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Re: See What Is Happening To Nigeria’s Economy Under Buhari - Politics (7) - Nairaland

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Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by PassingShot(m): 8:52pm On Sep 11, 2015
obayaya:
I'll like to comment on portions of your submission that I disagree with
This is your reponse to the loss of 60,000 jobs. And this comment of yours is suggesting that all the 60000 lost jobs were actually direct/direct federal government construction jobs. I disagree.

these lost jobs is a result of lack of investment from investors (mostly private and foreign). And these investors are stalling because they are yet to understand this government's policy direction.
Do you have evidence of what you're claiming as being responsible for job loss?

I disagree again with this point of yours.. The moment PMB was declared winner in March, did you notice that attention shifted from GEJ to PMB? Everybody was interested in PMB's plans not GEJ's plan. From that moment, GEJ's plans no matter how bright it might be became unsustainable/short term to investors while PMB's became a long term plan. Between that March to May 29, the economy was more or less on yellow waiting for PMB's green light. So in my humble opinion, I'll blame PMB for the slowdown in growth for second quarter.
Your argument makes sense but still doesn't replace the fact that the statistics were for April, May and June. We cannot use our assumption to now make the statistics belong in different months. We have to deal with facts as presented. So, I refuse to put the blame of slow down in growth on PMB. When the figures for July, August and Sept (Q3) are released, PMB will be fully responsible for whatever it is.


This argument is also faulty... investors are interested in making profit from rendering services that in turn provide jobs for the citizenry and improving our economy. Asking if the investors gains in the past was shared with the country is very irrational. If the investors can't make profit, how do you expect them to invest in the critical areas of our economy? the 60000 jobs I spoke of earlier is a direct consequence of situations like this.
My point is simple: Investors usually make profits and losses. They're in business of taking risks for profit making. Chinese stock investors recently lost billions of dollars unexpectedly with stock crash. It affected USA and a handful of other big economies too and heaven did not fall.

In our case, JP Morgan had started the process of delisting Nigeria since January. For us to remain in their BI, we were requested to meet many unfavourable conditions. It would have been suicidal for PMB and his presidency to give in to such demands. In fact, if he did, Nigerians would have taken to the street as the results of such action would have been very devastated to the economy.

Than you.

2 Likes

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Pidggin(f): 8:53pm On Sep 11, 2015
@OP, you must think we are all stewpid. From your post you are trying to tell us that there shall be no major development in the core areas of our economy because of GEJ's mistakes right? then why did you deceive us by making empty promises. Your election promises were not conditional so why the propaganda?

You mention crude oil prices going down, we are all aware of this, but we don't expect you to give us excuses, we want an action plan

It's always GEJ's fault for everything according to your party, this comes across as being petty, power is in your hands now stop trying to tarnish GEJ's image it wouldn't work. We want to see the change you promised not this display of pettiness and propaganda.

2 Likes

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by dkelvin225: 9:03pm On Sep 11, 2015
One thing i disliked about Nairaland; when you see a topic and you are expecting facts discussion and arguments, you will see people abusing themselves.

What a Country.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by PassingShot(m): 9:03pm On Sep 11, 2015
erico2k2:

I think we are to quick to give credits, lets wait until the End of the year, I don't support PMB cos I think I know what's going to happen, the signs are all there however, Im of the opinion of at least give him a year and we might all come in one voice to hate or love him.But, do you know he just awarded licences to few unnamed people to import Petrol? if you did that means he just increased the Subsidy Bills,is this going forward or backward cos teh subsidy scam continues in bigger fashion that is.
The FG has not increased the subsidy bill. If anything, it has reduced the number of importers from 43 to 29 as you can read here http://tribuneonlineng.com/fg-slashes-import-licenses-oil-marketers-43-29

In fact, the FG is working to make NNPC become sole importer of petroleum products as reported here http://dailypost.ng/2015/08/13/fg-set-to-make-nnpc-sole-importer-of-petroleum-products/

So, please tell me what I don't know.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Symphony007: 9:07pm On Sep 11, 2015
mikolo80:
u've conveniently forgotten that they were refused hand over moves two months to elections and y'all egged the former failure govt on. that buhari should not push them. now una eye don come down.
there was never a time that muhammadu buhari opened his mouth to Sy the jonathan administration was not cooperating with his transition commitee so forget that deflection of blame. If you have contrary evidence, provide it.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by SangoCrusader: 9:10pm On Sep 11, 2015
@Passingshot

I don't know what to say. I have been reading NL for the past decade but never in all my years have I read anything so abysmally ignorant. I almost feel like crying reading such swill.

