Venezuela is a pariah state. They along with Castro's Cuba have been the leading light in standing against overbearing USA.
Therefore the whole situation is a setup. [color=#990000][/color]

mrjaydee:
Wow...the currency is dead. imagine if I go der with about $10k and buy PMS (petrol) and have it shipped to Nigeria? Or go there and buy cars and export them to naija.

It doesn't make it any cheap cos u enter with date kind money
Yes petrol since na govt cap that one but for every other thing na d equivalent after u don change ur dollars to their money u go buy

EgunMogaji:


And a Buhari has arrested in. We now need to build on it.

Those of us that don’t live in Nigeria are able to see vast improvements on each trip.

Let’s count our blessings.

List the improvements.

I no know why boys never kidnap you sef. Na from away una go dey rzn lyk id*ots! As if that's how the working countries run.

Na Ogun go kee all of una wen dey support this mallam from diaspora wen dey spoil things for hia!

The f**l don go medical trip jor return which day, I'm sure that's part of the "vast improvements" you see on each trip.

-Lord

LordAdam16:


Better use your brain.

Venezuela have better electricity today than we do. Gasoline is almost free. Their problem is the extreme socialism practiced by the ruling party. If not, Venezuela and Nigeria no be mate. This is a country that eliminated malaria until the economic sh*tstorm fueled a resurgence. Stop looking for people to compare to your misery. What's wrong with you people sef?

All the other stable countries in Latin America are by far better than Nigeria, from Argentina to Peru. You wouldn't compare us to them, it's only the backwater nations facing momentary disasters you'd use as a yardstick. Says a lot about the state of the nation.

Venezuela tried an experiment starting in the 2000's. It failed. Their President recently finally accepted they have to change things. Here, after 60 years of independence and things are clearly not working, we're still begging people to accept that we have to restructure.

-Lord

Which is better? To sell gasoline almost for free or at market determined prices?

The end result of Socialism...beware!

Worse than ZIMBABWE

grandstar:

Which is better? To sell gasoline almost for free or at market determined prices?

Neither is better. It all depends on the overall state of the economy and policy direction.

Gasoline is almost free in Saudi Arabia; in fact water is more expensive than gas. But Saudi Arabia has over $200b in a sovereign wealth fund (note not reserves) for a population that's about the size of Venezuala's (30 or so million).

In a country like Nigeria with over 200 million people, it simply wouldn't work; as we sell less oil than states like Saudi Arabia with 6-7 times less population.

Venezuela's position is complicated by the fact that socialism is done by the government to buy support from the poor, not necessarily like in the Scandinavia where it is done because it allows virtually everybody to live above the poverty line. In 2016, Venezuelan's minimum wage was equivalent to less than $2/mo (when exchanged in the black market).

Many things there are fixed, from exchange rate to prices of most commodities. That's bad, but what's worse is that Chavez and later Maduro expropriated hundreds of functional companies and shared it to incompetent and inexperienced cronies. Here we're just dealing with only DISCOs and we're complaining. Think about the impact wrt hundreds of companies in multiple sectors in a country of only 30m people.

Add in the usual developing country corruption and the fact that the country is effectively now a totalitarian state (a democracy only in name); and you've got a recipe for unimaginable disaster. Which is why inflation is currently at 1 MILLION PERCENT.

It's easy for people to just select parts of the crisis and say, eh it's just the drop in oil price. That doesn't even cover 10% of it. The worse part is that Maduro has a firm control over the country, the bottom 60% of the country is dependent on the government to survive. Imagine where the government has to send water in trucks to towns for their use. No cash in ATMs in some towns.

Like Buhari, Maduro has propped himself up as the defender of the poor and he has demonized the opposition with divide and rule tactic (he's said one half is corrupt like our PDP, and the other half wants to throw the country into civil war like our IPOB). Exchange Buhari for Maduro in either countries and you wouldn't notice any difference. Maduro, like Chavez, even goes as far as blaming the US and phantom imperialists for waging economic war on Venezuela. Then they'd poke the US and when the US responds, they'd use that as propaganda evidence.

Thankfully for us, we have a capitalist economy, most of the intra-national trade is not run by companies owned by incompetent political jobbers, and totalitarianism is still a dream for the Buhari administration (which is why we should be thankful to Saraki for quelling that Buhari's power for excessive executive power).

Venezuela is a political and economic nightmare.

-Lord

The collapse of Venezuela, explained


https://www.youtube.com/watch?v=S1gUR8wM5vA

LordAdam16:


List the improvements.

No!

https://www.youtube.com/watch?v=0SP2cXoeOxY

This is APCs dream for Nigeria

Socialism is a death sentence. It is the worst socio-economic system to exist.



https://www.youtube.com/watch?v=PY27TBAFqBE




https://www.youtube.com/watch?v=bKhR9i5CGkA




https://www.youtube.com/watch?v=MvF_D4tVfYU

"Trouble with socialism is sooner or later you run out of other people's money."

