₦airaland Forum

thegoodjoehunt: IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency. In addition to the devaluation of the naira, IMF demanded that government took other drastic actions:

(a) The government must remove its subsidy on petroleum.
(b) It must curtail its expenditure.
(c) Government must rationalize its tariff structures.
(d) It must put a freeze on its wages.
(e) It must put a total end of non-statutory transfers to State governments,
(f) Government must at least institute a 30% raise on interest rates

Government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).



The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar. The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation. The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington. Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc. At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.


[b]First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse. Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.

To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows:

(a) completely knocked down parts for automobiles from Brazil.
(b) Construction equipment from Italy
(c) Engineering equipment from France, and
(d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was:

(a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of.

(b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria.

(c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan.

(d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits.

(e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business. For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.[/b]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Let me add one more point, under Buhari's regime, the price of rice went up because importers/sellers hoarded it. They had the impression that it would sky-rocket. You know what Buhari did? The government ordered those who had bought long before the price went uo to sell at a standard price and those who couldn't, the government bought it from them at a high price and distributed it to civil servants who were below level7. Three folks shared a bag of rice. That's what I call responsibility. Food was made available!

Thanks for bringing this up, bro.


Frawzey

The dowry won't stop anytime soon because of poor education. An average graduate in Nigeria knows virtually nothing about Afrika because the curriculum doesn't encompass our history and culture. Most graduates still think the colonial masters did us a favour. Imagine.

If Afrikans can have access to good education, both formal and informal, our mindset would change. It would also stop the numbness that is rife in our society. We have paid enough dowry!

Great piece!


Frawzey

The dowry won't stop anytime soon because of poor education. An average graduate in Nigeria knows virtually nothing about Africa because the curriculum doesn't encompass our history and culture. Most graduates still think the colonial masters did us a favour. Imagine.

If Afrikans can have access to good education, both formal and informal, our mindset would change. It would also stop the numbness that is rife in our society. We have paid enough dowry!

Great piece!


Frawzey

@Pastor Dagr8, thanks. Na you self they inspire me with ur bible verses on ur signashur.

@Naijababe, na so we see am o. Ashe e don cram my details, dey write am na him I catch am. By the way, we no dey see u for politics section again. Wetin happen? Make we YIM ontop the bored stuffs tonight.

@Paris-fran, *red-blushes* awwwww. Thanks. Muaaah.

@Jakpayen, we are not ur boys ooo. We get beards na! Haba. Thanks brov.


Frawzey

fxisreal: UC still doing well

Bommaster, imagine! Who would have guessed? Piponomics is one sharp guy to have detected... I still trade BOM very well. Left the thread cos of one newbie I met live who wanted to spoof my login details. Anyways, nice of u. Aint trading today.



Frawzey

"This man will never stop contesting. What kind of person are we dealing with here? I know he doesn't have a swiss account and his reputation is strong but we must use the media, religion and tribalism to nail him. Let's deploys all our full resources to taint his image once again, while we appear clean, godly and attend religion gatherings. Note: Henceforth, all religious gatherings MUST be attended. We also know Boko Haram is a burning issue in the minds of Nigerians, we must use it as a tool to rope him and the north. Let's nail this man once and for all." - Chairman 40 Laptops Campaign committee.



Frawzey

saudatu: oga rozyx, try visafone.

Still the best, Visafone.

Mobile. Not trading today but Gold traders should watch out for Fed's speech.


Frawzey

Freiburger: A good job is one that after paying your bills, you still got enough to put aside for the raining days, anything less that that is slavery.

I disagree. So if you're told to quit your current job and resume as a sanitary worker (washing public toilets), u'd be paid twice what u earn now, will you do it?

As Malcom Gladwell stated in Outliers: A job must have a little bit of independence/autonomy (being able to make decisions), complexity (atleast it must demand some skills, talent and intellect), and a connection between effort and reward (good salary). These are what makes a job meaningful.



Frawzey

Eko Atlantic: Wonder why they were sent packing in southWest.
Imagine impeaching the best ibo governor, party for the dolts.

They wanna impeach him so that the deputy governor who's the younger brother of the PDP chieftain will be the governor so as to rig elections for them come 2015.

The most expensive election is yet to come. I tell ya!


Frawzey

I was told that the Presidency has directed that impeachment proceedings be commenced against Governor Okorocha to remove him from office,

If this statement is true, then those who call GEJ clueless have no clue what he's capable of. GEJ aint clueless. He knows what he's doing. Look at what he did to Amaechi and how he re-tuned PDP to his caste. PDP must be chased away! They have plans towards 2015.

Without being sentimental, since the expulsion of PDP in SouthWest, there has been ongoing development. Yes, all party members are friends but Edo, Ondo, Ogun and others are really moving forward.

If only the South-south would think twice, with respect to how Ibori and Alams ra.ped their economy, they should kick PDP out. God bless this man for voicing out. Poco-a-poco, PDP-politics and their snollygosters will be a thing of the past.

2015 will nail PDP's coffin.


