Amen.

God bless you too my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God RUN your life the way GEJ ran Nigeria in his tenure!

Alxmyr:
God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

plaetton:


FER is not silly.
But having a dual exchange rates where one is fixed and the other open to market forces is the grand folly.

When was the last time you walked into your bank and got the official FER?
The official FER is just an avenue for fraud for banks and their agents. It's robbing the public to pay the banking class.
It makes noooo economic sense.

On the other hand , let the currency float freely would allow it reach it's equilibrium value, it's real value.
This value may be 500 or 1000, and would sure enough create immediate pain for imports.

But our non oil exports would benefit, grow and their successes seep into the economy.
The non oil exports can potentially create 20 to 30 million jobs if the incentives for profit-making are there.

On the medium and long term, it would force us to look inwards and look local for our basic necessities.

Those who can import and those who want to consume foreign made products would go ahead and pay the higher prices.

When oil prices recover, we would have created so many cottage industries that our economy would become less and less dependent on oil and gas.

Allow the currency float you say? When will it reach its equilibrium?

All these benefits you highlighted can also be achieved with the FER with an additional advantage of supporting our exporters whose products may become uncompetitive with a rapid rise in the dollars.

The key here is reducing imports and aiding local manufacturers to produce for local consumption and increasing our exports. And I think FER isn't a bad idea.

Ecoterrorism:
You just listed countries going through the same problems with Nigeria who have been bailed out by IMF except Zimbabwe. These countries are still in recess and there is still no end in sight for them. Nigeria has not gotten it right with its economic MGT team because their inputs is far different from what its obtainable today.



Devaluation is the only thing we need now

He was just being sarcastic.

MahatmaGhandi:
I find it very nauseating each time people bring GEJ to the picture because they want to defend the President. It has gotten to the where I see that even if it is found that all the allegations against GEJ is wrong people would rather sweep it under the carpet because it has become a matter of principle for Jonathan to be wrong and Buhari to be right. Let us remember that it is only logical that we would get grains of sand in place of rain if we wish the ground above the Sky.

remember napoloen is always right and snowwhite is the devil who connived with humans to destroy the farm where equality would have reign supreme

Alxmyr:
God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

Amen!

luvinhubby:


You dey mind that one.

Buhari is working because Obiano exported Ugu vegetables.
The Chinese are leveraging on GEJ's automobile policy while Buhari continues his loitering.

I believe u would be happy if PMB had scraped all d uncompleted projects of that buffoon? D said buffoon couldn't even complete any of Obj's project, yet una no go see all dat one! Critics na part of life sha, n PMB no send anybody, talkless of dem mama!

IyaIode:
India is not what?

India is not an economic giant

And FER is reversible unlike the devaluation that we have always resort to in situation like this!

Devaluation has never worked for us in Nigeria and I believe it is high time we test something else.

"Insanity is doing the same thing and expect a different result"

If we devalue Naira we will not be able to stimulate export!. I know because we have always being devaluing Naira and it has never stimulated export.

arewafederation:


Allow the currency float you say? When will it reach its equilibrium?

All these benefits you highlighted can also be achieved with the FER with an additional advantage of supporting our exporters whose products may become uncompetitive with a rapid rise in the dollars.

The key here is reducing imports and aiding local manufacturers to produce for local consumption and increasing our exports. And I think FER isn't a bad idea.

arewafederation:


Allow the currency float you say? When will it reach its equilibrium?

All these benefits you highlighted can also be achieved with the FER with an additional advantage of supporting our exporters whose products may become uncompetitive with a rapid rise in the dollars.

The key here is reducing imports and aiding local manufacturers to produce for local consumption and increasing our exports. And I think FER isn't a bad idea.

But FER has never worked for us, despite being in place since the days of Abacha.

FER is just a cowardly way of postponing the contemplated eventuality.
You can't defy gravity for an extended period of time.

i think most of us are missing the main reason why things are like this - Oil.
Without oil Nigeria is nothing, now oil has little value, so what do you expect from a country that is over dependent on Oil.

its not Buhari's fault that the price of oil plummeted.

no Oil, no Nigeria...........

its that bad.

