The recovery that is hoped for, (note that I used the word hope because Nigeria matter never follows a straight line) is in the reduction of USD demand that petrol was gulping. It is hoped that if assuming for academic purposes that $1M is what is available for everyone to bid for, and petrol takes up to $600k of that demand, the argument is that if petrol now takes only about $200k of the $1M available then there will now b about $800k available for other ventures that require USD compared to the only $400 available before the refinery came on board.

That is the hope right now.

MasterJayJay:


Garri is not priced by naira-dollar exchange rate. But the crude oil that Dangote will buy is priced by naira-dollar exchange rate.

If you subject any product to dollar exchange rate, I doubt if it can help the naira recover at all.

This is another interesting angle to the discussion.

Nice one. But do Ecowas countries pay each other in USD?

MossadAgent:


Illiterate.

At 600k bpd, the govt can use Dangote refinery to mop up excess printed liquidity from the system.

At $80 and an exchange rate of #1,500, a barrel of crude will go for #120,000. Multiply that with the projected daily processing capacity of 600k bpd that stands at #72bn. Multiply that for a typical long term 30 day order and that translates to #2 Trillion naira monthly and for a year #24 Trillion.

The govt can use just this sales to Dangote refinery to mop up excess liquidity in the system printed from thin air by Emefile .

And when you consider that Dangote will eventually sell most of that refined stock in dollars to neighbouring African countries that will be paid through the CBN, you have a major FX earner for the country and a means to reduce inflation caused by too much money in circulation.

Dangotte Refinery is not coming to reduce the price of PMS. The major advantages are direct and indirect employment opportunities, business opportunities, tax and reducing the amount of forex spent on importation of Crude which is hoped will help the currency to recover.

So stop selling the narrative that petrol will reduce. Ghana, Toogo and Benin Republic even now pay more than we pay for PMS even though they are not richer than us.

MasterJayJay:
Use import duty as an example. Importers pay import duties in naira. But the cost is determined at the current naira-dollar exchange rate.

Dangote will buy crudeoil from NNPC with naira at the current naira-dollar exchange rate.

This won't make petrol cheaper.

If 1$ was equal to 2500 yen in China, they will be very happy. You know why? they are a productive hardworking people. Here you have a bunch of lazy people who just want to import everything and when they cannot afford their imports, they resort to protest.

Since 1 pound is now 2500 naira, how about you make lemonade from Lemon and export 1000 pound worth of items, that is already 2.5 million naira.

Nonsense

Talking about wristwatch, I remember one scammer who went on air to claim to have only worn one watch for more than 10 years until he was busted.

That guy will say that money should have been shared because our GDP to something ratio is not right. And he will say it with confidence

Godwin4444:
Mrvitalis

Hope u don’t see any doom about this?

Imagine when the coastal road comes online, folks from Lagos will now be able to plan a weekend to visit the place more often. Hopefully by then we would have gotten our security right.

Let us just a simple maths... This chap demolished a House of Assembly structure and is suggesting rebuilding with around 19 billion, so between these 2, which is more expensive assuming they were place side by side?

able20:
I hope that the SW will learn from Fubara's policies.
End godfathers in politics, it is too expensive.
The country belongs to all.

Exactly, they will first imagine the worst possible scenario, then believe it, then react to their imagination as if it were true after which they start spreading it like a done deal.

Even their lamba oga, the party joggler and twitter presido is not any different

Exousiang01:
The gentle man is exporting and bringing in FX now but those ugly hearted creatures called Obidients would find another thing to say.

Evil hearted people who never see good in anything and even they cannot find anything bad to say they imagine the worst, make it into news spread it and jubilate.

I see Obidients as people with sand in their brains

You have to be possessed with the worse demon of envy not to appreciate what this man has done.

There were many folks who were given license to build refineries since 2004/5, rather than build they took the easy route and used their license to become importers and were collecting subsidy, Dangotte on the other hand first bought an ailing refinery which was revoked, rather than start crying he restrategized and undertook to build one of the world's biggest refineries.

