With the recent news that dollars is going to be deemphasized and might probably lose values, I'm beginning to think twice about my relocation move. My uncle that recently came back from the US gave me $5000 to do business and I initially thought about using this money to move abroad.

I'm not like an average Nigerian who get carried away with "there are good road and 99hr power supply abroad". When I travel, I'm going there to go and make money not to count ceiling and take hot picture for the Instagram and to pepper people at home.

If dollars get decentralized and $1 = about #250, thouh this development will not go well with people abroad since they'll have fear that the little they send home will no longer be able to surprise anyone, and their usual conversion strategy will no longer work. But on the other hand, this move will help people in Nigeria as there won't be that much of a difference between someone earning #500,000 in Nigeria and the one earning $3000 abroad

What kind of agbado economics is this . How does the Nigerian government intend to get the dollar to 250 naira to a dollar when we only made 460 million usd in inflows for all of 2022 and it will be lower from this year onward. You can't even access dollar in Nigeria if you have a dorm account now. It's very difficult. So how?

Tadadobe:
With the recent news that dollars is going to be deemphasized and might probably lose values, I'm beginning to think twice about my relocation move. My uncle that recently came back from the US gave me $5000 to do business and I initially thought about using this money to move abroad.

I'm not like an average Nigerian who get carried away with "there are good road and 99hr power supply abroad". When I travel, I'm going there to go and make money not to count ceiling and take hot picture for the Instagram and to pepper people at home.

If dollars get decentralized and $1 = about #250, thouh this development will not go well with people abroad since they'll have fear that the little they send home will no longer be able to surprise anyone, and their usual conversion strategy will no longer work. But on the other hand, this move will help people in Nigeria as there won't be that much of a difference between someone earning #500,000 in Nigeria and the one earning $3000 abroad

parochial mind

When oil price was booming, how did it affect our economy?

Recently 1£ was 1€, how did it affect your economy positively?

You obviously do not know what you are saying.

Tadadobe:
With the recent news that dollars is going to be deemphasized and might probably lose values, I'm beginning to think twice about my relocation move. My uncle that recently came back from the US gave me $5000 to do business and I initially thought about using this money to move abroad.

I'm not like an average Nigerian who get carried away with "there are good road and 99hr power supply abroad". When I travel, I'm going there to go and make money not to count ceiling and take hot picture for the Instagram and to pepper people at home.

If dollars get decentralized and $1 = about #250, thouh this development will not go well with people abroad since they'll have fear that the little they send home will no longer be able to surprise anyone, and their usual conversion strategy will no longer work. But on the other hand, this move will help people in Nigeria as there won't be that much of a difference between someone earning #500,000 in Nigeria and the one earning $3000 abroad

subsidy removal will retain more dollars thus cause dollar to fall, the only issue will be high cost of living

Tobijays:
subsidy removal will retain more dollars thus cause dollar to fall, the only issue will be high cost of living

Brother man, where did you read this?

Fall to like how much, I'm curious?

Four years time, OP will either japa or deactivate this account.

You don't know what you're saying

Karleb:


Brother man, where did you read this?

Fall to like how much, I'm curious?

Nigeria paid over 10 billion dollars to importers of PMS to help reduce the cost of a liter to Nigeriansin 2022. It was paid in dollars thus depleting our dollar reserves Now government say they are not more paying! That will retain over 50 billion dollars in 5 years! Coupled with dollar issue internationally, 300 Naira to 1 dollar is feasible by end of 2025

Karleb:
When oil price was booming, how did it affect our economy?

Recently 1£ was 1€, how did it affect your economy positively?

You obviously do not know what you are saying.

we can never feel the impact of oil boom due to subsidy Nigeria pays! And ther is massive corruption, billions of dollars is stolen by massive adding of figures which PO rightly put! Canceling it totally will be great for the economy! The only way we make dollars is thru oil sales, if we now pay massive chunks to the marketers na lose lose! The best solution is our refinery that can cover country’s needs . if we have that 1 dollar will be 50 naira

Tobijays:
Nigeria paid over 10 billion dollars to importers of PMS to help reduce the cost of a liter to Nigeriansin 2022. It was paid in dollars thus depleting our dollar reserves Now government say they are not more paying! That will retain over 50 billion dollars in 5 years! Coupled with dollar issue internationally, 300 Naira to 1 dollar is feasible by end of 2025

You're joking, right?

This will only mean we have 10 billion dollar more to go around in the country.

Dollar is still going to be strong for a long time, even if it weakens and this country continues in its path of destruction, it wouldn't change anything, it might even get worse.

Karleb:




You're joking, right?

This will only mean we have 10 billion dollar more to go around in the country.

