₦airaland Forum

mrmetoo1:
You just took a bunch of factors and put them all together. Dude there's no need to argue or lie about this JP Morgan thing, it didn't start with the new government. This is not an argument for the sake of it, it's a fact whether it goes with your narrative or not.

FYI
http://venturesafrica.com/jp-morgan-delisting-nigeria-from-emerging-market-government-bond-index-interpreted/

I will pass your link to a classmate of mine who works for their London branch and see what he says, I shall get back to you.

AreaFada2:
You see, people do not know the complexity of the economy.

Let's take Cuba. Cuba has no money to import. And Embargo is just being lifted.

Now, Cuba has had to improvise, aside plenty of health care professionals churned out cheaply & high literacy rate, has isolation & so-called looking inwards help Cuba? NO.

Nigerian economic boom since 1999 has be based on FDI. Foreign money came aplenty.

We have a market economy. With infrastructure, especially electricity & good roads/trains, local industry will rise again.

Right now, locally produced goods are more expensive than imported due to adverse environment in 9ja.

India & China once practiced protectionism, it did not help their economy.

Correct, it never works

walexy30:
The forex needed to import the 52% input will be provided at N200 or thereabout because the CBN is willing to give it to them at that (N197) rate.

I don't k now where you guys are getting this info from, the bloody CBN sells forex to their thieving friends in power, Just $18K request has been sitting on their table for 2 months.Has anyone here manage to get forex from CBN on here? or do we know of anybody who has?

mrmetoo1:
This JP Morgan thing is one of those things that I think some folks hope we'll forget quickly. You know the delisting was supposed to be done early 2015, it was only extended because they didn't think it'll be fair to welcome a new government with that. This wasn't a decision they made because of the new government. Then I'm sure the decision to delist beginning of the year didn't happen all of a sudden. It's something they review over a long period before they take their decision. They didn't start the review in May and all of a sudden delist in September. They actually just gave a six month extension.

Do not stretch it.it was made cos of this new Govt. They had no clear cut economy olives. The economy was trending on the speculative markets. We lost investment confidence.The delayed budget did not help matters. We now ha e a pay as yoy go economy no long term plans.I had two friends who wanted to open a software development company in Nigeria geared 2wards cc tv. Guess what they said they will wait and see what happens after the budget. Now they said thier capital will lose its value cos of the crash of the Naira. And these where meant to be loans and remortgage.

oduastates:
There are thousands machine fabricators in Ibadan . If they are familiar with the machine , then good let them build . If not , import . The CBN is funding the importation of machines and spare parts.

Speak about what you know. The CBN only give forex to thier friends. Ordinary $15K I asked for is still on the desk for two months now.I wanted to buy a CNC machine.

afroxyz:
My problem with most Nigerians is that they don't see this as a huge business opportunity to be tapped into. We are still crying dollar when we are supposed to be thinking about how to benefit from the scarcity of foreign products by manufacturing indigenous alternatives

I take it you do not run a business in Nigeria cos if you did your thoughts would be diffrent .

ozoigbondu:
Tell me how many politicians have bothered to apologise after their student guests suffered some sort of humiliation.

The fact that Ben apologized shows that indeed he is a common sense senator.

You need to visit the senator for common sense

Ahah guy U badt ni

osesology:
Why is everyone involved anonymous? The department's name, anonymous, the MD being refered to, anonymous, even the beneficiary of the scam, anonymous, and you decided to bring it here for us to comment, on what exactly?

This story has APC written all over it

asha80:
To be honest I understand what slidewaxie and oduastates are saying

Let me use the leather industry for example the shoes being made in aba are done with leather up to 70% china instead of Nigerian leather..why the fccuk do we have to import leather to make our shoe when hides and skins from cattle can be transformed to leather needed for making of these shoes? Instead the of transforming those cattles hides to leather it is burnt and turned to kpomo! We go die if we no chop kpomo? Kpomo self is not nutritious to start with.

Simple Economics,it's cheaper to get it from china to thier shop than getting it from Kano .take MAF for example it's cheaper to get it from china than Nigeria..So we need strong economic policies like tax breaks to help.

Ecoterrorism:
Let the local manufacturing sector enjoy but we are still in a deeper poo

They still need machinaries for production

Topestbilly:
Promote naija.... buy naija to grow the naira.

Am yet to see the naija product our president purchase

They should cut tax to promote the made in 9ja

TonyeBarcanista:
As Coordinating minister of the Economy under Jonathan, Iwaela was mthe defacto prime minister. Under her watch, the oil price was at all time high but nothin came out. Reserve was depleted, ECA was depleted(thanks to Govs), yet we had no infrastructure on ground to boost our economy. NOI kept rollin out figures and statistics that had no reflection in reality. I think she should be allowed to rest.

As for Adeosun, I think she isn't fit enough for the job of finance minister. Maybe she assume that her british tongue is enough to handle Nigeria economy.


I'll sugest that Buhari hire the former commissioner of finance that served under Tinubu or any home-grown professional.

