manny4life:



The real question is what is GEJ doing about it? How will Mr. President reform fiscal and economical policies? We have a long way to go unless our dear president addresses these issues. Nigeria is gradually sliding down the path of POVERTY unless a drastic action is taken

I'll reply shortly . .

oti-igba:

lol!! so this means if i send 5000 US dollars back to naija i will have a million naira,  sweet! nice one!

And that 1 million would still buy you what half a milion use to buy before

cap28:

will you shut your damn deluded mouth, is your mentally deficient "brain" too tiny to deduce that "Dr" Goodluck Jonathan is at the helm of affairs and has the final say with regard to all things concerning the economy of nigeria?

LOL. I wonder what level of education some people possess.

manny4life:



The real question is what is GEJ doing about it? How will Mr. President reform fiscal and economical policies? We have a long way to go unless our dear president addresses these issues. Nigeria is gradually sliding down the path of POVERTY unless a drastic action is taken

i hav bin pondering ova dat all sunday, we can stay in here 4 d nxt 4 yrs debating and kicking each oda bt d fundamental question is wat d h.e.l.l are d big boys at d helm of affairs doing about it?

jason123:

I'll reply shortly . .

Lol, you will reply shortly? Ok, I'll be waiting though I wasn't asking for one. Anyway, reply will be good because Nigerians are gradually getting frustrated.

manny4life:

The real question is what is GEJ doing about it? How will Mr. President reform fiscal and economical policies? We have a long way to go unless our dear president addresses these issues. Nigeria is gradually sliding down the path of POVERTY unless a drastic action is taken

I don't think our fiscal policy is the problem (it is a problem). It is more of our production base, it is in such wretched state that it looks almost impossible to tackle. Nigeria is more like a dump than a functioning country and it will take gargantuan effort to cure the various industrial, economic, educational and power generation / fuel supply constraints facing the country.

The above regardless, IMHO the FG is taking tentative steps in the right direction by first of all sanitizing the petroleum sector (the steps taken toward that so far, are a full thread on their own). Before the current govt, our mode of selling oil was as follows:

[list]
[li]Shell (or similar) would drill oil[/li]
[li]Govt would go to Shell to ask how much oil they drilled[/li]
[li]Shell would give any figure and pay off officials with hard cash or bunkering deals[/li]
[li]At the shipping points, there were no meters to measure how much oil was being pumped into tankers[/li]
[/list]

All of that has now changed, and the remaining leaches are in the fuel subsidy cycle. They will soon be gone too.

So, bruv a lot has been done in that area although its been all done quietly (there's little choice when mega powers are being dealt with).

As for improving our production base and diversifying the economy, please view my last post before this (not the best summary, but it points out where things are going). Aside from that the current govt believes in empowering the private sector, it is in this area I believe they have lagged and a bit more can be done.

pkv:

i hav bin pondering ova dat all sunday, we can stay in here 4 d nxt 4 yrs debating and kicking each oda bt d fundamental question is wat d h.e.l.l are d big boys at d helm of affairs doing about it?

I know right, we can ponder ALL we want but until things are done the right way, we the Nigerians (pity for the lower masses) are in for one hell of a ride.

manny4life:



The real question is what is GEJ doing about it? How will Mr. President reform fiscal and economical policies? We have a long way to go unless our dear president addresses these issues. Nigeria is gradually sliding down the path of POVERTY unless a drastic action is taken

Sliding down? Nigerians will be in abject poverty come next year after the removal of subsidy. You see, the Nigerian economy is FULLY dependent on Oil. We Nigerians have a lazy mentality. We simply expect money to come to us. An economy with such principles will fail. Our mentality should be, "How do we make more money to cater for our needs as a society".

Mr. President has two options:
1) To implement true federalism: This will FORCE regions and indeed people, to be self reliant. After all, money well earned is money well spent. The hard working people will be able to hold their government accountable because they are the ones working for their money in which they pay taxes from
The problem is; since Nigeria has been so used to "free money". The economic shock of Federalism will be a constant source of nightmare to the "powers" and those benefiting from the corridors of power. In fact, I don't think the senate will ever pass such a bill.

