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Business / Re: IMF Proposes Devaluation Of Naira by Drgen(m): 3:49am On Feb 19, 2011 |
@Kobojunkie: check this out http://en.wikipedia.org/wiki/Nigerian_naira you'll find it out in the table all by urself my dear. |
Business / Re: IMF Proposes Devaluation Of Naira by Drgen(m): 2:08am On Feb 19, 2011 |
Nigeria-America: Naira versus Dollar analysis in retrospect by Apostle Dr. Genesis A. Dawuda About 37 years ago, co-incidentally my birth year; Nigeria’s economic situation was not competing with American Dollar but with that of United Kingdom’s Pound sterling buying it at N2 to a £ 1. Nigeria is a country blessed and also bedeviled by myriads of hydra-headed problems. Back in the days, when 65kobo was exchanged for a dollar, there was no such thing as brain-drain, human trafficking and what have you. Back in those days, do you know that the government of U.A.E. came to Nigeria seeking for loan from Nigeria? I don’t need to write about Malaysia coming to Nigeria, consulted some of our best brains and even exported our own brand of palm trees from the nursery to improve their agricultural sector. Today I don’t need to tell you how strong that economy is today. Thousands of our children troop to their embassy to either go for studies or business pursuits for greener pastures. In the cause of doing that we’ve lost some due to unnatural causes. Nigeria, a nation destined for greatness is still crawling on her fours. I’ll tell you why later. Where was America in the early 70s on the lips of little kids? We didn’t know about America, we only knew so much of London, England and UK as registers for accomplishments and destinations for young dreamers. Why? Because our economy was stable. So stable that we needed no application for Visa to go somewhere like America to be ill-treated to the extent of being deported or questioned on the system of government we are practicing today. In 1980, two years into the 2nd republic under President Shehu Shagari, Nigeria’s naira enjoyed the peak of her glory pegged at 55kobo in exchange for a dollar. Since that time, like the proverbial one-legged man who, out of the praise and applause accorded him for an excellent dance performance threw away the stick that supported him in the dance. Upon throwing away the stick, consequently he also lost the dance. Nigeria got so excited with a thriving second republic, she threw away the stick of prudence, the stick of the fear of God ( a common phrase of the late Sir Ahmadu Bello, Sardauna of Sokoto, “Basu da tsoron Allah?”) Our leadership also threw away the stick of Accountability. From that moment, the naira got a dent. Which led to the Buhari-Idiagbon coup with the then Brigadier Sani Abacha, while announcing the coup emphasized the Squander-maniac state of the toppled or ousted leadership of the 2nd Republic. In 1981 61kobo exchanged for a dollar. 6kobo increment in the purchasing power of the currency to buy a dollar. In 1982 67kobo bought a dollar. In 1983 the naira fell again buying the dollar at 72 kobo. On the re-entry of the military, thinking the country has come to roost. In 1984 about 76kobo exchanged for the dollar. In 1986 the naira nose-dived to N2.02kobo exchanging for a dollar. For this, IBB (General Ibrahim Badamasi Babangida, first military president in Nigeria) gave four reasons for that I think: 1. A decrease of our domestic production continues to increase. 2. Dependence on import for both consumer goods and raw materials for our industries. 3. A grossly unequal gap between the rich and the poor. 4. The large role played by the public sector in economic activity with hardly any concrete results to justify such a role. Me thinks to this day we are still trying to confront these four “IBB Realities.” But when he stepped-aside, he left the naira down begging to rise at N22.33kobo in 1993, no thanks to him and his economic advisers. Could it be the reason he wants to return? To still confront his Four IBB Realities. In 1994 Abacha raised it to N21.89kobo sustained it at N21.89kobo until he died; thanks to Prof. Aluko his economic adviser,(not for Abacha’s death but for contributing immensely to the economy.) For five good years the naira was stubbornly pegged at N21.89kobo with all the sanctions and bans on Nigeria left right and center; yet, the naira survived it at N21.89kobo Gen. Abdulsalam left it to Gen. Obasanjo at a crazy shot of N85.98kobo. At the end of OBJ’s 1st tenure the naira had reached and roamed between N127-130 Naira in exchange for a dollar. With all the wonderful travels and monies spent on Esther’s Coat, oh I mean on estacode yet the naira soared high not like an eagle but against all winning formulas that will make it strong. Upon his second entry the naira suffered another blow, exchanging for the dollar between N132-136. But in 2005 the government gave the naira a slight lift between N128.50kobo-131.80kobo. Quoting IBB in August 27th 1985 “Events today indicate that most of the reasons which justified the military takeover of government from the civilians still persist.” I too after 25 years of that speech can see that the problems still persist. The almighty Legislative Houses (Both Upper and Lower) needs to go ask Prof. Aluko, what magic did he do to peg the naira @ N21.89kobo for five good years consecutively. You