Quakertellicus1:
All it shows is that Nigeria and Venezuela are both oil dependent nations....whose economies rise and fall with the oil price.

MadamExcellency:



Stop the joke

Venezuela is running a socialist government while Nigeria is a full operational capitalist government.

There is no reason to compare apple (Venezuela) and orange (Nigeria) in political/economic governance.

Quakertellicus1:
All it shows is that Nigeria and Venezuela are both oil dependent nations....whose economies rise and fall with the oil price.

If there were an award for the messiest year in Latin America, Venezuela would win it by a landslide. Currency problems, drastic shortages and political wars marked a 2013 that began with the death of Comandante Hugo Chávez in early March. Since then, successor and current President Nicolás Maduro has been trying to carry on his legacy at any cost -- and many fear that is bringing the country close to collapse.

Whether Maduro's failing policies or the so-called “economic war” Maduro is accusing his opposition of waging are to blame, Venezuela entered a recession in 2013. GDP suffered a 0.4 percent contraction this year, according to estimates by Trading Economics. This, in a year when Venezuela dealt with 42 percent inflation, and the Venezuelan bolívar dropped 32 percent against the U.S. dollar

Quakertellicus1:

[s]
Well....

1,Nigeria is running a mixed economy, not a capitalist one.

2.All oil producers are in deep trobule right now. When you hook up your economy to oil....it goes up with the oil price, and goes down with it.

3.Venezuela and Nigeria back in the 1970's had oil boom. That was the time when Venezuela built up a city metroline system in its capital.

4.China is also a socilaist economy....yet because they are an industrial nation....they have the cash to splash.(Once upon a time, China was behind Sierra leone in 1973. Now...it is ahead. Difference...China industrialized, Sierra Leone kept on relying on gold and diamonds and agric...whose prices drop and fall .Like oil).

5.You people think I am defending APC. Far from it. APC's response right now shouldbe this...they have to spend more on the lights and the transport so that they can get us to industrial level. Like China and South Korea which was behind Senegal in 1960.

6.To sum up.....both countries have a big problem,....and it is resource dependency.Nigeria in particular has had a resource dependent economy for years. We use the high prices to fool ourselves into thinking that we are a rich economy. Which is why if oil prices go up tomorrow...I won't be shouting Sai Buhari....but Industrialization ,Buhari.[/s]

4Play:


This is hogwash. Venezuela was in economic crisis long before Nigeria - this article dates back to 2013. The attempt to excuse the shambolic policy ineptitude that has worsened our economic problems by comparing us to Venezuela is a sorry display of boneheaded propaganda. A cursory look on the internet will show that Venezuela's recession predate the recent collapse in oil prices:


[url]
http://www.ibtimes.com/venezuelas-economy-will-continue-suffer-2014-analysts-predict-further-recession-1535334[/url]

MadamExcellency:


Nigeria has no ground for comparison with Venezuela in all ramifications except for those who are sycophantically blind and chooses failure for a benchmark.

Nigeria was until a year ago on top list of foreign investment destination on the globe but this government came and shattered the enabling environment.

Venezuelan's foreign reserve is $15 billion while Nigerians living abroad remitted $21 billion in Forex to Nigeria in 2015 alone which could've been unto $50 billion if not for CBN failed monetary policy against dollar account.

Stop the excuses of Oil this and Oil that.

MadamExcellency:


Nigeria has no ground for comparison with Venezuela in all ramifications except for those who are sycophantically blind and chooses failure for a benchmark.

Nigeria was until a year ago on top list of foreign investment destination on the globe but this government came and shattered the enabling environment.

Venezuelan's foreign reserve is $15 billion while Nigerians living abroad remitted $21 billion in Forex to Nigeria in 2015 alone which could've been unto $50 billion if not for CBN failed monetary policy against dollar account.

Stop the excuses of Oil this and Oil that.

NoreenUG:


You should know that fellow by now.
His old ID is bushdoc9919, if I'm correct. He has a habit of writing endless long-winding pseudo-intellectual claptrap nobody bothers to read.
I guess it's his own way of trying hard to justify his vote for Buhari even in the face of failure.

On to better things.

4Play:


This is hogwash. Venezuela was in economic crisis long before Nigeria - this article dates back to 2013. The attempt to excuse the shambolic policy ineptitude that has worsened our economic problems by comparing us to Venezuela is a sorry display of boneheaded propaganda. A cursory look on the internet will show that Venezuela's recession predate the recent collapse in oil prices:


[url]
http://www.ibtimes.com/venezuelas-economy-will-continue-suffer-2014-analysts-predict-further-recession-1535334[/url]

In an extreme case, the Dutch Disease can lead to "Immersing Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare . This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth

Quakertellicus1:


Read my whole piece again....slowly.

Keep in mind that Okonjo Iweala was saying that we should expect hard times by 2015....in the event of a GEJ victory.

We are a Dutch diseased economy.

For more info...this article is good....And it was wrote in 2004.

