ibedun:


You are highly ignorant! And I bet you have never left Nigeria (let alone Africa) in your life. There is international politics and economic structure. There is status quo. There is a reason some countries have nuclear and chemical biological weapons in their possession but yet do not want other countries to develop the same. There is a reason why some countries are almost permanently rich and others are permanently poor. Have you ever heard or read about the WTO? They have already designed the templates that will force Africa to remain dirt poor for the next 500 years. Portfolio investors are profit seekers not "investors".

Almajiri1:

The naira is already devalued!!! With people like Aisha making a kill round tripping. Why do we like deceiving ourselves

Frodobee :
Last I checked, Ivory Coast is a commodity dependent country. When ur boss is a Nepa bill certified illiterate.

yaki84:
I watched nta goodmorning nigeria n one of the panelist a former deputy director at cbn said the central bank just discovered more than 20billion dolls in domiciliary accounts, he suggested what d cbn shud is buy this dolls from d owner at the govt official price n inject these monies to the market. u can charge those who need it most n it shud be people from manufacturing sector. sectors that will ad values to the economy.
.

frodobee:
...

ibedun:


You are highly ignorant! And I bet you have never left Nigeria (let alone Africa) in your life. There is international politics and economic structure. There is status quo. There is a reason some countries have nuclear and chemical biological weapons in their possession but yet do not want other countries to develop the same. There is a reason why some countries are almost permanently rich and others are permanently poor. Have you ever heard or read about the WTO? They have already designed the templates that will force Africa to remain dirt poor for the next 500 years. Portfolio investors are profit seekers not "investors".

Quakertellicus1:


It would only work if

1.The owners are willing to sell. And something tells me most of them won't sell. Forex is HIGHLY valuable right now.

2.And anyway...20bn is not enough. We need more than that. Much more.

wirinet:

Which investors are fleeing from Nigeria ? Which investors came to Nigeria in the first place? The only investors that comes to corruption infested country like Nigeria are the Chinese, the Indians, the Lebanese and lately, the south Africans, the western investors only engage in portfolio investment. Portfolio investors are like predators, they prey on weak economies. They do not create jobs or add value to the economy.

The same west that imposed SAP on us, which we are yet to recover from are still the same people telling us how to run our economy.

yaki84:




willing to sell? how when they wont get d dollars either.
the new policy is even if u have 3dollars in ur account, u wont get the dollars at counter but naira equivalent, so the issue of willing or not is not in this context cos they dont hv any choice than to sell. 20billion dolls can build a functional refinery n with large refining capacity which at a long term will checkmate dangote's monopolistic refinery if it comes to light.
how much was nigerias foreign reserve in 1999? I heard 3billion dolls.
did the govt then achieve something? yes they did, mtn, econet, globacom came in. if buhari was in power then with this his archaic n ancient darkage policies, those guys wouldnt hv set their foot into nigeria not to talk of bringing monies to invest.
the joy of investment is putting money n be able to recoup ur profits.
imagine if betting companies restrict bettors from WITHDRAWING!

Quakertellicus1:


1.Hindsight is 20/20. Yes...MTN and co came in...but at the time they came in,in 2001, oil prices were on an upward trend.We had the forex to attract them. (And MTN and co charged very high prices intially...those were the days when a sim card cost N5000!).

If Buhari was in power then...and oil prices were going up like they did under Obasanjo....then yes,MTN would be in Nigeria live.

It must also be noted that technology has made it relatively ''cheaper'' to install GSM networks.

2.At the moment, Dangote is the only one who can build a big refinery(He took a loan of $6bn to do it..while he provided $3Bn.). But ....let's be frank one does not need to build a big refinery....mini refineries too work . And the govt just recently gave 21 licences to companies to build mini refineries.

3.No one is going to sell forex to the government at the price you are saying.

