NavierStokes:
Can the mods please be kind enough to put this on the front page. It is clear the people at the helm of affairs are directionless at the moment and need our views to be able to have a direction as attested to by Oyegun himself.

The people at the helms of affairs know what they are doing. They must have weighed both sides after comparing cost of import vs revenue from export.

Reference:


And why is it that no government including this one has been able to 'DIVERSIFY'. Paying only lip service because they know the truth. True Federalism. Something no one north of the Niger wants to hear. To the victor belongs the civil war spoils. Who wants to work anymore. That is the PRIMARY reason Jonathan had to go. The water to turn garri to eba was about to boil. This country cannot succeed and cannot develop because it is held together by a grand lie. We all know this but pretend we can skirt it. We CANNOT diversify the economy. The powers that be. The owners of Nigeria are not interested.

One orijin for you. Only ignoranmuses think Nigeria can achieve diversification without True Federalism

Kikero112:


To clarify....

Emefiele said back in November 2015 that (Sauce:http://www.vanguardngr.com/2015/11/why-we-ignored-calls-for-naira-devaluation-by-cbn/)

The simple idea behind devaluation is that it will make your import more expensive while your export is cheaper.



“Our major export commodity which accounts for more than 80% of our income is crude oil and here is crude oil that the price is determined, we don’t have a control over it. So, if we devalue, it has no impact directly on our major export, and what is supposed to be the non oil export, we are not producing effectively.


“It means that for the industry which is also import dependent, they have to pay higher prices for those goods which will translate to higher inflation.”

You see the problem.....and that is why CBN is not interested in devaluing the Naira.

At least back in 1989....when we did devalue the Naira....we had some form of an industry. And it did not work back then.

Gbam!

Reference:


And why is it that no government including this one has been able to 'DIVERSIFY'. Paying only lip service because they know the truth. True Federalism. Something no one north of the Niger wants to hear. To the victor belongs the civil war spoils. Who wants to work anymore. That is the PRIMARY reason Jonathan had to go. The water to turn garri to eba was about to boil. This country cannot succeed and cannot develop because it is held together by a grand lie. We all know this but pretend we can skirt it. We CANNOT diversify the economy. The powers that be. The owners of Nigeria are not interested.

My man, how is this criticism fair or even reasonable? How can you expect the APC government to diversify the Nigerian economy adequately in the 8 months Buhari has been president and with the severe challenge of how our main export, i.e oil, has become virtually worthless? If we even settle on commercially mining our bitumen deposit today , as one example, how long do you think it will take before Nigeria is actually ganing economic benefits (eg income, job creation et al) from this commitment that the populace can feel? 2 days? 6 months? 12 months ? 24 months ? I think some basic investigation will show you that Buhari needs considerably more than 8 months to 'diversify' the Nigerian economy.

If we then agree on this point, I would like to know why you can readliy indict all Nigerian governments as culpable when, realistically, it only the PDP that has led for 16 years that has had more than enough time to diversify our economy while enjoy dream income, i.e oil selling at over £100.00 per barrel, that Buhari can only dream of. We all need to be pragmatic and realistic with our criticism.

Emiefele is right on point with his FX policy because devalueing the currency to N300/$ will not end the shortage of dollar instead it will lead to an uncontrollable inflation.

These guys got it all wrong! Well, I did not expect anything less for hedge fund speculators. I am not standing by PMB because IMF(through the MD) already affirmed that ...." with the resilience and determination of President Buhari, Nigeria will not need help from IMF". I just think PMB is a focused leader that wants to reduce corruption to its barest minimum. They are busy talking about long term and very unstable strategy like the equity market because they want to buy into our stock market at a give away, then they take a run immediately oil rebounds and/or the economy/naira picks up. If truly the foreign investors have their eyes on the exit door, then why has MTN (with a hanging multi billion dollars fine still so much around? Please say something else. I am happy that someone like PMB with a track record of steady reputation of integrity is the one in charge, because he knows it is fatal and suicidal for Nigeria to tailor her economy and future to suit foreign investment capital interest. Steve Johnson et al are just foreign hedge fund speculators and do not mean well for Nigeria.

