₦airaland Forum

Adminisher:
Okonjo Iwealla cannot be so stupid as to say this. The oil price fell 300% , that was the immediate cause of recession. Jonathan did not save or diversify the economy that was the fundamental cause of the recession. The only thing to infer from this statement credited to Okonjo Iwealla is that she was admitting that all the investors that she and Jonathan attracted to Nigeria were crooks. She would also have been admitting that the Jonathan administration only attracted "fairweather " investors into the stock exchange and money markets not people who came to build factories and set up farms.

It is a pity that many dumb young Nigerians can't think themselves out of a brown paper bag and reason.

What investor puts $1bn and ten years into a country and packs his money and runs away because an anti corruption administration came in. Did MTN run away?, did Shell run away?. RUBBISH

Nigerians have a long way to go. Everybody seems to have short term, general contractor mentality and it's so clear how easy this idiotic "investors ran away in nine months" story got traction because of the cash and carry perception of what an economy is.

Use your head! MTN is not a manufacturing company but a telecommunication. Why won't you say this post is not true when the like of you voted in an educated illiterate to power

Booked.

Fmr Finance Minister: Ngozi Okonjo Iweala.

I still find it funny that most people
don't know why Nigeria economy
went into recession, they love the
incompetent lies of Lai Mohammed
about the past government ruining
everything. It's also myopic to think
that if Jonathan were to still be in
power, we would be worse off.

The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.

Firstly, there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.

After the election, the president
created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to
jail. The instability made foreign
investors to liquidate their
investment and change their money
to dollars.

In the process of trying to
flee, they were willing to buy dollars
at any price, which lead to high
exchange dollar rate.

Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.

To make matters worse, the
president came up with another
outrageous policy of rationing dollar
to certain sectors and blocking many
sectors out. That was the nail in the
coffin which facilitated the
emergence of free FALL.

In the end, foreign investors took
over $80B out of the economy within
a short period and everything went
down to free fall.

To those who believe it will be worse
if Jonathan is still there, you are all
wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such
tiny time frame. Even though the
government might have income
shortage, the private sector will
weather the storm by their
confidence in the market.

The fear of the unknown created by
PMB is responsible for the economic
downturn not low oil price. Interest
rate in America is currently at 0.5%
while it is 12% in Nigeria. JP Morgan
Chase will not mind borrowing $50
billion from Feds at 0.5 and put in
Nigeria for return of %2000 profit.
Citi bank will do the same, likewise
US Bank Corp. Chase gave Buhari
warning about the repercussions of
his fixing policy before they pulled
out, but his illiterate cyber warriors
and misseducated e-soldiers said
JPMORGAN can go to hell, they no
longer believe in economic metrics
since their messiah is in charge.

Funny enough they are all suffering
today because of the stupid policy,
but they find relief by blaming it on
past administration and Gucci
appetite of average Nigerians.
For your information, if your
president "continues" with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.

May God let it happen

Wetin bubu dey wait for? Cement in Nigeria should be 1000 naira.

Dear Nairalanders I write this post all the way from Guangzhou, China. I am on a 14 day business trip to China as this is my first time to come here.

I was in Zone 4 in Abuja Sheraton to change the naira to the dollar as I was very happy that USD niw sell for 400 naira but to my suprise I had none to buy at that rate. all the mallam keep on saying they have no USD. to my surprise, some set came and said they have but its 465. hence I just have a day to Board to China, I had no choice.

I got to China and my invitee came to the airport to pick me and my friend that came. we went to a place to change USD to the RMB, to my surprise, it was change for 1 USD to 6.57 RMB. meaning 1Rmb is like 57 naira if not more.

buying things has become too expensive and our currency has become porous. Nigeria currency is worthless and useless to any foreign nation. oh, see how the Chinese respect and treat us like God because they need to do business with us.

their infrastructure is superb, well planned and organise. Vehicle here are brand new and no form of "Molue" bus as we see in Lagos. I saw an electric bus and as I am on my way to Shanghai now, I never for once emcountered pot holes.

oh God, when ll my country be like and our leader be patriotic to do the right time. oh God.... I WEEP for my country! awake our currency!

ogogogogo!!!! Chinese have come ro colonize Zimbabwe oooo....

kai, see has Buhari don make people think and act less. Buhari should never think of 2019 at all. even his wife and Tinubu will not vote him.

