Gnaeusmagnus:
The problem is, they won't listen

If South Africa wants to be proseprous, they have to increase their manufacturing power. This recession came about because they got too dependent on exporting raw materials, and less dependent on exporting manufactured stuff.

Modifed

Part of the problem is that the arphateid government refused to improve vocational and technical education among the black majority. Because they did not want them to get stronger than the white minority. This meant that as a result, when arphateid came down, SA was not really ready for the global market.

SA could have been an industrial superpower on the level of Japan, China and even Germany. Racism failed them.

The ANC government when they took over, made matters worse. Because there was a high demand for welfare from the poor black majority, they immeidately put their economy on 'sell raw materials, earn money, share the money' mode. Chinese exports wiped out vital parts of their economy like the steel industry. At the end of the day, SA became a resource dependent economy.

A big lesson for Nigeria too.

castrokins:
Wait, Are You Onye Nkuzi?

pasol4real:

You were still a toddler then so u wud not know

solmusdesigns:


Recession means economy contrasting instead of growing, meaning your quarterly economic growth is negative, in Nigeria the numebr one thing funding our economy is GDP largely backed by crude oil sales, and in SouthAfrica its tourism... when oil price suddenly declined Nigeria suffered recession, and when tourism declined in south africa their economy contrasted

MR OLODO its not rocket science

oilPUSSY:
Where is Kemi Adeosun, the yoruba version of Ngozi Okonjo Iwela ?
She is currently serving (NYSC)

fairfora:
That's your opinion, which can't influence me in anyway, now or in the future...Nigeria wasn't this bad sush useless leaders we have today until early 80s. Have you heard of an erstwhile war-torn Rwanda? Go there and you would reason differently about Nigerian and African leaders. Just go there on vacation. South Africa is even too far. Ordinary ghana is getting it right. Go to cotonou, you cant spend more than 20k to and fro on transport, accommodation and feeding if you're resident in Lagos. Just spend a night and come back. You'd feel sorry for Nigerian populace.

edoairways:

And what has the current minister achieved ?

Basher8583:


Those countries you are mentioning are not even as big as Niger state or Oyo state in size and population.
Note... Countries with low population are easier to manage.
Imagine Lagos alone that the population of Igbos far supercede that of Abia, Imo and Anambra join.

Besides the model of governance Rwanda is using if it was to be used in Nigeria you will be the first person to complain.

joepepsy:
My first child is 10 years old idiot! You people reason like slowpoke in that country, calling me a toddler, everybody in this forum must be a child accept you, illiterate.

fairfora:
That's your opinion, which can't influence me in anyway, now or in the future...Nigeria wasn't this bad sush useless leaders we have today until early 80s. Have you heard of an erstwhile war-torn Rwanda? Go there and you would reason differently about Nigerian and African leaders. Just go there on vacation. South Africa is even too far. Ordinary ghana is getting it right. Go to cotonou, you cant spend more than 20k to and fro on transport, accommodation and feeding if you're resident in Lagos. Just spend a night and come back. You'd feel sorry for Nigerian populace.

Correcto:
Just shut up if you know nothing about the economy. She warned about this earlier as if she was a prophet

SpecialAdviser:
Great. I really wished Buhari swallowed the humble pie and appointed this woman into his cabinet.

Everything cannot be politics of bitterness. Good people that can help your government should be considered irrespective of party affiliation.

seunmsg:


What the current minister has achieved is not the subject of this thread. This thread is about Ngozi Okonjo Iweala and her audio appointment as head of South Africa economic advisory council. That woman couldn’t achieve anything as head of economic management team when there was an unprecedented boom in the price of crude oil, it will be a disaster bringing her back to manage our economy at this point in time. Kemi Adosun took us out of recession, Ngozi should help SA out of their recession.

johnmattew:
she was a huge asset during Obasanjo's tenure...not Jonathan

she was conniving with IMF/World Bank for our economy downfall

gwafaeziokwu:


Your ignorance is really irritating. Tourism is not the mainstay of south African economy. Where will you place Mining,manufacturing, retail and communications.

Like you erroneously asserted in your previous post, xenophobic attacks and consequently decline in tourism is not why south Africa is in recession. Their economy has been going south since Momphasa won the presidency. Manufacturing nosedived leading to loss of jobs. This loss of jobs was blamed on the foreigners by ignorant SouthAfricas, who blamed other blacks for taking their jobs. Coupled with the preexisting prejudice against Nigerians as a result of the criminal elements among them, the whole thing spiralled out of control.

Finally, Nigeria did not enter recession as a result of fall in oil prices. We entered into recession because our manufacturing sector was comatose. We weren't the only oil economy in the world. We simply weren't bringing anything to the international money market. Then to worsen the matter, BuBu decided to play ludo with dollar artificial scarcity and all the dumb policies he implemented during his body odour initial gra gra days.

pasol4real:

Apologies for calling you a toddler was just trying to be nice . If u weren’t a toddler then u must be a dumb head n an ignoramus to have written that trash.

Basher8583:


You are such a bigotted coward. So you cannot answer that simple question. Is her achievement so minuscule and disgraceful for you that you can't answer the question with confidence?

gwafaeziokwu:

Finally, Nigeria did not enter recession as a result of fall in oil prices. We entered into recession because our manufacturing sector was comatose. We weren't the only oil economy in the world. We simply weren't bringing anything to the international money market. Then to worsen the matter, BuBu decided to play ludo with dollar artificial scarcity and all the dumb policies he implemented during his body odour initial gra gra days.

igbokwenu90:
..... I travel more than you can imagine ! Come ghana and here dem on side of the story , cotonou is now in disarray because of border closure the so called Rwanda that you are talking about only revolves at the Country's Capital, South Africa is in disarray too, So what's new in Africa ?

Thonypadua:
And the political experty can't name what his godmother achieved during her tenure.

0m0nnakoda:
The tribal bias is shameful
What exactly did she achieve as finance minister

ONE THING PLEASE?

oilPUSSY:
Where is Kemi Adeosun, the yoruba version of Ngozi Okonjo Iwela ?

kotv:


Also, the governors ignoring and fighting Ngozi's suggestion to save also contributed to the recessio.

immhotep:

Helinues and Yarimo will know

Cc lzaa gmbuharii sarrki afamed

FG borrows N473bn to pay salaries – Okonjo-Iweala

Wednesday, May 6, 2015

The federal government has borrowed 473 billion naira to meet up with recurrent expenditure including paying of salaries while it is yet to release funds for capital projects.

According to Reuters, Nigeria has already used half the borrowing allowance it has budgeted for and has not released any funds for capital expenditure so far this year, as lower oil prices eat into its revenues, the country’s finance minister said on Tuesday.

“We have serious challenges,” Finance Minister Ngozi Okonjo-Iweala said in an emailed statement. “Things have been tough since the beginning of the year and they are likely to remain so till the end of the year.”

The borrowed money has been spent to cover overhead, including salaries, the minister said.


https://www.pmnewsnigeria.com/2015/05/06/fg-borrows-n473bn-to-pay-salaries-okonjo-iweala/