₦airaland Forum

1. Dangote will buy his crude in dollars and sell his refined products in dollars.

2. The Naira equivalent of the dollars will be the price of the refined products and it will be high in Naira.

3. Dangote would prefer selling his refined products in international markets for top dollar and potentially give Nigeria a 10-15% quota.

4. The only savings for Nigeria with Dangote is in shipping and clearing costs we currently see with imported refined products. But again, our roads are bad, no railtrack and waterways for cargo transport, and so the difference in logistics costs will be minimal compared to current situation

CodeTemplar:
Dangote will fire and save us from petrol importation. That means dollar demand is about to drastically drop. It now depends on what uncle Yekini's govt does with the dollar Dangote affords them. You projected well but there are some changes on the horizon that can change all of that.

On top of that, the money to pay back the debt is meant to be from oil and gas sales which have already been mortgaged in forward contracts.

donmaxman:
You know nothing about exchange rate. This will not stand the test of time. Imagine borrowing 10 billion dollars to salvage the naira. What happens after the money finishes? The debt would have to be paid back with interest in dollars. The only sustainable way to grow the naira value is by production and not by voodo economics or by foreign direct inflow. FDI is almost zero for now. No investor takes Nigeria serious anymore. The currency is unpredictable. The diaspora remittances that use to come through western union and money gram and prop up the naira has dried up because the Nigerian banks were taking our dollars and giving our family naira at CBN fixed route. Now no one routes money through that means instead foreign apps collect the forex and credit your naira account from their Nigerian account at the black rates shutting out CBN and making Nigeria lose completely. Emfiele realized this and tried to attract the diaspora earnings but the damage and trust has been broken forever and this heavily impacted on the naira value. Nigeria will have to fork out more dollars in the future to pay the 51 billion dollars foreign debt. Don't be fooled by this gimmick, the foreign reserves have been depleted. Crude oil earnings have depleted. Nigeria is competing in the same market with the USA and Canada to sell crude. Most of us in the diaspora are thinking of selling off our investment in Nigeria and repatriating the funds to safer clime because we know your naira is useless. Imagine a former president printing 72 trillion naira without national assembly approval and without consequences . Can you invest in that kind of country? Bro forget naira is almost toilet paper or monopoly money. No body that is wise stores his wealth in naira. Pressure for forex is far more than the income. My only regret was even having some of pension and assets in naira. Forget Naira!!!

All this one na propaganda.

Dollar is falling but pound has not moved? Its a sign that its temporary gra gra because most people look up to the dollar, so the govt targets it.

On the usd to pound exchange, Dollar is still strong,so its not like Dollar is depreciating in the international forex market.

Better to wait and see

...Or probably, what you are saying is that the rest of the SW politicians are simply imp0tent? To be ridden by one man for 2 decades?

Benwallt:
Betrayal runs in Rivers politicians blood.

Amaechi removed every feather on Odili

Wike stampeded Amaechi in the mud until he was cleaned up by APC

Fubara is showing Wike shege so soon.

Jagaban is their father. 2 decades of breathtaking relevance and still counting.

English! Very easy to speak.

But when it comes to the numbers i.e. mathematics, all that triage cr@p you are saying here would been seen for what it is BS!

Nigeria needs loads of $ in backlogs payments and to stay afloat.
Nigeria is owing over $100B.
Nigeria is spending over 96% of her revenue on paying back loans.
Nigeria has crude oil forward contracts already asking to be paid.
She goes to borrow another $10B to shore up the Naira t the expense of future earnings and this is not for capital projects that would generate more money ooh. So the debt cycle is broader now.

Do the math and not the English.

BreconHills:
Intervention is predicated on the systematic imbalance in fx reserves. My feeling ( and this is my view) is that by end of Q1 we will see the impact of gradual asset monetization - the securitization of gas revenue is a start. Once we show appetite for our own assets, we will see inflow. I forsee N700-800 to the USD by Q2.

Asset monetization is the way to go. NG must unlock dead assets to create headroom. I am convinced that after the current triage measures we will see concerted efforts in this regard.

You don't seem to understand.

Dividends are paid annually. The last one from NLNG was around $722 M. Going by that trend! it would take 10 to 15 years for Nigeria to make $7B.

Now, Nigeria does not have $7B, and to get $7B today, Nigeria FG is asking whoever that will bring it to take and own future dividends of their share of NLNG. That organization will say, ok, take the $7B which we are raising through various channels with financing. And for that, Nigeria FG would pay them an interest because it is a risk (What if the NLNG blows up and takes 2 years to rebuild? Etc etc or Nigeria goes to war and declares force majeur?) . So for that $7B to happen, Naija FG would have to sign off the NLNG dividends for the LOAN, which will come at an interest, with timelines and other terms. If not, no $7B. And if Naija defaults, then their share of the NLNG is gone.