Sant1m:
Do you guys know what devaluation is, or you are just joining the band wagon, are you saying PMB should accept that dollars is 390 official rate and 393 parallel market rate. Pls, who benefits? The masses, local manufacturers, importers, pls just who?
I am no claiming i know more than anybody, but i am sure that devaluation will only take us back to the same pains we felt when dollars was 195 officially and 201 in the parallel market. To go further the same pains we felt when it was maybe 120 officially and 126 in the parallel market, i can go on and on back. There can never be a better opportunity to work toward diversification and building local manufacturing base than now. If we wish to be like Singapore and others, the bitter pill should start now. PMB said he will only fund, through the official market local genuine importers at 199, if as an importer you desire foreign goods, no problem, go and source your dollar yourself at the parallel market. By extension he is giving local manufacturers advantage over importers. Devaluation means NNPC will be importing fuel at 390, which will lead to increase in pump price, inflation, demand for salary increase, loss of jobs, closure of industries due to increase in operating expenses and salary. Devaluation will nail the coffin of this economy. PMB be resolute

I salute your courage and think the basics are quite clear. Nigerians have to decide whether monies that should stay back in the economy shopuld continue to fly out as capital flight due to unending desire for foreign goods. Going every summer to London, picking up apparrels in Milan and doing weekend in Dubai or allow such funds stay in the economy to improve the economy. My wife make shoes for women and she has had some order for weddings and the rest. The first thing is that you can request for a cheap yet quality shoe as low as =N5K and such would cost you like =N15K from Milan. The only factor affecting her business are those machines used in making the shoes and some leathers but you have to make do with the best available in Nigeria. What am I saying, we all can for instance overcome our own rejection by finding peace with what we have and our country will grow.
Second, devaluing the naira will raise imports values thereby making machineries more expensive and that is what will affect the price of local products adversely because the Naira will keep having a parrallel market price if oil price continue to slide. I blame the government of yeaterday for not investing in infrastructures and now the low oil price will hamper such plan now. Honestly I think PMB should send all involved in money scams to jail and use recovered monies to run his government.

plaetton:


Big laugh out loud.

So fixed exchange rate is The economic policy ?

Anyone with an elementary knowledge of economics will dismiss all this nonsense talk of to devalue or not to devalue.
The currency is already devalued by simple market forces.
Maintaining a phony official rate is the silliest thing any government can do.

Insisting, against market forces, to keep the phoney official rate at $199 shows the very narrow grasp of economics that the present leadership has.

Did you read about negative interest rate? You don't just condemn because you read somethin g in a textbook that its the way to go about it. Govt chose to manage the exchange rate by subsidizing those it deemed genuine importers, though it may conflict with the popular norm but its a way of currency management and an indirect protectionist idea if well received by manufacturers and entreprenuers.

[size=13pt]How can an uneducated man run a country.

Lets look at the facts.

Before GMB became president look at the Naira.
[/size]


[size=13pt]After GMB became President and showed the world that Michelle is the President of West Germany.[/size]

[img]http://i.onthe.io/vllkyt3bd2k40g95r.19daa360.jpg[/img]

By the time GMB leaves, we pray sooner rather than later

[size=16pt]₦1000 = $1[/size]

mandarin:


I salute your courage and think the basics are quite clear. Nigerians have to decide whether monies that should stay back in the economy shopuld continue to fly out as capital flight due to unending desire for foreign goods. Going every summer to London, picking up apparrels in Milan and doing weekend in Dubai or allow such funds stay in the economy to improve the economy. My wife make shoes for women and she has had some order for weddings and the rest. The first thing is that you can request for a cheap yet quality shoe as low as =N5K and such would cost you like =N15K from Milan. The only factor affecting her business are those machines used in making the shoes and some leathers but you have to make do with the best available in Nigeria. What am I saying, we all can for instance overcome our own rejection by finding peace with what we have and our country will grow.
Second, devaluing the naira will raise imports values thereby making machineries more expensive and that is what will affect the price of local products adversely because the Naira will keep having a parrallel market price if oil price continue to slide. I blame the government of yeaterday for not investing in infrastructures and now the low oil price will hamper such plan now. Honestly I think PMB should send all involved in money scams to jail and use recovered monies to run his government.

