Yeah right ! 98 phantom good -for -nothing companies (if they actually existed) which were set up to trade in smuggled goods? Nigeria does not need these types of businesses. We need businesses that would invest in growing the production base , not leeching off it

Why? Is this lucrative now or what is it with people stealing stuff like this?

very good display from a hugely talented Nigerian team. talent plus application on display. they also showed character with the way they fought back after being led twice in the match. they basically played a tired Hungary team into submission . excited to see what they can do in this tourney going forward

Damn it! FJ! Really sad it had to come to this.

If you have a steady income of 6 figures as you claim, why would you come to the US to " hustle"?

It is only sensible that the IMF should support free trade. No one should support what is going on at the land borders with respect to smuggling. Not particularly now when the government is strapped for cash. Do your business legally, pay your duties on the goods imported, do it legally. No government will say no to such. Where is the sense in subsidising your neighbors' economies by leaving your own borders to be porous and killing the industry of your own citizens? While all the time, letting citizen smugglers of other countries grow fat at your expense?

Best game i have seen Nigeria play from a tactical implementation point of view. Some nervous moments but nothing extraordinary. We obviously played a much more experienced and talented side so we had to do more defending than usual but for a side not known for defensive organization or discipline, they stuck to their tasks really well and made it hard for Brazil to break them down. I would like to see more of this. Onuachu though...poor first touch, lack of pace...probably should never start for Nigeria

so they now call it SDC, back in the days when we faced it , it was Behavior Correction Committee (BCC). The matter is already before a court of competent authority. ISI , back in my time , always had its codes of conduct which we all signed up to. we will see what the court says

grandstar:


Henry Boyo's solution isn't a cure all. The major benefit of it is that it will end the perennial excess money in circulation and the high cost of removing it.
The banks probably know many companies can not flourish with the present high cost of credit and therefore are unwilling to lend. Were lending rates to fall to single digits, the banks will open up their lending taps. Only worry is that the banks may go overboard with lending as it have been over 30 years when lending rates were in single digits.

A looser monetary policy can not exist with the never ending shadow of excess money in circulation hanging over the economy. Monetary policy is tight to ensure it is not inflationary.

Very well agreed its not a silver bullet from Mr Boyo for sure. It would help, end hmmm maybe not . I mean with the injection of cash at periodic electoral cycles, legislator payouts, minimum wage implications etc. payment of minimum wage to one set of workers= agitation by another set. The banks have no incentive to lend currently and you are right , it is just too risky for them to do it. i would like to see some creative solutions to address these issues . Nothing the CBN has tried seems to be working

grandstar:


There is a big difference between lowering tax rates and lowering taxes.

Nigeria's corporate tax rate is 30% but who pays it? Probably less than 1% of registered companies pay the real figure. It was estimated in 1990 that it was primarily public quoted companies and a few others that actually paid the full rate. Probably no more than 0.1% of registered companies.

What matters is not the tax rate but the base. India found out that the more it reduced taxes, the higher the revenue collected. Taxpayers were more complaint. A tax rate of 12% will not only increase the level of compliance but will drive massive investments. It works like magic.It is trans-formative.

Inflation rates are high because of the Naira substitution policy. Please read up Henry Boyo's articles on the Naira substitution policy. Basically, substitution of the oil revenues into Naira and then paid out as monthly to the 3 tiers of government leads to a spike in inflation. That spike in inflation is now mopped up using costly TBills which lead to high commercial banking rates.

Let us say the monthly revenue is $2b, government will pay out 730b, or if $3b, that is N1.095 trillion. When this money enters into the system , it leads to excess money in the system which the CBN has to mop up using bonds.

Nigeria shouldn't have had a problem with high inflation for years because its budget deficit was barely 2% of GDP. This figure is associated with sinle digit inflation. The Naira substitution policy was skewing the system.

Henry Boyo said instead of paying them in Naira, use Dollar certificates instead and they can redeem the Naira value at commercial banks. These will lead to dollars changing Naira and will cause the Naira to strengthen greatly. But most importantly, because there is no more spike in inflation and to prevent the Naira from becoming too strong, a looser monetary policy which will lead to lending rates reducing and with time hitting single digits

Soludo wanted to end it but Yaradua stopped him 2007 or so.

