I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.

In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.

For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.


Source: Facebook post

Nothing but the simple truth... At first they said his body language was fixing everything, now his body language has destroyed everything.

[size=15pt]I feel very bad for the unfortunate people suffering under the crass incompetence of Buhari.

Now that investors are finally fleeing exactly as he was warned when he was doing his crazy naira exchange rate manipulation and banning companies from leaving with their hard earned profits.

Buhari's unfortunate policies introduced panic into the system as every foreign investor now wants to pull out their money before Buhari reinstates his crazy exchange rate restriction and manipulation. It will take a long time for confidence to come back into the Nigerian market as many already fear Buhari will reinstate his failed policy.[/size]

feldido:
Nothing but the simple truth... At first they said his body language was fixing everything, now his body language has destroyed everything.

His zombies were the ones hailing his body odour not knowing the havoc it was wrecking... Now they are suffering it more than everyone...

And this has got to put to rest the lie that if Jonathan was still president Nigeria will ve been extinct by now. That's a huge lie from the pit of hell or from the pit of lies Mohammed's mouth

cjrane:
I feel very bad for the unfortunate people suffering under the crass incompetence of Buhari.

Now that investors are finally fleeing exactly as he was warned when he was doing his crazy naira exchange rate manipulation and banning companies from leaving with their hard earned profits.

Buhari's unfortunate policies introduced panic into the system as every foreign investor now wants to pull out their money before Buhari reinstates his crazy exchnage rate restriction and manipulation. It will take a long time for confidence to come back into the Nigerian market as many already fear Buhari will reinstate his failed policy.

Buharis dullness and naivety put us in this quagmire. Nigeria is truly too much for him to run. He shld simply resign

People will still tag u pdp Wailers even after the truth is written in black and white

ayusco85:


Buharis dullness and naivety put us in this quagmire. Nigeria is truly too much for him to run. He shld simply resign

resign ke?My ancestor is ruling me to a default. I am off to kill him myself.*picks a cutlass,cuts of arms of forces,caught up with buhari on the stairs and lays him flat"

NON SENSE

Buhari is a multiple facet failure. He has never been successful at anything. Not known that has run any tasking business before now.

Trash post. The true value of Naira is gradually being revealed. It has been subsidized by the govt for so long. and in the absence of excess petrodollar to maintain it Naira will keep crashing until gets to its real value. I put that to be between N800/$ - N1200/$.

sheyguy:
Trash post. The true value of Naira is gradually being revealed. It has been subsidized by the govt for so long. and in the absence of excess petrodollar to maintain it Naira will keep crashing until gets to its real value. I put that to be between N800/$ - N1200/$.

You get time to reply the half baked graduates above..lol.

OP, I think that you have been a little biased with your analysis. Even though I have not seen much of solution to the current economic crises by the APC led administration, yet the truth must be told.

1. All the past administrators of Nigeria are guilty and not just GEJ. Although the major problem of GEJ was the unconyrolled free looting of the economy.
2. Our FOREX income through oil has reduced by over 100% in the recent months. Its like having your salary slashed from N100k to less than N50k. That spells hardship
3. The major problem is that our local economy and subsistence depend on importation. We import almost everything we consume from razor blade to pencils to papers to ALL electrical/electronic equipment...the list is endless. This puts a lot of demand on dollars
4. Our income is mainly from one source, OIL which suddenly lost value because of oversupply.

Can this government do better than this? Of course YES!
Are they solving the main problem yet? NO!

The real fact of our persistent decline as a nation has been nothing but a wrong antecedent and foundation. Ab initio, our so called founding fathers were never sincere with developing the nation e.g Obadanjo's Operation Feed the Nation, Babangida's Strategic Action Programme. We all know what came out of it and the succeeding ones. As for Buhari the only programme his military government left was the WAI. Aside that nothing was achieved. I have read OBJ in certain quarters has been quipped to say that Buhari is not fit economically speaking.
Nigerians sold themselves out to the lies and propaganda of this clueless government. Where is the transparency and accountability of this government in not publishing a detailed account of the recovered Abacha's loot? Who are they deceiving. Nothing good can come out of this administration except a sacking from office. If not for Jonathan's defeat at the media front Nigeria would be smiling at a painless implementation of the diversity programme. God bless my country

"Recession is just a word"

[b]Here are my own reasons of why we are in recession and economic instability

1) Buhari started out cancelling so many progressive economic policies of Goodluck Jonathan. Not because they were bad but simply out of spite, hatred and general lack of understanding.

2) Buhari took 7 months, I repeat: 7 long months to appoint ministers. The new british prime minister took only 3 to 4 days.

3) Buhari did not appoint technocrats but instead appointed political cronies as ministers. His minsters are so clueless that they had to consult with economic experts last month on how to fix the economy.

4) Buhari stubbornly burnt external reserve trying for months to artificially peg the Naira to dollar at #199 against the warning of so many economists. This only helped people with political connections and not the average citizen.

5)Buhari agreed with David cameron that Nigeria is fantastically corrupt. This of course gives no confidence to an investor. The role of the president is to defend his country and promote confidence.

6) Human rights violations which led to the rise of the likes of IPOB and Niger Delta Avengers. At a time when countries are fighting for global old market share, the NDA significantly reduced nigeria oil in the global market.

7) Travelling to over 30 countries without attracting any significant investments into the economy.
[/b]

shinarambo1:

You get time to reply the half baked graduates above..lol.

true talk. Na real half baked. Sentiments aside. I sometimes wonder if these guys filled with hatred understand the real reasons behind the problem we are currently facing. The current trend would have happened no matter the govt in power. Buhari does not control the price of oil in the market. Even if obama were the president of Nigeria the same thing would have happened. But nevertheless one part of me still feels this govt didn't do enough. They relied more on textbook solutions rather than practical solutions.

