bushdoc9919:


The trobule is that the opposition has no idea how to get us off our oil dependency...which is what is causing the whole problem.

Infact....the entire Nigerian political elite has no idea how to get rid of our oil dependency.....even people like Okonjo-Iweala who should know better have not developed a policy idea to get us off oil dependency.

I am not a fan of PDP....but in this case....APC has no idea to get us out of this.

Well, that's not a certain assertion, because it hasn't been proven. But since d 16yrs we've been under PDP rule it's clear PDP don't hav a solution to the problem.........Besides, with APC in power corruption would reduce and atleast APC won't grant presidential pardon to thieves that hav stolen our money.

bushdoc9919:


Well, your man has done a lot...except get rid of our dependence on oil.And that is not good.

Even Vladimir Putin recently admitted that Russia's economic problems are due to oil dependency.

And the only idea that our leadership(and even the opposition) can come up with...is that we need to go to agric(which does not earn enough money because everyone does it).

We need to stop relying on oil.....and start on the road to industrial development....like Korea, Japan, and China.

Because....oil dependency is hitting us hard. We cannot continue like this.

to be honest with u, that is the best and only solution for a country like nigeria. We need to bring back the groundnut pyramids of those days,we need to increase our cocoa palm oil and cash crop output, when these things are in place their exportation will have a positive effect and impact on the economy. But the issue here is goverment can't do this alone ,individual nigerians need to invest their money in nigeria but many so called business prefer to buy forex and import goods from outside. Like I have canvassed earlier there should be a total ban on finished goods importation into nigeria. Once this is done believe me the naira will firm up in 2 years.

ilugunboy:
The CBN bad been doing more harm than good....though I unders their precarious position, but the artificial stiffling measures through circulars they churn out daily is causing more apprehension than comfort for the Naira.....

The banks that should provide succor to customers are even not sure of the interpretation to most of these circulars...so they prefer to play safe by not playing much in the interbank....

For two days now....no bank is quoting nor selling forex at the interbank.

And to the other guy saying it's not our portion...I will only advice that you brave up for a very tough 2015.

Americans want to punish Iran and Russia...other oil producing and dependency countries are just collateral damage and Nigeria is one.

forget this america conspiracy theories ,why aren't the saudis,uae,kuwaitis having the same problem?simpy because they have enough reserves to stabilize. Is it america that asked us not to increase our foreign reserves?let's be realistic for once all this is happening because there is not enough forex to supply. And secondly many banks and forex buyers are betting or speculating higher value for the dollar therefore hoarding it so that when the price goes up ,then they will sell. That is why cbn just directed that if you buy forex from it u must use it withing 48hrs or sell it back to cbn.

Elcapo:
#‎ Nigeria‬ is really
getting interesting..
Fellow compatriots, we
need not shout
nor fight ourselves.
President Goodluck Johnathan is a good man as a person,his simplicity and
gentlemanness is
second to none.
*He has given us his very BEST over the last 6 years. I mean,what else are we asking for?
*He has granted
Alameisiya 'STATE
PARDON' and my guy is now running for Senate.
*He allowed Fayoose to distrupt a court
session and beat up a judge, while he walks freely. I wonder if Nigeria is sane.
*He locked up the
house of rep from the entrance of
the CONSTITUTIONAL
speaker of that
house.
*7 law makers
impeached a speaker in Ekiti in a house of about
26 men, and
nothing happened.
*16 was suddenly
greater than 19 in
base 10, just to cancel the one-term agreement he signed with the NIGERIA Governors' Forum and all Nigerians in
2011.
*Subsidy has been removed and the standards in our hospitals have reduced with time.
*$20 billion is missing and minister of
Petroleum eats and dines with the
prexy.
*Another BIGGER
& BOLDER subsidy is scheduled for
1st of June,2015 and you may have
to sell your laptop charger before
you can buy fuel
to charge that same laptop!!!
* Earlier this year, over 22 innocent
Nigerians were killed and injured in the job scam
organized by the
Nigerian Immigration
Service(NIS) . The
Minister of Interior, Abba Moro,told us the job interview was "simply mismanaged" and he has retained his office and even with extra luggage.
*1 Naira used to be equal $1 to 1.4 under ‪#‎ GMB‬ but now it's #194 to just $1, the worst ever in our history.
* Madam Gele, Ngozi Okonjo, just told us we need an extra $5billion, through debts of course, so that our economy will not collapse like
Humpty-Dumpty.
*While Benue State University was on an unending internal
strike killing the
future of poor
Nigerians, Senator
DAVID MARK (son of the soil) built his own PRIVATE
UNIVERSITY, of course with tax payers' money, and my gentle
nice president followed him to launch the
school shamelessly.
*He has spent all
money in the treasury and even had to BORROW an extra $1billion but # BokoHaram
keeps getting
more equipped than our military.
*Over 200 girls are missing, over
15,000 killed by
‪#‎ BokoHaram‬, over 6 million displaced from
their homes and
uncountable injured beyond repairs yet my president went to a meeting in
‪#‎ KENYA‬with 7
different PRIVATE
JETS..
*clears throat...
* # PHCN is giving their loyal customers
GENERATORS as xmas gifts for paying their
‪#‎ electricity‬bills on time.....
Goodluck Jonathan
Jesus °ƒ Otuoke ‪#‎ TransformingNigeria‬

