₦airaland Forum

^
To we on the ringside, can just knowing the Velocity of Money and Price (inflation) without knowing other economic fundamentals of the country in question enable accurate economic predictions? Me thinks not, so let the gladiators argue; there is very much to be learnt here.

There are very sound minded economics gurus on NL, some whose name begin with a "pap", others with a "nai", yet another is making into my book of reckoning with a "4".

Even to laymen like me, the BBC is not an economics text book. Can it be for an economics graduate? You never know!
---Sips cool drink and moves chair closer to the action---

“Because of this, I am making the last appeal to Babangida to step down now. It is not too late for him to do that; so that you don’t ridicule yourself; you don’t demystify yourself.

“The demystification of Babangida will affect a whole generation of Nigerians. So, I am making this final appeal to him and Buhari as well should not go into the next election because the two of them are going to lose.

Very harsh, but necessary.

[quote author=paddy_lo link=topic=480001.msg6399468#msg6399468 date=1279329058]U use M2 to estimate the size of an economy. . . .and mugu how do u have GDP growth with deflation?
From your own quote it tells u that the fall in M3 has meant that the USA has not been recovering properly
again u make my point but cant use your head. . .the guy in your quote (Professor Tim Congdon) calls it frightening
If M3 falling is of no consequence to growth,why are the authorities so concerned about it?

again shrinking of money supply,whether by banks pulling credit or liquidation of assets via stock market corrections
is an indication of poor,low or anemic GDP growth. . .[/quote]To we laymen, money supply isn't about GDP, its more to do with credit availability. To economics grads like paddylo, no?

[size=14pt]Withdraw or Be Disgraced, Daboh Tells IBB[/size]
From Chuks Okocha in Abuja, 07.17.2010

Dr. Godwin Dabor has called on General Ibrahim Babangida to withdraw from contesting for the Peoples Democratic Party presidential ticket “so as to avoid being disgraced at the party’s presidential primary.”

Daboh, who is Deputy Chairman of a group called Move Nigeria Project, spoke to newsmen in Abuja where he said his group had gone round the country and that the response gathered was not favourably to Babangida contesting the 2011 presidential election.

Apart from Dabor, others present at the briefing included the National Coordinator of the group, Malam Abdullahi Mabirgi and the National Secretary, Mrs. Janet Suleiman.

Daboh said that the former military president would be making the biggest mistake of his life if he thought the sympathy Nigerians showed to him when he lost his wife, Maryam, amounts to acceptability.
“With what happened in Kaduna on Thursday where members of the Northern Political Forum took a decision to support President Goodluck Jonathan, it is now obvious that Jonathan is going to become the next democratically elected president of Nigeria come 2011.

“And one thing that Babangida should know, which I believe he is aware of, is that he knows that those who are in control of government machineries usually win election in this country.
“And from what happened on Thursday, it is now obvious that Jonathan is in control and he is going to win the next election. The leaders of the North that gathered in Kaduna showed clearly that he is going to win the next election.”

“Because of this, I am making the last appeal to Babangida to step down now. It is not too late for him to do that; so that you don’t ridicule yourself; you don’t demystify yourself.

“The demystification of Babangida will affect a whole generation of Nigerians. So, I am making this final appeal to him and Buhari as well should not go into the next election because the two of them are going to lose.

“There is a generational change in Nigeria . Jonathan is the continuation of the late President Umaru Yar’Adua mandate, which was giving to both of them in 2003.

“President Jonathan is continuing with that mandate. I want to appeal to Babangida, who I leant had bought about 1000 cars, to realise that cars don’t win elections.

“The fact is that Nigerians have decided to have a change; to have a complete break from the past and have a new leadership. We have gone to many states in this country in the last 30 days and people are saying they are going to vote for Jonathan.

“Out of 36 states, if 26 are already committed to Jonathan, how many states are left for Babangida? We met with the governors and stakeholders and all of them said they were going to support Jonathan.

‘Cars will not win election for Babangida. What wins election is the people’s believe that you can deliver. It my final appeal to him. If he doesn’t withdraw now, he is going to be shocked and disgraced by majority of Nigerians who have elected to support Jonathan.

“The forces against him are the forces of all Nigerians that want a change. The love people showed to him when he lost his wife should not be construed to me acceptability.

“That was mere sympathy which cannot be adjudged to mean acceptability. The will of Nigerians is that Jonathan should be the next President.”

http://www.thisdayonline.com/nview.php?id=178484

Andre Uweh:
Ndigbo in Delta state do not oly deserve a state of their own, but also a shot at the gubernatorial position. For that to be achieved, there is the need for unity amongst all the Igbo groups in Delta state. It does not matter if you are IkaIgbo or Ndokwa. What matters is the need to see each or other as Igbo brothers and sisters, to support one another and be there for each other.
The idea of one claiming Ika and not Igbo will make this lofty idea become a mirage.

