International financial and business news giant,
Bloomberg, has expressed serious doubts on the
ability of President Muhammad Buhari of Nigeria
to turn around Africa’s largest economy and oil
producer.
In a scathing analysis of the over six months of
Buhari in office, the news outlet concluded that
the country was on a dangerous slide with
investments at an all-time low, the stock market
rated as the third-worst performing globally
within the period, and growth projected to slow to
a 16-year low of 3.3 percent.
In an article, Buhari Bounce Becomes Bust As
Nigeria Policies Annoy Investors, the group noted
that stocks that soared as investors looked to the
former military ruler to reverse decades of
economic mismanagement and policy inertia,
have all nosed dived and “Now hopes have fizzled
in his ability to turn around Africa’s largest
economy and oil producer.
“Money that flowed into stocks and bonds in the
West African nation, which McKinsey & Co. says
could become one of the world’s 20 biggest
economies by 2030, is now fleeing as growth
prospects diminish along with oil prices. While
Buhari, 72, has prioritized stamping out the graft
that has plagued Nigeria since independence from
Britain in 1960, policy-making appears as
uncertain and haphazard as ever.”
Quoting Ayodele Salami, who oversees about $
500 million of African equities as chief investment
officer of London-based Duet Asset Management
Ltd., he said the initial euphoria has turned to
disillusionment.
Salami said, “After the initial euphoria, people
have become disillusioned. He (Buhari) would
probably say that he’s being deliberative and
cautious. But we expected more.” Duet’s Africa
fund has cut its investments in the country to
about 24 percent of the total from 38 percent in
the last year.
According to Bloomberg, Buhari the hefty $5.2
billion fine levied on mobile-phone operator MTN
Group Ltd. Are desperate moves to shore up
government revenue outside plunging oil prices,
warning that it could have dire consequences on
the country’s economy.
“The penalty imposed on MTN’s Nigeria unit last
month for failing to register about 5 million
subscribers may be an attempt to plug the hole in
government finances, according to Cobus de Hart,
an economist at NKC Independent Economists.
“You cannot deny there might be a fiscal element
to the massive fine,” he said by phone from Paarl,
near Cape Town. “It will make investors a little
bit more wary of investing in Nigeria.”
On the stock exchange, it noted that “Nigeria’s
benchmark stock index has plunged 22 percent
since reaching a year-high on April 2, the day
after Buhari was declared the winner of the
presidential race against incumbent Goodluck
Jonathan. That’s the third-worst performance
globally in the period, after the bourses in Ukraine
and Egypt. The index advanced 12.5 percent in
the two days after Jonathan conceded.”
It further observed that an even bigger concern for
many investors is the authorities’ naira policy.
The Central Bank of Nigeria, with Buhari’s
backing, has burned through $4.3 billion of
reserves this year and choked off supply of
foreign exchange to banks and their customers to
defend the naira, even as major oil exporters such
as Russia and Colombia have let their currencies
slide. The restrictions prompted JPMorgan Chase
& Co. to remove Nigeria from its local-currency
emerging-market bond indexes, tracked by more
than $200 billion of funds, in September,
triggering a selloff in the nations’ assets.
While the naira has been all but fixed at about
198 to 199 per dollar since March, forward prices
suggest it will drop by almost one-fifth, to 243.5,
in a year.
“The number-one issue is the exchange rate,”
Andrew Howell, a Citigroup Inc. frontier markets
strategist, said from Lagos. ”Access to foreign
exchange is becoming a widespread problem.”
Nigerian Breweries Plc, the nation’s biggest
brewer that’s controlled by Heineken NV, said it
takes two weeks to obtain dollars to pay for its
imports, twice as long as it required a few
months ago. Nestle SA’s Nigerian unit has had to
wait six weeks for dollars, according to
Renaissance Capital Ltd. analysts.
Jan Dehn, head of research at Ashmore Group
Plc, which oversees almost $60 billion of
emerging market assets, remains unconvinced
that Buhari is up to the job. The fund manager
sold all its Nigerian government debt in the past
year.
“So far the Buhari administration has done all the
wrong things,” Dehn said by phone from London.
“Not only has he been incredibly slow in taking
any action, when he finally has taken action on
the economic front it’s been diametrically
opposed to sensible policy. That is a major
disappointment given expectations prior to his
election.”

http://thewhistler.ng/story/bloomberg-writes-off-buhari-he-has-no-capacity-to-run-nigeria?utm_source=&utm_medium=facebook#.VlkJq-kfNWI.facebook

APC is a socialist party whose policies are directly opposed to trade liberalization and free market economy.

