Ferrytechshop:
we need serious leaders

Rugaria:
Corruption has always been our big headache in this country but Capitalism as is being practiced in Nigeria will lead Nigeria to one end: a terrible Cul de sac! People in this country don't seem to put too much attention to it, but Nigerias continuous slide towards economic oblivion started with Babangidas agreement to implement The Structural Adjustment Program (SAP) as was directed by the ubiquitous IMF in the 80s. This Program relied heavily on the privatization and commercialization of government businesses. What happened was that The West mounted a serious amount of pressure on the different governments of Nigeria to either implement SAP or be sanctioned economically. Most of Nigerias government before Babangida refused this option for obvious reasons. But Nigeria finally caved in under Babangida and wildly implemented SAP. This didn't surprise most people since Babangidas government was rumored to have been put in place by foreign governments anyways.

The implementation of this program led to the wholesale selling off of Nigerias prime assets in different sectors of the economy, including the banking, oil and gas , cement and steel etc. While on the surface, it looked like these companies were being sold to some high performing industrialists, the fact of the matter was that the same foreigners that forced the Nigerian government to sell off these businesses to help guarantee efficiency, recruited a retineu of Nigerian business men beholden to foreign interests and funded them to buy off Nigeria assets. The result of this exercise has been damning to the country. Nigeria and Nigerians have never breathed easily ever since.

For instance, if you have done a serious transaction with a Nigerian bank from outside the country, you would have noticed that you are paying double the charges for services, as both the Nigerian end and the new European parent companies charge you for the same deal! Back home, Nigerians see these banks as Nigerian banks, but since the days of "consolidation", Nigerian banks are owned by Europeans with some Nigerians masquerading as owners in Lagos while Nigerians are basically double charged for transactions made through "their own national banks"! There is no single example of a country that has been able to develop her economy with a banking sector that is foreign owned! The motive of these investors is not to make you better than them! Their motive is to make profits and become richer and that's why these banks will only sell products that will facilitate easy profits like loans to importers and not loans to small scale industrialists.

Folks think we are talking about communism when we talk of recalibrating the business Boards of the government in order to put in place quality brains that can help the government make targeted investments in different high yielding sectors of the economy, like buying equities. This is totally wrong! To start with, communist countries don't join The WTO. Just like NATO that's more of military organization, The World Trade Organization has a set of anti communist rules that nations must meet up with before they're allowed in as members. One of those cardinal rules is the INSISTENCE on FREE TRADE. The Chinese government is operating a system that allows her to make these kind of investments in her economy, yet, there is "free trade" in China, just that the government has been extremely skillful enough to calibrate an economic environment that tolorates reasonable government presence in businesses.

So China Inspite of being called. "The communist China" or being ruled by The Communist party, is in practice a "free market economy". How the government has been able to do the needful with government interventions in critical areas of the economy, without necessary going off track with her free market reforms, is the crux of the matter here. France, Germany and most European nations have their socialist parties with ideas that don't totally forbid free ownership of properties, but makes proper insistence on government involvement in the process of organizing the production of goods and services in order to make sure that money made is also used to effect the living standards of the people in better ways. The democratic party in the United States talks of "Free Healthcare"!! What is capitalist about free government services?

The reason why Nigeria is a mess today and will always be is because of the kind of reasoning some Nigerians are sprouting on issues related to free market ideals. A lot of Nigerians either because of the university curriculum that has been tilted towards textbook free market ideologies, or because of the net effects of Western propaganda and brainwashing, are now more capitalist than Adam Smith! Everything has to be pravatized! If you allow Nigerians, they will privatize the Army and Police, since the two agencies have not been living up to expectations. The argument is that government businesses seldom succeed and that money made are looted by corruption. But questions are; how about money being made by big cops in Nigeria? Are those not disappearing into private pockets and into foreign accounts? Tax being paid by this companies are being looted too! So what are you talking about? Looting is Looting, irrespective of the Looter!!

Statistically speaking, do you know that the ration of failed private businesses vs failed government businesses in Nigeria, might be over 100:1 with private businesses failing more? So why have we not sold private businesses off to some foreign heads as a remedy? The whole companies that have been privatized, where are the profits going? MTN relocates billions out of the country every month! Nigerian corrupt elites relocates billions out of the country every month! So what's the noise all about? Billions are being siphoned through some so called privatized organizations previously owned by the government, yet the budget for The Federal ministry of works can not even complete few major projects in a year! The Army is being paid peanut and the police has no serious allocations to fuel their vehicles! Who are these privatized organizations working for then? Nigerians or outsiders!?

If the problem is corruption, face the corruption very severely and solve the problem. But from our experience, it's obvious that the wayward privatisation of government parastatals and the refusal of government to get involved in targeted investments in businesses, have led to a situation where some tiny bunch of highly unpatriotic individuals, whose real loyalty lies outside the shores of the country, are now the new captain of industries and are now milking the nations economy dry, with their ostentatious living and peculiar brand of hedonistic existence. They have billions of dollars made from the country stashed away in foreign accounts, because they don't trust the future of the country they have ruined! They buy more private jets than richer capitalists in bigger economies like China and some are planning to buy football clubs and golf courses in Europe, when the very roads that leads to their mansions in Nigeria are not even tarred! Yet they are the ones that sponsored the politicians.

Lalasticlala

Frigga13:
Every region with their olodo..

And this one believed he make sense ..

Are you telling Nigerians what happened in Nigeria or what they told you?

Or propaganda you read


Which one ?

