₦airaland Forum

EconomistXplain:
economy is managed by only the central government of a country

You reiterate my point, Nigerians are practicing a system of government copied from the United States of America, that they do not understand, good in theory, but bad in application, they will suffer a longtime for their ignorance in the copy & paste system.

Maybe because I was opportune to have lived & worked in the US I have seen democracy in practice, not just in theory.

nairalanda1:
Well, the government could bring in polices that help diversification, like removing subsides on power, removing subsides on petrol, which would stimulate growth in both sectors, and indrectly fire our industrial growth.

We should also spend more on railways, and also spend more on vocational and technical education, because it is the techncial people that build countries, not graduates, pah.

Then we got to fight corruption. It goes beyond removing one minister.

At the end of the day, government has a lot to do. CItizens should do something, but if government is not doing much

I always hear government, but no emphasis on the states & Local Governments for innovative &’critical thinking & application, Nigerians & their colonial & military mentality, everything is the Federal government, yet they will be hypocritically shouting diversification.

Diversity starts from the mind, not just rhetoric talk that we have been doing since the return to democrazy, the constitution of 1999 states it quite clearly every state of the federation has powers to make laws for the prosperity of their state.

IbeOkehie:
But the naira has NOT been floated. That is a clear and objective fact. The EVIDENCE is the difference between the REFULATED CBN RATE and the FREE MARKET or parallel market rate.

A floating currency has no regulated rate, the producer of that currency doesn't DICTATE or FIX its price. The producer is the Central Bank of the nation. They only set the INTEREST RATE at which they will lend out the currency, which is their right.

The Central Bank of the USA is the Federal Reserve. It doesn't FIX its currency price, that is, the price of USDollar.

Fixing currency price ALWAYS FAILS in the long run. The UK and Switzerland tried and failed. It doesn't work and worse, it distorts and harms the economy and productivity.

Look around the world, the most prosperous economies have FREE FLOATING currencies.

If at all a country must regulate currency price, it's actually best to SUPPRESS the value of their currency because it makes their exports more competitive in the world market

Nigerians like to say "but we don't produce any thing for export" and that is the point. A devalued currency PROMOTES exports. With time, business people in a FREE MARKET will find appropriate goods and services to export. Right now, in our face, Nigerians are trying very hard to export LABOR because of the falling value of naira. Hellllooooo?

Again that's EVIDENCE...the free fall of the naira has REDUCED imports and promoted exports. Nigeria is definitely not importing the same amount of cars and shoes as it did when the naira was say 400/$.

The REAL PROBLEM in Nigeria is that the economy is NOT a free market. Government controls everything and that suppresses innovation and productivity too. LAND is a basic factor of production but ONLY GOVERNMENT can own land. And there's strong import bans and preferences enforced by government. These PREVENT business people from making good choices for investment.

It's important to state - the naira is still a regulated currency. The same Emefiele told us he floated the naira back in 2016.

And there's still a subsidy on petrol in Nigeria.

People please get some economic knowledge, it's important.

Good Luck to Nigeria.

A lot of good points, but here you distorted the facts.

Sheuns:
We export crude oil and natural gas, and I tell you we make a lot of forex from just those two commodities. We have hundreds of exporters that export both finished products and raw materials and they do quite a number. Dangote, Bua etc are big exporters.

Our government officials and politicians squander too much of our revenue and blame it on lack of production.

When our currency was much stronger just less than 10 years ago, what were we exporting? Wasn’t it this same oil that was our major revenue source?

It was artificially strong, because the Central Bank was emptying our foreign reserve to keep it stable, more like robbing Obi to pay Obiano.

djon78:
Apart from the corruption tainting emefiele

His tenure as CBN governor wasn't that bad compared to what is going on now

Floating the Naira is not a good policy

Sure it is not a good idea, because people like yourself, many other Nairalanders like Bobloco, you want to enjoy without critical application, working hard & sacrifice?