-Margaret Thatcher

Kolping:
"Trouble with socialism is sooner or later you run out of other people's money."

-Margaret Thatcher

Knowing economics has never been this good.

RIP to the Iron Lady.

Every child in the con3 is a mathematician.

How come our country is the poorest n d world

lol....I once picked a foreign currency at Dubai Intl airport (10,000 Banque Du Liban), Only for the exchange guy at Abuja tell me it's worth 960 naira���

Miyachi:

All those solutions you mentioned will not have saved them from the impending doom at best it would have slowed it a bit and at worst it would have hit harder.
They created their cryptocurrency (it's still a currency, pseudo even though), but what guarantees it value? Their economy? Don't forget that a currency's value in an open market is a rough estimation of the strength of the economy of that country.
Growth is stagnant because their economy is largely dependent on oil (paradox of plenty) and their oil wells are running dry because of lack of maintenance. The little they can produce is used to pay of debts to China, I think, and one other country (or countries).
In fact, Venezuela is where you don't wan't to be as a nation. There's no quick fix. Popular economics wouldn't fix it.

Most cryptos are backed by fiat currencies and using a volatile commodity like oil was just going to be a crazy gamble.

It's quite simple. No country becomes rich or developed by selling raw materials such as oil, coal, cocoa etc. As long as Nigeria is not industrialized, i.e. turning raw materials into manufactured products, Nigeria will remain poor. No amount of prayer or glib talk like "things will get better" will change that.

It is unfortunate that the Nigerian educational system (and maybe other countries too) does not prepare students to think and find out the truth behind how economies work etc. Read books like "21 Things They Don't Tell You About Capitalism" by Cambridge academic, Ha-Joon Chang. One of his other books is "Kicking Away the Ladder: Development Strategy in Historical Perspective" - read Chapter 1: Introduction, How did the Rich Countries Really Become Rich?

Until the 17th century, Britain was a poor and backward country dependent on raw wool exports to the Low Countries (or what are the Netherlands and Belgium today). The start of the turn around for Britain started in the 15th century when King Henry VII tried to change this by implementing various schemes to promote ‘import substitution’ in woollen manufacturing, protecting woollen textile producers, taxing raw wool exports, and poaching skilled workers from the Low Countries.

Britain adopted free trade only in the 1860s, when its industrial superiority became unquestionable.

kenx1:
How come our country is the poorest n d world

Exactly wat we have been telling dem..but some don't see that PDP nearly turned us to Venezuela..

Dudeweedlmao:
This would have been Nigeria's case if not for Buhari.

EgunMogaji:


And Buhari has arrested it. We now need to build on it.

Those of us that don’t live in Nigeria are able to see vast improvements on each trip.

Let’s count our blessings.

You don't live in Nigeria but you can see vast improvement.

Well done sir

Iamzik:


You don't live in Nigeria but you can see vast improvement.

Well done sir

So it’s only people living in Nigeria that can notice improvements?

For the miserable and close minded ones amongst us

“The boiling frog is a fable describing a frog being slowly boiled alive. The premise is that if a frog is put suddenly into boiling water, it will jump out, but if the frog is put in tepid water which is then brought to a boil slowly, it will not perceive the danger and will be cooked to death.”

EgunMogaji:


So it’s only people living in Nigeria that can notice improvements?

Noticing from afar is different from experiencing the "improvement" first hand. I'm sure you agree with that

Iamzik:


Noticing from afar is different from experiencing the "improvement" first hand. I'm sure you agree with that

I disagree. An educated person who is in control of his faculties should be able to tell positive difference between time periods but in the same sphere.

I have my opinion, you have yours.

Nigeria is absolutely improving.

Is it fast?

Is it bringing everyone along?

Is it bringing everyone along at the same space?

Leonidas8:
I think Zimbabwe's inflation was worse, some quadrillion or gazillion % inflation rate.

What normally causes this kind of over inflation ??

EgunMogaji:


I disagree. An educated person who is in control of his faculties should be able to tell positive difference between time periods but in the same sphere.

I have my opinion, you have yours.

Nigeria is absolutely improving.
No
Is it fast?

Is it bringing everyone along?

Is it bringing everyone along at the same space?

Bros no need to be overly academic.
He who wears the shoe knows best where it pinches.

Noticeable improvements yet you have not returned to the country.

You can't be more catholic than the Pope sir

It is quite strange but I have noticed that once you've lived in Nigeria for a long time, you tend to think that things that happen in the country is what should be normal in a society.

In 2018, nearly 60 years after independence, and nearly 20 years of democratically elected governments, not ONE major city, including Lagos and Abuja has pipe-borne water to residential homes. I have not read any plan by the Federal Government or state government to make that happen. Electricity was discovered more than 100 years ago but in Nigeria there is no plan to ensure 24 hours electricity supply to homes. Gas flaring in the Niger Delta has been going on for decades, yet there is no plan to have gas supplies to homes in cities and towns across Nigeria. Now Nigeria is the country with the largest number of poor people in the world while China has lifted 800 million people (4 times Nigeria's population) out of poverty since 1980. China lifted an average of 13.9 million people out of poverty each year from 2012 to 2016.