Again I disagree with you sir on the first point about taxes. typically , you have a top tax rate of x percent but the effective tax rate (ETR) the company may pay for a particular fiscal year may not be this rate when you factor in tax credits earned and other nuances for various reasons. as an example, companies in Nigeria have been known to abuse the pioneer status which confers certain tax benefits on companies which can claim to pioneer certain industries. another example is Dangote is constructing a road in Lagos currently for which it would get certain tax breaks which would of course lower its ETR. Citing India as an example is rather simplistic as it assumes Nigeria and India are on the same level with respect to tax collection and compliance. We know Nigeria sucks at this , even in Africa. Again reducing tax rate without ensuring the tax net is widened and compliance is effective will only do us damage on the long run and we cannot afford to widen the deficit. We will have no alternative but to borrow , which in turn increases debt servicing costs which is already high as it is.

I am familiar with Mr Boyo 's analysis already and I see some of his points and how it can work. However, my view is that this is narrow and not treating all the issues but a good start. What about the impact of the minimum wage increases , for instance in creating inflationary pressures? To me , a holistic analysis has to be done to understand why we need to understand why CBN's directive to banks to increase lending has refused to work and what factors have led to banks rather parking money at treasury bonds instead of lending to businesses to grow the economy. One issue i have seen is the lack of an effective credit rating system in Nigeria. Currently , the costs of inflation seem to outweigh the benefits of increasing lending to businesses . The private sector simply cannot survive well , especially the SMEs without access to funding.

grandstar:


Why are you blaming an undertaker for burying a corpse? There is no way the Benin government would have succeeded in banning the import of subsidized fuel. No way. The product will simply be moved in smaller vehicles undetected. The Nigerian customs are as much to blame for the smuggling are as the Beninese.

Trump was the one that placed those tariffs. American economist did not support it. The one with Mexico was the most idiotic and baseless. Mexico has no protectionist policies against America. America exports $260billion worth of goods there. This will provide at least 6m US jobs and they are some of the best jobs you can find.

Rather gthan consistent policy making, junk bad policies and replace them with good and dynamic ones! Dangote said he would not be where he is today if not for Soludo's bank recapitalisation. That is a dynamic policy.\

Another dynamic policy is low corporate tax like 12% for instance and most importantly, single digit commercial loans. These are transformative policies and not protectionist which is an amateurish attempt to revive local production. It has failed miserably over the past 30 years and it will keep failing.,

it actually depends on which economist you listen to. Some did support Trump's position. Agreed both Nigeria and Benin owed a responsibility for the policing of the borders but that does not mean they should shirk their responsibility either. As i stated also, we run a budget deficit, lowering tax rates is not , in my opinion , something we can afford to do at this moment. single digit lons are a mirage considering the high inflationary environment and other factors. as for the US - Mexico one , i do not agree with those numbers.

grandstar:


Protectionism is counterproductive.

Policies that can help boost manufacturing and agriculture.

1. Bring commercial lending rates down to single digits. That is less than 10%. That will bring a revolution (This will lead to a surge in investments as companies will take out loans and also expand. With continuous expansions, the local market will become to small and they will be forced to start exporting. Also, with credit cost low, local manufacturers can import world beating machines that will make them very competitive not just locally but globally as well.

2. Slash company taxes to between 12-15%. Low corporate taxes encourages large amounts of both local and foreign investment. That is what transformed Ireland with a tax rate of 10%.

3. 0% import duty on raw material and capital goods. (Local manufacturers have been demanding for this for years and it is standard practice in the most progressive of countries.

4. Deregulating electricity prices so as to encourage investment in the energy sector. (This will improve power supply)

5. Ending fuel subsidies to encourage companies to set up refineries. One of the reasons why refineries weren't built was that the subsidy dissuaded investors. Dangote has already said he's selling his fuel at the international price.

The first 2 policies are enough to turn around the manufacturing sector in the country. The 3rd, will simply give it a greater foundation, the 4th can take it to the moon and the fifth can make the country the defacto energy giant of Africa. Nigeria by now should be refining 3m barrels a day for instance.

