₦airaland Forum

@Shango - If you did not mean to cause offence then I for one can accept your apology. I understood what you said. You too made some very good points. Just wan't to make some points though for you to remember about Nigeria and nigerians. The largest population of Black people in the world are Nigerians, so by virtue of numbers alone you will find more Nigerians than Ghanaians, Somalians etc. It does not necessarily equate to people ABANDONING their country. Afterall, if you step inside Nigeria today, you can hardly call it vacant. In fact, the opposite, it is extremely overpopulated. Similar to Indians and Chinese - thats one fo the reasons you will find these three groups anywhere - because there are more of us. 1 in 4 Africans are Nigerian. Go to Ghana and Ethiopia you will see even though the countries themselves are not so huge the country is still not densely populated.

Also, if you are poor in Nigeria you may make some contibution but if there is a possibility for you to go elsewhere establish yourself and return to Nigeria richer with more to give your fellow people besides empty open palms. Isn't that better? I'm not saying, people must leave naija to get rich, i firmly believe alot of Nigerians would have been better off if they had stayed in there own country! But sometimes a temporary relocation is what they feel they need to get out of the rut there in. This may be 1 month, 1 year or 30 years! As long as they hope to invest in Nigeria someday, then surely this is not such a crime. Afterall, Nigeria has many people but things are not working out, too little jobs and resources and too many people so adding to it will not add to the strength unless the people who come have something to bring with them i.e. jobs and resources. That I feel is where the strength will lie. Another thing is even if we all go to Nigeria and pay taxes, it is still the government that will decide if they will spend our taxes wisely and fairly and that is unfortunately out of the hands of you and I. I do understand what you are saying, but Nigeria's problems are complicated and they effect us all. Hopefully more people will strive to have a positive impact on Nigeria so that we can improve our country. I have my own plans but I guess not everyone thinks alike!

quote from Shango

Its one thing to work and live in another country but once you take up citizenship there you should not even be considered a Nigerian anymore.

This was my issue. I don't know how things work in America but in Britain. British born Italians call themselves Italian, same with Ghanaians, Scottish and Nigerian (I guess its different there). I personally did not hurl insults to you. But can you explain why I can't be considered Nigerian. In fact, how many people even pay taxes in Nigeria, I am sure a lot do, but you will still class those who do not pay, yet live in Nigeria as Nigerian so why can't I? Atleast I don't take anything from the government of Nigeria. How many Nigerians by foreign DVD players, ipods, generators etc are they not Nigerian? I go to a Nigerian supermarket here to buy food who imports from overseas (funding your farmers). I buy Nigerian DVDs - funding Nollywood. If I pay taxes here, it is because I am forced to and this is to receive healthcare etc, basically I am paying for a service, if I did not have a work permit I will still pay for his service through private health insurance. I don't think living in a different country means you can't associate with your country of origin.

I get what your saying about empty criticism with no offer of solutions - that's not right, the only way for Nigeria to progress is if people are able to raise solutions and act on them. But can you please look at what you post because you are using some of your bad experiences with I am sure are a lot less than 50 people in diaspora to make generalised comments effecting the millions that are abroad. We are not all like that and everyone's situation is different. Here in the UK it is hard for a Nigerian to get a work permit as they the business has to prove that they can't get employees from the host country. Applying for a job when u need a work permit is a deterrant to the business owners so perhaps that is why they go for passports also. On top of that there is the healthcare you can receive and your family. For instance if I get a work permit and I have a child it does not entitle my child to any assitancel. I can give birth in the street for all they care - I am not a citizen!

sorry, deleted post - car sold ages ago

No jealousy, but saying the truth about what you don't know you're missing stay out of your motherland.

@lovemajek - sorry my brain has passed its functioning hours, I cant decipher what you were saying. I think my own posts are starting to lose punctuation and grammar on top of that. I'm gonna sleep now, but were you telling me to stay out of Nigeria?

@aloib - ah thank you! atleast one Nigerian loves me as much as I love them. lol. You put a smile on my face sister. I am not sure why simply_me is calling you a goat though, hope he/she can explain him/herself.

@PTH, BABEELOVE and doyin - cool

@his_grace - why are you giving people like that free advertising? I don't even joke with that N word. Can I ask you a favour - please try not to use it ok?

@doyin and lovemajek - I know, it just upsets me, people tar every diasporan with the same brush and I want to know what would possess them. I hope its not jealousy? All I know is that the people who speak the worst about Nigeria in my presence are those who live there. I suppose if you secretly want to leave your country, but can't, it is painful for others who have managed to do so to turn around and tell you how rubbish the place u currently stay is. So I understand the bitterness, but before someone goes and posts something like that I thought they should think about the impact they have on diasporans who actually are just as, if not more patriotic than them. They may single handedly be responsible for the lack of progress Nigeria may make if the diasporans feel they can't return or invest without returning. I jsut don't know, it saddens me, it shouldn't but it does. It's like going home and your brother saying 'get out of our fathers house, your sister insulted the new carpet and u don't live here either so you are no longer part of this family'. Is that not painful?