Jesus of Otuoke

I wonder why some people think that going into agriculture will end this mess. it will not.

babadee1:


This makes no sense at all. The naira is weaker only relative to foreign currencies, so that cannot affect the cost of producing goods or doing business in Nigeria. It can only affect the balance of trade, it makes it cheaper for foreigners to buy Nigerian goods and more expensive for Nigerians to import foreign goods. If Nigeria had a huge manufacturing base and export market already then a weaker naira might make sense but that is not the case, we are an import economy.

Leave that one, she no know wetin she dey talk, na the mumus where dey praise am I pity

Instead of continually devaluing the naira, let CBN increase our investment interest rates na so more foriegn investors and even the hidden 9ja billionaires are forced to invest in our country for profit which will now in turn help us.

bushdoc9919:
Oil overdependency caused this.

And yet....Nigerians love their oil.

Love it soo much that they fight tribal wars over it.

Now, our economy is in a free fall....but what do we see

Northerners and Southerners fighting over who owns the oil....instead of developing industries.

Time we left oil....and became industrialized.

Oil is a CURSE!

By the time Obasanjo handed over power to Shagari's civilian administration in October 1979, Nigeria's Dutch disease had reached a malignant stage. Buoyed by the significant increase in oil prices in 1979-82 (from $17.73 in 1979 to $28.64 in 1980, $32.51 in 1981 and $32.38 in 1982), the first three years of the Shagari's administration [b]was characterized by profligate consumption, excessive importation and pervasive corruption. Like the two preceding regimes, the Shagari administration failed to take adequate steps to arrest the burgeoning Dutch disease. In fact, the naira further appreciated from N0.5957/US$ in 1979 to N0.5464/US$ in 1980 before it started depreciating gradually (under mounting economic difficulties) to N0.7241/US$ in 1983 but with an inflation rate of 23.2% as against an inflation rate of less than 5% for Nigeria's major trading partners. With the imposition of OPEC quota, Nigeria's oil production declined from about 2mb/d in 1980 to 1.4mb/d in 1981, 1.3mb/d in 1982 and 1.2mb/d in 1983. Despite these restrictions, the price of crude oil declined from $32.38/b in 1982 to $29.04/b in 1983, thus leading to a significant decline in government revenue and export earnings. The pervasive corruption, poverty, decay of economic and social services and poor economic situation led to the overthrow of the Shagari government by the Buhari/Idiagbon military regime(1984/85). The Buhari/Idiagbon regime came as a reformist autocracy but they failed to address the Dutch disease syndrome. Their immediate focus was to wage a "war" against indiscipline and corruption. However, the price crude oil further declined from $29.04 in 1983 to $28.20 in 1984 and $27.01 in 1985 and this worsened the economic situation. [/b]

From: Managing the Dutch Disease in Nigeria.

Bros, where can i get like say 50 articles/journals on a given financial issue such as the one you just quoted? I need it for research work.

onatisi:
to be honest with u, that is the best and only solution for a country like nigeria. We need to bring back the groundnut pyramids of those days,we need to increase our cocoa palm oil and cash crop output, when these things are in place their exportation will have a positive effect and impact on the economy. But the issue here is goverment can't do this alone ,individual nigerians need to invest their money in nigeria but many so called business prefer to buy forex and import goods from outside. Like I have canvassed earlier there should be a total ban on finished goods importation into nigeria. Once this is done believe me the naira will firm up in 2 years.

