₦airaland Forum

Julius2214:
Me or the OP?

Kingdolo:
Designed myself

HigherEd:
I understand that 25,000 naira per term as school fees is grossly inadequate to run a university - I mean it is completely nothing sef. N25,000 is just $100 which is just about the cost of application to a foreign university. But we must be careful of creating a situation where only the rich or middle-class can gain access to quality education. Maybe we should leave the attainment of world class status to private universities who can afford to raise fees and get massive endowments from their proprietors.

However what I won't accept is Nigerians coming again to balme any state govt for poor quality of university education when such school collects less than 100,000/session. Let us accept our fate - Nigerian public universities may never be great if they continue to take such low fees.

Another angle is this, States should not be investing solely in university education. They should adopt private universities like the US fed govt does. And pay for their indigenes per person than run a full university for free, which is.

https://guardian.ng/wp-content/uploads/2017/01/agriculture.jpg

The Partnership Initiatives for Niger Delta (PIND) recently sent Dr. Ogho Okiti and Mr. Al-Habib Onifade out into the field to find out the impact of the naira’s devaluation on different parts of four key agricultural value chains (palm oil, cassava, aquaculture and poultry) in the Niger Delta. The question of whether to devalue the naira was of course a big debate in Nigeria in 2015 and 2016 with the President himself weighing in.

The binary nature of the debate meant there was very little time devoted to the question of what to do next after the naira was devalued. The inevitable devaluation happened and Nigeria simply walked into it. This report is thus useful for insight into what happened to the aforementioned parts of the agriculture industry after the effects of the devaluation had flowed through.

In the main they looked at two effects – income and substitution. That is, how did the devaluation affect people’s incomes? And – how did it change behaviour in terms of how people switched products? Naturally, the impact of the devaluation was felt in different ways in different parts of the agriculture value chain, but one can summarise by saying it made everything more expensive.

Imported goods got more expensive for obvious reasons – more naira was needed to buy the same amount of stuff. But the reason the local substitutes got more expensive is that when people ran away from expensive foreign products, the local guys were not able to meet up with increased demand and had to increase prices. This was partly because things like fertiliser and pest control, needed to increase productivity, are all imported and had to be paid for upfront. This automatically ruled out a lot of smallholder farmers from taking part in the benefits of the increased demand for their products. This is something that could have been mitigated with policy responses but farmers were pretty much left to their own devices.

Another thing the research paper highlights is, how much poorer the combination of lower oil prices, naira devaluation, inflation, and population growth, made Nigerians. The researchers calculated that GDP per capita fell from $2,200 in 2014 to $1,180 in 2016 – a shocking 47% drop. Again, when something like this happens, one way to reduce the impact is by ensuring that people have access to cheaper goods. But as we’ve seen, it was not only the devaluation that raised prices, it was also deliberate policy of banning the import of some items that caused local prices of things like palm oil to shoot up.

A big part of the debate around devaluation of the naira and economic policy in general has been that Nigeria should produce its own food and not import. Be careful what you wish for. This policy has largely been ‘implemented’, based on the findings of this research paper, and the results are not altogether pretty. Taking rice as an example, the price of foreign rice increased following the devaluation. But the price of local rice went up as well. This meant that the overall demand for rice went down even though demand for local rice went up. In other words, ‘the substitution effect was greater than the income effect.’ A second order effect of this was that, the overall drop in demand for rice was replaced by an increase in the demand for garri and other cassava products. There have even been newspaper reports of increased cyanide poisoning because of people switching to garri away from rice.


Naturally, the impact of the devaluation was felt in different ways in different parts of the agriculture value chain, but one can summarise by saying it made everything more expensive.


One final interesting effect had to do with crop protection products. The researchers found that most of such products used in Nigeria are produced in China under commission from Nigerians who then brand them for sale locally. A lot of these businesses shut down completely in the wake of the devaluation while others who survived increased their market share – the researchers founds one such company that increased market share by 28% and value by 45% (the difference reflecting increased prices). But something else happened beyond devaluation to cause this shift. The Chinese government cracked down on producers of sub-standard crop protection products in China and many had to shut down. This reduced production capacity from the Chinese side meant that prices of these products increased in China. In other words, Nigeria was at the mercy of a Chinese government policy that had nothing to do with the naira’s devaluation. Between 2014 and June this year, the prices of some of these products increased by as much as 157% as a result.

What are we to make of all these? The obvious lesson is that the actual devaluation of the naira was the easy bit. There was no point wasting so much time on that part of the equation because after devaluing, there was still plenty of work to do. Devaluing the currency was to allow the economy to adjust to its new reality but even that adjustment required an understanding of its impact and how best to cushion the blow.

The other lesson is that the economy is an incredibly complex machine. I’m always reminded of a quote by Larry Summers – former US Treasury Secretary and World Bank Chief Economist – where he said, ‘it is not easy to understand how an economy works.’