Frawzey

naijababe: hehehehehe! E don chop my 50 pips clean mouth na. I just sold gold as per the analysis above and sold crude earlier on at 88.43. If EJ no gree, other things go gree na, abi how u see am?

So u sold the resistance? Excellent analysis!

Naijababe is really hot this season oh! Ronaldo twin sister.


Frawzey

Shorted USDJPY with -20 stoploss. Target 97.30.


Frawzey

Gold deflects 1399 for a little retracement, if it prints 1400 today, they a buy would suffice.


Frawzey

Bought Euro at 1.3110. Trailing with 30pips.



Frawzey

Kirinwa: I have a gold buy at 1370.00 Today is for buyers.I wanted to post alert but was denied due to nairaland maintenance.Anywayput a buystop at 1401.00 on gold. Stoploss 500 pips.Target 2000 pips.Cheers.

-500pips SL for Gold? Like really? You must have a million dollars in your account.

Anyways, still holding to one short on Dow. Double sell order. While I'm looking for a good entry for oil when its 1pm



Frawzey

What street did it occur?

Lines are down


Frawzey

Even in my family, of my fathers children,I am the only Muslim and my eighteen children are also Muslims,

Which work this guy dey do to born a whole football team plus reserve?

Him be Head Coach, 1st wife na Assistance Coach, 2nd wife na Technical Adviser, 3rd wife Psychologist. A whole soccer crew na him FG dey feed.

Na we budget dey hear am.

Frawzey

If properly harnessed to unleash their full potential, these trends hold the promise of more growth, much less poverty, and accelerating shared prosperity for African countries in the foreseeable future, " said World Bank economist, Punam Chuhan-Pole

End of Quote.


Frawzey

honeric01: So AU is still falling?

I guess in anticipation of the MPC this midnight. And as a commodity currency, it falls with Gold.

Sold Dow.


Frawzey

Gold just got younger, now in its thirteens. -1200 pips. 30year low. .


Frawzey

tonididdy: im sad BUT when i remember the europa cup and how we gonna make history as usual"the first team to win the champions league and win the europa league the next season...I SMILE
WE GONNA SHUT DOWN NAIRALAND THAT NIGHT...50pages counting and more.

God bless you!

My boys played very well and 1-2 aint that bad. Looking forward to Europa!


Frawzey

The reality of the country dawns on him.

Maybe he will begin to look away from the blings and fantasy-mundane "I-spend-money" rap to become the Fela of our time.


Frawzey

Piponomics: Hmmmm. Una well done o. Devil no want make I enjoy my money this year but lie lie..E no go work for am
I had a car accident on the 3rd! But am now a lot better and will be discharged soon. At least no broken bones or anything overly serious. Just a few cuts here and there and a swollen face.
Thankfully, I set a pending EJ order at 120.50 in anticipation of BOJ. You need to see the joy on my face when my Mum allowed me get on my Laptop yesterday and I saw 800+ pips!
Will soon get back to the groove fully..

Pipo, sorry its coming quite late. Read thru to see the info I missed and I saw this.

Oh! U have a swollen face. Pele. Just use the 800+pips to rub it.

How are you feeling now? The accident was a blessing in disguise cos you might have closed your position...just saying.

Song for the weekend: Orlando Owoh - Ero ki mama mi. Naija is home!

Have a great weekend. Catch y'all next week.


Frawzey

kcc515: Somewhere inside Eko Atlantic City, some Boss Mode people are feeling their weekend

Hilarious!

Being away no create time to trade all the sentiment whey bring the 5000pips whey Rozay and Piponomics dey wait for.

Nice weekend.


Frawzey

This thread affects the public. Hence, highly recommended for the frontpage.


https://www.nairaland.com/1254542/land-billionaires-poorinaires-what-future#15208557


Frawzey

Beaf!:
And the battery was almost drained. How can u text while driving?

Its so wrong but I do it for messages that need urgent replies. Gotta stop now.


Frawzey

What you wrote here sheds light on the burden of an afrikan man. Afrikans, the burden is so enormous because under our feet lies a vast wealth of natural resources that can solve ALL our problems, and that above our heads, up, are the few - the West and our leaders - that enjoy this wealth. Sad!

Before I proceed, two things:

1) I'm Yoruba

2) I'm a christian.

So call me a bad-man and a bigot after reading this post, I don't care.

Op, these problems started in the colonial era but our leaders and the people multiplied it.

Okay, the white man took away our culture. In Afrika, communal love used to be rife. Your neighbour automatically becomes your friend. Although there were wars but people in small communities had deep love and respect for each other. They rebuked out of love and helped each other in times of need. Farmers formed groups where they worked on each-other's farm to harvest crops and so on. Not so long ago, some folks were sent to school by a chief or an uncle who made it his responsibility to educate and help his siblings and some youths in the community. Immediately the colonial masters came, they came with the slogan "Pull up your socks, nobody owes you anything". The individualistic culture of the West permeated peoples mind. It broke the unity and poisoned the minds of africans. Right now, a politician who was voted to serve/represent a community thinks only about his family. Politicians don't feel they owe their community anything. Its me, myself and my family. No wonder its come chop your own and comot. People don't care about their society anymore. The colonial masters that injected this attitude still feel much more responsible towards their society but the african man has taken it to the extreme. Trust africans, they take things to the extreme, losing their culture and identity.