2) Micro and Macro finance: We need to seriously help the up-coming entrepreneurs and inventors, especially farmers. Nigeria's economy was based on agriculture when we had regional governments. The West were one of the largest produces of cocoa (Even now,  they are 4th largest cocoa producers in the world.Exports of cocoa products from Nigeria, the fourth-largest producer of the beans, rose 47 percent to $822.8 million in 2010, according to Olakunle Akingbola, business development manager of Cobalt International Services, an inspection company. . . Cocoa is Nigeria’s second-biggest foreign-exchange earner after crude oil. http://www.bloomberg.com/news/2011-06-02/nigeria-s-cocoa-bean-exports-climbed-by-47-last-year-akingbola-says.html). The East was the largest producer of palm oil in the world. The North had their groundnut pyramids.
Nigeria's greatest asset is the people, not oil. We have the population and the brains for cheap labour and and innovations(e.g Innoson motors in the SE), respectively.
Until GEJ invest seriously in our agriculture, there is simply no way out of this quagmire. He should be aware of this.

Until GEJ takes a MAJOR step in one of the two points above, we will still have issues with the dollar.

Beaf:

I don't think our fiscal policy is the problem (it is a problem). It is more of our production base, it is in such wretched state that it looks almost impossible to tackle. Nigeria is more like a dump than a functioning country and it will take gargantuan effort to cure the various industrial, economic, educational and power generation / fuel supply constraints facing the country.

The above regardless, IMHO the FG is taking tentative steps in the right direction by first of all sanitizing the petroleum sector (the steps taken toward that so far, are a full thread on their own). Before the current govt, our mode of selling oil was as follows:

[list]
[li]Shell (or similar) would drill oil[/li]
[li]Govt would go to Shell to ask how much oil they drilled[/li]
[li]Shell would give any figure and pay off officials with hard cash or bunkering deals[/li]
[li]At the shipping points, there were no meters to measure how much oil was being pumped into tankers[/li]
[/list]

All of that has now changed, and the remaining leaches are in the fuel subsidy cycle. They will soon be gone too.

So, bruv a lot has been done in that area although its been all done quietly (there's little choice when mega powers are being dealt with).

As for improving our production base and diversifying the economy, please view my last post before this (not the best summary, but it points out where things are going). Aside from that the current govt believes in empowering the private sector, it is in this area I believe they have lagged and a bit more can be done.

The reason why I think otherwise (fiscal policy) is that government IMO isn't doing much to encourage production. A key part of a fiscal policy for instance Government Expenditure; Nigerian govt is not spending on the right programs, for instance govt can encourage production if it removes taxes on raw materials, remove unnecessary barriers to entry for both small and medium size business, reduce individual and corporation taxes, etc. We are not spending on infrastructures neither are we developing ourselves with the right things, so you can see why I said our govt fiscal programs is questionable.

The only govt that can encourage production is the Federal Govt; the govt must SPEND on the right programs and utilize its resources within its means. For instance, Nigeria takes loans yet what did we use it for? As for shell and other oil companies, these companies are RICH and WEALTHY, Exxon Mobil, the third largest corporation in the world after Walmart operates in Nigeria, have Nigeria enforced them to build refineries to tackle the needs of local production? Nigeria has a LARGE market base that our govt can capitalize on and force companies to produce here.

Beaf I understand your point that the govt is trying but IMO, it isn't good enough. I think our president need to try harder and implement strong policies. First off tackle corruption, create a court tribunal (not regular fed court) that speeds up criminal fraud cases particular those in govt. As for the shell issue, that is corruption there, GEJ needs to tackle corruption head on even if heads will roll.

fresh air

jason123:

Sliding down? Nigerians will be in abject poverty come next year after the removal of subsidy. You see, the Nigerian economy is FULLY dependent on Oil. We Nigerians have a lazy mentality. We simply expect money to come to us. An economy with such principles will fail. Our mentality should be, "How do we make more money to cater for our needs as a society".

Mr. President has two options:
1) To implement true federalism: This will FORCE regions and indeed people, to be self reliant. After all, money well earned is money well spent. The hard working people will be able to hold their government accountable because they are the ones working for their money in which they pay taxes from
The problem is; since Nigeria has been so used to "free money". The economic shock of Federalism will be a constant source of nightmare to the "powers" and those benefiting from the corridors of power. In fact, I don't think the senate will ever pass such a bill.

