₦airaland Forum

lexy2014:
what will that do for nigeria?

So you don't know how it benefits Nigeria when Burkinafaso, Mali, and Niger use Nigerian ports for their imports and exports?

Slynation:
By the time bubu is done with Nigeria, even his successor will forever regret the day he bought the presidential form

We need the infrastructure.

Ebubu:
that port harcourt to maiduguri is very important.

it will connect the east to the middle belt and north east(two zones with massive food production), so food go cheap for east and south south.


nothing concern me with kano to maradi (niger republic)

Kano to Maradi is important. Burkinafaso, Mali, and Niger Republic are all landlocked and would have the new Lekki port as one of their biggest options. So those goods would go from Maradi Niger Republic to Kano and then from Kano to Lagos with the Lagos to Kano rail connection.

TookDownYourMum:
I don't know why many Ghanaians are solely blaming Ken Ofori-Atta for how the Cedi is performing and if he did resign, who the hell would replace him? Considering Mahama's administration would do any better under the economic fallout of Covid-19, the Russian and Ukrainian war, and America's fuckery exporting their inflation via their rates, I would wager Ghana would be in a worse position than it currently is under the NPP.

Dare anyone not say US fed interest rate hikes has anything to do with it thats causing currencies around the world like the Yen (from originally 114 yen to currently 147 yen to $1) to absolutely tank especially emerging economies like Ghana feeling brunt of it.

And U.S keep hiking their rates. They even did yesterday.
I think the opposition is hard on the NPP this time because of how boastful the NPP were during the campaign in 2016 and how they ridiculed the NDC then. They also made mockery of the need to go to IMF even until June this year when it was clear they should go. The NDC even from the beginning of the year already predicted there was a crises and debts were at the unsustainable realm but the NPP shrugged it off claiming E-Levy was a needed panacea to the revenue problem.
Oppositions always see things clearly than when they are in power.

kikuyu1:
Some things aren't worth discussing. Even if such a discussion had agreed upon parameters:
- pay
- equipment
- training
- battlefield effectiveness

Etc,etc and a neutral judge to make logical conclusions these are Waffas!?

You are funny . Every index out there which are based on all the factors you listed put Nigeria as no 4 in Africa and 35th in the World. Kenya is not close, go look for your mates in Uganda.

obaaderemi:
The same people who exposed Obi on this thread with facts are the same ones ten years later telling us obi is the best man to lead Nigeria at a difficult time such as this.

Say no to Peter Obi.

E shock you ba??

taylor88:
Any living thing is welcome aside Tinubu


If Peter obi can’t win then let Atiku or Kwankwaso


Tinubu is a disaster

Why and how?

QueenNyakim:
Cedi is slowly gaining against the dollar, its now ₵13.63 according to the Bank of Ghana and other currency converters like Google. Hopefully, this improvement is not shortlived.

Yeah I guess the president's speech to investors that their money would not be lost made some investors regain confidence in the economy perhaps.
Speculations drive currency deep dive a lot.

obaaderemi:
The most educated Congolese at independence had primary school leaving certificates.

The northerners here have always been ready to burn everything down.

Okay. I also added a few things to the reply you quoted to get your thoughts if possible.

obaaderemi:
Some of the DRC's big men are also part of the exploitation. That country's problem is foundational. Congo was not designed to prosper, it was Belgium's slave camp cum mine. The different tribes slapped together to form the country have been at each other's throats since the haphazard exit of Belgium. Nigeria could have easily fallen into the same mess if not for the exposure of the Southerners.

I don't think Congo can be helped. Mobutu had the chance but squandered it.

