Sheuns:


We export crude oil and natural gas, and I tell you we make a lot of forex from just those two commodities. We have hundreds of exporters that export both finished products and raw materials and they do quite a number. Dangote, Bua etc are big exporters.

Our government officials and politicians squander too much of our revenue and blame it on lack of production.

When our currency was much stronger just less than 10 years ago, what were we exporting? Wasn’t it this same oil that was our major revenue source?

Nigeria oil exports has dropped drastically compared to 10 years ago due to oil theft and vandalism and also the government is using crude oil to pay for and service loans.

So the the dollar has already been mortgaged by the government hence the continuous scarcity

And there's no alternative products to export to get foreign exchange except borrowing and continuous borrowing

blacknp:
I always hear government, but no emphasis on the states & Local Governments for innovative &’critical thinking, Nigerians & their colonial & military mentality, everything is the Federal government, yet they will be hypocritically shouting diversification.

Diversity starts from the mind, not just rhetoric talk that we have been doing since the return to democrazy, the constitution of 1999 states it quite clearly every state of the federation has powers to make laws for the prosperity of their state.

economy is managed by only the central government of a country

Tochi3:




..those foreign investors were colonialist who meant no good for Nigeria..they wanted cheap & free raw materials for their dying economies...but Emiefele understood their evil intentions..

..they waited for a drug criminal who they knew they can squeeze his balls when he refuses to do their biddings in the person of Thief'nubu..

The vice chancellor of Germany visited Nigeria & recently the US secretary of State..to remind Thief'nubu that if he do any how he will see any how...they even told him to hold those responsible for the lekki toll gate massacre because he started going astray to the commands if he wants to keep the stolen mandate..

The former colonialist all over africa have always wanted criminals & corrupt fools to preside over the affairs of African states. they needed willing tools for their interest alone..they found one in Thief'nubu..

Nigerians were all warned not to give power to a criminal with so many negative baggage..but now dem hol am 4 blokos..Thief'nubu & his goons are not ready to leave power..that means they will sell Nigeria to foreigners at a cheap price..

Nothing for poor people for Nainja again.. Na suffer every where..the signs dey Show already..

..See where dem dey only develop..lekki airport, lekki free trade..even the US don buy their portion for lekki..e remain to station military base for there..

Dem dey tell una say God bless Nigeria & Africa in General.. use you God given resources to go into production, production & more production..Na so China start..but know Nigeria dey wait for colonial foreign investment..after all na brain dem dey take produce some & youthful population when God give una plenty plenty resources

E Choke walahi

Conspiracy theorist

Well done o

If they don't visit, you say they are wary of associating with a drug lord
If they visit, they only came to remind him not to step out of line
Una need to rest sir

Bobloco:
...Bloomberg Report



https://www.arise.tv/how-emefiele-warned-naira-would-tumble-in-floated-fx-regime-in-2019-bloomberg-report/#google_vignette

O P , you should be ashamed of your Nonsense here on Nairaland Forum!
Go and carry your Emiefiele to your house or rot in jail with him and it seems,you are one of those Nigerians, that don't learn on anything but are ready to castigate the Tinubu's Govt!
Here is your Emiefiele's Profile:
1- NTrillions of Anchor Borrowers Money unaccounted for, making the Farmers to Suffer and the Food to provide for NIGERIANS are no where to be found because the Money is gone through Corruption- he gave the money to Non Farmers!
2- Your Emiefiele warnings could not covered his abbysma performance - where he was shown all over the tabloid - taking instructions from Buhari's coursin then,at a meeting!
3- Your Emiefiele,as the then CBN governor, couldn't provide Employments for Nigerians,but the Political Class Children,all over Abuja,while the base of CBN on internal employment is 3000,your Emiefiele increased his illegal employments to over 5000, thereby ensuring that let everyone kuku- perish in Corruption, Indiscipline and Crude banality!
4- Your Emiefiele forgot that CBN- have rules and should be impartial in direction of Monetary and Fiscal Policy Responsibility but ensure, he failed to abide in any of this, by ensuring that our FOREX ( Foreign Exchange - is so manipulated),even refused to complied with the Supreme Court Judgements on the New and Old Naira- that till date,he Couldn't account for the Money in both Unprinted,Printed and his Cashless Naira Policy Nonsense - was a fluke- to pack everyone in the same Basket and push them under the bus by throwing away the bus-key, to cover up his dubious methods of operations.
5- Since, you are the mouthpiece,as an LP and PDP Sympathersers - who supported him then,to get Stickers, Political Vehicles to mobilize as a Presidential Candidate,Please,can you pay some of us the Cashless Money we never received, from his Fraudulent Entities,called CBN.
You should be Ashamed, that you can even bring this nonsense topic to chase Clout on Nairaland Forum.
How I wish you go to China, North Korea or America to do this!
Very Shameful indeed.