If the man decides to sell his fuel at 2k, so be it. Afterall, when you guys import your products, no one fixes prices for you. If you do not like his price, go and also tie your money down while building your refinery.

Another foolish talk.

This represents the way obidients think.

These same set of people would have been claiming "Humble Obi" if he was the one that sat by himself, flew commercial and carried his own bag but because it is another person, they want to twist the story..

What exactly is wrong with Amaechi seating and waiting for his flight, do you want him to go and buy a private jet if he cannot afford it?

The question is, what is wrong with a man seating by himself waiting for his flight to the extent that Charly boy, who clearly has the same mindset as many obidients is mocking him?

coins501:

If you think Chibuike Rotimi Amaechi, former aide to deputy governor of RIVERS STATE,former speaker of RIVERS STATE House of Assembly for Eight years, former Governor of RIVERS STATE for Eight years and former Transport Minister for Eight years who BORROWED TRILLIONS for railway revolution for Nigeria cannot afford a private Jet, you're as deluded as the old man boy.

This represents the way obidients think.

These same set of people would have been claiming "Humble Obi" if he was the one that sat by himself, flew commercial and carried his own bag but because it is another person, they want to twist the story..

What exactly is wrong with Amaechi seating and waiting for his flight, do you want him to go and buy a private jet when he cannot afford it?

Even though this is not in line with the topic of this post, but I am just curios what would you have considered the right way?
Do not forget the difference between the official rate and the black-market rate was close to if not more than 300 naira and it was clear that there was roundtrippiing. So armed with that info, what would have done differently?

Macdeey:
Yes ! About the Fuel ⛽ the CFA is much higher than the Naira so they can afford to come and smuggled out the Fuel and make serious profit .
Floating the Naira was done in a wrong manner for sure !

The bolded is my thoughts too, however, there is still the issue of insecurity. This would have been an opportunity to ramp up our food production and export

ElSudani:


They are actually poorer than Nigerians. They just don't cry as much as Nigerians.
They are buying our foodstuff because it is cheaper for them.
Where we should see opportunity and produce more for home and for export, what some people see is only to come online and wail from morning till night.
Look at the chart below and explain why Nigeria is the only hungry one amongst the list.

Apart from insecurity, another reason why food is scarce and getting expensive is that virtually all our neighboring nations from Togo, Niger, Senegal, and all find it cheaper to buy our grains and other foodstuff.

On paper these countries are supposed to be poorer than us yet they are able to afford expensive petrol and now they can afford to buy our foodstuff whereas many Nigerians are crying over the high cost of food items

I agree with you 100%, security is a major challenge

Feldie:
were you the one telling people to go to the farm before? Go to the bush and get beheaded by scrawny looking Fulani.
When I was a kid, women in my place used to go to the farm very early in the morning, before sunrise and work in the farm. Some people even had huts there and would roast yam in the farm, work till evening before coming back home. I know of a particular woman who would go to the farm early in the morning and return around 7pm. No government told them to do any of that. Now which woman will dare go to the farm alone and spend all day there for fear of being raped and killed by animals from the arid north.
Una never see anything. Famine is coming

Very typical, always looking for short cuts.

It is planting season, the rains have started falling.

Of course, Buhari was definitely not a bad leader. The major challenge with respect to economy was that he trusted Emefiele too much whereas that one had another agenda.
Then security was one area many expected him to excel, while Boko was marginally reduced, banditary increased.

Then he allowed Malaimi to spoil his government otherwise Buhari has a lot of projects to his name.

Even the abysmal performance of Obi wen happen for our lifetime, una almost successfully gaslight us to tell us say Obi and Obama de the same level, na 1967 events una non go come make attempt to rewrite?

Make una de fear God small na... Just small

If it is by followers, even the followers of your former friend Reino when he was known as the voice of the voiceless is also surging.

In marketing they call these kind of things vanity metrics. They really do not affect bottomline except you are able to find a way to convert followers into assets.

It is because of reasons like this that informed people call him a container or corner shop economist. If the bank had depositor's money to pay out would the CBN have had to revoke their license?
Do you or does PO think the CBN just looked at HB and decided they do not like their color and so revoked their license? Where exactly is the money to pay out supposed to come from?