may want to ask, why ask Aluko? Because he was the Chairman of Gen. Abacha’s National Economic Intelligence Committee. A man reputed to be second only to the late Dr. Okigbo on analyzing and managing of economic matters under different Governments in the past. Don’t you think he’ll do better in a democracy given the opportunity to perform better than he did under pressure? I can’t answer my question for the reader. You have your own say. It’s in the constitution. Today you and I know that the naira is floating between N150-155. Nobody could stay it like Aluko. A man who once said we are an economically silly nation; importing nearly everything, name it is it rice, or power or refined petroleum. Those who import generator will not allow NEPA or PHCN to work, neither will those importing rice allow mechanized agriculture to work, can you imagine the OBJ government voted N80Billion naira for the importation of rice? It he who warned against the “voodoo” economic system OBJ was concocting; warning that “the private sector-led economy, which OBJ was operating would lead the country into chaos and retrogression but he did not listen.” Probably I’m giving him too much praise here but then tell me what others did, because I don’t know. Yes! I mean I just don’t know. No man, they say has the monopoly of knowledge. The man who couldn’t travel out (Abacha) pegged the naira at N21.89 and those who dined and wined with kings and Queens and paid courtesy visits across the globe(Globe-Trotting everywhere) estacoded, shook hands with very successful and powerful leaders around the world, came back the same and left the office, I mean the naira worst than they met it. Well a friend said Abacha’s N21.89kobo was not confronting any international market forces at that time with so many sanctions rammed and slammed at his government; that was why, and that Abacha stumbled on the windfall of the gulf-war when the price of crude jumped for good, that means God must be a Nigerian and Abacha-Aluko as his errand boys. Market forces or not Abacha left the price of Petrol at N17.00, established the PTF to channel the proceeds of subsidy withdrawal into critical social service areas. And the results of this initiative remain resounding eleven years after Abacha’s death, while ObJ shot it to N70.00 and no one knows where the proceeds were channeled into. So where did the proceeds of subsidy withdrawal go into during OBJ’s tenure? Did I here you say foreign investments? Yes it was invested into the air. It vanished into the thin air. Or into some people’s farm. It was Prof. Aluko who gave the following analysis at conference 5th May 2001 hosted by Schiller Institute, Germany. “In 1986, the IMF/World Bank succeeded in convincing the then Nigerian military government into adopting their Structural Adjustment Program. The Marketing Boards were disbanded; public enterprises were deregulated; government intervention in the economy became discredited; monetary and fiscal policies of government were relaxed, and the free traders took over the reins of government. The result was that cocoa production in Nigeria fell from about 400,000 tons a year in 1986 to 150,000 tons in 2000, and the production of cotton, groundnuts, hides and skin, rubber, and palm produce decreased to between 25% and 35% of the 1986 level. Coal production fell from 360,000 tons in 1980 to 19,000 tons in 2000. Per capita income of Nigerians fell from $760 per annum in 1985 to $360 in 2000. Food imports replaced food exports. The value of the naira, Nigeria's currency, fell from N1=$1 in 1985, to N115=$1 today, at the Central Bank exchange rate (Table 1).[FIGURE 11] Black marketing in the nation's currency began and grew since 1985, to become N140=$1 today. For more go to www.drgenesis.com/pulpit.htm Apostle Dr. Genesis A. Dawuda writes from Centre For World Rebirth, Jos Plateau State, Nigeria Website: www.drgenesis.com Email: info@drgenesis.com or centreforworldrebirth@yahoo.com Phone: +2348028063695 | +2347027001527 |
Literature / A Letter To My Wife For My Son (1) by Drgen(m): 10:34pm On Aug 23, 2010 |
A letter to my Wife for my Son (1) My sweet, sweet Darling You know I’ll never be hireling To you and my beautiful little angels But I’ve tried to living the life of evangels. I don’t know when I will steady back But make sure that my little lambs lack- Nothing in this life. Teach them the right track To follow, in order not to end in a wreck. Teach my son that being a man Is more than having a macho frame, It is borne from the heart of humans Who have brave hearts that gained fame, Not from the three dimensional realm But from the fourth dimensional realm. Teach him to be content with what- Life offers him. Someday, men will duff their hats- To honor him. Tell him that success is a journey, The day he stops moving he’ll miss honey. Which is more satisfactory than money. The word will make him keep away from sin. or sin will keep him away from the word . teach him to stand on the truth And never allow anybody despise his youth. Don’t make my son be addressed as an uncouth Individual in the society of polished diamond; But help me polish him, I will always be proud of him. Teach him to sift out immoral- Thoughts by the sieve of reason between the moral and Amoral. Don’t always shield him away from evil Teach him to use the light to fight the devil Don’t send his bad friends away, But teach him how to avoid their evil ways. Teach him the power locked in the Internet and books, And how to fetch it: for enviable looks; He will attract from the intellectuals, It has nothing to do with rituals. Teach him to know himself. Teach him to clear the shelf- Of his mind and heart from fear: But only God to reverently fear; He’s my special Child. ©Genesis 13/12/99 For more poems visit www.drgenesis.com/poetry.htm 1 Like |