The so called investors, the smart ones started pulling out of commitment as far back as 2011,2012.
I laid out the current scenario in 2014.
Warned of the death by a thousand cuts during the subsidy fraud, diesel , fraud and kerosene fraud era.
Only a fool would put money in Nigeria at a when she was being bled to death.
Senior civil servants ( generals,professor) were on salaries getting to $4000 per month. How in the world will a poor country be able to sustain those salaries considering the fact that when you scratch the surface, the underlying situation was worse than it was 1982.
The same 2,000,000 barrels of crude. A worse infrastructure but with higher population and an elite class more greedy and less refined.

front page truth is now coming out

Histrings08:
People will still tag u pdp Wailers even after the truth is written in black and white

Gbam! Buharists/buharideens are so pathetic they simply throw banters instead of facing the issues.
Tell them the recession is real they tell u it is just a word suffering n smiling!

Suggest ways out they go Deaf!

Then suddenly scream wailer !!!!

Emancipation:
[b]Here are my own reasons of why we are in recession and economic instability

1) Buhari started out cancelling so many progressive economic policies of Goodluck Jonathan. Not because they were bad but simply out of spite, hatred and general lack of understanding.

2) Buhari took 7 months, I repeat: 7 long months to appoint ministers. The new british prime minister took only 3 to 4 days.

3) Buhari did not appoint technocrats but instead appointed political cronies as ministers. His minsters are so clueless that they had to consult with economic experts last month on how to fix the economy.

4) Buhari stubbornly burnt external reserve trying for months to artificially peg the Naira to dollar at #199 against the warning of so many economists. This only helped people with political connections and not the average citizen.

5)Buhari agreed with David cameron that Nigeria is fantastically corrupt. This of course gives no confidence to an investor. The role of the president is to defend his country and promote confidence.

6) Human rights violations which led to the rise of the likes of IPOB and Niger Delta Avengers. At a time when countries are fighting for global old market share, the NDA significantly reduced nigeria oil in the global market.

7) Travelling to over 30 countries without attracting any significant investments into the economy.
[/b]

We are saying the same thing. It's Buharis fault. In which ever way u look at it

Koleman:
true talk. Na real half baked. Sentiments aside. I sometimes wonder if these guys filled with hatred understand the real reasons behind the problem we are currently facing. The current trend would have happened no matter the govt in power. Buhari does not control the price of oil in the market. Even if obama were the president of Nigeria the same thing would have happened. But nevertheless one part of me still feels this govt didn't do enough. They relied more on textbook solutions rather than practical solutions.

So if someone speaks the truth he is filled with hatred. I weep for Ur level of myopia....

ejilife:
Buhari is a multiple facet failure. He has never been successful at anything. Not known that has run any tasking business before now.

It's true. We practically kicked out an educated and successful man GEJ and installed a failure of a man in broad day light, with our own hands. This has got to be the greatest HEIST of the 21st century. Shame on us Nigerians

George22016:


resign ke?My ancestor is ruling me to a default. I am off to kill him myself.*picks a cutlass,cuts of arms of forces,caught up with buhari on the stairs and lays him flat"

NON SENSE

ROTFL.. I bet even his brothers up north will take a shot at lynching him to death if the had that opportunity

ayusco85:


So if someone speaks the truth he is filled with hatred. I weep for Ur level of myopia....

oops! Sorry no vex. I no know say e go vex you.

Histrings08:
People will still tag u pdp Wailers even after the truth is written in black and white

Don't mind them o. The zombies put us in this predicament wen they chose a man with Nepa bill as certificate over a man with PhD.. Let's the zombies enjoy the change

sheyguy:
Trash post. The true value of Naira is gradually being revealed. It has been subsidized by the govt for so long. and in the absence of excess petrodollar to maintain it Naira will keep crashing until gets to its real value. I put that to be between N800/$ - N1200/$.

Keep deceiving urself with that lie

ayusco85:


It's true. We practically kicked out an educated and successful man GEJ and installed a failure of a man in broad day light, with our own hands. This has got to be the greatest HEIST of the 21st century. Shame on us Nigerians

. I believe that is why GEJ did the unthinkable by handing over without even going to court. He must be saying to himself: These people don. Take their own hands buy bad market.

ejilife:
. I believe that is why GEJ did the unthinkable by handing over without even going to court. He must be saying to himself: These people don. Take their own hands buy bad market.

I bet u if buhari continues like this, GEJ can contest in 2019 and win. Nigerians will beg him to return.

ayusco85:


Don't mind them o. The zombies put us in this predicament wen they chose a man with Nepa bill as certificate over a man with PhD.. Let's the zombies enjoy the change

I don tire bro

Op you are absolutely right

Buhari's refusal to appoint a cabinet on time or show clearly his economic direction did not help

The market does not like uncertainty and Buhari was very uncertain

shinarambo1:

You get time to reply the half baked graduates above..lol.

when u r not educated u always take side with ur fellows a zombie spotted mumu

ayusco85:


I bet u if buhari continues like this, GEJ can contest in 2019 and win. Nigerians will beg him to return.

I only see niGERians begging GEJ to return but the man is too decent to want came back and serve niGERia as her president again especially as he only received insults and name callings for the great policies that he gave the country courtesy of the present ruling APC and some gullible niGERians.The man has moved on with his life. This next move will be to rubblish all the accusation against his person of stealing billions or watching his ministers steal billions why he looked the other way. He will also aim to expose the lies in the $2.1billion Dasuki gate against his person.