Thanks, it is beautiful that there are Nigerians who understand where PMB is going with this, how i wish the Govt can further make funds available at 197 to Nigerians like your wife to buy machinery, there is no two way about Industrialization, develop your own or remain dependant forever. There is billion to be made from exporting cassava starch yet Nigerians still import this product.

Additional increase in local capacity https://www.nairaland.com/2943618/aisha-buhari-toyin-commissioning-tomato

mandarin:


Did you read about negative interest rate? You don't just condemn because you read somethin g in a textbook that its the way to go about it. Govt chose to manage the exchange rate by subsidizing those it deemed genuine importers, though it may conflict with the popular norm but its a way of currency management and an indirect protectionist idea if well received by manufacturers and entreprenuers.

But the bulk of the forex goes to fund shady deals of banks, round tripping, as well as financing the extravagance of government officials at all levels.

The envisaged benefits far underweigh the destructive effects on the economy.

IBBG:
Guy u would have made a better president than what we have now. Good governance is not rocket science, but when we have men with shallow intellectual capacity taking the reins of power, we are sure to suffer and pay for it. At point in time in our nation, we need men with sharp, precise, and strategic thinking to move this country forward.
on another note we that have developed our capacity over time should avail our self the opportunity of joining politics to also contribute from our vast wealth of knowledge, rather than continue to standby and watch men with shallow thinking continue to frustrate us out of politics.

true talk.

kvngveektour:


It worked in those countries cos there was no hidden agenda

HE was being sarcastic!

Omenkata:

because Nigeria is being governed by the most useless incompetent hopeless president ever.
the illiterate from Daura that only knows how the meals of his private jet tastes because as a useless old hag cattle rearing bastard vagabond he is, he prefers junketing around the world showing the world his useless old face than sticking his nyanch in Nigeria and deliver the dividend of democracy.

a man with a charlatan like lair Muhammed as a minister is doomed to fail
no amount of propaganda will save his useless self.

shame to the worst president ever since the rise of civilization and democracy

#ImpeachBuhariNow!

Omenkata:

because Nigeria is being governed by the most useless incompetent hopeless president ever.
the illiterate from Daura that only knows how the meals of his private jet tastes because as a useless old hag cattle rearing bastard vagabond he is, he prefers junketing around the world showing the world his useless old face than sticking his nyanch in Nigeria and deliver the dividend of democracy.



a man with a charlatan like lair Muhammed as a minister is doomed to fail
no amount of propaganda will save his useless self.

shame to the worst president ever since the rise of civilization and democracy

And Nairaland would say they have moderators, when comments this insultive are allowed to be published

BB013:
I can't believe some so called learned people re in support if the devaluation of the naira
Isn't that what brought us to where we are today or ve u guys forgotten about SAP?
Nigerians re indeed forgetful
Na only to curse, chest beat, kill, heard their cattles, nd to dey talk awa oyel, so so nd so Oba is bigger than this nd that Oba, so so nd so place is awa own, we re d most industrious, we re this we re that nd cause hate among ethnic group una sabi
Rubbish

SAP was not the cause of Nigeria's problems under IBB. It was the result. The government mismanaged the economy and had to be bailed out by the foreign creditors, and SAP was the condition for their help. Also, nobody actually devalued the naira. The government has been supporting the naira for a very long time but when the oil price fell the forex supply to support the naira dried up and so it fell. Now Nigerians have to pick up the slack by going into exportation businesses and the govt should also make it very easy to export anything from Nigeria.

luvinhubby:


You dey mind that one.

