World bank has never and will never have the Nigerian interest at heart.
Any move that will bring Nigeria out of neo-colonial slavery will NEVER be supported... we need to know this and know peace!

WORLD BANK CANNOT DESTROY OUR CBN,MAY GOD FIRE THEM WITH MASSIVE FIRE AND BRIMSTONE,USELESS CAPITALIST PEOPLE.
SO THEY ARE ENJOYING THE HARDSHIP NIGERIANS ARE FACING.

Tzar:
World bank has never and will never have the Nigerian interest at heart.
Any move that will bring Nigeria out of neo-colonial slavery will NEVER be supported... we need to know this and know peace!

What evidence do you have that the Word Bank will never have Nigeria's interest at heart. I find that remark strange.

Can you show me hard evidence

spiSeyi:
World Bank should stay off our economy if not for see finish can they control Morocco monetary policies like ours .
1 The same World Bank discouraged GEJ from fixing the old refineries, they are the ones who led Yaradua to reverse the decision of selling out the oil refineries and Ajaokuta steels. If Yaradua or GEJ had gone about their initial bidding on the refineries Nigeria would have been economically stable by now.
2 This same evil prevented PMB from partnering with ARAMCO (Saudi Oil conglomerate) to buy off NNPC, they went ahead to confuse PMB to halt the Nuclear power plant project by Russia in Nigeria.
3 They discouraged the government of PMB by implementing the bilateral currency swap between Nigeria & China whereby Nigeria can trade the Chinese Yuan directly with the Naira. If this had been fully implemented Naira wouldn't be in a free fall against the USD, and the Naira would have competed favorably with CNY because China consumes more of our raw materials and we could have earned more Yuan from Palm Oil, Cassava and iron ore.
4 The World Bank brought Nigeria's economy to its knees by instructing the PMB lead administration to unconditional and unplanned removal of fuel subsidies.
It is clear that the World Bank is after its elfish interest
PBAT should not repeat the mistakes of Yaradua, GEJ, and PMB. He should discard their nonsensical and selfish advice and should act strategically with every stakeholder within the Nation to revive the economy.

Be deceiving yourself with propaganda
World Bank is even the reason you're not getting it on

grandstar:


What evidence do you have that the Word Bank will never have Nigeria's interest at heart. I find that remark strange.

Can you show me hard evidence

It was World Bank/IMF that turned Nigeria to an import dependent economy today

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

Very interesting suggestion. Can anybody think of possible disadvantages? It appears that it is difficult to eliminate black market for anything if that thing is scarce. The bankers themselves might be the ones running the underground black markets.

Kukutente23:

Be deceiving yourself with propaganda
World Bank is even the reason you're not getting it on

Sh!ft

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

It was as If we have the same mindset. I've always be thinking about the policy, why are the people in government not seeing it? The major reason for the scarcity is the hoarding.
You have elaborated the solution. my own addition to it is that every banks should set up a digital application which supports transfer of dollars to any bank account nationwide. Then there won't be any need to withdraw dollar in raw cash. it's not needed for trading in the country so why do people need to withdraw it.

RepoMan007:
The advise is not entirely bad if not for our deeprooted lack of production. With excess production, export would have earned us dollars to strengthen the naira. With local production of petrol and power, the need to import will be greatly reduced, and therefore the naira will be stronger making goods cheaper. They gave us half advise and left our lazy thinking leaders to figure out the rest but can they?

Are u telling me that they don't know we don't produce anything?

IBB implemented the World Bank recommended Structural Adjustment Program (SAP) in the late 80s, That was fundamentally responsible for severe and major devaluation of the naira. This was solely to enable the West buy cheap oil from Nigeria, not to push Nigeria into better prosperity.

I honestly do not blame the West for profiting from the dumbness of Africans, it is a survival strategy. I blame the Africans for thinking the West love them and want to free them from their enslavement. Just the way we think Western or Arabian religion was handed over to Africans to liberate them from their shackles.

Isn't it ironic that we keep paying only INTEREST on loans and NEVER the PRINCIPAL, and the creditors are not worried? They keep giving even more loans to a debtor who has NEVER been able to pay off his old debt? Will you keep giving more loans to a friend who has never been able to clear his old debt with you? will you?

grandstar:


What evidence do you have that the Word Bank will never have Nigeria's interest at heart. I find that remark strange.

