₦airaland Forum

Until Nigerians realise crude oil and its products are commodities, not a social welfare reengineering tool, our problems in this sector will not dissipate.

frehage:
How is that so? Do you care to explain what informed this your position. Remember Nigeria is an oil producing country? There are inherent benefits in being a producer of something that you just cannot deny a people. Why do you think most foodstuffs are far cheaper in states like Benue than in Lagos, Rivers, etc.

Why do you think serious countries build their economies around sectors they have comparative advantage?

As regards subsidy, PMB has already trashed that out. He said there is nothing like subsidy. He said our local installed refining capacity of about 450000 b/d(and fresh capacity will be added) is enough to cover our current needs. And where the local output is inadequate, as is currently the case, due to the poor state of our refineries, the crude equivalent of our refined products

Please explain this statement?

Impressive, this extradition hearing will be interesting to say the least. This already looks like advantage Buruji

we don hear.

rozayx5:
all the hotels in lagos have not increased prostitution . its this one that akwa ibon has that will increase. y do people hate the south like this :(

That is the question

Whynotthetruth:
What do you use in reasoning bro?

Yes! people are wiser now just like you...wahala dey

You just saw the functional mindset of an APC supporter.

Truckpusher:
Aiit.

I will pretend to have a backer until I'm left alone to hang.

You are never alone, I mean never.

Trying to sleep, but the thread is too interesting to leave.

This man don enter market, no more cure for his madness .

egift:
Shut up and stop beating up your rusty chest. Buhari is not your regular zoologist. Can't you see how Jonathan is saying Yes Sir up and down to Buhari. Any fiim, he will be Laurent-Gbagboed into Kirikiri and nothing will happen.

Separation my foot. Development and other good things will be coming to Aligbo. All those miscreants can hide their faces in shame.

Almajiri,you make too much noise, the floor in Agodi awaits your old man. You will have enough time to flex your dry fish bone.

egift:
What preview? Jonathan is doing all he can to make sure Patience don't bring food for him at Kirikiri

Your dad will be spending his last days in Agodi prison before anyone touches the hair of Jonathan. Did you not see the preview in Nigeria? Then open your eyes wider.

egift:
Didn't promise us that Nigeria will divide if we did not reelect Jonathan and there will be anarchy. Now you are flip-flopping all over the place.

How was the preview?

CARACAS, Venezuela (AP) — It's still possible to buy a gleaming Ford truck in Venezuela, rent a chic apartment in Caracas, and snag an American Airlines flight to Miami. Just not in the country's official currency.

As the South American nation spirals into economic chaos, an increasing number of products are not only figuratively out of the reach of average consumers, but literally cannot be purchased in Venezuelan bolivars, which fell into a tailspin on the black market last week.

Businesses and individuals are turning to dollars even as the anti-American rhetoric of the socialist administration grows more strident. It's a shift that's allowing parts of the economy to limp along despite a cash crunch and the world's highest inflation. But it could put some goods further out of reach of the working class, whose well-being has been the focal point of the country's 16-year-old socialist revolution.

The latest sign of an emerging dual-currency system came earlier this month when Ford Motor Co. union officials announced the company had reached a deal with officials to sell trucks and sports utility vehicles in dollars only.

A few weeks earlier, American Airlines said it had stopped accepting bolivars for any of its 19 weekly flights out of Venezuela. Customers must now use a foreign credit card to buy the tickets online. Virtually all other foreign carriers have made the same switch with the government's consent, according to the Venezuela Airlines Association.

Driving the shift is the crumbling value of the bolivar, which has lost more than half its value this year, plunging to 400 per dollar on the free market as Venezuelans scramble to convert their savings into a more stable currency. Desperate, people are selling bolivars for a rate 60 times weaker than the strongest of country's three official exchange rates.

View galleryFILE - I this March 17, 2015, file photo, Venezuela's …
FILE - I this March 17, 2015, file photo, Venezuela's President Nicolas Maduro listens to the pl …
It's a politically uncomfortable situation for President Nicolas Maduro, who regularly leads chants of "gringo go home" and says currency speculation is one of the main tools used by enemies to try to sow chaos and force him from power.

It's not just businesses chasing greenbacks. Real estate contracts are still drafted in bolivars to satisfy a requirement imposed by late President Hugo Chavez, but in upscale neighborhoods most owners operate outside the law and sell and rent in dollars only. A group of realtors in tony eastern Caracas has established a password-protected website for listings in dollar prices.

Analysts say the administration likely sees a limited dollarization as the only way to prevent multinationals from leaving the county altogether, as Clorox did last year, citing problems brought about by decade-old currency controls, supply shortages and inflation that hit 68 percent last year, and economists believe is now well into the triple digits.

Production at Ford has fallen by 90 percent as the company struggles to gain access to dollars needed to import parts. Customers will now transfer Ford dollars in advance to pay for the import of the parts needed to assemble the cars in Venezuela, according to union officials.

