₦airaland Forum

ojeysky:
It is well o

You don’t blame her. She must have been reading opinions/tweets of the opposition in Nigeria on Oando especially the Malta rumours and stuff like that.

Nigerian NNPCL is Africa's second biggest company by revenue. The 🇳🇬 energy conglomerate posted a turnover of $31.2 billion in 2024.

Streetinvestor2:
what happen to thr production as per crude to have dropped that much.Abi naija delta guys don japa enter the country .
.lol

Lol. Niger Delta boys are not the only reason for shortfall in production. Mele Kyari made it look like that is the case but oil wells deplete over time without favourable investments/maintenance. It is capital intensive. Since 2014, production has also declined in several countries due to limited funding and discovery of crude oil in new places as well.

Emir01:
Huge loss but it only shows MTNN will return to profit making this year because of currency stability and increased tariff.

They would return to profit from this first quarter even.

GeneralDae:
That’s over 700 Billion dollars for the full year. December 2024 had the highest number of transactions in our history. That should signify real economic growth in Q4 2024 with PMI rising to 51% for the first time in a long while.
Our Q4 2024 GDP numbers would be interesting.

Dangote petrol sales also kicked in in Q4.

I predict GDP growth of up to 3.8%.

Just as I predicted but it was 3.84%.

Mpeace:
I have seen several reports that claim the current price of crude does not support the "drill baby drill" posture as new investments would find it hard the break-even. The biggest threat to oil prices is rather the Ukraine/ Russia peace deal. But The general belief is that oil won't go below 50$/b.
On average, American shale oil production costs range from $35 to $70 per barrel making less sense to increase production and reduce price per barrel. It won't favor american oil companies.
Some oil companies actually have production cost of less than 20$/barrel (eg Seplat) So they should still make some profit at that price(though less than normal). Oil companies like oando only need to reduce their fin. cost to remain profitable.
But I doubt if opec and co will allow oil prices fall that much.

The biggest threat to oil prices is the possible tariff on China or anything that could affect the Chinese economy.

frog12:
He wrote, “They had planned a bloody coup which would have plunged the country into darkness. I had to choose between saving a friend’s life and the nation’s future:

it was to save himself
but you see why buhari no attend. buhari no the man no get conscience
na MKO fault for associating with people like these

Most times you hear: “I did it for the country” just know say na danger.

epainos:
Just imagine, IBB unjustly murdered his childhood friend because of power. Did he bring any evidence to really show Vasta plotted a coup against him? Nope. All these people he mentioned are dead na. Mehn. This man is evil. There is no repentance in him. He called dead people in his book that cannot counter him. This man is evil. Just imagine, he executed someone who was his best man when he married Mariam. Na so this man evil reach ooo. Kids, you don't know IBB. He is evil. He didn't give him the opportunity to appeal na. Piam.....he executed him, and everyone was shocked when they heard Vasta was dead cos we expected him to appeal cos the man pleaded for his life and was crying that his best friend should save him. If he is telling the truth, why did he wait for almost everyone involved to die before publishing his "lie lie" historical book? I remember that Vasta said if it was against someone else, he wouldn't cry, but against Ibrahim his closest and best friend....never. Mariam, IBB's wife was confused because Vasta's wife was on her neck crying. The two families wer3 5 and 6. You couldn't even know the boss between them. It even seemed Vasta was deadlier, but cos he wasn't too much involved in the coup that removed Buhari, so he couldn't be the leader. But IBB made him one of the top bosses cos they were close. I remember that time na. The issue was that...Vasta wasn't that interested in planning coups from history, so, how come he would plan one against his blossom friend who even rewarded him well? The theory was that Abacha and his boys felt Vasta was a stumbling block to their plan. And I somehow think IBB was right by saying Abacha led the group of those who annulled June 12, but that only Abacha did it is a NO for me. They were in the same evil group. Abacha, IBB, Oseni, and some others. Abacha was to rule too after IBB, and that was what happened exactly. They removed the stumbling block. Period.

