₦airaland Forum

being:
@gaby: a major problem of this country is corruption but d current fx rate issue is basically a $ demand-supply issue! Supply is quite low, so price must increase to an equilibrium point where demand will now be reduced to the supply value..
Of course corruption is part of the reasons we have a low $supply ($ loans embezzled being paid back now, govt allowed oil bunkering etc)
And pls buhari was very far from a solution !! Buhari literally presided over a 50% reduction in crude production(the major cause of $ supply reduction)--he did nothing to stop it.
He presided and actually encouraged(by doing nothing)his kinsmen to unleash insecurity all over the country which caused lower farm outputs and higher agric import demand. Insecurity also led to lower $ FDI.
PLS don't assault our sensibilities again by saying buhari tried for a solution... a lot of these problems are from his admin

It is clear that OP campaigned and voted for Buhari. As an Igbo man who went on illegal migration during the '90s that makes it even worse. After attempting to cross the Mediterranean Sea in the '90s, he campaigned and voted for Buhari in 2015!

Spits!

ZUBY77, Accept it as a man in his 40s abi 50s, your buddy Buhari ruined the heconomi

gaby:
You still can't smell the coffee. In your books it is still who I voted or did not vote in 2015.

The one that brought Buhari for you in 2015 is there now by himself. You go use your tongue and nose take lick and smell your anus, keep watch.Senseless things.Always emotional where common sense should be needed.

But he is right. Why is it hard for you people to understand that Buhari worsened things? Why is it hard for you people to accept that your Lord and Saviour ruined things in 2015? Buhari, the incompetent feudalist whose cattle-rearing career was at odds with elementary biology and economics, should not have been elected in 2015. That is where the problem comes from. I am very sceptical of folks who try to absolve Buhari's part in the economic ruin of Nigeria. This is someone whose antecedents date to 1984, when he plunged the country into hardship and recession. Then, in 2015, he repeated the same thing. This is someone who wept on camera and vowed never to run again in 2011. This is someone who was begged by foreign countries to call his murderous and irate supporters to order after they went slaughtering youth corp members. Buhari responded THREE DAYS AFTER the election!

Buhari ruined the country! Accept it!!! Yes, Tinubu paired with him. to gang up against good policies by GEJ and deserves every problem he currently faces. But to lie (because it is a big fat lie!) that Buhari would have handled the economy better is mendacious and disgusting!

Your darling incompetent cattle rearer ruined the hEkOnOmY

I only hope for the East to be given their time too to take their share before the coming divorce.

tensazangetsu20:
I stopped reading when I saw buhari will remedy the situation. Next. I am very sure you also voted for the idiotic baboon in 2015.

He is Igbo, which makes it even worse. I am willing to bet he is one of those folks who screamed that an Islamist would phight kwarruption!

Ttipsy:
Disagreement
Nigeria is made up of people with diverse ideologies

GBAM!

Gerrard59:
Culture and ethnic/racial demographics play major roles in nation-building and cohesion. The vast majority of cultures in Nigeria are not pragmatic, egalitarian, enterprising, hard-working and promote integrity. Additionally, Nigeria has too many ethnic groups, creating a divisive society full of mistrust, disharmony and disunity. Looking at examples globally, the most successful/prosperous societies are those where the dominant ethnic/racial group promotes pragmatism, egalitarianism, entrepreneurship, hard work and integrity. In return, the most homogenous out of them tend to be the most successful, peaceful and safest as this homogeneity endears trust, peace and harmony. Examples abound globally and within Africa. So, if you expect component parts of Nigeria to be prosperous, you know what should be done.

pansophist:
If you see better woman, marry her. If you expand your business reach fifty, you've lost time you won't get back. Do both together, and a good woman will help you reach there.

Your dilemma is a conflict between material wealth and true wealth. Your business expansion is material wealth, but a good wife is true wealth.

If you do life alone, you'll go faster, but a good wife will make you go far. And by a good wife, I am referring to the woman that sees you as a member of her team, as an ally, not someone she desires to conquer or tame.

OP, I think you are in your early 30s. This is good advice or you could go the route of Olumide Akpata who married in his 40s abi 50s or Poju Oyemade who married in his 40s or Tayo Oviosu who also married in his late 30s abi 40s or Oscar Onyema who married at 52. Those are successful men in their fields who married later in life (their first wives o).