First, this is about crime as i mentioned, not trade . Let those countries address the smuggling first . these are just land borders. again you cannot open your borders to criminals to dump stuff in. the ports are still open for business. secondly, I agree with the fuel subsidies, electricity deregulation and import duties . fuel subsidies are useless. I agree a reduction in corporate taxes may be helpful but not to 12 -15 percent. We currently run a budget deficit which would only grow larger and lead to even more borrowing. What happens when there is an oil price shock in the nearest future? Commercial lending rates are driven by rates which are in turn impacted by inflation so this is not an easy task. a combination of addressing smuggling, boosting local industry through different methods , some of which you have suggested would go a long way in helping Nigerian businesses compete

grandstar:


Protectionism is killing the country. As The Economist rightly pointed out, protectionism has failed to industrialize the country. It is amateurish and a very blunt tool.

Imports are actually good for you. Protectionism protects zombies and not the competitive and vibrant. It forces locals to pay higher prices for goods than otherwise and it is regressive and it benefits producers (who can make risk free profits) at the disadvantage of the consumer. Dangote's cement was once so expensive that if he sold a bag for half the price, he would still have made a post tax profit! I won't be surprised if Nigerian cement is one of the most expensive in the world.

Nigeria should be focusing on exports. Britain, a country of about 65m people exports about $700b worth of goods and services yearly. That is more than Nigeria's GDP. If Nigeria's non-oil export just increased $30b, the local factories will be working non-stop. The smart money is in exports.

Are you saying sir that we should continue to subsidise criminal activities ? this is not the definition of free trade. this is Nigeria being taken for a sucker and sugar daddy who is just there to be ripped off. The Economist has its own agenda. There is not one country in the world which does not implement some level of protectionism. Even the US , worried about the impact of globalisation and free trade on its local economy, has implemented tarriffs, renegotiated trade deals like NAFTA whcih is deemed unfair and has been waging a high level trade war with China. What Nigeria is addressing is crime here . These other neighbors have allowed their jusridictions to be used as bastions of crime. How can Nigeria subsidise fuel prices (which I consider ridiculous ) and then you have Benin citizens enjoying these privileges?. You might argue that this is a result of our porous borders but i would say the Beninoise arent saying no to that product , are they? We already have a small production base. We need to make sure we can support our own local industries to grow. The border closing is only half the job. There needs to be consistent policymaking that would assist local businesses bridge the gap and make them more competitive. We cannot allow ourselves be the dumping ground for all manners of smuggled products. Let those countries take up their share of the challenge by actually promoting trade and not letting their jurisdictions be used for smuggling

grandstar:


Protectionism is killing the country. As The Economist rightly pointed out, protectionism has failed to industrialize the country. It is amateurish and a very blunt tool.

Imports are actually good for you. Protectionism protects zombies and not the competitive and vibrant. It forces locals to pay higher prices for goods than otherwise and it is regressive and it benefits producers (who can make risk free profits) at the disadvantage of the consumer. Dangote's cement was once so expensive that if he sold a bag for half the price, he would still have made a post tax profit! I won't be surprised if Nigerian cement is one of the most expensive in the world.

Nigeria should be focusing on exports. Britain, a country of about 65m people exports about $700b worth of goods and services yearly. That is more than Nigeria's GDP. If Nigeria's non-oil export just increased $30b, the local factories will be working non-stop. The smart money is in exports.

sir , there is no country which does not practice one form of protectionsim or the other . The Economist is yarning dust. even the US, the largest economy in the world has implemented tarriffs and othe measures, renegotiated trade deals and reformed its tax laws to remain competititve and not be taken advantage of in global trade. While I agree with you that the smart money is in exports, allowing your country to be dumping ground for all sorts of products will only spell disaster for the local producers. we already have a small industrial base. How then do you propose to help the local industry grow , considering the fact that we cant afford to subsidise those industries , seeing what we already lose to subsidising petrol prices (which to me is really dumb)? We are being ripped off by neighboring countries like crazy and you are saying that should persist? those countries depend on trade with Nigeria and they also owe us a duty of care to not make their jusridictions abodes of smuggling which in turn hurt our local industries which we need to desperately grow if we ever hope to wean ourselves off oil. i think Buhari has done well in this regard, however not only closing these borders would solve the issue. It needs to be matched with deliberate policymaking to see how the local industries can be made to compete favorably. Nigeria can hardly afford to take care of its teeming youth . it should not be a sugar daddy to other countries. This is not even free trade

And they would be blaming Buhari too o. Lagbaja has said it all in his song" two hundred million mumu". The "common" man is the most dangerous being living in Nigeria

If i perish, then i perish

Was just researching about this today. Great topic

Oladelesp:
The executive functions of the Nigerian vice president includes participation in all cabinet meetings and, by statute, membership in the National Security Council, the National Defence Council, Federal Executive Council, and the Chairman of National Economic Council. Although the vice president may take an active role in establishing policy in the Executive Branch by serving on such committees and councils, the relative power of the Nigerian vice president's office depends upon the duties delegated by the president.

