This the same way Hugo Chavez destroyed Venezuela's economy with attack on private sector, forcing them to sell below the cost of production until they had enough and either packed up or left the country.

Today, the Nigerian government is threading the same dangerous paths that has been the ruin of many economies and they think they are solving a problem.
One thing we have learnt from history is that we do not learn anything from history - Georg Hegel.



After mismanaging anchors borrowers and other loan schemes made to encourage farmers, after failing to provide rural urban roads to improve access to markets from the farms in good time, after denying farmers access to credit facilities while also not protecting them from bandits and marauding jihadists, this foolish government now wants to blame the private sector for their own incompetence.

What stopped the government from mopping up the surplus farm produce and storing for reintroduction into the market. I guess they were busy shinning their fvcking shoes and looting the treasury.

Let it be known that attack on private sector may just be the last foolish act that will destroy what little is left of this economy.

This is very biased officiating. How can the VAR not see this stonewall penalty against Arsenal. The ball is moving away from Odegard and he uses his hand to stop it. This is in my thoughts now beyond incompetence.

I'm surprised the IMF is still advising the CBN to hike rates to tackle inflation, even though it is abundantly clear that the current inflation in this country is not demand driven but rather due to the increasing cost of doing business.

For emphasis, the fuel subsidy removal and devaluation of the naira are the major reasons we are witnessing this unprecedented level of inflation and not because of excess liquidity in the system.

So, Hiking of rates would rather cause more harm than good as it will further increase the debt burden of this government which is already neck deep in debts as the major borrower in the financial markets..

On the issue of low revenue to GDP, I think it is rather as a result of under declaration and leakages of revenue being collected, as opposed to low collection. If the government is serious, it should start by plugging the loopholes.

The suggestion of more taxes also at this time without first creating employment opportunities and improving the ease of doing business is also wrong. It will rather encourage businesses to become more clever at tax avoidance.

Businesses already produce their own power and security, without any form of support from government and you will be crazy to believe they will be happy to pay more taxes under these very difficult conditions.

Finding an intelligent comment on this forum nowadays is increasing becoming
a collectors item.

If you believe poultry farmers are ripping off Nigerians, why not buy your own birds, feed them for a few weeks and then eat at maturity or sell at a loss in a bid to force down the prices?

Apparently, a lot people do not realize the effect the the war in Ukraine is having on the prices of grain which is a major constituent for poultry feed.

Do you not understand also that the recent devaluation of the naira has added to the cost of nearly everything in this country, including poultry feed?

From available statistics, the cost of poultry feed has gone up astronomically, more than 300 percent in the last few years. For instance, a bag of feed that used to sell for N3500 in 2019 is now being sold for about N14000.

If this increase in prices were to appropriately reflect in the cost of chicken, I doubt anybody could get a mature bird for anything less than 15k. But surprisingly, one could still get a decent 8wks old broiler for between 7 to 10k, less than 100 increase in price from the 5k it used to be on the average.

What this means is that poultry farmers are indeed now poorer, when you consider the inputs and what they are made to sell at the end of the day.

Yet some recalcitrant rats still believe poultry farmers are the cause of their problem.

Well you can keep pressuring the government to open the boarder so we all go back to consuming diseased and tasteless chicken, pumped up with killer chemicals just to make a point.

Jangbajantis:
Ah! Op said a full tank CNG will cover lower miles than a full tank petrol and diesel. So comparatively it's not really cheap in that sense. The more you look the less you see.

Fully cylinder, which is much cheaper to fill. He's simply talking about capacity, not cost.

Some of these people already left the service and handed over to the most senior official like the Coordinator AMMC, while others like the Health Insurance guy is a Director in the Service. I'm sure a rejoinder will be issued to clarify this mixup. How do you sack a Director who has not stayed for 8 years

Value of land about to crash in the FCT. I know a few person's who held R of Os and refused to sell, hoping that prices would appreciate further so they could sell at a premium.

However, as soon as Wike became FCT Minister and began issuing threats, many of these land titles flooded the market, leading to a crash in their real value..

And now with these revocations and further threats, I expect to see more titles, especially in areas serviced with infrastructure hitting the market and being sold for far less than they are truly worth in the Abuja property market.

udede:
I did something similar today about an hour ago. I was going home from a nearby village to mine on a small Scooter that is popular here, called "today" I passed this slim young and beautiful lady of about 25 years of age and she waved me down for a lift. She ask if i was going her way and i said yes picked her. As we moved i asked the normal things like how are you, were are you from and where she dey go. After that i just refused to ask for her number, i just told her that I want a young girl like her wey i go give double belle at once. As she was laughing over the "joke" I was busy pointing out the direction to my village and house (meanwhile she was from and going back to a neighboring state.
When i stopped her, she thanked me and asked me " so how do you give me the belle when you don't even have my phone number? I simply told her to collect mine and flash me and sharpaly sharpaly she brought out her phone and collected my number flashing me immediately to make sure we connect.

