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|The Dollar Vs Naira, Can This Be Done? by 989900: 4:18pm On Feb 22, 2016|
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!
1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.
2. Amend our laws to draw in investors (use propaganda if need be).
3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).
4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!
5. Encourage exports, and local content.
Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!
While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?
Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).
My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:
Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!
Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.
1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.
2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.
3. Get the few trains we have working, and create an awareness on conserving fuel.
4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.
5. Provide gas, give free/cheap cylinders to boot if necessary.
6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.
7. Checkmate cross-border fuel smuggling.
8. Modular refineries: they can be imported and made operational in months.
9. Sell off some portion of gov't assets to foreign investors. #ppp
10. Encourage Nigerians overseas to invest back home.
11. Recover all debts, 'stolens', and 'accruables'.
12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.
13. Consider changing currency colors.
14. Agric exports.
If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.
Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.
*Everyone's contribution and criticism would be helpful here.
95 Likes 17 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by benedictnsi(m): 4:24pm On Feb 22, 2016|
Dora Akunyili : "before rebranding Nigeria, we have to first of all, rebrand ourselves....."
Until we get rid of all these bureaucratic bottle-necks (square pegs in round holes), egocentric and smug Leaders who will not have the interest of the masses at heart..... Even if we adopt all your nice suggestions, things swill still not change for the BETTER.
Let us stop giving dumb ass confused set of political thieves sensitive appointments..... We have enough technocrats that can always turn things around in all sectors of the Economy.
20 Likes 2 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by dukie25: 4:41pm On Feb 22, 2016|
The only solution I can think of would be for the dullard to resign.
His botched budget of corruption made me come to that conclusion.
33 Likes 2 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by chubhiee: 4:50pm On Feb 22, 2016|
We should all make it a daily routine to always say a prayer of peace and prosperity to Almighty Amelika and her dollars.
I used to think that empires rise and fall. The American empire has been programmed to take the whole world along with her to Hades if she so desires.
See how dollars is messing with destinies of over 200 million Nigerians. God bless the wisdom of Amelika.
|Re: The Dollar Vs Naira, Can This Be Done? by olafum1(m): 3:54pm On Feb 29, 2016|
OP. You made a lot of sense up there..
But the government is highly confused now, and good policy deprived.
|Re: The Dollar Vs Naira, Can This Be Done? by weyabblog: 7:00pm On Feb 29, 2016|
olafum1:nd u wish to export to countries wen u ban importing? U well so?
17 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by olafum1(m): 7:50pm On Feb 29, 2016|
Hey boy!! Can't u raise your point without an abuse?
|Re: The Dollar Vs Naira, Can This Be Done? by modath(f): 1:42pm On Apr 07, 2016|
Missed this earlier but My God!!! Just 2 Likes for this?
I can't deal.....SMH
You have done your best, you can't force the "rest" ....
9 Likes 2 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by 989900: 1:53pm On Apr 07, 2016|
You know the economic situation in the country since the mid 80s has taken it's toll on our populace (education-wise), churning out literate-illiterates, unemployable grads, and intellectual midgets (with knack for inanities like Toyin A, Tonto D, and e.t.c) with 'too-long-can't-read syndrome'.
Our older uncles and aunts with the old 'standard 6' and 'modern 3' are more studious, literate, and civil than this new lot.
37 Likes 3 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by malton: 1:57pm On Apr 07, 2016|
If after reading all that sophisticated stuff, this is all you could offer, then you're even worse than the supposed 'dullard'!
The most irredeemable of humans are those who have had a contact with wisdom, yet, refuse to become wise themselves... 'cause really, one cannot educate a scarecrow!
37 Likes 3 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by 989900: 2:15pm On Apr 07, 2016|
You can't blame him, he hit his intellectual-limit.
29 Likes 3 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by modath(f): 2:18pm On Apr 07, 2016|
This is heartbreaking!!!!! The mind is a beautiful thing to waste, dammit!!
Do you know how many times I've excised/summarized "important" parts for people on threads?? I ask myself sometimes why i should even bother, but i then tell myself that it's my civic duty...
I do it cos i just don't want the Lesson /Info to be lost....
The only thing i'd advise, cos i don't want you to lose the zeal is to make the next one a bit more compact...As sad as it is , "It is a buyer's/ reader' s market" so we should tailor it to suit people we want to reach out to..