The choice is yours.

Britishcoins:
Pls my fellow Nairalander, I am confused on what to do, I am into business and God has really been so faithful to me, I have 2 shops selling boutiques. Recently I want to focus on one of the shop with boutique and turn the other one into mobile phone accessories
. The person who has been managing the second one is my younger brother plus a sales boy.
Now the first problem is that he has no knowledge abt the phone accessories, the solution for it is that I have already made arrangements to a shop where he will learn the business for a month or more.
I am not married yet, I love to marry oo but I have not find her.
Second problem is how will I be able to monitor the shop, because I will be investing abt 4m in the shop.
Should I go and marry before opening the business or should I continue with my younger brother plus atleast 2 sales girl..?

What about those two girls you wanted to marry? Ijeoma abi Sarah What about the Deeper Life girls whose parents are poor but both are virgins?

https://www.nairaland.com/7898160/what-dangers-marrying-girl-poor

https://www.nairaland.com/7576463/confused-choosing-wife-partner

https://www.nairaland.com/7677133/how-feel-ur-gf-call

Britishcoins, the day you go marry ehn, you suppose to invite Seun to the ceremony. You remind me of another Nairalander Seatrade. Being a young and hustling entrepreneur and single at the same time doesn't seem as easy as I envisaged, judging by both of una travails.

---

As for managing your growing businesses, you need to automate the process. It reminds me of Strive Masiyiwa's 3Ps: People, Product (Service) and People. This is one hindrance I have noticed in businesses owned by Igbos compared to Yorubas. Yorubas tend to structure their enterprises better than Igbos, leading to faster and more progressive growth over time. As a result, they attract talent, pay higher salaries and, most importantly, run standardised recruitment processes. I would implore you to attend a course on entrepreneurship at Lagos Business School. The Owners Management Program is highly reputable and recommended.

You have to think long term with the business rather than Nwa Boys here and there. Also, separate business from yourself. There are two different entities. You need the business to run efficiently on its own without your daily presence or even interference. That is how companies survive and flourish.

Iamzik:
ECWA was established by the Sudan Interior Missionaries who worked predominantly in the north while the baptism/Methodist missionaries workes in the south West. So that explains why you won't find much of ECWA, COCIN ERCC etc in the south. Just a handful of them are here and like I said they don't believe in opening too many branches. So when you move from north to south you're most likely to change church

Again, thank you for your explanation. I will read more about those churches. There is another church which is popular in Abuja headed by a woman from the north. I have forgotten its name, but I saved it on Google Maps sha.

I don't know why you asked specifically about young women (oya talk true)🤣
Well, Young ladies in those churches are very traditional and homely. The church doesn't allow women to wear trousers or dress provocatively. Just be modest. Single women are allowed to join the women fellowship so that is one avenue for mentorship and guidance. As in every population there will be an outlier but most young Christian women from the north are discent.

That is all I need to know. I go find the one way wey like trousers. Thanks a lot Zik!

Raalsalghul:
You don dey find wife Gerrard?

Yes sir. Make I begin deploy my McKinsey's strategies aimed at getting the best woman to join my boring lifestyle. Hard man, hard man no dey pay o 😂 For now, everything seems to align with my hypothesis. It is left for me to play my part as a man.

beardedboy:
1. Eatery food is abundant. Moreover, most girls of today are terrible cooks. Finally, if you want to be a dependent wife (my money is my money but your money is our money) then cooking for your family is the least thing you should complain about.

2. Woman shouldn't pull her pant without seeing a condom. Moreover, there's female comdom so?!

3. Once again, keep your thighs together or prepare to get a job to feed yourself and the product of your recklessness/irresponsibility.

Have you seen a female condom? Cos if you have, you would know why women don't use it. Biology favours the man when wearing a condom.

Iamzik:
Orthodox churches are considered to be more rigid in their church doctrine. You can't just wake up and open a church and call yourself a pastor. You must attend a seminary for years and learn under a senior pastor.