So, my dear, it's a loan with the NLNG dividends as collateral. If not, oya go and collect $7B from NLNG dividends naa.

zionstaar75:
u go school at all?how is dividends loan?it means you've never had shares in any company in your life, pathetic

Actually the entire south east of Nigeria is laden with commercial quantities of natural gas. Imo state alone has 24% of the proven natural gas reserves in Nigeria.

Pay attention to the word "proven reserves" and not production. It means that of all the gas we have in Nigeria Imo state alone has a quarter of it and Imonstate is not the top producer because they haven't even started using the reserves, and now gas is more in demand than oil as the cleanest fossil fuel with prices soaring for the future.

The geologies of Njaba basin, Imo River Basin, Nekede, Ohaji-Oguta trough are well endowed with gas - thats just part of Imo state. Seplat and Shell are building a massive gas plant in Ohaji, Walter Smith has already built a functioning refinery in the same ohaji already and expanding. Also the Egbema troughs bordering Elele Alimini and Omoku in border town Rivers States are laden too. When we were younger it used to be Ohaji-Egbema-Oguta local government but as you may know they separated the oil-bearing Egbema from the south east and put it into Rivers state.

Abia state has huge reserves as well and is producing more than Imo, behind Delta, Rivers, Bayelsa and Akwa Ibom.

Anyone with a good knowledge of Minerals Geology and petroluem engineering would realise that lots of Natural gas would be found in Enugu state which has the largest coal deposit in Nigeria.

The South East is primed with Energy fluids and getting ready for massive manufacturing and energy sales.

If you know anyone in the Drilling and Exploration department of Shell, Total, Chevron, Mobil and ENI, just ask them about the Geology of the South east for oil and gas. You would be told all I mentioned above

lexy2014:
How did u arrive at your theory that because u suspect the fire was caused by gas in Enugu, then automatically the entire SE has natural gas?

In the new age today, its to be treated like the gold in Zamfara

Zionmdde:
Sorry bro, but state government has no business with exploration and production of natural resources no matter where they are found, the resources belongs to FG

Also there may be gas there but other factors might make the production not economically viable. But let's hope Enugu will enjoy the presence of this Natural gas

Where is the electricity, logistics, security and ease of doing business required to set up a textile factory?

Or is it when I want to set up a textile factory, I will first use my business money to invest in power plant, tarring roads, pipe borne water, security and local community action before my first textile machine even lands?

That’s the problem. By the time you start this way, your are already making a loss and cannot export competitively in the global market.

So I will just better use the money and import

7lives:
God bless you my brother, the forex that Nigerians spent on importing Chinese textiles aka Ankara China, if that money is spent our textile industry, a lot of jobs will be created.
Let this country learn mass production of her goods and stop the nonsense mass importaions.
Nigerians should go and see what L'Oreal Paris did for France, Huawei did for China, Microsoft and Apple for America, and so on.
Businesses brings Forex into the country not the government.
Enough with the cry for dollars, whoever needs dollars to import hair extensions, intimacy gadgets and all kinds of trash, should generate theirs.
Only the productive sectors of the economy should be allowed to access Nigeria's forex.

Because the Federal Government has refused to diversify key infrastructure that would enable states thrive.

Ports: Decongest the Lagos port to Calabar, Akwa ibom, Warri, PH, Bayelsa.

Electricity: Allow them sell electricity to whoever they like and not just saying they can now generate and distribute internally but cannot well to other states.

Rail and Road: Drive the logistics there and build Federal roads

Gas pipeline: Allow states to build their own infrastructure for their industrial plans.

So yes, the apresident would always be blamed because there is too much power in the presidency and they refused to do these

Burob:
Nigeria is not working, because the states of the federation created by the military for politics, tribalism & What have you, is not working, the states add no value, yet the the majority peasant citizens as represented also on this forum, focus more on the President & blame everything on the office, instead of their individual states of the federation, what the great Fela tagged colonial turned military mentality.

The citizens are yet to understand the democrazy they practice.

Which sudden policy will crash it?

- 24 hrs electricity 365 days a year?
- Smooth logistics in road, rail and water ways to make ease of goods movement?
- FG taking over all minerals like gold etc and sharing the proceeds like oil?
- Boom of manufacturing and export of goods?
- Security if farmers nationwide? And the people processing of their products?

See, if they don’t roll their sleeves to work, all the english of policy will mean nothing. Isn’t that how dollar fell 900 to 840 when they said $3B was coming and then boom it’s 1,200.

Vision101:
A few hours ago I wrote here that the fx rate is purely caused by speculation and roundtripping. There is so much arbitrage going on. Some people in their usual way with political undertone abused us.

I mentioned that a sudden policy will crash all this. I hadn't read this news then. It's basic economics that hence we are import dependent economy and if the consistent upward movement of the rates is a true reflection of the economy then the smallest packet of biscuit would not be less than #500. But this isn't the case. Then something artificial is going on.

Watch out for major policy that will shake naira in the first quarter of 2024.