Well Congolese have their own exposed and educated class too like the Southerners.
I don't think lack of exposure is the Congolese problem. I just believe in the midst of the chaos they need some strong men who can hold the country together (to an extent) and use tact/skill in dealing with the Western powers. This is what Nigerian generals from the early 1970's up until Abacha did to prevent civil wars and other vices (from both the north and south).
In Nigeria's case there have also been several external efforts to mine her resources endlessly like in Congo and cause unrest. Outsiders most likely poisoned Abacha in 1998. Also in 2002, our largest armoury of weapons stored in Lagos was mysteriously destroyed and those weapons were never replaced over time until Buhari (big mistake).
After that incident, Bokoharam and Niger Delta problem began to slowly rear their heads with supply of superior weapons from outside. Bokoharam and the others didn't just start today or in 2009.

obaaderemi:
How will the naira improve when demand for dollars and borrowing keep growing?

Naira would improve if we increase our oil production to the extent whereby we can meet our Quota and also supply Dangote to refine and export.
What sucks up the dollars most is subsidy/importation of PMS. That's our biggest import if you look at the records.

IGpro1:
While some countries celebrate because their banks entered DRC.

Others are busy upgrading theirs to involve Govt-Govt partnership.



Obasanjo spoke in Kinshasa, Democratic Republic of Congo when he led two governors, four industrialists, security and energy experts among others on an investment drive.

The ex-leaders trip to the Central African country was upon a request from President Felix Antoine Tshisekedi Tshilombo.

https://dailypost.ng/2022/11/01/obasanjo-announces-nigeria-congo-business-council-el-rufai-appointed-vp/?amp=1




Next the president will request we help them deal with Rwandan incursion into his country, militarily.

Well, we have been to Congo under ZAIRE nothing stops us from going there again to loose her from the Ugandan and Rwanda grip.

That's how big brothers role.

Wow quiet a number of Nigerian industrialists there. It means we are already ahead of Kenya in business with Dr Congo. Not just talk or celebration of one or two banks. Nigeria even have three banks doing well on average in Dr Congo.


Amb. Leke Adebiyi will serve as e Interim Secretary. Obasanjo and President Tshisekedi Tshilombo are the Patrons.

The delegation to the DRC included Sanginga, El-Rufai, Anambra Governor Chukwuma Soludo, retired Gen. Martin Luther Agwai, Professor Bart Nnaji, Professor Peter Okebukola and Amb. Robert Adeleke Adebiyi.

Others were Semiu Kolawole Adesina – Sahara Energy Limited Nigeria, Ajibola Adebutu – Founder, JB Farms Lagos Nigeria, Stella Okoli – Founder, Emzor Pharmaceuticals, Edem Adzogenu–Co-Founder, Afrochampions, and Jimi Lawal, El-Rufai’s senior advisor.

rvp2018:
Kenya is not Nigeria enemy. Kenya is Nigeria friend. We are not going to fight except online in friendly banter. Comparing kenya army with Nigeria army is an useless academic exercise. Our war scenarios doesnt envisage kenya ever fighting Nigeria.

Yes Uganda, Tanzania, Somalia and our immediate neighberhoors...plus internally thugs and criminals. Those are folks we keep tab on. If Tanzania invest billions in defence - we have to match them.

Your enemy is Boko Haram, Kidnappers, Fulani herdsmen, Islamist of various sheds, Yahoo boys and all criminals. Is your army and police more powerful than them?

This is just like asking if American army is more powerful than gunmen all over the U.S who recently almost killed Pelosi their number 3 citizen.

kolaaderin:
And the competence you want is the confirm failure of a person call Atiku. Tinubu is an achiever with known track records, Atiku on the other hand has just records of selling national properties and killing the country further, no single pedigree to his name as 8 years VP outside prodigal buccaneering of Nigerian heritage.
The only crime Tinubu has is backing Buhari to power, I can’t blame him for that, 15m Nigerians did including the same Atiku.
As far as competence is concerned Tinubu takes all the A+.
Forget about who is holy, all the top candidates has their hands wet with the honey. They are all thieves agreed.

This campaign is all about competence and other candidate are not in the same league with Tinubu on this.

I share thesame sentiment with you. People see corruption but beyond corruption, Tinubu is the most competent of the three. Competence matters more to me first, although morality is also key. But they all of have accusations against them even if we go that route.

ScamHunter:
Why should Tinubu prefer Buhari, a northerner who isn't half as capable to Jonathan a southerner who is far more capable?