Infact what you are advocating is that the government confiscates the forex in the domiciliary accounts so that it can build refineiries and gives the dom account owners naira in stead. Not going to work. Right now...if I have forex...I would be holding onto it...and if I must get naira...it would be at the parallel market. (Infact...the parallel market makes your argument moot. Why should I get 199 naira per dollar...when I can get 350 naira per dollar at the parallel market.). Finally....it would drive away the foreign investors you cry for.

yaki84:




excuse me, 21 licenses to who?
u r giving out licenses without first solving the monetary policies.
how will the investors acess forex that will be fair to them and encourage them to put their monies to this project?
u cant buy dollars at 330 or so at the open market cos they wont be able to get it from cbn, build the refinery at inflated rate n govt thru pppra will come in n give u the price template.

yaki84:




that means buhari shud stop wasting n depleting our reserves in the quest of marketing n luring investors to nigeria.

wirinet:


Luring investors? You do not lure investors, they beg to come. Iran is not begging investors and yet many of them are lined up to invest in Iran after the sanctions has been lifted.

China did not need to lure US investors before they closed shop in the US and opened same in China. Once you put in place infrastructure and conducive corruption free business environment, foreign investors will troop in. It was corruption that drove the likes of virgin airlines, Vodafone, Siemens, etc, away.

The Nigerian business environments is too cumbersome and difficult for genuine foreign investor.

Quakertellicus1:


I daresay there would be some allocation of forex...recall that the forex restriction is not absolute....you can get forex if you prove it is for legitimate means....and mini refineries don't cost as much as the big ones.(The mini-refineries idea was also popular in the last year of the GEJ admin too).

And that goes for increasing refining power.too

Which leads me to my point (last one, because I do have to go)....to increase refining capacity...we need the private sector. Ideally...it would be good to build three new refineries on a public-private investment.

Not by taking money from Nigerians.

Quakertellicus1:
In other words....the companies want us to loosen forex restrictions.

The problem is...we cannot do that...unless we have enough forex coming in. And with our economy pegged to oil ,we cannot do that. Oilprcies are low.

If we did as the companies are suggesting...it would make things worse faster.

Almajiri1:

These only happen when a baboon Nepa certificate holder is given executive powers.

SLIDEwaxie:
They kept going against Nigeria, and many are not seeing that this is all premeditated!!


Must we devalue our naira for you guys? Must we create an avenue where you invest and syphon back into your country? Because that is all you wanted!

To invest cheap and reap bountifully only for your to develop your land. You send returns and profits back to your parent company in your various countries and pay stipends as taxes here.

You disregard out citizens and strip is of our natural resources.

You take advantage of the greediness of the youths caused by laziness and use them against their own and yet with nothing to show to the host community.

Why do we have to devalue the naira with no source of supporting the economy with industrialization that may help to replenish the depleting reserve thru exportation?

You want us to use more money indirectly to buy products that you produce while you pay less to produce it!

It's that simple!

LordVarys:

Let's compare with the Egyptians who recently devalued theirs.



http://m.mgafrica.com/article/2016-03-27-nigeria-vs-egypt-on-the-economy-who-is-smarter-seems-sisi-is-besting-buhari

yaki84:
I watched nta goodmorning nigeria n one of the panelist a former deputy director at cbn said the central bank just discovered more than 20billion dolls in domiciliary accounts, he suggested what d cbn shud is buy this dolls from d owner at the govt official price n inject these monies to the market. u can charge those who need it most n it shud be people from manufacturing sector. sectors that will ad values to the economy.
nigerians in d diaspora still send in dollars ton nigerians down here, I heard more than 2billion dolls is sent to nigerians by the diaspora, so why bar foreign investors from repatriating their funds to their parent countries when nigerians based in foreign countries do assess dolls n send it to nigeria.
cbn n its policies via buhari is killing he economy.

disloman:
Do you mind them.What I believe is book economics won't solve Nigeria economy woes.We need practical approaches.We gat to go back to the basics before trying all these world bank ideas.Our economy is different from those of developed country.

NavierStokes:


My brother in the light of this what do you think is the true forex reserve in our country, if they say Nigerians have 20billion USD in their accts. Then I ask, is the forex reserve 27 + 20billion USD. Or it's 27 - 20 billion USD.
Neglecting 21billionUSD remittances from Nigerians in the diaspora.

Lies everywhere.