blacknp:
I always hear government, but no emphasis on the states & Local Governments for innovative &’critical thinking, Nigerians & their colonial & military mentality, everything is the Federal government, yet they will be hypocritically shouting diversification.

Diversity starts from the mind, not just rhetoric talk that we have been doing since the return to democrazy, the constitution of 1999 states it quite clearly every state of the federation has powers to make laws for the prosperity of their state.

Well, government for me includes states and LGA's so what are we talking about?

Also, government needs to do the things I have outlined. Like now, thirty people have applied to build power stations but cannot because government is still controlling price of power, and doing nothing about power theft. 60 people applied to build refineries, but cannot move because government is refusing to let petrol stations set prices of petrol...and investors are not comming because government is not doing well enough on security.....and then we lose billions in potential revenue from mining because government has refused to regulate the mines...

See?

I think you should take a seat. You too lack any understanding of the issue - your bravado notwithstanding, which is the only thing you lot are good at. Emefiele, the worst governor in the entire history of Central Banks was putting bandaid on open sores and going haywire with looting simultaneously. There's no saving the naira because you lot are lazy. You sell nothing that the rest of the world needs [which is how the dollar is earned] and you buy up everything the the rest of the world offers for sale [which is how you spend the little dollar you earn, but then you want some more]. It's called demand and supply. Added to this, you lot are too corrupt to make any economic system work! Check it any way you like, the one rule of any effective market - which is when demand and supply determine winners and losers - struggles seriously in any system defined by endemic corruption. Nigeria is too corrupt to manage the naira. Emefiele was very much a part of the problem - more so than the current regime which has also been defined by corruption. Period.

RepoMan007:
keep shut if you lack understanding of the subject matter.

He managed the system well. Everything the political champion you are part of criticized about his policies are needed now.
The current gov also restricted currency supply to check inflation. He has informally created a list of prohibited items by sending majority of forex buyers to black market(the major market anyways). He is printing money to pay unproductive civil workforce unlike emefiele who at least paid farmers via ABS to get food.

Emefiele is the best CBN gov ever.

You want him blamed at all cost

BigBlackPreek:
Yes he might have predicted it right but he's also an accomplice in the fall of the naira currency please!

blacknp:
Sure it is not a good idea, because people like yourself, many other Nairalanders like Bobloco, you want to enjoy without critical application, working hard & sacrifice?

See this one

To float the naira
Nigeria must have a sound manufacturing base and a diversified Economy

You can't just wake up and float naira

What good Economic indices/pedigree do you have to float the currency?

Even powerful Asian Economies with sound Economic indices still guide there exchange rate

Look at China
They still devalued there Yuan to make there products price competitive in the global Markets

If the Chinese Government allowed floating
The Yuan will be closer to the dollar and Euros in value which will affect there manufacturing strategy


Most of you come online to talk anyhow

Those presently handling our monetary policies are bereft of what to do

Emefiele minus the corruption that he allowed himself to get into manged Naira better

nairalanda1:


It is mismanaged...no argument with that...but what makes the mismanagement worse is that what is being mismanaged isn't enough to begin with.