RepoMan007:
I have asked countless times here too. Emefiele was obviously getting it right compared to some patchy-patchy sophistry of a politically-minded tinubu team.

It makes no sense to give someone going to buy hair extension and tractors dollar at same rates. Let the less important one, that's consumption focused, go to black market and buy at N2000 a dollar, but give the tractor importer at N200 a dollar. That way, you encourage people trying to increase local production. They can take future pressure off the dollar supply with import substitution.
Emefiele was right to partially disown some ridiculous imports via that list of 41 items. Today everyone is justling for same dollar and the price has gone haywire.

Hypocrisy in overdrive, as usual you must blame Tinubu for your own lack of coinage, Mr Monday morning armchair economist?

We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for your lackadaisical approach?

nairalanda1:
Well, the ultimate problem with the naira has always been that NIgeria is not earning enough dollars.

We could earn more dollars by diversifying our economy, and , as former deputy CBN governor Moghalu has pointed out...by becoming a exporter of manufactured goods and services.

Emefiele was right, but as CBN governor , it was not his work to point out what needed to be done. The government then, of which this current government is a continuation, should have propounded solutions. Instead, they kept us hooked up to oyel.

We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for their lackadaisical approach?

DavidEsq:
It is best the Prince is charged with the offense of being a "vagabond and disorderly person" under the criminal code. The Prince was neither in control of the firearm nor can it be shown that he procured the security personnel to kill the Professor. Section 249 of the Nigerian Criminal Code is the best catch to put away the Prince.

Na these kind people Angelfrost, Dmerciful & Colo Bobloco say make Nigeria government legalize arms give, just because they get bad belle for their existence?

Other rightful thinking citizens of The Republic must be subject to their disillusioned myopic minded reasoning?

Goodmarlian:
unpatriotic lots see them, na your yoruba boys i pity hungry dey wire them here for lagos..

I no be Yoruba, notwithstanding Eko Oni Baje (The Centre of Excellence).

Goodmarlian:
unpatriotic lots see them.

Follow who know Road is the motto.

Goodmarlian:
so you are abroad supporting those who destroyed the country ok.

Wetin I dey do for obodo oyibo? No I am in the jungle of Lagos Nigeria.

Goodmarlian:
the thing go still touch you just chill..

You go wait tire, I dey make my money in euros in the jungle of Lagos Nigeria, the higher the euros & the beating of your Naira, the better for me.

Ance4Liverpool:
Nigerians don enter one chance aswear, but the funny part is that in 2027 he will still come out to tell us that 4 years is not enough to fix Nigeria problems and you will still see foolish people that will still vote for him.

Una done enter one chance because of your lazy mindedness, & lack of innovation.

Blaming the President, yet nothing you can show of value that you added to the economy, just waiting for economic magic from Abuja.

Be waiting for dollar to be equal to the Naira.

bigpriik:
the way this thing is going bottle water will reach 500 naira,1k for one portion of rice 2k with meat or kpomo,na married couples with kids i pity pass thank GOD AM a bachelor nigerians no deserve hell because nigeria is hell itself ...

If no be laziness of the mind & lack of ability to be innovative & think out the box, trust the black man for retrogressive thinking, wetin concern foreign exchange with the bolded?

Billionairly:
Wow, Naira is now 1500 to the dollar,

When everyone was warning here on NL, all the signs that TInubu would be curse upon this country, they were called trolls. This man was heavily resisted by well meaning nigerians, the hand writing was on the wall. SW muslims and other Bad elements in the SW Insisted this curse should be placed upon nigeria, and they trolled and mocked anyone who dared try to reason with them. We are all watching as our collective hard earned wealth and those of our forebears are set on fire. WE WILL NEVER FORGIVE OR FORGET THOSE WHO HAD A HAND IN DOING THIS AND BRINGING THIS EVIL TO OUR DEAR COUNTRY.

