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Nigeria About To Become The Next Venezuela - UK Telegraph - Politics (9) - Nairaland

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Reno Omokri Mocks Buhari, APC As Nigeria Is About To Become The Next Venezuela / 2019: Buhari In Dilemma Over Oshiomhole's Fate - New Telegraph / Atiku: How Kumuyi, Oyedepo, African Leaders Put Pressure On Obj - New Telegraph (2) (3) (4)

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Re: Nigeria About To Become The Next Venezuela - UK Telegraph by chozzy: 2:01pm On Mar 06
Esseite:


It's not doom saying.. they are worried because a mass migration of 200m people would cause a global problem...

They are the investors, they are the countries that migrants would flock to. They are only being logical.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by respect80(m): 2:09pm On Mar 06
Paperwhite:
Buhari & his followers are always suffering from Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad!
Exactly...
That's why I love psychology. It leaves you with no surprise especially in human behaviors
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by shadeyinka(m): 2:11pm On Mar 06
Jowonloju:
You got it wrong. The fact that we outpace Egypt does not mean we are selfsuficient in rice production. But if we continue with that pace then we can get to the level where the prices fall and .... However, the Country is in that direction.
If you know what some of us know, you'll almost cry for Nigeria.
Is the rice productions a FG initiative?
Why is the FG bragging of what state governors did?

Can Nigeria become the largest producer of Rice? YES!
Are we systematically working towards it? NO!

I am just so sorry for us as a Nation!
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by VolvoS60(m): 2:23pm On Mar 06
simplyhonest:
oops...i cannot believe the report of foreign organizations that have been proven wrong over and over again... eg... brexit, Hillary Clinton


^^^
undecided

Surely you can say more than that about the article? Or is this just a smokescreen to peddle your wares?

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by VolvoS60(m): 2:39pm On Mar 06
AnanseK:

The prophets of doom will never give up. But they will always be proved wrong. Nigeria will prosper.

^^^
No, that's not good enough.

Wishing upon a star won't cut it.

Nigeria is a heavily import dependent economy with oil as the main export earner. We have been running budget deficits at all levels of government for over half a century. Since our governments don't earn enough to cover their expenses, they borrow heavily from multilateral creditors - piling up debts that those unborn will have to pay. sad In our budgets, recurrent expenditure has routinely exceeded capital expenditure for the past half century - so instead of building schools, hospitals and roads, we pay to sustain the lifestyles of our presidents, governors and lawmakers. I could go on and on.

This is not the stuff prosperity is made of.

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by mercyville: 2:39pm On Mar 06
babaolofin:


Firstly, you are totally wrong as what you posted above is never a response to the person you replied. I don't need to tell you about the relationship between economic policies in Nigeria and the effects on major economic partners like US, UK and China. Economic Attache in their embassies in Nigeria can give you a breakdown or Mr Henry Boyo and Bismarck Rewane can also be of help.

FDI flow into a nation is determined by several factors one of which is ROI and the operating environment. FDI must be beneficial to the host country and the Foreign Investor.If it benefits only the foreign investor then it is not clean business. Whenever the host country detects a leakage and blocks it, this can make foreign investors to leave and prevent the inflow of others with such mission. Also, foreign investors with fairly good intention may pull out of a country or stops business if the environment is very corrupt (high level corruption ).This happened during GEJ when USA stopped the purchase of our oil.

The average oil price is not the same price for all flavour of Crude oil. In 1999 Obj met Bonny Light (our oil) at a price less than $10. Countries with very few population even have high foreign reserves to stabilise their economy in the time of crises. In 2009, Russia used almost $200 billion to stabilise Rouble and economy. In Nigeria, despite oil getting to almost $130 / barrel one kobo was not saved by GEJ. The reserve Obj left since 2007 was depleted to less than $30 billion as at May 29, 2015 for a population of almost 200 million people with bad infrastructure . The PMB government has really tried. Kudos to the economic team.


I did not support this administration initially because to me,the president was a little stubborn and would not allow the economic team to perform appropriately,so we heard and read but when we exited recession faster than I expected,I knew we have topnotch economic team.
I believe things were bad when this govt came in and it is surely getting better now. Rice is now 13-14 naira in Lagos,down from 20,000 naira and prices of some food items have come down.I do not really like Buhari because of his hyper nepotism but I will vote for him severally over an Atiku anytime,anyday.Integrity matters a lot to me. I will support him with prayers and spiritually and he will be successful.Isha Allah.
No wailing zombie should quote me,pls. wink

2 Likes

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Paperwhite(m): 2:50pm On Mar 06
komodapson:
How were you able to write in bold...pls.
Pls highlight whatsoever statement you wish to highlight by clicking the "B" or the "Change Colour" to any of your choice.Ask others around you sir.