I was one of the first that scolded NL kids making positive comments about IBB. Many of you think Buhari or Tinubu are evil....lol. You dont know IBB. Ha. This man is a devil. The fact is that these kids don't even understand what Nigerians passed through in 80s and 90s in the hands of Buhari (military rule), IBB, and Abacha. You don't understand the dark ages of students where schools were closed anyhow. You think closing of schools during Jonathan and Buhari's return were disasters? Lol. Go and ask your parents how IBB made them sleep at home for years without options. Una kuku get options now. Many of you can move abroad now, hmmmm....go ask your parents what students suffered in those days. And I still read some comments above. One is even asking what if he was right? Lol. This is why I always keep quiet when they start insulting Sowore. Though, Sowore can over do it, but mehn! I still remember Mayegun in those days. Mehn. You kids are "very extremely" lucky.

I have written that IBB will not die well, and I will repeat it here as Yoruba people would say - ko ni ku ree. Oloriburuku, oloshi. Kids, go ask your parents that someone said IBB is a bastard, and I bet you...they will add 10 more curses. This man is evil.

Go read my past posts where I wrote that he is trying to write a good legacy for himself and the mistake he has made is that he passed the blame on a dead man. Lol. Abacha isn't alive to fire him and reveal the evil they both did.

Do you guys notice that he also waited for Jeremiah Oseni to pass to glory?. He knows Jerry would defend Abacha na. I bet you that he has had this book on his table maybe over 15 years, but he waited for those people to die. And if he was not alive, I feel he might have paid for the book to be published after these people were dead.

But IBB has made the greatest mistake of his life. I predict that this book will give birth to about more 5 books. Listen, Minimum of 5 people will counter IBB with books so they can all go into history. Kids, just watch it.

My God that said IBB will see messes and humiliation before his death is the reason he spared his life to publish this book after the death of people who could counter him because they did the evil together.. But he will be shocked that one of those people would have kept proofs somewhere, and they will burst out all the evil they all did together. Mark my words, a real proof that he killed Dele Giwa might be revealed before his death. Cos only those that planned it with him can reveal it. And I feel, some will very soon. My spirit is telling me so.

Maradona IBB thinks he can still dribble us. Children, this is his nickname. He is mischievous. Also, he is called the "evil genius". Lol. This man is evil. You guys don't know him at all. This man? Hahahahahah! Don't believe this demon. He is smart. Ha. IBB. Don't you hear his name? Maradona. I kuku know you watch football and you know how Maradona dribbled a complete team from the center of the pitch to score a superb goal. That's why he is called Maradona. There is a song about him. "Maradon....don do oooo....Maradona". I still remember that track.

Anyway, I await more criticism, and I know that books will be published soon to counter him so that generations after us will have his book and others. Then, they will know that this man is evil. Instead of him to go to his grave silently, and let the issues remain unsolved, he wants to play smart again to put all blames on those who are dead who cannot defend themselves. Lol.

IBB removed moral instructions from the heart of Nigerians. If you wonder why Nigerians are called 419 everywhere, this is the man that started it. He turned faithful people to rogues. This man is evil. He legalised corruption in Nigeria. He legalised looting. In those days, you would be afraid to loot, but this man rewarded looters as long as they did his bidding.

He destroyed good people's legacy. Children, Google "Tai Solarin". Hahahhaha. The way he messed up that baba and his legacy. Hahahaha.

I even pity Igbos cos this man destroyed them. Lol. IBB finished the eastern region. Kids, you don't understand. And codedly, some people said he destroyed the great Awo too. Na story for another day. Wetin this man no destroy for Nigeria? IBB!

Just wait and see. More people will tell you that IBB is werey and oloriburuku.

He also destroyed naira like no other. Naira to the dollar at the official rate fell x21 from 1 to 21 in his 8 years.

Denalarian:
They all defended how they excuted fellow military officers by saying "it was for the process of the country". Where is this progress because we can neither see nor feel it! The only progress we experience daily in this country is progressing backwards.

