The clueless APC and Buhari said they were 'diversifying' the economy.
I dey laff

hahaha...I just dey laff

Sai Baba

#Buharitill2023..You must continue the good works sir

NNVanguard:
Better policies to encourage expansion and revenue of the non oil sector is what we advocate for.

Luckily enough we have come up with workable and pragmatic solutions to this challenge.

Be part of this think tank to save our nation from ill minded selfish unpatriotic political gladiators!

Forward your solutions to Buhari

mrvitalis:
I need an economist here to tell me if it is possible for weak local currency to slow export down
From my basic economics... A time like this. . Local manufacturers will prefer to export and make more profit than sale locally... That's why garri is expensive.. . Most people now prefer to export cassava as cassava chips and earn 350 dollars per ton which is is over 120k thanks process to garri and earn 60k to 70k

This report has for me no economics theory backing

Tell me local production has slowed I will say yes. . For those who import raw materials. .. But if u source ur raw materials from Nigeria... Production is too sweet now. ..

If I was in the management team of any company I will say we go to vertical integration
That's the sure way to make much money now

forget economics theories, 50% of it ain't practicable. BUHARI knows this hence his initial stance on non devaluation. The problem of Nigeria is dat we have a large chunk of unpatriotic citizens who will go all out to sabotage the system for pecuniary gain. Unless the price of oil bounces back we wud continue in this doldrums.

Funny we dint diversify in the time of surplus, we are now chasing the dark goat at midnight. If I'm Buhari, this is the best time to stop all forms of tourism abroad, both medical and educational. Everybody should come bk home and rebuild Nigeria.

Jimi23:
Buhari is no different from the Aboki-s selling kolanuts on the streets. His brainlessness and cluelessness has grounded Nigeria's economy. This is worse than Abacha regime. Who will salvage us from this mess? Its obvious now that Buhari only wanted to fulfill his ambition of becoming civilian President like Obasanjo. After that, he gives no hoot about anything else. That toothless bulldog. SMH for Nigeria.

...you are silly to down graded kolanuts seller! they were your father and mother, if they were clueless you won't know the way to school!

aresa:




Our non oil revenue actually almost doubled from last year's number...


Take your kabukabu story back to where you get it from....


Back to sender...

Non oil revenue is different from non-oil export. The former could be due to increase in taxes due to increase in prices. Eg. We pay more for power so tax increases. U can have increased prices, pay more tax and consumption still drops. Don't forget ur demand curve etc. Anyway, internal revenue is more on GDP and is not necessarily an incentive to export.also, there is no source for urs but the other was quoted from d DeeGeee of the export promotion council. This is what economists have been saying. The incentive for export is a function of ease of earning d dollar. All this has been quite shaky for sometime now. It might even be cheaper to export from Ghana right now. It took us too long to devalue. Which means goods would have been cheaper in countries that adjusted quickly. Yup, it makes sense we exported less.

oyinkinola:

...you are silly to down graded kolanuts seller! they were your father and mother, if they were clueless you won't know the way to school!

From ur English i can tell that u are an abok-i urself. So i hv no words for brainless baboons like u. Go and tell ur ru-bbish to the President. Maybe he will understand u better.

Good Morning Afonjas.

How market and you guys CHANGE

franciskaine:
forget economics theories, 50% of it ain't practicable. BUHARI knows this hence his initial stance on non devaluation. The problem of Nigeria is dat we have a large chunk of unpatriotic citizens who will go all out to sabotage the system for pecuniary gain. Unless the price of oil bounces back we wud continue in this doldrums.

Funny we dint diversify in the time of surplus, we are now chasing the dark goat at midnight. If I'm Buhari, this is the best time to stop all forms of tourism abroad, both medical and educational. Everybody should come bk home and rebuild Nigeria.

Haba bros. Buhari has to be better than you. Your appriach of sending people back home is so lame and archaic in thinking. Economic models change just the way we use email now and dont do post office. Same with economics. Remmitances was about $20b jusr over a year ago. I havent verified recent records but this post says $5b. That is the money all the people u want to send back send home every year. By the way, our annual budget at 300 to a $ requires $20b. It tells us that these people u villify so much contribute to ur stable economy more than oil. Before u say it is unsustainable, $20b into any economy? I would encourage more to travel sef. Also, India makes more money from remmitances than their popular IT industry. What I observe is that Buharis government wants to sow where they did not reap. They want dollars from work that does not concern them directly without considering d positive impact on d economy. In the process, they discouraged people from sending money home further hitting our dollar market.

