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Nairaland Forum / Nairaland / General / Politics / Nigeria's Economic Woes- Who Is Responsible? (3109 Views)
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Re: Nigeria's Economic Woes- Who Is Responsible? by blackpanda: 8:47am On Oct 16, 2018 |
[s] Great2017:[/s] 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by ivandragon: 8:53am On Oct 16, 2018 |
mrvitalis: so because the US owns the dollar it doesn't trade with other nations right? or are you one of those who think the US can just print dollars whenever it wants? the countries I stated were examples, if you can't see beyond that, my apologies. 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by mrvitalis(m): 8:55am On Oct 16, 2018 |
ivandragon: If Toyota and other conpawoukd accept naira why would we have a reserve Do you even know how reserve works? I don't get 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by ivandragon: 9:10am On Oct 16, 2018 |
mrvitalis: obviously, you don't... how valuable is your naira that a foreign company would want to accept it wholeheartedly? 1st, foreign reserves can be held in more than one currency... it just so happens that the US dollar is most commonly used & hence kept more by countries... 2nd, in a nutshell, FRs are used majorly to offset liabilities as a result of trade with other nations (domestic businesses also as the need arises which is why you also have local debts) & to borrow which is why countries 'borrow against their reserves'... 3rd, FRs can be used to influence monetary policies when required which is why a country like China can threaten to offload dollars & the US panics... (used also for domestic control, e.g. control inflation, control exchange rates etc )... FRs have other uses, but the above are the major ones... so please, enlighten me on your own position on the matter? 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by Great2017: 9:18am On Oct 16, 2018 |
blackpanda: |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 12:08pm On Oct 16, 2018 |
[quote author=Cantonese post=72124745] Thank God that you clearly informed us that Obasanjo/Atiku did very well between 1999 & 2007 and they saved. At least that is 8 years cut off from the 16 years the APC government accused the PDP of wasting. Poor reading ability. Now to the next 8 years ending in 2015. Were you ever informed that current APC ministers who were governors at the time completely disagreed with the president and finance minister regarding saving? The same finance minister served the two governments. Can you remember that Mr. Rotimi Amaechi took the federal government to court? People say the president did not have the political will like Obasanjo. They called Obasanjo 'wicked' while Jonathan was called 'a weakling'. In our country where ethnic sentiments are daily thrown up what could he have done? Governors who decamped from the PDP to the APC cried of marginalization. Today some have returned to the PDP thanking God for their deliverance. Going by your logic, if Amaechi and other governors had asked Jonathan to submit his wife for sampling, he would have done that right? Obasanjo was taken to court, so was yaradua, why is Jonathan's case different? read here http://thenationonlineng.net/excess-crude-account-and-the-controversy-lingers/ Jonathan shared the money because he is a f00l with a Phd. 3 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 12:24pm On Oct 16, 2018 |
[quote author=Nbote post=72125122] Dis govt time and time again implemented, reversed and reviewed various policies as regards d Forex restrictions. Banks, those with connects in d CBN , those in power and those in d corridors of power became overnight billionaires as a result of dat... Form A racketeering became a hit and wen d govt had successfully ruined d little chances d naira had against d dollar, dey loosened d restrictions and all of sudden began flooding d market with d same Forex... Sanusi made a rhetoric statement and you took it for a fact? is your English that poor? Did Sanusi give you a name of any person that got the so called dollars from heaven? he said, if he wanted, he could, how does that mean he or others are doing it? Your dollars was restricted because crude shock left you with very little, now that the government has saved $47b in reserves, is your $$ still restricted? Attacks by d ND Avengers didn't help issues with d FG trying to flex muscles instead of reverting back to d arrangements dey already had with dem... U lots prefer to go analyse other countries forgetting d indices differ.. Anyways wen U grow up and learn to have sense We could engage in proper discourse but for now I'll rather spend my time wisely ATIKULATING than wasting it in mud with U Niger delta avengers was a no issue, if you noticed, I expunged them from my analysis, here is why; You were in crude shock from late 2014, Avengers struck in 2016, since 2014, your GDP wasn't showing any growth but retrogression or doldrums meaning you were heading towards recession anyways as a result of crude shock. If Avengers did not strike, OPEC would have asked you to cut production to boost prices, read: https://www.bloomberg.com/news/articles/2016-09-28/opec-said-to-agree-on-first-oil-output-cut-in-eight-years So Avengers or any form of production cut at the time was a non issue. 3 Likes 1 Share |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 2:55pm On Oct 16, 2018 |