The likes of seunmsg, freestuff, yarimo, legendhero and the rest of the yoruba muslims who come here to bloat about tribe and wanted whatever type of person from their tribe to be president to the detriment of the entire country, You are all now valued at a third of your previous value, whatever house, car or property you have has lost 3 times its value, dont deceive yourselves by thinking you can adjust the value of your property to reflect the new dollar rate = NOBODY HAS that money to pay you as long as the property is being sold in nigeria.

1500 naira to dollar and beyond has been fullfilled, the even more kidnappings and crime is happening as we speak, more exodus of skilled nigerians from Nigeria is also happening, The final prophecy was that Soon some of you that are low hanging fruit tinubu supporters will mistakenly reveal your real identity and hungry nigerians even from your tribe will show up at your door step and carry out jungle justice on you. We are waiting for the headlines.

Ask any of them to tell you how much foreign exchange they made to help the Nigerian Naira, or their States & Local Governments made from exportation of commodities based on their comparative advantages?

Lackadaisical Minded nation of people, una go wail & wait tire, keep doing the same sanctimonious waffle since 1970, but expecting a different outcome.

Nonsense, they want the Federal government to keep subsidizing foreign exchange for them from the foreign reserve it generated from oil & gas receipts?

anonymous1759:
You’re too smart to be conditioned to think like the west wants you to think . Look deeper you’ll get your answers , do you know that Wragner PMC group has always been labeled a terrorist group by the west ?

But the narrative changed to freedom fighters when they wanted to fight Putin . The Kurds in Syria are labeled Terrorist by Syrian government but American government call Kurds freedom fighters because they share information with them .

If Boko Baram ipob Massob etc are willing to work against Nigeria for the benefits of America and the west they’ll label them as freedom fighters.

That’s where the west is sophisticated, they do evil and polish it with media . I was once like you , swallowing every gibberish from the west ,I hated Russia , China , North Korea , Palestine etc for no reason until I started asking myself some certain questions and most importantly I started listening to different media that’s the best way to overcome western junk and have a mind of your own .

I listen to Russia , Chinese media with western media I can’t be deceived anymore. Everything it’s not all about visa but it’s good to know the truth regardless.

Informed Man way get sense.

GUNITGuy:
Hes ill informed why not blame usa for BOKO HARAM AND BANDITS, Nations that are having internal Rebel group and anti govt forces are also placing their blame on US? Failed state like Somalia should also heap accusations at USA

But people like you will be quick to blame President Tinubu for your every self inflicted misfortunes abi?

GUNITGuy:
Do you just categorize Hamas as Freedom fighters ......Boko Haram are also fighting for freedom from the Nigerian state for an Islamic Republic they are also freedom fighters

But to you Ipob are freedom fighters abi?

Nonsensical Terrorist sympathizer.

mightyhaze:
Nice little epistle..,

So whose job is it to stop or curb all these ?

Whose table does this buck stop?

Lazy minded Man, Charity they say begins @ home, can you tell us how much foreign exchange your state & Local Government made in the last 3 years from export of commodities based on their comparative advantages?

Oh sorry, or in your fickle mindedness you think foreign exchange generation is the exclusive jurisdiction of the Federal government for lazy people that don’t add any value to society and have failed to behave with any innovation?

You go wait tire, rest assured 10 years from now you will still be where you are today.

thesolutions:
It takes being human. It is a collective responsibility. Every policy that the government may push forward requires human effort for it to work. But the Nigeria mentality is that any office you are appointed to head is your settlement. Where man dey work na there he dey chop is the reason nothing is working. We are our own problem.

Yes, I agree that the president is to be held accountable for the direction the country has headed, but I have seen him take genuine steps that should make things work but he has to obey quota so that regions and states are represented in his government. So the performance of the country's economy is dependent on the performance of his appointees and their deliveries on the economic policies.

Person way get sense.

lonecatt:
In all fairness tinubu is expired and cannot deliver positive results for the future of Nigeria.
Except for greed and avarice he should leave the stage.

Na only Oblivious Obidients in their hypocrisy they purport to expect economic miracle in 6 months.

