http://www.cnbc.com/2016/05/06/nigeria-goes-from-powerhouse-to-pariah-as-hurricane-hits-economy.html

Nigeria "is caught in a macro hurricane," famed short seller James Chanos told the annual Sohn Investment Conference last week. With currency reserves running low, the country could have "a big problem" within a few years, he said.

Calling the country "a borderline failed state," Chanos added that he was shorting South African assets, in part because of their exposure to Nigeria.

Ok

see mata oo

"Nigeria is in trouble," Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview.

Amid double-digit inflation, Nigeria's foreign reserves are dwindling as the government races to shore up a swooning currency, the naira.

Using a purchasing power parity metric, Hanke estimates that the country's prices are surging by a whopping 46 percent, far above the official rate of between 11 and 13 percent.

In a nutshell, zoogeria is a moribund entity filled with social injustice and ruled by inepts and corupts

"Nigeria is in trouble," Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview. Amid double-digit inflation, Nigeria's foreign reserves are dwindling as the government races to shore up a swooning currency, the naira.
Using a purchasing power parity metric, Hanke estimates that the country's prices are surging by a whopping 46 percent, far above the official rate of between 11 and 13 percent.

Weak growth — Nigeria's economy expanded by less than 3 percent last year — has done little to curb soaring food prices, which have risen every month since December 2015.

Meanwhile, oil prices remain firmly under $50 per barrel, heightening the risk of what consulting firm PricewaterhouseCoopers noted in a 2015 report could become a "security shock," as weak growth feeds political instability. Currently, the country's 2016 budget assumes an oil price of $38 per barrel.

Razia Khan, chief economist for Africa at Standard Chartered, expects crude will rise later in the year, but growth is likely to remain muted. Khan noted that the International Monetary Fund "expects growth to decline even further in 2016, to 2.3 percent."

Oil gives Nigeria around 95 percent of its foreign earnings. Should crude remain at current levels, PwC expects growth to contract and oil revenues to dwindle to $20 billion.

Meanwhile, the currency has already overshot PwC's worst-case forecast for this year, blowing past 320 to the U.S. dollar recently.

"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."

What is your problem prof

In the words of zombies, CNBC is an IPOB newspaper. Nnamdi Kanu funded it.

IPOB please leave Buhari alone he is the best thing to happen to Nigeria.

Someone shud pls explain in a layman's terms.

Who sold Wailing forms to CNBC

dunkem21:
Who sold Wailing forms to CNBC

Nnamdi Kanu!

And unfortunately it is recognized authorities like this DAT d foreign investors consult for economic forecast before putting dia money into any country. Everything seems to be going against this administration.

i wonder oooo

dunkem21:
Who sold Wailing forms to CNBC

orishirishi....wetin pesin no go hear

"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."

Yeah we gon replace the Naira with the Yuan. Our economic whizzkid of a president foresaw all theze bullsh!t

Inasmuch we will stand with our country against foreign interests, The truth is that nothing is moving in right direction in this country now. Too bad for people who still believe in political parties because it's too hard to defend this administration now.

Somebody should tell CNBC that Nigeria has recovered more than $88 billions looted by Jonathan's administration hence no shaking.

Our foreign reserves is now $118 billions - Lai Mohammed

LadyExcellency:
Somebody should tell CNBC that Nigeria has recovered more than $88 billions looted by Jonathan's administration hence no shaking.

Our foreign reserves is now $118 billions - Lai Mohammed

jesse8048:
Someone shud pls explain in a layman's terms.

What they are saying is that buahri is sending the economy to hell. That things will keep get worse and will soon reach rock bottom under buahri. They also want you to know hat buahri is corrupt and ineffective. I also do want you to Know that this is coming from an economic professor from Cambridge university, so don't think it is an almajiri talking. I hope you grab..

Truth

LadyExcellency:
Somebody should tell CNBC that Nigeria has recovered more than $88 billions looted by Jonathan's administration hence no shaking.

Our foreign reserves is now $118 billions - Lai Mohammed

Even PMB be looking lai like

Wailing zombies go soon die of hunger make Jonathan cut some for them oh imm loot with frog eyes go epp them

LadyExcellency:
Somebody should tell CNBC that Nigeria has recovered more than $88 billions looted by Jonathan's administration hence no shaking.