Can you show me hard evidence

Kai Nigeria is finished under Tinubu.

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

How much dollars do you think tinubu has in bourdillon?
How much? I dare you to say!

Them get ulterior motive no worry...

inoki247:
Lol World Bank is on Colos is dere advice really working they advised on Subsidy removal and FX Floating all na Disaster now.....

nymphomaniac:
lol. You are an economic illiterate

That's what you think. To you we mport more than will export.
The ships and container goes back empty and bla blah blah. Bro wake up. Many Nigeria see dollars as a new way of investing. In the long run they thought they are gaining. So many people with domiciliary accounts in different banks and things are quite cheap here when converted

Nigerian government, CBN governor, do not listen to world bank and IMF, they are only concerned in making money off loans they gave us. World bank and IMF are not our friend.

Tetrahedron:

How much dollars do you think tinubu has in bourdillon?
How much? I dare you to say!

They are parts of the problem. Mostly politicians. If dollar should be eliminated completely. Closed down all domiciliary accounts where people save in dollars and use it for international trade for those who truly needs them. Not speculators

Chuknovski:
World Bank senior prefect of junior world 🌎 countries

They are writing names of noise makers.....

grandstar:


What evidence do you have that the Word Bank will never have Nigeria's interest at heart. I find that remark strange.

Can you show me hard evidence

World bank and IMF are tools created by American system and their allies to perpetuate their nei colonization of our economy and system. IMF tells us what they tell us simply because they want us to be able to pay back the loans with interest, and they tell us these lies to keep the dollar in power. Are you saying our CBN governor and all our intelligent economists are dumb?

We should stop listening to world Bank and IMF.

Why are we using dollars in Nigeria...some Nigerians use it as a status symbol spending dollars in Nigeria, this is unecesary and part of why dollar keep increasing in value. If we stop using dollar and demanding for it excessively, it's value will drop.

creativehubb:

World bank and IMF are tools created by American system and their allies to perpetuate their nei colonization of our economy and system. IMF tells us what they tell us simply because they want us to be able to pay back the loans with interest, and they tell us these lies to keep the dollar in power. Are you saying our CBN governor and all our intelligent economists are dumb?

We should stop listening to world Bank and IMF.

I don't understand your last statement

Read below

https://en.wikipedia.org/wiki/Heavily_indebted_poor_countries

Tzar:
IBB implemented the World Bank recommended Structural Adjustment Program (SAP) in the late 80s, That was fundamentally responsible for severe and major devaluation of the naira. This was solely to enable the West buy cheap oil from Nigeria, not to push Nigeria into better prosperity.

I honestly do not blame the West for profiting from the dumbness of Africans, it is a survival strategy. I blame the Africans for thinking the West love them and want to free them from their enslavement. Just the way we think Western or Arabian religion was handed over to Africans to liberate them from their shackles.

Isn't it ironic that we keep paying only INTEREST on loans and NEVER the PRINCIPAL, and the creditors are not worried? They keep giving even more loans to a debtor who has NEVER been able to pay off his old debt? Will you keep giving more loans to a friend who has never been able to clear his old debt with you? will you?

There was nothing wrong with SAP. The problem lay with its implementation.

IMF always demand a tight fiscal policy i.e either balanced budget ot low budget deficits. IBB government was very notorious for having large budget deficits and also for running a loose monetary policy. These twin evils were the reasons for the persistently high inflation and large depreciations of the Naira during this period.

Contrast that with Sani Abacha. Because budget deficits were low, the Naira stayed relatively stable at $1-80 from 1995-1998. Abacha had even ditched the SAP in 1994 only to bring back liberal economic policies in 1995.

What many of you don't realize is that there are many Africans working at the World Bank. The policies that the IMF and World Bank are called liberal economic policies. What the World Bank will tell you is the same thing that the Charles Soludo or Bismarck Rewane will tell you.

A lot of what you said are basically myths.

Where did you read that the World Bank lent money in order to buy Nigerian oil cheaply? Nigerian oil has for long been expensive to buy due to the corruption ridden way it was sold. Nigerian officials preferred to sell on the spot market, allowing their cronies earn money by lifting crude.

Why will the West want Africans to be doomed? Do you think they want poor Nigerians or Africans flooding their countries illegally for work?