Literature / Write (poetry) by Drgen(m): 10:28pm On Aug 23, 2010 |
Write Write, Right? If you don’t write You will never right a wrong. But if you don’t right a wrong, You will never write a right A wrong, Is a societal ill, That eventually kills. The art of writing thrills; When you find that it can cure The societal ills to the core. When you see it as your right to write But don’t make writing a rite. When you write The wings of the printed page Will spread your thoughts, without plenty wage. Your words will leap over boundaries Into Palaces, towns, homes, countries And even the territory of enemies When you want to convey Your thoughts in words today; You have to write, I pray. When you utter your thoughts The wind will steal your worth. Though pictures speak more Than a thousand words. For sure Only words can explain what The picture is portraying in worth. When you want to lay bare Your mind; write, don’t spare. -Dr. Genesis For more poems visit www.drgenesis.com/poetry.htm 1 Like |
Literature / The Man I Love by Drgen(m): 10:22pm On Aug 23, 2010 |
The man I Love He likes me But never wants A hug from me. He likes me But never wants Me to sit with him. He likes me But doesn’t want To go out with me. He likes me, But never owns up That he loves me. He likes me, But I’ve ne’er seen Him do the die hard things. He likes me But he’s chicken hearted. If he really does Let him own up And give me a hug. If he really does Let him own up And give me a hug. If he really does Let him own up And give me a peck. If he really does Let him own up And date me. If he really does Let him save me Like a princess in Arabian tales From the fiery cage Of tyranic loneliness. If he really does Let him cross seven seas, Let him fight seven-headed beasts, Let him break the gates, That keeps me away From the “man I love.” If he really knows That I really love him He won’t do What he’s doing to me, O God! Please help him; To be a real man. Dr. Genesis: 14/6/2k For more poems go to www.drgenesis.com/poetry.htm |
Literature / Tale Of A Diamond (poetry) by Drgen(m): 10:14pm On Aug 23, 2010 |
Tale of a Diamond Do you know why people prize me So high? The maker chose it so to be. I'll tell you my tale, Long time ago, when the maker set His scale Of creation, I was included among The precious stones as we came along. Something fascinating happened; Different degrees of heat and pressure ratings was penned On our tags, to onyx, quartz, emerald And all of us were there in general To get our heat and pressure ratings. What! I exclaimed, some stones have very low heating And pressure to transform. My! My!! I can't believe this! Mine was very high. I had to ask my maker, 'how comes mine is so high?' He told me that "you are a gem to be prized so high" So your heat and pressure is different. High Prize because of your beauty coupled With utility. You can't be toppled By any other stone for beauty and utility. He told me to go through the fire by availability And come out refined hard and brilliant, And become a stone so valiant. Oh my! The heat is killing me! I can't stand the pressure on me! I cried out, but He said He wants the best for me! And He knew that He deposited the Best in me. Only the heat and pressure can bring it out- For people to see and shout; "What a beauty!" They knew not when I was in self pity. Many have bought me for a fortune- Even in my rough state for fortunes. The polishing was tough Since He wants to smoothen the rough. Oh me! I cried out but these gifted Men cut me to shape and lifted- Me to the highest bidder To buy me for something better Than any other can offer, To suspend upon the breast of the elegant woman Or find my spearheading the most expensive drilling rigs manned by man. I knew I suffered, But it paid off at last. Many people anxiously fast All because they want to mine me, They blast rocks and dam rivers to get me. Oh! All because of me? They make do with other stones Only when they don't find me among stones. Many desert wives, homes, towns Hunting for me in streams to own. Oh no! I remember somebody In order to get all of me stabbed his buddy. Nobody wants to miss me for his own. I remember somebody, after a big "hunt down" He went wild with ecstasy in a spasm. He nearly ran insane, so ebullient, Oh what an organism! Just because of me, poor me that once- In a lifetime cried for the heat and pressure so tense. But now it's all a story. I wish mankind will know this path to glory. And let the maker do as He wish with them. And get the best out of them. How I wish I were a human being I'll dump myself to Him, seeing- That He knows more about life Than I'll ever think for life. Oh! Poor man!! Look up to your maker, He alone can bring out the best in you. ©Genesis 3/12/99 Dedicated to all those who lost their lives in Sierra Leone and other African Countries on account of Blood Diamonds. Apostle (Dr) Genesis A. Dawuda DD (Hons)KSA Phone: +2348028063695 | 07027001527 E-mail: info@drgenesis.com | apostle1@walla.com Web-site: http://www.drgenesis.com/ Dr. Genesis writes from Centre For World Rebirth, Nigeria Apostle (Dr) Genesis A. Dawuda DD(Hons)KSA Phone: +2348028063695 Article Source: http://EzineArticles.com/?expert=Dr_Genesis_Dawuda |
