accordadoga21:
Hehehe

Some people are already rejoicing now.

Awon omo ale naija

I didn't see anybody sounding Joyful except you that is laughing.

Kukutenla:

I'm glad you said yours
Your evil wish for Nigeria will not come to pass

Hahahaha funny you. When I said Gej will take over after Yardua demised with stiffed opposition from the North didn't he became the president?

In 2015 when I said Gej won't continue despite I voted and supported and still his fan till today, did he continue after 2015?

When I said Buhari will rule for 8 years despite his health challenges, didn't he ruled for 8 years?

When said if Tinubu contest for primary he will win and if he win he is the next president didn't he?

When I said with all noise from you bitch obidients to Chicago to tribunal to supreme court didn't I said all will end in shame didn't it happened?

When I said Dino will be beaten to 3rd place in Kogi even when campaign haven't started, didn't it happened?

Mr man by 2038 its either wike or imomulen is your president by 2038. That is it.

Shey your moniker na Kukutenla ba? You go become Kukute-medium-size when reality hit you hard

Jayhome24:


Hahahaha funny you. When I said Gej will take over after Yardua demised with stiffed opposition from the North didn't he became the president?

In 2015 when I said Geej won't continue despite I voted and supported and still his fan till today, did he continue after 2015?

When I said Buhari will rule for 8 years despite his health challenges, didn't he ruled for 8 years?

When said if Tinubu contest for primary he will win and if he in he is the next president didn't he?

When I said with all noise from you bitch obiduents to Chicago to tribunal to supreme didn't I said almost will end in shame didn't it apoened?

When I said Dino will be beaten to 3rd place in Kogi even when campaign haven't started, didn't it happened?

Mr man by 2038 its either wike or imomulen is your president by 2038. That is it.

It seems you were a good prophet up till 2038 when you became a bet9ja analyst of "either or".
I don't know how any sane mind will see Wike and think he's good for presidency.

politicoNG:


https://www.thecable.ng/bloomberg-predicts-naira-will-record-worst-performance-in-25years-in-2024/amp

The article says the Naira MAY depreciate... The empasis is on the word "MAY." This simple English implies that it is NOT concrete OR set in stone! There will be more refineries in full operation in 2014 in Ibeju Lekki, PH, and Akwa Ibom so like Bismarck and Olayemi Cardoso said, the Naira WILL APPRECIATE in 2024.


"Vetiva Capital Management Ltd told the publication that the naira MAY depreciate further unless Tinubu’s government attracts international investments or ramps up oil output.

Bloomberg’s prediction is at variance with that of Bismarck Rewane, chief executive officer, who said Nigeria’s exchange rate is expected to rise in 2024.

Olayemi Cardoso, the apex bank governor, also projected that exchange rate pressures are expected to reduce significantly in the coming year."

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

Please provide a link to Dr sobowale's article.
Thanks in anticipation.

Kukutenla:

It seems you were a good prophet up till 2038 when you became a bet9ja analyst of "either or".
I don't know how any sane mind will see Wike and think he's good for presidency.

Mr man I don't make noise about my prediction I had just told you the truth unless wike say he do not want to then it is Edo people turn in person of imomulen if wike pull out. Thanks.

Good day

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

True that.

A lot of people on NL indeed have a VERY poor grasp of simple English. The article says "MAY" and some ethnic bigots, creeps and semiliterate posters here just barge into a topic without reading to understand the full body of the article and they are busy gloating and spewing unwarranted falsehoods and hate speech. Gosh!

Bobloco:
Tinubu is on track to become the worst President in the history of Nigeria.

Na una go suffer am pass .

https://www.nairaland.com/7952957/27-states-attracted-zero-foreign

NaijaCowFarm:
Nothing good comes from a fraudulent thief.

Shame on you waiting for a fraudulent thief to change your miserable existence.

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

you better plan your year well,2024 will be very rough especially civil servants....plan your year well,i already know how the year will be I have started planning......this is not doomsday prophesy,the government is planning to put in tougher policies and they are choking policies.

politicoNG:


https://www.thecable.ng/bloomberg-predicts-naira-will-record-worst-performance-in-25years-in-2024/amp

oga he has already attained that title, the only thing we are yet to see is the extent to which he will dig Nigeria further in the hole.

