taylor89:
Wale Edun is an Igbo name


He’s from Anambra


We won’t take this


He’s an IPOB


Yoruba Ronu

illiterate forming literate . Do you sleep on this forum ? You are everywhere constituting nuisance . Shame dey shame me for u.

Lateefodutola:
Nigeria was still the same twenty years ago except that it was a little bit if not more better then.
The advent of all this corrupt and greedy leaders has rendered our economy irretrievable and morally degraded.

do something meaningful with your RONU energy. He said 10 years

A decade ago, was 2013, when oil prices had been above $100 and had been so since 2010, with a previous high of $145 in 2008, meaning more money, dollars and investment flowed in. In other words a boom period.

But then after the reggae came the blues...in 2014, April, the Saudis decided to play a game of chicken with the USA over oil prices, and the result was an oil price crash.

Deja vu again.

In 1973, oil prices went up by very high rates thanks to Yom Kippur war...and remained high for most of the rest of the decade. By 1981, we were spending more than we could chew, and then came the October 1982 crash...and then for the rest of the 1980's, we were living in poverty.

Yeah, the economy was 'stable' 10 years ago...because oil prices had been at an all time high. If oil had been low back then, shit would have hit the ceiling.

Dutch disease.

In 2004, we got a warning about what would happen..

The Dutch Disease

In a strict sense, the Dutch disease refers to the crowding out of the traditional export sector by a new booming export sector and the non-tradable goods sector. However, in a broad sense, a country is said to have developed the Dutch disease syndrome when an income "windfall" in the economy leads to harmful or adverse consequences including a decline in the traditional sources of income in the country. The income windfall may come from sharp increases in the price (or production) of exportable (tradable) natural resources (e.g. crude oil, cocoa, coffee, diamond, gold, etc) and/or sharp increases in foreign aid or direct foreign investment or loans, resulting in sharp increase in foreign exchange earnings. The Dutch disease syndrome has existed, albeit in a benign form, since nations started trading with each other. However, it derives its current name from the experiences of the Netherland in the 1960s following the discovery and exploitation of large deposits of natural gas in the country's adjoining North Sea. This led to a significant increase in the country's revenue (foreign exchange) and appreciation of the country's currency (i.e. the Dutch guilder became stronger) which in turn led to a reduction in the competitiveness of the non-oil tradable goods sector of the economy. What was otherwise a positive development in the oil sector led to problems in other sectors of the economy including a depression in the non-oil export sector. It was not until the mid 1970s that the Dutch disease took a malignant form in many oil-exporting and some other mono-cultural developing countries as well as in some aid-dependent countries.


Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. [b]The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. [b]Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty[/b]

In an extreme case, the Dutch Disease can lead to "Immiserising Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare (Bhagwati, 1958). This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth. It is an extreme case of self-defeating growth. Although the theory of Immiserising Growth was not originally developed for oil-exporting countries, its tenets apply to many oil-exporting countries in the sense that despite the substantial increase in their export revenue, they have suffered significant decline in general welfare due largely to mismanagement of their oil revenue. Thus, the Dutch Disease syndrome confirms the assertion by a Spanish writer in the 16th Century that "the gratification of wealth is not found in mere possession or in lavish expenditure but in its wise application". Although the main manifestation of the Dutch disease syndrome in an oil exporting country is the decline or depression in the non-oil export sector, other "collateral" manifestations include appreciation of the real exchange rate at the onset, increase in corruption, increase in external debt and increase in poverty. However, an oil-exporting country must not suffer from the Dutch Disease. Furthermore, not all oil-exporting countries suffering from the disease have all "collateral" manifestations at the same time. Country experiences vary considerably depending on their political economy.

Source: Managing the Dutch disease in Nigeria

10 years ago, we had boomtime...then the revenues fell down.

If you want to know why our economy has always been a mess, and why people were complaining in the midst of plenty...read the above.

Right now, we are where we are in the late 1980's.

What it would take is simple. We have to stop relying on oil money.

taylor89:
Wale Edun is an Igbo name

He’s from Anambra

We won’t take this

He’s an IPOB

Yoruba Ronu

typical igbo man from awkuzu

so Tinubu and APC came and carried us from GEJ 2015 economy to this.... now, Tinubu if all goes well, takes us to GEJ 2015, assuming...

Nigeria na circus

The same persons brought down the government that stabilise our economy because of tribal hatred and we are were we are now. APC tirrr.

And the morons APC supporters won't accept this fact.

Most people that commented on the first page didn't read the article...

igwebuike01:
The consequences of Igbo marginalization. Meanwhile Igbos are thriving in their individual businesses while the economy is sinking

come see how houses are springing up in my village

That's 2013 correct, PDP was in power then

Nemere2020:


https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

helinues yarimo FreeStuffsNG seunmsg madridguy Ttalk AntiChristian duro4chang lhordspy etc.

Why did you notorious hypocrites and hired syncophants of APC ignore this post?

Lateefodutola:
Nigeria was still the same twenty years ago except that it was a little bit if not more better then.
The advent of all this corrupt and greedy leaders has rendered our economy irretrievable and morally degraded.

Madness

ZombiePUNISHER:


Ronu people supported our decline under Buhari for eight years..

what exactly did they gain from it?..

A Tinubu presidency that will bury the country

ponu tribe talk

ZombiePUNISHER:


Did you know that it took Buhari months to inaugurate his cabinet?..
The Economy took a bad hit as everything was in comatose.

Buhari successfully made Nigeria the poverty capital, and that in turns means insecurity because people must feed.. Bandits, herdsmen, kidnappers, ipob, Unknown gunmen all were Buhari creation..