[b]Buhari duped us- Washington Times

Nigerians are getting poorer for the first time since 1999- BusinessDay

Buhari is a düllard and cannot rule Nigeria- Bloomberg

Buhari is a Nomadic Vagabond- Sahara Reporters

I'm a poor man, my village, Daura, has no water supply- Buhari. March, 2015

With Nijeriya's $1m, I will provide South Aprika, Kenya, Angola and the rest of Aprika with Water Infrastructure- Buhari. November, 2015

We are dying of contaminated water supplies- Daura Residents. December, 2015

I've joined wailing wailers- BeremX

I'm in coma, and as such cannot comment on Political issues, Chai Buhari- Omenka

Though he has misstepped, I've resolved to remain an Abobaku to Buhari- PassingShot

We don't have light to charge our phones and keep blindly supporting Buhari- QuotaSystem and Coolitempa

I know it's Iberibe, but it's Buhari or my employers kill me- Demdem

Though I don't have a certificate, but I'm a professor in BuhariNomics. My eternal master is certificate-less too- NgeneUkwenu.

The past government didn't tidy up the ministry of Information, it's so unkempt and dilapidated. There's no MTN network inside the building so I can't comment on the superbly -working government now- Lie Mohammed. [/b]

I didn't support buhari in d first place, I just pray DAT God will revive our economy back.

#pray for Nigeria

Space booked for beremx

I will wait to hear PASSINGSHOT's version of the story first before i comment

Gej still the best

Buhari's gross incompetence is beginning to gain international attention!!!How did we get here

Now dis is gettin serious

DickDastardly:
I will wait to hear PASSINGSHOT's version of the story first before i comment

passinshit has been passin v hard stool lately.I pity him right now

www.nairaland.com/attachments/2536304_buharidustinpix_jpeg3f00232c79d63e5a663da112dab0e197

Before nko! Considering the way he's been busy dragging airspace with birds. All na evasive tactics.

mightyhazel:
passinshit has been passin v hard stool lately.I pity him right now

Passing shit seems to be going senile goin by the nonsense he has been posting of late

urtentic:
I didn't support buhari in d first place, I just pray DAT God will revive our economy back.

NO God will give us BIAFRA

Bloomberg did not write off Buhari at all. This conclusion is in the parochial mind of this IGNORANT OP who has been paid to write unreasonable thrash
APC is not a socialist party.
The first country Buhari visited was the US. He has constructive working relationships with all European leaders. The same people who blame him for being pro-western also ate now calling the government socialist.

Please get serious about the problem Nigeria has. The Naira has crashed with the oil market.The FG needs to attract investments whilst ensuring that the country does not get raped again. The only way we gain from incestments is when the companies come here, pay taxes as at when due, obey our laws and pay good salaries to Nigerians.
I nternational banks raped us when we were selling oil at $114 a barrel , we now have a debt of $70bn without an indication where the money went.

I never thought I will see the day when paid articles in Bloomberg become a rating scale for Nigerian governments. That is inferiority complex on a massive scale. They also write that trash about Russia, Iran and Venezuela . Never about debt ridden Greece, Brazil and UK. Well these countries are becoming stronger by the day due to sanctions.
Let us wait for Buhari's budget for 2016 and it's reflationary programs. Nigeria should also institute a comprehensive ban on products from countries that our currency is doing badly against lime the US.
Our anti corruption drive should continue because thst is the only way Nigeria will be efficient and prosperous , the view of some US institution is completely irrelevant.
We are going to need to take some loans and the money in the world now is realky in the hands of western banks. A few infrastructure deals financed from China, GCC countries are more likely the ones we should be concentrating on.

