₦airaland Forum

saintdennis:
MOST Nigerians are WAILERS shaaa...

If things were fine under GEJ why did ya'll vote him out? Oh you were hoodwinked

Smh... ya'll not ready for change

Orikinla:
. The man has PhD, but low IQ. And lies to live in denial of his failures and the collateral damages he caused.

Moberry:
I respect you opinion but i personally believe that hair doesn't mean you have embraced who you are . Self acceptance is much more than that, hair is one of those things that if anything has now divided people.Hair is not identity, it is something personal to each and every individual and to each his own.

Like i said i respect your opinion but i have mine too

MathsChic:
This move by the Buhari administration is almost a strategic one. You'd recall that the Naira/USD exchange rate took a dive during those troubled periods once Nigerian importers who had made deposits with Chinese firms began to source for dollars to meet their varying commitments. That exchange rate would have seen less pressure, were they sourcing for the Yuan instead, a currency Chinese firms will accept. The trade between Nigeria and China was once recorded at over $11b dollars with, of course, the imbalance being to Nigeria's disfavour. But that's not the point; Nigeria has never really been an exporting country.

Nevertheless, it's obvious there's a lot of trade going on between the two countries. Since you couldn't exchange Naira directly for Yuan, but had to first obtain the USD, the various additional costs incurred during the two-stage transaction ensured Nigerian firms spent more money doing business with Chinese firms. In addition, by not first exchanging to the USD Nigeria can start reducing its dependence on the dollar. And now, I don't have to tell you how much the greenback swings the Nigerian market.

Not to get it wrong though. This will not increase the money in Nigeria's pocket, neither will it completely eliminate dependence on the dollar since some countries will not accept the Yuan while trading with Nigeria. In fact, Nigeria will have to convert a sizeable amount of its earning to the Chinese legal tender causing the country to hold less dollar. However, if a significant amount of trade is happening with China, there is no reason the Nigeria shouldn't have a Yuan trading hub.

The Naira will be the latest in a string of currencies which currently trade with the Yuan. There is already direct trade with the dollar, euro, yen, pound, the Australian Aussie, the New Zealand dollar, Russia's rouble, Swiss francs, the Singaporean dollar and the Malaysian ringgit. By joining the list of these countries, Nigeria is expressing its desire to take China seriously as a global economy and directly take on the benefits that come with that.

obailala:
It's mostly all an effect of the forex scarcity.

Fuel Scarcity: Marketers complained of lack of forex so they stopped importing. NNPC was forced to take over 100% fuel importation, but they don't have the logistics capacity for that, hence the fuel shortages you experience today.
No power: This is a problem lingering since the 80's, in the last 17 years, over $26 billion (OBJ $16bn and GEJ $10bn+) has been spent on power yet we still have darkness. Buhari only got his first budget approved last week.
Inflation: We import almost everything we use in Nigeria from food to clothes to toothpicks. Lack of forex drives up the price of forex and this consequently drives up the price of everything (INFLATION). Even pure water prices have gone up cos the producers import the polythene bags.

To whole accusations about Buhari 'lacking an economic policy' is all about devaluing the Naira, a lot of foreign investors and nations want the Naira devalued so they can multiply their profits they exploit out of Nigeria. These guys are ready to frustrate and twist the arms of Nigeria until it devalues. These guys are not your friends, they only care about their profits while ordinary Nigerians grapple in the inflation that comes with devaluation. Nigeria has devalued countless times since the 80's when N1 = $2, but none of the benefits of devaluing has ever worked in Nigeria and it has only led to more inflation. Merits or demerits of devaluation at a time like this is debatable though, but do not always think these people shouting 'economic policy' are your friends.

obailala:
Kindly give us a hint of a clear economic policy which can miraculously manufacture forex instantly and get us out of this mess in a short while?

The country is suffering from a negative balance of trade due to the drop in oil prices. There is presently a massive shortage of forex and the FG/CBN is restricting forex release so the entire country wouldn't go hungry within months. What is so hard in this explanation that some of us can't understand?... You want the FG/CBN to release forex to everyone who asks for it, international airlines alone are requesting $575million, what do you think would happen to our forex reserves if the CBn releases all these funds?... Whose side are you on?... Are you taking sides with the foreign companies against your own survival all because you want an opportunity to criticise Buhari?

Quakertellicus1:
D for Dutch disease http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0



Your analysis is somewhat correct.....and yes...PDP does deserve some of the blame...because they talked a lot about power...and did not improve the supply much.

Still....the problem is diversification is not an instant thing. Take agric. Cotton is not a money spinner. Palm oil....we have fallen so far behind there....cocoa...we are no 5.

In my opinion,PMB should eventually stop running the country as if oil money is flowing in...and introduce austerity measures...ie increase fees, taxes,REMOVE FUEL SUBSIDY,cut excess spending in all arms of govt and put all new government spending in power, transport and education. We will have a hard initial ten years...but at the end of the day we will be in a position to become a manufacturer...so that we do not have to rely on oil again.

vikkytan49:
yayyy, you just finished him

wiZbanky:
is dat what u were taught in school? confederate flag and the civil war?? or its just general ignorance ( lack of knowledge about the subject matter) smh for u too

chuose:
[size=13pt]Here we gave evidence that Nigeria is improving under Buhari.
We are finally reaping the benefits of Change![/size]



CHANGE !!!

https://i.imgur.com/wh1z7Nv.gif?1

Worksunlimited:
Wouldn't be surprised if in the next few days.. We would hear that buhari has travelled out of the country again..

It is highly unheard of that a whole minister of petroleum resources is travelling out of his domain at a tym of a scarcity of the same petroleum resources he is meant to be presiding over...

Nigerians aren't just United.. If everybody decide to shut down work everywhere... Tell me how the yeye commander in flight go fit fly commot go another country..

Quakertellicus1:
For now, the only thing that Buhari can do now to end scarcity is by removing fuel subsidy....which would lead to a price increase...which many Nigerians would protest.

As for refineries....which are the eventual solution....they take years to build.

Kennydoc:
Just when you want to hear from Omenka, modath, midolian, egift, Passingshot, NgeneUkwenu, demdem or dekdek, fulanimafia, mynd, mynd44 etc, they are nowhere to be found. They will all avoid this thread like an Ebola patient. HYPOCRITES!!!

princesshadeyo:
Using the whole a year 2travell all in d name of nuclear or world president meeting while d country is not settle.his incompetent

omogin:
Everything this govt does is in the future. Can they just do something now pls

PapaBrowne:
Very stupid article. What do state govermors have to to with fuel scarcity.

Support whose efforts. . . . Buhari that is junketting across the globe??


Nigerians are very angry right now as the sufffering is now real. Very soon people would pick up stones and head to aso rock.

Mentcee:
It is left for Nairalanders to vote on whether Buhari is messing up or not.

Pls press like if you believe Buhari is messing up or press share if not.

aresa:
Power sabi power...

janellemonae:
You have spoken : TRUTH.

APC voltrons are not doing this govt any favours. Except a few like dt kayode ogundaimisi guy. The faster all d APC members turn d heat on buhari and this fuel situation, his useless jet setting and having no clear agenda, the better d party's chances in 2019. If there's nothing to show in 3 years time, PDP is bk in power. True story.