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Good Things Happening In Nigeria - Politics (8) - Nairaland

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Re: Good Things Happening In Nigeria by dblock(m): 6:40am On Jul 01, 2007
Then an enemy of Progress I am, cos I don't think Nigeria is in a bad position right now.

Fashola is cleaning out Lagos. Nigeria's economy is gaining speed. Yar'Adua and Johnathan are working on the Niger Delta Crisis, New IPPs are being built to answer to Nigeria's Energy Crisis. Nigeria is enjoying Civilian rule.

Things aren't wonderful, but Nigeria isn't in a bad position. It is Great being an enemy of progress, because it means that your country will be better at the end of the day. cheesy
Re: Good Things Happening In Nigeria by redsun(m): 8:28am On Jul 01, 2007
Some scenes are breath taking in nigeria,while some are total contrast,there is hope,people should aim for the best.
Re: Good Things Happening In Nigeria by denex: 8:36am On Jul 01, 2007
@Donzman

I too am an enemy of progress. By the way, this your enemy of progress analogy is really strange:

Nigeria is progressing, yet anyone who is happy that Nigeria is progressing is an enemy of progress? Please, brother explain. I don't understand because I am beginning to feel everybody in the world is an enemy of progress.
Re: Good Things Happening In Nigeria by Nobody: 9:09am On Jul 01, 2007
I see you live in Nigeria so I'm not talking with someone like me that's stuck abroad talking stocks and bonds.

Nigeria is progressing but the way things are progressing is not good to say the least. The Government is as WEAK as it has ever been, they only exist in name and siren blowing convoys. How can Nigeria sustain this progress when the Government has not significant coercive influence on the ordinary citizen without use of military force?. . .I do not favour a BIG government but I do not favour one which does not really govern.

There are many ways to progress, Nigeria's progress at the moment is not the right way. Civil society is subdued, the average Nigerian has no clue what "rights" mean, key parts of the economy are concentrated in the hands of a few political friends who might not be running the firms efficiently. You can progress like the Asian Tigers or you can progress like the Latin American socities during the Import Substitution era, one achieved sustained progress while the other stagnated.
Re: Good Things Happening In Nigeria by Iman3(m): 7:10pm On Jul 01, 2007
Nigeria is a country of fit and starts.We had a short period of growth between 1960-1966,a brief civil war,then back to growth between 1970-1979.Economic stagnation took over from 1980-2000.Now is another period in a never ending cycle of boom and bust.

The economic growth is mainly down to the tripling of oil prices since the 90s.As at 1999,oil prices were at $9 per barrel,now its approaching $70 barrell.We have been through this same sequence many times before and this is no different.Enjoy it while it lasts!
Re: Good Things Happening In Nigeria by obong(m): 10:48pm On Jul 01, 2007
I look at the Police force of Italy of greece of USA and i tell you those guys will scare the hell out of you by their motivation.

i dont know about greece or italy, but as far as USA is concerned thats a lie. these police here are crooks and violent. especially towards blacks and the poor
Re: Good Things Happening In Nigeria by obong(m): 10:50pm On Jul 01, 2007
Lagos, Abuja, Lagos, Abuja. . .Unequal development if any, leads to nothing but disaster. You have to pay attention to every region so that the rising tide can lift all boats. I see huge potential in Nigeria but we need individuals who know how to truly organize and manage productive resources towards efficient outcomes.

Why build resorts when kids are dying of malaria?. . .Why not hospitals and schools?. . .Aren't those much more crucial for continued development. Who're we trying to impress with ABJ and Lekki or Tinapa when hospitals and schools are moribund?


you dont have to solve every problem before you buil resorts and the like. especially when th emoney from the resorts help fight malaria. im sure jamaica and dubai still suffer from certain diseases but they work to still build more resorts. income ultimately solves all
Re: Good Things Happening In Nigeria by obong(m): 11:41pm On Jul 01, 2007
Stop the gibberish, banks have always been financing businesses. I wonder how they survive if they finance nothing!

by living on government funds. which is why soludo took it away, asked them to clean up thier act before they got it back
Re: Good Things Happening In Nigeria by Nobody: 9:02pm On Jul 02, 2007
@Obong

Stop being a clown, banks have always been financing businesses in Nigeria, maybe I know because everyone around me growing up owned a businesses and always had to deal with banks.
Re: Good Things Happening In Nigeria by denex: 9:48pm On Jul 02, 2007
@Donzman


Banks ke? They are hardly interested in financing any project.