Managing the Dutch disease in Nigeria

MadamExcellency:


There was one thing I learnt from Sales Experts from some multinational companies in 2006. Their companies representatives reported some high degree of counterfeiting of their products and wanted the parent companies to arrange massive arrest of both the counterfeiters and their accomplices but this they rejected for a singular reason that creating a wider publicity that their products are being counterfeited will kill their brands hence they chose to do it underground and it worked like magic.

Buhari has no experience of image management hence he destroyed Nigeria's image abroad and exposed every joint venture between Nigerians and foreigners to total collapse.

Why are foreigners running away when we are looking for them to come and invest?

Buhari's archaic and expired form of running democracy is the problem. He hates rich businessmen, entrepreneurs and employers of labours and wouldn't want anything to do with them hence no policy to encourage them.

MadamExcellency:



Stop the joke

Venezuela is running a socialist system while Nigeria is a fully operational capitalist system.

There is no reason to compare apple (Venezuela) and orange (Nigeria) in political/economic administration

MadamExcellency:



Stop the joke

Venezuela is running a socialist system while Nigeria is a fully operational capitalist system.

There is no reason to compare apple (Venezuela) and orange (Nigeria) in political/economic administration

Kenny4lyfe:
Emergency powers made in Venezuela!
lobatan!
And zombies be like....

Quakertellicus1:

That is why I am angry with PDP....not because GEJ is an Ijaw man,or because Christians were denying the North their rights (and i am a Christian and a Southerner to boot)...or because PDP failed to save, but because PDP did not make getting Nigeria industrial a major priority....by fixing our power generation (and I am looking at OBJ and Yaradua...at least GEJ faced facts,and did try something), spending more on educaiton, especially technical education,and also doing far more about transport.

We should have used the years of plenty well.

So,anyone calling me a PDP or APC supporter misses the point.

All I want is our government , whoever they may be.....to end our reliance on oil,. agric etc. Because it is the reason why our economy is so vulnerable and why we have no permanent jobs, and no permanent everything.

That is my manifesto. Nigeria must free itself from resource dependency. And not Nigeria, Africa. And left to me,if APC does not take steps to do that...I think they should go in 2019. And if PDP, or any other party does not take steps to do that, then we must keep voting them out until we get a leadership that lives and breathes industrial self reliance. We cannot remain under the IMF's thumb.

Thanks and good night.

Quakertellicus1:
Am sorry for posting here several times....but it seems people are still so pained by the last election to get my points.

Nigeria is a Dutch diseased nation....and what we are experiencing is the effect of the Immersing growth syndrome...

To define it.
D


Keep in mind that from 2011-13 Nigeria was a big economy. We were ''prosperous'' then in 2015 we went down the drain. Now...part of our problem is that we did not keep on saving during that time...but in my mind, GEJ saving or no would not have made any difference.

We have, since independence depended on the revenue, first from selling agric and mining products,and nowadays on oil. These goods have prices that are not controlled by us or set by us. (OPEC is becoming irrelevant). And oil is falling because everyone is an oil producer.

To explain Nigeria...and Venezuela's condition....

Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.

See the problem.

That is why I am angry with PDP....not because GEJ is an Ijaw man,or because Christians were denying the North their rights (and i am a Christian and a Southerner to boot)...or because PDP failed to save, but because PDP did not make getting Nigeria industrial a major priority....by fixing our power generation (and I am looking at OBJ and Yaradua...at least GEJ faced facts,and did try something), spending more on educaiton, especially technical education,and also doing far more about transport.

We should have used the years of plenty well.

So,anyone calling me a PDP or APC supporter misses the point.

All I want is our government , whoever they may be.....to end our reliance on oil,. agric etc. Because it is the reason why our economy is so vulnerable and why we have no permanent jobs, and no permanent everything.

That is my manifesto. Nigeria must free itself from resource dependency. And not Nigeria, Africa. And left to me,if APC does not take steps to do that...I think they should go in 2019. And if PDP, or any other party does not take steps to do that, then we must keep voting them out until we get a leadership that lives and breathes industrial self reliance. We cannot remain under the IMF's thumb.

Thanks and good night.

Quakertellicus1:


Read my whole piece again....slowly.

Keep in mind that Okonjo Iweala was saying that we should expect hard times by 2015....in the event of a GEJ victory.

We are a Dutch diseased economy.

For more info...this article is good....And it was wrote in 2004.

Managing the Dutch disease in Nigeria

Represented by the Director, Development Finance of the CBN, Dr Mudashiru Olaitan, Emefiele blamed the decline of non oil revenue on the low level of loans to exporters which invariably contributed to the decline in non oil export revenue receipts from $10.53billion in 2014 to $4.39billion in 2015.

Non-oil exports recorded improvements with aggregate export value increasing continuously from N23,327.5million (US$287million) in 1996 to N29, 163.3 million (US$357.2 million) in 1997; and further to N34, 070.2 million (US$406.5 million) in1998. The CBN (1998) attributed the sustained increase in non-oil export to the liberalization of the foreign exchange policy environment by the federal government, and better operating conditions for Nigeria’s semi-manufacturing sector.