Whenever you hear that word: “It is for the country” just know it’s likely a lie.

ProblemChild1:
The new Makoko is coming 🙌


https://www.youtube.com/watch?v=xxIFw6z5QY8?si=NZ0i2JfKpni_3buy

This would at least take away the favourite poverty porn destination in Lagos. Nice one.

ositadima1:
Everything you said is correct, but let’s think a little further—why is so much Naira chasing so few dollars? I believe it's because we are not generating enough revenue in foreign currencies. Naturally, this leads to an oversupply of Naira pursuing a limited amount of dollars.

To connect this to my previous post, you don’t solve a problem by only addressing its effects; you need to tackle the root causes. Has the government done that? Has it declared a state of emergency on security and kidnapping? How did it handle the Dangote refinery saga—a project that could significantly boost our dollar revenue? What steps is it taking to fight corruption? What about the agricultural sector and many other crucial industries?

They seem to believe that simply adjusting a few economic levers will fix the deeper, structural issues. Ok nah.

How would you have wanted it to handle the Dangote refinery situation?

ositadima1:
What do you mean by "prevent CBN"? The same CBN and government that hiked interest rates when excess cash in circulation was clearly not the issue are now the ones planning to reduce it, using a different excuse.

I agree with you that devaluation was inevitable to keep Nigeria from sinking, but the approach and timing were completely wrong. The way something is handled can make a huge difference—just like in trading. You and I could act on the same stock signal, but our approaches could significantly affect the profits we make.

Hmm. On this devaluation thing, the devaluation itself in June 2023 was not the wrong policy especially if the naira had remained at the 750 - 1000 range.

However, in July 2023 the parallel market began to depreciate again and was at 850 (which was expected due to the inflation from fuel subsidy removal) but it got even worse in August when people began quoting a report from JP Morgan saying our net reserves were just $3.7 Billion. That destroyed investors confidence completely and they began to flee. The few FPI’s who were still coming in took their money away.

This was a time U.S and developed countries also began to tighten rates due to inflation in the West from Russia Ukraine war, hence it was more profitable to take your money out of less developed countries to the West where rates were getting more reasonable with lower risks.

As at January 2024, reserves were down and FPI’s were at their lowest in decades. Nothing left to defend the naira. The parallel market was haywire due to these realities and it was already at 1470 in January while the official market was at 800.
Given these realities, it would have been near impossible to bring the parallel market closer to 800 in 2024 except we could get at least $10 Billion at once. Cardoso had to float the naira again on Feb 1st 2024, taking the official rate from 800 to around 1400 all at once and it hit the market hard leading to losses in businesses from FX devaluation and sky rocketing inflation.

ositadima1:
Do you understand what rebasing an economy is? Rebasing simply means updating the base year for calculating GDP. But how many people actually pay attention to GDP?

The issue we are facing isn’t even monetary inflation (too much money in circulation) but cost-push inflation (rising input costs). How is rebasing going to address that?

If it’s cost push inflation then that makes my point. Increasing interest rates doesn’t solve cost push inflation. So having positive real interest rates like we have now, if maintained throughout the year would prevent CBN from further rate hikes and lead to rate cuts.

emmaodet:
I expect bank interest rate to fall too, abi.
There is no point keeping it at 27.5-28% from Cbn and 30% interest on loan from banks.
If TB rates are dropping, inflation rate dropping, then the normal and reasonable thing to follow is bank interest rate. It will be fraudulent still keeping it high

They would all drop. That is the positive thing about the rebased inflation. It gives us a second chance to start afresh after a volatile 2024 with record high interest rates that slowed down growth. Coming from a high base in 2024, 2025 would be better than 2024. Perception feeds into reality sometimes.
At the meeting today though, the CBN may hold in order to see the trend next month or in the next two months at most.
The month on month trend would signal the direction we are going which means the inflation rate for February should tell us more.

mikeapollo:
Buhari did not float the naira He only did gradual change of the exchange rate (devalued) from around N220 to about N350. around June 2016.
None of the past presidents ever floated the naira!
What they have done is to manage the exchange rate to ensure price stability.
Dont twist the facts!
Your TPain is the only one that floated the naira and the rate jumped from around N500 to N1,450 in one full swoop overnight. thereby throwing everything out of the window. The cpresident said he has increased allocations to state govts but the clueless mannot realize that states govts do not have the capacity or instruments to moderate macroeconomic issues like general inflation, exchange rate, cost of living, interest rates, fuel price etc which directly affect the lives and wellbeing of the general masses.