The EU and US has given duty free access to African countries to export their goods to them. This is a massive blessing. Yet, most African countries have yet to take advantage of it except a few exceptions like Ethiopia and Lesotho for instance.

What also do you mean the principal is never paid. Nigeria paid $12bn for $30b debt to be wiped off. The HIPC initiative which was set up to forgive part or all of the debt of highly indebted countries has already had beneficiaries. See below

https://en.wikipedia.org/wiki/Heavily_indebted_poor_countries

Have you seen I like to back my points with facts?

Yes, many feel the way you do but it is not backed up with facts. A lot of this ill will or suspicious starts when a nation is instructed to swallow bitter economic medicine to get better.

Do you know why the economy is in a mess today? Because Buhari threw away the kind of policies that the World Bank would support and the country had long implemented.

The first was a flexible exchange rate which sold the currency was sold at a market reflective value.. Buhari begun to sell fix the exchange rate below its market value and before you could say Jack Robinson, the foreign reserves were empty. Now, there's barely $4bn in the foreign reserves from $34b in 2015.

aimmoney9:

They are writing names of noise makers.....

Tough one

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

Lmao. . .
For your mind abi
Where the corrupt FG have power over naira,
On monthly basis trillions of naira are been printed and supplied. Tinubu came to office within 3months he & CBN printed 16Tn only that alone can push naira to square one. . .

grandstar:


There was nothing wrong with SAP. The problem lay with its implementation.

IMF always demand a tight fiscal policy i.e either balanced budget ot low budget deficits. IBB government was very notorious for having large budget deficits and also for running a loose monetary policy. These twin evils were the reasons for the persistently high inflation and large depreciations of the Naira during this period.

Contrast that with Sani Abacha. Because budget deficits were very, the Naira stayed relatively stable at $1-80 from 1995-1998. Abacha had even ditched the SAP in 1994 only to bring back liberal economic policies in 1995.

What many of you don't realize is that there are many Africans working at the World Bank. The policies that the IMF and World Bank are called liberal economic policies. What the World Bank will tell you is the same thing that the Charles Soludo or Bismarck Rewane will tell you.

A lot of what you said are basically myths.

Where did you read that the World Bank lent money in order to buy Nigerian oil cheaply? Nigerian oil has for long been expensive to buy due to the corruption ridden way it was sold. Nigerian officials preferred to sell on the spot market, allowing their cronies earn money by lifting crude.

Why will the West want Africans to be doomed? Do you think they want poor Nigerians or Africans flooding their countries illegally for work?

The EU and US has given duty free access to African countries to export their goods to them. This is a massive blessing. Yet, most African countries have yet to take advantage of it except a few exceptions like Ethiopia and Lesotho for instance.

What also do you mean the principal is never paid. Nigeria paid $12bn for $30b debt to be wiped off. The HIPC initiative which was set up to forgive part or all of the debt of highly indebted countries has already had beneficiaries. See below

https://en.wikipedia.org/wiki/Heavily_indebted_poor_countries

Have you seen I like to back my points with facts?

Yes, many feel the way you do but it is not backed up with facts. A lot of this ill will or suspicious starts when a nation is instructed to swallow bitter economic medicine to get better.

Do you know why the economy is in a mess today? Because Buhari threw away the kind of policies that the World Bank would support and the country had long implemented.

The first was a flexible exchange rate which sold the currency was sold at a market reflective value.. Buhari begun to sell fix the exchange rate below its market value and before you could say Jack Robinson, the foreign reserves were empty. Now, there's barely $4bn in the foreign reserves from $34b in 2015.

A lot to unpick here.

You say the IMF demands balanced budgets of very small deficits. Do you know what the US and UK deficits are? Why is that western nation are allowed to run mega deficits and even embark on money printing but that's not allowed for so called 3rd world nations?

Why does the world bank and IMF never speak on the mega subsidies western nations pay their farmers?

The fact that Africans work at the world bank and IMF is totally irrelevant to weather the policies of those institutions are beneficial for us. In the last 40 years it's clear that world bank/imf so called liberal economic policies do not work for Africa. We need to develop home grown economic policies that reflect our realities and our needs. No western nation would impose the kind of inflation on their people that has been imposed on Nigerians since May29th.

bjdon:


A lot to unpick here.