The business ALL Nigerian Banks engage in is ROUND-TRIPPING of the dollar.

When companies like MTN need foreign exchange to buy equipment from abroad, they request dollars from the CBN through their commercial banks. Being that the CBN subsidizes dollars for large scale importers to about N120/$1 instead of the actual price of N127, what the commercial banks do is that they collude with the customers to overstate the amount required.

If MTN needs $200million to import 3G equipment, the bank will ask them to state in their request that it is $400m. The bank will then combine their own N2.4billion with MTN's N2.4billion to buy the $400million from the CBN. Once the dollars have been acquired, they deliver MTN's $200million and sell their own $200million to bureaus de change quickly at a giveaway price of about N125/$1. That's a gain of N5 on each dollar. On the total $200million, thats a profit of N1,000,000,000 in one day. This is the real business that banks do cheating the Nigerian economy and making rubbish of the goodwill of the CBN's economic revival programs.

This is the reason why banks are reluctant to finance business projects. The amount of money given out as loans is just a shortage on what they can use for Round-Tripping. I just wanted to make that clear.

@topic, great things are happening in Nigeria just allow Calabar, Jos and Abeokuta to continue to open up so that the stress on Abuja, Lagos and Port Harcourt will ease. You will begin to see even greater things.
Re: Good Things Happening In Nigeria by ziddy(m): 10:46pm On Jul 02, 2007
@ obong

no more roundtripping for more than two years now. both black market and WDAS have been effectively harmonised,

plus hawkeyed regulation on CBN"s part.
Re: Good Things Happening In Nigeria by ziddy(m): 10:48pm On Jul 02, 2007
sorry the above was meant for the attention of denex
Re: Good Things Happening In Nigeria by kokoA(m): 10:54pm On Jul 02, 2007
Good things happening in Nigeria: ASUU strike has been called off (thanks to the man wey sabi, Yara 4 life!)
ICPC to probe former governors
Obasanjo becomes PDP BOT chairman (the fall of pdp)
Re: Good Things Happening In Nigeria by Nobody: 12:13am On Jul 03, 2007
@denex

Yeah banks engage in round tripping, therefore they do not finance businesses, great logic. Now I gotta find out where these importers around me obtain the funds to do business.
Re: Good Things Happening In Nigeria by GNature(m): 4:10am On Jul 03, 2007
I recall vividly that one of the reasons given for the banks to shore up their capital base to 25 billion naira was because they didn't loan money to the real sectors of the economy [not even close to what they should]. A good chunk of the money the banks made was through round tripping and feeding off govt funds.

So, if at all the banks are still engaging in round tripping, I'm sure it has decimated in this post-consolidation era.
Re: Good Things Happening In Nigeria by denex: 6:19am On Jul 03, 2007
@Donzman

why is it that once people pitch their tent on one idea, they don't want to reason with the slightest bit of sense the other camp makes. I didn't say they don't give loans at all. I said they are very reluctant to give loans. Ask these importers how much interest they pay and the timeframe for repayment of the loans.

I said banks are reluctant to finance business projects. When I say such a thing, I'm not speculating. Ziddy said they've harmonised the currency markets. I really hope so because as at when I was ardently following this trend, most banks made 80% of their profits from round-tripping.