They are not sensational or show oriented and they are generally more focused on teaching doctrine and church welfare than building multiple branches in every city or flying private jets. I'm sure you don't know the name of ECWA president cos he's not popular and it's deliberate. There is no emphasis on prosperity preaching or seed sowing. When there's a need the church secretary will announce and people will give willingly as the have. No cajoling, guilt tripping or compulsion.

Every baptised member gets a copy of the church financial statement in hardcopy with statement of income and expenditure. Church finance management is very transparent

Thank you for your explanation.

Apologies for the question, but since it is an anonymous forum; why did you leave those churches? If it was based on relocation, why did you leave the north? How come those churches are not popular amongst Christians in the south? How come they don't have branches in major cities in the south (apart from cosmopolitan Lagos)? Finally, what is your opinion about the young women who are members? Say compared to their counterparts in those other churches I mentioned.

lastkingsman:
Haba na. It's not the same analogy abeg. Minimum wage in South Korea is 7.8$ and Japan is 6.49$.

Please compare that with Nigeria that's 14 cents. It's not this same analogy. China is 3.5$.

Those are big boys, but remember, I mentioned Vietnam and the Philippines, which are comparable examples.

Remember the point I am trying to make here. You said Nigerians want strong currency. I am trying to establish the fact that Nigerians want their currency to be able to purchase sth and the true measure I normally use is minimum wage per hour as it covers everybody in the country including the people earning the lowest.

Unfortunately, Nigerians are not productive enough to warrant high salaries. Previous salaries relied on oil wealth to grow the economy. However, oil production has plunged under gEnErAl Buhari and his brothers inflicted harm on Nigerians who decided to invest in agribusiness, even to the extent of killing their own in katsina and Zamfara. We need massive FDIs and a government which protects private wealth.

Just ten year ago, that 30,000 naira tranlates to $1.33 per hour in Nigeria. Is that not low enough to give you a competitive edge in export?

There was little push by previous governments to revamp the economy and stop needless subsidies. Yar'Adua cancelled the sale of refineries, which stopped the progress of refining our crude. Jonathan removed subsidies so that private companies could see the need to invest in refineries. Tinubu and Buhari ganged up against it. What we are suffering would have been endured when the going was good = oil price was high, and insecurity was at its nadir, and there was enough reserves in the excess crude account.

Remember that in production (for export), labour cost which we are discussing is just one of the components. We have others land, capital and entrepreneurship

The biggest issue we have is the capital component as you need borrow at unreasonable interest rate, purchase and maintain infras a lot (including your own generator) to run a successful venture here. Our infra deficit is 800bn USD and nothing has been invested to bridge the gap

This is why I have recommended supplying electricity to industrial parks, which each senatorial district should have one based on its comparative advantage. In return, remove levies on imported equipment and tackle the issue of Fulani herdsmen as that affects livelihoods and transportation. Infrastructural development no too hard. Do PPP and privatise all major roads and rail services.

lastkingsman:
Gerard, you are mixing it up. Let me do a quick analysis to paint a picture here. I saw a recent twitter post where someone claimed a nurse he knew was earning 25k and out of annoyance he sent her money to do her international passport

Minimum wage in Nigeria is 30,000 (that's 20$ using 1500/$ rate). Let assume the person works 7hrs per day (mon - fri), that's 140hrs in a month which translates to 0.14 dollars or 14 cents per hour. Can you compare this pay rate to any country in the world?

Someone earning 90,000 naira in a month is earning around 72 cents per hour. That's how useless the purchasing power has been.

Nigerians want their pay rate to be able to purchase goods and services. The depreciation of naira is killing us

This same analogy exists in Japan and South Korea, two developed countries with very weak currencies compared to the dollars. Professionals in Singapore out-earn their Japanese and Korean counterparts because the SGD is stronger. What about Phillphines? Obviously, the free fall of the naira might be bad, but we cannot have a strong currency. It does not suit us - huge population and limited natural resources. Or are you suggesting salaries should be adjusted as the exchange rate changes? Also, salaries in Nigeria differ. What is 50K in Lagos is different from 50K in Taraba. The major problem is that we are not producing enough as we ought to. But the naira cannot be stronger again as 2000-2010s. That time don pass.

Another example is Vietnam. We don't need a strong naira. What we need are massive FDIs into productive sectors which can employ a lot of people. Again, Vietnam is walking in that path with major corporations opening manufacturing facilities across the country for EXPORT.