"...The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?..."

Are you soft in the head? By this statement alone, I have concluded that you are a bufffffoon at best and at worst, an economic saboteur. Investors pull out N311bn from the economy and you don't see anything wrong with this?

Y didn't your folks use a condom...
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by ibedun: 9:14pm On Sep 11, 2015
obayaya:
I'll like to comment on portions of your submission that I disagree with

This is your reponse to the loss of 60,000 jobs. And this comment of yours is suggesting that all the 60000 lost jobs were actually direct/direct federal government construction jobs. I disagree.

these lost jobs is a result of lack of investment from investors (mostly private and foreign). And these investors are stalling because they are yet to understand this government's policy direction.

I disagree again with this point of yours.. The moment PMB was declared winner in March, did you notice that attention shifted from GEJ to PMB? Everybody was interested in PMB's plans not GEJ's plan. From that moment, GEJ's plans no matter how bright it might be became unsustainable/short term to investors while PMB's became a long term plan. Between that March to May 29, the economy was more or less on yellow waiting for PMB's green light. So in my humble opinion, I'll blame PMB for the slowdown in growth for second quarter.


This argument is also faulty... investors are interested in making profit from rendering services that in turn provide jobs for the citizenry and improving our economy. Asking if the investors gains in the past was shared with the country is very irrational. If the investors can't make profit, how do you expect them to invest in the critical areas of our economy? the 60000 jobs I spoke of earlier is a direct consequence of situations like this.

Investors! Investors!!! Investors!!!

Oga please who are these your investors? Can you identify 1 investor who is stalling waiting for government policy?

Are you by any chance referring to the friends and associate of Madam puff puff cheeks who has messed up the lives of unborn Nigerians.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Kollyman: 9:15pm On Sep 11, 2015
drss:
all this amala economist no get job at all. how will this write up change the fact that zoogeria lost $6 billion, 60,000 construction job lost, 1200 banking jobs lost, food prices rising rapidly in d last 4 months due to buari's olodoness and dullardness. no fertilizers for farmers again.

I am not being tribalistic, i think the igbos are a curse to Nigeria.

Pls. let them go with their Biafra.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by PassingShot(m): 9:19pm On Sep 11, 2015
Nairalander303:
Kudos passinshot!! I respect you alot Man
Thanks. Appreciated.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by mikolo80: 9:19pm On Sep 11, 2015
Symphony007:
there was never a time that muhammadu buhari opened his mouth to Sy the jonathan administration was not cooperating with his transition commitee so forget that deflection of blame. If you have contrary evidence, provide it.
aaahhh there is God o. OK did apc complain or not.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by ibedun: 9:20pm On Sep 11, 2015
otil1:
Voodoo economist. Pls try harder.

I am in d UK on visit and for the first time since current democracy, Nigeria is rationing foreign exchange. In Feb, one could buy a Ferrari with a Naira debit card, once u have d cash in ur account. Today, every debit card is rationed to $300 a day. Many families can't pay school fees, and medical bills.

Very soon, we will start queueing for essential commodity cos importers don't have dollars. Just like it was before Buhari was kicked out last time.

Let's pray it doesn't get to that again.

Oni gbe se!!! So when the dollar runs out what would the government do? Resort to borrowing dollar at a crazy interest rates secured same against dwindling oil revenue? Are you aware that OYEL is selling below the bottom of the market?

Go home and tell your children you are an idiat.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by SangoCrusader: 9:21pm On Sep 11, 2015
ibedun:


Investors! Investors!!! Investors!!!

Oga please who are these your investors? Can you identify 1 investor who is stalling waiting for government policy?