@topic

good things happening in Nigeria, I think TINAPA is the best. Thank y'all.
Re: Good Things Happening In Nigeria by Nobody: 3:30am On Jul 04, 2007
I never said banks do not do round tripping, all I'm telling you is that they do finance businesses and have been doing so for a LONG time. I do not see how they doing round tripping implies they do not finance businesses, looks like just beating around the bush here.
Re: Good Things Happening In Nigeria by GNature(m): 2:54am On Jul 09, 2007
Intercontinental Ranked Nigeria’s No 1 Bank

        Daily Independent

Intercontinental Bank Plc has been rated as the second fastest growing bank in the world by The Banker Magazine, the influential and leading international business magazine, which also ranked the biggest bank in Nigeria.

The bank, also ranked number five in Africa and the 355th biggest bank in the world by first tier capital emerges as the first Nigerian bank to be so rated among the world's top 500 banks.

The Banker Magazine, a subsidiary of the Financial Times of London, in its 2007 edition of the Top 1000 banks in the World released last week, described Intercontinental Bank's outstanding growth as symbolic of the massive impact of the Nigeria's banking reform. The Magazine noted that:

"Nigeria's Intercontinental bank reflects the huge consolidation and regulatory change that has taken place in Nigerian banking in the past two years," adding that the bank rose by a record 522 places to be ranked at 354, with capital ballooning to $1277 million at the end of February 2007."


In all, eleven Nigerian banks were ranked amongst the top 1000 banks in the world, with Union Bank rated 502, followed by Zenith Bank in the 526 position and as the second and third most capitalised banks in Nigeria respectively. Other banks in hte ranking are First Bank (688), GT Bank (739), IBTC (851), Oceanic (874), UBA, (875), Fisrt Inland (894) as well as as Spring Bank and Diamond Bank in 927 and 937 respectively.


Intercontinental Bank was ranked 877th last year but with its capital increasing almost fivefold to $1.3 billion from $273 million last year, it easily made it to the elite top 500 banks in the world. The Magazine noted: "Following a merger with three other banks, Intercontinental bank's capital_ increased by 4.6 times, making it easily the largest bank in the country by capital."

Intercontinental Bank also recently declared the highest ever profit before tax (N22.6 billion) by any quoted company in the history of the Nigerian Stock Exchange. [color=#990000][/color]The bank surpassed all its projections for its financial year ending February 2007. It's profit before tax grew by 121%, profit after tax by 105%, Gross revenue by 113% while total assets climbed by 101%.

Analysts have described the financial performance of Intercontinental Bank as meteoric, noting that the bank is redefining the scope of competition in the country's banking landscape with many Nigerian Banks scurrying to the capital market and seeking international partnerships to accelerate their growth strategies.


Indeed, Good things are happening in Nigeria.
Re: Good Things Happening In Nigeria by dblock(m): 2:57am On Jul 09, 2007
Fantastic News.
Re: Good Things Happening In Nigeria by Uche2nna(m): 2:59am On Jul 09, 2007
That is really good to know.
Re: Good Things Happening In Nigeria by Arnold1(m): 4:53am On Jul 09, 2007
GNature:

Intercontinental Ranked Nigeria’s No 1 Bank

Daily Independent

Intercontinental Bank Plc has been rated as the second fastest growing bank in the world by The Banker Magazine, the influential and leading international business magazine, which also ranked the biggest bank in Nigeria.

The bank, also ranked number five in Africa and the 355th biggest bank in the world by first tier capital emerges as the first Nigerian bank to be so rated among the world's top 500 banks.

The Banker Magazine, a subsidiary of the Financial Times of London, in its 2007 edition of the Top 1000 banks in the World released last week, described Intercontinental Bank's outstanding growth as symbolic of the massive impact of the Nigeria's banking reform. The Magazine noted that:

"Nigeria's Intercontinental bank reflects the huge consolidation and regulatory change that has taken place in Nigerian banking in the past two years," adding that the bank rose by a record 522 places to be ranked at 354, with capital ballooning to $1277 million at the end of February 2007."


