ednut1:
they should keep defending the naira with scarce fx

But they were able to grow the FR while defending the naira since last four years doubled the number they met it

Debaiz:



You captured everything nigeria needs in this comment.

I’ve been telling people about the importance of Ajaokuta steel to a country under construction for a very long time. How can a huge country with massive structural gap be importing steel. I still want to know anything that doesn’t involve iron. Just Anything from start to finish that doesn’t involve iron and here we are importing everything iron.

People keep saying power is the key to our development. I believe the key to our development is Ajaokuta.

The steel China used for construction in the 21century alone is more than what the whole west used in 100years. The fact report is online.

The price we used to construct all those new rail, trains to be used on it, Dangote refinery and most of our projects would’ve been more than halved if we had Ajaokuta running. Not to talk of the export potential to west Africa, whole of Africa and beyond.

the sad part is USSR/Russia built chinese major steel plants for them when chinese was in a really bad shape, the chinese picked it up and turn around their story.. USSR/Russia did the same with Ajaoukuta and instead of giving them the funds to complete it we started looting the funds back to back

Daniel058:
The devaluation will affect many Nigerians Whereas Nigerians in diaspora and forex traders are praying for $1=#1000 ✓

Badt guys

Vortex369:
There will be Global Depression and Recession in 2020.

Relocate to the nearest villages and grow your own food.

It will be worse. Because all Sovereign Savings and External Reserves will be zeroed and US Debts, written off.

You will drink your oil and Fulanis will hoard their produce.

convert your naira to dollar now !!!!!!

millhouse:
convert your naira to dollar now !!!!!!

Ha ha,

I dont remember the last time I kept my values in local currencies. Even the hard currencies, you need to have some buried under a tree, metaphorically speaking, in case there is a war or something and the banks are frozen.

Always a prepper.

mrvitalis:

Firstly the east contribute a lot of human recourses in this country

Without Igbo's many town in the north would be without pharmacist and doctors
When it comes to business I don't need to tell you that one

Human recourse >>> natural resources

East host Nigerian crude oil reserves and Nigerian largest gas deposit

As for foreign investment ,god forbid ,we don't need that ...someone invest 20 million makes profit of 100billion and take it away

If there are any need for investment the Igbo's would do it

Obi Jackson is handling our gas pipeline lope
We are seeking Igbo's to invest in out rail line project ...people like me are ready to buy shares

Keep depending on foreign investors thats why Africa won't grow

Trash.

See imaginary figures. Show us proves of what the East contribute to the economy. The East is a tiny underdeveloped Region. Which contribute nothing to the economy.


The only thing they contribute is crimes.

Vidsolution79:
https://www.youtube.com/channel/UCuD4GD-9xJikz1rgXiYtW1g
Please ..nairalanders help a friend!
Subscribe to my channel please!

Done! I wish you well.

itsme01:



the sad part is USSR/Russia built chinese major steel plants for them when chinese was in a really bad shape, the chinese picked it up and turn around their story.. USSR/Russia did the same with Ajaoukuta and instead of giving them the funds to complete it we started looting the funds back to back

I read PMB has handed it back to them but when it will start is what I don’t know. I believe Ajaokuta should’ve been the first thing for Any serious government.

Steel is the main reason the auto industry bill GEJ signed couldn’t have any effect. Everything needed for the development of any country is directly or indirectly tied to steel. One of the earliest and oldest source of foreign trade is steel and one of the reason colonialists leave their countries for africa is in search for steel. That’s the reason why the first thing they mostly do is to construct rails for easy movement.

PMB has done a lot but If Ajaokuta is not complete before he leaves, then to me he has failed irrespective of what he’s done.

Bighead9:



Trash.

See imaginary figures. Show us proves of what the East contribute to the economy. The East is a tiny underdeveloped Region. Which contribute nothing to the economy.


The only thing they contribute is crimes.

I know for sure your landlord is Igbo ...go pay your rent

Daniel058:
The devaluation will affect many Nigerians Whereas Nigerians in diaspora and forex traders are praying for $1=#1000 ✓

No Nigerian in diaspora wishes that.

They are well aware attendant inflation follows such devaluation.

rusher14:


No Nigerian in diaspora wishes that.

They are well aware attendant inflation follows such devaluation.

read my comment again

mrvitalis:

What do the Fulani's produce ?
Middle belt and hausa never talk na Fulani ...even goat and cow na from Niger

Do I have to remind you that Niger are Fulani?
Ha ha

A word is for the wise

Nigeria keeps borrowing even when they know they have no future.


Useless leaders/economy will borrow 10billion and execute projects worth 1billion.

Before we could ask a question about 9Billion balance tenure over.

How can one profit from this biko.

Fed gvt may be looking at devalueing to reduce the cost of a country's exports which can help shrink trade deficit as it will reduce the cost of a country's exports, rendering them more competitive in the global market, which in turn, increases the cost of imports, so domestic consumers are less likely to purchase them, further strengthening domestic businesses. Because exports increase and imports decrease, it favors a better balance of payments by shrinking trade deficits. That means a country that devalues its currency can reduce its deficit because of the strong demand for cheaper exports

Vortex369:
There will be Global Depression and Recession in 2020.

Relocate to the nearest villages and grow your own food.

It will be worse. Because all Sovereign Savings and External Reserves will be zeroed and US Debts, written off.

You will drink your oil and Fulanis will hoard their produce.

what do u mean global? China economy will keep increasing no Matter what happens

This is what I said in 2015 when this government first came in with a lot of political capital. That the naira should be floated and gas subsidies removed. A lot of Nigerians argued to the contrary seeming to prefer pills to surgery, management to radical steps.

