I Want you to critically examine What happened Before 1983 & What is now happening to Nigerian Economy since this new govt started!. Is Nigerian Economy growing? or shrinking?. Is Nigerian Economy getting bigger? or Is it getting smaller?. Is there any deliberate plan both within & outside to cut it's size?.

you need to put the stats

Nigeria economy is already back to 1984 level, available indices are unanimous.

Time will tell

Mogidi:
Nigeria economy is already back to 1984 level, available indices are unanimous.

Really ?

Make them available here.

Stocks lose N311bn, bonds suffer after JP Morgan index expulsion
By Hamisu Muhammad, Kayode Ogunwale, Lagos with agency report | Publish Date: Sep 10 2015 4:18AM | Updated Date: Sep 10 2015 12:03AM


CEO Nigeria Stocks Exchange, Oscar Onyema
Nigeria’s stocks sunk on Wednesday after JP Morgan said it would eject Africa’s biggest economy from its influential emerging markets bond index due to tough controls imposed to prevent a currency collapse.
In a move that came earlier in the year than expected, JP Morgan said late on Tuesday it would remove the bond listings belonging to the West African nation by the end of October, forcing fund managers to sell Nigerian bonds, which might raise the country’s borrowing costs.
The decision is a blow to President Muhammadu Buhari, who has promised to diversify an oil-dependent economy hit by a slump in global crude prices but who faces criticism for not having appointed a cabinet since his inauguration on May 29.
With no finance minister in place, foreign investors have been left wondering about government policies and struggling to sell shares or bonds as the central bank adopted tough currency restrictions to halt a slide of the naira.
Anders Faergemann, senior sovereign portfolio manager at PineBridge Investments, told Reuters that he was surprised that Buhari had not started tackling the country’s economic problems more than three months into his tenure.
“As an investor it is flabbergasting that the Nigerian authorities have allowed themselves to be put in this situation,” he said.
All Nigerian stocks listed in the MSCI frontier market index fell by about 3 percent, while bond yields spiked across maturities.
In the equity segment, the market value dropped by N311 billion.The major indicators, the market capitalization and NSE All Share Index declined by 2.98 per cent to close lower at N10.129 trillion and 29,454.09 basis points respectively.
Total volume of shares transacted was 459.458 million worth N4.287 billion in 3,396 deals compared to 226.648 million shares valued at N1.999 billion in 4,531 deals recorded on previously.
While many foreign bonds investors have exited the market since JP Morgan warned Nigeria in January and again in June that it would get kicked out of the index unless conditions improved, stocks investors were now also pondering whether to stay.
The U.S. bank had placed Nigeria on its index watch but a decision had not been expected until later this year.
“You can only imagine the chaos that is unfolding here,” a regional African investment analyst said from Lagos, asking not to be named.
“There are many more investors still in equities who are keenly watching how the central bank manages the exit process because if they even sniff the possibility that they won’t be able to get dollars in the future they are going to run for the door,” he said.
According to Reuters the benchmark 2024 bond yield rose to 17 percent on Wednesday from 16.20 percent previous day. The stock index shed 3.02 percent to fall below a 30,000 point psychological level.
In response to the decision, the CBN and ministry of finance said in a join statement signed by CBN spokesperson, Ibrahim Muazu that “while we respect the right of the J.P. Morgan to make this decision, we strongly disagree with the premise and conclusions upon which the decision rests.”
CBN said it took all the measures to improve the market. Despite the fact that oil prices have fallen by nearly 60 percent in one year, which should expectedly reduce the amount of liquidity in the market, the CBN ensured that all genuine and effective demand were met, especially those from foreign investors.
“On transparency, the CBN mandated that all FX transactions were posted online in the Reuters Trading Platform so that all stakeholders can easily verify all transactions in the market. In addition, the Official FX Window at the CBN was closed to ensure a level-playing field in the pricing of foreign exchange.”
Meanwhile, FBN Holdings was the top decliner on the MSCI frontier market index, down 5.15 percent, followed by Guinness Nigeria, by 5 percent, and Dangote Cement and Guaranty Trust Bank, which were both down by 4.98 percent.