You really didn't respond to the question other than talk about how our economy defies logic. It actually has logic. The model just changes which is why Nobels are awarded to the scholars and economists who observe these ecolving trends. It is this basic lack of understanding economics that got us here. One of the rules in economics is simple "if the decision makes u better off by even 100 naira, then do it" if not, leave am. These decisions were not thought through at all. this government just assumed money was flowing without considering d individual incentives making it so. They killed these incentives and are confused. The thought of getting free dollar from oil was all that was on their mind. When it did not happen, the panicked and started attacking all possible sources without thinking thru. Ghana is stealing our markets by the way. Keep blaming GEJ and Oil.

hmmmm...the problem plaguing this recent administration is the ability to generate money..we have a president that has never engaged in other works of life piloting the affairs of the country...in a non military setting buhari is as good as that malam who is content with the little money he has..

aresa:



@ The highlighted...no wonder the usual sad and pathetic fake and fabricated doom and gloom anti Nigerian ipob garbage...

Smh......how low and shameless can someone get all in the name of partisan politics. It's really a pity.

kenny987:
The non oil revenue they are supposed to be growing? Economic disaster is all these dolts have to deliver!

Some zombies must earn their pay by hook or crook sha. It has come to d point of comparing reports from Punch with Premium Times and d sole deciding factor is d name of d reporter for Punch. An Igbo man doing his job and certified by his bosses before going to print for onward publication is labelled IPOB because his report confirms d dire straits Nigeria has been plunged into by inept quacks in office. What ever happened to focusing on the message n not d messanger?

Just when you think you've seen n heard it all they come again to idiotically shift goal posts, it's now on the basis of the name of the reporter! I pity some kind people cos their own don enter market!

It's so pathetic and shameful. How did we get to this level? It's no longer the news medium but the name of the reporter that matters. Just imagine!

Jimi23:


From ur English i can tell that u are an abok-i urself. So i hv no words for brainless baboons like u. Go and tell ur ru-bbish to the President. Maybe he will understand u better.

you write-up say it all.......to the president!

He said, “We have about $10bn stuck in one country or the other earned by our members. Some of them are not manufacturers; some are agriculturists or merchants of different products.

“They cannot bring it in because the business confidence, the manufacturing confidence, industrial confidence is negative. Until we do something to boost this confidence, all this money will be stuck abroad.

See what the continuous economic policies summersault by PMB and his team has led us into.

aresa:
[s][/s]



We know ipob zombies have to do what they do best which is to always let us know how bitter, gloomy, angry and negative they are against Nigeria so of what relevance is your pointless, illogical and lame rant?

I pray your parents stop feeding you, cos they're doing you harm than good. You need to be allowed to go out there and hustle with your mates. Instead of sleeping comfortable in your parents bed.

trapQ:
And some misguided fellows keep deceiving themselves that ND oil is now irrelevant since the budget will be funded largely by proceeds from the non oil sector.

Lmao

4Play:


The problem for exporters are varied. If they keep their dollar earnings abroad instead of bringing it back and converting it to naira, they see the naira value rise as the naira falls against the dollar. (So $1m in export earnings would be worth N400m whereas last year it would be N200m).

If they also bring it back, there is no guarantee they will be able to take it out of the country given all the bureaucratic hassle the CBN has imposed. Also, with the divergence between the official and black market prices of the dollar, most exporters would see the latter as the fair market value of their export earnings, but there are all sorts of restrictions that may apply to them. Despite the announcement over floating the currency, the CBN still maintains undue influence over the exchange rate, hence the big divergence between the inter-bank rate and the black market rate.

You are correct boss. The incentives tied to exports are beings eroded overnight. Don't be deceived. Spoke to an exporter last week. The government now wants to pay them export proceeds in naira. What would be ur guess. Export increase or decrease? They are cutting off all incentives that makes capitalism work. Chai, they warned us to look at this change well o.

ivandragon:



http://punchng.com/recession-fgs-non-oil-revenue-shrinks-n134bn/

op ...are you just a wailer, a member of Pdp or a hunger ailment?
if not:
Revenue from exportation of food items and other non-oil products is fast shrinking with the latest report showing a drop of $438.82m in three months, IFEANYI ONUBA reports

The current economic challenges facing the country have taken its toll on the non-oil sector as earnings from exporters witnessed a decline of $438.82m in the second quarter from $1.02bn recorded in the first quarter of this year to $576.97m.

When converted based on the official N305 exchange rate of the Central Bank of Nigeria, the $438.82m translates to a total of N133.8bn.

Statistics obtained from the CBN revealed that the decline of $438.82m (N133.8bn) by the sector represented a drop of 43.2 per cent when compared to the amount earned within the first quarter of the year.
...you people cry of famine! and you expect the higher food export!

tiwiex:


Non oil revenue is different from non-oil export. The former could be due to increase in taxes due to increase in prices. Eg. We pay more for power so tax increases. U can have increased prices, pay more tax and consumption still drops. Don't forget ur demand curve etc. Anyway, internal revenue is more on GDP and is not necessarily an incentive to export.also, there is no source for urs but the other was quoted from d DeeGeee of the export promotion council. This is what economists have been saying. The incentive for export is a function of ease of earning d dollar. All this has been quite shaky for sometime now. It might even be cheaper to export from Ghana right now. It took us too long to devalue. Which means goods would have been cheaper in countries that adjusted quickly. Yup, it makes sense we exported less.

omo u're on point

Thunder fire Wole Soyinka, OBJ, Tinubu and their acolytes for deceiving those gullible ones..! WAKA!!!