In all, eleven Nigerian banks were ranked amongst the top 1000 banks in the world, with Union Bank rated 502, followed by Zenith Bank in the 526 position and as the second and third most capitalised banks in Nigeria respectively. Other banks in hte ranking are First Bank (688), GT Bank (739), IBTC (851), Oceanic (874), UBA, (875), Fisrt Inland (894) as well as as Spring Bank and Diamond Bank in 927 and 937 respectively.


Intercontinental Bank was ranked 877th last year but with its capital increasing almost fivefold to $1.3 billion from $273 million last year, it easily made it to the elite top 500 banks in the world. The Magazine noted: "Following a merger with three other banks, Intercontinental bank's capital_ increased by 4.6 times, making it easily the largest bank in the country by capital."

Intercontinental Bank also recently declared the highest ever profit before tax (N22.6 billion) by any quoted company in the history of the Nigerian Stock Exchange. [color=#990000][/color]The bank surpassed all its projections for its financial year ending February 2007. It's profit before tax grew by 121%, profit after tax by 105%, Gross revenue by 113% while total assets climbed by 101%.

Analysts have described the financial performance of Intercontinental Bank as meteoric, noting that the bank is redefining the scope of competition in the country's banking landscape with many Nigerian Banks scurrying to the capital market and seeking international partnerships to accelerate their growth strategies.


Indeed, Good things are happening in Nigeria.

Sounds great. I hope other banks can follow suit
Re: Good Things Happening In Nigeria by dblock(m): 4:57am On Jul 09, 2007
The Banking consolidation will definitely decrease the size of Nigeria's unofficial Market. cheesy
Re: Good Things Happening In Nigeria by GNature(m): 5:31am On Jul 09, 2007
Good point. So far, all we do is estimate the size of the unofficial market, which really doesn't work to our advantage in calculating our GNP (and other metrics) and for tax collection purposes by the government.

The bank consolidation scheme, without a doubt, is having positive multiplier effects on the nigerian economy.
Re: Good Things Happening In Nigeria by Nobody: 2:17am On Jul 10, 2007
dblock:

The Banking consolidation will definitely decrease the size of Nigeria's unofficial Market. cheesy

How is this going to happen exactly?
Re: Good Things Happening In Nigeria by debosky(m): 2:39am On Jul 10, 2007
many possibilities - larger banks will begin to reach out to many organisations/individuals currently outside the banking system to make use of their large deposit base instead of letting the funds lie idle; in order to compete properly, they would not be able to focus only on the small rich segment of the economy, but begin to move to capture the great quantities of money outside the system to bolster their operations - artisans, market women and the like who hitherto had not patronised the existing system optimally. Also in the drive to increase branches and networks, previously underserved areas will be reached.
Re: Good Things Happening In Nigeria by Nobody: 2:53am On Jul 10, 2007
LOL. . .You don't seem to know much about Nigerian fraudulent banks, market women get loans on acceptable terms from them?. . .Honestly, ask anyone who has done business with Nigerian banks, they will tell you, Donzman can't talk right now.
Re: Good Things Happening In Nigeria by debosky(m): 3:03am On Jul 10, 2007
loan recovery is still a burning issue, i accept, but there are some improvements coming, and I am under no illusion that all market women/traders will reach suitable terms with commercial banks for loans, thats why things like microcredit financing and others come in. However, the truth is quite a bit of entrepreneurial activity is now being promoted by some of these banks unlike before, such as the Diamond bank challenge, and other programs. as people become more productive with steady revenue streams, they will become more bankable in general to expand and enlarge their operations.
Re: Good Things Happening In Nigeria by dblock(m): 6:46am On Jul 10, 2007
Donzman:

How is this going to happen exactly?


I would enlighten you on the many ways of which a Banking consolidation can reduce the size of the unofficial Market, but my Buddy Debosky has obviously already done that. Although I don't see why he had too, cos it's so goddamn obvious. wink
Re: Good Things Happening In Nigeria by Nobody: 11:46pm On Jul 10, 2007
However, the truth is quite a bit of entrepreneurial activity is now being promoted by some of these banks unlike before


You guys are so naive is not even funny, where in Nigeria did you grow up exactly?. . .Most of these Igbo businessmen you see, they' are and have been doing business with bank funds. All these Nnewi businessmen, where do you think they get the money from?