The Igbo need to engage fully now, not tommorow. They are a major ethnic group in Delta state; what do you want Isoko's to say (by the way, we're grooming our Obama )?

[size=14pt]If only I'd realised it would go straight into religion, I wouldn't have included the authors name.[/size]
Now its removed, maybe we can see beyond the dudes percieved religion?

I don't agree with the some of the articles negative comments concerning our foreign relations. However, we Nigerians have a way of screaming "its all good!" Whereas, the boat is sinking.

blacksta:
And some idiots are calling this a sink hole - Sink hole ko singing lessons ni - This is what you call incompetent and shoddy work

I am inclined toward that conclusion as well. There has to be a stop to b*llsh!t jobs in Nigeria, we will not develop without growing a credible set of standards and equally credible institutions to oversee them. Anything goes.

Pro Anti:
@Beaf,

Stop misleading people with the topic of the thread.

How? Do you think it is impossible? Everything springs from the mindset.
There has always been very tight cooperation between Anioma and Urhobo (I guess they are culturally closer than other groups), such that the alliance has even been used against both Anioma and Urhobo without fultering.
The Itsekiri population of Delta state is about 300, 000, yet they have the governor. Anioma people are about a million strong, so why not?

.

.

[quote author=Ileke-IdI link=topic=479736.msg6398590#msg6398590 date=1279313034]Every thread on NL is now turning to a Biafra Vs Yoruba war?

You ppl are just hopeless and jobless. Imagine! Future leaders of Nigeria[/quote]Seriously, it is tiring. Can you imagine that just discussing a road would lead to such? Nigerians sha!

femmy2010:
I guess the then Us president should be blamed for hurricane Katrina?
For me Fashola is a governor 4 the pple and by the people.

I see no reason to blame Fashola, but that is not to say we should cease from discussing a road thats been causing pain.

tpiah:
^^yes, I'm the one who cant construct or understand simple sentences in english.

One good thing about Lastma, is that they willingly confess the obvious. But lets talk about the road.

babapupa:
That cracked me up.

Are we not talking about the same pesin wey no sabi differentiate between real molue and the one inside display case?

Wonders shall never end.

I wonder what "cracked" the road? Corrupt contractors or corrupt employers?

https://img413.imageshack.us/img413/3017/lasuroadjpg300x225.jpg

^
Will do.

Donpuzo:
@Beaf, Just laughing like hell here,

I really wonder how it is possible to code an application that works with core database work with Javascript, I sent a coder a mail of it, And he said he must see the person who did it and the person who claimed so,

Told another, he wasted my 500Naira Airtime laughing in his house,

Since you saw the code, do paste it, Sorry ohh, maybe my knowledge is still too low to know if that just became possible with Jscript!

2. Java is not a Low Level Programming language, it uses a compiler to compile the codes!, Pls stop saying wrong things! I wonder how much level you have with Java!

As for the reason you enumerated, You are very correct, People who learn Java or/and C++ first tend to kill PHP!

As for the war, Bros, i never had one with you, When i have 30 mins of my day outside coding i use it to talk to co-programmers!

I described Java as a lower level language than PHP (go and read it again). You and your friends actually spent time laughing rather than try out some actual code to check if its possible? How shocking is that? I am now convinced that I am wasting time on an outright id!ot.

Dis Guy:
those soldiers must be the misfit they were probably expelled from military school


BECAUSE normal nigerian soldiers will beat these Agberos to death!!!

how can they beat someone to a state of unconsciousness- what a waste of energy and training!!

This is where Fashola is failing,, the little details, you create a dept that cause so much stress to tax paying residents-- simply taking their names or the vehicles registration number should be enough

That is a classic!

@philip0906
Don't even bother getting into any wars. Is it worth it? Just keep making your point, the two people you are arguing with both have their agenda's (corruption and foolishness), so just make your point with a straight face and let them go on. Its like having an intelectual debate with a Lastma official.

blacksta:
God bless you my brother - I just can stand some fools who come here to defend the indefensible it is so clear that the foundation was not right for a high usage road. For God sake what do u expect when you build on clay. I  have seen roads been built the latest one being the M25 in the u.k and i  can confirm that i saw concrete being poured in metal casing rods  and this was the foundation before tar was poured on top.  Using clay as foundation is so common in Nigeria and very cheap for a contractor trying to cut corners and any slight rain the road washes way.