Are you by any chance referring to the friends and associate of Madam puff puff cheeks who has messed up the lives of unborn Nigerians.

"I" am an investor stalling and waiting for government policy. I have also pulled out a significant amount of money from my bank over the past two months, and moved it back here to the UK (cutting my losses on the FX loss). I know two other "investors" who have done the SAME THING. We are all divesting from Nigeria until the liquidity is restored and legitimate business people are allowed to trade freely in whichever currency they see fit.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by InvertedHammer: 9:21pm On Sep 11, 2015
PassingShot:



Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.

/
I stand to be corrected.

Let the wailers name one country outside the G7 countries that has benefited long-term from the Bond market.

Bond is a camouflaged bondage

In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]


Some people talked about investors pulling out N311bn from the Nigerian economy. How? Because the investors in Nigeria are mostly in areas they can bump and dump, not in infrastructures or capital development. They are invested in assets that can easily be monetized, call it paper money if you want--economic hitmen, they are. They are not investors but vultures looking for countries to devour.

\

2 Likes 3 Shares

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Symphony007: 9:21pm On Sep 11, 2015
Kastonkastroll:
You are just yapping nonsense. This thread as you can see has nothing to do with any machinery of gov't here. The op was simply pointing at the bad economy policy(s) of the previous government which almost brought the nation on its knees. Okonjo in her words said "Nigerians should get ready for bumpy ride for the years ahead". And that was a finance minister under the previous failed administration, basically was has that told you? You can't know better about Nigeria's economy that madam NOI who made that confessions.

The previous administration fraudulently debased our economy and they sold that silly lie to you goons that Nigeria has overtaken south africa as the biggest economy in Africa, and all of you dummies believed that crap.. South Africa is still the most developed economy and bigger in africa as far as am concern.

Our country can't be working on lies and deceit, and that transparency is what buhari is trying to bring(reason why he didn't form his cabinet on time).

And as for JP Morgan kicking us out of their bond index market, yes we will feel the pain for the coming months ahead, but it is still better than staying there whereas $1 will be about 400naira if we had agreed to their wicked proposal, which was to devalue our naira. Who will want to commit that kinda economy suicide?


China can go to hell, they usually protect their economy and local market and then turn our own market to their dumping ground, where they dump all sorts of fake products and copied technology.

Buhari and his economy team will bring sanity to our country and the policies they will implement, this will not only attract real economy investors alone, but the entire nation will witness real development.
is it not funny how you accuse somebody of "yapping nonesense" then go ahead to yap nonesense! Okonjo iweala said nigeria should be ready for turbulent times due to the fall in oil price and other global economic dynamic, don't equate this stuupid shot in the foot to that. That's just disingenuous and grasping for straws.

I'm glad that you say "as far as you are concerned" nigeria is not the largest economy in Africa, well that's your concern! Because it is a fact even attested go by every global economic authority. South Africa is still the most developed economy but we are the largest and greater investor destination, with this comes great responsibility including avoidance of uncertainty something which this government does not understand, if they did they won't let things continue in a free fall.

Buhari has an economic team? grin that's news to me!! Who are the members? Is it the. National economic council chaired by osinbanjo whoes all the meeting held so far with governors is to share money? Has buhari ever held a meeting with an economic team to assure investors that their money is safe in nigeria and the temporal in century will be resolved soon? If they had such assurances and show of seriousness, do you think they will be fleeing in droves? Be guided my friend!

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by PassingShot(m): 9:24pm On Sep 11, 2015
SangoCrusader:
@Passingshot

I don't know what to say. I have been reading NL for the past decade but never in all my years have I read anything so abysmally ignorant. I almost feel like crying reading such swill.

"...The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?..."

Are you soft in the head? By this statement alone, I have concluded that you are a bufffffoon at best and at worst, an economic saboteur. Investors pull out N311bn from the economy and you don't see anything wrong with this?

Y didn't your folks use a condom...
That was not about what was pulled out. It was about what was lost following JP Morgan's delisting of Nigeria from Bond Index.

Try to read and comprehend.