I suppose the banking reforms will promote enterpreneurial activity but it is not going todo much to the unofficial sector because most of the activity there do not require banking. Why will a SuperYogo or MTN card dealer go to the bank for funds?. . .Give us a good 5 years before we can begin to evaluate the short term impact of these consolidations.
Re: Good Things Happening In Nigeria by Puleza(m): 2:03pm On May 13, 2008
I agree with all those who say that the Nija future is in the hands of the ordinary Nigerian. We need to give our African government a chance and help then instead of doing a lot of complaining. I'm a South African and believe that one day Nigeria will concur but all these can be achieve though ordinary Nigerians taking stand and making sure that your country works for itself.

The western nations have made us to degrade our leaders even though they doing good. Why should we as Africans not work together for once. I once attended a Black Management Forum summit in Sandton and Peter Moyo was telling us about young Nigerian professionals who are doing things for themselves. He told us how proud he is about Nigerians and mind you he's a South African.

I hope you will all participate in Skyscrapercity and learn more about the posetives happening in your country and you will start appriciating the focus that your leaders have. Its sad to learn about the 419 scam rather learning about those good developments that are taking place in Nigeria.

I would like to visit nigeria one day and will be proud to see my black brothers and sisters helping one another and irradicating poverty. This is the time for us to reclaim Africa and own resources that our continent offers. I dream of the day when i will be able to go do shopping in Luanda, Angola instead of London or Paris, the day when I will be on a vacation travel in a high speed rail between Ghana, Cameroon, Nigeria and other countries. I dream of the day when the African Nations Cup will even be admired by the Europeans and yes all these can happen and all it needs is for us to stand together and trade amongs ourselves.

Nigeria needs you my brothers and sisters and you are the ones who need to open coffee shops, resturants etc in Lagos so that you help in the change that is taking place.
Re: Good Things Happening In Nigeria by bigben3: 2:31pm On May 13, 2008
Puleza:

I agree with all those who say that the Nigeria future is in the hands of the ordinary Nigerian. We need to give our African government a chance and help then instead of doing a lot of complaining. I'm a South African and believe that one day Nigeria will concur but all these can be achieve though ordinary Nigerians taking stand and making sure that your country works for itself.

The western nations have made us to degrade our leaders even though they doing good. Why should we as Africans not work together for once. I once attended a Black Management Forum summit in Sandton and Peter Moyo was telling us about young Nigerian professionals who are doing things for themselves. He told us how proud he is about Nigerians and mind you he's a South African.

I hope you will all participate in Skyscrapercity and learn more about the posetives happening in your country and you will start appriciating the focus that your leaders have. Its sad to learn about the 419 scam rather learning about those good developments that are taking place in Nigeria.

I would like to visit nigeria one day and will be proud to see my black brothers and sisters helping one another and irradicating poverty. This is the time for us to reclaim Africa and own resources that our continent offers. I dream of the day when i will be able to go do shopping in Luanda, Angola instead of London or Paris, the day when I will be on a vacation travel in a high speed rail between Ghana, Cameroon, Nigeria and other countries. I dream of the day when the African Nations Cup will even be admired by the Europeans and yes all these can happen and all it needs is for us to stand together and trade amongs ourselves.

Nigeria needs you my brothers and sisters and you are the ones who need to open coffee shops, resturants etc in Lagos so that you help in the change that is taking place.

Pls tell them cheesy grin
Re: Good Things Happening In Nigeria by bluehorizo(m): 4:48pm On May 13, 2008
Seun

Pls stick this thread. Our country is not that bad as those hypocrites and parasites are portraying us. There are lot of good things in Nigeria otherwise there won't be an influx of foreigners in our great land.

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