1.Bringing back the groundnut pyramids won't work. It worked back in the 1960's....when we had guaranteed markets....not now when we don't have guaranteed markets....and when some of the things made from groundnut can be mad using substitutes.Plus....Asian and South American countries are out-producing us....and are using better methods.

Plus...agric prices fluctuate just as badly as oil prices....and also....natural disasters happen.

2.I agree Nigerians should invest more at home...but the problem is....oil money makes home-produced goods compete with better foriegn produced goods...leading to loss of money(and Nigerians do not like to lose money....makes it difficult to spray cash at the owambe party)...so imports become a money spinner. And we are not producing enough electricity....which means increased costs of production.

babadee1:


This makes no sense at all. The naira is weaker only relative to foreign currencies, so that cannot affect the cost of producing goods or doing business in Nigeria. It can only affect the balance of trade, it makes it cheaper for foreigners to buy Nigerian goods and more expensive for Nigerians to import foreign goods. If Nigeria had a huge manufacturing base and export market already then a weaker naira might make sense but that is not the case, we are an import economy.

A negative balance of trade is a one-way trip down the inflation route and that's where we are headed. In fact, prices of goods will continue to rise as imports increase and before you know it we're at the Zimbabwe lane. For Nigerians to export there has to be demand and to create that demand the CBN should start by increasing our interest rates and use the investment to promote other sectors and reduce our dependency on oil.

OdaNobunaga:


Bros, where can i get like say 50 articles/journals on a given financial issue such as the one you just quoted? I need it for research work.

Well, use google with the search phrase... Nigeria Dutch Disease.

Also....this link might help.

And here are more links...

Investigating Dutch Disease...the Case of Nigeria

Dutch Disease and Nigeria Oil Economy


Nigeria: Dutch Disease or Debt Overhang?

[url=http://sites.uom.ac.mu/wtochair/attachments/article/49/Dutch%20Disease%2006-01-12_pptx.pdf]Dutch Disease, Resource Curse and Development (power point)[/url]

Boom and gloom(Economist article).

liveyourlife:


Smartest Girl on Nairaland.

I hardly comment but seeing this blew my mind.

in as much as I want to believe that's a sarcasm,I doubt if she's intelligent in a country were there is no infrastructure,okay am with u guys don't let me a pessimist,Entrepreneurial in the house oya,they said this is the best time to put ur money on the street,Eegbon

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.

Your analysis is so wrong.....so you don't know companies import most of their raw materials? ?
The decline means they will pay more for raw materials. ..

This decline calls for local production, we can't keep importing everything even toothpick.... Until we learn to produce goods ourselves, companies will struggle to survive under this condition and Inflation looms too...

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.

i beg to differ... Cos naturally, it simply implies that inflation would surface... and i dont see how manufacturing or production activity would in any way be cheaper in such an economy.

cbn allow naira to fall then let nigerians start buying made in nigeria goods period

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.

what are you saying ? In a country like Nigeria, where we depend on importation of raw materials,machines and expatriates, cost of production will be high, but export is cheap because of weak naira.

[quote author=Sharksblow post=29039658]The continuous fall in the price of crude oil in the international market and the recent devaluation of the nation’s currency, the naira, are putting serious pressure on the economy, with the currency experiencing a free fall.

The naira exchanged for between 192 and 194 to the United States dollar at the parallel or street market on Friday. Earlier in the week, it sold for N188 against the dollar at the same market.

It was similarly gathered that the pound and euro sold for between N294 and N296, and N236 to N238, respectively on the streets of Lagos on Friday.

The continued fall in crude oil price had forced the Central Bank of Nigeria to use a huge chunk of the nation’s external reserves to defend the naira.

The persistent depreciation of the naira, however, forced the CBN to on November 25 devalue the currency against the dollar by eight per cent from N155 to N168.

The central bank thus expected the naira to sell against the dollar for between N160 and N176.

However, the naira has been selling outside the CBN target band at the interbank forex market (where the banks sell to themselves and their customers), a situation that has fuelled speculation among analysts that the bank may be forced to devalue the currency soon again.

As of Friday, the naira closed against the dollar at N184.50 at the interbank market.

