mozel247:
My happiness it that this will break Nigeria faster. Please oil price come down to 20$

PeachtreeReside:
They have been predicting Nigeria's breakup for a while now and yet we are still standing

These Western powers are using psychology to destabilise us and make us feel it's so bad then we too out of ignorance will.act accordingly .

Not all want to migrate. Many of us are okay living here. Once they break you psychologucally, they have won .

They have many issues that only if you live there you realize that it's not as great as they paint it.

We should focus on education , building infrastructures and not hate each other like is displayed here on Nairaland.

That free money that our looters used to bring to their country has dried up and so they are feeling the pangs.

We are only as inferior as we allow them to make us feel.

Run away if you like, they will never rate you as 1st class.

For those of us who will stay , we will be the pillars that will build and unify Nigeria.

Just don't believe all he negatives they write about us . It's all a ploy to divide us.

Nigeria is great and will remain greater in Jesus name.

GrossPrice:


So, when we exchange Buhari for Atiku Nigeria will hurry towards bloom?

Read more, and free yourselves from the Whiteman fangs. They have predicted soon for Russia, China, North Korea and Iran. Yet, they manually stage the destruction using trade embargo's.

When I say Nigerian's prefer a carpenter's advice about an electrical fault , than an electricians people think I am joking.

Are you telling me Nigeria does not have professor's of economics and public finance. So we need to ask someone who is totally unqualified for advice. Do you take a Mercedes-Benz to a Toyata mechanic.

Go and find out how many trade embargo's the West has placed on Venezuela. Fool's telling me Venuzuela crashed because of oil prices. Mr. Man the West crippled that country with trade embargo's.

Rubbish. Better read Real books.

onez:
This country is irredeemable with the tyrant in charge. A govt that glorifies poverty and demonizes wealth and prosperity. Ghana with a tiny population is attracting more wealth. By the time the Failure finishes with us, severe extreme poverty will find home in both south and north of Niger. Who will save us?

contigiency:


If you can't buy food that will last for 10,000 you go and farm. Those countries you refer to have many of their graduates farming. And this government has been loud encouraging people to go into farming with a lot of incentives. So You don't sit in your living room expecting government or any other person to farm and produce foods that will last for you.

jomoh:


Nigeria can never become venezuela for 3 reasons

1. We already made it out of recession and are gradually diversifying with non oil revenue continually increasing. Presently standing at more than 40%. Venezuela wasn’t like that. They depended solely on oil and when oil fell and they entered recession, they couldn’t make it out.

2. Our subsidy is disappearing with more refineries coming up that will finally kill subsidy unlike venezuela that has the lowest petrol pump price in the world largely thanks to subsidy.

3. We have a democratically elected government not one bequeathed like that of Venezuela. We have the ruling party in control of both houses so any attempt by anyone to sabotage it and declare himself president like in the Venezuela case will be a treasononable offence and Nigerians won’t hesitate to call for the execution of such individual or group. Except if we still have stupid people in large numbers like the ones on the front page.


UK telegraph knows this but it’s the hand work of the enemies of this country that lost out during the election. I expect More of this kind of junk to come out as time goes by.

beatmonster:


Spoken like a true illiterate.

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

grandstar:


In rich countries, farming accounts for barely 3% of their GDP. It is not a place of succour for unemployed graduates.

The economy needs to grow by 7% annually to create enough jobs for those entering the labour market annually. The economy has barely grown 1% since Buhari came into office compared to the 6% prior to that.

No country becomes rich with lamentable growths rates like the ones the country now has. Telling all unemployed graduates to suck it up in the face of massive unemployment and take to farming will not make the country richer but actually poorer.

If the agriculture sector growth outpaces that of manufacturing or services, it is indicative of regressive growth and in the long term,the country will become agrarian again.

mozel247:
My happiness it that this will break Nigeria faster. Please oil price come down to 20$

EagleNest:


You tried in your points but just know that becoming Venezuela or Zimbabwe don't normally happen spontaneously. It takes continues and sustained bad policies from obstinate leader to create such economic suicide.

I don't wish we experience such but I beg our leaders to be humane and listening.

grandstar:


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

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?

Excaperx:
No wonder the international bodies didn't support atiku, they won't profit if Nigeria is doing great and atiku is economic friendly.

[s]Nigeria was the fastest growing economy till Obama removed Jonathan for usa selfish interest.[/s]

Esseite:


It's quite amazing how Nigeria threw aspirants directly involved in Nigerian industries and businesses under the bus for someone who just recently said "after 2023 I would go home and settle".... he didn't even care to tell Nigerians how we would get to 2023 in one piece.

Baselm:


I bet you don't even know the meaning of the word illiterate. prove me wrong boy

AnanseK:


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.

AnanseK:


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.

AnanseK:


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?

AnanseK:


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.

AnanseK:


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

kernel001:

With a GDP of $349.299bn, South Africa is the second largest economy in the continent

GrossPrice:


Are you saying South Africa is economically more productive than Egypt or Nigeria?