Buhari is working because Obiano exported Ugu vegetables to UK?
The Chinese are leveraging on GEJ's automobile policy while Buhari continues his loitering.

When will Nigerians stop this plain act of hypocrisy? If something good happens, the praise goes to the former administration but if a fault is discovered, those same group of individuals will blame this administration. If you think I'm lieing, check when TSA was implemented then check when the payment deal with Remita was faulted. Now, Goodluck is responsible for the chinese doing business but when it goes sour, then its Buhari. Chai, your hypocrisy is legendry

arewafederation:
Nigerians are very impatient, forgetful and shortsighted.
We all want change and are not prepared to make sacrifices and undergo the pains that accompany the change.

But I believe with the present economic policies, even though harsh, Nigeria will in the long run become self reliant. Only then can we begin to feel the CHANGE.

You must be dreaming,,,, wake up.

Mckennedy:


You must be dreaming,,,, wake up.

OK, I'm up!

drss:
make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

Talk is cheap. If it were this easy, university lecturers will have been our leaders!

Traders are getting the message http://www.punchng.com/traders-throng-aba-onitsha-lagos-kano-markets/

Act and buy local, think global.

Oga titus I think yu might as well be a teacher now by being an economist for a sec

Mr David Ahmed Okoro started the day early, having set his alarm clock (MADE IN FINLAND) for 6am. While his teapot (MADE IN CHINA) was perking, he shaved with his clipper (MADE IN HONG KONG). He put on his shirt (MADE IN THE UK), and designer jeans (MADE IN ITALY) and shoes (MADE IN THE USA).

After cooking his breakfast in his new electric cooker (MADE IN INDIA) he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today. After setting his wristwatch (MADE IN TAIWAN) to his radio (MADE IN VIETNAM) he got in his car (MADE IN GERMANY) filled with petrol imported from (SAUDI ARABIA) and continued his search for a good paying NIGERIAN job...

At the end of yet another discouraging and fruitless day checking his computer (MADE IN MALAYSIA), Mr David Ahmed Okoro decided to relax for a while. He put on his slippers (MADE IN BRAZIL) poured himself a glass of wine (MADE IN SOUTH AFRICA), while fiddling with his mobile phone (MADE IN SOUTH KOREA), and then wondered why he cant find a good paying job in... NIGERIA.

He felt achy and sore in his left kneel, he decided to take one tablet of his TRAMADOL TABLETS (MADE IN BANGLADESH) to relieve the pain. Lying down on his bed and wondering why NIGERIAN External Foreign Reserve has depleted to under $ 28billion which has translated to free fall depreciation of Nigerian NAIRA to US DOLLAR at PARALLEL MARKET.......

Fellow Nigerians, let's us start producing, let us start buying made in NIGERIA goods If our economy is to grow and create better jobs.

How can a country like Nigeria be importing toothpick, cutting bud, cotton wool, matches, rubber band e.t.c? And we complain at d same time that there is no jobs for our teeming youths?

The situation is even pathetic now when you see Nigerians ( in Lagos) prefer Cotonou garri to that of Ijebu, buy cotonou pineapple and they say it is better than that of Nigeria. That is why frozen foods will be exported to Cotonou from farms like that of obasanjo repacked and imported back to Nigeria because they know Nigerians always prefer made in outside Nigeria goods .
That is why you will see an expatriate renumeration will be juicy than that of his Nigeria counterpart even if that Nigerian is more certificated than d expatriate ( This also happen in government parastatals).

Any nation that import majorly foreign made goods/ services rather than producing their own are hurting its people....

When we keep importing foreign made products into Nigeria, we keep importing poverty into our country and exporting jobs abroad...

Let's go back to the land to grow and patronise MADE IN NIGERIA products...

PLEASE SHARE FREELY TO ENLIGHTEN ALL NIGERIANS.

From: WhatsApp

The speculators are giving-up. Buharinomics is working
https://www.nairaland.com/2952906/speculators-get-fingers-burnt-naira#up