The continued fall in the value of the naira forced the CBN to on Thursday introduce new rules aimed at halting the slide. It barred banks from holding any amount of their funds in dollars.

It also directed the banks and members of the public who buy dollars from it to use them within 48 hours or return the unspent funds.

The implications of the fall in the value of the naira include the fact that manufacturers will have to spend more naira to buy foreign currencies with which they will import raw materials as well as purchase machineries and spare parts.

For Nigerian parents who send their children to schools abroad, paying for tuition in foreign currencies and sending upkeep money to their children will not come easy.

Analysts said the recent policy measures introduced into the forex market by the CBN had made many Nigerians, including importers who need dollars and other foreign currencies, to take to the parallel market.

According to them, parents who want to pay their children’s tuition overseas and importers will have to get their forex in the street rather than wait endlessly at the interbank market.

In a circular on November 6, the central bank said it would no longer sell dollars to importers of electronics, finished products, information technology equipment, generators, telecommunications equipment and invisible transactions at its Retail Dutch Auction System forex market.

School fees fall in the category of invisible transactions.

Consequently, parents who used to buy say $10,000 to pay their children’s tuition overseas for N1.68m, will now need to part with N1.94m, an increase of 15.4 per cent.

The Acting National President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, predicted on Friday that in the next one week, the dollar would likely sell for N200 to a dollar at the parallel market.

Aminu and other analysts, who spoke with our correspondents, linked the development to the continued fall in the prices of crude oil in the international market and recent developments in the nation’s financial regulatory environment.

The national currency has fallen by over 10 per cent against the dollar at the interbank forex market since the crude oil prices started tumbling in June.

Brent crude oil, which sold for over $110 per barrel in June, had fallen by over 40 per cent so far. As of Friday, it sold for $60 per barrel. The development has reduced the nation’s capacity to earn more foreign exchange to defend the naira.

Nigeria, which is Africa’s largest oil producer, receives 70 per cent of government revenue and 90 per cent of all foreign exchange earnings from oil.

Analysts have, however, criticised the directive, saying it would be counterproductive. They said the naira would keep falling because the CBN did not have adequate forex to defend the naira as a result of the falling crude oil prices.

With the recent tightening of the conditions that allow access to dollar by the CBN, experts expressed concern that it would increase the pressure on the cost of locally manufactured and imported goods, among others, as naira looks set to depreciate further.

A financial analyst at Ecobank, Mr. Olukunle Ezun, said the real impact of the CBN’s Thursday circular would be far-reaching.

Nothing like job losses, are u saying dat d govt wil sack workers as a result in d fall in oil prices? Dey shud sack and see if NLC will nt ground d economy.

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.

Not really. If the cost of importing raw materials, machinery and other productiin essentilals is still high, cost of finished products may not necessarily be cheap. What will be cheap is the cost of labor.

eejo:
cbn allow naira to fall then let nigerians start buying made in nigeria goods period

Manufacturing companies should come and buy their *made in Nigeria* raw materials from you.

bushdoc9919:


1.Bringing back the groundnut pyramids won't work. It worked back in the 1960's....when we had guaranteed markets....not now when we don't have guaranteed markets....and when some of the things made from groundnut can be mad using substitutes.Plus....Asian and South American countries are out-producing us....and are using better methods.

Plus...agric prices fluctuate just as badly as oil prices....and also....natural disasters happen.

2.I agree Nigerians should invest more at home...but the problem is....oil money makes home-produced goods compete with better foriegn produced goods...leading to loss of money(and Nigerians do not like to lose money....makes it difficult to spray cash at the owambe party)...so imports become a money spinner. And we are not producing enough electricity....which means increased costs of production.

ok let me give u an example of what I mean. I was in india in 1980 to 1982 during the time of rajiv ghandi the son of indirah ghanadi. Rajiv made a law that totally banned the importation of foreign goods ,and the few ones on sale were very very very costly. indians had no choice but to start looking inward and mind u they didn't even have oil. But they started producing goods for their local market and later perfected the manufacturing of those goods. That was when they started producing scooter (tricycle) and other goods. we cant wait for power supply to stabilize before starting to produce. Secondly I will dispute ur analysis of market unavailability. The nigerian market itself is enough to accommodate any amount or quantity of agricultural product produced. This is the largest market in africa and the largest black nation in the world .we are talking about 170million ppl living and feeding in nigeria. So on the issue of market not been available I may not agree with u on that. The nigerian market will continue to attract investors regardless of whatever challenges they face here. China started in a similar fashion too,start producing for ur local market first before the international market,limit drastically the amount of money sent abroad to bring in this goods. The usa once said about nigeria that nigeria is the only country that exports all that she needs but import all that she has. A total ban on the importation of finished good but tax relief for machinery needed for manufacturing is the way forward for nigeria. Although this will require a political will that cannot be gotten from a democratic nigerian govt.