Our foreign reserves is now $118 billions - Lai Mohammed

na this kind people buhari take do economic team.

What the article actually says unlike the wailing zombies quote mining ...

Pop quiz: Which oil rich economy hammered by the global slump in crude is in the throes of a full-fledged economic crisis — complete with rationing, civil strife and runaway inflation stoked by a weak currency?
If you guessed Venezuela, you'd be wrong. Although the South American country teeters on the edge of collapse and fits the above scenario, those same circumstances actually apply to Nigeria. Once a powerhouse of West Africa's economy, the effects of slumping oil prices have converged with mounting security concerns and widespread energy shortages.
The OPEC country, which produces more than 2 million barrels of oil per day, is resorting to rationing crude: In order to fill their tanks, citizens must endure long lines overseen by authorities.

[size=18pt]Nigeria "is caught in a macro hurricane," famed short seller James Chanos told the annual Sohn Investment Conference last week. With currency reserves running low, the country could have "a big problem" within a few years , he said. Calling the country "a borderline failed state," Chanos added that he was shorting South African assets, in part because of their exposure to Nigeria.

In the year that Nigerians elected a new president, oil prices collapsed by at least 30 percent. This week, Nigeria's stock market staged a relief rally after the closely watched MSCI Frontier Markets Index decided to keep the country in the benchmark, after warning last month that Nigeria was at risk of being booted from the index.
[/size]

Still, the outlook for Africa's largest economy remains grim. The extremist group Boko Haram has created significant political and security challenges for the embattled government of Muhammadu Buhari, and raise risks that could hit oil production.
"Nigeria is in trouble," Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview. Amid double-digit inflation, Nigeria's foreign reserves are dwindling as the government races to shore up a swooning currency, the naira.
Weak growth — Nigeria's economy expanded by less than 3 percent last year — has done little to curb soaring food prices, which have risen every month since December 2015.
Meanwhile, oil prices remain firmly under $50 per barrel, heightening the risk of what consulting firm PricewaterhouseCoopers noted in a 2015 report could become a "security shock," as weak growth feeds political instability. Currently, the country's 2016 budget assumes an oil price of $38 per barrel.
Razia Khan, chief economist for Africa at Standard Chartered, expects crude will rise later in the year, but growth is likely to remain muted. Khan noted that the International Monetary Fund "expects growth to decline even further in 2016, to 2.3 percent."
Oil gives Nigeria around 95 percent of its foreign earnings. Should crude remain at current levels, PwC expects growth to contract and oil revenues to dwindle to $20 billion. Meanwhile, the currency has already overshot PwC's worst-case forecast for this year, blowing past 320 to the U.S. dollar recently.
"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."
[size=18pt]Nigeria still has limited access to capital markets, and a $6 billion currency swap agreement with China may help contain the naira's losses[/size]. Yet with oil still hovering near historic lows, analysts are skeptical Nigeria will see a turnaround anytime soon.
"Following a tumultuous year for the naira in 2015 we believe the any recovery in the currency will have to be supported by a marked improvement in the crude oil price," Standard Chartered's Khan said, adding that oil would need to rise to near $55 to offset the effects of an "oversupplied market."

Buhari has metamorphosed from a Political terrorist, to an economic terrorist!


Sai Baba. Sai Nijiriya

I am sorry but this article is nothing but recycle old news except for the title which states that Buhari is corrupt. The article never said Buhari is corrupt, but the heading is nothing but a complete denial of the news.


The part which relates to Nigeria economy is actually like the part where an amateur tells a professional the way to do with a faulty machine. We already know Nigeria economy is undergoing restructuring and of such we expect such news.


Next.

emekakelvin:

I am sorry but this article is nothing but recycle old news except for the title which states that Buhari is corrupt. The article never said Buhari is corrupt, but the heading is nothing but a complete denial of the news.


The part which relates to Nigeria economy is actually like the part where an amateur tells a professional the way to do with a faulty machine. We already know Nigeria economy is undergoing restructuring and of such we expect such news.


Next.

If only wailing zombies had a fragment of your brain they will lead better lives

Stalwert:


If only wailing zombies had a fragment of your brain they will lead better lives

you don throw one rocket give some people oh

Buhari said 350-500 billion naira is to be injected to revive the economy.Lets see the magic it does since the budget has been signed.

Buhari the economic terrorist.