@walel - land of 12million naira will be sold for 120,000naira but the values equal each other. You will become no richer or no poorer, the things you could buy before you can still buy, it will initially just be a change in what you call the amount of money you have and spend.

@opensource - it will probably effect forex trading if that is what u are asking (but I am not sure how), the Nigerian market may be affected by consumer confidence and drop, alternatively the effect that this will have on increasing foreign investors should make the market rally. Banks will probably see gains either way I think. Nigerian companies listed overseas should see share prices increas as the world opens its eyes to Nigeria. Most economic policies affect the stock market and this is part of a major policy so i assume so.

This is just my opinion though, please don't start buying stocks cos of one person!

Just thought I'd post the several meanings of citizen here:

1. a native or naturalized member of a state or nation who owes allegiance to its government and is entitled to its protection (distinguished from alien).  
2. an inhabitant of a city or town, esp. one entitled to its privileges or franchises.  
3. an inhabitant, or denizen: The deer is a citizen of our woods.  
4. a civilian, as distinguished from a soldier, police officer, etc.  

As for me I have dual citizenship as I was born in London (not my fault, don't think I shoudl apologise) but I am Nigerian. I am a citizen of UK because I live here and I am a citizen of Nigeria because I have allegiance to Nigeria.

Why don't you want me to love my country? I can't change things? I am even planning to come back. Or should I stay here? How does that make things better? By the way, I never criticise Nigeria, only the president- and only to fellow Nigerians, same way I do Bush and Blair, atleast my relatives are still there sufferig because of them. So tell me in my own case, what should I do? No longer claim to be a Nigerian?

@Princejay - after reading your post i decided to go through the posts also and came across Soludo's address. Things make more sense now. Though it is not an easy policy to talk about.

This is what I gather from looking at other sources, can you please add your own opinion as you seem to be an objective person (no offence to the rest).

"The Phase Two, by focusing on the Naira, means that the Central Bank intends to give greater emphasis to the most important function of central banks everywhere in the world namely, to issue legal tender currency and to defend its value (domestically by ensuring low inflation and externally by ensuring appropriate and stable exchange rate regime)."

This comment sums up the more immediate effects of redenomination but will not be effective alone and the government is currently working on the accompanying features that will boost the economy.

Having redenomination wil:
1)  Eliminate all restrictions on capital account transfers and make its naira <NGN=> fully convertible - this apparently opens up the way for more foreign investment. Capital account convertibility is considered to be one of the major features of a developed economy. It helps attract foreign investment. It offers foreign investors a lot of comfort as they can re-convert local currency into foreign currency anytime they want to and take their money away. It basically is a policy that allows the easy exchange of local currency (cash) for foreign currency at low rates.

At the same time, capital account convertibility makes it easier for domestic companies to tap foreign markets. If you only have current account convertibility, this means one can import and export goods or receive or make payments for services rendered. However, investments and borrowings are restricted.

This was expected to spur domestic capital, which would lead to welfare gains, and in turn lead to higher GDP growth. The tradeoff for such growth was seen as a lack of sustainable internal GNP growth and a decrease in domestic capital investments. (Gross National Product (GNP) is the total value of all final goods and services produced by a country's factors of production and sold on the market in a given time period. For example, because Mercedes-Benz is owned by Germans, its profits from its Belgian activities would count towards German GNP, but because the activities take place in the Belgium it would count toward Belgian GDP. A Brit working in Paris would have his income count toward UK GNP but his output would be part of French GDP.)

When CAC is used with the proper restraints, this is exactly what happens. The entire outsourcing movement with jobs and factories going oversees is a direct result of the foreign investment aspect of CAC.

However, before the formalization of CAC, there were problems with the theory. Free flow of assets was required to work in both directions. Although CAC freely enabled investment in the country, it also enabled quick liquidation and removal of capital assets from the country, both domestic and foreign. It also exposed domestic creditors to overseas credit risks, fluctuations in fiscal policy, and manipulation.

As a result, there were severe disruptions that helped to contribute to the East Asian crisis of the mid 90's. In Malaysia, for example, there were heavy losses in overseas investments of at least one bank, in the magnitude of hundreds of millions of dollars. These were not realized and identified until a reform system strengthened regulatory and accounting controls.