They say you should never let a good crisis go to waste. Nigeria is now out of recession officially so maybe there is no incentive for policymakers to consider a report like this. But the effects it highlights can be lessons for good and bad times in terms of how to respond to difficult situations and where exactly to channel resources.
The report is available on www.pindfoundation.org

bassdow:
Over here at BaConSol LTD [url]baconsol.com[/url] we develope themes also though mostly on custom basis.
As for theme marketplaces, we rarely rely on such as we can always develope what we want.

Plus Most Generic Themes on those Platforms are shit loads of crappy less quality themes.
Same can be said of the scripts sold on those places.
Am speaking from experience especially having on countless occasions directly and indirectly worked on scripts (mostly repairing, modifying, etc) intended for use as a starting point or helping clients who have one fix issues or modify (add or remove features) them.

Moreover, if you are to go into such business, you need much more than just 2 people in your team - you need both Frontend and backend developers and designers.


Most themes (especially WordPress Themes) on theme marketplaces such as Themeforest are just badly coded piece of shit made Beautified with the help of Page Builders.
Take of the Page Builders and see the mess you paid for.

I will stop here.

shineforthmedia:
okay contact me on 0 7 0 5 1 1 5 7 3 8 5 (whatsapp)
and we build one together

seoscrib:
include me...

My job there is to embed seo stuff, coding

shineforthmedia:
lets link up and we can create our own theme store

deomelo:
[s][/s]



Save your worthless ipob advise for your borehole and keke ambulance village...

biztip:
who measures d health of an economy with its foreign reserve capacity?

Naruto87:
at least u "sound" educated... apply it more positively

Naruto87:
lol..so it takes a day to build refinery? or do u expect a country to use its foreign reserve for mainly that? it seems the term "foreign reserve" isn't clear to u. study more, judge with ur head and not ur hearth

Naruto87:
to bring more light to the issue an improved foreign reserve means our economy is stable both in its agreed payment of debt and also other aspects of economic growth. so as long as we still have a steady rise or fall our economy is stable and developing. this current government deserves our support for at least putting us on track for development a country's development takes years to see and I believe most haters here are only tribalistic and religiously motivated.

AZeD1:
Now you are talking. We don't produce anything so what makes our currency stable? Do you think there's any where in the world were people are telling their brokers to sell X currency and buy the Naira?

PS: You cannot have a stable currency without sound economic fundamentals.

Lots of peeps here are confusing exchange rate with the stablilty of a currency.

AZeD1:
You are the one being myopic. Government uses the foreign reserve jargons for politics and investors are reaping us off. A majority of foreign investors in Nigeria are port folio investors, they contribute nothing to the economy and take so much out. If a foreign investor buys foreign Treasury bills with $100k, they'll be making almost $17k (approximately) in profits and not one single job would have been created.

The bold is where you are making a mistake. Our currency is not stable because we produce nothing. Our major export is Oil and its priced dollars so in reality, nobody apart from Nigerians need the Naira.

Isn't ironic that foreign reserves have been increasing but there's no corresponding increase in jobs created?

ICEMAN:
What that means is that we have $47 Billion savings which we'll hold in reserve to continue our artificial propping of the Naira. That's absolute rubbish.

deomelo:
Things are indeed looking great.


This is what you get when you don't have the PDP, Jona and their stealing and looting gangs stealing every kobo in sight.


Kudos to PMB and his marvelous team

cosmos1440:
for your information,
Adesina did nothing for agriculture in Nigeria. e-wallet, subsidy on fertilizer, increase in local rice production, etc all are lies.
Audu Ogbeh has started his own lies too (yam exports, cbn loan to farmers, etc)

to cut a long story short, they are the same.
if you see an ordinary prosperous Nigerian farmer, the secret of his/ her success is through sheer hardwork and farmers` co-operatives not through any government aid or assist.
Believe the words of a farmer.

AZeD1:
And you wonder why Nigeria is still a 3rd world country?

AZeD1:
Even you admit that this a short term strategy.

maasoap:
And it is also funny that people who accuse Aregbe for infrastructural development and huge debts at the state level are also the ones saying savings without infrastructure at the Federal level is not cool. Lol.

ultron12345:
FYI, that refinery project is a project of national importance, with the capacity to cut out forex needs by almost half and even begin repartriating forex back into the country, it was just the kind of investment the nation needs at this time that we are seeing the consequences of been an import dependent economy. Any serious government will give "extra" support to such a project. Or would u have preferred if the government rather give the forex to rice and palm oil importers while starving such an important project of forex.

ultron12345:
what government protection. Has any government stopped u from building cement plant or sugar refinery......oil refinery nko

Redoil:
Mumu people what is the essence of huge savings when there is hunger and no infrastures in place to better the lives of nigeria