Devalue oo, Float oo, not much advantage in one over the other without FX liquidity. CBN can declare their official rate as 500 naira today. The question would be: How many people can they provide dollars to at that rate?

You are being economical with the truth when you say this Government floated and it moved to 1500 at once. This Government floated from 462 to 750 in June 2023. When the parallel market rate began to move again in July 2023 and moved to 900 in August and 1300 in October, this Government left the official rate at 700/900 until Feb 1st 2024 when they floated again taking it from 800 to 1370 at once.

So this Government experimented with devaluation too from August 2023 to January 2024 but unlike Buhari decided to go with floating.

mikeapollo:
This analysis is funny!
Why don't you blame Obasanjo, Yardua and all previous presidents for not floating the naira as well? Why blame GEJ alone? What about Buhari, did he float the naira?
What has been the result of floating the naira? Has it improved the lot of Nigerians and the economy at large?
If you care to know, you weaken your economic base to the advantage of external stakeholders when you float your currency but clueless governments in Africa do it because they think they would earn more from their exports and forgetting that their imports will be more badly affected with greater multiplier effect.
Have you asked yourselves why most European countries like UK refuse to float their currency? The Asians e.g. Chinese don't even float their currency even though they have excess local capacity and can afford to produce at very cheap prices and export. We in Africa import virtually everything so we cannot afford such.

Abacha did not float, he left the official rate at 22 naira to a dollar until 1998 but the gap between the parallel market and official market only widened. The parallel market was then 88 naira to the dollar (4 times the official rate) as at 1998. The rates were unified in 1999. Why wasn’t it left at 22 naira?

Buhari also had to float the currency in 2016 after his adamant refusal to float in 2015 but he panicked when the parallel market rate moved again in 2017.

Buhari would have floated eventually in 2024 because the reserves were drying up and he even had to tie 7 Billion dollars out of it to JP Morgan in order to keep sustaining the naira.

Nobody wants to float, the problem is lack of dollars liquidity. This is why nations allow their currency stay at thesame level as the open market rates. With that, investors are sure that they could come in at the Bank rate and go out at the bank rate without losses. When there is dollar inflow, the open market rate would eventually converge with the official rate but how do you get the inflows short term if you can’t attract FPI’s consistently? How do you attract FPI’s consistently if you don’t float?

UAE is not floating. They are operating a fixed exchange rate but because they have the dollar reserves, their parallel market rate is thesame as the official rate.

So dollar liquidity is the key.

mikeapollo:
If you do not realize, only a clueless president would float the currency of an import-dependent, developing nation. It is never done unless such country is ready to destroy its economy. Do yo know how many lives and dreams have been shattered by the reckless floating of the naira e.g. those who could no longer pay tuition fees etc?

So what positive adjustments to lifestyles have you had now with:
a. unprecedented poverty in the land ?
b. untold inflation and high cost of living?
c. destruction of the purchasing power of the people?
d. increased and unprecedented unemployment?
e. companies declaring losses and folding up in droves?
f. massive downturn in the economy, especially the informal sector

Under GEJ, the minimum wage could buy 2 bags of rice. How many bags can you buy now with the ''bold'' president?. Boldness can only be a good thing if it leads to positive results! Foolish boldness leads to negative effects. An armed robber must be bold to act or operate, but do you praise him when he inflicts pain or kills someone?

