A word for parents who are in love with Boarding schools

mikolo80:
I don't understand.Pls expatiate
China is no better.
we simply buy the tech we need.
no need to beg them.

For some years now,they've been one of our biggest clients ,Others might follow suit you know

989900:
You do not need any index to recognize and change existing archaic, counter-productive laws/policies; i.e. laws limiting generation and transmission of power supply, and e.t.c.

Nor do you need some index to help you recognize and implement direct foreign investment enticing policies in the real sector, remove bottle necks/bureaucracies, and e.t.c.

Nor do you need any index to tell you "every time the CBN captures the dollar earnings of the country and substitutes Naira. The Naira substituted by the CBN is what instigates excess liquidity within the system. It makes it necessary for government to borrow money it doesn’t need.

And when it wants to mop up the money, it does not take it to go and use it. It is taken and locked up, because the idea is that there is too much money and it cannot be taken out and brought back into the system. The money is taken out of the system and locked up, but the government is still prepared to pay up to 15 percent for money it does not need, when the real sector that really needs the money is crying out for it but is debarred from getting it."

The above, and numbers 1-5 in the original post alone, will do more for us as a country and the Naira, than 10 JP Morgans will. ATEOTD, what happens to the all the monies (borrowed and earned)? Imagine the Osun state scenario even after the 'bailout' . . . and not only Osun, when you have thieving b@st.artd$ for leaders, even with all the money in the world, only a few gets to smile.

You are spot on but the part that gets to me is the fact that we also need to pull in more forex and when some of these countries outside decide to shun our bonds and treasury bills,don't you think it would affect our inflow of forex? Cos i also think it would help our economy.. And some of these moves that you have stated would have made more sense if implemented...

mikolo80:
na dem put am dia he has to pay homage but I don't think he'll sell us

But the sign don dey show now,China don dey give us cold shoulder now

mikolo80:
at least baba is holding out against them.
just hope he has a plan for agric and manufacturing within the next 3 yrs

The truth is he took the wrong step by frolicking with America cos the withdrawing of the index is their move...

I wan see dem dey do like that when BH go strike oo

mikolo80:
chairman, all those things are paper qualification. J p and Co make money from from arbitrage speculation and other ppls loss. we don't need those kind of investors.
too hell with them
why don't they invest in tractor hiring services
mining equipment lease
power projects
nope na to de speculate dem Sabi
Bleep them and the investment vehicle they rode in on
they are not sincere and deserve no sincerity in return
we can do it without them
we should do it without them or they will never respect us
to hell with them

You are spot on but apparently our leaders and the world leaders do not see the way you and i do,most world leaders enjoy working with any shit that they give out and our so called leaders are like our Local Dogs instead of taking the bull by the horn,they will rather swim along with them to the detriment of their people and when any one dares there would be a world gang up against such a person...

You people should leave this lady and her family alone noooww ehn!!!

Chanchit:
Lol! When you give a F about what people say, you no go know when you go start to wear g string o. As long as you are comfortable in what you wear, cos even with this, people would still judge.

Meen i haven't seen this handle for ages how's you.. Nice comment bro....

2K??Haba,Dia ris God ooo