2) Image and reputation as being the model for Africa, apparently the African Central Bank has agreed for Nigeria to host it and the Naira may be known as the model currency of africa like the Pound was for Europe. This may seem petty but if foreign investment is what you crave this means alot.

This is not all but the concepts are so extensive I don't understand most of it and I have copied and pasted the chunks that I understand.

In short this is one piece of a puzzle that could lead to a better Nigeria, or if rushed into too soon could destroy Nigeria (look at east Asia) if you look at Soludo's speech (I know it is long oh) he comes out with some things that give you confidence that we may be on the road to a better economy already. He even highlights the fact that other aspects need to be tackled for the people of Nigeria to see the benefits of this i.e. infrastructure, energy etc. He talks about priivatisation which I personally believe is Nigeria's only hope.

My only problem is who invests in Nigeria like I put about GNP and GDP, if the people of Nigeria are richer at first because of jobs brought by foreigners that will be great. On the other hand these foreign investors will make more from us than they will probably give. Look at Shell! The actual country i.e. governement will not be as rich as it could be if businesses were owned by Nigerian's (taxes etc). Having said that can we depend on our taxes to be spent wisely anyway? Well atleast if Nigerians invest hopefully that would create a sense of priority of Nigerians over foreigners in choosing jobs. I don't want a situation where they buy land to start a businees and send employes from aborad to work there and the taxes of the owners go to UK or something increasing there econmoy whilst ours looms. Will we be hired for the prestigious jobs or the jobs they feel they can pay chicken feed for?

Anyway it is very interesting I need to read more about this to try and understand but hopefully this will be good news if they cover all basis atleast banks have been consolidated and if they now follow through with this there is no reason (apart from past corruption i guess) to assume that they won't follow through on all the other things that will lead to a better economy.

in short . . . WATCH THIS SPACE!

@U1 - don't mind them jare! Keep ur head up!

sorry, deleted post - car sold ages ago

sorry, deleted post - car sold ages ago

Correct me if I'm wrong but this is what I understand:

If you had N300,000 in the bank you will now have N3,000 but it can buy you exactly what you would have bought before as the intrinsic value of the Naira has not changed.

A bag of rice for N5,000 will now be N50

N5,000/300,000 x 100 = 1.67% of your savings going on rice before
N50/3,000 x 100 = 1.67% of your savings the same as before, so basically, everything will be exactly as it was before but with a different name.

There may be some economical benefits as people have said but I doubt it will have much impact on that.

One thing it will be good for though is safety, carrying around N50 to the market for your rice is easier to handle than N5,000 and easier to hide so people will probably not be able to scout you for money. If however, this is all the benefit it brings then you probably won't see the benefits in the short term as the money used to do this will be alot. In the long term it seems better though. The intrinsic value of the Naira can only increase if the economy improves. Perhaps the minister of economy should have concentrated on that aspect first!

sorry, deleted post - car sold ages ago

you people crack me up man! sorry u can't really comment on my profile. Guy above, i think u used to gym though!

Just spoken to the seller, and it seems he is still accepting offers until he receives cash in hand! Hurry and see if you can negotiate something!

Well I couldn't read every post here, but i feel I read enough to add my two cents.

1. I am a British born Nigerian and I understand that means I am a British Citizen but a Nigerian national - so whilst I live in Britain my heart aches for Nigeria and all the pain it endures and all the criticism it receives.
2. I don't think it is right to criticise the whole of Nigeria for problems that eminate from the government.
3. My relatives in Nigera criticise Naija more than I do, I am the one who even defneds Nigeria -
Imagine this:

Me: 'hi cousin how r u?'
cousin: 'things are not good here, like they are in london'

me: 'why now?'
cousin: 'no light and its so hot, you people dey enjoy for there oh'

me:'light is not free here, we pay for it and we are making people millionaires, to pay for this light we work on average 40 hours per week, go and buy fuel now'
cousin:'the price is too high'

me:'don't u change your hairstyle every saturday'
cousin:'so upon all the sufferhead i don' suffer, you wan' mek i look like housegirl on top of am, i don't blame u because your catered for in your country, free education, free hospital' etc

me: 'it is not free oh, everything i get i have paid for or my parents through tax or bills, it is only asylum seekers and those who claim benefit that enjoy'
cousin:'still, u can't compare Naija with UK, nothing works, and nobody cares, how i wish i was as lucky as u'

me:'oh to work all your life so that u can be comfortable aat best? listen all i wan't is to earn enough to come back to my home - Naija'
cousin:'ok lets swap, because its like u've gone mad! come here? why? i mean u can visit but come here to stay? i wouldn't advise it oh! Naija is very hard'

i won't go on in to where she really starts complaining, but this is just an example. I complain about UK to Nigerians in nigeria, they complain about Naija back to me. Atleast I am not complaining about the land of my fathers.