Foreign airlines made their switch to dollars after the government refused to let them convert and repatriate $4 billion in ticket sales held in the country.

View galleryFILE - In this Jan. 8, 2015, file photo, shoppers queue …
FILE - In this Jan. 8, 2015, file photo, shoppers queue outside of a supermarket in downtown Caracas …
Meanwhile, inflation is racing so fast that ATMs have failed to keep pace. Many deliver a maximum of just $1.50 worth of bolivars per transaction. Some shoppers stay away from cash altogether, according to reports in local media, leaning more heavily on credit cards so they can pay for purchases later, when they'll cost less in dollar terms thanks to inflation.

Decade-old price controls make staple items ridiculously cheap for all Venezuelans. A bottle of vegetable oil costs 20 cents at the black market rate, a package of rice costs half that, and a sack of sugar costs even less.

Still, many working-class Venezuelans are looking for ways to accumulate their own stockpile of the U.S. currency by offering services to wealthy or foreign clients.

"It's the only way we can try to stay ahead," said one gym teacher who supplements his $25 a month salary by offering personal training to clients who can pay in dollars. The teacher, who asked that his name not be used to protect his safety, keeps his bills hidden around his home until a friend or obliging client can deposit them in his Miami bank account.

The move toward currency substitution doesn't sit well with hardcore government supporters, many of whom cut their political teeth listening to Chavez's tirades against the "dictatorship of the dollar."

"How is it possible that in the face of the U.S. effort to sabotage the revolution, we are allowing transnational companies to conduct business with the imperialist dollar in our country?" wrote Omar Hernandez, an engineer who works for Chavista community programs, on the influential pro-government website Aporrea.

But outside economists say Maduro would be wise to embrace the dollar outright.

Steve Hanke, a Johns Hopkins University economist who has long advised governments facing currency crises, says replacing the bolivar with the dollar would nip Venezuela's inflation problem almost overnight and become an anchor of economic stability, though it could also force austerity measures. He points to the example of Maduro ally Rafael Correa in Ecuador, who has railed against the U.S. during his eight years in office but has so far shown no desire to bring back the old national currency, which the country did away with in favor of the dollar.

At the Ford factory, workers are optimistic that the new deal will save their jobs, according to union leader Gerardo Troya. In fact, they have an idea for more dollarization: They'd like to be paid in U.S. currency now too, starting at $8 a day.

http://news.yahoo.com/businesses-quietly-switch-dollar-socialist-venezuela___

Look at Jonathan haters gladly pointing to his comment , the same ones wishing him death yesterday. Make una dey fool unaselves. Jonathan welcome back home, but remember it was never about you. That's what your detractors never understood.

tupem:
who dey pay those wey go pay them (just asking o!)

ask the IOC, them go tell you.

barcanista:
I have known Wike to be tough and assertive, We shall encourage him, support him and pressurise him to probe Amaechi's fraud. The probe is important for posterity and history sake.

As far Rivers State is concerned Amaechi is finished and he knows it too. Wike will give him a public humiliation, the likes never seen in the Nigerian political landscape before.

barcanista:
The painful part is the billions he wasted/siphoned using this election. Everything just doesn't add up

That's how APC rolls, unfortunately they're playing in the wrong turf.

By 29th May, Amaechi will be history. No need sweating over his LG election. Even the so called chairmen will not near any of those offices. Na Abuja dey pay them?

[s]

philips70:
Nairalanders need to fast and pray for you so you don't die of hypertension and acid induced pile in this next 4 years. If people like you dreamt GEJ will lost the elections and the Buhari you hated so much will be sworn in some day you will wake up and say it was high fever. People who know you should advise your family to keep any semblance of ropes from you starting from Thursday night.

[/s]

I said do the needful

wethin we go talk again, oya come and reclaim

philips70:
[s]Can see you finally handed it over to the unknown passerby. Do you have almajiris in your part of the ND? Ode!

[/s]

I said do the needful

philips70:
Free your bile. Don't die of hatred and hypertension. Criticize with your brain remaining in your head and not in your palms waiting to hand it out to the nearest passerby.

almajiri look for closest revolver and do the needful.

You have Wike's record as your chief of staff abi. This man is just a joke.

Beijing is waiting to see the direction of Buhari.

onatisi:
Is tinubu a government official? Why is tinubu welcoming the president of another country on behalf of nigeria This buhari govt will be an interesting one .

You took the words from my mouth.

anonimi:
Just as it was signed in Saudi Arabia by the man who invited people to a game of squash to prove he is healthy but...........




www.nairaland.com/attachments/2185359_buhari_jpeg124530d5bd433c751b175a8e21349689




www.nairaland.com/attachments/2185138_buhariinowerri2_jpeg692a11e69c27365fcb4b4dbf3e6ccb24

The sad part is most of his supporters know what's wrong, they just pretend otherwise.

These visits will become regular. Budgets will soon be signed from the UK.

HzRF:
Good
And if Buhari think he can scam us (removing subsidy)
He's joking

Only in Nigeria