1 Like 1 Share

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by meobizy(m): 3:29pm On Mar 06
The coming years will show how true these ‘reports’ are.
I know personally oil workers are now speedily mobilized to different production sites to make up for incurred losses during the election period uncertainty.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by deomelo: 3:33pm On Mar 06
Both in absolute and per capita terms, Nigeria’s GDP has been in sharp decline for the best part of four years, and in the past year it has again fallen behind South Africa as the continent’s largest economy.



With A GDP Of $1.121 Trillion, Nigeria Overtakes South Africa As Africa's Biggest Economy


Nigeria currently leads as the top economy on the continent with a 1.9 per cent increase.

Nigeria has the biggest economy in Africa according to PwC. PricewaterhouseCoopers has revealed the seven biggest economies in Africa right now. The firm's report, ‘Nigeria Economic Outlook - Top 10 themes for 2019,’ was released on February 18, 2019.

According to the data provided by the professional services firm, Nigeria has the biggest economy on the continent, followed by Egypt and South Africa
.



NIGERIA

Nigeria comes in at number one with a GDP of $1.121 trillion. Manufacturing, financial, service, communications, technology, entertainment, agriculture and oil sectors all contribute to the country's economy. More money is coming into the Nigerian economy.



https://www.trendingaccounting.com/2019/02/with-gdp-of-1121-trillion-nigeria.html




The drive-by journalist, this clown said we fell behind SA when in fact SA fell behind Nigeria.

Our economy is fast expanding with 1.9 per cent GDP increase

We are fully out of recession so what is this drive-by joker talking about.

We are good and doing just fine.

Back to sender.

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 4:00pm On Mar 06
Ugosample:


compared to the size of their GDP

Looted money from the entire African continent is a pittance

Believe that

how much una dey gain sef?

you all are just primary resources extraction countries

Please told them. Please tolded them

They will keep saying they used the money looted to develop the West.

No looted funds is stored in Japan or Gremany but are the 3rd and 4th largest economies in the world.

The budget of New York City is triple Nigeria's budget. The budget of Britain is twice as large as Nigeria's GDP.. People just make blanket statements that can't be backed up by facts.

5 Likes 1 Share

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Ovamboland(m): 4:04pm On Mar 06
theoldpretender:


Most African countries are resource dependent, which means that their economies float and sink with rises and falls in the commodities prices, which means they have to take loans when pricea fall, which makes them not have the capacity to sustain social welfare economies long term.

Most Western countries have diversified and highly industrial and innovation driven economies, and as such can afford social welfare programs TO an extent.... even they are going into debt sustaining such progammes.Like the US social security program which is heavily in debt, and the UKs NHS.

USA has been running Social Security since 1930's , there is no serous discussions about ending it despite the $17 trillion debt of the country.

Many Western countries started their even earlier, they know the importance. Nigerian government has started within what they can sustain, yet the privileged are the ones crying the most. Why has the IMF not advised European countries having economic crisis over the past 100 years to cancel their own welfare programs? Why should no poor person in Africa have support or help while whites that are richer have? Why should the few rich have access to so much via contracts and connections while nothing is offered to poor?

2 Likes

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by urahara(m): 4:05pm On Mar 06
grandstar:


Please told them. Please tolded them

They will keep saying they used the money looted to develop the West.

No looted funds is stored in Japan or Gremany but are the 3rd and 4th largest economies in the world.

The budget of New York City is triple Nigeria's budget. The budget of Britain is twice as large as Nigeria's GDP.. People just make blanket statements that can't be backed up by facts.


No matter how u tell them , they will never listen.many of them have this mentality that we are actually richer than u.s and other developed countries.

2 Likes 2 Shares

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by TemmyT002(m): 4:15pm On Mar 06
May thunder fire you and all of you in New Telegraph.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by deomelo: 4:19pm On Mar 06
Paperwhite:
Buhari & his followers are always suffering from Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad!



Sadly for you, you just decried you and your fellow ipobs..

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by trillville(m): 4:27pm On Mar 06
Ovamboland:


USA has been running Social Security since 1930's , there is no serous discussions about ending it despite the $17 trillion debt of the country.

