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 domiciliary 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 $50billion 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 miss educated 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 godown to N1000/1 $. But we thank God, he is no longer talking.

TRUE. Am thinking of what to do next.

Abujapropertyag:
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 domiciliary 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 $50billion 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 miss educated 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 godown to N1000/1 $. But we thank God, he is no longer talking.

I thought I was the only one that knew this. The painful thing is that Adeosun and Osunbade will be looking for what is inside their shokoto in Sokoto. Till 2019, they will never think in this direction...and those of us who know the true problem like you rightly spelt out here dont have the connection to Abuja to tell them and also prove it to them. So let's kukuma all drown together.

How can you flaunt court orders and expect investors to trust you with their money? How?

Take MTN fine for example. If Buhari had been respecting court orders do you think MTN would be looking for where to get 1trn Naira from? They will challenge Nigeria in a Nigerian court...and the case will be there for years.

Since they know Nigeria courts are toothless under Buhari...that is why MTN is begging.

Now tell me, if you are an investor, aside all the command and control financial policies Buhari started with, will you bring your money into a lawless society like Nigeria when you know you can't even get fair hearing in court?

Nigeria is doomed already. The Economy is like Ebola...it spreads/crashes swiftly...but to rectify it takes eternity.

If they still love this entity called Nigeria so much...they better restructure and redenominate our currency now...because it will get to a point Nigerians will take to the street. And I'm talking Lagos. But by then it will be too late. That's when the fools in Aso rock will know that 500,000 strong armed forces is a spec of dust compared to 170 million hungry people.

Somalia will be paradise by then.

abujapropertyag

Your analysis is very flawed. It's very wrong to try to paint a brighter GEJ government because of Buhari's failures. Nigeria's economic mess started since the beginning of 2015 when FG was consistently borrowing to pay salaries after oil price had started falling.

Nigeria was not healthy when Buhari took over government. Agreed, he made a bad situation worse with his stiff economic policy, but GEJ's government was headed for the ditch as well.

Remember the insecurity that was crawling slowly into the north central and possibly other parts of the country? You still wanna keep hearing the blasts that were killing many people in Abuja and environs? I don't. Don't forget too quick.

Now let's talk about corruption a bit. It's true that there is still corruption especially in closed circles within Buhari's government, but you wanna go back to the free-for-all era of GEJ? Where budget was made and few people will share the money without fear of consequence? Nigeria was rotting away slowly with GEJ's government, unemployment was rising tremendously while huge amounts were circulating within the circles of ordinary government officials and politicians.

i believe we should focus on Buhari and criticize his government without trying to compare him to an equally disastrous government before him.

socialmediaman:
abujapropertyag

Your analysis is very flawed. It's very wrong to try to paint a brighter GEJ government because of Buhari's failures. Nigeria's economic mess started since the beginning of 2015 when FG was consistently borrowing to pay salaries after oil price had started falling.

Nigeria was not healthy when Buhari took over government. Agreed, he made a bad situation worse with his stiff economic policy, but GEJ's government was headed for the ditch as well.

Remember the insecurity that was crawling slowly into the north central and possibly other parts of the country? You still wanna keep hearing the blasts that were killing many people in Abuja and environs? I don't. Don't forget too quick.

Now let's talk about corruption a bit. It's true that there is still corruption especially in closed circles within Buhari's government, but you wanna go back to the free-for-all era of GEJ? Where budget was made and few people will share the money without fear of consequence? Nigeria was rotting away slowly with GEJ's government, unemployment was rising tremendously while huge amounts were circulating within the circles of ordinary government officials and politicians.

i believe we should focus on Buhari and criticize his government without trying to compare him to an equally disastrous government before him.

the man is indeed very lucky
always getting in when the going is good and getting out just before SHTF