author=ivandragon post=72126118]no need to allow anyone confuse you with skewered analysis... just do a simple research... I doubt if you did any Russia has about $450b in reserves ... Which country here is oil dependent? were you in a hurry to type to read later? now ask yourself these questions... This is how you know those people that make F in an exam never mind they answered two pages to the brim. totally off-point!! 2 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:03pm On Oct 16, 2018 |
Omeokachie: If buhari is empty because he couldn't navigate around crude shock in 2015, then President Nixon is equally empty for not navigating the oil crisis of the 70's right? Let me shock you, do you know there is no president in an oil dependent economy that has survived crude shock in history without savings, do some reading, do you think Atiku will survive crude shock? what will he do? privatize Nigeria to Cameroon right? if there was another solution, why did Iweala not use it when Jonathan refused to save? or your Atiku is smarter than Iweala too? Im just looking at economic dumbos littered on this thread! 5 Likes 2 Shares |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:14pm On Oct 16, 2018 |
ivandragon: Abacha loot came with an MOU with Switzerland that says it must be spent on a world bank supervised project else they will not release the money, you don't invite world bank to run errands for you so Nigeria looked for a world bank project already ongoing and invested it there. That program is called National Social Safety Nets Project. The loan you want to take from China is for Mambilla power plant, is that power plant a world bank project? why do you think the Abacha loot can finance it? Most of you criticizing this government are dangerously ignorant. 6 Likes 2 Shares |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:21pm On Oct 16, 2018 |
mrvitalis: The young man does not even understand what the thread is all about, just remember him in prayers. 2 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by kYjelly2: 3:22pm On Oct 16, 2018 |
jpphilips: I hope your choice in NOT APC OR PDP, cause we both know a vote for a either of those two parties is a vote AGAINST the future of Nigeria. Unless you don't care for a better Nigeria, it seems most Nigerians dont. |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:25pm On Oct 16, 2018 |
Great2017: What is a foreign reserve? What does it do for oil dependent economies? How is it financed and utilized? If you do not have the correct answers to these questions or you need Google to get a clue, my dear, you dont belong to this thread, you should be checking up on Davido & Chioma. 2 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:27pm On Oct 16, 2018 |
ivandragon: This is the dumbest statement on this thread, therefore, i confer on you the ...............of............. 4 Likes 1 Share |
Re: Nigeria's Economic Woes- Who Is Responsible? by Omeokachie: 3:33pm On Oct 16, 2018 |
jpphilips: Shock me president 'Iran Contra' Nixon Oil shock tied down Buhari from addressing the herdsmen crisis too? Oh, no it stopped him from making a single arrest because Ghadaffi asked him to blame Libyans. Ok, so the diversified economy which we were told would fund government without oil was all a ruse right? Nixon would have taken over 6months to put a team together in an emergency. Now they blame "oil shock" for their incompetence. Yeye ass lickers roaming NL trying to to sound intelligent 2 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by Babacele: 3:39pm On Oct 16, 2018 |
jpphilips:hahahahaha........Davido n Chioma indeed! Yeeeeee! 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:40pm On Oct 16, 2018 |
ivandragon: Thank God for a quick google search now go back and read the original post, then delete all those ignorant posts you made. 2 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:47pm On Oct 16, 2018 |
kYjelly2: You know that making political choices is pretty difficult in Africa, reason why you have a group of urchins, shouting Hausa-Fulani for 3yrs, threatened to leave the country, the moment same Hausa Fuani dangled $$ and VP position, Hausa fulani became saints, "Biafla" & "lefelendum" died a natural death, imagine if they took their stupidity to the UN, how will they be viewed in the committee of serious nations? i forsee a Biafra amnesty in the future. 3 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by theoldpretender(m): 3:51pm On Oct 16, 2018 |
Omeokachie: 1.Iran Contra happened under Reagan..... 2.Yes, it took APC 6 months to put together a team, and the truth is, their management of the economy, savings aside...has been poor (We continue to spend millions under the name of Subsidy ....which is a waste...but if we removed it, fuel will go up). Havign said that....the guy you quoted is right. And even if Bubu had appointed an economic team immediately....thigs won't have gotten better so long as the forex reserve was low. In my honest opinion, we need to remove subsides and focus on fixing power. Things would be much harder...but benefits will kick in after ten years. I won't be voting for APC or for PDP though....both parties don't have an idea beyond savings of what to do next. 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 3:58pm On Oct 16, 2018 |