Can you imagine if we had winter in Nigeria?
The mere thought is extremly frightening. Here we simply paint tar over mud, collect the dosh and hope for the best.

precap2:
Abacha refused IMF and pegged $ at N82 and they couldn't devalue our currency. How then did Mugabe fail to peg his currency? If I understand international finance at all IMF and World bank can't devalue your currency for you, they can only suggest that you devalue to some extent accommodate your products or produce in the market. You take the final decision. And Mugabe who rejected them had inflation running into 9-digits. Interesting.
And about changing currency, is he going into modern day slavery?

Holla!

The value of any currency is tied to the value of trade, therefore if you cannot trade, your currency sinks and it wouldn't matter in the least if you tried to peg it (read the story on diamonds above, a couple of things are sure to catch the questioning). Nobody dumped Nigerian oil at the time our currency was pegged, so we made it through. There are many ways to cause a run on a currency eg the 1997 Asian crisis, when Asian currency after Asian currency turned worthless one after the other http://en.wikipedia.org/wiki/1997_Asian_Financial_Crisis.

If a stronger country attempts to run down your currency, your best defence is to go asymmetric and adopt their currency (especially if it is freely convertible); they will have to attack themselves to get you.

@netghost
Its 100% true, it happened some years ago (dude was even a contractor). All I can call it is gross abuse of technology. We where all like, "Holy crap!" when we saw it.
. . .I sent you an email yesterday.

@Donpuzo
You are missing the point by a wide margin. Most modern Software engineering principles (e.g. PHP OO is very weak) are better grasped with modern, stricter lower level languages like C# and Java. Ok, lets leave the PHP socket programming aside, it is still easy to fall into bad habits when you start the wrong way up.
If you first learn languages like C# or Java, you can be up and running with PHP within a week (I was).

Lets move on from the little war, we are bigger than that.

precap2:
My good brother, I didn't want to do this but somehow you invited it.
Zimbabwe sells a roll of toilet paper for $145,750, it's sold for 69cents in Los Angeles and about N50 in Nigeria. What more do you want to hear?
Morgan Tsvangirai (or whatever his name) came in to join Mogabe in leading the country, then he started fiddling with inflation figures and bought it down from 231,150,888.87% in 2008 to the 5.3% you just posed above. How did he do that? He must be the magician that Naija needs or there is HUGE problem with his figures.
Don't forget that there are 3 kinds of lies, they are " Lies, Lies and Statistics". Even a Union as respected as UK is also known to fine-tune their economic figures.

Check out the real deal of Zim official figures before Tsvangirai embellishment:
http://en.wikipedia.org/wiki/Zimbabwean_dollar#Inflation
http://www.cato.org/zimbabwe

Don't forget that toilet paper prices went so high that people started using their monies to wipe instead of going for the papers

Holla!

Those figures are from the past, in a currency that does not exist anymore (more later).

Tsvangirai has nothing to do with Zimbabwe's economic figures, the "miracle" decision that has seen Zim's economy rapidly transform was taken before he was bought for a slice of govt action.
The Zim Dollar was being depressed and pressured by Western countries, so Zim decided to use the Western countries main currency instead, because they cannot attack their own currency, US Dollar. Really smart move! Since then, its been up and up! It is possible to face down colonial powers.

About comparing Zimbabwe and Nigeria, you'll be shocked to find that the Zimbabwean govt actually provides services that would shame us. Have you ever had a vehicle breakdown and called an emergency number in Nigeria and have someone (not criminals) turn up to fix it? In Zim you would. Have you seen Zims road network compared to ours? Or how much electricity they generate per capita compared to us? Please lets avoid comparing ourselves until we get our act together, I love my country and it gets really embarrassing the deeper you dig.

As I be wafarian, "Hala!"

olly pass:
Very intresting opinions especially since some folks were defending this statistics in an earlier post.i believe kobojunkie is well acquainted with that post. so does any one have a contrary view to this? can amnesty with militants= increased oil production be the only basis for such a growth rate as the government wants us to believe? Because it is obvious economic indicators aint supporting anything near 7%.

I recall the article you mentioned and being roundly flogged and abused for suggesting that every known indicator points to oil as practically the only source of FG revenue (while Abuja is practically the source of all state revenues).
There were astonishingly ridiculous figures bandied about then, like agriculture accounting for 42% of our GDP.