Dollar is still going to be strong for a long time, even if it weakens and this country continues in its path of destruction, it wouldn't change anything, it might even get worse.

dollars is strong it is naira that is weak, was a dollar not 150 naira, so what happened? If Jonathan had gone ahead to not pay any subsidy at all it would have made Naira stronger, maybe 100 naira to a dollar! Iweala proposed it! The country need grew more more! Oil subsidy became the biggest fraud and easiest fraud bleeped up naira bad

tensazangetsu20:
What kind of agbado economics is this . How does the Nigerian government intend to get the dollar to 250 naira to a dollar when we only made 460 million usd in inflows for all of 2022 and it will be lower from this year onward. You can't even access dollar in Nigeria if you have a dorm account now. It's very difficult. So how?

https://www.nairaland.com/7641910/rivers-kano-abia-27-states#122314172

I think you need to check this thread.
Nigeria attracted 5.33 billion dollars investment in 2022 against the 406m you quoted.

Karleb:




You're joking, right?

This will only mean we have 10 billion dollar more to go around in the country.

Dollar is still going to be strong for a long time, even if it weakens and this country continues in its path of destruction, it wouldn't change anything, it might even get worse.

dollar strength is tested against Euros, Pounds Yen, yuan too even Rands too not against Naira! Dollar is very scarce rn because of subsidies we pay simple!

Tobijays:
we can never feel the impact of oil boom due to subsidy Nigeria pays! And ther is massive corruption, billions of dollars is stolen by massive adding of figures which PO rightly put! Canceling it totally will be great for the economy! The only way we make dollars is thru oil sales, if we now pay massive chunks to the marketers na lose lose! The best solution is our refinery that can cover country’s needs . if we have that 1 dollar will be 50 naira

This your economics is giving Emefiele.

So if we have our refineries, 1 dollar will be 50 naira. Haba now, fear God.

When you cancel subsidy and the price of an average good or service becomes x4 of what it used to be, what does the government have to mitigate that?

Tobijays:
dollar strength I is tested against Euros, Pounds and yen yuan too even Rands too

I don’t get?

emmaodet:


https://www.nairaland.com/7641910/rivers-kano-abia-27-states#122314172

I think you need to check this thread.
Nigeria attracted 5.33 billion dollars investment in 2022 against the 406m you quoted.

It's not true. Check the world bank data. Even when we attracted a lot of investments pre APC the value never ever reach 5 billion usd. That data is written by APC. We attracted 5 billion yet to withdraw 100 USD from account na data science.

Karleb:


This your economics is giving Emefiele.

So if we have our refineries, 1 dollar will be 50 naira. Haba now, fear God.

When you cancel subsidy and the price of an average good or service becomes x4 of what it used to be, what does the government have to mitigate that?

We never had a functioning refinery and dollar was 150! So what do you think will happen when we don’t pay foreigners dollars to buy PMS
Cost of living definitely will rise! But that won’t impact on Dollar

Tobijays:
dollars is strong it is naira that is weak, was a dollar not 150 naira, so what happened? If Jonathan had gone ahead to not pay any subsidy at all it would have made Naira stronger, maybe 100 naira to a dollar! Iweala proposed it! The country need grew more more! Oil subsidy became the biggest fraud and easiest fraud bleeped up naira bad

Nigeria has been paying fuel subsidy since 70s when the economy was way better.

The bad economy has little to do with fuel subsidy, it is the handy work of incompetent leaders who have no idea what they are doing.

One spent N12b on 10 fire trucks and another is trying to borrow $800m for palliatives.

Dey play.

Karleb:


Nigeria has been paying fuel subsidy since 70s when the economy was way better.

The bad economy has little to do with fuel subsidy, it is the handy work of incompetent leaders who have no idea what they are doing.

One spent N12b on 10 fire trucks and another is trying to borrow $800m for palliatives.

Dey play.

didn’t I say corruption plays a part! That is why nobody focused on a refinery! One thing though, ther is more demand for PMS than before!

emmaodet:


https://www.nairaland.com/7641910/rivers-kano-abia-27-states#122314172

I think you need to check this thread.
Nigeria attracted 5.33 billion dollars investment in 2022 against the 406m you quoted.

Baba it's not true.

emmaodet:


https://www.nairaland.com/7641910/rivers-kano-abia-27-states#122314172

I think you need to check this thread.
Nigeria attracted 5.33 billion dollars investment in 2022 against the 406m you quoted.

no mind these cats bro. They dropped a phantom fact/statistic, but as we both know they will not simply say, 'ok I was wrong OR I am not sure'. I was prompted to do little cursory search on the subject, even the much touted world Bank data and that figure of $460m is just fictitious. The figures for 2022 are not in the public domain YET. Last quoted figures were 2021 at $3.3b . Anyone who has evidence, Let's see screenshots so we all can learn.