But why would Ronu People support this for bloody eight years?.. I can't understand this level of self hate..

But Agbadorian Miscreants blame IPOB on Peter Obi. 😏😒

Mr Edun I doubt if you know what your doing. By December the economy will crash.

Mr Propaganda.....you are not doing well 😄😄😄

taylor89:
Wale Edun is an Igbo name


He’s from Anambra


We won’t take this


He’s an IPOB


Yoruba Ronu

PDP is actually right in their claim yesterday then. Cos even me can testify. I bought my fist flat screen TV in 2011 32'' korean tear rubber at 25k. D same tv is now going for 75k. So wat has changed. Nothing. I also made my first 800k in 2014. Now got so broke that I turn to a begger on nairaland.

ZombiePUNISHER:


Only a fool and tribal warlord supports APc

it takes nothing to know that since APc came on board we have been retrogressing as a country..

yet these senseless vampires supported Buhari for bloody eight years..
the likes of helinues and yamiro are people i share a country with.. OMG

as in bro you can't even fathom how miserable these folks are, buhari was a complete plague on Nigeria yet these folks supported and defended him even till the last day.

Rich4god:
With the way this man is just dishing out truth eh... From saying that NBS statistics on employment rate is flawed to this statement.

Be like say very soon corn people will start calling him Obedients and IPOb member.

even though my choice is tinubu, i am still hes greatest critic, unemployment is 4%, just imagine
thank God someone is saying the truth





what i dont like about ibo is that u must not vote for anybody than obi and thats not democracy

Okoroawusa:
Most people that commented on the first page didn't read the article...

Mr Agbadorian,

What the Man said is 'The Economy was better in 2013 in the Govt of Jonathan/PDP'.😏

The USELESS party called APC which you killed support killed this country. 🙁😒

Khyrvxjzy:


even though my choice is tinubu, i am still hes greatest critic, unemployment is 4%, just imagine
thank God someone is saying the truth





what i dont like about ibo is that u must not vote for anybody than obi and thats not democracy

IgboPhobia has Damaged ur senses!😕

In 1999 and 2003, Igbos voted Obasanjo/PDP
In 2007, Igbos voted Yaradua/PDP
In 2011 and 2015, Igbos voted Jonathan/PDP
In 2023, Igbos voted Obi/Labour Party.😏🙂

Igbos try to Vote for BEST Candidates.🙂

But some DingBats claim that they put all their Eggs in one basket.😒

Y will any Sane Person vote for APC which DESTROYED Nigeria in 8yrs

Work and work to improve the already battered economy. Young and old are leaving the country in droves to become a second class citizens in other nations. Doing 'RED-COLLAR JOBS' if there is such English, just to drive home my point.

ZombiePUNISHER:


Only a fool and tribal warlord supports APc

it takes nothing to know that since APc came on board we have been retrogressing as a country..

yet these senseless vampires supported Buhari for bloody eight years..
the likes of helinues and yamiro are people i share a country with.. OMG

Mannabbqgrillz, Helinues, FreeStuffsNG, Yarimo, IconicR, make una come oooooo!!!

Lateefodutola:
Nigeria was still the same twenty years ago except that it was a little bit if not more better then.
The advent of all this corrupt and greedy leaders has rendered our economy irretrievable and morally degraded.

That time you were buying rice 8500 a bag, 190$ and lot more. Say the truth and shame Buhari and Tinubu .

foleskay:
PDP is actually right in their claim yesterday then. Cos even me can testify. I bought my fist flat screen TV in 2011 32'' korean tear rubber at 25k. D same tv is now going for 75k. So wat has changed. Nothing. I also made my first 800k in 2014. Now got so broke that I turn to a begger on nairaland.

There are so Many like you.😕

They lived Large and COMFORTABLE under GEJ's govt!🙁🙂

But Today, they are Struggling Badly, under the USELESS APC regime.😒

Nemere2020:


https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

They want to increase tax and implement the Lagos model where Alpha Beta collects 10% commission of federal taxes. He was on the committee that enslaved Lagosians to Alpha Beta for infinity.

Nemere2020:


https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

That's GEJ Regime.

They are failures too. Yoruba people say....

'Eyes wey go last u till old age no-go dey give u problem at early age'


Bihari performed better than these dudes in his first three months.

Hmm...so the PDP through their apokeamn was essentially right after all.

What sayeth thou naysaying supporters of the ruling empire.

VinnyBaba:


IgboPhobia has Damaged ur senses!😕

In 1999 and 2003, Igbos voted Obasanjo/PDP
In 2007, Igbos voted Yaradua/PDP
In 2011 and 2015, Igbos voted Jonathan/PDP
In 2023, Igbos voted Obi/Labour Party.😏🙂

Igbos try to Vote for BEST Candidates.🙂

But some DingBats claim that they put all their Eggs in one basket.😒

Y will any Sane Person vote for APC which DESTROYED Nigeria in 8yrs

what are you saying, are you even the person i quoted?

anyway wit ibo not wanting people to vote their choice, no ibo man will be president

Bigchristo:
So he shouldn’t have speak the truth because Tinubu gave some few Igbo people a slot to be in his government? Una too like to twist the narrative to una favor meanwhile hunger Dey wire una ears 👂 🤣🤣💔

That nigga was being sarcastic bro. Some of you need to return to school to acquire more knowledge.

I need someone to refresh my struggling memory. Who was President 2013 and 2014 he's talking about? Talk is cheap. Ambition is also cheap. Looting, looting, looting. And a lazy, incompetent bigot terrorized his way to power and destroyed everything Nigeria ever stood for.