Over 500,000 Nigerians risk job losses in telecoms sector 1
BY OUR REPORTER ON JULY 14, 2015 BUSINESS
By OLABISI OLALEYE

With the re-introduction of foreigners to man some critical aspects of telecommunications companies operations in Nigeria, stakeholders have raised fears that over 500,000 Nigerians may soon be out of jobs.

This is coming as telecommunications companies appear to have jettisoned the Nigerian Local Content policy and are replacing it with expartriates, which is a clear indication that Nigerians will soon be enslaved in their own land.

Daily Sun checks revealed that many more Nigerians would be relieved of their livelihood as indians and Lebanese are taking over the jobs.

According to a stakeholder, Mumini Sambo, the issue of local content is becoming dangerous as the locals are seriously losing out to the foreigners, especially the Indians and Lebanese.

“The trend in recent times shows that Nigerians are now being enslaved in their land. The so-called multi-national companies are taking advantage of the massive corruption in the country to take away monies supposed to be used in developing the country to their countries and leaving very little for Nigerians.”

An industry watcher, Amaka Ogbonnaya, explained that Nigerian jobs must be for Nigerians as they do in South Africa.

“Every government should be sensitive to the well-being of its citizenry. It is high time the government beamed its searchlight on the telecoms companies in the country.

“Most of these companies are easing Nigerian companies out to pave way for the foreigners all in the name of cheap labour. A co-location company owned by Nigerians is losing out to those owned by foreigners in a bid to transfer money to their countries at the expense of the country’s economy.”

Recently, one of the GSM operators dropped a Nigerian outsource company to embrace foreign ones and about 4,000 graduates lost their jobs.

Sambo disclosed that indigenous companies are giving their best in terms of products and services, just that they saw loop-holes in the local content policy and being driven by high profit margin.

He appealed to the Federal Government to critically beam its searchlight on the issue and defend its citizens.

“The implications of this impunity is that local content policy of the government is being rubbished by the so-called multinational, who put locals as the Chief Executive Officers without any power and to be teleguided from India, South Africa and Lebanon.

“Nigerian graduates that were better trained than these foreigners are relegated to the background, thereby becoming second class citizens in their country. These so-called foreign companies make huge profit from Nigeria and take it out of the country with impunity and are smiling to bank in their countries, and leaving Nigerian companies to die.”

He explained that if jobs are given to Nigerian companies, it means that money made will remain in Nigeria to develop the economy.

“But if not, competitive bidding process would maximise their profit and leave Nigerian citizens impoverished and second rated elements in their fatherland.”

“The new government should take the issue of local content very serious and protect the indigenous companies,” he said.

investnow2013:
I Want you to critically examine What happened Before 1983 & What is now happening to Nigerian Economy since this new govt started!. Is Nigerian Economy growing? or shrinking?. Is Nigerian Economy getting bigger? or Is it getting smaller?. Is there any deliberate plan both within & outside to count it's size?.

Those at helm of affairs in nigeria are the same people that stole from Nigeria 30 years ago and caused the biggest brain drain ever in our history, which is partly responsible for our poor educational and health standards. they are back again, but this time, Nigerians of goodwill should not just surrender to them. they should be resisted with every means necessary.

Lagos, Nigeria (CNN)A small roadside mechanic fixing broken oil tankers beside one of the main trade routes in West Africa stands as apt metaphor for Nigeria's broken oil economy.

The mechanic here, Edwin Obinna, has his head deep inside the oily engine of a tanker truck as he tries to replace the pistons as he explains the problem:

"When there's no oil in the vehicle, the engine won't work because you need oil to move it. When there's no oil, it won't work," Obinna explains.


Obinna says business is so bad, it is difficult for him to provide food for his family.
Nigeria relies on oil for over 90% of its foreign exchange earnings, but the price of oil has crashed this year from over $100 to $50 a barrel. But there is a bigger problem than the oil price crash: Nigeria is not selling its oil.

Nigeria has few contracts with countries -- it sells on "spot" -- and as U.S. shale oil output has increased it has displaced Nigeria's traditional markets. Now the latest U.S.-Iran deal threatens to displace even more of Nigeria's oil market share in countries such as India.

As a result, the naira, Nigeria's currency, has fallen to record lows against the dollar, international investment has stalled, construction contracts have not been paid and there are persistent fuel shortages across the country.