Many Western countries started their even earlier, they know the importance. Nigerian government has started within what they can sustain, yet the privileged are the ones crying the most. Why has the IMF not advised European countries having economic crisis over the past 100 years to cancel their own welfare programs? Why should no poor person in Africa have support or help while whites that are richer have? Why should the few rich have access to so much via contracts and connections while nothing is offered to poor?

No sensible country puts social spending/welfare over investments in basic education. If you read the article, you would have seen that attainment of a percentage of a population being educated is a metric used to measure the development prospects. In Nigeria, the government focuses on helping the poor. In these countries, the governments seek to invest in the poor so as to be able to tax them in the future.

I really like Buhari as a person so please do not take this comment personally. Buhari invest in his cattle because he sees them as his wealth. Our leaders need to see the Nigerian population as their wealth and not problems.

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Anago50000: 4:29pm On Mar 06
somalianprince:
Lol..stop crying abakaleke bastard. You are an almajiri-igbo. No one considers you people from ebonyi because igbos regard you guys as northerners. Hopeless gala hawker.i spit on you. You need a real job and not hawking on the road. tongue


[s][/s]
. Tears of a jobless man

I am not the reason for ur pain buddy ,face front biko
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by KuwaiitiDinar: 4:29pm On Mar 06
When UK government has congratulated us and we are not under any sanctions, ... I repeat it can never never happen... Africa is a gun and Nigeria is the trigger, you can just pull the tigger wrongly otherwise all their investment in Africa will be a de ja vou
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by somalianprince: 4:31pm On Mar 06
lol...hopeless frustrated jobless gala hawker, get a real job and stop hawking gala on traffic, this is the reason no one from ebonyi owns an suv. Useless almajiris claiming Igbo cheesy

Anago50000:
. Tears of a jobless man
I am not the reason for ur pain buddy ,face front biko
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 4:31pm On Mar 06
wirinet:


Nigeria is far more reliant on crude oil than Russia. Only about 52% of Russian export is mineral oil (crude plus gas)
See Russia's top exports;


In the case of Nigeria mineral oil account for 96% of exports.
See Nigeria's top exports here;


So which country will be most affected by crude prices crash?

Dale Carnegie said you can never win an argument. Both of us have entrenched views.

Buhari fixed the exchange rate at a price the CBN could not defend which meant it was overvalued. That means a devaluation was necessary

His refusal to devalue led to a massive disparity between the official and black market rate when the CBN could not satisfy demand. It was so bad that our Letters of Credits became worthless and Naira debit cards were unable to be used for online payments.

Utomi, Soludo and Sanusi all championed for a devaluation but Buhari disagreed saying he does not know anywhere in the world that it has helped. The height economic nonsense.

If Norway, the most prudent manager of it's oil wealth in the world could see it's currency lose 27% of it's value, we would be kidding ourselves to say the Naira did not need devaluation.

2 Likes

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Ishilove: 4:37pm On Mar 06
MajorJeffery:
Sai baba Sai next level. I urge National Assembly to sponsor a bill for Buhari to go for third term after 2019. undecided
Kuku kill us undecided
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 4:45pm On Mar 06
grandstar:


Partially. The recession could have been avoided if Buhari had not introduced capital control policies which simply made a bad matter worse.

If Buhari left things as they were, there would have been 3 possible scenario

1. A downturn in the economy.

2. A mild recession

Afterwards the economy would have enjoyed growth rates of 4% by 2017. It would have escaped the severe recession lasting 6 consecutive quarters and the present slow recovery.

I feel the economy needs some structural reforms for it to grow faster than 4% now. The truth is high oil price is still an important driver of growth in Nigeria

I dont think there is a way the recession could have been avoided. Its high time we understood that dollars control our economy. As at the time Jonathan left our forex has been depleted to $28billion and oil price too started to decline. So in this case we need forex to defend naira. Even Iweala saw it coming and her team were putting measures in place to fight it. The measures Buhari adopted looks manual (preventing massive exit of dollars while the forex grows) but it worked at the end of the day. The forex is over $40billion now.

About structural reform... fixing of our refinery and diversifying the more will increase the growth rate

2 Likes

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 4:48pm On Mar 06
wirinet:


Nigeria is far more reliant on crude oil than Russia. Only about 52% of Russian export is mineral oil (crude plus gas)
See Russia's top exports;


In the case of Nigeria mineral oil account for 96% of exports.
See Nigeria's top exports here;


So which country will be most affected by crude prices crash?