You say the IMF demands balanced budgets of very small deficits. Do you know what the US and UK deficits are? Why is that western nation are allowed to run mega deficits and even embark on money printing but that's not allowed for so called 3rd world nations?

Why does the world bank and IMF never speak on the mega subsidies western nations pay their farmers?

The fact that Africans work at the world bank and IMF is totally irrelevant to weather the policies of those institutions are beneficial for us. In the last 40 years it's clear that world bank/imf so called liberal economic policies do not work for Africa. We need to develop home grown economic policies that reflect our realities and our needs. No western nation would impose the kind of inflation on their people that has been imposed on Nigerians since May29th.

For you to fully apply the World Bank and IMF reforms, you must be their candidates. UK and the USA haven't approached the Bretton Wood sisters (the UK did borrow from the IMF in the 1970s but quickly repaid to escape them breathing down their necks.

Also rich countries debts are sustainable. The US spends 14% of its revenue on debt servicing. For Nigeria this financial year, it is 73.26%.

Yes, rich countries seem to have some leeway due to the trust people have in their currencies. But note that lately, they were punished harshly for running loose fiscal and monetary policies during the Covid Pandemic and this has led to high inflation. These countries are bound to suffer a recession in their determined bid to bring inflation down to 2% or less

Also, these countries only engaged on loose fiscal and monetary policies when inflation is either dead or deflation is proving a threat. That is the best environment to apply such policies ass printing money..

Many poor countries attempt to apply such when inflation is in the high single digits or even double digits. This will just lead to a massive spike in inflation.

You state you want African countries to apply home grown policies- Buhari tried and it failed. Abacha tried such and it failed.

It was even the jettisoning of policies recommended by World Bank and IMF by Buhari that led to the economic mess the country faces today

RepoMan007:
The advise is not entirely bad if not for our deeprooted lack of production. With excess production, export would have earned us dollars to strengthen the naira. With local production of petrol and power, the need to import will be greatly reduced, and therefore the naira will be stronger making goods cheaper. They gave us half advise and left our lazy thinking leaders to figure out the rest but can they?

But Nigeria is unproductive; the country produces nothing and at the same time, liberalised it markets which has opened the country to dumping of foreign goods. Even the USA has strict control over key industries such as AI, semiconductors and Genetic Engr,

Dunlop Tyre which was established in Nigeria in 1961, was forced to relocate to Ghana due to low tariffs for imported tyres now, Nigeria doesn't have a single local tyre factory.

Tinubu World Bank policies will ultimately fail.

The company had suffered from inconsistent government tariff policies, some of which made nonsense of business plans predicated on production, a situation that placed importers of tyres at an advantage over genuine local manufacturers.

Though the company is yet to make its discussions with Edo State public, it has, however, intensified efforts to get technical partners.

In a notice to the Nigerian Stock Exchange (NSE), Dunlop explained that a state government is setting up an industrial park, with provision for an automobile cluster and tyre manufacturing plant.

It is worthy of note that the company’s stock was last traded in October 2018, and has been labelled by NSE as Delisting In Progress (DIP)
https://guardian.ng/business-services/dunlop-seeks-partners-to-return-to-nigeria/

World Bank, leave us alone. Na our economy. No be yours.

Our own case is different because of our peculiarities. Please forget about macro or micro economic policies.

Make we do trial and error small. We go get am.

Na so una dey tele-guide us since 1970s so tey we dey value our Naira every week. Now our Naira don enter trench. We dey look for ways to bring am out.

sulaak:


But Nigeria is unproductive; the country produces nothing and at the same time, liberalised it markets which has opened the country to dumping of foreign goods. Even the USA has strict control over key industries such as AI, semiconductors and Genetic Engr,

Dunlop Tyre which was established in Nigeria in 1961, was forced to relocate to Ghana due to low tariffs for imported tyres now, Nigeria doesn't have a single local tyre factory.

Tinubu World Bank policies will ultimately fail.

Due to the advent of internet, our current generation are obsessed with importing basic things.

In the late 70s and early 80s, you hardly thought of imported things - not because we were fully industrial but we were contented.

In my opinion we shouldn't, and that's what Oshomole was talking about during the screening of the CBN Governor. ( let's not do what the west want, but do what will work for us).

theophorus:
Would we take this counsel or say the WB is trying to control us and that BAT is their puppet?

Well, when shit hit the ceiling na everybody go collect.