2) Micro and Macro finance: We need to seriously help the up-coming entrepreneurs and inventors, especially farmers. Nigeria's economy was based on agriculture when we had regional governments. The West were one of the largest produces of cocoa (Even now,  they are 4th largest cocoa producers in the world.Exports of cocoa products from Nigeria, the fourth-largest producer of the beans, rose 47 percent to $822.8 million in 2010, according to Olakunle Akingbola, business development manager of Cobalt International Services, an inspection company. . . Cocoa is Nigeria’s second-biggest foreign-exchange earner after crude oil. http://www.bloomberg.com/news/2011-06-02/nigeria-s-cocoa-bean-exports-climbed-by-47-last-year-akingbola-says.html). The East was the largest producer of palm oil in the world. The North had their groundnut pyramids.
Nigeria's greatest asset is the people, not oil. We have the population and the brains for cheap labour and and innovations(e.g Innoson motors in the SE), respectively.
Until GEJ invest seriously in our agriculture, there is simply no way out of this quagmire. He should be aware of this.

Until GEJ takes a MAJOR step in one of the two points above, we will still have issues with the dollar.

All you listed is the bone of contention; great ideas but it does seem like we aren't getting neither of the two. My main concern is "where do we go from here"? IMO, Nigeria is at it's breaking point; I read on a new post that subsidies is about to be removed and when it does happen, fuel sells at $140, I think that's outrageous given the fact the economy isn't ready for such, we don't have enough refineries to massively produce. Again, our president NEEDS to step up his game and take control of this economy that's about to disintegrate, because if it does, Nigeria will be at the verge of serious collapse though we haven't seriously achieved anything.

manny4life:


All you listed is the bone of contention; great ideas but it does seem like we aren't getting neither of the two. My main concern is "where do we go from here"? IMO, Nigeria is at it's breaking point; I read on a new post that subsidies is about to be removed and when it does happen, fuel sells at $140, I think that's outrageous given the fact the economy isn't ready for such, we don't have enough refineries to massively produce. Again, our president NEEDS to step up his game and take control of this economy that's about to disintegrate, because if it does, Nigeria will be at the verge of serious collapse though we haven't seriously achieved anything.

The way I see it is; if he (the president) cannot address more serious issues and put in place a source of constant power before the removal of fuel subsidy. The people will be in a dilemma and "something has to give". May God spare our lives till next year. . . .

This is what happens in a country where people have lost their thinking caps and the only thing they are good at is gthering every friday or sunday like idiots to donate money to the smart ones in return for Good Speeches and false hope. GUYS START THINKING. I can bet a foreigner will still see oppurtunities in this country but because we don't think nothing go happen. What do you produce? How do you want your currency to compete with others? even the oil you produce is at a loss cause it gets sold back to you at a higher price. Buhari has put himself forward three times and you have turned him down.Thats the only leader that actually tried to fix Nigeria. YOU guys never see anything. Keep on enjoying your fresh air that you voted for.For those of you that don't remember Buhari ask your parents about bros Idi agbon.

Hmmmmmmmm,
Why am I tempted to start accumulating the US dollars to protect my naira cash? Very risky thoguh, but for a fact we all know that if the gov. continues to do the same thing in the same old way, then the sliding trend is not likely to change.

gists:

Hmmmmmmmm,
Why am I tempted to start accumulating the US dollars to protect my naira cash? Very risky thoguh, but for a fact we all know that if the gov. continues to do the same thing in the same old way, then the sliding trend is not likely to change.

Imo best to keep your money in a hard currency like dollars or euro.

Too dangerous to hold naira

Mtchewwwwwww

Misleading thread!