Of what benefit if a nation records double digit growth and the people are dying of hunger and poverty? What is the essence of such useless growth? Growth for dead people to enjoy?
It is only a clueless president that would implement policies that would record double-digit growth and still plunge the majority masses into unprecedented poverty, hardship and suffering, while the same president budgets billions for his feeding, entertainment expenses and buys a new jet.
Subsidy is not a crime, and most developed countries have subsidy schemes for their people especially in key areas or sectors of the economy, which also helps to boost growth and redistribute wealth. Even at that, there was still subsidy being paid after the fuel price was increased, until Dangote refinery started operations.

So if he didn’t float the currency like he did in 2023 and early 2024, how would he then open up the market to allow dollar inflow to see us keep servicing our debts and to pay airline backlogs?

Under GEJ, we had record high oil prices at an average of 100 dollars per barrel from 2011 to 2013 and very high production of at least 2.2 million bpd. We had never earned like that in our history. It was an opportunity to build our reserves from the $45 Billion he met it in 2010 to at least $60 Billion but no, it was depleted to $29 Billion in 2015. ECA account also depleted from $20 Billion to $2 Billion, debt moved from $15 Billion to $67 Billion yet this was the time we had our highest earnings in history. Buhari may have been clueless but GEJ gave him too much work to do.

Remember GEJ experienced no external threat like global economic meltdown Yaradua experienced in 2008 that saw him defend the naira and deplete the reserves from Obasanjo’s $64 Billion to $45 Billion nor did he experience COVID in 2020. GEJ had plenty and it was an opportunity for us.

WantsandMore:
interesting. How comes this is lost in the sensitization campaign and moreover I haven’t heard about the tax reform in a while. Still in the pipeline or DOA?

It has scaled second reading at the Senate. Now is the time for open hearing and it would likely be passed before March and come into effect July.

We are currently present across 8 countries – Nigeria, Ghana, Kenya, Uganda, Tanzania, Ethiopia, Senegal, and Côte d’Ivoire. We recently launched Premium Services in Ethiopia. In terms of regional expansion, we’re exploring further growth in East and West Africa while also being committed to deepening our presence in Nigeria.

- Jiji e- commerce.

toyeoye:
"Seplat brand new hires. Zero experience
3m+ a month."

I beleive this is part of the reason

Some people are already converting the 3 million to dollars, saying it’s thesame salary as 700k of 2019.

Irony1:
Ask people in the banking industry from 2022 ending, how CBN was recovering funds from those who took PTA illegally. the margin is more than 5% at the moment check the official NAFEM rate and parallet market rate there is almost 500naira difference which is more than 5%.
Please you have a moral responsibility to not misinform people.

This was closing rate of official and parallel market yesterday. The official rate at the top at 1515, parallel market just under it at 1560. That’s just 45 naira difference, so where are you getting your 500 naira difference from?

Irony1:
Ask people in the banking industry from 2022 ending, how CBN was recovering funds from those who took PTA illegally. the margin is more than 5% at the moment check the official NAFEM rate and parallet market rate there is almost 500naira difference which is more than 5%.
Please you have a moral responsibility to not misinform people.

What are you saying? The official market is currently at 1510, the parallel market is at 1560. That’s a difference of 50 naira and not up to 4%. Where did you get 500 naira difference from?

Ihengwu:
This is only the declared and recorded production. I bet you we produced a lot more.

True. They are likely hiding some as condensates to prevent issues with OPEC for going past the quarter.

Irony1:
No one has ever bought dollars from Banks Oga, Form A is done and the rate is given from CBN. where the FX corruption came from is BTA and PTA, even at that the CBN recovered most of the funds. Please stop misinforming the people.
The unification really did not end it, because they are still doing it right now as the margin between the official and parallel market has started widening again.

Whether from CBN or Banks, it came from the official market. That it was from CBN even made it worse.

What proof do you have that CBN recovered most of that? It just made liquidity in the parallel market stronger and where Airlines and big businesses wanted to go through official channels, they struggled because they couldn’t get FX there easily.

The margin between the official and parallel market is not more than 50 naira currently, that’s not even up to 5% compared to the 40-50% margin of 2022.