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bushdoc9919:


Well, use google with the search phrase... Nigeria Dutch Disease.

Also....this link might help.

And here are more links...

Investigating Dutch Disease...the Case of Nigeria

Dutch Disease and Nigeria Oil Economy


Nigeria: Dutch Disease or Debt Overhang?

[url=http://sites.uom.ac.mu/wtochair/attachments/article/49/Dutch%20Disease%2006-01-12_pptx.pdf]Dutch Disease, Resource Curse and Development (power point)[/url]

Boom and gloom(Economist article).

Thanks.

Rising dollar costs and lower oil prices means that the govt would have much less to spend in the coming year(s) to come. Austerity measures have been put in place like Mansion and Luxury taxes but more are yet to come.

Let's be honest the rich do not like the idea of making so much money only to be forced to pay a huge part of it as taxes. Hence. loopholes in the law would be utilized and the so many billions aimed at would not be easily achieved in reality as is on paper. The middle class earner would be the one that bears the main bulk at the end of the day.

Well. if you had not yet started running your business after all the noise of the past decade by motivational speakers nationwide you might be the one paying more for increase in commodity prices not to mention the salary which is fixed would not be more taxed by the govt. Yes I said it, Nigeria is on its way to being a fully Tax run society as opposed to an Oil run society.

Next year would see the expulsion of ghost workers as well as retrenchment of overstaffed offices with the govt showing more commitment to cutting waste. Also, union requests for higher pay would arise as well as the strikes to make that happen. Possible riots if the govt is unprepared and disgruntled elements use transference of the public pains to stimulate street protests. Certainly more crime and banks should be more on their toes (start trying to avoid physical banking hall transactions - get your token). Prepare for the inevitable as 2015 is an election year but pray for the best and at least until the elections are over avoid unnecessary travellings and unnecessary spendings. Do NOT borrow people money as stories from the ancestors may arise when time to return same is due.

Above all pray and expect a turn around in the future of our great country as we will be seeing more serious govt involvement in programmes that would truly better the nation. A time for the imprisoned josephs that did not stain their souls to shine.

Wishing you well - Teemy

[deleted]

dharay99:
And jolantern's regime is d beSt to sum mumuz.

Azin!!!

I just cant understand...

Next2Bezee:


Manufacturing companies should come and buy their *made in Nigeria* raw materials from you.

must they buy from uk and us raw materials what of china

One thing that is lost in the conversation is that Nigeria already has a diversified economy. Yes, it does not have a diversified tax base but that is different. The Govt can reduce its reliance on oil by taxing other sectors of the economy more and that would require setting up a comprehensive tax collection infrastructure to monitor and enforce tax collection.

There are many Nigerians who don't pay income tax and in many ways the dependence on oil perpetuates politcal apathy and a lack of accountability. When Govt revenue does not come from your pocket, it's difficult to summon the motivation to challenge the wanton theft that you hear about involving our politicians. Also, if tax revenue came mainly from people's pockets, some of the boneheaded policies which have popular appeal such as fuel subsidy and a large public sector payroll would be seriously re-examined.

As far as the currency issue is concerned, we need a diversified export base so that a fall in one commodity's price does not lead to an implosion in our currency. To get that, we need to end this fetishisation over the value of Naira. Yes, it is not a horrible thing if the Naira falls to 200 Naira to a US dollar. Using our oil revenues to stabilise the currency can undermine the export competitiveness of non-oil sectors. We obviously need a set of policies designed to promote exports such as low interest loans and tax reductions for exporters, investment in infrastructre. All these would require a reduction in our recurrent expenditure - abolishing fuel subsidies and reducing public sector payrolls.

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.

erm, I kinda get but not 100% #im more of 'benzene n thiophen'

eejo:
must they buy from uk and us raw materials what of china

You are going to need dollars to buy from China. Besides, the Naira has fallen against all major currencies so it doesn't make a difference whether you buy from China or the US.