Do you know how much get's repatriated from Nigeria to S.A
You have no idea !

ExHusband:


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?

kernel001:



Yes Sir. Reason is simple, the both of them generates almost the same amount of GDP, but the viability of an economy is measured by GDP per Capital, which is GDP divided by the population.

Secondly, they make hell of money from Nigeria, don't we have protectist law? Those laws that gives advantage to infant and indigenous companies. Don't blame them if they're involved in capital flight.

Olumyco:


GDP per Capital comes in when talking about equal wealth distribution/individuals wealth in a country. Its just a kind of healthy indicator to ascertain the wealth of the country in relation to its people. There are many factors that measures economy viability. For your information Equatorial Guinea, Secheylles, Gabon etc are toping GDP per Capital in Africa and this does not mean they have strong economy. Many of them even import more than they export. Their GDPs are low. That of South Africa is healthy and good becos they have high GDP and export more than they import. Compare to Nigeria wealth is more evenly distributed in South Africa and also individual there are richer due to the high GDP per Capital but economy wise in terms of GDP Nigeria as a Country is richer.

olujastro:

You want to be seen as intelligent by stating the obvious but most times you end up not making tangible points.
How can an economy that went into recession due to low oil prices suddenly start growing at 7% again when the same oil price we heavily rely on to earn forex is still low?
The strength of an economy is proportional to the infrastructure it can carry. Nobody has a magic wand right now to grow Nigeria's economy at 7% without destroying something, like floating the naira or IMF intervention for example.
The fastest way to diversify for Nigeria now is through Agriculture and Solid minerals. Manufacturing and others heavily require critical infrastructure which this govt is trying to build.
For the records, Nigeria is doing far better than others who were in similar positions as us in July 2014. Angola is still in recession since 2016 till date. Their economy grew at - 5% the last time I checked. Venezuela has already gone underground.
Don't just state what we know and criticise, proffer solutions.

grandstar:


The strength of an economy is not based solely on the quality of infrastructure it has or else Taiwan and Italy would never have become rich countries.

Companies in developing countries can still thrive with poor infrastructure. 2 examples today are India and Pakistan.

I have always argued that for the country to hit 7% growth rates now, it would need structural reforms.

Anyway, Buhari's exchange controls using the words of Charles Soludo simply made a "bad matter worse.". That's my anger with Buhari

I wrote off this government within a month of taking over. He arbitrarily fixed the exchange rate at 197 to a $ without regard to market forces. He thought wicked economist were the ones that determined exchange without regard to the masses. It's like thinking that mathematicians that determined that 1+1= 2. They are simply interpreting what nature says. The same with economists.

Diversifying exports is very important but commercial lending rates of 25% does the most damage to businesses in the real sector and not even infrastructure. Dangote said how can the country have a thriving agricultural sector with leading rates at 20%?

Low lending will enable manufacturers for instance import world beating machinery that would make them competitive. Productivity is very low because of the high cost of credit. If Nigeria was a mine, it would be artisanial with corresponding low levels of credit. Low credit would enable them to keep expanding until the local market is too small and exports are the only option.

The only way non-oil exports can boom now until lending rates are brought down is through foreigners setting up factories and mines. FDI tends to target areas the country has comparative advantage.

Angola was badly governed by Dos Santos so it's not a surprise. This is a country with about 20m people producing about 2m barrels of crude oil daily but can't balance it's budget.

Venezuela since 2003 to me has been a basket case only it wasn't discernible . It is not until you marry f G that you realise she's not wife material. The signs were
already there from the word go.

FG can bring down lending rates to single digits levels by ending the "Naira substitution" policy.
Google " Ending Naira substitution policy by Henry Boyo".

Foreign investors can be lured to invest by slashing corporate taxes to no more than 15%. FG must also end multiple exchange as it screams economic incompetence to foreign investors.

Excaperx:
No wonder the international bodies didn't support atiku, they won't profit if Nigeria is doing great and atiku is economic friendly.

Nigeria was the fastest growing economy till Obama removed Jonathan for usa selfish interest.

grandstar:


The strength of an economy is not based solely on the quality of infrastructure it has or else Taiwan and Italy would never have become rich countries.

Companies in developing countries can still thrive with poor infrastructure. 2 examples today are India and Pakistan.

I have always argued that for the country to hit 7% growth rates now, it would need structural reforms.

Anyway, Buhari's exchange controls using the words of Charles Soludo simply made a "bad matter worse.". That's my anger with Buhari

I wrote off this government within a month of taking over. He arbitrarily fixed the exchange rate at 197 to a $ without regard to market forces. He thought wicked economist were the ones that determined exchange without regard to the masses. It's like thinking that it was mathematicians that determined that 1+1= 2. They are simply interpreting what nature says. The same with economists.

Diversifying exports is very important but commercial lending rates of 25% does the most damage to businesses in the real sector and not even infrastructure. Dangote said how can the country have a thriving agricultural sector with leading rates at 20%?