Obinna's mechanic shop sits on the Lagos-Ibadan expressway, one of the busiest roads in West Africa, linking the mega-city and port of Lagos to the rest of the country. The federal government's promises to expand and rehabilitate the road have fallen quiet. There simply is no money.

Energy analysts worry there is no clear plan to fix the problem:

"There needs to be communication about the economic policy of the government -- a case of, this is how we are going to drive the economy forward, how we want to open the economy," says Dolapo Oni, an energy expert based in Lagos. "But that communication does not exist right now."

The problem is starting to affect Obinna's mechanic business:

"Today, I'm hungry for my family. I don't have money to eat. Last year, I had something to do, when I needed money I can get it. But this year, we never see anything," Obinna said.

Obinna manages to start up his engine to get the truck back on the road. He hopes Nigeria's leaders will do the same with the economy soon.

Nigeria’s economy, a volcano waiting to erupt, says CBN
By Chijioke Nelson, Calabar on July 30, 2015 12:07 am
THE Central Bank of Nigeria (CBN) has described the nation’s economy as “a volcano waiting to erupt” had the foreign exchange pressure been left unchecked.

Its Director of Monetary Policy Department, Moses Tule, disclosed this yesterday in Calabar, Cross River State, during the opening session of the two-day seminar for finance correspondents and business editors.

Tule, in a lecture titled, “Crude Oil Volatility: Implications for External Reserves and Exchange Rate Management in Nigeria,” said the recent policy on foreign exchange was an edge against the imminent disaster to the country’s economy.

“A rapid fall in oil prices threatens Nigeria’s macro-economic stability because foreign exchange earnings, government revenue and domestic money supply are largely dependent on the receipts from crude oil exports,” he said.

He lamented that the economy is dwindling, even when Nigerians are overly concerned with the monetary policy, which tweak the interest and exchange rates while ignoring the fiscal policy.

According to him, the economy cannot grow without balancing both sides, as the tax system can be used to raise the required fund to balance the budget, which the government has ignored, focusing on oil.
Tule regretted that over the years, Nigerians were less concerned about what happened to the implementation of budget items, which are major source of distortion to the economy. He advised the nation to adopt the Ethiopia model of industrialisation and diversify the economy.
Meanwhile, an economist and Chief Executive Officer of Financial Derivatives Company (FDC), Bismark Rewane, has restated his call for fuel subsidy removal as panacea for the desired economic growth. He contented that with subsidy constituting 15 per cent of the nation’s import bills, the current policy modification by economy planners may not yield the desired result.
This apparently followed President Muhammadu Buhari’s resolve to sustain oil subsidy, stating that the argument for its removal were not convincing and deep enough.
Speaking on the “Evolution of the foreign exchange market in Nigeria and the way forward,” Bismark warned that “if fuel subsidy is not dealt with, policy modification will not yield desired results. Remove subsidy and aberrational demand pressure disappears.”
Nigeria being an oil-dependent economy, he said, the behaviour of exchange mirrors the movement of oil prices at the international market, and the nation faces a dual problem of resource and management.

It Gets Worse: Nigeria’s GDP Shrinking Under Buhari, Records 40% Decline In 3 Months (FULL DETAILS)

By Ephraim Adiele | Associate Editor - Sep 11, 2015

President Muhammadu Buhari

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Nigeria’s economy may be in for more gloomy news as the Lagos State Chamber of Commerce and Industry (LCCI) on Wednesday, September 9, 2015 has revealed that the manufacturing and service sectors of the economy have entered a recession after a 40% decline in Nigeria’s growth rate for the second quarter.

RELATED: JPMorgan Set To Remove Nigeria From Key Bond Index Due To ‘Uncertainty, Limited Transparency’

TV 360 Nigeria reports that the President of the LCCI, Remi Bello. who spoke at a media briefing said that the economy under President Muhammadu Buhari has continued to reel in the face of depleted government revenue as a result of the fall in global oil prices.

ALSO READ: Failing Economy: Construction Industry Loses 60,000 Jobs In 3 Months

He further availed that the biggest obstacle for investors in Nigeria at the moment is the CBN policy on foreign exchange.

