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Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg - Politics - Nairaland

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Recession: Nigeria Has Huge Money, Leaders Are Wasteful – Peter Obi / Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg / Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg (2) (3) (4)

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Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by basilo101: 10:08pm On Sep 20, 2016
On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure.

Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s yet to produce any steel.

“It’s not about resuscitating it, it’s about developing it,” Frank Jacobs, who runs a company making wine from pineapples and heads Nigeria’s main manufacturing association, said at his office in Lagos. “If you say resuscitating, it means it was working before. It hasn’t worked. There’s nowhere a country can industrialize without steel.”

Africa’s most populous country has gone from a promised land for Nigerians and foreign investors alike to one of frustrated fortunes. The decline looked complete last month when Nigeria’s vice president said the country was in the worst economic crisis it had ever faced. The currency has collapsed and output is set to shrink this year for the first time since 1991 after 8 percent-plus growth through the 2000s.
Creaking Country
The nation remains blighted by the mismanagement and corruption that were rife during the oil-led boom years and its dysfunction has been more exposed since the collapse of energy prices. Transport links are in tatters and blackouts are common because the country produces just 10 percent of the electricity of South Africa, which has one-third of Nigeria’s 180 million population.

Islamist militant group Boko Haram has wreaked havoc in the northeast, killing tens of thousands of people and leaving 250,000 children needing food aid. Other groups blew up oil pipelines and export terminals in the southern Niger River delta, sending crude production to an almost three-decade low.
Nigeria’s 36 states are so cash-strapped that many teachers, pensioners and civil servants have gone months without pay. The governor of Imo, home to about 4 million people in the southeast, announced a three-day working week, telling bureaucrats to farm on the other two. Nigerians are even scrimping on protein in their diets, according to the head of Nestle SA’s local business.
‘A Mess’
French construction company Bouygues SA has halted some projects and plans to do less work for the government because of the risk of not getting paid.
“The last two years have been terrible,” said Andre Guillou, Bouygues’s vice chairman in Nigeria. “It’s a mess.”
At the 92 square-mile (240 square-kilometer) Ajaokuta site, a three-hour drive south from the capital Abuja, cows graze on grounds that were meant to store iron ore, coal and lime, and thousands of houses for workers lie empty and windowless. A railway bridge across the river has never been used because there’s no line linking it to ports or manufacturing hubs. It has produced rods, wires and machine parts -- on and off -- and banks, hospitals and schools are open for the local community.
“I did some work at the plant, but there is not much to do there yet,” said Sulaiman Abubakar, a 56-year-old father of nine who lives near Ajaokuta and studied metallurgy in his youth so he could get a job there. Instead, he drives a keke, a Nigerian version of a motorized rickshaw, and wants his children to become engineers. “They will get jobs once this plant starts working,” he said. “We still hope it does, because it’s all we have.”
Crash Landing
It’s hard to imagine in Ajaokuta that investors once drooled over Nigeria’s prospects.
Fidelity Investments promoted “MINTs” in April 2011, saying Nigeria, Mexico, Indonesia and Turkey were the emerging markets of the future, an opinion reinforced by Jim O’Neill, the former Goldman Sachs economist. Consulting firm McKinsey said Nigeria had the potential to grow 7 percent a year through 2030, ultimately making its economy larger than the Netherlands, Malaysia or Thailand.

Then came the 2014 oil crash. Foreign investors fled and the economy tanked. Though Nigeria was always going to suffer from a drop in oil prices, it was the government’s bungled response that made it worse, according to Martina Bozadzhieva, an analyst at Frontier Strategy Group.
President Muhammadu Buhari, a military ruler in the 1980s, came to power again last year, this time via the ballot box and on a wave of optimism that he would fight corruption and revive the economy. He took almost six months to form a cabinet and only approved the 2016 budget in May.