[b]ANOTHER INDICATION THAT THE USA IS USING THE NIGERIAN ECONOMY FOR THEIR ECONOMIC PICNIC.WHAT IS THE NIGERIAN GOVERNMENT DOING?INFACT THE GOVERNMENT IS ALSO THINKING TO TIGHTEN THE ROPE ROUND THE NECKS OF NIGERIANS BY INCREASING FUEL PRICE.IF THEY WANT TO REMOVE SUBSIDY,THEN WHY NOT PRIVATIZE THE OIL SECTOR AND LET THERE BE COMPETITIVE PUMP PRICES? IT HAS BEING IN THE INTEREST OF THE AMERICAN ECONOMY FOR THE NAIRA TO DROP AND FUEL PRICE TO INCREASE IN NIGERIA.DOESN'T THIS SHOW THAT THE GOVERNMENT OF JONATHAN IS NOT STRONG ENOUGH TO PROTECT NIGERIAN INTERESTS AND RESIST THE EVIL PLOTS OF THE AMERICANS AND THE WEST WHICH IS ALWAYS AIMED AT THE EXPLOITATION OF OTHER NATIONS TO MAINTAIN THEIR ECONOMIES?THIS A TIME THE ECONOMIES OF AMERICA AND EUROPE ARE HAVING CRISES AND THE DOLLAR IS FALLING AGAINST OTHER CURRENCIES.BOTH VENEZUELA AND IRAN (OIL PRODUCING COUNTRIES) ARE TAKING ADVANTAGE OF THE ECONOMIC PROBLEMS IN THE WEST AND DEVALUING THE DOLLAR PARTICULARLY AND EMPOWERING THEIR LOCAL CURRENCIES.BUT WHY IS THE NAIRA DROPPING AND NEVER GAINING VALUE? (dem swear for Nigeria?) ISN'T THE NAIRA BEING USED AS SCAPEGOAT AND A VICTIM OF WESTERN EXPLOITATION? OR IS THE GOVERNMENT TOO INCOMPETENT?WHENEVER OUR ECONOMY SHOWS SIGNS OF IMPROVEMENT AND NIGERIANS SEEM TO BE STRIVING FOR A BETTER LIFE IN THEIR COUNTRY,THE DOLLAR WOULD GAIN VALUE AND FUEL PRICE WOULD INCREASE.I WONDER IF THIS ISN'T ALL PART OF A CONSPIRACY AND A DRIVE TO KEEP EMERGING ECONOMIES FOREVER ENSLAVED.WHY IS THE GOVERNMENT JUST SLEEPING ON THESE KEY ISSUES.THE ISSUE OF FUEL PRICE AND THE  EXCHANGE RATE SHOULD STOP BEING MANIPULATED.THESE TWO ITEMS SHOULD BECOME KEY ISSUES DURING PRESIDENTIAL ELECTIONS.NIGERIANS NEED STABLE AND LOW PUMP PRICE AND THE NAIRA TO BE STRONG.ONLY THOSE WHO CAN ACHIEVE THOSE TWO ITEMS SHOULD BE VOTED FOR TO BECOME PRESIDENT.[/b]

Onyocha:

[b]ANOTHER INDICATION THAT THE USA IS USING THE NIGERIAN ECONOMY FOR THEIR ECONOMY PICNIC.WHAT IS THE NIGERIAN GOVERNMENT DOING?INFACT THE GOVERNMENT IS ALSO THINKING TO TIGHTEN THE ROPE ROUND THE NECKS OF NIGERIANS BY INCREASING FUEL PRICE.IF THEY WANT TO REMOVE SUBSIDY,THEN WHY NOT PRIVATE THE OIL SECTOR AND LET THERE BE COMPETITIVE PRICES? IT HAS BEING IN THE INTEREST OF THE AMERICAN ECONOMY FOR THE NAIRA TO DROP AND FUEL PRICE TO INCREASE IN NIGERIA.DOESN'T THIS SHOW THAT THE GOVERNMENT OF JONATHAN IS NOT STRONG ENOUGH TO PROTECT NIGERIAN INTERESTS AND RESIST THE EVIL PLOTS OF THE AMERICANS AND THE WEST WHICH IS ALWAYS AIMED AT THE EXPLOITATION OF OTHER NATIONS TO MAINTAIN THEIR ECONOMIES?THIS A TIME THE ECONOMIES OF AMERICA AND EUROPE ARE HAVING CRISES AND THE DOLLAR IS FALLING AGAINST OTHER CURRENCIES.BOTH VENEZUELA AND IRAN (OIL PRODUCING COUNTRIES) ARE TAKING ADVANTAGE OF THE ECONOMIC PROBLEMS OF THE WEST AND DEVALUING THE DOLLAR PARTICULARLY AND EMPOWERING THEIR LOCAL CURRENCIES.BUT WHY IS THE NAIRA DROPPING AND NEVER GAINING VALUE? (dem swear for Nigeria?) ISN'T THE NAIRA BEING USED AS SCAPEGOAT AND A VICTIM OF WESTERN EXPLOITATION? OR IS THE GOVERNMENT TOO INCOMPETENT?WHENEVER OUR ECONOMY SHOWS SIGNS OF IMPROVEMENT AND NIGERIANS SEEM TO BE STRIVING FOR A BETTER LIFE IN THEIR COUNTRY,THE DOLLAR WOULD GAIN VALUE AND FUEL PRICE WOULD INCREASE.I WONDER IF THIS ISN'T ALL PART OF A CONSPIRACY AND A DRIVE TO KEEP EMERGING ECONOMIES FOREVER ENSLAVED.WHY IS THE GOVERNMENT JUST SLEEPING ON THESE KEY ISSUES.THE ISSUE OF FUEL PRICE AND THE EXCHANGE RATE SHOULD STOP BEING MANIPULATED.THESE TWO ITEMS SHOULD BECOME KEY ISSUES DURING PRESIDENTIAL ELECTIONS.NIGERIANS NEED STABLE AND LOW PUMP PRICE AND THE NAIRA TO BE STRONG.ONLY THOSE WHO CAN ACHIEVE THOSE TWO ITEMS SHOULD BE VOTED FOR TO BECOME PRESIDENT.[/b]

