₦airaland Forum

NeoWanZaeed:
Sharaaapu.. which team you dey support xef

Liverpool! E pain am.

NeoWanZaeed:
Rest abeg. We Chelsea no get coach. We know it it's a slim chance for us to win

eyaaaaaaaaaaaaaaaa

Obainoman6:
Lol, pick up lines is still for small boys that are still chopping mummy thank you.

it's what I use to eat girls on Nairaland.

Small Calabar cup wey Chelsea suppose use hold body dem don bottle am despite say na U17 Klopp use play today.🙆



Mynd44 abeg bring my food for me jare

I really feel for Chelsea fans








One of our church brothers wey pledge to donate 100 bags of cement today nor come church and him nor dey pick calls.🤷🤷🫣🫣

The list is incomplete without nairaland

Yinmu! The guy don go dey gbadun him money. E don go, o ti lo

Me: Nne can I be your Moses, so that I can divide the Red Sea and take you to the promised land? 🤪😜

I engaged one of our professors in finance, and below was his honest analysis of the present economy situation

"As I see it,...the present situation was decades in the making and is due to a whole range of issues, some of which you have identified.

1. Demand (legitimate and speculative) for dollar far exceeds supply (earnings from oil and other exports, FDI, FPI, grants, etc). The greater this gap, the greater the price of the commodity relative to the Naira.

2. Rather than tackle the underlying supply problem, which has been in place for decades, and became a major issue in 1973/74 / 78 /83, through the diversification of the economy, import substitution, and other ways of lowering import dependence and hence dollar requirement, the government (corruptly, because successive governments and their agencies knew where this would lead us), continued to ignore the problem. Rather, they put in place multiple exchange rate regimes, foreign exchange controls, and import licencimg regimes to control the demand side while continuing to ignore the supply side. All these efforts were doomed to fail because not only were they fundamentally flawed, but they were fraught with corruption.

3. As import and dollar demand continued to outstrip supply at an aggressive pace, another poor policy choice was to manage demand by rationing the declining supply while still ignoring the worsening supply situation. Multiple exchange rate regimes were introduced for government allocation, private sector allocation, and artificial settings of rates. Dollar was being subsidised for one sector of the economy at the expense of others. The result of this was aggressive arbitrage and so-called round-tripping. Buying at official rates and selling at the unofficial markets. This was essentially a licence for speculators to speculate with the Naira and for cheap money to be made with the active conievance of corrupt elements in the CBN, FGN, and Banks, across all successive regimes.

4. In times of earnings boom, no effort was made to build sustained external reserves. Rather, profligate spending and embezzlement was the order of the day, with no investment in the economy that would support sustained economic growth, diversification, increased capacity to earn dollars, and limit import dependence. Every successive government did this, with each successive government being worse than the last. (Some will argue that the obasanjo 1999 - 2007 was a slight improvement, but...)

5. The gradual and systematic devaluation of the Naira from about N0.6 / $1 in 1983 to N750/ $1 in mid 2023 (40 years) was a consistent and glaring evidence of this deepening crisis. But by this time, the extremely corrupt cabals that were making easy money at the expense of the system were too deeply entrenched and impossible to dislodge. Not that anyone was trying to anyway. Every successive government was essentially in the game to game the system. Bear in mind that while all this was going on, the meagre earning capacity from oil was also declining due to the actions of oil theft, sabotage, etc. Nigeria was being decimated from all sides. Politicians were feathering their nests , same as civil Servants, while the fundamentals of the economy was in decay, power, road, education, health, security, etc.

6. In the face of declining revenues and massive diversion of the meagre revenues due to corruption and leakages, successive governments have resorted to borrowings to fund the growing government deficits. And most of these dollar denominated loans, are used to fund growing recurrent expenditures which are essentially pipelines into corrupt pockets, leaving very little for capital projects that can improve the fundamental income generating capacity of the economy.