He also leaned on central bank Governor Godwin Emefiele to peg the naira, ostensibly to stop prices of food and transport rising. Instead, inflation soared to an 11-year high of 18 percent as businesses struggle to pay foreign suppliers for the machinery and raw materials that aren’t available locally. Since June, when Emefiele gave up trying to support the currency, the naira has plunged 40 percent against the dollar. S&P Global Ratings downgraded Nigeria five levels into junk territory on Sept. 16, saying the economy had performed worse than it expected because of the attacks on oil facilities and Buhari’s foreign-exchange policies.
“The confidence in Buhari is very quickly evaporating,” said Bozadzhieva, whose company advises multinationals like Coca-Cola Co. and General Electric Co. “Firms are close to that point where they say: ‘You know what, this is a disaster.’ It’s okay to have an oil price drop. But there are countries that have managed it much better.”

http://www.bloomberg.com/news/articles/2016-09-18/blackouts-violence-and-now-recession-nigeria-s-troubles-mount

25 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by freakthingz(m): 10:11pm On Sep 20, 2016
Bloomberg can suck a dick


have they reported all the poverty and racial killings in america


mtcheww



But buhari sef ehh

26 Likes 4 Shares

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by jmichlins(m): 10:12pm On Sep 20, 2016
please when next you want to do copy and paste don't be lazy about it. Do some editing. Am already tired of hearing how difficult the Nigerian situation is so these journalists should save us some trouble of publicising it

4 Likes 2 Shares

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Mayor21(m): 10:27pm On Sep 20, 2016
#buharimustgo




Click share for Buhari & like to vote for mosquito in 2019

144 Likes 6 Shares

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by basilo101: 10:37pm On Sep 20, 2016
jmichlins:
please when next you want to do copy and paste don't be lazy about it. Do some editing. Am already tired of hearing how difficult the Nigerian situation is so these journalists should save us some trouble of publicising it
Edited

1 Like

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by jmichlins(m): 10:42pm On Sep 20, 2016
basilo101:

Edited
and am sorry for what I said earlier. Just not in my best mood this night

3 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Standing5(m): 10:43pm On Sep 20, 2016
So says Doomberg.

This is a wrong time for lamenting. It take money to make money and right now Nigerian govt is struggling to stay afloat talkless of tackling all those shìt written by doomberg.

4 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by abokibuhari: 10:59pm On Sep 20, 2016
we about to take over from Zimbabwe

18 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Sealeddeal(m): 11:07pm On Sep 20, 2016
freakthingz:
Bloomberg can suck a dick


have they reported all the poverty and racial killings in america


mtcheww



But buhari sef ehh
APC White Walker!

53 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Nobody: 11:12pm On Sep 20, 2016
President Buhari at work

12 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by LoveMachine(m): 11:40pm On Sep 20, 2016
freakthingz:
Bloomberg can suck a dick


have they reported all the poverty and racial killings in america


mtcheww



But buhari sef ehh

Well said. Their owner is a known bigot. That dirtbag Mike Bloomberg started all kinds of actions that have reduced the quality of living for blacks in NYC. There is a special place in hell for people like him.

6 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by kenny987(f): 11:44pm On Sep 20, 2016
Na wa!

1 Like

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by micfoley: 12:18am On Sep 21, 2016
This recession matter again
Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by HtwoOw: 1:18am On Sep 21, 2016
So bad belle follow dey Yankee? shocked



Nna he tire me o grin

3 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by 4Play(m): 3:18am On Sep 21, 2016
This is the point that we keep emphasising. The suffering of Nigerians is needless and is not simply down to the oil price collapse. Much could have been avoided if the policy responses were better calibrated:

Then came the 2014 oil crash. Foreign investors fled and the economy tanked. Though Nigeria was always going to suffer from a drop in oil prices, it was the government’s bungled response that made it worse, according to Martina Bozadzhieva, an analyst at Frontier Strategy Group.
President Muhammadu Buhari, a military ruler in the 1980s, came to power again last year, this time via the ballot box and on a wave of optimism that he would fight corruption and revive the economy. He took almost six months to form a cabinet and only approved the 2016 budget in May.