Low lending will enable manufacturers for instance import world beating machinery that would make them competitive. Productivity is very low because of the high cost of credit. If Nigeria was a mine, it would be artisanial with corresponding low levels of productivity. Low credit would enable them to keep expanding until the local market is too small and exports are the only option.

The only way non-oil exports can boom now until lending rates are brought down is through foreigners setting up factories and mines. FDI tends to target areas the country has comparative advantage.

Angola was badly governed by Dos Santos so it's not a surprise. This is a country with about 20m people producing about 2m barrels of crude oil daily but can't balance it's budget.

Venezuela since 2003 to me has been a basket case only it wasn't discernible . It is not until you marry your fiance that you realise she's not wife material. The signs were already there from the word go.

FG can bring down lending rates to single digits levels by ending the "Naira substitution" policy.
Google " Ending Naira substitution policy by Henry Boyo".

Foreign investors can be lured to invest by slashing corporate taxes to no more than 15%. FG must also end multiple exchange as it screams economic incompetence to foreign investors.

winningwinner:


So this is how small your sense of reasoning is? Was the PHCN totally sold out or is it its distribution department that was sold? Who controls power generation in Nigeria?
It seems you're out of tune with nature!

mamotalk:


But if you can be sincere with yourself, what was the position of APC on privatisation in 2014? Now if you considered it not too good, why have you not taken steps to right the wrongs of the PDP?
APC is a group of hypocrites.

trillville:


Comments like this one seem so enlightening and educative, yet unfortunately, are terribly wrong.

Nigeria neither needs to increase exports nor should it consider reducing interest rates. As you rightly stated, just as economist do not control exchange rates, they also do not control interest rates. The rates proposed by the CBN only act as a guide to the market but in reality, the rates would naturally rise to that level.

What is Reason for high interest rates in Nigeria? High importation of foreign goods. High interest rates make treasury bills/bonds attractive to foreigners, thus it brings in a high amount of foreign exchange. This foreign exchange is then substituted for the naira to allow for importation. What this means is that if Nigeria imports less, it would not need as much foreign exchange, so it would not need such high interest rates.

Obviously, To reduce importation Nigeria has to increase the productivity of its people. Best way to do this is in investments in education and healthcare.


Steve Babaeko, founder of X3M records rightly said the Nigerian government did not invest in music nor nollywood, yet both industries are highly productive, increasing Nigeria's earnings and also projecting a good image of Nigeria to the world.

How much money did the US government give to google, Facebook or Amazon? Zilch.

With education, people will naturally find productive endeavours to go into. The government does not need to focus on agriculture, science and technology. Even electricity was not discovered through government intervention but by educated and creative people whose focus was on increasing their productivity. Even infrastructure, there may be more efficient ways to solve our deficit but without mass education such solutions will never come out.

Another thing the Nigerian government can do to increase our GDP more quickly is to become more efficient in its spending of our earnings from crude oil. Like a business can increase its profitability by reducing its costs, a country can also increase its GDP the same way.

Ways to increase efficiency include:

-further devaluation of the naira which would reduce local demand for dollars hence naturally bring down interest rates.

- sack government workers. Most of them are unproductive including myself TBH. This will also bring down interest rates without having any adverse effect on the economy. It is actually brainless to continue paying people for no services. It is a moral hazard to cater for only 1 percent of your population. Funds need to be spent on education and healthcare as earlier stated.

- increase taxation specifically on the rich. Increased taxation reduces disposable income does leads to lower demand for foreign exchange and would also naturally bring down exchange rates.


I just reread boyo's view. With his substitution, he will invariably float the naira freely thus allowing market forces to determine the value of the naira. His view is better than what is currently being carried out but monetary policies by the CBN are not enough to turn this tide. I must admit, I thought there was no validity to his point of view.

kernel001:



You've got some point, but then... The large volume of trade or GDP doesn't transcend to better economy, it's GDP per capital that determines. Example... South Africa standard of living is four times better than that of Nigeria.

Olumyco:


Large volume of trade transcend to better economy Sir. When the business/economy activity in a country is low it affects the economy of the country. Why do job creation, industries, companies and co contributes to the GDP of a country? Because they are economic activities.

About Standard of living.... there are many factors that determines the standard of living in a country. Standard of living simply means what the country has to give a quality life/living. So things like economy, infrastructure, security, Govt. policies and co determines the quality of life you get in a country. A country like South Africa has a higher standard of living than Nigeria but not by 4 times... that is exaggeration. Their standard of living is much rooted in infrastructure because they have it more than Nigeria not because of GDP per capital. GDP per capital is one of it but will still have to depend on the infrastructure in the country and the economy in terms of prices of goods and services. A country with inflation how will GDP per capital shine in such places/give standard of living. Security, market price and co are still problems in SA.

kernel001:



Sir... Why is Switzerland GDP per person 40 times better India? While Switzerland total trade doesn't come close to India, since you're of the opinion that it's majorly volume of trade, instead of volume of trade divided by the population.