7. To create the impression of normalcy, different services were being subsidised, eg, petroleum products, power, etc, with arrangements that were also corruptly enriching a few at the expense of many.

8. We will become comfortable with N2750 -N3000 /$1, and we will again allow the illusion of normalcy to blind us to the problems we are facing down the road. In a few years, we will again face this existential crisis..we, we saw it in the 70s , 80s, 90s , and 20s up to this point.

All has never been well with Nigeria.

So, we are exactly where we are supposed to be. At some point, something has to give. Now is just a day of reckoning.

Would another government have done any better. I doubt it. The best would have been to kick the can further down the road.

What is the solution?

No quick fix or silver bullet. The solution is clear to everyone from the analysis. Improve supply, reduce demand, stop leakage, and improve the fundamentals. It is not rocket science. But it has to be a consistent long-term effort and an extremely painful journey for decades to come. We are at the periphery of the periphery of that journey. Unfortunately, we are not all on the same page as a nation. Entrenched corrupt interests, real and perceived grievances, disenfranchisement, marginalisation, and displacement of different groups. And a class of leaders who cannot lead by example.

I am not convinced anyone can fix this with the current sociopolitical structure of Nigeria.

I hate to sound pessimistic, but I am a realist. We have been thriving on the illusion of the progress of a few at the expense of the masses. At some point, that disequilibrium will selfcorrect, explosively. it is almost inevitable.

I may be wrong, and I hope I am. But I am not in doubt."

Devvagreen:
One day, Qatar will beg Nigeria for a bilateral agreement.

is that so? Just like I've been begging you to give me a chance in your life

People wey dey NYSC camp now don't know wetin God do for them fa. 🤷🤷 3 square meals sure for them everyday. 👌🫣🫣

E reach time to play Manchester united Alex iwobi turn Jay-Jay Okocha. Hediot boy

neyop85:
The MOD that pushed this to the front page for his Igbo brothers to come and eat is stupid. He deliberately put it at a late hour so that they can eat and be filled. Stupid people everywhere.
Tinubu will change this country for good by God's grace, all the games Igbos are playing, games aimed at propaganda and sabotaging the Naira using Octa FX, Binanace and other Crypto platforms will not work. They will fail massively, Tinubu will succeed and handover to a Northern president after 8yrs.

Una go wail till eternity!

and seun our sun is there watching

Ewooooi! See ebaricement

Who fokn cares? Na who send dem? Mtcheeeeeeeeeeeeeeeeeew





Beauty wey another man dey maintain dey enter ur eye if Dem bill you now u will go offline for 2 weeks 😏😂😂😂

Who fokn cares?

3 pepper for #100 🙆
The masses seems to be more wicked than this government fa🤸

Lovers!



People when de bleach, how market for this heat period

Toothless bulldog






People when de bleach, how market for this heat period

clockwisereport:
packet or carton?

packet

Abagworo:
Meaning there's plan to target Igbos.

yen yen yen yen mtcheeeeeeeeeeeeeeeeeeeeeeeeew

Who are the 5%? Give us their names or stfu?

RoadMozart:
Confusion dey part of your problem

what? I said that I hated people that snore. They always annoy me.

RoadMozart:
people that do so didn't create themselves. You fit dey snore sef make you no know

I no dey snub o. God knows that I don't. Mynd44 is my weakness, sorry I meant witness

Good business. If one road close, another one go open. See as the woman resemble Mynd44




Durex is now 11k but shame no go allow any Man complain🥱🙄🤣🤣🤣🤣

I go help una drop update here!!!

He won't try it again.







Durex is now 11k but shame no go allow any Man complain🥱🙄🤣🤣🤣🤣

I go help una drop update here!!!

RoadMozart:
how is that related to the topic?

snoring is very annoying o. I hate snorers die

dominique:
That's too bad. He has had this ambition for years, he should have taken time to learn the language of the locals.

youneedjesus:
What is the reward for FTC

12 strokes of cane