Is Jonathan more capable than Buhari? I doubt.

theenchanter:
hmmmn..... If what makes the cbn not to be in control of 80% raw cash is not dealt with, I don't see how redesigning the currency will change anything, maybe in the short term, yes, but in long term, I don't think so.

Buhari did same in 84" or there about, nothing changed. But in optimistic, because of u sha.

After the CFA, the naira is perhaps one of the most used and abused currency in West Africa. Naira is everywhere in those Francophone countries and much of it used illegally according to several economic experts whom I have listened to on this matter. Also we see the case of Ikoyi building with so much cash and other stuff like that.

You are right, CBN must get their acts right this time and maybe they are giving themselves a second chance in that area after 17years.

Buhari did same in 1984 and we suffered but we suffered because there were very little options left. Now we have Payment systems and CBN desperately wants the E naira to grow further as well.

Optimistic because of me?? lol . Na una be my oga oo. If una my oga say CBN match line, then who I be??

theenchanter:
what do u think about redesigning d naira note? At this time, for that matter.... And why the rush too? Cos me never see any convincing reason sha.

I have no problem with it.

The CBN have not redesigned the naira note since 2005.

80% of raw cash (money notes) in circulation are not controlled by the Banks.

It would affect politicians looking to buy votes.

The CBN along the line would be able to control demand driven inflation better especially when they increase rates.

The timing (christmas and election) means in November, these guys who hold cash may either be forced to spend ( economy grows further), save in their banks (good for Banks) or convert to dollars (see my last point below).

Most important of all, it is a bold step aimed at pushing more Nigerians into the cashless arena. We already have the most advanced payment infrastructure in Africa and one of the top six in the world. This is the time more people would be forced to adopt the cashless policy.

There may be a price to pay within the first few months e.g politicians and the rest of those who stock up cash demanding the dollar more at the black market, etc but it would be short lived.

PROVERBZ:
parallel market!!

What a dommy

Parallel market may likely be scrapped next year. It's illegal and mostly based on speculations.
Once the CBN can control the amount of cash circulating and Nigeria stops importing fuel, it would only make sense to make the bank rate/official rate open to all.

DennisEche:
Why always Lagos. Aside Sanwo Olu, Wike, Umahi and Emmanuel Udom all other State Government are useless

El Rufai may be a radical but not bad in terms of performance (by Nigerian standards).

Plausible Mention

Zulum

All hail the new federal republic of Nassarawa. A great country with 27 square km land. Bigger than Israel .

rvp2018:
Zero sum game. Why would you allow Nigerians to go work outside when there jobs inside. You need to fix work permit issuance and enforce them. This used to be a problem in kenya - but now getting work permit - is very difficult - you need to justify that you looked for Kenyans - and didnt find the skills.

Does Nigeria lack the skills.

As for ownership - Kenya-Indian is kenyan - but if Indian or nigerian company come to kenya - unless they get waiver - they must find local partner with 30% shareholding.

You are preaching to the choir here. Nigeria has local content law which means you must employ a greater percentage of Nigerians over foreigners. Dangote himself said he has 28,000 Nigerians employed and 11,000 foreigners for the refinery since inception.

rvp2018:
It matters a lot. Those indians repatriate their earning to India.
Kenya-India invest in Kenya - because this is their home.
The main beneficiary of Dangote manufacturing is therefore 1) Dangote 2) Indian foreign workers earning top dollar 3) lastly Nigerian in low cadre jobs. The economy suffers as he sell things very expensively.

But Nigerians are also working in Europe or America for European or American firms repatriating their funds away from America. Even if not America or Europe, labourers from other countries work everywhere. Apart from that, Dangote have employed over 20,000 Nigerians for that refinery.

You can work for us as employees so long as you are competent, don't just own the business.

rvp2018:
1) Dangote - Salt merchant get import bans - bring Indians to manufacture for him - when not stealing cement plant from Kogi state
2) MTN - South African company.