So U forgot the savings agenda brought in by GEJ and the Saint Ameachi coalition took him to court and warn and then the money was shared?

espn:
stop twisting facts.. show us a post where they claimed to have put the TSA on hold because of its immediate implication on the economy..Please provide a link to ur claim

How do you expect to see any link.it could be speculative yet true.

Adenex3051:
I was born, bred and not only buttered but also "amalad,gbegirid and ewedud" in Ibadan. So I say it all sense of responsibility that I know Ibadan well. I hereby challenge Mr Mu'azu Ibrahim to mention the $9billon starch company in Ibadan,
otherwise he should go perpetrate his lies elsewhere

Thank you very much, I said it yesterday that today dey will come with another pattern to calm Nigerians down

omonnakoda:
Nigerians focus TOO MUCH on foreign exchange. When this starch leaves Nigeria WHAT is it used for? It is used e.g. in many tablets(medicines) which we import. In custard and lots more. If we focus on producing what we consume and trading internally then all this focus on dollars will disappear. The US has not had a trade surplus for many many years and is still strong. Exporting starch and charcoal and oil and solid minerals is not a sign we have arrived. We can do very well even if we export NOTHING or net to nothing. Many armchair economists struggle to grasp that

you are wrong my guy, if you do not balance exports and import you are doomed as a country

Remii:
he is talking about industrial starch as raw material not food or fufu, but $9b is clearly an error

Guy its the grammar that's confusing you, I take it you do not know the process of obtaining starch from cassava since you don't eat it

EreluY:
I AM IN THE UK, SMILING.

Realy smiling? Abeg cold dey ohhh.make I get ur digits abeg make I smile like U.

GEJ2019:
Click like if u blv the fed Government is determined to keep KANU in prison by which means possible.

And share if u tink they av become cluelsss on how to handle him

I see the share winning. With this I can say the FG and DSS have lost the plot and reason to keep this man.Keeping him is making him and his cause stronger. I'm not Igbo but I envy a person like him who is standing on what he believes in the face of death and all manner of threats. 3 gbosa for the guy abeg

truthisbittar12:
may $9mil not billion,
nairaland dey post rubbish to seek attention.

If you get N9B frm starch how much dem come get from the corresponding garri?hahah

Nawa4nl:
[size=13pt]the whole country is going to waste under b00hari.

By the time B00hari don finis N1000 to $1

Before B00hari got elected look at the Naira to the dollar.[/size]

https://i.imgur.com/ac91IEA.jpg?1


[size=13pt]Look at the Naira today[/size]

[img]http://i.onthe.io/vllkyt3bd2k40g95r.19daa360.jpg[/img]

[size=14pt]B00hari is killing the country as he goes travelling around the world
While at the same time appointing Northerners to every post
[/size]

Adjust it plz £1 is now N500

symbianDON:
oga it is industrial starch. industrial starch from cassava is not in the same league as wheat flour used by bakers. industrial starch has a lot of industrial applications and is actually in high demand worldwide.

My people in the Delta have been eating casava starch more than 200 yrs ago. This news is fraud.they have to come up with some fake good news to calm nerves.
In other news see what's happening in venuzuella.

mallamseifaldin:
$9billion dollars?
Na him our economy dey collapse?


Baba please do something our enemies have started laughing at us.

That's wen U know someone is on cheap weed up there at CBN

grandstar:
The problem is that fpr everyone doing well, there are 20 doing badly.

Boys are not smiling.

If your business is doing well, click like.

If its doing badly, click share

Mine is doing well. #happy.

emerged01:
[color=#990000][/color] I still believe Nigeria will grow again. It is just a matter of time.

2 months time you will change ur stands

Mayflowa:
It is not that straight forward as you have imagined. People importing goods/raw materials have what they call letters of credit. Once the goods are supplied and verified, the Nigeria bank pay dollars to the international bank of the suppliers abroad. The manufacturer here is not in contact with the forex exchage. He only pays equivalent naira to his local back.

However, there could be sharp practices allowing leak for round tripping, this is clearly regulatory responsibility and internal audit watch.

In theory what you said is correct but in the real world yoy pay for you goods there and then ie when you inspect and they reach your port of loading. .you now need physical cash or debit Ard to pay right there. This is the practice in china gone are the days of letters of credit unless you got and lpo. Say frm govt etc

okeyglm:
cbm need to control price mechanism for dollar if not we will see #1000 to $1 in know distance time.

It's the so called control that led is to this. If they devalued in time they would have killed this speculators who are acting as catalyst to this economic troubles

Ecoterrorism:
buhari has failed us. We are just moving in circles

No longer in circles but backwards

TheFreeOne:
The mentality of most Nigerians is to make easy money not long-term investments hence the reason for our import dependant economy.

Those importers will ditch machineries for developmental projects asap for easy money from forex.

And you believe this CBN to be honest? ?

2boiz:
Are u see what I am saw in the 1st pix?

Infact I am saw double what U see.

yinkeys:
I got charged 300naira to $1 this morning

Abeg wey are all the official rate activists?

Update the pounds just hit N500 to recieve from uk

modath:
Pardon m curiosity but why then do you need to withdraw Forex in Nigeria?

Good question