I suppose some criticism is needed to combat things, but empty criticism with no evidence of solutions to combat the problems we as Nigerians (internationally) face, are not going to help anyone, so who are we kidding. why do people who are Nigerian criticise Naija? Is it to validate there decision not to return? Is it to gain sympathy from diasporans (and perhaps money), is it to warn diasporans, is it out of frustration?

All i know is that I love Nigeria, warts and all, I know Nigeria has so much potential and perhaps that is why it is so painful when we see things aren't go as they should. I mean even the child kidnapping we observed, atleast she was returned after 4 days - alive and well! Kids go missing here every day and are never found, or worse they are found, bodies mutilated!

I have said this many times but if we leave the government out of the equation, we must think of what we can do ourselves for Nigeria. We say we want foreign investors but i say its better for Nigerians that nigerians in diaspora invest in the country. Afterall, UK was not built up by Japan, China was not built up by USA - though they do business with each over and invest in eachother, it is only by the work of their own people that progress could be actioned. I think this post should not continue, people should think of ways to attract there own back to Nigeria 'because so many times u hear of returnees being treated worse than tourists. Why? Then u expect these people to think well of Nigeria. For instance my father was abducted, robbed, beaten up and left to die in the bush when he went to visit his fathers grave on a journey to bury his mother!

If not for the fact i am so patriotic i would have used that as my excuse to reject nigeria. but i know the sins of a few cannot be used to label the rest who i find are the most amazing people in the world! Nigeria will be better and but before it is better i will be one of the people who decided to come and help make it better. Will you?

The seller informs me he has received some offers for the car and arranged some viewings yesterday, today may be your last chance to grab this treasure. Please, only serious offers! Offer all you know you can pay as it may bea difference of 100,000 that may cause you to lose out!

@denex - thank you for consolidating my conclusions - 'glory hunter who cares more about non-blacks and I'm sure hates the fact she is black'.

Hey, you people are too harsh! See you have even driven the owner of this thread from his own post! I feel sorry for the guy now, he only wanted advice, it's not like he did anything wrong.

This car is still on offer!

If you call this number this week, you may be more likely to negotiate the price! (0)80 3335 9447

@poster - sorry I kinda highjacked your site

@Layi and rest - check my own thread for more details and updates:

https://www.nairaland.com/nigeria/topic-72042.0.html

sorry, deleted post - car sold ages ago

@Ndipe - I never thought Oprah would help me personally, I don't even live in Nigeria but after all she does for other Africans I thought at the very least she will talk about Nigerians in a postive way reminding people that the problems started with the government and many Nigerians are good, decent, intelligent, ambitious, beautiful people. But I was obviously wrong. Anyway, I don't think Nigeria needs people like her - glory seekers, how did she make her money anyway? By talking! It is not intelligence or life saving treatments or technological advancements or business savvy.

It is only because she was a rich black women who gave to charity that I admired her, but no more. I see many help those as a means to glorify themselves and I think this may be one of those people.

Don't worry jare, let me make my millions and I will help my country myself, and you all should aim to do the same!

This is very sad, she should be supporting those Nigerian's who want to change this, not tarring every nigerian everywhere with the same brush.

Here in the UK I only know Ghanaians to do 419 and they do it well, and from inside the bank. Whenver I met a 419ster I was shocked and looked at them with caution, separating myself from them. Now to be told, because I am Nigerian means I am the corrupt one shocks me especially if Oprah is the one who said it. Anyway, it is someone like her who will be 419ed by a South african, because she trusts them by virtue of being non-nigerian. What a pity, well if I becomne wealthy I will do more for Africa than she has done, particularly Nigeria.

Ghana, South Africa etc all these places were run by corrupt governements until battles were won, Nigeria has its own battle to be won and it is obvious we can't look at people like Oprah to help.

I don't like posting my personal pics online. And if I am totally honest with you my case was not as bad my skin was just dull and perhaps I lokked a year older at most but I put his problems down to the sun anyway and not taking extra extra good care of himself (ladies tend to be better at this anyway) - pollution can affect you too like one of the posters said. This is just my opinion so he can take it or leave it but if you research online you will see my points are validated elsewhere.

By the way stop pretending you were looking out for him and if my points were valid - u were curious to see if i look 80 abi?

lol. No it is a good point but - i won't post my pic. @ poster I think it is condition that is doing you oh, atleast it is not genetic so it is most likely reversible (unless you smoke).

stalk who! I looked at who's online to see what posts are interesting and saw someon viewing my own profile!

you're the stalker!

@ dafman - no need to look at my profile, my pic is not there!

lol.

Caught you!