I'm still thinking about what to do with her.

So giving somebody a lift is no longer considered a nice act in this day?

I also think you gave her a good time with your cocky and funny vibes which made it easier to relate with you. Maybe she also considers you attractive.

After devaluing the Naira and diminishing the purchasing power of the citizens, then refusing to pay workers a living wage, you are inviting investors to a moribund economy with dilapidated infrastructure. Do you think these people are unaware of the economic condition in this country?

Apart from the privileged few in this country, tell how many people that can afford the very expensive products of these companies that you are wooing to Nigeria.

shariff84:
nothing, alot will come out soon.

How much is a bag of groundnut now and if one were to buy, are there other costs involved outside of the 5 percent charge.

You don't really want to cage your bird if she wants to get with another fella except you are....ummm maybe a certain nairaland mod

Neoteny7:


Wrong.

Mere kiloton warheards leveled most of the cities of Hiroshima and Nagasaki.

Megaton warheads are hundreds, if not thousands, of times more powerful.

No city can withstand the destructive power of today's strategic nukes.

But Hiroshima is a mere 900 square kilometers. Much smaller than Gwagwalada here in the FCT. How sure are we the bomb will even take off, let alone hitting it's target?

addmole:


2 days ago, it was the day set for the 1 round we were supposed to make love, she just said, something is on her face. I wish I can describe it. I was like, why Is it that anytime its when we want to make out is when you must have en excuse, she just shouted at me, that I should go that i dont care. I was like, this was the same person who was jumping and telling me she wants to fix a nose ring. Very healthy and bouncing all over the place, but when it comes to my usual 1 round on the old timetable. She would look for an excuse. Her mother shouted at me that if I want to divorce her, I should go ahead that she's tired of settling our differences.

Oga I want to curse you but I don't think it will make any difference. Clearly, you have no sense of self worth. Only a fool quarrels and bickers with a woman over sex that is as cheap as a loaf of bread.

Your wife is tired of you but still you can't see this. To her, you are a worthless pile of unimportant flesh and you confirm this by haggling, nagging and bleating over sex that you can easily get elsewhere with very minimal effort.

Please have some self respect and ignore that woman for at least 3 solid years. Work on yourself, lift weight to appear masculine and attractive and then start looking out for easy lays to sharpen your instinct and format your sex starved brain.

Thereafter, find much younger and prettier whores in need, pay your dues and enmesh yourself in their youthful and very enticing bodies till you completely drain your balls and become totally indifferent to your wives naked body.

Tell yourself you have needs which must be met. Say this and mean it. Then work towards actualizing it.

But I doubt you will take any of the advice you have received here because you are too weak to even understand what is happening around you.
Maybe you are even composing a love poem right now just to try one more time to convince your wife to fuk. I hear you say to yourself, just maybe if I use this particular phrase, she'll pity me and let me fuk this night.

Let us know how that is working out

A confident man is man who has worked on and achieved most of his goals or is on the way to achieving them, so is not bothered by little things like rejection. To him, a woman and other things that are not key to his goals are just bonuses. So, if they come, fine, he takes them. And if they don't, no problem.

Confidence to me stems from assured inner peace. If you have your own house, you know of course that no landlord is coming to throw your things out. That's confidence. A handsome guy knows the women will always fall for him so he is confident in that territory. A rich guy knows he can always get most if not all that he wants and is confident about that. A good mathematician knows he'll most likely pass a maths exam. That high value skilled worker who has helped to grow a company from scratch knows he's nearly indispensable.

So, overall, confidence is that feeling of assurance stemming from a place of substance or abundance.

When the ladies say they want a confident man, they are simply referring to a high value man who ticks all the boxes of above average standard.

Nigeria doesn't even have any functional missile defense system, yet it wants to carry out military action against another sovereign country. Laughable.

By the time missiles start raining on critical infrastructure, the true cost of this I'll conceived mistep will dawn on all the protagonists.

Trying to make it big just like Chappo

Seeing as Niger is backed by Russia, Nigeria might want to thread carefully on this. Let us not forget that Russia still has stockpiles of munitions from the WW2, and the mordern ones like the Tungaska, Iskander, Thor M1 and other precision guided missiles that could be used to hurt Nigeria's military and critical infrastructure. Even Iranian drones should not be ruled out as we can see what is happening in Ukraine.