Seems nairaland is filled with some sleepy mophos that choose to close their eyes to reality if not what indicator in our economy shows that we are heading to the right direction yet some idiots here are arguing like idiots here because their mini god is at the helm of affairs.

Nigerian economics is confusing to me.

Is this punishing policies favouring the politicians. Abi what's the end game??

Whatever they gain/steal, will be a loss to them also. What are they really after?

My problem is that agbadorians don't know How mean their little god can be.
Report reaching me indicates that their god is coming with policies that will even make agbadorians scream wawa wawa next yr.

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

oga this is not about positive talk or thinking, the signs are all over, and the fact that the handlers of the economy do not have the capacity to tackle these challenges is apparent considering their actions since coming on board.

politicoNG:


https://www.thecable.ng/bloomberg-predicts-naira-will-record-worst-performance-in-25years-in-2024/amp

This prediction is not directly from Bloomberg but from the Cable. There’s no the link to the article on Bloomberg website

The naira most likely will depreciate towards Q1 but would gradually Improve in 2024

kettykin:
Bloomberg is now wailer or an ipob obedient. This is becoming something else.
Who else remembers how a section of the country that grew the Nigerian economy were blanketed and sectionalised as the dot in a circle

Please what section of the country is this that grows the economy?

What is the VAT contribution to the federation account from the section

Kukutenla:

It seems you were a good prophet up till 2038 when you became a bet9ja analyst of "either or".
I don't know how any sane mind will see Wike and think he's good for presidency.

For now, no. But 2038 is still fourteen years away. That's a long time for Wike to prepare.

seguno2:


Please what section of the country is this that grows the economy?

What is the VAT contribution to the federation account from the section

Do you need a thesis on who consolidated the Nigerian banks and made banks with trillion naira valuation, who worked very hard to pay of Nigeria's debt and under whose watch Nigeria had the fastest growing economy from 2020 till 2014 or who regulated the telecommunications industry and had the fastest telecommunications industry from 2020 till 2014.

Go and read and verify no insults

oluztx:
This is what happens when you allow afonjaas close to leadership. They think it's a tribal thing, my own and my friends. Same afonjaas elected Buhaari and now Tinnubu. In less than 6 months, this guy took Buhaari failure to max level. Dollar to naira went from 470 to 1300. I know an investor that invested million of dollars in Abuja development. He's been taking blood pressure drug and tramadol because his investment has lost 300% in value. Afonjaas are just suffering people for their foolishness of not voting competence. In fact, Afonjaas should be banned from getting visa and leaving this country. They must enjoy what they voted for out of tribal sentiments.

Cus of Obi... Well na body dey pepper una

SmartyPants:
I hope we will also accept positive reports from Bloomberg too?

In any case, I have scrutinised the article and reject its conclusions. The projection of a weak naira is based on a projected inability to attract fresh foreign investment due to inflation.

This will mean a lower or stable inflow of fx.

However, this does not take into account the projected boost in oil exports and elimination of oil imports with the revival of local refining.
I will align myself with JP Morgan's, Moody's, and Bismark Rewane's projection of a strengthened naira in 2024.

Interestingly, Bloomberg has not gotten a single prediction on Nigeria correct - at least, not in the past 12 months.

Likewise Rewane. He is hardly spot on

Thunder fire Bloomberg

APC is always associated and created to fail even though our lord Jesus Christ joins APC political party it will still fail you gerit if you don't gerit forget about it.

Quintessence44:


Dude, it's not gonna take 6 months to fix an economy. Be patient, man.

Give the president time for his policies to mature.

we saw this with buhari, giving a dead brain time changes nothing

You would still cum here and say second term would do the trick after his failure is beyound fail for four years

A person experimenting on try your luck policies while bleeding the resources for his owambe has no where going

Bobloco:
Tinubu is on track to become the worst President in the history of Nigeria.

You cannot even put Nigeria first other than wailing 24- hours!