Kenya biggest company is
1)Safaricom own by Kenya gov/public/vodafone.
2) EABL - owned by Kenyans & Diageo
3) Equity Bank - owned by Kenya & others.
4) KCB - owned by Keny gov/kenyans.

Etc etc - In kenya biggest player is mostly kenya gov - which owns everything everywhere including Hilton Hotel - name it.

Indians in kenya - are in manufacturing. This is because they were ban from retail trade - or dukawallas.

Okay it doesn't matter whether or not they bring Indians or foreigners to work, the Nigerians own these companies listed in Nigeria not Indians or the foreigners. Big difference.

Dangote Cement
BUA Cement
BUA Foods
Seplat
Zenith Bank

All amongst the top 8 businesses in Nigeria.

rvp2018:
Why would an Indian be in list of richest of Nigeria. They take their wealth to India and feature in India list. The same with Lebanese. We are talkin about kenyans - on 5th generation - of Indian descent - versus Indian in Nigeria. Big difference.

Nah it just means the worth of their businesses in Nigeria are not bigger than the top Nigerian businesses. These are amongst the top six firms in Nigeria:

Dangote Cement (soon Dangote refinery would top this)
MTN Nigeria
BUA Cement
BUA Foods

Seplat should also be amongst the top five if I'm not mistaken.

No Indian firm in Nigeria comes close to these.

obaaderemi:
Richest Kenyan

Interesting .
The 46th tribe ba?

teepain:
Honestly, I am not convinced that Naira redesign is what the country needs at the moment. This is even more so, when one considers that this government is in its twilight. So, the question is why the haste to redesign before the change of baton in Government.

Let the incoming government decide on what to do after thinking everything through.

CBN wants Nigerians to adopt E naira or at least key into some form of cashless policy. So they may limit the new cash notes in order to get most people adopting the e naira or going cashless with some fintech app at least.
It's a bold move.

baralatie:
This is not a cashless policy nah!

This is cash for cash transaction

I said the CBN is trying to make people go cashless as fast as they can. Read my post again and ask for clarification where you are lost

I think the CBN is actually trying to make Nigeria a cashless society even the local markets. They just had to make some radical decisions for this.
Now more people would be forced to go cashless and market women/men may possibly adopt the E naira.
When the CBN can locate market men and women through the E naira, then they can easily disburse cash directly without any middle man when there are things like COVID-19.

rvp2018:
Only because Ngozi Okonjo-Iweala forced your broke banks to merge. You have what - 16 banks now. Kenya has 40 Banks. I think more than 10 are now in Africa Top 100.

Okonjo Iweala didn't do that.

rvp2018:
Ghana and Zambia default was easy to predict - as they gorged themselves with dangerous eurobond (commercial dollar debt with flexible exchange rate - very risky very dangerous)

I did this four years ago - repeated in 2020 - 2021 - they didnt listen

Now they are desperate for IMF. I pray they get IMF deal because the alternative is very bad.

Yeah that Eurobond thing was dicey. Only Egypt took more Eurobond than Ghana in Africa. In terms of Eurobond debts related to GDP, Ghana was by far the highest Eurobond subscriber in Africa. This is a big lesson for all African countries. The shocks that go with these debts sometimes not worth it.

rvp2018:
Ghana I warned you!!! Look like by time IMF deal is decided in January - tears will be overflowing.

Steve Hanke
@steve_hanke
Thanks to the sky-high cost of living, Ghanaians don't know the price of anything anymore. Now, over 30% of businesses in the export & import industry have COLLAPSED. Today, I measure #Ghana's inflation at a stunning 101%/yr.

Steve Hanke is a drunkard. He's always predicting doom and calculates inflation by metrics not used anywhere in the world. Neither by the World Bank Standards or IMF.

zombieHUNTER:
Are you an APc supporter?..

Are they sharing fuel to you people free,
when you get to the market, is there a special discount for APc supporters..
Are you people on jazzz, APc use you people for rituals..?.. That you suffer and enjoy suffering?..

i give up, I don't get this

So PDP or Labour Party have the magic wand to make everything cheap in the market ba?