Recall that all the long range artillery missiles donated to Ukraine by almighty US have been completely eviscerated by Russia, which is still holding back from completely wiping Ukraine with nuclear capabilities. Even China Is Stepping back and watching the game between Ukraine and Russia and the proxy America.

Tinubu should not allow Nigeria to be used as testing ground for Russia and China's military might.

A sensible President would use diplomacy rather than force to try to address the Nigerien coup because of the high stakes. Nigeria did not carry out a coup in Niger. Why then should it be our problem? Even America, after spending trillions, left the middle east with nothing to show for it.

Nigeria should also take a leaf from the reaction of Asian and European super powers like France, Germany and China to the ongoing war between Russia and Ukraine.

It's intervention should simply be in the form of aides and negotiations and not military actions that could suspiciously lead to a war of attrition.

I'm sure the Nigerien military have reasons for their actions. At any rate, democracy is not the only form of government as we can see in the middle east, eastern Europe and Asia.

The Nigeriens should be allowed to adopt what suits them. Nigeria should be wise and avoid being misled by America's hegemony.

They are the world reserve currency and can afford to do anything and still hide under the cloak of democracy. But we are not fooled. Where do we even get the money to sponsor an invasion of Niger. Even if we succeed, is it worth making an enemy of our neighbour?

Remember also that coups have happened in the past in Nigeria and other African countries did not interfer. Why now should Nigeria interfer in other people's affairs?

These are some of the clear examples of how Europe has been underdeveloping West Africa and Africa as a whole. A little slump in fuel imports and their refineries are already experiencing serious short squeeze.

Now imagine a scenario where West Africa becomes self reliant in the refining of petrol, manufacture of electronics, automobile, clothing's, building materials amongst other industrial capabilities, the amount of job loss that would hit Europe would be child's play compared to the current situation in present day West Africa.

African countries need to come up with industrial plans and implement same religiously within a given timescale to ensure a complete turn around in the economic fortunes of the region.

Your girlfriend's family abi your inlaw? Mega simp. I'm sure your girlfriend too is like them, just that you are lavishing money on her now and you are yet to see her other side.

Continue simping. If them check now, you never do same for your family.

FreeStuffsNG:
That's good news if you know about economics and the Afcta
There is no point having a strong currency when you are not producing for exports. Nigeria is taking over their markets with cheaper goods than the ones they import from France. The worst hit will be our immediate neighbor's

How will Nigeria take over their markets when local prices here have also increased and even doubled in some cases?

For instance, if a loaf of bread was selling for 700 Naira prior to devaluation and it's price rose to 1000 Naira after devaluation, what makes you think there will be a difference in price for the foreigner who would still need to pay for increased freight?

Yes only the Nigerian will be made to pay more from his already diminished resources due to I'll thought out policies. This is why Labour is demanding for increased wages.

It's like in a bid to support APC 's maladministration, you just rush to type nonsense without even thinking it through.

Deepspirituals:
Make a Deep Spiritual Investigations about that lady OR man you just met before the Veil of love Covers your Right sense of reasoning.

Be Wise.

I remain Spiritualist Ade.

Take your shady scam away from here and stop looking for gullible people to engage in any fake spiritual psychobable. Go and work and earn a living like most people do. Money making is hard and you have to work very hard to earn money.

Flets:


Devaluing is the option, floating is not. You can even devalue to 700 and peg it there...... you can't float with the level of balance of trade deficit we have. What do we export outside crude?, do you know the volume of empty containers that gets shipped out daily from Nigeria?

With this floating, there is no real value... the speculators and manipulators will have a field day. USD will exchange for 1500 and there is nothing anyone will do about until CBN takes charge again

.

Yeah people will just over leverage and short the Naira to death. Even Russia had to block the option of shorting to save their rubble'
following America's sanctions.

The fundamentals for the Naira unfortunately points down South and that's where it is headed except something is done urgently to increase exports and improve our ballance of payment which I don't see happening in the short term.

emmabest2000:
China with strong economy and powerful leader has been dreaming of bringing down the exchange rate of USD for two decades by all means but .....
RMB to USD
2003 to 2005 100usd - 820rmb
2006 to 2009 100usd - 810rmb
2010 to 2012 100usd - 780rmb
From 2013 till 2022 the lowest was
100usd - 640rmb
Currently the price now is around
100usd - 710rmb
Believe me if it is that easy China would have force down the exchange rate to 100usd = 100rmb

But for Naira
2003 100usd 130naira
2023 100usd 700naira

You are actually wrong on this. China on the contrary, manipulates it's currency to keep the value low and discourage it's citizens from buying cheap and superior American goods and rather encourage local patronage and exports to earn more dollars.