So if I get you correctly, the problem is what is being mismanaged is not enough to cover for the mismanagement.
We need to produce enough to meet the needs of the thieving and mismanaging folks and also for those folks who genuinely need it.

You're a very smart and right thinking person

Bobloco:
Honestly, no matter how bad Emefiele was, he is now far better than the current patch patch CV CBN governor we have now.

This CBN governor did not float the naira.

Tinubu did. Floated the naira and announced subsidy removal without doing die diligence of consulting capable brains ... After his hasty pronouncement, he now appointed a CBN Governor to try and manage the mess he created

nairalanda1:
Well, the ultimate problem with the naira has always been that NIgeria is not earning enough dollars.

We could earn more dollars by diversifying our economy, and , as former deputy CBN governor Moghalu has pointed out...by becoming a exporter of manufactured goods and services.

Emefiele was right, but as CBN governor , it was not his work to point out what needed to be done. The government then, of which this current government is a continuation, should have propounded solutions. Instead, they kept us hooked up to oyel.

We need to stop all these diversify this and that, what are other african countries exporting to have a stable economy. Try and export just tomatoes to Ghana, and you'll be met with so much frustration from custom duties, you will never wanna try that again.

It's simple, naija is irrideemably corrupt. You have leaders who have dollar accounts of millions of dollars at the helm of affairs running this country, you think they'll enact a policy that will reduce the value of the dollars they have? Hell No, the higher the dollar to naira, the better it is for them.

You are extremely rich if you have dollars but spend in naira.

Now do you think those people will like the dollar rate to come down?

Make una just dey play.

Defeated people.

coputa:
Nigeria oil exports has dropped drastically compared to 10 years ago due to oil theft and vandalism and also the government is using crude oil to pay for and service loans.

So the the dollar has already been mortgaged by the government hence the continuous scarcity

And there's no alternative products to export to get foreign exchange except borrowing and continuous borrowing

In 2022 Nigeria made $45.6bn from crude oil sales alone. We export natural gas in large volumes as well. They don’t tell us about the revenue from the gas export but are quick to tell us when oil prices dip.

We have lots of other exports as well and we earn fx..

Note: the $45.6b is what they reported. As we all know our politicians can’t be trusted it may be higher than that.

blacknp:
It was artificially strong, because the Central Bank was emptying our foreign reserve to keep it stable, more like robbing Obi to pay Obiano.

But 10 years ago, our reserves were higher than we have now

Can you explain how reserves that were being emptied were higher than now ?

Agboriotejoye:

Conspiracy theorist

Well done o

If they don't visit, you say they are wary of associating with a drug lord
If they visit, they only came to remind him not to step out of line
Una need to rest sir

..i know blame you at all at all..

E go soon do you viam for eyes

Tombrown3:



We need to stop all these diversify this and that, what are other african countries exporting to have a stable economy. Try and export just tomatoes to Ghana, and you'll be met with such much frustration from custom duties, you will never wanna try that again.

It's simply, naija is irrideemably corrupt. You have leader who have dollar accounts of millions of dollars running affair, you think they'll enact a policy that will reduce the value of the dollars they have? Hell No, the higher the dollar to naira, the better it is for them.

You are extremely rich if you have dollars but spend in naira.

Now do you think those people will like the dollar rate to come down?

Makw una just dey play.

Defeated people.

They’ve sold that lie of “we don’t export enough” thus why dollar is scarce. We export more than enough to cover for our import consumptions but our politicians loot most of the dollars we earn.

IbeOkehie:
But the naira has NOT been floated. That is a clear and objective fact. The EVIDENCE is the difference between the REFULATED CBN RATE and the FREE MARKET or parallel market rate.

A floating currency has no regulated rate, the producer of that currency doesn't DICTATE or FIX its price. The producer is the Central Bank of the nation. They only set the INTEREST RATE at which they will lend out the currency, which is their right.

The Central Bank of the USA is the Federal Reserve. It doesn't FIX its currency price, that is, the price of USDollar.