Sir Oil only contribute appr. 40% to our economy making it the highest single commodity contributor others appr 60% are from other goods and services. I hope you know this.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kannymoore(m): 5:05pm On Mar 06
SIRTee15:

I also don't believe that nonsense population....
These figures were fabricated during census for election motive....
Card readers has exposed the fraud of bogus election number b4 it's introduction....
The north uses the huge figures to allocate huge resources to themselves.....
Have u noticed that other Muslim populated countries in Africa don't have the kind of population coming from northern nigeria....
What makes northern nigeria different.....
Yes they have a high birth turnover but this is neutered by high child mortality ratio...
This is why most poor nations don't have huge population despite their high birth rate....

Asin ehn!

Nigeria has one of the highest infant mortality rates in the world

Also has one of the worst healthcare systems in the world..

They say Nigeria has the highest youth population in Africa at over 50%

Yet now many youth participated in the elections..

Scratch that..

How many youth got.. PVC

Not up to 80m.

Add that to the aged population and the ungerage population and you'll find lots of holes in that 200million population theory!
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by diadem10: 5:07pm On Mar 06
kernel001:



Hahaha hah... The level of incoherence in your terms against the live Nigeria economic metrics is barbaric.


If you called GEJ tenure corrupt what do you make of the Buhari's tenure, Nigeria was ranked 148 the worst ever by Transparency International, the World number corruption watch dog, as yet you're saying otherwise.

Under Buhari Nigeria became the poorest nation, highest out-of-school children, 3rd highest IDP, 20 million job loss, yet you're defending the a colossal failure.

You said corruption according to you, drives away foreign investors, and you said there was more corruption during Jonathan's Era, how come, he had more foreign investments compared to immaculate Buhari?

Wait... Obasanjo met few population! Chai! Please use Google. We had a population of 120 million with $18 billion debt and $2 billion foreign reserve. Please what's the comparison?

Buhari met $ 26 dollars foreign reserve with a population of 200 million


Year Average Closing Price Year Low

2017 $50.84 $42.53
2016 $43.58 $26.21
2015 $48.72 $34.73
J
Please do the comparison.

What a dumb post.

Under Obj, a plate of rice was no more than 1 Naira. Two wraps of Groundnut was 1 Naira. That's to tell you the worth of our money. Hence the money met by Obasanjo was a lot coupled with the fact that crude oil price kept on increasing under Obj.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by frosbel2(m): 5:13pm On Mar 06
wirinet:


I agree that we need to revamp our educational sector and critical infrastructure to grow our economy, but these are not the main reasons companies (top world companies) are not investing in Nigeria.

The main reason western big names are running from Nigeria is corruption. Western nationals involved in corrupt practices including bribery and book tampering will go to jail in their home countries. Companies like Siemens and Halliburton had been burnt. And it's almost impossible to do business in Nigeria without one former of bribery or the other.
Richard Branson was frustrated out of Nigeria.

Nationals that thrive in Nigeria are from countries that do not care about corruption, like China, India, Lebanon, South Africa and Israel. These country's national still thrive well despite these challenges.

Corruption of course is the main problem. But for many companies , Infrastructure is a key issue that hinders investment and development. Key Infrastructure we need to rebuild are roads, railways, power , telecommunications, citadels of education and research centres.

As I said, I spoke to a Senior Manager of Amazon Web Services in the UK and he mentioned poor infrastructure as one of the key reasons why there is no presence in Nigeria. For example, they offer customers a service level agreement for performance and availability , and ensure that this is maintained across all regions hosting their data centres; this gives their customers the confidence that the same quality of service will be experienced by their own customers at a global level. With poor infrastructure this can be a problem especially within the African region.

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 5:14pm On Mar 06
Herdsmen:
Imagine how some of us are denying this obvious and confirmable truth just because they support this callous government..

Why not tell the government the truth so that they will see up instead of calling the article a lie..

Are investors not leaving..
How many foreign direct investment are coming?
How many jobs are being created?

What do the president know about the economy
What is his economic plan?

Was the election not about his intergrity or didn't CNN n BBC confirmed it..and you supporters cheered?

This zombies are totally death..while millions of Nigerians are skipping into poverty..they console themselves with hope ..in a government that lacks economic direction..villified success and glorified poverty..