Bobloco:
But Nigeria has been more of imports than exports for decades

The problem is that Nigerians want a strong currency, but that is not feasible due to the hooge population. We don't need a strong currency. I like the naira as it is. What should is to enact policies aimed to easing the costs of doing business: establishing industrial parks in each sesnatorial district based on what the district has to offer; supply electricity to that park for at least 18 hours even if it means the rest of the state or district remains in darkness; open up more seaports and reduce costs of exporting products; tackle the issue of Fulani herdsmen for good; remove import levies on imported machineries etc.

Me no know why this sounds like rocket science o. Tanzania is doing what I outlined there. Should there be stability in that country for ten years, it will become a massive industrial complex for companies who want cheap labour and quicker access to Asia and the Middle East.

LordAdam16:
I've heard much talked about the Steel glut.
Maybe he's seeing sth the rest of us aren't.
When he started on the refinery, it felt like a poor decision because of the clean energy pivot.
Now, it appears he got in just in time.

Forget that clean energy pivot, it is bullcrap especially in developing countries' energy mix. Nothing concerns a country that needs massive industrialisation with clean energy. Germany till today imports massive amounts of crude and gas from the US, India and Qatar. Although China has invested massively in the solar and wind installations, new coal mines are built every year. India and Indonesia still dey. Pakistan and Tanzania etc. Until every country don develop finish, make people keep that clean energy talk one side.

I saw the stoopid arguments on Twitter - so many stoopid people there were lambasting his decision to build a refinery because of kini kon climate change. Nigeria needs the refinery and he did a good job at it. But for steel, good luck. The Chinese have dominated that market and achieved economics of scale. What they do now is export the rest thereby flooding markets with cheap steel due to over-production.

I think the biggest impediment to Dangote's sustained rise is the continent's lethargic economy that is neither expanding fast enough nor significantly. He is constrained by the size of our domestic (and soft regional/continental) market and whatever holes in the global market can be plugged from a non-traditional export source.
He is running out of low hanging fruits while his compatriots in Asia are building more factories, airports, ports, and pushing into new verticals at breakneck speed.
The likes of Adani and Ambani are not doing anything special. They're only doing things bigger.

Conflicts, massive debt crises by countries, trade restrictions and poor investment in infrastructure. That aspect of conflict is important because see Ethiopia: grew very well at a point only to engage in a protracted ethnic conflict thereby scaring investors away. Too many fights dey Africa.

On fintech apps, you'd think folks in the sector are blind to alternate opportunities in tech.
Particularly GCCs - Global Capability Centers.
Look it up and see how Indian magnates have captured that sector and how multinationals are on the prowl for a viable supplement

I checked on it and Indians dominate that sub-sector disproportionately. The only African country on the list is South Africa. There are opportunities to attract investments from players in that field to Nigeria: cities like Uyo, Enugu, Ibadan, Benin and even Kano can be hubs for them. But it will be hard to attract Western players. So, the best alternative will be to seek investments from India and China.

https://www.bloomberg.co.jp/news/articles/2023-06-15/RW81L8T0G1KW01

studyless123:
The figure you quoted as the official rate is not correct. But let's assume that your info is correct.

The major reason is the fx backlog. You can't give what you don't have.
The CBN is owing some $7 billion and she doesn't have the money to pay.
The foreign reserves is almost nothing.
NGN excess crude account has less than $500,000
Declining foreign investments

Anyone that understand these things will not be surprised why we have the present rates.

Amaechi, Fashola, and the fugly-looking Oshiomole were at the forefront of "share the money" when attacking Ngozi Okonjo. In 2015, Nigerians voted and campaigned for a cattle rearer whose cows defied biology and elementary economics.

Nigerians deserve everything they are facing!

Bobloco:
Why is it on a free fall

Because Nigeria imports more than she exports.

Simple.

P.S. Nigeria doesn't need a strong currency in the first place. We are not Switzerland or Singapore.

Bobloco:


Gerrard59,
I thought you said Naira had not been floated, but here's Reno Omokri reconfirming that Naira is being floated.

Reno is not an intelligent man, so I don't know why you are tagging me to read his bullcrap.