That is the role of VP. Osinbajo doesn't head any Agency, Doesn't have the constitutionla right to approve anything without the approval of the president, so why all this noise

Oga you have spoken well. Better lo leave these totally ignorant folks alone and let them "gloat" about a "demotion". Shows their extent of knowledge if they comment on something and expose their ignorance online when they could have been better served picking up a copy of the Constitution to read

Quite disappointing in my opinion. A person who would lead must learn to be guided by the courage of his convictions, and not the hullabaloo and mob noise of social media. Being a critic is not a badge of honor to wear around but being able to articulate viewpoints and proffer solutions on the way forward. I understand pro- Buhari folks objected to the appointment due to his virulent criticism of the government and its policies. I consider it a lesson learned for him: when you criticize a government and its policies , make it objective and take out the emotions. It is a service to your country and your own contribution to create a progressive society. However , the hallmark of a true leader is humility; an ability to see things from other perspectives and realizing you may have never had the true picture all along and admitting that fact. No one likes to be wrong but true greatness lies in being able to admit you may have goofed on it. He will learn from this and Nigeria will move on. We need his likes to be in government. I would hope we will continue to see our best and brightest in government in great positions , advancing the course of the nation. We need them!

AntiBalaka:
The killer is someone with money.

Since he can indulge his sadistic fantasy of strangling women to death.

He lures them with money and a flashy car. But may not check into the hotel using same car not to leave any clue linking him.

He is most likely soft spoken and reserved.

He doesn't sleep with his victims as most are found fully clothed.

Am guessing he drugs them before strangling them.

He makes no attempt to conceal the bodies so I am assuming he is sending a message of some sort ;"catch me if you can".

This means he lives a fairly boring and monotous life with no social life, friends and family whatsoever.

He is not married nor in a stable relationship. He has a grudge with women of low virtue. Am guessing he is HIV+ which he definitely caught from a prostitute.

This latest victim is the least classy. He changed his usual hunting grounds so as not to draw suspicion on him.

What the police should ask how he checks out without nobody knowing.

Are the hotels fenced or not?

Am guessing they aren't and are not manned by a security guard.

Impressive sleuthing

Any reason why this man should not accept this appointment ? If someone else was appointed, these are the same people who will be analyzing the place of birth of the person and screaming disgusting tribal epithets online. Now what is the use of a critic if all he does is make online noise without an ability to proffer proper solutions? Anything wrong in having someone who actually knows what they are doing in government? I don't understand the state of mind of some of these NeverBuhari goons. Is your loyalty to PDP, Jonathan or to Nigeria? any reasonable critic is not a rabble-rouser but has ideas to proffer to solve issues. I hope the man accepts this appointment. We need more of his type in government to speak truth to power. Nigeria is the project...my vote and my support will always go towards any government which does what is right (not what is "popular". una complain say the cabinet was full of politicians. now a "technocrat" is appointed , una still dey complain. Rubbish

Gosh we still dey read for Nigeria? Stop reading headlines alone before commenting people!

festacman:
FBI doesn't need invictusobi so snitch much. His 'business' email accounts are goldmine of information accumulated over the years. Just a little dig would reveal a lot.

As an Igbo man, I must acknowledge that I am thoroughly ashamed and scandalized after seeing those names on FBI list.

Lately, the concept of EGO MBUTE crept into Igbo society, took its roots and the consequences are showing. Unfortunately, it is celebrated rather than condemned.

I am afraid about the future Image of Igbo as a people. Till today people of Southern region of Italy still carry the stigma of mafia activities and that limits people's willingness to do business with them. In Nigeria, stigma follows Fulani people because of the activities of herdsmen. As a people who survive on commerce and entrepreneurship, the future may be tough in finding partners in United States, Europe and even in Asia because of the stigma these scams will throw up.