Your insult is ignored for now.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Symphony007: 9:24pm On Sep 11, 2015
mikolo80:
aaahhh there is God o. OK did apc complain or not.
did you hear what I said? Did muhammadu buhari, president-elect of the federal republic of nigeria at anytime say jonathan was not cooperating with the transition? Don't tell me about the busy bodies in APC which your president has even denied because they made promises and statements to nigerians, he never sanctioned.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by SangoCrusader: 9:30pm On Sep 11, 2015
Ok, here is a scenario.

An investor with $$$ invested in Nigeria when it was N265:£1. Due to significant economic uncertainty, the said investor is so uncomfortable with the situation that he has to convert back at today's rate which is N361:£1 to get his money out, cutting his losses in the process. So someone to chooses to lose ~40% in FX losses, he must have absolutely no hope in a recovery. Therefore, these are not "economic hitmen", these are disillusioned investors who see ABSOLUTELY not hope in a recovery.

Secondly, can you name ONE asset in Nigeria that can be easily monetized AND converted easily back into dollars



InvertedHammer:

/
I stand to be corrected.

Let the wailers name one country outside the G7 countries that has benefited long-term from the Bond market.

Bond is a camouflaged bondage

In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]


Some people talked about investors pulling out N311bn from the Nigerian economy. How? Because the investors in Nigeria are mostly in areas they can bump and dump, not in infrastructures or capital development. They are invested in assets that can easily be monetized, call it paper money if you want--economic hitmen, they are. They are not investors but vultures looking for countries to devour.

\
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by ibedun: 9:35pm On Sep 11, 2015
sammhi:


your analysis is too skewed to your political lining. PMB is planing to effect gpod and sincere change but element like you will not t allow him see truth.
your naira at 200 to dollar does not support your economic realities but more of political expediency.
China recently devalue their currency ...when they are no 1 economy in the world.
currency devaluation has both positive and negatives.
however, its major advantage is to stimulate industrial growth and foreign investment.
please lets be honest to ourselves and stop misleading gullible and mostly ignorant Nigerians and the sincere PMB

You are just regurgitating textbook economics. There is a difference between theory and practice.

The truth if you care to know is that devaluation is positive only if you have something to sell and there are lots of international buyers queuing up to buy from you. That way devaluation reduces your international market price and makes your product competitive. You sell more and your domestic producers and economy will benefit. China as a major producer can afford to devalue its currency by 50% if it wishes.

On the other hand Nigeria produces nothing and earns 90% of its foreign exchange from oil (price is collapsing and other sources of suppliers are emerging, meaning less and less revenue for Nigeria). If we devalue our currency, our import dependent economy will collapse and our standard of living will collapse, we will start eating each other. Such would be the level of poverty.
Foreign investors will run a mile due to the unacceptable level of risk that will arise from the above situation. Devaluation may hasten the disintegration of the country (This would please Biafrans except that Biafra would be unviable).

Hope you get it.

2 Likes 1 Share

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by mikolo80: 9:35pm On Sep 11, 2015
Symphony007:
did you hear what I said? Did muhammadu buhari, president-elect of the federal republic of nigeria at anytime say jonathan was not cooperating with the transition? Don't tell me about the busy bodies in APC which your president has even denied because they made promises and statements to nigerians, he never sanctioned.
I never said he said anything.

I remember apc/buhari hounding the Jona govt to handover
and they were called names
so now there is a delay why are you complaining
that's all I'm saying

1 Like 1 Share

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Symphony007: 9:45pm On Sep 11, 2015
mikolo80:
I never said he said anything.

I remember apc/buhari hounding the Jona govt to handover
and they were called names
so now there is a delay why are you complaining
that's all I'm saying
and I said buhari never said such. If you feel he did, prove it by giving me a link to click on.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by mikolo80: 9:58pm On Sep 11, 2015
Symphony007:
and I said buhari never said such. If you feel he did, prove it by giving me a link to click on.
why Will I defend what I never said. that's your fabrication in order to sustain unsustainable argument. your ppl delayed by two months, so endure for another two. we voted for to get pdp out and anti corruption, not economic reform.
we've achieved one, baba is working on the other. we the majority are not complaining(this is a democracy you know)
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Kastonkastroll(m): 10:11pm On Sep 11, 2015
ibedun:


Oni gbe se!!! So when the dollar runs out what would the government do? Resort to borrowing dollar at a crazy interest rates secured same against dwindling oil revenue? Are you aware that OYEL is selling below the bottom of the market?