Don't be discouraged you hia, we nor get another obodo.
15 Likes 3 Shares
|Re: The Dollar Vs Naira, Can This Be Done? by malton: 2:31pm On Apr 07, 2016|
@post, what you put up there is a lot really, so plausible and attainable in the short to medium term to steady the ship. Kudos!
@ the ever present mynd44, uncle lalasticlala, patron seun, threads as this making it to the front page should be a walkover, yeah?
1 Like 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by lilreese: 2:37pm On Apr 07, 2016|
Mr president well done.
|Re: The Dollar Vs Naira, Can This Be Done? by richidinho(m): 5:07pm On Apr 07, 2016|
Bros, forget grammar, the only solution is
Buhari to resign and apologize to Nigerians
3 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by taurus25(m): 5:07pm On Apr 07, 2016|
|Re: The Dollar Vs Naira, Can This Be Done? by MadCow1: 5:08pm On Apr 07, 2016|
Damn this shiit is long...
But Imma read it and respond in a second..
|Re: The Dollar Vs Naira, Can This Be Done? by just2okworld(f): 5:09pm On Apr 07, 2016|
which way naija?
|Re: The Dollar Vs Naira, Can This Be Done? by modath(f): 5:10pm On Apr 07, 2016|
Mynd44, Lalasticlala, Major Props!!
2 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by solid3(m): 5:10pm On Apr 07, 2016|
|Re: The Dollar Vs Naira, Can This Be Done? by tola9ja: 5:11pm On Apr 07, 2016|
6 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by obailala(m): 5:15pm On Apr 07, 2016|
|Re: The Dollar Vs Naira, Can This Be Done? by Nobody: 5:15pm On Apr 07, 2016|
Bullshit. Government has no business in business. Government should not fix price of PMS. Take your subsidy away and Allow businessmen to import PMS and sell as they want. Privatize refining and set up a regulating frame work to monitor controls.
6 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by charsobodo(m): 5:16pm On Apr 07, 2016|
Great write up, the OP made a whole lot of sense, we must start by manufacturing what we use and get our refinaries to work, then every other thing will fall in place...
|Re: The Dollar Vs Naira, Can This Be Done? by chygoz3(m): 5:16pm On Apr 07, 2016|
You raised valuable points, however these points are what everyone of us already knows. A road map towards implementing the points raised however will be more valuable. 'Saying' as they say is easier than 'doing'.
|Re: The Dollar Vs Naira, Can This Be Done? by Xonology: 5:17pm On Apr 07, 2016|
Long grammar ! ... The problem is that we speak too much grammar in this country without addressing the root cause of our problem.. How can you centralize the resources of a country to one place and expect the country to move on? If you don't address the root cause of the problem, if you like adopt every know economic principle in salvaging our economy, it will never work. First thing first is power devolution.. True federalism, where by states are independent of the FG.. Let every state manage it's resources and pay 20% as tax to FG every month. Implement state police to tackle our security challenges.. Once this is done, the governors will know that it's no longer biz as usual thus, they will be forced to sit up.. Once this is done, all other challenges facing us will take care of itself.. But as long as we keep on lying to ourselves speaking long grammar which we've been doing for the past fifty something years, we are never gonna move forward.
9 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by wellmax(m): 5:17pm On Apr 07, 2016|
I cant agree more. Makes sense 100%
|Re: The Dollar Vs Naira, Can This Be Done? by datigbogirl: 5:20pm On Apr 07, 2016|
You've been watching too much of historical movies like Troy,Spartcus to think empires just fall for no reason...if the said empire keeps progressing it's most likely it will never fall but keep growing...
|Re: The Dollar Vs Naira, Can This Be Done? by ayindejimmy(m): 5:26pm On Apr 07, 2016|
dukie25:u called a budget that was trimed by #17b a budget of corruptn, what then will u call budgets by previous govt that were usualy increased at the Senate?
Or u assume budget padding started wit this govt? Rather, this govt uncovered it and punished culprits.
Do u knw in subsequent budgets moneies were paid as Aso Rock rent? Isnt that budget padding?
2 Likes 1 Share
|Re: The Dollar Vs Naira, Can This Be Done? by Beanhead(m): 5:27pm On Apr 07, 2016|
Thank you very much. you're supposed to be the Minister of economics. serio
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