NavierStokes:


My brother as a final correction if you read my post you would have seen that my response was on a party and her administration, not an individual as you erroneously supposed. Every buck stops at the president's table, you can not convince us here that the president os not put on the know ( plus gives his nod to these policies from whoever it comes from), also he seeks expert opinion at the same time and majorly from his minister who sadly is yet to prove she isn't a novice in the economic jungle.
Arguing otherwise is to either assert that the president has a laissez faire relationship with his appointees or he sees his exonomic team as one of noise makers as has been previously declared.


Pls note that the CBN is inder the ministry of finance, and also the NSE though private is regulated by SEC and under the supervision of the ministry of finance. So trying to absolve madam finance minister is indirectly accusing her of laxity in her duties.

The CBN is not under the Finance ministry. It's a quasi-independent agency, and the CBN governor reports directly to the president

nigeria has to start to thinking of ways to fight and defend the interessts of the black-race against europe or america....


fact is,when you start thinking on your own,they will come against you with any means neccesry....


and if propanda does not work,they will look for ways to come with their armies...

its called, a cassus belli!!!.....

nigeria must be ready to fight against the western world,if we have no other choice....

if you realy want to be free,you must be ready to defend your freedom.....

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!

I don't think Kemi Adeseoun is controlling the economy, she is does not have free hand to run the economic policies of the country. if you look at what we know so far about the budget, you will see clearly that she did not have any control of the process, this to me is quite serious.

onojiwizardgmailcom:

I don't think Kemi Adeseoun is controlling the economy, she is does not have free hand to run the economic policies of the country. if you look at what we know so far about the budget, you will see clearly that she did not have any control of the process, this to me is quite serious.

Yes Buhari might/might have not known what he was doing when he removed the powers of budgeting from the minister of finance and handed it to a new ministry of budget headed by Senator Udoma.
This is an interesting read below:
http://venturesafrica.com/features/president-buhari-just-might-have-reduced-nigerias-finance-minister-kemi-adeosun-to-a-glorified-figurehead/

ferhyntorlah:


So true.

Why did you take it down

wirinet:


Arguing with you people is like trying to catch a snake drenched in oil. If any sector is succeeding, you credit it to foundation laid by Jonathan. If any sector is failing, you blame PMB for reversing Jonathan's success. Which economic growth rate did Jonathan leave? The so called growth rate was simply crude oil growth rate. You hero was already talking of austerity measures when crude fell to $60 per barrel, what would he have said if he is still president with oil selling at $30.

If actually Jonathan performed miracles on the economy as you guys are propagating, it would be impossible for the economy to be on the verge of crashing a few months after he left office, the momentum alone would take at lest a year before it slows down to a crash.

No, it is your kind that ought to be accussed of that. Remember the power sectot successes, refineries, and co where your lot attributed to PMB's uhmm.."body language"? How about TSA that you folks tried to claim, but reversed it when the remita issue propped up? You're keen on blaming GEJ for PMB's mistakes yet expect us to take you folks & this administration of jokers serious?

seaga:

Why did you take it down

Take what down?

We have a dulllard as president.
He believes EVERYTHING is achieved by giving ORDERS and simply lying & ignoring the facts!

[b]If you doubt me, check out his promises!

I will order 1 naira to be equal to $1 , Now it is N305 naira to $1
I will order graduates to be paid N5,000 - N10,000 per month, now he denies it.
I will regulate oil price with OPEC, now oil price is at its lowest and OPEC won't bulge
I will increase foreign exchange by banning removal of dollars, now the foolish idea has caused dollar scarcity
I shall fight corruption, no matter who it is. Tinubu and Amaechi are still living large. While only his political enemies are now corrupt
I don't believe in petroleum subsidy removal. When i was Petroleum minister, we supplied Nigerians petrol at cheap prices. The tale has since changed.Subsidy has been removed in 2016 budget!
I shall declare my assets publicly so that every Nigeria will know that i'm a poor man and never enriched myself through public office. He secretly declared and ordered a moratorium on the information.
I shall make our electoral system free and fair, without government interference. The dulllard is using troops to intimidate voters in bayelsa.
"30 Years ago as a military man, is a long time. I am now a democrat and shall rule according to the rule of law and the constitution" We all know how the dulllard respects rule of law.

Everything the dulllard promised, he had no intention of keeping and has indeed broken them!
[/b]

The fact is, Nigeria is not in any sense practising "DEMOCRACY". DSS, SSS, EFCC all disobey court orders under Buhari's rule. The more reason Tompolo is evading the court procedings because, he knew, he won't get justice under Buhari's regime.