Go home and tell your children you are an idiat.

lol. when i saw the guy's comment, I had to laugh at his daftness.

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Kastonkastroll(m): 10:34pm On Sep 11, 2015
Symphony007:
is it not funny how you accuse somebody of "yapping nonesense" then go ahead to yap nonesense! Okonjo iweala said nigeria should be ready for turbulent times due to the fall in oil price and other global economic dynamic, don't equate this stuupid shot in the foot to that. That's just disingenuous and grasping for straws.

I'm glad that you say "as far as you are concerned" nigeria is not the largest economy in Africa, well that's your concern! Because it is a fact even attested go by every global economic authority. South Africa is still the most developed economy but we are the largest and greater investor destination, with this comes great responsibility including avoidance of uncertainty something which this government does not understand, if they did they won't let things continue in a free fall.

Buhari has an economic team? grin that's news to me!! Who are the members? Is it the. National economic council chaired by osinbanjo whoes all the meeting held so far with governors is to share money? Has buhari ever held a meeting with an economic team to assure investors that their money is safe in nigeria and the temporal in century will be resolved soon? If they had such assurances and show of seriousness, do you think they will be fleeing in droves? Be guided my friend!
lol grin. my friend you are just trying to be clever by half and at the same time you are distorting facts from what actually happened in the last four months before the handover. OK if our economy was so good in the last days of gej administration as you want us to believe, why did they have to borrow in other to meet up with workers demand?

And secondly, you dont expect buhari to hit the ground immediately with a cabinet after the kinda "perfect economy" he inherited from Jonathan, do you? I would have really like to say much but unfortunately am feeling so sleepy here.

Good nite..

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Nobody: 11:21pm On Sep 11, 2015
SeverusSnape:
The paid Goon again. grin

Always on time to defend the Presidiot, He's as predictable as a pig within stone throw from a pile of faeces. grin

@ topic, trash as usual. Trillions of Naira have been lost by investors and this one is here wanking. Buhari as usual has no idea what's going on, That is why we need to see his genuine WASC result, I'm sure he got Z9 in economics not even F9. grin
you are wasting that white substance in your skull cry

1 Like

Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ezehh: 11:21pm On Sep 11, 2015
FOR HOW LONG WILL WE KEEP BLAMING GEJ (PAST GOVERNMENT) EVEN WHEN THE NEW GOVT HAVE SPENT OVER A 100 DAYS IN OFFICE?? WHAT HAVE THE NEW GOVT DONE TO REMEDY THE MESS CAUSED BY THE PAST GOVT? WE NEED TO START SEEING A CLEARER DIFFERENCE, A DEVIATION TOWARDS THE POSITIVE REAL LINE NO MATTER HOW SMALL THE SIGNIFICANCE OF THE DIFFERENCE MAY BE.

I PRAY WE LEARN TO STOP DEFENDING ANY POLITICAL PARTY.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by kutchs: 11:22pm On Sep 11, 2015
Isn't it shameful that a party that promised so much has turned to the blame game to excuse its incompetence.I'm not an economist so I will leave economics out of this.
Nigerians didnt vote APC to lead the FG to give excuse. Even if the Nigerian economy was bad under GEJ as APC wants us to believe, didn't they promise to 'change' things? They knew the state of the economy but they made promises even Clinton and Trump would be afraid to make just to win election, now election has been won and all we get is excuse upon excuse.
It's only a fool who refuses to acknowledge his limitations and work towards overcoming it. Buhari knows he's no economist like me, he knows he has nothing upstairs, what a wiser person would have done is to gather better brains immediately so his inefficiency could be covered.I pity my country but I pity more the 15 million gullible and deceived folks who voted for the empty head.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ikiriye(m): 11:52pm On Sep 11, 2015
PassingShot:
[b]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy

For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:

1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/

Implication of this is that there will be no real development in the core areas that sustain and improve economic development.

2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.