I could go on about infrastructure (trains, bridges, etc) but as they say in China - a picture (or video) is worth a thousand words. Imagine traveling from London to Edinburgh in 2 hours at 350 km per hour for just 20 pounds. Yet the Nigerian government is paying millions or billions for outdated train technology from China and second-hand train carriages from Canada.



https://www.youtube.com/watch?v=GxDUFHasJNg&index=3&list=PLt-M8o1W_GdTw_YQnKxEVWiPBAXSKII_p

Hyperinflation starts when a country's government begins
printing money to pay for its spending. As it increases the
money supply , prices rise as in regular inflation . An increase in the money supply is one of the two causes of inflation . The other is demand-pull inflation . It occurs when a surge in
demand outstrips supply, sending prices higher.
But, instead of tightening the money supply to stop inflation, the government keeps printing more. With too much currency sloshing around, prices skyrocket. Once consumers realize what is happening, they expect continued inflation. They buy more now to avoid paying a higher price later. That excessive demand aggravates inflation. It's even worse if they stockpile goods and create shortages.
@Kfed4ril
https://www.thebalance.com/what-is-hyperinflation-definition-causes-and-examples-3306097

LordAdam16:


Neither is better. It all depends on the overall state of the economy and policy direction.

Gasoline is almost free in Saudi Arabia; in fact water is more expensive than gas. But Saudi Arabia has over $200b in a sovereign wealth fund (note not reserves) for a population that's about the size of Venezuala's (30 or so million).

In a country like Nigeria with over 200 million people, it simply wouldn't work; as we sell less oil than states like Saudi Arabia with 6-7 times less population.

Venezuela's position is complicated by the fact that socialism is done by the government to buy support from the poor, not necessarily like in the Scandinavia where it is done because it allows virtually everybody to live above the poverty line. In 2016, Venezuelan's minimum wage was equivalent to less than $2/mo (when exchanged in the black market).

Many things there are fixed, from exchange rate to prices of most commodities. That's bad, but what's worse is that Chavez and later Maduro expropriated hundreds of functional companies and shared it to incompetent and inexperienced cronies. Here we're just dealing with only DISCOs and we're complaining. Think about the impact wrt hundreds of companies in multiple sectors in a country of only 30m people.

Add in the usual developing country corruption and the fact that the country is effectively now a totalitarian state (a democracy only in name); and you've got a recipe for unimaginable disaster. Which is why inflation is currently at 1 MILLION PERCENT.

It's easy for people to just select parts of the crisis and say, eh it's just the drop in oil price. That doesn't even cover 10% of it. The worse part is that Maduro has a firm control over the country, the bottom 60% of the country is dependent on the government to survive. Imagine where the government has to send water in trucks to towns for their use. No cash in ATMs in some towns.

Like Buhari, Maduro has propped himself up as the defender of the poor and he has demonized the opposition with divide and rule tactic (he's said one half is corrupt like our PDP, and the other half wants to throw the country into civil war like our IPOB). Exchange Buhari for Maduro in either countries and you wouldn't notice any difference. Maduro, like Chavez, even goes as far as blaming the US and phantom imperialists for waging economic war on Venezuela. Then they'd poke the US and when the US responds, they'd use that as propaganda evidence.

Thankfully for us, we have a capitalist economy, most of the intra-national trade is not run by companies owned by incompetent political jobbers, and totalitarianism is still a dream for the Buhari administration (which is why we should be thankful to Saraki for quelling that Buhari's power for excessive executive power).

Venezuela is a political and economic nightmare.

-Lord

gbam

Iamzik:


Bros no need to be overly academic.

I offer no apology for being an educated and useful Nigerian.

He who wears the shoe knows best where it pinches.

And my shoe pinched less and less in Nigeria because of the improvements.

Noticeable improvements yet you have not returned to the country.

The country is Bad Yet you sit there draining her resources and not relocating? I am comfortable with the way I live my life.

You can't be more catholic than the Pope sir

I am a full blooded Nigerian. I am neither Catholic nor Pope.

“Ask Not What Your Country Can Do For You" - John F Kennedy.

I continue to be proud of Nigeria and President Buhari.

EgunMogaji:


“Ask Not What Your Country Can Do For You" - John F Kennedy.

I continue to be proud of Nigeria and President Buhari.

I applaud your ability to quote John Kennedy.
You must realize that John Kennedy did not run away from American to write that quote abroad.

It's easy to sit afar and buy government propaganda hook line and sinker.

You can't tell how good Nigeria feels better than a Nigerian living in Nigeria.

Kiss the truth bro