Talking about taking things to the extreme, religion is number one. Some christians who rarely preach the word of God, who rarely listen for God, who rarely spend quality time with God in the closet of their rooms, who just pray for 5mins each day, who go to church only on Sundays to obtain miracles and blessings; will defend some pastors with their lives, they will even sheepishly follow the pastor without confirmation from the Word of God. The Bible made it clear in Jeremiah 29:8 For thus saith the Lord of host, the God of Israel; Let not your prophets and your diviners, that be in the midst of you, deceive you .... Oh no. Once you say anything negative about christianity or some pastors, some christians become petrol waiting to be torched. Christ always talked about love. Infact all what Christ came to show man was love. Oh! And some muslims are worse. Some muslims kill, burn, wreck havoc anywhere Islam is insulted. A cartoon can burn down life-long investments yet their slogan is "peace". Their rage consumes, amputate hands, subjugate women and so on! All because of religion. The passion that should be channelled to their society, their economy, and political struggle, is been used on religious misgivings.

Tribalism. Ha ha. You hear words like this: "Let us vote for him because he's from the minority and they've never ruled this country", "I don't want an Aboki as a president no more". "An Igbo man can never rule this country"....tribalism at work! How do you want the best to come-out when talents and skills that should be used to make the nation great is already dead on arrival because the talented don't belong to a tribe. We the people carries the blame. Yes! You and I. At the top, they share it all - Igbo, Yoruba, Hausa. At the bottom where they get crumbs/droplets of the wealth, gullible folks kill themselves. I call them pseudo-tribal fools. Listen closely, few months before the last election, was it not Tinubu and GEJ that had a discussion on the presidential jet? Huh? Didn't you read it in the papers that they discussed about the 2011 election? The greatest disadvantage of tribalism is that the people won't unite to demand for justice. They won't unite to call a spade a spade because they believe the leader who is from their tribe needs to be favoured. For instance, while there was a protest against fuel price hike in Lagos and the North, Niger-deltans took a solidarity walk to support the president. Yet, ALL nigerians were affected by the administration's insensitivity.

Our society won't change if we can't go back to the basics. We are first and foremost Afrikans. We are not americans, we are not britons. So many of us have this american wanna-be attitude that leads to no where. If Afrikans unite, western policies and greed will reduce. Leaders that love this continent will emerge.

If we can't fix the basics, a good leader will never emerge. The late President Toure of Mali nailed it when he said a leader is the representation of the culture and the people that make up the society.

Sad but true, it will be very difficult for the afrikan man to be free because afrikans have not really been emancipated from mental and cultural slavery. Lemme stop here...


Frawzey

Texas.Cowgirl:
Is this another Henry Okah case?

Exactly what comes to mind!

Nigerians did not dig into the case well enough to know Henry Okah was GEJ's enemy.

Well, enjoy the refreshed fresh air while it lasts.


Frawzey

G= Government's

E= Enemy

J= Jailed!

GEJ. Fresh air!


Frawzey

They couldn't nail him with financial crimes, so they play games with the mind of gullible nigerians who believed in Mr I-had-no-shoes.

The last time one of GEJ's spokesman said something similar to this, Buhari almost sued the FG and they started begging.

I pray he sues them again and not heed to their public sympathy.

Shifting blames is the trademark of incompetence.


Frawzey

Not trading today. Will be mobile all day!


Frawzey

Barcholder: Hi All

I'd like to start a discussion about the cost of Electricity in Nigeria today. The numbers make for interesting reading. And as they say, numbers don't lie.

Diesel Generator 71.7 Naira per kWh
Petrol Generator 69.5 Naira per kWh
PHCN Grid Electricity 23 Naira per kWh
Solar Power 15.5 Naira per kWh

Why on earth do Nigerians still persist on using generators?

Discuss

First off, a segmented class exist in Nigeria: the poor (more than 50%), the middle class, and the rich (less than 10%).

Nigerians need 60,000MW yet we generate 4,500Mw. People need electricity and they would go to any length to get it at the cheapest price. For the poor, they would rather buy a small, less than $100 = N16,000 generator that they'd be able to fuel with $2 = N320 and would meet their energy needs because they stay small rooms. The middle class could buy a $600 = N95,000 generator that he would fuel with $40 = N6,500 per week. The rich spend much more.

Cheap is the nigerian slogan. Chinese products thrive in Nigeria because they are cheap. The one-off payment that might last longer and save more doesn't really matter to nigerians. Once they can afford a product at any time, even if it would later cost them more than buying an expensive product that would last longer and perform better, they don't mind buying it over and over again.

Solar pays on the long run but the one-time payment for installation is not cheap for the poor and some middle class. Hence, generators are preferred.


Frawzey