China does this by buying trillions of Dollars worth of American Treasury bills to maintain a negative ballance of payment and a positive Ballance of trade with huge export of goods and services.

A weak Yuan or remnibi is good for an already industrialized economy like China as it would discourage imports and encourage the patronage of the local industries and exports.

Mods take down this useless post. It's attracting hate, insults and ethnic bigotry. Do it now.

AllKnowing:
How I have managed to keep my relationship thriving with my American girlfriend:

1. All animals are considered human. Even a housefly deserves to live. Don’t get me started on cats or dogs or the hideous looking Armadillo.

2. Treat flowers as you would an immortality elixir. Hold ‘em properly and with great care.

3. Ditch the Nigerian notion that everyone is out to get you. Practice kindness even to that bum at the street corner. It’s imperative.

4. You’ve worked for it, invest heavily in skincare, the gym. What are you being so miserly for?

Throwing away your own values to adopt that of another in order to remain in their good books. You are one condescending chap I swear. I bet one white guy would damn these silly stuffs and she'll still be hung up on him. And here you are essentially walking on egg shells just to please a fellow being. I do not envy you.

routed:
Ask them how much tax they have paid this year. For their information , for you to process your Form A with CBN now, you must present 3 years tax certificate.
We are all bleeding the economy, we want healthy economy but don't want to pay their dues.

Because we don't want to talk or respond to their gutter-bitter vomit, they feel they have point or reasonable. Uneducated feeling enlightened people.

You need to understand that job creation has to come before taxation except you want to tax unemployed people. And by job creation, I don't mean those fleeting kind of conjured jobs or disguised welfare measures that govt uses to buy time and deceive gullible people. I'm talking about real jobs which comes as a result of a level playing environment where the private sector thrives.

Unfortunately in this country, government sees job creation as some sort of fanciful thought or personal goodness and not actually the leg on which government stands. There must be twice as much emphasis on job creation than there is on taxation.

Tianamen1:


Please show me where I have ever mentioned taxing businesses.

The poster said, "you can't tax your way out of an economic crisis" to which you replied that his last comment was foolish.

Tianamen1:


It is challenging to boost productivity. Nigeria needs years of investment in basic education to catch up. We need to focus on reducing expenditures first.
Your last statement is highly foolish.

No he's actually right on his last point. Taxation is not a silver bullet as some of you want to believe. Instead you'll end up cutting open and bleeding out the arteries that run the economy.

The private sector at present provide their own generators, security, water supply, healthcare and you still want to tax them out of business. that would be more of punishment than taxation and people would also get wiser and start cooking up the books, leading to drop in tax revenue.

Don't also forget that these businesses do not even have any recourse or a form of bailout in the event that things go bad. But all you can think of is tax, tax tax.

ivolt:

64 other developing countries are under the same trade rule but you choose to exhibit
your ignorance against Nigeria only.
Perhaps, the other countries also devalued their currencies.

Again no grasp. The point I made is about this being an excellent opportunity to grab cheap Nigerian goods as a result of devaluation before prices skyrocket again and discourage further exports.

I'm sure they'll sooner rush to these other countries with more stable currencies when local sellers here jerk up prices due to expensive imports, increased wages and rising demand as was the case in 2016 when price of local rice jumped from 5k to between 30 and 37k.

There is really nothing to cheer about this news except you want to applaud the UK for trying to reduce hardship for it's people.

budaatum:


That is the benefit of devaluation. Products we could not find buyers for will now buy our products cheaper. It's not like they were buying from us before.

https://dailypost.ng/2023/03/27/25-nigerian-crude-shipments-struggle-to-find-buyers-in-europe/

https://guardian.ng/news/worries-over-revenue-petrol-scarcity-as-buyers-shun-nigerian-oil-cargoes/

You really have no grasp of how these things work. First, with devaluation, imports become more expensive, prices go up, workers demand and get a raise, local and external demand increases, then local sellers jerk up prices which in turn would crash local and external demand.

If currency devaluation was the way forward, how comes Venezuela and Zimbabwe aren't topping the list of global export trade?

The only way to encourage export is to industrialize the economy and produce quality goods that can compete favourably with the best from other parts of the world and at reasonable prices.

When you industrialize the economy, you improve efficiency and reduce the cost of production.

But tell me, does Nigeria even have any industrialization plan?

What better time to cherrypick Nigeria's ridiculously underpriced goods following Naira devaluation.

The days of sacred cows and invincible Fulani herdsmen are gradually coming to an end.