I am shocked that something as basic as this that they teach in SS1 first term economics subject is what Obi is using politics to tint.

For those who do not understand what the lamba king is suggesting is that, imagine someone with a third party car insurance has an accident, the equivalent of what PO is suggesting is that the insurance company should apply comprehensive insurance for someone who only has third party insurance because the country is hard.
Sensible people can see the foolishness of his proposal.

LadyExcellency:


What is new from his opinion is that Peter Obi wants them (depositors) to be paid in full instead of N5 million. Most businesses and SMEs have up to N100 million in that bank and what next? They will file for bankruptcy and more hardships.

Most of your criticism of Peter Obi is filled with bitterness and aggression because Tinubu is a failure and secondly these stem from tribalism and clannishness.

Believeintruth:


Are you this dense. Did I say I don't understand the policies of liquidation? Try and have sense naaa. What we are saying is let NDIC in view of the harsh economic situation apply some empathy and pay depositors in full that is what PO is saying. Let me ask you if you had an account in Heritage will be saying this rubbish? Stop being selfish and look at the plight of the affected people.

It is because of reasons like this that informed people call him a container or corner shop economist. If the bank had depositor's money to pay out would the CBN have had to revoke their license?
Do you or does PO think the CBN just looked at HB and decided they do not like their color and so revoked their license? Where exactly is the money to pay out supposed to come from?

I am shocked that something as basic as this that they teach in SS1 first term economics subject is what Obi is using politics to tint.

For those who do not understand what the lamba king is suggesting is that, imagine someone with a third party car insurance has an accident, the equivalent of what PO is suggesting is that the insurance company should apply comprehensive insurance for someone who only has third party insurance because the country is hard.
Sensible people can see the foolishness of his proposal.

LadyExcellency:


What is new from his opinion is that Peter Obi wants them (depositors) to be paid in full instead of N5 million. Most businesses and SMEs have up to N100 million in that bank and what next? They will file for bankruptcy and more hardships.

Most of your criticism of Peter Obi is filled with bitterness and aggression because Tinubu is a failure and secondly these stem from tribalism and clannishness.

The CBN only said that paraticular letter did not emanate from them, that does not mean in anyway that plans may not be in place to have their licenses revolved, just that it has not happened yet

Only a foolish person will ask this kind of question. Without thinking off the hat, I believe the train services were even done in his second term.
Like I said, only a foolish person will ask this kind of question.

This point exactly is why many knowledgeable people consider him dull. NDIC insurance was even at a point just 500k. That means that is the maximum amount your money in the bank is insured. When banking with a bank, these are the things you are expected to know, so if a so called former bank chairman does not know how things like this work, then it becomes worrisome.

If on the other hand he knows but just wants to play politics with it, then he is a dangerous man.

yemmit90:


He is totally right on this, read again, Obi didn't say CBN should not revoke heritage bank licence, he was only telling the CBN and federal government to ensure all customers of the bank are paid immediately withiout delay.

See, whenever cbn revoke a bank licence, it transfer thr control to NDIC, and you know how they normally do. Some people at the top will just sit on their money and delay payment for years. Some won't even see their money forever. We have seen such cases many times before.

This should be the first bank to have failed since around 2005 if my memory is correct.

This should be the first bank to have failed since around 2005 if my memory is correct.

This should be the first bank to have failed since around 2005 if my memory is correct.

All other recommendations are fair except the ones that suggest creating more states for whatever reason, I do not see the need for any new state. If possible sef, the qualification to be a state should have a minimum land mass.

Nooo, he lamba non reach like dat na. He go rather pretend say twitter non de work today or better still look for one bad news to talk about.

Confirmedzombie:
The best president Nigeria ever had. Peter will be thinking of one Lamba ti throw against this project.

I have never seen a bitter person like Peter Obi

E be like say u know all these people reach their backyard o, exactly how they would have coined it.

They always major in minors

BATified2023:
so much pettiness from losers

But if it’s your chief mourner then u call it humility

Don’t worry when ipob kill waec students tomorrow tinubu will send obi to mourn them