When the naira has a single exchange rate, both at the banks and at roadside exchangers, then it has been floated. There must be a single exchange rate for the currency. How is that hard to grasp? This is the second time I am asking this question.

Hedonisco:
These soulless Fulani animals would be our undoing if we don't do something about them. But no, we would rather focus on Igbo hating and 'IPOB'.

We understand that every tribe and race has criminals, but there is a level of thoughtless savagery that only Fulanis have proven capable of. To the extent that they're now a complete menace to the society. These animals should be cleansed out of the entire South. Let them carry their madness to Zamfara and elsewhere in the north. There should be no dialogue or consideration of 'good Fulanis'. There's no such thing in this context. We need to act with brutality and single mindedness.

But Tinubu asked: Where are the cows? Is Evans a herdsman?

LordAdam16:
dvisors know their onions.
His ambition is contagious tho'.
He's already making plans to venture into steel production.
If Nigeria wasn't a dumpster fire, he'd have been able to keep up with the Indian industrialists and become a trailblazer on the continent.

He's building wealth the good ol' fashioned way backed by unassailable means of production.

-Lord

I like his wealth approach - solve the needs of a developing country not creating 1000 and 1 fintech apps. But where would he get cheap and quality iron ore? What about power supply? Unless import restrictions, he would find it hard to compete against the Chinese. Those people produce steel as if it is picking sand in the Sahara.

Bobloco:
Stop making silly comparisons.
Is Nigeria Singapore? On what basis should you be comparing Nigeria with Singapore?

Does not change the fact that the naira has not been floated. Why is this hard to grasp?!

LordAdam16:
Interestingly, global refining capacity billed to be added between 2023 and 2027 is north of 10 million barrels per day.
Dangote's refinery will eat up only 600K.
In effect, Dangote can import crude oil from foreign sources and sell refined products to foreign sources with zero care in the world for Nigeria's energy needs.

He does not need the Nigerian market.
He does not need the CBN anymore.

-Lord

Nigeria is closer to Europe than India, where the continent buys crude oil. Although, Indian refined oil is cheaper because of discounts by Russia, but logistics costs, especially as a result of the Suez Canal, should make it quite costlier than Dangote's. As you said, he has no obligation to sell to Nigerians. Even if he did or he does, the price will be at global rates. Dangote is going to be stupendously wealthy in the next decade. No one in Africa will unseat him as the richest individual.

The subsidy ought to have gone since 2012, but intellectwats who campaigned and voted for Buhari, including Tinubu, fought against it.

Nigerians deserve their rulers.

toujurs:
Bunch of agbado fools. Dangote wants to cause more tears. Agbado tears will flow. The suffering hasn't started yet. This is just 9 months, and the drama has been way too much. Mali, Burkina faso and one other country just left ecowas, under tinubu watch. Tinubu is the worst decision, ever made by some nigerians out of bigotry.

Dangote definitely would but these crude, in dollars, and sell them in naira, and the exchange rate now is 1,500naira to 1 dollar. How do a common man survive. When buhari left, a dollar was 850. This is just 9months under tinubu, and it's times 2. Prices of basic things, sma gold is now 12000 for just a tin o!

Are there no alternatives? Honestly, as much as I felicitate with newly wedded couples, I don't envy them, especially those who just had children.

Good luck to everyone involved.

WakeUpNigerians:
Stop arguing!

Use your head!

You people used yours yet campaigned and voted for Buhari in 2015.

Now, you are telling me who did not vote for Buhari to use mine.

Bobloco:
Please stop arguing

It was floated in june last year and we warned then that it was a disastrous thing to do

I gave an illustration using the Singaporean dollars. Thankfully, facts don't care about your feelings. As long as two different rates exist for one currency, the currency HAS NOT BEEN FLOATED!

kingsways:
You are wrong sir. Under Buhari, the official rate was fixed but the black market rate automatically floating.

What Tinubu has done is to float the official rate, but that official rate under Tinubu is now worse than the black market rate under Buhari is quite an issue

That is not true. The evidence of a parallel rate refutes that claim. There must be only one rate. As long as two rates or even three rates exists, the naira has not been floated. Also, subsidy still exists.