You make no sense based on what happens between imf and babaginda regime and presidency..

Need to learn economics...

OloYeOfEgbE:
Try make sense na with facts and not asking stinking questions..

You are the one who made no sense..counter him with facts..

Be productive abeg . it's Tuesday or gettat

OloYeOfEgbE:
Try make sense na with facts and not asking stinking questions..

You are the one who made no sense..counter him with facts..

Be productive abeg . it's Tuesday or gettat

Frigga13:


Guess this your alternate moniker

Anyways I don’t need to educate you that scribbled jargons with intent to misinform Nigeria

Do your thing Oga

No need to argue

Only told you your thread is wack and far from Nigeria reality

Where you get your jargons from.. you no explain?

Enjoy your ignorance

Thank you

Rugaria:


Nigerians are like this. You see how he is jumping out of his skin defending foreign interests just to sound like he belongs? Just make a thorough check of all of Nigerias economic or political undertakings and you will find out that whenever some foreign interests decide to undermine the country, they always always use some Nigerians. Even the shell example you gave, it's Nigerians there that are running the show for them. Shell and other Oil multi nationals don't have any serious metering systems to check the amount of oil the lift everyday from Nigeria. Infact, the CIA once reported that an African country exports upto double the amount of oil it declares daily.. Google the declarations of The Justice Irekefe panel of the early 80s on non metering of oil flow stations. This has been going on since the 70s.

What the oil companies do, is to lift as much oil as they can and then quote the numbers to the federal government based on prevailing market prices of the day. They will then remit the amount accruable to the government through The NNPC, since almost half of the earnings will still go back to the same Oil companies through some dubious socalled "joint venture calls"! And you will have a thoroughly empty quantity like the upsart you just quoted, trying hard to defend this indefensible reality because he thinks he knows economics!

OloYeOfEgbE:
[s]are losers alright today?

what's with shifting goal post and illiterates today？

No need to argue so why did you write that trash in the first place. Coward.

Ignorant fellow[/s]

Rugaria:


Nigerians are like this. You see how he is jumping out of his skin defending foreign interests just to sound like he belongs? Just make a thorough check of all of Nigerias economic or political undertakings and you will find out that whenever some foreign interests decide to undermine the country, they always always use some Nigerians. Even the shell example you gave, it's Nigerians there that are running the show for them. Shell and other Oil multi nationals don't have any serious metering systems to check the amount of oil the lift everyday from Nigeria. Infact, the CIA once reported that an African country exports upto double the amount of oil it declares daily.. Google the declarations of The Justice Irekefe panel of the early 80s on non metering of oil flow stations. This has been going on since the 70s.

What the oil companies do, is to lift as much oil as they can and then quote the numbers to the federal government based on prevailing market prices of the day. They will then remit the amount accruable to the government through The NNPC, since almost half of the earnings will still go back to the same Oil companies through some dubious socalled "joint venture calls"! And you will have a thoroughly empty quantity like the upsart you just quoted, trying hard to defend this indefensible reality because he thinks he knows economics!

Buckeyemedia1:
Please Shut up, nonsense Ipobian, The Nigeria Enterprise Promotion Decree of 1972, ruined the private sector business in Nigeria, go back & study your history properly.

Acidbath:


Shut up there. Asaba OSU.

OloYeOfEgbE:


Smellos....With rotten d1cks like my OSU self.

OloYeOfEgbE:
make my ashawa asaba olooshoaa mama shut up abeg.

Acidbath:


make my ashawa asaba olooshoaa mama shut up abeg.

Acidbath:


Smellos....With rotten kitten like my OSU self.

OloYeOfEgbE:


Yes, I am an Ipob pig My d1ck dey smell like goat sh1t

OloYeOfEgbE:


Tell my ash@wo mama she will die.

OloYeOfEgbE:
[s]We refuse to argue with ignorant lots like you outside the country fanning embers of hate..

Abeg ignore this loser..He dey seek for notice wey he nor see abroad. Before the decree,Politicians were saints and weren't corrupt..Before 1972 no corrupt leaders ba?

Jump out abeg[/s]

Lifestone:
This your write up stinks of beer pub ranting of an illiterate forming economists. I initially wanted to ignore you, but seeing how you were trying to defend this contraption of a write up, it will be harm to the uninformed.
Maybe I should ask you to tell us how those Government businesses not privatized has done.
According to you, Nigeria Airway is the best airline in the world today, Nigeria Port Authority is doing very well with the on going life wrecking port congestion, the Refineries is pumping refined petrol that we do not need to import fuel and use money meant for Infrastructures in both road, health and education to pay for subsidy. Yaradua reversed the privatization of the refineries because quack economists like you misadvised him and the results are glaring. The lists are endless.
Your narrative of the SAP was also poorly portrayed, maybe you were grown up to participate in the national discussions and debate over the program, I can not say. But SAP was a precondition to an IMF loan that Babangida regime planned to take, at the end of the nationwide debate, the loan was rejected by Nigeria, but the beneficial part of the SAP was accepted.
I do not see why governments anywhere in the world should be involved in the production of goods and services that private sector can provide. The business of government is to provide policies and enabling environment for private sector to thrive, create jobs and property.

VenumX:


We refuse to argue with ignorant lots like you outside the country fanning embers of hate..

Abeg ignore this loser..He dey seek for notice wey he nor see abroad. Before the decree,Politicians were saints and weren't corrupt..Before 1972 no corrupt leaders ba?

Jump out abeg

OloYeOfEgbE:



Ol000shoo like my ashawo mama must shut up