Years down the line we are staring down the barrel of the gun, between the rock and a hard place, having exhausted all the economic pills of credit and taxation we are contemplating doing the needful... with an almost ruined economy.

Nigerians abeg, isn't it a tragedy to remove subsidies on fuel and the dollar when we are at the same time neck deep in debt. Why this double tragedy on the people of Nigeria. Why..

Another speculation to make the Dollar jump

Reference:
This is what I said in 2015 when this government first came in with a lot of political capital. That the naira should be floated and gas subsidies removed. A lot of Nigerians argued to the contrary seeming to prefer pills to surgery, management to radical steps.

Years down the line we are staring down the barrel of the gun, between the rock and a hard place, having exhausted all the economic pills of credit and taxation we are contemplating doing the needful... with an almost ruined economy.

Nigerians abeg, isn't it a tragedy to remove subsidies on fuel and the dollar when we are at the same time neck deep in debt. Why this double tragedy on the people of Nigeria. Why..

People realised we had no working refineries and all that would happen would be the cost ot petroleum products going through the roof.

With Dangote's refinery we are in a different situation altogether.

I doubt Buhari has the guts to do it especially after denying the fact it exist

visijo:
Why do footballers sweat when the stadiums are filled with fans ���

Why do guilty people sweat even under the AC?

I thought one old fool said fuel subsidy never existed, that it was a scam.

itsme01:



Buhari wouldnt dare.. but then again it is his last term and he seem to be unpredictable

Subsidy would die a natural death when Dangote refinery becomes functional with the modular refineries springing up and the NNPC refineries working to atleast 50% installed capacity, we can simply rich an agreement on crude oil swap for refined products and save scarce forex

The truth about devaluation is if we can fix Power and get Ajaokuta steel plant running to service industries, we wouldnt be needing dollars as much as we do

..

Dangote will not sell fuel for N145, he would price it at well over N200. Even with Dangote and the other modular refineries functioning 100%, government will still need to pay subsidies for petrol to sell for N145.

itsme01:



Buhari wouldnt dare.. but then again it is his last term and he seem to be unpredictable

Subsidy would die a natural death when Dangote refinery becomes functional with the modular refineries springing up and the NNPC refineries working to atleast 50% installed capacity, we can simply rich an agreement on crude oil swap for refined products and save scarce forex

The truth about devaluation is if we can fix Power and get Ajaokuta steel plant running to service industries, we wouldnt be needing dollars as much as we do

..

Dangote is not enough to kill the issue of subisdy. The dangote refinery is a step but not the answer. The crude oil swap has being on, how did you think Aluko made his money? They were just lifting oil without returning any refined crude, not just Aluko but a host of others. As for Ajaokuta steel, Nigerians should forget about it. Yes, cos that organisation will be filled with people who are connected to the government, then they start to declare loss every year. Some of those losses these parastatals declare are deliberate. If you doubt me, go to the parastatals this period and see the way contractors are queued. Nobody goes on leave this period cos all monies must be shared.

Daniel058:
The devaluation will affect many Nigerians Whereas Nigerians in diaspora and forex traders are praying for $1=#1000 ✓

It seems you are selfish bros. Atleast pity people now

cooooooks:
I don't think there'll be a devaluation but there might and should be subsidy removal.

The biggest drag on the federal reserves is the purchasing of oil products. With Dangote's refinery coming online, I seriously doubt that they'll devalue the naira.

An entire country waiting for one private man to save them.

We should all just become workers for him.

Na wa oh.

Kubernetes:
Fed gvt may be looking at devalueing to reduce the cost of a country's exports which can help shrink trade deficit as it will reduce the cost of a country's exports, rendering them more competitive in the global market, which in turn, increases the cost of imports, so domestic consumers are less likely to purchase them, further strengthening domestic businesses. Because exports increase and imports decrease, it favors a better balance of payments by shrinking trade deficits. That means a country that devalues its currency can reduce its deficit because of the strong demand for cheaper exports

Theoretical textbook nonsense! Is Nigeria a manufacturing country with loyal foreign customers?

itsme01:



ajaokuta isnt a fools mission but the only game changer fustrated by the west, but be rest assured with russia firing thing up we a good to go,

Buhari built the 3 refinery but babangida abacha and pdp couldnt do a simple turn around maintainace cos of stupid corrup mentality now its is being done so expect it fully running soon

Are u not tired of telling lies
Buhari built which refinery
God will help u lots

Pdp didnt do anything to them

Ok your Buhari is back
Why are they not working after 4yrs in power

Naija don finish

Very true, those who do not understand why the many restrictions on foreign exchange, quota on importation of many goods when their are no local replacement yet. As well as forex quota on items as school fees, shows the Federal Government is aware of the minimal reserve available to back the naira's current value. This Government likes a lot of spending and care less about external income generation or progressive internal income contribution, also they are stretched beyond thing and have gradually sent the message about devaluation. The question now is? How do you hedge against devaluation

jconsulting:
I foresee this since about naira devaulation

Vortex369:


Do I have to remind you that Niger are Fulani?
Ha ha

A word is for the wise

Niger are Hausa's not Fulani

The FG is banking on him more than anyone else. They gave him forex at crazy low rates so they need that investment to pay off.


The implications of a devaluation, during a recession (or period of slow growth) and whilst our exports haven't increased are just too drastic to be allowed.

armadeo:


An entire country waiting for one private man to save them.

We should all just become workers for him.

Na wa oh.