I know it's beyond ur capacity but u need to try if you insist on tainting a gathering of intellectual and reasonable people with d stench of ur presence. Learn to address substance and don't always settle on d fringe of tribal n ethnic rants.

PS..that title 'zombie' is patented and reserved for APC stooges like u so don't ever get it twisted.

aresa:
[s][/s]

[s]We know ipob zombies have to do what they do best which is to always let us know how bitter, gloomy, angry and negative they are against Nigeria so of what relevance is your pointless, illogical and lame rant?[/s]

tiwiex:


Haba bros. Buhari has to be better than you. Your appriach of sending people back home is so lame and archaic in thinking. Economic models change just the way we use email now and dont do post office. Same with economics. Remmitances was about $20b jusr over a year ago. I havent verified recent records but this post says $5b. That is the money all the people u want to send back send home every year. By the way, our annual budget at 300 to a $ requires $20b. It tells us that these people u villify so much contribute to ur stable economy more than oil. Before u say it is unsustainable, $20b into any economy? I would encourage more to travel sef. Also, India makes more money from remmitances than their popular IT industry. What I observe is that Buharis government wants to sow where they did not reap. They want dollars from work that does not concern them directly without considering d positive impact on d economy. In the process, they discouraged people from sending money home further hitting our dollar market.

You really didn't respond to the question other than talk about how our economy defies logic. It actually has logic. The model just changes which is why Nobels are awarded to the scholars and economists who observe these ecolving trends. It is this basic lack of understanding economics that got us here. One of the rules in economics is simple "if the decision makes u better off by even 100 naira, then do it" if not, leave am. These decisions were not thought through at all. this government just assumed money was flowing without considering d individual incentives making it so. They killed these incentives and are confused. The thought of getting free dollar from oil was all that was on their mind. When it did not happen, the panicked and started attacking all possible sources without thinking thru. Ghana is stealing our markets by the way. Keep blaming GEJ and Oil.

very on point

Baboons and monkeys go soak in hunger ooooo lolz hate blinds many minds of afonjazims they need help from 5% badly we can see many falling inside canal because of hunger Sai Sai baba ooooooiov

oyinkinola:

op ...are you just a wailer, a member of Pdp or a hunger ailment?
if not:
Revenue from exportation of food items and other non-oil products is fast shrinking with the latest report showing a drop of $438.82m in three months, IFEANYI ONUBA reports

The current economic challenges facing the country have taken its toll on the non-oil sector as earnings from exporters witnessed a decline of $438.82m in the second quarter from $1.02bn recorded in the first quarter of this year to $576.97m.

When converted based on the official N305 exchange rate of the Central Bank of Nigeria, the $438.82m translates to a total of N133.8bn.

Statistics obtained from the CBN revealed that the decline of $438.82m (N133.8bn) by the sector represented a drop of 43.2 per cent when compared to the amount earned within the first quarter of the year.
...you people cry of famine! and you expect the higher food export!

are you sure you have your faculties intact?

did you not see the source of the news item?

or are you one of those trying to 'censor' information?

you conveniently omitted the part that blamed government policies.

please, if you are distraught with the news, direct your misguided anger to either the newspaper or those that carried out the research.

tiwiex:


Haba bros. Buhari has to be better than you. Your appriach of sending people back home is so lame and archaic in thinking. Economic models change just the way we use email now and dont do post office. Same with economics. Remmitances was about $20b jusr over a year ago. I havent verified recent records but this post says $5b. That is the money all the people u want to send back send home every year. By the way, our annual budget at 300 to a $ requires $20b. It tells us that these people u villify so much contribute to ur stable economy more than oil. Before u say it is unsustainable, $20b into any economy? I would encourage more to travel sef. Also, India makes more money from remmitances than their popular IT industry. What I observe is that Buharis government wants to sow where they did not reap. They want dollars from work that does not concern them directly without considering d positive impact on d economy. In the process, they discouraged people from sending money home further hitting our dollar market.

You really didn't respond to the question other than talk about how our economy defies logic. It actually has logic. The model just changes which is why Nobels are awarded to the scholars and economists who observe these ecolving trends. It is this basic lack of understanding economics that got us here. One of the rules in economics is simple "if the decision makes u better off by even 100 naira, then do it" if not, leave am. These decisions were not thought through at all. this government just assumed money was flowing without considering d individual incentives making it so. They killed these incentives and are confused. The thought of getting free dollar from oil was all that was on their mind. When it did not happen, the panicked and started attacking all possible sources without thinking thru. Ghana is stealing our markets by the way. Keep blaming GEJ and Oil.