To President Tinubu:
• What To Do To Change The Narratives For A Better Nigeria:
1- Embark on Aggressive Exports Products- to earn More FOREX,into Nigeria
2- It is Not Enough for your Ministers to just be bearing the Ministerial -Positions- they should be Working,let them show you their Performances so far,for a year!
3-Failure should attract - firing,change by firing them and their MIDAS (Min and Depts e g - NAFDAC, NNPC, DISCOS,etc)!
4- What is the Position of Power Sector - so far -No Improvement!
5- Refineries - have been postponed till Q4- 2024- that is deceptive,for you promised Nigerians that we shall have Functional Refineries in Port-Harcourt by the end of 2023,so what happens?
--End the Huge Importations of generators to Nigeria ,as done in Ghana and Benin-Republic!
• Betta Edu- how far about the Palliatives, even the Workers and the Retirees have nothing in December and here is January,2024?
-What happens along the road?
6• President Tinubu - what happens that even the Rice you promised to do massive Importations - for the past 4- Months,Nigeria has not withnessed any Price Reduction?
•No Rice Price that should be above 25K- for the Masses! It is do able!
Let the Masses have enough to eat.
•Then set the Industrial Development Priorities. Dr Adedeji Did it for Agricultural Development before he was appointed the AfDB-President!
-Yes,we can!

Bluntemperor:


You cannot even put Nigeria first other than wailing 24- hours!

To President Tinubu:
- What To Do To Change The Narratives:
- Embark on Aggressive Exports Products.
- It is Not Enough for your Ministers to just be bearing the Ministerial Positions,let them show you their Performances so far,for a year!
Failure,change by firing them and their MIDAS (Min and Depts e g - NAFDAC, NNPC,etc)
- What is the Position of Power Sector - so far -No Improvement!
- Refineries - have been postponed till Q4- 2024- that is deceptive,for you promised Nigerians that we shall have Functional Refineries in Port-Harcourt by the end of 2023,so what happens?
End the Huge Importations of generators to Nigeria ,as done in Ghana and Benin-Republic!
• Beta Edu- how far about the Palliatives, even the Workers and the Retirees have nothing in December and here is January,2024?
-What happens along the road?
• President Tinubu - what happens that even the Rice you promised to do massive Importations - for the past 4- Months,Nigeria has not withnessed any Price Reduction?
•No Rice Price that should be above 25K- for the Masses! It is do able!
Let the Masses have enough to eat,then set the Industrial Development Priorities. Dr Adedeji Did it for Agricultural Development before he was appointed the AfDB-President!
Yes,we can!

Yes, we can but does he have the capacity and will to do it. I mean the president because the buck stops on his table

Bobloco:


Yes, we can but does he have the capacity and will to do it. I mean the president because the buck stops on his table

Bros,I love your response,it shows you too wants a better Nigeria, afterall,me and you we are not Politicians that are Properganda manufacturers!
I believed the President can do it,for he has everything in his power to set the ball Rolling on Nigeria Industrial Development Priorities e g .
- Discos should be desolved and bring in expert like General Electric - who were chased away - in Nigeria because of Power- Corruption played!
•e.g Lagos State alone- can generate more Electricity than half of Nigeria by Creating New Dams- in Ikorodu Epe and Badagry-Ocean/ Sea Waters- then sell the Excess Power generated to others States,who will be ready to Pay for the Lights!
• We should be ready to confront our Problems- not just to be Signing Budgets- that Politicians are using to steal Nigeria blind!
-Then give the Power Sector Contractors- Time- Frame of Performance, failure is to fire them!
•- President Tinubu should know that without regular Power/ Lights, nothing-like Industrialisation in Nigeria!
-He may need to step on legs - of those who don't mean well for the Youths and the Future of Nigeria.He should set business apart from Politics.Time to deliver on the Promises has come! He should also stop the Praise - Singers now,as time is going. We want to see what this Administration is ready to do - not that in 4- years time,you will be telling us Story like the Past Govts!
-People are asking - what has he done over 7- Months Now?
Let's keep hope alive sir!

KayyDee:
So, there's a reason most international organisations tend to avoid stating or overstating the impact of Dangote refinery coming onstream in 2024.