Lordave:
[b]Buhari duped us- Washington Times

Nigerians are getting poorer for the first time since 1999- BusinessDay

Buhari is a düllard and cannot rule Nigeria- Bloomberg

Buhari is a Nomadic Vagabond- Sahara Reporters

I'm a poor man, my village, Daura, has no water supply- Buhari. March, 2015

With Nijeriya's $1m, I will provide South Aprika, Kenya, Angola and the rest of Aprika with Water Infrastructure- Buhari. November, 2015

We are dying of contaminated water supplies- Daura Residents. December, 2015

I've joined wailing wailers- BeremX

I'm in coma, and as such cannot comment on Political issues, Chai Buhari- Omenka

Though he has misstepped, I've resolved to remain an Abobaku to Buhari- PassingShot

We don't have light to charge our phones and keep blindly supporting Buhari- QuotaSystem and Coolitempa

I know it's Iberibe, but it's Buhari or my employers kill me- Demdem

Though I don't have a certificate, but I'm a professor in BuhariNomics. My eternal master is certificate-less too- NgeneUkwenu.

The past government didn't not tidy up the ministry of Information, it's so unkempt and dilapidated. There's no MTN network inside the building so I can't comment on the superbly -working government now- Lie Mohammed. [/b]

apt! LOL @ iberibe demdem.

HMNN

Csami:
Before nko! Considering the way he's been busy dragging airspace with birds. All na evasive tactics.

He's planning to fly to France soon

Who doesn't know that Ajala is a square peg in a round hole?
He is incompetent to rule over Nigeria.

cheruv:

He's planning to fly to France soon

Na that one go make bird enter the plane engine.

Buhari is a terrorist - BobbyStanley

ishiamu:
Buhari is a terrorist - BobbyStanley

When I mean a terrorist I don't mean the likes of Shekau.

He is in the same category with Osama Bin Laden.

One cannot deny that PMB has been annoyingly slow in taking decisions and has sometimes lost a lot of momentum in the process.
Even in his famed anti corruption war,one has not really seen any considerable and well outlined plan on how the corrupt wud be taken headlong.It was the desperation of Lamorde to retain his seat that saw all the initial motion by efcc.
But one cannot only hope and bliv it will all turn out good in a few months time.

you would never see this type of thread on the front-page but tonto dike,linda ikeji bedroom and pictures of buhari,his wife and daughters eating tuwo at a wedding.

Salami said, “After the initial euphoria, people
have become disillusioned. He (Buhari) would
probably say that he’s being deliberative and
cautious. But we expected more.”

Let truth be told, this is the general feeling for all and sundry. While plugging leakages and fighting corrupting, is it hard to work alongside?
Salaries of FG workers are being delayed every month, even Education ministry workers haven't been paid October salary as at last week.
Kemi Adeosun just said she hasn't recieved details of any recovered money yet my president was bragging in Iran..

On the stock exchange, it noted that “Nigeria’s
benchmark stock index has plunged 22 percent
since reaching a year-high on April 2, the day
after Buhari was declared the winner of the
presidential race against incumbent Goodluck
Jonathan.

This shows that everything should be working well by now if Buhari hasn't been un-necessarily slow. Even the PHCN that got serious before have gone back to old ways in most places (not mine)

---

I don't wanna totally rule him out yet though, I' ll wait till next May.

DickDastardly:
I will wait to hear PASSINGSHOT's version of the story first before i comment

Let me comment for the paid poster.

Passingshot

All the problems this country is facing is as a result of the corruption of the Jonathan led government, it was mind bogging, Thank aallah he was booted out, If not so, Nigeria would have ceased to exist

As in those days, Idiagbor was the action man. Someone kept on travelling to the extent of being impeached while on travel. With all due respect possible, Mr President must you honour all these calls(distractions) to the detriment of the citizens?
Do you want history to repeat again?
Mr. Vp is like you are not copying from Idiagbor because you are almost inactive or is there something you are not telling us?
Yes many things are happening because they weren't covered in the year's budget, but what of coming out to address some issues with us here rather than doing so with the foreign press in foreign lands?
We need you Mr. President please.

jcmaiah:

“So far the Buhari administration has done all the
wrong things,” Dehn said by phone from London.
“Not only has he been incredibly slow in taking
any action, when he finally has taken action on
the economic front it’s been diametrically
opposed to sensible policy. That is a major
disappointment given expectations prior to his
election.”

http://thewhistler.ng/story/bloomberg-writes-off-buhari-he-has-no-capacity-to-run-nigeria?utm_source=&utm_medium=facebook#.VlkJq-kfNWI.facebook

That is what happens when a cattle herdsman runs a $500 + Billion economy.
All the "sai baba" noisemakers in Nairaland and Facebook have all gone AWOL.
Ndi ara.