As I write, 1SGD to USD gives 0.75USD. It means at any location in the world, I would get 0.75USD for a 1SGD. Is that the same thing as the naira? Would I get the same figure as seen on Google at a roadside exchange converter?

kingsways:
The black market rate is the rate at which the Dollar is freely available and anyone who has Naira can easily buy Dollar.
Now, can someone please help me out and explain why the official Naira to Dollar rate today is worse than the black market rate as of Buhari's last day in office 28th May 2023?

28th May 2023:
Official rate: N465 per dollar
Black- market: N780 per dollar

28th January 2024:
Official rate: N1,348.63 per dollar
Black- market: N1,450 per dollar

There is still subsidy, and Tinubu has not floated the naira. As long as there exists a parallel exchange rate for the dollars, expect more of such. It is good anyway, after he and Buhari threatened to form a parallel government in 2015, all in a bid to oust Jonathan.

If Peter Obi likes, let him do mumu and run in 2027. Emi Lokan must finish what he started!

Anyway, with this news, I hope Nigerians have realised that petrol would not be cheap and should it be sold for less than the prevailing exchange rate between the dollars and naira, it means there is subsidy. Also, subsidies cannot continue because most of them are via loans.

God punish the bastards who campaigned and voted for Buhari in 2015! Some of them fled to white dominated countries and currently battle with freezing temperatures!

BadMaster:
I see so many idiots defending this move by Dangote. What happened to all the crude oil we have been producing and still producing? Why isn't Dangote getting from our own crude oil? Why is he importing from far away US?

And some fools actually believed Dangote refinery would make petroleum products cheaper. Isn't it idiotic to think it would be cheaper when he is importing for refining? Moreover, this would further deplete our US dollar reserve.

This country is useless.

Nigeria doesn't produce enough crude oil and the amount we produce has been locked up for sale in exchange for debts. That is, the current crude being drilled as I write has been sold even before it gushes out. Blame those who campaigned and voted for Buhari to phight kwarruption and Osinbajo to pprateckt the hekonomi

Iamzik:
Pentecostals consider them orthodox because of their mode of worship. They sing, dance, preach, teach just like a normal church. They believe in the holy spirit/baptism and you can speak in tongues in your private prayer but if you speak in tongue to the congregation there must be an interpreter. Their doctrine is pretty much straight forward and less complicated.

I enjoyed every bit of my time worshipping I'm ECWA

OK. Thank you for the explanation. So, what makes ECWA or COCIN in this case, different from the likes of RCCG, Winners Chapel, Salvation Ministries, Christ Embassy and the numerous churches in Nigeria?

chronique:
When did seun employ a lunatic as a moderator on Nairaland? How can your moderator be pushing a very useless thread that is clearly misleading to even the blind, to the front page? Is Nairaland now a place for people to post jargons/unverified news? You guys better close this rubbish thread.

The blame is on Punch because, with this publication, ignorant folks will believe it easily since it was published on a "reputable" newspaper.

Tonytonex:
so it's not true what they posted?

How can it be true that Tiwa Savage is worth 17BN? It means she is richer than JayZ and other billionaire celebrities in the US.

BoldBrainz:
Nairaland is becoming a very embarrassing forum.

Folks lift contents from twitter(X) and the half-baked moderators swiftly move them to the front page without an ounce of due diligence or verification whatsoever.

How can Tiwa Savage be worth $17 billion while Wizkid is pegged at $30 million? What are you all smoking in this joint for heaven's sake?!

It is not Nairaland's fault but Punch Newspaper. It was published in an acclaimed newspaper in Nigeria. That is the problem, not a user generated forum.

I knew there was a problem when I could not find a source where this data was sourced. I expected to see a data from FAAN or from the Ministry of Aviation. To think this was published in a "reputable" newspaper shows how the great have fallen. Punch wey I dey read back-to-back during my teenage years is publishing mumbo-jumbo.

God help me to fund thorough research in Nigeria so that the era of dem tell me say, trust me bro and I no fit lie give you gets thrown into the bin for eternity!

cc: kelechiphd009 This is why I don't take statements from Nigerians seriously unless backed by cold-hard facts. If Punch can do this, it means it is finished!

COMPAQ:
Which Lagos - Ibadan high speed train service
Train that runs at 90kph!!??

You get what you pay for. You want high speed railway? Pay money for high speed railway.

Better soup, na money kill am.