..?..in 3 years time..majority of Nigerians would have left the country..

Zombies don't even understand what is about to happen to this country..

Many of them will seek to leave ..but karma will keep them and reject them visas..

They must enjoy the poverty and hardship they impose on innocent citizens..

Inshallah ..

People who fully support this government do so because they have been hoodwinked by Buhari's principled and incorruptible character. Therefore anything he does is good. If things are not going well, it's because people are impatient.

That was the primary reason the Northerners voted for him enmasse. That's also why people like Festus Keyamo and Itse Sagay support him.

His infrastructure works have helped the hoodwinking.

The next 4years will be one of poor economic growth rates. I doubt it will exceed 4% yearly over the next 4years compared to the 6% before he ascended office. Between 2015-2018, economy grew at a lamentable 1% on average. The country needs 7% to absorb those entering the labour market for the first time

3 Likes 1 Share

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 5:16pm On Mar 06
diadem10:


What a dumb post.

Under Obj, a plate of rice was no more than 1 Naira. Two wraps of Groundnut was 1 Naira. That's to tell you the worth of our money. Hence the money met by Obasanjo was a lot coupled with the fact that crude oil price kept on increasing under Obj.


I'm sorry if you didn't graduate from a university, this analysis is higher than school fees. I cant help you.

Illiteracy is the ability not to read and write, but your ability not to comprehend articles leaves you as semi illiterate.
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by diadem10: 5:25pm On Mar 06
kernel001:



I'm sorry if you didn't graduate from a university, this analysis is higher than school fees. I cant help you.

Cifia pain from the wailing Buffon cheesy cheesy cheesy
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by AnanseK(m): 6:36pm On Mar 06
VolvoS60:

^^^
No, that's not good enough.

Wishing upon a star won't cut it.

Nigeria is a heavily import dependent economy with oil as the main export earner. We have been running budget deficits at all levels of government for over half a century. Since our governments don't earn enough to cover their expenses, they borrow heavily from multilateral creditors - piling up debts that those unborn will have to pay. sad In our budgets, recurrent expenditure has routinely exceeded capital expenditure for the past half century - so instead of building schools, hospitals and roads, we pay to sustain the lifestyles of our presidents, governors and lawmakers. I could go on and on.
This is not the stuff prosperity is made of.

When the stock market lost N89bn after Buhari's re-election, many Nigerians were quick to break the news. Today, the stock market has gain N112bn, there is no breaking news.

Some few months ago, the international community reported that Nigeria has become the poverty headquarter of the world. In excitement, many Nigerians were quick and eager to break the news. This same international community have said the 2019 elections are the most credible and democratic and many Nigerians are not happy and have rejected the commendation.

The restructuring we preach must start from our minds. Why will you be happy when something bad happens in your country? Why do you reject or despise any good thing about your country?

In the last one week, Nigeria has made positive news: we are now the highest rice producer in Africa, the mining sector has recorded 500% increase in revenue, the volume of export have increased by 39%... These are cheering news that have gone almost unnoticed.

We must start restructuring our minds on what we want of Nigeria.

4 Likes

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Baselm: 7:42pm On Mar 06
Ugosample:


compared to the size of their GDP

Looted money from the entire African continent is a pittance

Believe that

how much una dey gain sef?

you all are just primary resources extraction countries

Any inflow at all is an inflow, there is no economy the abacha fund enters in this world that wouldn't feel the effect. Y do u think they were releasing it in tranches, try move it at once and see the effect of your so called pittance. IBB's own is still somewhere, Atiku and many others
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by ExHusband: 8:20pm On Mar 06
Olumyco:


Sir Oil only contribute appr. 40% to our economy making it the highest single commodity contributor others appr 60% are from other goods and services. I hope you know this.

So? It still accounts for 96% of exports. The 40% figure is oil's GDP contribution, not its share of export earnings. IF you don't know something this basic, why do you feel entitled to comment on this issue?

1 Like

Re: Nigeria About To Become The Next Venezuela - UK Telegraph by beatmonster: 8:46pm On Mar 06
Baselm:


Any inflow at all is an inflow, there is no economy the abacha fund enters in this world that wouldn't feel the effect. Y do u think they were releasing it in tranches, try move it at once and see the effect of your so called pittance. IBB's own is still somewhere, Atiku and many others

Spoken like a true illiterate.

California economy, a single state in US, will swallow the so called Abacha in minutes !

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