According to Bello: “The impact on the economy and private sector are as follows:

The sovereign risk perception of Nigeria has worsened over the last two months. Several credit lines for Nigerian investors have been lost following the numerous cases of payment defaults to foreign suppliers. Even reputable blue chip companies have defaulted for the first time in the several years of business relationship with their foreign suppliers. Considerable damage has been done to the image of many companies and the country in the international trade and investment arena. A major confidence crisis has been created for investors.
Many ongoing transactions before the issuance of the CBN circular have been stalled. These were transactions under Bills for Collection for which credit facilities were given by foreign suppliers and for which funds could not be remitted.
Many companies are on the brink of collapse because of the failure to access foreign exchange for raw materials and other critical inputs. Even companies whose inputs are valid for foreign exchange also suffer the same fate.
The CBN measures is taking a huge toll on investors in the free trade zones. The policies are also a violation of the laws setting up free trade zones. Investors in the zone are currently in a quandary.
The goodwill that Nigeria enjoyed at the advent of this Administration in the international Business arena is beginning to be eroded by the foreign exchange crises.
There is risk of international isolation of Nigeria if current policies are not reversed.
The economy is now faced with a scenario where there is a much greater pressure to move funds out of the economy than bring funds into the economy. This can be likened to a run on a system. This is a typical scenario which a confidence crisis could create. Future international trade transactions, financial and investment relations are now at risk
Round tripping of forex has continued to flourish because of the disparity in the exchange rate between the official and parallel market. Inflow of forex into the two autonomous sources has been adversely affected. It is worthy of note that Diaspora funds into the country was about $23billion n 2013. The current policy will discourage the inflow of such funds which normally help to strengthen the supply side of the foreign exchange.
Many small businesses have moved to neighboring countries to effect transfers to their suppliers abroad.
The banking system is being denied considerable revenue which typically accrues from trade finance and related services to importers and exporters.
There is the risk of a rapid growth in non-performing loans in the banking system as investors grapple with the problem of access to foreign exchange.
Many parents are in a major dilemma on how to remit funds to their children schooling abroad for their upkeep. Current rules only allow for remittance through Form A for school fees and other direct payments to the schools abroad.
Many hotels in the country are currently saddled with lots of cash [foreign currency] which they could not lodge in their domiciliary accounts, let alone doing business with it. It is a major issue for the hospitality industry in the country.”
The foremost chamber of Commerce in Nigeria called on President Buhari to review the situation saying the CBN should allow market forces determine the exchange rate with some minimal intervention.

How does that concern me?
In a typical janjaweeed's mind, any industry not in their state isn't supposed to succeed because it is not in "Naigerea".

Let it shrink to the size of Burundi, isn't that what they all want?

Cjrane2:
How does that concern me?
In a typical janjaweeed's mind, any industry not in their state isn't supposed to succeed because it is not in "Naigerea".

Let it shrink to the size of Burundi, isn't that what they all want?

We need a solution to this issue because of the consequences of these to many families will be too much to ignore!.