You are not getting it.
Buhari's seperation of black market and inter bank rate was a genius idea that was opposed by the ignorant and crumbled by a weak & corrupt system. He seperated the two to create an avenue to subsidize production while leaving addictive and senseless consumption to its fate. The move failed not because it was wrong but because of a weak system that allows bank(ers) to hoard the dollar and sell at black market rate. Blame the weak system for that and not Buhari. If GEJ had picked the aspect of ensuring that dollar gets to expected importers and users to work on the way Buhari worked on TSA to make it a reality, it would av been a diff story now.
I strongly suggest the separate dollar allocation system be brought back and worked on by Buhari. Govt has no business subsidizing dollar in the first place. It should only be a stimulating package for producers

aresa:



@ The highlighted...no wonder the usual sad and pathetic fake and fabricated doom and gloom anti Nigerian ipob garbage...

Unrepentant tribalist! You see everything from your tribal infested glasses. You need rehabilitation

And this is the government that want to diversify, losing money from the agriculture and manufacturing that they are supposed to be diversifying into... I laugh. I doubt they know the meaning of the word.

Let's blame Jonathan for this or PDPs 16 years of so called misrule.

Mad people.

I'm still trying to understand the fiscal policy of this administration. Nothing appears to be working. This sharp drop in non-oil return is bad news to the economy.

4Play:


You might want to purchase something abroad or diversify your savings to protect against currency risk. Some exporters could even be foreign owned export bizs

The irony of restrictions on capital mobility is that if you impose restrictions on taking money out, people will be reluctant to bring money in. What the government's policies have done is reduce diversification away from oil dependence.

Even on an individual level, despite the fact that I know I can get better returns in Nigeria, I refuse to invest because I don't know if I would be able to pull my funds out, not to mention companies who require their funds for so many other things.

aresa:




Our non oil revenue actually almost doubled from last year's number...


Take your kabukabu story back to where you get it from....


Back to sender...

#2.43 trillion at #305/$1 is approximately $7.97 billion whereas #1.94 trillion at #197/$1 is approximately $9.85 billion. In other words, our non oil revenue shrunk by approximately $1.88 billion when compared to last year figures.

Please lets forget about Ipod/afonjas or whatever names you call yourselves and focus on the real issues and how to solve the problems confronting our great nation. Whether you support PDP or APC, the fact remains that the political class aren't helping matters by dividing us along ethnic and religious lines. They all have their children and wards abroad so if Nigeria fails its left for you and I to suffer the consequences. God bless us all.

tiwiex:


Haba bros. Buhari has to be better than you. Your appriach of sending people back home is so lame and archaic in thinking. Economic models change just the way we use email now and dont do post office. Same with economics. Remmitances was about $20b jusr over a year ago. I havent verified recent records but this post says $5b. That is the money all the people u want to send back send home every year. By the way, our annual budget at 300 to a $ requires $20b. It tells us that these people u villify so much contribute to ur stable economy more than oil. Before u say it is unsustainable, $20b into any economy? I would encourage more to travel sef. Also, India makes more money from remmitances than their popular IT industry. What I observe is that Buharis government wants to sow where they did not reap. They want dollars from work that does not concern them directly without considering d positive impact on d economy. In the process, they discouraged people from sending money home further hitting our dollar market.

You really didn't respond to the question other than talk about how our economy defies logic. It actually has logic. The model just changes which is why Nobels are awarded to the scholars and economists who observe these ecolving trends. It is this basic lack of understanding economics that got us here. One of the rules in economics is simple "if the decision makes u better off by even 100 naira, then do it" if not, leave am. These decisions were not thought through at all. this government just assumed money was flowing without considering d individual incentives making it so. They killed these incentives and are confused. The thought of getting free dollar from oil was all that was on their mind. When it did not happen, the panicked and started attacking all possible sources without thinking thru. Ghana is stealing our markets by the way. Keep blaming GEJ and Oil.

you actually misunderstood me friend. My emphasis was ọn Nigerians who travel out to waste the available dollars on things which actually should be in Nigeria. Medical and religious as well as educational tourism should be abolished in Nigeria. This is specifically pertaining to govt officials, a legislation as regards should be made to checkmate forex spilling-over.

When I said 50% of economics theories are non practicable, antecedents are there to prove dis. The laws of demand states dat the higher the price, the lower the quantity and vice versa... What happens in a situation whr the price is low and the people still do not have enough to buy the cheap commodity despite their need for it?

Everyone keeps singing devaluation will solve the problem and increase export of agro-allied products, what is happening today? According to the books when u devalue it favours export and discourages import, but what is happening in Nigeria today? A complete departure from theoretical postulations.