Irony1:
How did he kill subsidy corruption?
How did he kill forex corruption?

Speaking of forex corruption, I think he meant people no longer buy FX from Banks at 450 for things like university enrollments abroad, only to sell it at 750 at the parallel market. This was mostly prevalent in 2022, although this unification of the FX rates came at a cost.

Owologbo:
Do you work in the oil sector or you are just one of those low life nonentity propagandists?

Learn, read, una nor go gree. Na to just type rubbish una sabi. Research what I wrote there and if you don’t know something, you learn.

UHLmoving:
Wow

With a barrel of crude oil currently at 71 USD

That means Nigeria will be making a total of

$71 times 1,500,000

= $106,500,000 Daily

In Naira!

181 Billion Naira Daily.

Now the big question is, where will all these money go to?

Cost of production in Niger Delta is high. It cost up to 48 dollars per barrel in 2024 ( highest ever) due to unpredictability in the region. So at $71, both Nigeria and the foreign companies get just $23. So that’s 60 Billion naira daily. From that 60 Billion, NNPC gets about 30% only. That’s 18 Billion naira daily.

Dangote Sugar Backward Integration Efforts

The President of Dangote Group, Aliko Dangote, has said the company is committed to ensuring that Nigeria ends the importation of raw sugar by “actively intensifying its execution of the Sugar Backward Integration.”

Dangote said the group has committed over $700 million to land acquisition, machinery, infrastructure, manpower, and other impactful activities to boost local production.

He said: “The company is committed to ensuring that Nigeria ends the importation of raw sugar by actively intensifying its execution of the Sugar Backward Integration. In this regard, it has committed over $700 million to land acquisition, machinery, infrastructure, manpower, community relations, corporate social responsibility, CSR, and other impactful activities.

“Similarly, to support the government in food security, we are also investing in the agricultural sector. These agricultural products will soon be in the market

Nigeria is by far the largest producer of palm oil in Africa.

In December 2024 alone, Flutterwave processed over 26 million transactions totalling $500 million, equivalent to nearly ₦750 billion Naira!

Fast growing Jahi district of Abuja.


https://www.youtube.com/watch?v=MKK2XvrHFDo?si=F-lxM1dHxiAx0_m3

Ojuntana:
Stop lying bro. Fintech was captured in the 2014 GDP rebasing and so was telecoms and all those other sectors you mentioned.
You're right on some points especially the expansion of telecoms and fintech but the basic one is that Nigeria's GDP has shrank. This is more due to less fDI and currency devaluation and increase in cost of doing business.
You heard the NBS SG saying they intend to capture prostitution and drugs as well as other illicit trades in GDP. That's because they know that while frontiers like fintech has expanded, the sum total has shrunk.
Besides, the claim was that they wanted to release it by January ending. What's the cause of the delay? Why is WB the one announcing the result instead of NBS?

Fintech was at very nascent stage in 2010 to 2014. Nigerian GDP since 2020 has been growing and did not shrink for a moment. Even the GDP based on PPP has also grown.

The real GDP (when you remove inflation) since 2020 has also never shrank. So the only thing that has shrunk here is the nominal GDP in dollars which makes no sense because the resulting inflation from devaluation should put the economy at par once the purchasing power catches up.

GDP PPP is still growing, and companies have already started making huge profits that beat the devaluation losses of H1 2024, which shows that the purchasing power has caught up already. So the rebasing should put Nigeria at around $490 Billion.

Argentina also devalued their currency just last year from 370 to 1000 currently. Why didn’t their economy shrink by half? It shows why Nigeria must rebase to show the true value of the economy in naira. Devaluation shouldn’t automatically shrink your GDP by half, and even if it does, it shouldn’t be down for up to two years if you are not in a recession.

Proshare did a study recently of the recapitalisation of the Nigerian Banking sector and with the recapitalisation, it already slightly beats what it was before in May 2023 in dollar terms. The Banking sector always gives a mirror view of the economy.