Theconglomerate:
We have just one problem,
Artificial naira.
#devaluenairanow!

Well! It depends on how you look at it, if our leaders can do the needful.

Make and implement the right policy. There won't be need for importation or leaving the country for a greener pasture.

God bless Nigeria.

mickky22:



I disagree with you. There's no nation of the world that Nigerians are not doing great. Our major problem is bad leaders or leaders without vision.

I strongly believed, one day we will get it right.

So which nations of the world are other people not doing great? Nigerians are the problem of Nigeria. Nigerian leaders are also Nigerians. Nigerians are the one still voting the bad leaders. Nigeria needs to invest massively in Education not the corrupted education where people are only after certificates

chigo4u:

So which nations of the world are other people not doing great? Nigerians are the problem of Nigeria. Nigerian leaders are also Nigerians. Nigerians are the one still voting the bad leaders. Nigeria needs to invest massively in Education not the corrupted education where people are only after certificates

God bless Nigeria.

chigo4u:

So which nations of the world are other people not doing great? Nigerians are the problem of Nigeria. Nigerian leaders are also Nigerians. Nigerians are the one still voting the bad leaders. Nigeria needs to invest massively in Education not the corrupted education where people are only after certificates

That's just it......

The country is so blessed but Nigerians ehn

"Nigeria"......... everyone seem to know something is fundamentally wrong with "Nigeria"......... Could it be that the creators of Nigeria put in fundamental flaws to enable them control this entity...........Nigerians should pray that there should be nothing left in 4his country for the west to exploit if it wants to move forward else this rhetoric would continue forever

ojesymsym:
That condition is for an export driven economy like China. We are still a consumer nation and will not achieve industrialization in one night.

Where the West is encouraging us to devalue our Naira, they keep accusing China of doing the same, you know why, because China will benefit more as an exporting nation. Our balance of trade still remains in the negative so taking that step head-on will be disastrous to a country that is already poor and not particularly known to be productive.

Very smart guy.

When you're headstrong about devaluation but have no robust plans put in place for infrastructure and exports, you can tell the person is using economics textbook theory.

People argued about this same thing in 2014 and 2016. The Naira was devalued from 150 Naira/$ to 360 Naira/$. It stayed like that till recently. What has changed from 2017 till now? The Naira has been consistently devalued since its introduction in 1973. What has changed in Nigeria from 1973 till now? If we are to be honest, things are worse now. Devaluation of the Naira will probably not help. If we devalue to 500 Naira now, people will get used to it. And after 4 years you would call for another devaluation to 1,000; and the vicious cycle continues. It's too simple a solution. There has to be a fundamental and national orientational change in Nigeria and Nigerians first. Until that happens, devaluation will not solve our problems.

Theconglomerate:
We have just one problem,
Artificial naira.
#devaluenairanow!

naijaoyibo:
People argued about this same thing in 2014 and 2016. The Naira was devalued from 150 Naira/$ to 360 Naira/$. It stayed like that till recently. What has changed from 2017 till now? The Naira has been consistently devalued since its introduction in 1973. What has changed in Nigeria from 1973 till now? If we are to be honest, things are worse now. Devaluation of the Naira will probably not help. If we devalue to 500 Naira now, people will get used to it. And after 4 years you would call for another devaluation to 1,000; and the vicious cycle continues. It's too simple a solution. There has to be a fundamental and national orientational change in Nigeria and Nigerians first. Until that happens, devaluation will not solve our problems.

Yeah the clueless argumentative guy thinks companies just spring out of no where.

If hardship changes things and motivates people to be productive, Nigeria should be manufacturing planes by now.

naijaoyibo:
People argued about this same thing in 2014 and 2016. The Naira was devalued from 150 Naira/$ to 360 Naira/$. It stayed like that till recently. What has changed from 2017 till now? The Naira has been consistently devalued since its introduction in 1973. What has changed in Nigeria from 1973 till now? If we are to be honest, things are worse now. Devaluation of the Naira will probably not help. If we devalue to 500 Naira now, people will get used to it. And after 4 years you would call for another devaluation to 1,000; and the vicious cycle continues. It's too simple a solution. There has to be a fundamental and national orientational change in Nigeria and Nigerians first. Until that happens, devaluation will not solve our problems.