The Americans should educate them on peace when a referendum for breakout or separation of North and South happens

I imported my Eco Solvent Ink through a shipping company Chioce Chrisnak based in Apapa, Lagos and as I was about to pay for the shipment today, I was told to pay 510 naira for 1 USD. So I was charged 7650 for 15 USD.

What kind of thing is this, what is wrong with our naira? which way Nigerians?

GEJ is the best. reason?

1. During his regime, the economy was classified to be the best in Africa and world fastest-growing economy.

2. there is no country in the world that there is no corruption even in Norway. But come to think of it, if you steal 1b naira, will you spend naira abroad? is it not still in Nigeria you ll spend it?

3. During GEJ, a lot of middle and lower class was able to build houses, buy cars, travel abroad for school etc.

4. During GEJ, a lot of people abroad respected Nigerians, I can attest to that.

5. During GEJ businesses were striving and expanding. All sector was moving but some people were using Boko Haram to destabilize his administration.

there are alot of things that makes GEJ to be the best president we ever had. if he decides to contest today, my family and I will still him over and over again.

when I see people saying Nigeria will be great again, it means that Nigeria was great before the APC led government took over. if shipping companies are packing out, ot means Nigeria govt is not capable of handling the greatness that was given to them.

when the people dont want you to touch their oil, leave them alone and find something else to generate revenue na. bombing them isn't the right thing,,,, you hear?

pls let Buhari led the way to beg GEJ for forgiveness

watching what Buhari will say next. this prison Guy should be show his way out. a disgrace to the nation amd to the change mantra! ICPC on the way

Mr. Ja'afaru Ahmed, the new Comptroller-
General (CG) of the Nigerian Prisons Service
(NPS), was involved in age fabrication. Mr.
Ahmed, who was appointed by President
Muhammadu Buhari in May as successor to Dr.
Peter Ekpendu, was an Assistant Comptroller-
General the NPS headquarters in Abuja.
According to NPS documents in the possession
of SaharaReporters, Mr. Ahmed joined the
service on 30 November 1985, at the age of 28.
He was posted to the administrative unit at the
NPS headquarters.

The documents gave Mr. Ahmed's date of birth when
he joined the service on July 21, 1957. The date of
birth remained consistent until 2015 when Mr. Ahmed
sliced two years off his age and arrived at a date of
birth of July 21, 1959. NPS documents listing members
of the top echelon of the service in 2015 boldly showed
Mr. Ahmed, an indigene of Jega Local Government Area
of Kebbi State, as the sixth highest placed officer. The documents, however, showed a different date of birth to
what he claimed at the time he enlisted in the service.
NPS sources disclosed to SaharaReporters that the age
falsification was encouraged by retired General
Abdulrahman Bello Dambazzau, the Minister of the
Interior, who wanted Mr. Ahmed to become the of
the NPS and spent some time on the post before he
retires. The implication of the falsification is that Mr.
Ahmed has fraudulently gained two extra years in
service.

source: saharareporters.com/2016/07/08/new-prisons-comptroller-general-ahmed-falsified-his-age

This is to bring to the Public that this fellow who calls himself Ismail or Nicholas Martins was never a staff in the Garden of faith, Kaduna. I was the Northern Region Admin officer for 3 years in the Garden of faith and I never saw this man file in the secretariat.

Though I was employed just immediately after Bishop Abioye left the Garden of Faith, there was never a time when such name was mentioned or discussed or referred to from any of the staff I met.

this person should know that using the name of a highly respected and a statesman like Bishop Abioye to justify his action is very bad.

the Public should disregard his story and its entirety.

Crime is at it peak because there is hunger in the land. Buhari decided to put everybody into pains. Nigerians are paying for the 12 years he didnt win election.

meanwhile, pls let us have a comprehensive phone contacts of the police headquarters in each State. May God help Nigeria

there is hunger in the Land and APC are feeding fat while leaving Nigerians in poverty! sorry for the Injured!

I strongly Buhari Impeachment... gbam

serious? this is freedom for Zimbabwe ooo

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pls is the 42k for the Inverta and batteries?

Waoo this is a very good news for us that import from China. the west knows how to ruin an economy woth their USD... bushit to the USD

Happy Birthday to my role modern Alhaji Aliko Dangote on your 59th bithday. I shall be celebrating mine on 13th April 2016. I know that Billionaires are Born in April.

Happy Birthday to all April celebrants.

Bring back Bath Nnaji to board. that man is not only more qualify than Fashola but with him, 10,000 mgw is doable. Let Fashola face Works and Housing.

Buboohari aka Muhammadu Bahari