Investigations started three years before the arrest ad indictment so i doubt if the invictus fellow did make any difference here. The resources of the justice department are enormous. This is just one FBI field office running this and coordinating with international agencies. As for nigeria, till we acknowledge we are what we have become, a nation where fraud is celebrated, a nation of contradictions- exporting religion and crime side by side, nothing will change.... my only regret is for those who will get tarred with this brush of fraud even though they dont participate or benefit from it. Something is wrong with our society. How did we get here?

Mustsucceed:
The president needn't have openly stated that every one knows that there is an office in charge of the president schedule but tuexway buhari put it was what caused all this

I have often stated that buhari needs training on addressing public but I guess he feels he is the commander in chief .any time he open his mouth to speak hu must cause confusion ,pains and or anger

And how would he have said it according to you sir? " Please help me tell every minister...?" Maybe what is wrong is the fact that some people just fail to read in context and educate themselves properly or are just so far gone in their prejudice against the man that there is nothing he can do right in their eyes

daddytime:
Hmmm

These are the Neanderthals reaping from a farm they never planted and expecting to enjoy the proceeds thereof, making the legit 9-5 hustlers seem as though they weren't hustling right.

I'm sure it was Buhari and our politicians that sent them away from Nigeria to go to the US, a country that hasn't been bastardized by the ruling elites to go and steal instead of hustling and earning a living by legitimate means.

When Buhari said most of the youths were lazy, so many failed to understand the sense in that statement even though I might not be cool with every one of his utterances and governing style.

The average Nigerian youth's psyche has been programmed and messed up to believe that the fast lane is the only and best way, not knowing it is indeed the highway to destruction and doom.

How do you intend to help God do his work in your life, or jumping the gun of life due to peer and societal pressures/impatience to make it big. This, I tell people is akin to avoiding the mandatory NYSC where, if you are found out to have deliberately skipped service, there'd be consequences.

Life is a process which has never been a Bed of Roses. Even God never promised us a life devoid of topsy turvy, his promises are that he won't saddle us with more than we could bear, and shall surely help us overcome.

So, if you decide to circumvent the NYSC of life, you'd be found out when the time is ripe and made to get back on queue to do your service and follow the procedure. No short cuts. Just pray you get found out in good time when you are still young and healthy to re-serve, and not when you might have been beat-down walking on a stick.

Life is simple if only we could sit back, reason and refuse to be pressured. We must quit with complicating our lives.

I learned these life lessons the hard way and I have given up myself to speaking up for this and other societal ills particularly among the youths. I won't stand aloof watching Nigerian youths self-destructing without lending a voice, God forbid.

Finally, whatever you garner up by crooked means shall be decimated by the same means and you won't even have an idea how it happened. I am a living witness to this and did a book on my life to teach the youths.

We are precariously seated on a keg of gun powder with our youths, we need to start changing our orientation and value system.

On a lighter note, expect American cars to start getting more and more expensive because the dealers are being swept of the streets. Some of our NL dealers fit dey among dem sef.

Nothing beats living and earning legitimately. No matter how little.

Most people didn't understand where EFCC was getting the renewed vigor in clamping down on these boys nationwide. Now you have your answers. FBI dey their nyansh.

These boys must hear word. Their laulau noise making don dey reduce sha

Lazy thieves home and abroad.

God bless you for this.this is what makes it hard for legitimate businesses in Nigeria to be taken serious in the global scheme of things. This is a national embarrassment. That almost 80 were caught running a criminal enterprise on this scale , at a time when you have got a US president who is not favorably disposed to Africa as a whole is just mind boggling. Na only us be third world? This propensity to crime needs to be checked if there is going to be a future for Nigerian owned businesses and nigerian based businesses

Seems to me the protest is not so much about the age of the individual in question but his affiliation or in this case non affiliation with PDP. Typical in a society where u are seen as the representative of your area in government as a political appointee. Apparently the gentleman is not of PDP extraction

salford:

Thank you for this. Whether it would get better is another issue. I was told it would get better when I left secondary school in 1999. Infact, it got worse. We run one of the most if not the most expensive government in the world with nothing to show for it, and sadly, thw ruling class do not care. Is like they dont mind if the country crash and burn with the monumental looting and stealing of public funds in the guise of stipends and remuneration. check HOR, Senate, Legislative houses etc.
The painful truth is that relocation might work for some and might not work for others even after changing careers. That is why it's not easy uprooting one's family and relocating. Some oyinbos can't even imagine why anyone will leave their family and homeland to relocate thousands of miles to another, but they dont know what is pushing them out. Yoi see why Igbos transferred their aggression on the former deputy senate president. If the country had been there for them all along, Nnamdi Kanu's IPOB would have been dead on arrival.