People don't just get use to things that concern finances.
You have to find that midpoint in its value that changes everything and I believe they've got it,just politics in the way.
Remember 2016 when the CBN floated the naira for many months,it did not depreciate past 500-520.It hovered in this range for a long time for a reason.
It means this is the point where no one is willing to pay more naira for the dollar,that is they will rather look for whatever they want to get overseas elsewhere(especially locally) than pay over 520.
This is the true value of the naira.
You don't under-devalue a currency and expect change,people will simply adapt to the slight changes.
You make the gap very wide and force the people to produce what they consume.
And whoever thinks Nigeria is not producing anything is not sure of what he is saying.Nigeria is not producing enough to support everyone in it,not that Nigeria isn't productive
I will tell you the things that have changed since 1973;
Promasidor came in 1993.(imagine it's employees,distributors,etc...it caters for)
Dangcem,
And a host of other manufacturers I can't mention.
If the government removes fx subsidy and use that money to fix power step by step till completion,Nigeria will change in 8 years.

Focusingmore:


Yeah the clueless argumentative guy thinks companies just spring out of no where.

If hardship changes things and motivates people to be productive, Nigeria should be manufacturing planes by now.

No one said hardship motivates people.Maybe you are so daft that you can't get the point.
We already have motivated people that are already showing signs of their productivity despite unfavourable market climates.
We just need the unmotivated ones to buy what the motivated ones will produce when the time comes.
The unmotivated ones will be employed by the motivated ones to balance society as well.
And no,we don't need Nigeria to start manufacturing planes,we just need to produce what we consume first.
We can always use that revenue and buy planes rather than produce them

Theconglomerate:
No one said hardship motivates people.Maybe you are so daft that you can't get the point.
We already have motivated people that are already showing signs of their productivity despite unfavourable market climates.
We just need the unmotivated ones to buy what the motivated ones will produce when the time comes.
The unmotivated ones will be employed by the motivated ones to balance society as well.
And no,we don't need Nigeria to start manufacturing planes,we just need to produce what we consume first.
We can always use that revenue and buy planes rather than produce them

Piss off , u r a clueless unexposed slowpoke.

Been reading your gibberish nonesense.

Can we be civil pls.

Focusingmore:


Piss off , u r a clueless unexposed slowpoke.

Been reading your gibberish nonesense.

Why are you triggered?
I'm sure you are ranting because devaluation might make you starve to death.

Theconglomerate:

Why are you triggered?
I'm sure you are ranting because devaluation might make you starve to death.

Devaluation means i can buy more of Nigeria at your expense.

I get richer for doing absolutely feck all.

Continue with the ignorance.

Focusingmore:


Devaluation means i can buy more of Nigeria at your expense.

I get richer for doing absolutely feck all.

Continue with the ignorance.

I'm sure you know you can still be in a foreign country and poor
How do you buy Nigeria at my expense when you've probably not fed yourself properly in your host country?
The people worth their salt overseas are happy for devaluation whereas you are here ranting,telling us how empty your account might be,buffoon.

Interesting discussion and beautiful/educative comments.

As an Economist, I won't say Devaluation is the solution, neither will I say high population growth is the problem. You see in Economics, when trying to solve economic problems, many variables play a part in linearity. For instance:

EG= a+b+c+d+e..... +z.

Where EG is Economic Growth, the alphabets represent your Devaluation, interest rates, Taxes, Government expenditure, savings, population growth and so on.

It's not a one variable fixed, fix all. Every variable affecting the economy has to be looked into simultaneously. That was why I think in his wisdom, Dr Goodluck Jonathan appointed Dr Ngozi as not just the Minister of Finance but also the Coordinating Minister of the Economy.

But as Nigerian, I will tell you that Nigeria's problem as summarised by Dr Chinua Achebe is simply LEADERSHIP.

As my mentor Obj will say "we have too many think tank in Nigeria, what we now need is the do tank"

Theconglomerate:
I'm sure you know you can still be in a foreign country and poor
How do you buy Nigeria at my expense when you've probably not fed yourself properly in your host country?
The people worth their salt overseas are happy for devaluation whereas you are here ranting,telling us how empty your account might be,buffoon.

Keep ranting to someone who can pay your salary.

Focusingmore:


Piss off , u r a clueless unexposed slowpoke.

Been reading your gibberish nonesense.

no need just make your points to counter...then we all learn...

ahiboilandgas:
no need just make your points to counter...then we all learn...

I can't type long epistles on a topic so obvious.

I'm just irritated that someone is so blatantly wrong and arrogant about it.

I hope this devaluation happens will come back to celebrate a new Nigeria flourishing with industries.

Focusingmore:


Keep ranting to someone who can pay your salary.