Nawaaooo and u go say you go school so? Even me wey i dey sell part know the fact that US Dollar is the Global trading currency doesn't mean US has a direct impact on the fall of naira. Abeg dash me your certificate i go fit use am better pass you.

@above
you really dont deserve one.do you know how many times the government of china has resisted american attempts to manipulate and devalue the chinese currency against the dollar? The chinese put in place checks to keep their currency strong and stable at the dismay of the americans.

@above
you really dont deserve one.do you know how many times the government of china has resisted american attempts to manipulate and devalue the chinese currency against the dollar? The chinese put in place checks to keep their currency strong and stable at the dismay of the americans.

Onyocha:

@above
you really dont deserve one.do you know how many times the government of china has resisted american attempts to manipulate and devalue the chinese currency against the dollar? The chinese put in place checks to keep their currency strong and stable at the dismay of the americans.

Typical nigerian, all talk no fact.

what is the major or almost only export of nigeria? oil at loss value as the refined stuff is sold back to you. whats your import:export ratio?

youre lucky dollar is not yet 300 naira. mmwwccchheewww. siddon there and be making up stories cause you want to sound intelligent .

jason123:

The way I see it is; if he (the president) cannot address more serious issues and put in place a source of constant power before the removal of fuel subsidy. The people will be in a dilemma and "something has to give". May God spare our lives till next year. . . .

so much 4 ova d decade of deviant democracy

Onyocha:

@above
you really dont deserve one.do you know how many times the government of china has resisted american attempts to manipulate and devalue the chinese currency against the dollar? The chinese put in place checks to keep their currency strong and stable at the dismay of the americans.

Ehmm . . . the US is trying to stop China artificially weakening their currency not the other way round. China, by weakening its currency, makes its exports cheaper relative to other exporters who have a floating currency.

Onyocha: read the analysis above.Now thats someone that understands Global Economy.

very misleading

poster's title "naira heads to 200 to a US dollar"

It then ended up at front page with title "naira drops to 200 to a US dollar."

when you say DROPS, which means it had previously exceeded 200 and it's now coming down to 200.

See as simple english dey worry us.

frenchman2:

very misleading

poster's title "naira heads to 200 to a US dollar"

It then ended up at front page with title "naira drops to 200 to a US dollar."

when you say DROPS, which means it had previously exceeded 200 and it's now coming down to 200.

See as simple english dey worry us.

Frenchman, why you just carry gun shoot yourself for leg? You are truly french When they say Naira DROPS it means naira has lost value, depreciated etc. So if it goes from 200 to 300 Naira/USD the it has Dropped by 50% . OMG!! na waaaoooo.

NA WA OO...SEE ME SEE WAHALA ..WELL THATS NAIJA FOR YOU OO.. AND PLS DONT BE SURPRISE SAY THIS MAN GO WIN 2015 ELECTIONS BY GOD GRACE LE ME HEAR U SAY AND SHOUT AMEN AND NOT UN AMEN OR DIS AMEN BUT AMEN

poster lies

otiigba1:
lol!! so this means if i send 5000 US dollars back to naija i will have a million naira, sweet! nice one!

Damn! Saving money in dollars is the best.