Fixing currency price ALWAYS FAILS in the long run. The UK and Switzerland tried and failed. It doesn't work and worse, it distorts and harms the economy and productivity.

Look around the world, the most prosperous economies have FREE FLOATING currencies. All we have to do is COPY them. Ask yourself WHY a government would want to CONTROL currency price? Simple....round tipping.

If at all a country must regulate currency price, it's actually best to SUPPRESS the value of their currency because it makes their exports more competitive in the world market

Nigerians like to say "but we don't produce any thing for export" and that is the point. A devalued currency PROMOTES exports. With time, business people in a FREE MARKET will find appropriate goods and services to export. Right now, in our face, Nigerians are trying very hard to export LABOR because of the falling value of naira. Hellllooooo?

Again that's EVIDENCE...the free fall of the naira has REDUCED imports and promoted exports. Nigeria is definitely not importing the same amount of cars and shoes as it did when the naira was say 400/$.

The REAL PROBLEM in Nigeria is that the economy is NOT a free market. Government controls everything and that suppresses innovation and productivity too. LAND is a basic factor of production but ONLY GOVERNMENT can own land. And there's strong import bans and preferences enforced by government. These PREVENT business people from making good choices for investment.

It's important to state - the naira is still a regulated currency. The same Emefiele told us he floated the naira back in 2016.

And there's still a subsidy on petrol in Nigeria.

People please get some economic knowledge, it's important.

Good Luck to Nigeria.

But Tinubu tried a free market and a float and the response was Ebi npa wa oo

EconomistXplain:


economy is managed by only the central government of a country

You reiterate my point, Nigerians are practicing a system of government copied from the United States of America, that they do not understand, good in theory, but bad in application, they will suffer a longtime for their ignorance in the copy & paste system.

Maybe because I was opportune to have lived & worked in the US I have seen democracy in practice, not just in theory.

Tombrown3:



We need to stop all these diversify this and that, what are other african countries exporting to have a stable economy. Try and export just tomatoes to Ghana, and you'll be met with so much frustration from custom duties, you will never wanna try that again.

It's simple, naija is irrideemably corrupt. You have leaders who have dollar accounts of millions of dollars running affair, you think they'll enact a policy that will reduce the value of the dollars they have? Hell No, the higher the dollar to naira, the better it is for them.

You are extremely rich if you have dollars but spend in naira.

Now do you think those people will like the dollar rate to come down?

Make una just dey play.

Defeated people.

Well, most African countries do not have stable economies, and many of them have the same issues with corruption that we do.

Yes, most of them. Even Ghana is in crisis, SOuth Africa is in a mess, and so on. Even the ones that appear to do well, like Egypt, scratch under the surface, and they are a mess.

EIther you diversify or you get poor.

The corruption is a symptom of the lack of diversifying the economy, especially of not being reliant on taxed revenue for most govt earnings. 80% of our income comes from oil. If 80% of our revenue came from taxes, and APC was mismanaging it, they would have been dealt with ages ago.

nairalanda1:
Well, the ultimate problem with the naira has always been that NIgeria is not earning enough dollars.

We could earn more dollars by diversifying our economy, and , as former deputy CBN governor Moghalu has pointed out...by becoming a exporter of manufactured goods and services..

How? Any suggestions?

Good Luck to Nigeria.

Agboriotejoye:

So if I get you correctly, the problem is what is being mismanaged is not enough to cover for the mismanagement.
We need to produce enough to meet the needs of the thieving and mismanaging folks and also for those folks who genuinely need it.

You're a very smart and right thinking person

You said it, not me, son.

Try harder.

nairalanda1:


If we managed the money well, it still won't be enough.

As at now we produce the same oil amount as LIbya. Yet, LIbya has all the nice things, because it only has 8 million people, while we have over 200 million people. I.E we share the money among more people. In other words, if we want to earn as much as Libya, we need oil to be above 150 dollars per barrel or more, roughly speaking.