NACCIMA bemoans economic lull, tasks govt on palliatives01.10.2015. The Nigerian Association of Chambers of Commerce, Industry, Mines and Agri­culture, NACCIMA, has bemoaned the current lull in the nation’s economy, describing it as undesir­able for the socio-economic well be­ing of the people and the country generally. The Association’s Pres­ident, Chief Bassey Edem, said the association was not happy about the situation which is alreadyThe Nigerian Association of Chambers of Commerce, Industry, Mines and Agri­culture, NACCIMA, has bemoaned the current lull in the nation’s economy, describing it as undesir­able for the socio-economic well be­ing of the people and the country generally. The Association’s Pres­ident, Chief Bassey Edem, said the association was not happy about the situation which is already tak­ing huge toll on real sector invest­ments nationwide. Edem, who presented the As­sociation’s review of the Nigerian economy at a media briefing in Lagos, noted that the state of the economy as at September showed that the economic growth had not performed as well as expected. He said: “Realistically, contrary to wide spread expectations, the economy has been sluggish and this is due to the fact that the major policy thrusts of the government which are expected to drive the economy are yet to be put in place to meet the utmost expectations of the business community/private sector operators. “One major fac­tor that has also accounted for the sluggishness of the economy could be attributed to the electioneer­ing activities that took the better part of the first half of the year and the settling down into office and pursuing of the business of governance by the new adminis­tration. This is in addition to the dwindling oil resources which has prevented government at all levels from fulfilling their basic capital and recurrent expenditure obli­gations.” While appreciating the enormity of the task inherited by the new administration and its ef­forts to strengthen the economy through policy and other mea­sures, Edem said that it was impor­tant that what an average Nigerian desires at the moment is for the ‘Change’ they voted for to be trans­lated into a significant positive impact on the real sector and the economy in general. According to him, the indices of the economy so far has not shown that it is reced­ing in growth, noting that Nigeria’s GDP is still on positive status. He said the stakeholders were only agitating for measures to prevent economic recession. He also said that the Administration of Presi­dent Mohammadu Buhari needed to bring fresh perspective and im­petus to ensure rapid expansion of the power sector, so that the energy being generated can conveniently meet the needs of the manufactur­ing sector while reducing their reliance on alternative sources of energy at exorbitant cost. He added that the Apex Bank needed to review its foreign exchange poli­cy for imported goods vis-à-vis the commitment that had been made before the commencement of the CBN policy on the 41 prohibited items, saying that the implemen­tation of this policy has led to sev­eral manufacturing outfits losing their credibility as deferred L/C payments obligation were not met or fulfilled, thereby creating lack of trust and further credit exten­sion. On interest rate, Edem said that the effort by government to stimulate the real sector of the economy may be in futility if the current trend in lending rate con­tinues. Share on Facebook Share on Twitter
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Port congestion looms as workers threaten strike01.10.2015. Cargo congestion may be­come a common feature of Nigeria’s major sea­ports, especially the Lagos Ports Complex and Tin Can Island Ports Complex both in Apapa Lagos over planned closure of the ports by the Maritime Work­ers Union of Nigeria MWUN, to protest non -payment of their emoluments and other benefits. The union had a fewCargo congestion may be­come a common feature of Nigeria’s major sea­ports, especially the Lagos Ports Complex and Tin Can Island Ports Complex both in Apapa Lagos over planned closure of the ports by the Maritime Work­ers Union of Nigeria MWUN, to protest non -payment of their emoluments and other benefits. The union had a few months ago issued a similar threat to close the ports over the refusal of the management of the Ni­gerian Ports Authority NPA to pay workers the arrears of their salaries and allowances, which gave rise to negotiations between the leadership of the union and the management of the authority, where it was agreed that the threat be with­drawn. President-General of the union, Mr. Tony Nted, who spoke with newsmen in Lagos, disclosed that members of the union would embark on a na­tionwide strike that is expected to shut all port facilities across the nation with effect from Fri­day to protest non-payment of outstanding six- month salaries and allowances of junior staff, especially tally clerks and secu­rity men. According to him, the leader­ship of the union is left with the only option of shutting the ports to compel the management of NPA to pay up the outstanding salaries and allowances.. It was gathered that sequel to the agreements reached be­tween the management of the authority and leadership of the union that the outstanding sala­ries and allowances, which were not kept by the NPA, the work­ers had attacked the MWUN zonal office over allegations that the leadership of the union has been compromised and hence their inability to compel the NPA management to redeem its promise to pay up. .”This proposed action is in the interest of the workers, who have been owed arrears of salaries even after the manage­ment of NPA had promised to pay up long before now. It was In frustration, that the workers attacked the zonal office of the union, saying the union had not pursued their payments vigor­ously”, the president said. The MWUN-boss also warned: “We just thank God that people were not injured in the course of the strikeare just lucky that people were not in­jured in the course of the pro­test but all the same, they have made their grievances known both to us and the management of NPA and I assure you that we will shut the seaports if by to­morrow the management fails to pay because this has been long overdue” . Meanwhile, General Man­ager in charge of Public Affairs of NPA, Captain Iheanacho Ebubeogu, who reacted to the threat by the workers, said the authority would henceforth deal with stevedoring compa­nies directly on such matters. According to him, when the authority addresses its obliga­tions to the stevedoring contrac­tors, they will in turn meet the needs of their workers, a devel­opment that will reduce cases of lockouts to the barest minimum. However stakeholders are ap­prehensive that there might be massive congestion at the ports if the workers make good their threat to shut the ports. The stakeholders argued that the ports, especially those in La­gos are just recovering from the backlog of cargo arising from the 10-day strike embarked by truck owners over the move­ment restriction policy imposed on them by the Lagos State Gov­ernment. Share on Facebook Share on Twitter
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Mass retrenchment looms in Nigeria 0
BY OUR REPORTER ON NOVEMBER 6, 2015 BUSINESS