Bear with me and let me try to explain a little.

FIRST OF ALL:
I'm not a pessimist in any way. I'm just looking at the facts.

TRUE FACT:
Dangote refinery will almost certainly eliminate petrol scarcity. That's about it's confirmed and massive benefit.


BOOSTING FOREX?

However, when it comes to boosting Forex or the naira, it's unlikely to contribute any much.

SEE THE REASON:
Remember that as OPEC member, Nigeria has a fixed production quota (we can't exceed that)

Let's just say it's currently 2 million barrels per day.

And let's also assume the current price of a barrel of oil is $100.

SCENARIO 1:
That means at full quota production capacity, Nigeria would earn 2 000 000 x $100 (not all will accrue to FG, but let's ignore that part a bit)

This equates to some $200 million daily.

SCENARIO 2:

Know that local refineries are to purchase crude in NAIRA.

Therefore, if Dangote takes 600,000 barrels daily from nigerias 2,000,000 barely daily production, NG is left with just 1,400,000 barrels to export and earn USD.

Therefore, it's 1,400,000 x $100

Which is about $140,000,000 daily.

From this, you realize that NG has lost $60,000,000 daily FOREX it would have earned if it didn't sell to Dangote refinery.

BUT IT'S NOT AN ISSUE:

So, because of the $60 million forex NG lost to Dangote, Dangote is going to help NG recoup that by NOT spending any extra FOREX to import petrol and other oil, since we now have "full local sufficiency"

Of course, locally Nigeria don't use up to $60 million worth of petroleum products.

So, Dangote will earn extra few million USD from their own export to try and balance everything.

In the end, Nigeria will not be gaining any much extra FOREX.

This is simply because, in helping Dangote to help us reduce demand on FOREX for petroleum products imports, we have to loose some FX that normally accrued from sales of our crude oil in the international market (instead of a mix of international and heavy local market crude sales)

Even if Dangote should buy the crude in USD instead of NAIRA, it will be ultimately the same thing and balances itself out.

IN SUMMARY:

I'm not saying there won't be any FOREX gain.

In fact, there's likely going to be a NET Forex gain.

However, this will be too small to move the niddle any much.

There's a reason most sound economists and foreign financial bodies do not celebrate Dangote refinery as a huge win in Nigeria's perennial FOREX war.

It can only gave a marginal effect.

And to turn around Nigeria's FOREX issues, you don't need just marginal effect. You need to open up a new foreign revenue opportunities that can comfortably give NG at least extra $10 to $20 billion annually.

I hope I've been able to explain this things clearly to you.

Thank you for attempting to explain things clearly to me, however, you've gotten several things significantly wrong.

1. Nigeria currently loses a huge chunk of potential fx income from our crude already since what we have been doing is exchanging crude for refined product. So in terms of fx income from crude sales, allocating the quantity that was previously exchanged for refined product to Dangote and other local refineries means a maintenance of the status quo. Nothing much changes.

But that also means we're not losing fx on transport costs either. So there is a net fx savings simply because we're eliminating transport costs.

2. As you rightly mentioned, Dangote and others will still sell a significant portion on the international market. In fact, because Dangote will be selling refined products, he will be bringing in more fx per ton of products sold than mere crude. There will be significant fx income here to add to the previous fx savings - which are adding up to a reduction in pressure on the naira.

3. There are other factors at play besides oil. While foreign portfolio investment should drop as a result of a negative real interest rate, due to inflation - which is what the Bloomberg article addresses, inflation is beneficial to foreign direct investors who know that their dollar will buy them much more in naira than before. Additionally, with the liberalisation of the fx regime, foreign investors have fewer concerns about their ability to repatriate their domestic income - a significant challenge that affected previous investors, particularly the airline industry. The summary is that losses in FPI will almost certainly be replaced or surpassed by gains in FDI.

At worst, the naira should stay stable but I would bet on it strengthening to 600 - 750 or thereabouts and holding there, with all things remaining equal. Other variables are power, security and political factors.

Bobloco:
Tinubu is on track to become the worst President in the history of Nigeria.

on track? he is already