You have said it all. it is quite challenging to live in a society that seemingly operates with different rules than what one is used to . some will adapt and thrive and some would not. The matter just tire person. Everyday you get calls asking this same relocation question, i just need to hang a shingle out and call myself "immigration consultant".

DexterousOne:


Its still better than failed fvcked Nigeria

I have seen with my eyes how Nigerians who are serious succeed out there...

Nigeria will sink further into the abyss until we use our sense

Of course there are success stories. Just putting it out there for anyone who thinks relocating alone will solve their issues. Nigeria, to me what needs to be done is clear. The question is are we able, leadership and citizens alike, to do it ? Till that time

DexterousOne:


The descendants of Nigerian migrants always fit in

They are in a system that rewards hard work and not foolishness /mediocrity

Not in all cases sir. I have seen people slip between the cracks here....lots of people with immigration wahala, challenges making ends meet due to all sorts of reasons, evicted from homes, unfufilled expectations etc.

Every time I see threads like these , they ring so depressing sometimes. No doubt , Nigeria is facing an unprecedented decimation of its supposed middle class. the best and the brightest are leaving in droves to foreign lands, especially Canada. Nigeria's loss is Canada's gain. it is also apparent now that we need to see Nigeria for what it actually is... a poor country which relied on a bubble of high oil prices till it all came crashing down (late in Jonathan's period/Buhari's first term). what hurts most is for most of those coming into these societies, it is always hard to get to the commensurate level you were in Nigeria without changing careers and all to just survive. I don't blame those who feel they have no choice but to migrate (though whether that is what will help is another matter for debate). Not sure there is a silver bullet that will solve Nigeria's intractable issues. I fear things will need to get much worse before they get better. Tough

I am so confused how this is made to be such a big deal. Has any of these professional oppositionists and noisemakers ever bothered to understand what the role of a chief of staff is? He is the one who is in charge of managing the schedule and the head of the president's direct staff. What then is this noise for abeg? Its the same with states so whats this for? Can people just educate themselves before embarassing themselves online? We have bigger issues in Nigeria than all these presidential personnel issues please. Seems to me sone people cannot just see anything good in whatever Buhari does. Not sure how those people live with such bile. They must think the president of a country is like a school principal. Nonsense and ingredients!

momokiddies:
you are quite hard on the boy, and you know it.
I would have said he should get him diagnosed if he had ADHD but you said an expert already ruled that out, even though I think that's what might be the issue, but because he is still a lad, their characteristics is often misquoted for childhood exuberance.
truly he is forgetful, although he might pretend to be sometimes just to get away with some task, but he really is forgetful.
you just have to keep reminding him in love and enough of your shouting and smacking . it won't work. you are just pushing him too hard and he can't help himself. and you already have your mind set on how he will cause you trouble and be like other stereotyped black kid in the hood. please cut him some slack and raise that boy in love and in understanding. he's likely to outgrow this trait or they are likely to remain will you throw him out then ?
Nigerian schools are not equipped with childhood professionals who understand some developmental problems or delay a child might have. sending that boy to Nigeria is like sending him to his own doom. he will be abused , flogged and laughed over what he himself can't control. let him be with you and seek medical help. you can have another doctor diagnose him.
don't let that feel like he is a source of pains to the family . I know you have been abusing him verbally, too. just stop all of that and speak to a professional who will proffer ways on how you can manage and curtail this behaviour.
cheers!
I'm a childhood educator so I am speaking from experience. I have taught and still teaching kids like your boy. they can excel if you push them in love

I would say you are spot on. This kid as you have described sounds exactly like i was at his age. My mother still relives the nightmares i caused her at that age. Only saving grace was that i always did very well academically without even trying. I would say he needs a lot more patience . I know as a parent it may not be easy with competing priorities but its a phase which, with your encouragement, he will overcome and the change itself will surprise you
Please heed the advice above and you would be better for it