Obi still never congratulate the winner of the presidential election 3 months after The Supreme Court of Nigeria ruled in favor of Tinubu.

Yet the humbugs are waiting for the person they hate to change their misery to joy?

Una go wait & wail tire, what a bunch of politicized Jokers.

Prince111111:
the first 3 months gives the insight of what to expect from any government.

How has your state & Local government fared so far?

Charity they say begins @ home.

BigBashiru:
You don't know history...by 1900 the whole of Africa had been colonized except for Ethiopia.

Local African chiefs fought the yellow monkeys (western European savages)....

The first country to support african fight against the western European barbarians was the Soviet Union (Russia) in 1917 followed by China in 1948....

The United States and UK under Margaret thatcher and Ronald Reagan supported colonization of Africa including South africa especially.

Cuba supported Namibia Angola and South africa with up to 55000 troops leading to independence of Namibia and South Africa against the wishes of the USA and UK. That's part of why Cuba is under sanctions of USA today.

Make those coup plotters dey deceives you kid, 3 years from now they will drop their uniforms, change to suits & embrace the same west they are using to deceive you today to remain in power.

You want to fight Ecowas, you want to fight EU & The United States simultaneously, no be suicide be that?

OgaTheTop2:
How would be jealous of my dear country when I no be a Ghanaian

Na only oblivious minded foreigner with bad belle go fit talk this kind nonsense say without those three countries, there is no Ecowas.

darediamond:
Negotiations kill them there foolish uncircumcised baboons wanting to kill fellow Africans in favour those Oloribuku NATO member Nations.

If not for PUTINS WAGNER WARNING, Tinubu would have start killing fellow Africans now and thereby put we Nigerians expecially Yorubas in Bad light before other Tribes in Africa.

See if any Omo Odua reply with support of Tonubu's ECOWAS to my Post, He she SHALL LOOSE everything Good in his or her life. And may SAMATLIKE BOMB rain on him or her. Amen!!

Please keep quiet there, confused Hater of Nigeria, na Failures like yourself way no fit help themselves go just dey yan opata.

Reach any European country embassy, Na you go dey line first since 5am to beg for visa, yet you go dey open your Basketmouth against NATO wey no get business with Ecowas.

OgaTheTop2:
Werey, I look like Ghanaian to you

You they talk like Ghanaian wey dey jealous Nigeria.

Bobloco:
blanknp, Wetin i do you

You never sleep, abi Bola Tinubu dey also give you insomnia?

Usmanovic95:
Why campaign using propaganda against an opposition when you can easily campaign with how Tinubu has made Nigeria an eldorado? If you have to condemn other people's product to sell yours, then your product is not marketable enough.

It was Tinubu that mismanaged your state’s funds that sent you into poverty abi?

You will suffer for a longtime, keep waiting for the President in Abuja, just like your Almijiri brothers in Gombe State.

Bobloco:
Tinubu became a disaster right from the Inauguration ground when he made that thoughtless "subsidy is gone" pronouncement

As usual colo Bobloco, the man in a suitcase with Bola Tinubu living rent free in his head.

You will not go and try & help yourself instead be behaving like an Almijiri from Birin Kebbi?

What a waste of money on education.

Nostring:
This one is still wailing about election ,half of the hundreds of topics you've created is Tinubu😱...talking about living free in someone's head , this is it😂

You dey mind that oblivious disgruntled Obidient known as Onez?

Throwback:
That one must run too.

Infact Tinubu must provide him the funds to run, as his run is indirectly a campaign department of Tinubu's own campaign to win, as previously posited by Gov Soludo.

Man way know politics.

Ladiesdoctor:
Lack of good understanding cost Kwankwaso and Obi the Presidential seat.

Nigerians are suffering

Na today you dey suffer? your lack of understanding of the democrazy you practice is the cause of your pain & anguish.

People way go dey look 👀 President as if they still they under military administration instead of their States & Local Governments will definitely suffer till eternity.

You keep doing the same thing, but expect a different outcome.