He also leaned on central bank Governor Godwin Emefiele to peg the naira, ostensibly to stop prices of food and transport rising. Instead, inflation soared to an 11-year high of 18 percent as businesses struggle to pay foreign suppliers for the machinery and raw materials that aren’t available locally. Since June, when Emefiele gave up trying to support the currency, the naira has plunged 40 percent against the dollar. S&P Global Ratings downgraded Nigeria five levels into junk territory on Sept. 16, saying the economy had performed worse than it expected because of the attacks on oil facilities and Buhari’s foreign-exchange policies.
“The confidence in Buhari is very quickly evaporating,” said Bozadzhieva, whose company advises multinationals like Coca-Cola Co. and General Electric Co. “Firms are close to that point where they say: ‘You know what, this is a disaster.’ It’s okay to have an oil price drop. But there are countries that have managed it much better.”
[url]
http://www.bloomberg.com/news/articles/2016-09-18/blackouts-violence-and-now-recession-nigeria-s-troubles-mount[/url]

14 Likes 2 Shares

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by 4Play(m): 3:24am On Sep 21, 2016
LoveMachine:


Well said. Their owner is a known bigot. That dirtbag Mike Bloomberg started all kinds of actions that have reduced the quality of living for blacks in NYC. There is a special place in hell for people like him.

This is why we are our own worst enemies. People are suffering in Nigeria as capital flight, including from Nigerians, has picked up. Instead of channelling your rage towards your government, you are busy heaping verbal abuse on media proprietors because the journalists had the temerity to report on our poor economy.

64 Likes 3 Shares

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Boleyndynasty2(f): 3:39am On Sep 21, 2016
undecided
Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by LoveMachine(m): 4:31am On Sep 21, 2016
4Play:


This is why we are our own worst enemies. People are suffering in Nigeria as capital flight, including from Nigerians, has picked up. Instead of channelling your rage towards your government, you are busy heaping verbal abuse on media proprietors because the journalists had the temerity to report on our poor economy.

Of course we are our own worst enemy. There's no competition. All of our stumbling blocks are a byproduct of "us" but they have been complicit in the events that have lead us to our present quagmire. Our "brother and sisters" conspired with outsiders to do us dirty.

Make no mistake about it. I always shower the politicians who have plundered my dear Naija to her present state but in this case I will spread the vitriol to foreigners who only want to report on our shortcomings. For instance, they won't report on our recent breakthroughs in malaria vaccination and the positives it may yield. Instead they want to continue muck raking to keep our international image tarnished.

So yes I will heap insults and shame on Bloomberg. Anyone can get this work from yours truly.

Good Day.

7 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by sanandreas(m): 5:18am On Sep 21, 2016
‘You know what, this is a disaster.’ It’s okay to have an oil price drop. But there are countries that have managed it much better.”

18 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Realdeals(m): 5:38am On Sep 21, 2016
How many times will Bloomberg publish report on Nigeria energy crisis and recession? They've been saying same thing in different dimension blaming Buhari by interviewing South Africa analyst who are still bitter that Nigeria government fine MTN, they should get lost.
They failed to report different gains we have & still achieving, The rise in government revenue, the success in the fight against Boko Haram, the ample peace in the Niger delta, discovery of nickel and resolving the issue in the management of Ajaokuta steel mill, the fact that Nigeria will stop importation of refined fuel very soon and about 500,000 youth will soon be trained, employed and empowered with a PC.

6 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by MadCow1: 8:32am On Sep 21, 2016
Bloomberg can suck our collective diicks.. cool

4 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Ekakamba: 8:32am On Sep 21, 2016
cool

8 Likes 1 Share

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by nigconnect(m): 8:33am On Sep 21, 2016
Lets pray for Nigeria

1 Like

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Ngokafor(f): 8:33am On Sep 21, 2016
.....Kai buhariiii!!!!!..,na waoo!!

...such a disaster! sad

2 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by veekid(m): 8:34am On Sep 21, 2016
Buhari is nothing but a failure with badluck

8 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by BIGTinfotech: 8:34am On Sep 21, 2016
Nigeria iyaff tire person cry

1 Like

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by majoh163(m): 8:35am On Sep 21, 2016
Continue your oshi
Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by henrydadon(m): 8:36am On Sep 21, 2016
please who are the people who voted for buhari

7 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by Millz404(m): 8:36am On Sep 21, 2016
Sometimes i just wonder how o endedd up in Nigeria

7 Likes

Re: Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg by mmsen: 8:37am On Sep 21, 2016
Didn't tell me anything I wasn't already aware of.

Buhari is a disaster and was always going to be.

15 Likes

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