Politics / Hurray! 50 Big Cheers To Nigeria! by Drgen(m): 9:22pm On Aug 23, 2010 |
Hurray! 50 big cheers to Nigeria!!! “Today is independence Day.” – Alhaji Sir Abubakar Tafawa Balewa, Nigeria’s First Prime Minister on October 1st 1960 About 50 years ago, the quote above rent the air as the first sentence, and first line of the speech presented by Nigeria’s first and only Prime Minister –late Alhaji Sir Abubakar Tafawa Balewa on the ceremony of the Independence of Nigeria as a sovereign state. Nigeria is situated in West Africa and shares land borders with the Republic of Benin in the West, Chad and Cameroun the east, and Niger in the North. In the south its coast lies on the Gulf of Guinea, part of the Atlantic ocean. With a population of over 140 Million, it is known as the most populous country in Africa and the eighth in the World. This wasn’t so about 50 years ago. It had about 25,000,000 people that made up the population. According to the late Prof. Stephen Leacock (Dec. 30, 1869 –March 28, 1944 –former lecturer, head of department of Economics & Political Science and Professor Emeritus at McGill University, Montreal), “The climate never varies; each day is awful. White people cannot live there; those who survive go home.” About 50 years ago, there were all in all 5,000 whites, but a large proportion of them were missionaries, nurses, and teachers, holding down a job, not a country, along with the clerks and traders of the steamship companies and the Staff of the Government House. Three guns (31/2 inches each), Four battalions of infantry, one mortar and a signal school class, make up the whole National Defence of Nigeria. Even at that the whole army was black, except the officers. Someone said if there was to be mutiny at that time Nigeria could rise up and kill all the white officers, but why will they do that at the first instance? Before independence, there was real government, the Government House was at Lagos. With mostly the Nigerians running the state. Those in the inland govern themselves through their Chiefs, Emirs and such relevant titles their people know them with. This was the indirect way of ruling the whole regions put together. About 50 years ago all the revenues raised in taxes cannot keep Chicago running for six months, but today there is Petro-dollar, Human resource, Solid minerals and recently ICT that is doing wonders in the development that even led to the relocation of one of the headquarters of a GSM company from South Africa to Nigeria. Today, Nigeria has earned to herself the credit of constructing the fastest growing federal capital city in the world. The federal Capital was moved from Lagos to Abuja. It started with three-lane roads, now it’s embarking on six-lane roads in order to manage vehicular traffic. About 50 years ago, Sir Abubakar Tafawa Balewa said, “ In these days of rapid communications, we cannot live in isolation, apart from the rest of the world, even if we wished to do so.” Today, there is the Internet, The GSM and the easier accessibility to air Transportation.(There are 22 airports in Nigeria with paved runways, and 21 Airstrips). About 50 years ago, the late prime minister closed his speech with “God save our Queen.” But today; to utter ‘God’ has been replaced by ‘Allah.’ About 50 years ago, Nigeria “emerged without bitterness or bloodshed” but today it’s sad to say that many lives have been lost in cold blood and vehement bloodlettings. About 50 years ago, the late prime minister opened a “new chapter in the history of Nigeria and of the commonwealth and indeed, of the world.” Today, we have a recorded history of 14 previous and current Leaders after Independence, 10 past and present senate presidents, 11 Past and Present Chief Justices of the Supreme Court of Nigeria. 7 Speakers of the Federal House of Representatives (past and present). Today, we have six geopolitical zones, 36 States including the Federal Capital Territory, 774 Local Government Areas, Today, we have 8,540 elected councilors, 1,205 House of Assemblies. 24 well-consolidated banks. We have 27 federal Universities, 31 State Universities, 33 Private Universities. Today, We have 13 different organizations concerned with security in the Military, Paramilitary, and Agencies. With the Nigerian Police divided into 12 zones. To say Nigeria has not grown and developed does not need consulting the late professor of Economics, Stephen Leacocks in his grave but to compare his penned thoughts with what is tenable today in Nigeria. With doors opened to the world, Nigerians are listed among every 5 blacks around the world. Today, we have the Philip Emeagwali (a Nigerian), who Bill Clinton (former president of United States of America, the most popular democracy in the world) addressed as the Bill Gates of Africa. This same Bill Clinton recognized the resilience in Nigerians as the most happiest people on the planet earth. Click www.drgenesis.com/hurray.htm to read more on Nigeria at 50
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