author=Omeokachie post=72141652] Oil shock tied down Buhari from addressing the herdsmen crisis too? How did you know he didn't address it? does operation Sharan Daji & Operation Whirl stroke ring a bell? Oh, no it stopped him from making a single arrest because Ghadaffi asked him to blame Libyans. Talking through the arse isn't the best form of communication, it feels like piss, Puke & lies http://dailypost.ng/2018/08/20/nigerian-troops-kill-21-herdsmen-benue/ http://dailypost.ng/2018/05/21/nigerian-troops-kill-35-herdsmen-benue/ https://www.pulse.ng/news/local/soldiers-kill-6-herdsmen-150-cows-in-nasarawa-police-id8551889.html https://www.blueprint.ng/soldiers-kill-30-fulani-herdsmen-in-nasarawa/ Doesn't look like nothing was done to me, except of course those too ignorant to notice. Ok, so the diversified economy which we were told would fund government without oil was all a ruse right? When is the best time to make more investments? in hunger or in plenty? Nixon would have taken over 6months to put a team together in an emergency. What has putting together a team have to do with your economy? please dont regurgitate the nonsense spewed by the appointment hunters at the time. Yeye ass lickers roaming NL trying to to sound intelligent Imagine if you sounded half intelligent, the heavens would have fallen on your thigh 3 Likes |
Re: Nigeria's Economic Woes- Who Is Responsible? by Ovamboland(m): 4:10pm On Oct 16, 2018 |
Nbote: If they don't restrict the forex, where would they find dollars to back up the demand without letting the currency collapse? 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by ivandragon: 4:13pm On Oct 16, 2018 |
jpphilips: you made about 4 responses to my posts & you managed to not make sense in anyone. clap for yourself... |
Re: Nigeria's Economic Woes- Who Is Responsible? by Yyeske(m): 4:23pm On Oct 16, 2018 |
mrvitalis:I was about lecturing the poster you quoted about 'reserve currencies' in the world and why countries with such currencies don't need unnecessary huge foreign reserves but you helped a bit, hope he understood at least to the level you told him. |
Re: Nigeria's Economic Woes- Who Is Responsible? by Omeokachie: 4:23pm On Oct 16, 2018 |
jpphilips: Heavens fell on your laps reason you walk like one with polio |
Re: Nigeria's Economic Woes- Who Is Responsible? by Great2017: 4:28pm On Oct 16, 2018 |
jpphilips: Read my comment again and if you still cannot comprehend what makes more impact, then, you should be checking up on " Tom and Jerry " cartoons like your lifeless paymaster. |
Re: Nigeria's Economic Woes- Who Is Responsible? by Yyeske(m): 4:30pm On Oct 16, 2018 |
ivandragon:Yes, the US does that from time to time and exports inflation all over the world because much of world trade is in American dollars, same goes for other reserve currencies like the Japanese yen, Euro, pounds sterling etc and this is one of the reasons they can afford to keep low foreign reserves despite accumulating foreign debts with other countries because of their perennial trade deficits. |
Re: Nigeria's Economic Woes- Who Is Responsible? by ivandragon: 4:48pm On Oct 16, 2018 |
Yyeske: every country prints money on a regular basis, but in the context of my discussion with the other chap, the US cannot just print its way out of debt or trade payments. if that was possible, why would the US even owe any nation? why not just print money to pay for transactions? https://www.businessinsider.com/why-its-absurd-when-people-say-well-the-us-can-always-print-its-way-out-of-debt-2011-8 https://www.businessinsider.com/donald-trump-default-print-money-2016-5 besides, 'it costs money to print money'. just saw your post to the other chap on lecturing me about the subject matter... hilarious... well, if you want to do that, I hope you are well grounded on the matter. |
Re: Nigeria's Economic Woes- Who Is Responsible? by jpphilips(m): 4:50pm On Oct 16, 2018 |
Omeokachie: You cant even quote a post properly, same person that said Buhari is dumb 1 Like |
Re: Nigeria's Economic Woes- Who Is Responsible? by mrvitalis(m): 4:52pm On Oct 16, 2018 |
Yyeske:Nah he didn't |
Re: Nigeria's Economic Woes- Who Is Responsible? by Yyeske(m): 4:59pm On Oct 16, 2018 |
ivandragon:Go read about reserve currencies and why most countries having that leverage don't necessarily need reserves like Nigeria even when they've been having trade deficits for decades while keeping strong currencies. You need to go through the links you provided but this time, slowly and carefully to actually understand that the US can print her currency to offset her deficit but equally have other options if she so wishes. http://claudiograss.ch/2016/06/08/united-states-exports-inflation/ Read that too. |
Re: Nigeria's Economic Woes- Who Is Responsible? by Omeokachie: 5:00pm On Oct 16, 2018 |
jpphilips: It is 'can't' my boy. |
Re: Nigeria's Economic Woes- Who Is Responsible? by ivandragon: 6:57pm On Oct 16, 2018 |
Yyeske: lol... you obviously read just the first part of the link I sent to you. if you had read it in full, you would understand the repercussions of just printing money. once again, I ask, why is the US still owing over $15t in debt if it can just print its own currency anyhow? well, to each, his own. |
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