See screenshot of the world bank website and another site referencing the same world Bank data/site.

Treadway:
no mind these cats bro. They dropped a phantom fact/statistic, but as we both know they will not simply say, 'ok I was wrong OR I am not sure'. I was prompted to do little cursory search on the subject, even the much touted world Bank data and that figure of $460m is just fictitious. The figures for 2022 are not in the public domain YET. Last quoted figures were 2021 at $3.3b . Anyone who has evidence, Let's see screenshots so we all can learn.

See screenshot of the world bank website and another site referencing the same world Bank data/site.

They are getting from here. But even that trading economics shows a negative of -600 million usd for Nigeria in 2022

https://www.bloomberg.com/news/articles/2023-04-04/nigeria-s-fdi-plunges-33-months-before-president-elect-tinubu-takes-office

I would have said it's a lie but then there's very few job openings in Nigeria now. It's also very difficult accessing forex especially if you have a dorm account and practically a lot of my friends complain of the same thing too. It wasn't like this even as of 2021. You could do dollar pickup from azimo. Now you can't. If Nigeria was getting 5 billion usd inflow, forex shouldn't be scarce at all. Even buying dollars at black market now isn't easy as before. It's not readily available as it was even 2 years back.

tensazangetsu20:


They are getting from here. But even that trading economics shows a negative of -600 million usd for Nigeria in 2022

https://www.bloomberg.com/news/articles/2023-04-04/nigeria-s-fdi-plunges-33-months-before-president-elect-tinubu-takes-office

I would have said it's a lie but then there's very few job openings in Nigeria now. It's also very difficult accessing forex especially if you have a dorm account and practically a lot of my friends complain of the same thing too. It wasn't like this even as of 2021. You could do dollar pickup from azimo. Now you can't. If Nigeria was getting 5 billion usd inflow, forex shouldn't be scarce at all. Even buying dollars at black market now isn't easy as before. It's not readily available as it was even 2 years back.

nice of you to share the link where you got that figure from. But it is at variance with the facts/figures from both the NBS and The world bank., and I know why. One minute the author is writing with reference to total capital importation into the country, and the next he is writing about a subset of that total capital import which is FDI, but isn't clarifying or delineating both. The problem with that is that it can confuse people to think that is all the country's capital import which is what has played out here. While I won't argue about the FDI figures, as more info is needed, I did read your link and it did reference the NBS, but for now only Q1 and Q2 data are on the NBS site, and FDI for those two quarters are quite in line with that theory at a total of about 300m, but it also shows the delineation that the Bloomberg article didn't clarify which explains the discrepancy. Cheers

Note: I have the screenshot of Q2 but it is almost same figure as Q1 but a little lower, which is why I just said the sum in my post

Treadway:
no mind these cats bro. They dropped a phantom fact/statistic, but as we both know they will not simply say, 'ok I was wrong OR I am not sure'. I was prompted to do little cursory search on the subject, even the much touted world Bank data and that figure of $460m is just fictitious. The figures for 2022 are not in the public domain YET. Last quoted figures were 2021 at $3.3b . Anyone who has evidence, Let's see screenshots so we all can learn.

See screenshot of the world bank website and another site referencing the same world Bank data/site.

Abi

tensazangetsu20:


It's not true. Check the world bank data. Even when we attracted a lot of investments pre APC the value never ever reach 5 billion usd. That data is written by APC. We attracted 5 billion yet to withdraw 100 USD from account na data science.

That's actually correct but the right name is capital importation. FDI is a subset of capital importation which was 468M for 2022. Capital importation was 5,328M

Treadway:
nice of you to share the link where you got that figure from. But it is at variance with the facts/figures from both the NBS and The world bank., and I know why. One minute the author is writing with reference to total capital importation into the country, and the next he is writing about a subset of that total capital import which is FDI, but isn't clarifying or delineating both. The problem with that is that it can confuse people to think that is all the country's capital import which is what has played out here. While I won't argue about the FDI figures, as more info is needed, I did read your link and it did reference the NBS, but for now only Q1 and Q2 data are on the NBS site, and FDI for those two quarters are quite in line with that theory at a total of about 300m, but it also shows the delineation that the Bloomberg article didn't clarify which explains the discrepancy. Cheers

Note: I have the screenshot of Q2 but it is almost same figure as Q1 but a little lower, which is why I just said the sum in my post

The article was correct and it is in line with the NBS figures for 2022. It was only referring to FDI which is a subset of capital importation. FDI was 468M and capital importation was 5,328M

studyless123:


The article was correct and it is in line with the NBS figures for 2022. It was only referring to FDI which is a subset of capital importation. FDI was 468M and capital importation was 5,328M

yea.. that's my take too. Cheers.