Elcapo:
#‎ Nigeria‬ is really
getting interesting..
Fellow compatriots, we
need not shout
nor fight ourselves.
President Goodluck Johnathan is a good man as a person,his simplicity and
gentlemanness is
second to none.
*He has given us his very BEST over the last 6 years. I mean,what else are we asking for?
*He has granted
Alameisiya 'STATE
PARDON' and my guy is now running for Senate.
*He allowed Fayoose to distrupt a court
session and beat up a judge, while he walks freely. I wonder if Nigeria is sane.
*He locked up the
house of rep from the entrance of
the CONSTITUTIONAL
speaker of that
house.
*7 law makers
impeached a speaker in Ekiti in a house of about
26 men, and
nothing happened.
*16 was suddenly
greater than 19 in
base 10, just to cancel the one-term agreement he signed with the NIGERIA Governors' Forum and all Nigerians in
2011.
*Subsidy has been removed and the standards in our hospitals have reduced with time.
*$20 billion is missing and minister of
Petroleum eats and dines with the
prexy.
*Another BIGGER
& BOLDER subsidy is scheduled for
1st of June,2015 and you may have
to sell your laptop charger before
you can buy fuel
to charge that same laptop!!!
* Earlier this year, over 22 innocent
Nigerians were killed and injured in the job scam
organized by the
Nigerian Immigration
Service(NIS) . The
Minister of Interior, Abba Moro,told us the job interview was "simply mismanaged" and he has retained his office and even with extra luggage.
*1 Naira used to be equal $1 to 1.4 under ‪#‎ GMB‬ but now it's #194 to just $1, the worst ever in our history.
* Madam Gele, Ngozi Okonjo, just told us we need an extra $5billion, through debts of course, so that our economy will not collapse like
Humpty-Dumpty.
*While Benue State University was on an unending internal
strike killing the
future of poor
Nigerians, Senator
DAVID MARK (son of the soil) built his own PRIVATE
UNIVERSITY, of course with tax payers' money, and my gentle
nice president followed him to launch the
school shamelessly.
*He has spent all
money in the treasury and even had to BORROW an extra $1billion but # BokoHaram
keeps getting
more equipped than our military.
*Over 200 girls are missing, over
15,000 killed by
‪#‎ BokoHaram‬, over 6 million displaced from
their homes and
uncountable injured beyond repairs yet my president went to a meeting in
‪#‎ KENYA‬with 7
different PRIVATE
JETS..
*clears throat...
* # PHCN is giving their loyal customers
GENERATORS as xmas gifts for paying their
‪#‎ electricity‬bills on time.....
Goodluck Jonathan
Jesus °ƒ Otuoke ‪#‎ TransformingNigeria‬

This is wonderful! Mhen ure really observant..

Very lazy and corrupt government.

I wonder how Ngozi Okonjo is minister of Finance.

1st is Austerity measures,
2nd is Increasing Taxes for Nigerians..

Can't Ngozi look at other avenues of generating money for Government asides Austerity and tax increment?

This is what happens when government depends on cheap money.

Money from crude is lazy money.

In Germany, industrialisation and manufacturing powers the German economy and that's Why germany is the big brother in Europe

Nigeria can be the big brother in Africa, but she must get her acts together.

The Manufacturing Sector must be empowered,

All those Textiles industries in kaduna that's been shut down must be revamped.

Refineries must work to full capacity.

Electricity must be provided for Artisans to engage in meaningful development.

Roads must be fix for ease of transportation.

Agriculture should go beyound Peper work and all the plenty english the minister of Agric speaks.
If there is truly an agricultural revolution in nigeria, why is price of garri no dropping?

We should produce enough to sustain ourselves and export the rest.

Our Ports are not only for Imports, why aren't we Exporting.

This country has a very long way to Go.

It all Starts with Buhari.

Pls Come 2015, let's come out En mass and Vote Buhari.

#TeamGMB.

It is only when the raw materials for production are sourced for Nigeria. What about companies that depend on their raw materials to be imported? How about the importation of heavy machinery for production whose cost far outweigh that for raw materials? How about imported labour to service those heavy machinery?

tit:
a weaker naira means that it will be cheaper to produce goods in nigeria and sell to the world!
this should be an employment opportunity for hardworking people and entrepreneurs.