"Can amnesty with militants= increased oil production be the only basis for such a growth rate?" Thats all too visible, because every other area remains depressed. I am slowly leaning toward the belief that our economic figures are being massaged to cover up the staggering scale of fraud in the oil industry; NNPC was declared bankrupt (and by extension, Nigeria) by a talkative junior Minister. He's since been shut up, but is that what the strange economic figures are all about? Are we going to witness Earthquake level numbers mentioned in NNPC frauds in the near future? This one is worth watching!

[size=14pt]IBB, Tinubu, Shekarau battle over ANPP [/size]
•Lobbyists force postponement of party convention
•IBB says ambition intact
Written by Taiwo Adisa, Abuja
Thursday, 15 July 2010

A fierce battle for the control of  the All Nigeria Peoples Party (ANPP) has ensued, following the unusual interest being shown in the outcome of its national convention  by forces outside the party.

It was learnt in Abuja, on Wednesday, that non-members  of the party, including former military president, General Ibrahim Babangida and a former governor of Lagos State, Senator Bola Tinubu,  have been manipulated as main sponsors of some chairmanship candidates.

Sources close to the party told the Nigerian Tribune that General Babangida’s camp wanted to gain control of the ANPP so that the former military president could use it as a platform for his 2011 bid, if  he failed to clinch the ticket of the Peoples Democratic Party (PDP).

Sources said that IBB was working on a returnee to the party, Chief George Moghalu, as a possible chairmanship candidate that could facilitate his entry into the ANPP, if the PDP decided to review its zoning formula in favour of the South-South.

Moghalu recently returned to the ANPP after his sojourn in the PDP and promptly declared his intention to contest the chairmanship election.

Another  source, however, stated that IBB was not relying on only one candidate in his calculations for the  ANPP.

A source also linked the chairman, Board of Trustees of the party, who is also in the race for chairmanship, Alhaji Abubakar Mogaji, with the IBB project.

It was learnt that the former leader intended to open formal talks with either of the two candidates to facilitate easy entry into the party and his eventual emergence as the presidential standard-bearer of the party.

It  was, however, gathered that IBB did not intend to leave the PDP without a fight and that he would leave the party with some aggrieved members, if  he  lost the party’s ticket at the national convention.

A source said that some of those who just defected to the PDP from the Democratic Peoples Party (DPP) and the Progressive Peoples Alliance(PPA) might team up with Babangida to fight the party if the former military president lost the primaries.

But another source said that Babangida was already incurring the wrath of another staunch leader of the party, the governor of Kano State, Mallam Ibrahim Shekarau, who is said to have endorsed one of the two leading candidates, Chief Harry Akande and Chief John Odigie Oyegun for the chairmanship.

Shekarau is eyeing the party’s presidential ticket and the coast appeared clear for him when the former presidential candidate of the ANPP, General Mohammadu Buhari, left the party for the Congress for progressive Change(CPC).

Loyalists of the Kano State governor were said to have declared war on Buhari in Kano, following his reluctance to endorse the governor’s second term bid in 2007. The rift eventually led to Buhari’s defection from the party to form his own structure.

“Governor Shekarau has not hidden his intention to contest the 2011 elections, but the alleged moves by IBB run contrary to that. The governor’s men are not going to yield  to whatever pressure, because he has laboured to sustain the party,” a source close to the ANPP told the Nigerian Tribune.

Besides the looming Shekarau-IBB face-off, the role of the Borno State governor, Senator Ali Modu Sherif,  is, so far, hazy, as a source said that he was yet to make up his mind on the contestants as of Wednesday. It was learnt that he was talking with all the contenders and leaving his options open.

One of the party leaders told the Nigerian Tribune that the approach adopted by Alhaji Sherrif was  that a governor should not be seen as promoting a particular candidate.

“The Borno governor has reached out to most contenders and we see his disposition to the candidates as complimentary. It is close to a consensus option. He is not flaunting his support for anyone,” a source said.

Sources also linked the former governor of Lagos State, Senator Tinubu, to the battle for the soul of ANPP. It was learnt that the Action Congress (AC) chieftain, whose party held  merger talks with the ANPP last year was still not ruling out the merger opinion, provided that party produce a favourable candidate during the election.

The AC has already announced its intention to merge with the DPP and it is believed that some peace moves are already in place to resolve the crisis that originally tore the Alliance for Democracy(AD) apart, leading to the formation of the AC.

“The AC leaders are moving to cement the fronts and Tinubu is playing the leading role. He is eyeing the outcome of the ANPP convention to see if a merger will still be possible,” a source said, on Wednesday.

It was gathered in Abuja on Wednesday that the two leading candidates for the ANPP top post are a former presidential aspirant of the party, Chief Akande, and the former governor of Edo state, Chief Oyegun. This may lead to a big clash between the South-West and South-South forces within the party. It was, however, gathered that Mallam Shekarau had indicated his intention to back Chief Akande for the top post during the convention.