That's why diversification should be taken seriously, not this one Osibanjo gave beautiful speech in 2015, and by 2023, we were still on oil.

Even if the oil money was 'enough' it still pays to diversify, expecially since oil can suddenly drop to less than 20 dollars a barrel...as has happend twice in the last ten years. That knocks our revenue.

Why don't we manage well what we have first?

I don't get the idea of mismanaging your resources and expecting it to increase or improve. It follows neither logic nor commonsense. Ask the prodigal son

IbeOkehie:


How? Any suggestions?

Good Luck to Nigeria.

Good morning...

1.We remove subsides on power, and let the power sector charge enough so that it can earn enough to improve things...power for industries.

2.We give tax breaks to people willing to set up industries. INcentives

3.We spend more on techincal education.

4.We spend more on railway transport

5.We actually fight corruption. ACTUALLY.

RepoMan007:
Yes I do. I do because CBN should know they are suppose to pay the tractor supplier dollars directly and collect naira equivalent from the buyer in Nigeria, then alao follow up until the tractor arrives Nigeria.

That's a lot of job you're giving the CBN o. CBN will supply letter of credit, enable payment and exchange and still ensure that commerce is carried out? Haba mana? Kuku kee CBN

nairalanda1:


Well, the government could bring in polices that help diversification, like removing subsides on power, removing subsides on petrol, which would stimulate growth in both sectors, and indrectly fire our industrial growth.

We should also spend more on railways, and also spend more on vocational and technical education, because it is the techncial people that build countries, not graduates, pah.

Then we got to fight corruption. It goes beyond removing one minister.

At the end of the day, government has a lot to do. CItizens should do something, but if government is not doing much

Mr Subsidy on steroids

Agboriotejoye:


Why don't we manage well what we have first?

I don't get the idea of mismanaging your resources and expecting it to increase or improve. It follows neither logic nor commonsense. Ask the prodigal son

Sorry, but little children get no sugar.

Tombrown3:



We need to stop all these diversify this and that, what are other african countries exporting to have a stable economy. Try and export just tomatoes to Ghana, and you'll be met with so much frustration from custom duties, you will never wanna try that again.

It's simple, naija is irrideemably corrupt. You have leaders who have dollar accounts of millions of dollars running affair, you think they'll enact a policy that will reduce the value of the dollars they have? Hell No, the higher the dollar to naira, the better it is for them.

You are extremely rich if you have dollars but spend in naira.

Now do you think those people will like the dollar rate to come down?

Make una just dey play.

Defeated people.

True talk, everything you said.

Sheuns:


That’s the lie they’ve been selling to us. They have never accounted for the dollars they earned from sales of crude oil. In 2022, it was reported that we earned $45.6Bn from oil sales alone (according to NBS). Also in 2022 it was reported that we exported and sold 32.2bn cubic feet of natural gas. Where did all these earnings go?

nairalanda1 says it is not enough to meet our need and our greed so we need to earn more

Agboriotejoye:




Mr Subsidy on steroids

Yeah, that's why you don't deserve sugar.

Try better, old boy.

Agboriotejoye:


Why don't we manage well what we have first?

I don't get the idea of mismanaging your resources and expecting it to increase or improve. It follows neither logic nor commonsense. Ask the prodigal son

We still have intelligent & critical thinkers on Nairaland.

Itsrm:


Because there are no reserves. Most of our earnings from crude sales was either used to pay subsidy or to meet loan obligations.

Earning from crude is basically shared by the three tiers. The court already ruled that saving as we had with ECA under OBJ is illegal. Everything should be spent. Ask Amaechi, Aregbe and Oshiobaba

EconomistXplain:


we are exporting heavily....u just dont know....crude oild is what my guy...?

all we need do is stop the fuel import

Totally right

This evil called fuel importation is negating the gains of our exports

Bobloco:
Honestly, no matter how bad Emefiele was, he is now far better than the current patch patch CV CBN governor we have now.

Sanusi still remain the best for me .