From David Onwuchekwa, Nnewi

Unless the Federal Government intervenes, many workers in the cable manufacturing industry will soon lose their job, a situation that is compounded by the influx of substandard products into the country.
President of Cable Manufacturers Association of Nigeria (CAMAN) and Chief Executive Officer of Cutix Plc, Nnewi, Anambra State, Mr. Ifeanyi Uzodike, revealed this yesterday in an interactive session with journalists. He described as worrisome a situation where the cable manufacturers cannot purchase major raw materials for their production as a result of difficulty in accessing foreign exchange due to the new policy of Central Bank of Nigeria (CBN).
“The new policy of CBN on foreign exchange is affecting our business. We cannot source our major raw materials like copper rod and aluminium rod locally and it is unfortunate that we cannot easily access foreign exchange to import them, and even where we are lucky to get, it takes as long as one month. “The summary of it is that if nothing is done urgently, most of us will cut our staff strength and production capacity by over 50 per cent. This industry deals with power and power is vital to all sectors. You need power to drive the economy especially in this era of dwindling oil revenue,” Uzodike said.
The CAMAN President further stated that at the National Integrated Power Project (NIPP), government gave out turnkey projects to some individuals and they were allowed to import duty-free goods to the country.
The net effect, according to him, was that most of the materials were substandard. Responding to questions as to whether the association had drawn the attention of CBN to the foreign exchange issue, he said the association did but that there was no positive action taken yet, even though he agreed that the Ministry of Industry invited them for discussions and they had not taken further action.
The Cutix Plc boss appealed to President Muhammadu Buhari and all other relevant agencies of the government to come to the rescue of the industry to save it from collapse. At the AGM of Cutix Plc, the first company east of the Niger to be quoted on the Nigerian Stock Exchange (NSE), the Chairman, Mr. David Ifezulike, said the urgency of government intervention was necessary to avoid compounding the woes already experienced in the sector as a result of inaccessibility of foreign exchange for the procurement of raw materials.
Ifezulike listed other challenges of the company to include multiple taxation, non-appliance of local content and the influx of substandard cables into the country.
Also buttressing CAMAN’s president’s view, the National Vice President of the Breadfruit Elders Association, Mr. Ayankayode Obalalaro, suggested that a rights issue be offered for an additional capital to be ejected into the company, which he said had the right board members and management.
He said that in the face of dwindling oil revenue, boosting the revenue of the non-oil sector through the power sector remains the best alternative.
He therefore appealed to the government to look into the challenges of CAMAN and do something urgently to arrest any impending danger that may hamper the growth of the industry and by extension, the economy.

Virgin Atlantic Airline Sacks All Nigerian Cabin Crew...See Details
Posted by Lolade on Thu 05th Nov, 2015 - tori.ng





According to fresh reports, one of the British largest carriers, Virgin Atlantic, has laid off all of its Nigerian Cabin Crew staff.



Emails from several affected former staff, have revealed that Richard Branson's Virgin Atlantic Airways has laid off all their Nigerian cabin crew, Linda Ikeji reports.

It was gathered that the Nigerian staff were allegedly given three weeks notice and no severance package irrespective of their length of service.

The number of air-hostesses fired were about 20 and in 2014 the airline had closed down their Nigerian call centre and let go of all the Nigerian staff.

Owner, Richard Branson had at some point said he was weary about doing business in Nigeria, however it is not certian if that is the main reason for the recent layoff.

I think Buhari fails to understand the oil is not the future! we need urgent diversification

Buhari is a curse to Nigeria. Nigerians deserve what they voted for, let them face d consequences

DrDauda:


Buhari is a curse to Nigeria. Nigerians deserve what they voted for, let them face d consequences

People forgot that in 1983 Nigerians were almost without money,no jobs,Militrymen were everywhere even in the markets & business areas forcing people to sell their goods below cost price!.There was no clear economic policy like today,but the noice of anti-corruption was everywhere like today!.Please picture also the lack of freedom as was then & almost same today!.Few people from one section of Nigeria was running the govt & govt businesses alone!.