But the leaders of the party have announced a two-week postponement of the convention originally billed for Saturday.

Investigations revealed that some lobbyists were on the neck of the leaders, especially in view of the moves from the IBB and Tinubu camps.

Spokesman for the IBB campaign, Mr Kashim Afe-gbua, on Wednesday, said he was not aware of move by IBB to hijack the ANPP machinery.

Sources, on Wednesday, said the camp of the outgoing chairman, Chief Edwin Ume-Ezeoke, was  also  not losing sight of the possibility that it could swing the slot in favour of  the  national publicity secretary of the party, Mr Emma Eneukwu,  at the convention.

http://www.tribune.com.ng/index.php/front-page-news/8288-ibb-tinubu-shekarau-battle-over-anpp-lobbyists-force-postponement-of-party-convention-ibb-says-ambition-intact

Obama says Africa's problems are due to lack of institutions, this is a stack example. Shame.

[size=14pt]Stock Exchange website is dead [/size]
By Oluwaseyi Bangudu
July 16, 2010 01:41AM


The Nigerian Stock Exchange has said that there is no definite time frame for the restoration of its website that has not been functioning for about two weeks.

The website of the Nigerian Stock Exchange has been down for about two weeks and subscribers are getting irritated as information can no longer be accessed online. In an age where bourses across the globe are increasing their usage of technology, the exchange website cannot be accessed leaving investors and customers helpless in relying on the website to make important decisions. The customer care service official who spoke on the issue without disclosing her name, on phone, said she does not know when the website would come back. "I do not have the information on when the website would be available and made accessible for public use," she said. "It would be ready soon. We are working to bring it up soon."

The page that comes on in place of the website's home page states that the website is undergoing an upgrade. "This site www.nigerianstockexchange.com is currently undergoing an upgrade. The site is scheduled to come up very soon. We regret any inconveniences this may have caused you. Thank you. Management." A broker who spoke under anonymity, however, downplayed the website malfunction saying, "We use the Central Security and Clearing System (CSCS) more for our operations than the NSE website, but it is still necessary for the image of the exchange that the site come up quickly." The Nigerian Stock Exchange (NSE) was established in 1960. All listings are included in the only index, the Nigerian Stock Exchange All Shares Index. The Exchange has an Automated Trading System and data on listed companies' performances are published daily, weekly, monthly, quarterly and annually.

http://234next.com/csp/cms/sites/Next/Money/5594668-146/stock_exchange_website_is_dead_.csp

The problem is, will any Nigerian govt ever have the liver to cage this demon? Kirikiri has empty spaces.

^
I doubt IBB will get anywhere this time. His colleagues have quietly started asking him to throw in the towel.

I doubt the court would grant their wish and even if it did, you can be sure EFCC would be "hamstrung".

[size=14pt]Halliburton: Compel EFCC to Probe Obasanjo, Lawyers Ask Court[/size]
07.16.2010

About 50 lawyers represented by Mr. Yahaya Mohammed yesterday filed a suit before an Abuja Federal High Court seeking an order of mandamus compelling the Economic and Financial Crimes Commission (EFCC) to probe former President Olusegun Obasanjo for the alleged role he played in the $180 million Halliburton bribery scandal.

Mohammed, in a statement attached to the motion ex-parte said an interim report submitted by the panel set up by late President Umaru Musa Yar’Adua to investigate the scandal in 2008, mentioned names of prominent Nigerian officials alongside former President Obasanjo suspected to have been deeply involved in the scandal.

He also said despite the submission of the interim report to late President Yar’Adua since May 2009, and a follow up report submitted to President Goodluck Jonathan, the anti-graft agency had not taken any step to ensure that the former president is properly investigated or prosecuted if found culpable.

He alleged that the panel had invited all those suspected to have been involved in the scandal, including former President Obasanjo but he had deliberately refused to honour the invitation of the panel till date.
No date has been fixed yet for hearing.

http://www.thisdayonline.com/nview.php?id=178446

davidtayo:
initially i was working on windows xp and transferred to windows 7. i started getting errors and the designer could not render the controls i had added ajax controls to. yesterday i downloaded the latest version of ajax but i can't drag control extenders from the toolbox and drop them in the designer view. i can work well by typing everything in the source view, but i can't add the extenders directly to the controls in the designer view.

Open your project file in Notepad and check that the reference paths correspond with Windows 7 locations (or just delete and recreate your references). The file system is different from XP's. I can bet thats all that is wrong.
You might also need to check your Visual Studio configurations.