3. As at April 2015, the Federal Government of Nigeria had borrowed $4.4bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa.
http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]

I could go on and on but these will suffice for now.
Now, let’s see OcheJoseph ‘s points one after the other:


Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.



What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?




This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted

“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.

Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?




At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.


The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.

The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?

Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.



What is the news here? Must Nigeria do business with China or any other country for that matter?
Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.





The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?

As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.


If anyone needs to use their brain, it’s you and your co-travellers.

You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.

Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.

May God continue to guide President Buhari & VP Osinbajo aright
May Nigerians prosper better under his selfless leadership

CC: Lalasticlala Seun Obinoscopy

Who sent you.the light we enjoy today and some other benefits did you now see that you shot yourself in the leg.You will agree with me that the past govt was responsible for these development and not this present govt.you have proven to Nigerians that this govt obviously has not done anything and cannot because of your analysis till next year budget.so enough of these hypocrisy of sai baba and sai bullshit
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ikiriye(m): 12:00am On Sep 12, 2015
Kollyman:


I am not being tribalistic, i think the igbos are a curse to Nigeria.

Pls. let them go with their Biafra.

You just said who you are bigot.because they speak their opinion on this forced marriage called Nigeria where only the Yorubas and their slave masters north benefits.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ikiriye(m): 12:05am On Sep 12, 2015
peedeeasobie:
I need to understand something!

You are blaming GEJ's govt for the economic woes but praising PMB for the constant power and fuel supply?

If GEj's govt is responsible for the economic woes, his govt is also responsible for the constant power and fuel supply!


You day mind them.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ikiriye(m): 12:10am On Sep 12, 2015
PassingShot:

Please try to understand these:
1. To revive an economy in shambles is not a day's job. I have provided just a few evidences to prove that the economy PMB inherited was in shambles.

2. The problem with lack of power supply was not the absence of generation capacity but absence of gas supply to the power stations and vandalism according to TCN. And to make us have power in our homes, the power plants only needed gas to be supplied to them and for the govt to find a solution to the problem of vandalism. Since PMB arrived, he has simply asked the GENCOS and DISCOS to sit up or be ready to face his wrath. The CBN provides loan to the gas suppliers (same practice since GEJ but there was still no gas) and now make gas available.

To solve the vandalism problem, the FG terminated the surveillance contract given to the militants by GEJ and replaced them with military.

So, quick fixes where possible will earn the regime the credit. Where quick fixes are not possible, the regime cannot completely take the blame. The blame will be appropriately heaped on it only after it has failed to solve the inherited problems after a reasonable period of time (usually btw one and two years).

And you think that gej was vandalizing the gas pipeline ode.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Ikiriye(m): 12:25am On Sep 12, 2015
PassingShot:

Thanks. Nigeria shall be great again.

We will continue to pray that this regime succeeds. We will not also fail to call it to order in our little way if it falters.

For the love of country.

Can you bite the finger that is feeding you.
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by InvertedHammer: 5:26am On Sep 12, 2015
SangoCrusader:
Ok, here is a scenario.

An investor with $$$ invested in Nigeria when it was N265:£1. Due to significant economic uncertainty, the said investor is so uncomfortable with the situation that he has to convert back at today's rate which is N361:£1 to get his money out, cutting his losses in the process. So someone to chooses to lose ~40% in FX losses, he must have absolutely no hope in a recovery. Therefore, these are not "economic hitmen", these are disillusioned investors who see ABSOLUTELY not hope in a recovery.

Secondly, can you name ONE asset in Nigeria that can be easily monetized AND converted easily back into dollars



/
I will name two--Bonds and stocks. They are intangible assets and are highly liquid.

The investors you are hearing about are not interested in building bridges. They want quick return on investments by a push of buttons.

Still amazed? Dangote has many factories. How many factories does facebook have? Yet facebook is valued more than Dangote.
It is all about valuations. That is where the money is. And that is why an investment banker goes home with about $2million
commission in one year while an Engineer will be happy to see $120k in a year. Money is hidden in a place where most people
are not looking for it.

Someone most likely looked at the fundamentals, shorted the NSE Index and made a truckload of money

It is all game.

\

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