But I don't do paid employment so what salary are you talking about?
How does someone who is on Irish government welfare program for asylum seekers pay anyone's salary for God's sake?
Have they increased welfare money from €322/month?

Franky826:


Your advice is always on point. I remember last year November when I painstakingly followed your advice on the mutual funds thread and ended up investing in it. A decision I've never regretted. You led me by hand and patiently answered all the questions and objections I had on mutual funds even without ever meeting you. Oga emmasoft God bless you ooo

He's a good man!

Focusingmore:


I can't type long epistles on a topic so obvious.

I'm just irritated that someone is so blatantly wrong and arrogant about it.

I hope this devaluation happens will come back to celebrate a new Nigeria flourishing with industries.

story we have done over 40 years with terrible result...

Theconglomerate:
But I don't do paid employment so what salary are you talking about?
How does someone who is on Irish government welfare program for asylum seekers pay anyone's salary for God's sake?
Have they increased welfare money from €322/month?

How many baskets of tomatoes will €322 buy?.

NL1960:


How many baskets of tomatoes will €322 buy?.

31 baskets ooo....

The Federal Government Sunday denied removing fuel price cap, an action which would have given oil marketers the freedom to determine fuel pump price.

Many media outlet (excluding Daily Trust) reported last week that fuel price cap had been removed.

However, the Petroleum Products Pricing Regulatory Agency (PPPRA) on Sunday said the government had not conferred on marketers the power to fix prices for petrol as they deem fit.

PPPRA’s Executive Secretary Abdulkadir Saidu in a statement said; “rather guiding prices would be advised by the agency according to market realities.”

Saidu said the agency will monitor market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price, which shall include the indicative retail price at which the product shall be sold across the country.

“For the avoidance of doubt, it is instructive to state that no private individual or group has the mandate to fix prices of petroleum products, however the statutory regulatory body is saddled with the responsibility of advising guiding prices.

“Suffice to say that in a deregulated market, the role of a regulator in monitoring and regulating activities in the sector cannot be over-emphasized”, the PPPRA executive secretary said. He said: “It has come to the PPPRA’s attention that several publications in the print and electronic media have reported that the agency has removed the price cap on Premium Motor Spirit (PMS), giving marketers the freedom to fix the price of the commodity and sell above the stipulated price.

“It would be recall that the removal of Premium Motor Spirit (PMS) price cap and implementation of a market-based pricing regime was first announced by the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020. “This was followed by PPPRA’s publication announcing the Regulation on the market-based pricing regime, thus creating a legal framework for the policy.

“The published Regulation does NOT confer on marketers the power to fix prices for the product as they deem fit, but rather guiding prices would be advised by the PPPRA according to market realities. “The Agency shall monitor market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price, which shall include the indicative retail price at which the product shall be sold across the country.”

The Minister had earlier stated that the federal government will continue to monitor the price of petroleum products and advise on monthly guiding prices that guarantee reasonable returns to operators while ensuring consumers pay appropriate prices in line with market reality and are not overcharged.

The Minister, in his statement, further stressed that the government’s role in a deregulated economy was to provide, through the operation of the Petroleum Products Pricing Regulatory Agency, a pricing mechanism to create a market-driven price regime.

The federal government had on June 1 announced a new pump price band for Premium Motor Spirit (petrol) from N125.50/N123.50 per litre to N121.50/N123.50. Petroleum products marketers in the country promised to comply with the latest downstream pricing regime.

Fgn they fear cartel ..

Towma:


Please which type of investment can I do to get this 10% per annum.
Do banks do something like this?
Pardon my ignorance

A lot

Normal interest rates in banks do not give up to 10% if that is what you mean.
Treasury bills used to give around that and higher at a time but even that has nose dived.

So, what options now exist? I suggest you used mutual funds for the monthly savings if that is what you want to be doing. Then whenever bonds and sukuk funds come out you can then invest in them. Those are the only instruments right now that seem to be giving up to that 10%.

Modified
I see oga Ema has responded, he is far more grounded on investment issues.

Towma:


Please which type of investment can I do to get this 10% per annum.
Do banks do something like this?
Pardon my ignorance

ahiboilandgas:
Fgn they fear cartel ..

This oil cartel is why I’m very pessimistic about Dangote refinery. I don’t think they will allow Dangote become successful in the market

I was initially surprised that there was no media frenzy about the issue when it was first reported.

I expected headlines like "At last, FG removes Subsidy" etc

ahiboilandgas:
Fgn they fear cartel ..