I will keep repeating this: I'm an Igbo and apolitical. President BAT is the best among the three. He inherited so many problems but will not talk because buhari is from APC. The mess started from two years towards the end of Jonathan's regime but buhari rubbed shit everywhere.

For those working and earning 2M and above, it no longer makes sense.

Some people who were earning large in Naija 10-12 yrs ago, like the oil boys have seen their Naira earnings increase but the real value decreased geometrically.

Imagine if you were earning 1.65M per annum in 2011, that was $10,000, but today even if you got promoted 3 times and are now earning say 4M/year, that is now $ 3,333. You have essentially lost 70% of your earnings. Same is happening to pensions. By the time you retire, your pension contributions would be worthless.

Ok, if you were earning 700,000 a month in May 28th that was $1,000, but in 4 months that is $583.

Are you for real? Which plan worked?
Who is in control of the borders?
Who is responsible for prosecuting smugglers?
Who is in charge of the fiscal system?
Isn’t it the same government?

Excuses do not bring progress. We don’t progress because of citizens standing in for poor performance like you are doing

CodeTemplar:
You guys are so confused by economics, you contradict yourselves.


The plan to reduce dollar demand worked as expected but not to the extent anticipated because smugglers still needed the dollar to buy and bring to the borders before smuggling in. That alone reduced the effectiveness of the exercise but is no fault of the economic team or CBN.

The saboteurs who allowed smuggling in borders are to blame. The weak fiscal system that allowed dollars at lower I&E rates back in the hands of smugglers is.

The problem is trust.

If you were one of those importers hoarding dollars, would you trust the government and release the one you are hoarding?

Wouldn't you just go into the I & E exchange and ask for more dollars for importing those unbanned products thereby putting more pressure on the naira-dollar situation?

BoldBrainz:
I have mixed feelings about this.

This is a purely experimental approach. They want to remove those import restrictions on those items to see if the entrance of more importers into the market will compel those hoarding FX to push the dollars back into the system.

Also, those items have been on restrictions for years now, yet they're somehow finding their way into the country and to the local markets. Means importers are still smuggling them in. So why not give them the freedom to import so to see if it unties speculative knots around the FX windows?!

Even if this is to ease pressure on the naira, it will be minimal and not immediate, say from next year.

I don't know about the Nigerian passport application situation but abroad, there are thousands of backlogs since June 2023.

I personally know 10 people in UK with backlogs since June.

So lets be thorough first.

wakaman:

" tunji ojo is a woman"

She has delivered exceptiobally on the passport thing.
Ask people that have processed their passports lately.
As i am sure you or anybody around you has any business with passports or international travel.

KQ!

Wow! You have shown your mentality for forgery comes to you easily. You "just tick you are a citizen"? No wonder!
You go to another person's country and fill a form and just tick you are a citizen. You would go to jail for identity theft, forgery and if the form is under oath, perjury! You see how una dey open una yansh ?

AndroBlaze:
So if I fill a form in foreign country and tick I am a citizen automatically that makes me a citizen shey...... kai you people tire me.

Anyway I think you people should go and listen to that song "Landlord travel and see".. maybe then you will start to appreciate the hustling Nigerians in a foreign country usually go through

Since he likes to do due diligence, let’s do it together on this mail as follows:

1. Share the sender’s email let us send them an inquiry to confirm this chat.

2. What is school, department etc?

3. If You approach the so-called paradigm, wouldn’t they have to get approval from the school to
Print your details? As the paradigm doesn’t have the school database but should depend on the internal school approval for such inquiries. So if the school says they don’t know about your paradigm and cannot certify that diploma you presented from your paradigm, doesn’t it mean that that document has been forged? Abi na Paradigm State University you go?

abc115:
https://twitter.com/Dab4Youth/status/1710019028972933439

Jafar Jafar is subtly introducing the idea that getting your certificate from a “3rd party vendor” is legal in the US, but we all know that if you have to get such a service, you must apply through the school who would route your application to the printing party and provide them with the required information to print.

1. Did Tinubu do this application with the school for a new certificate? The answer is no! You don’t just go to anywhere and forge a document even if you attended the school.

2. Secondly, did Tinubu send in the forged document to INEC for the presidential election? The answer is yes.

3. Thirdly, does the Nigerian constitution disqualify such a person that did 1 & 2 above from contesting elections? The answer is yes!

So it’s not complicated.

Let’s be wary of accepting the 3rd party vendor BS.

This is surely not for those who applied for passport renewal abroad.

I spoke to over 10 people this week I know who haven't received their passports despite applying in the UK since June. New applications out of Nigeria Embassy London place your next available biometric capture date at February 2024

Musings of a skeptical mind:

1. What does the company stand to gain from this price reduction?
2. Is this the same quality and strength of cement 42.5 grade or has the quality been dropped to match the price?
3. Why is this happening now?

True talk

ivandragon:
You guys need to stop this sweeping castigations of ethnic groups, in this case Yorubas, especially on this APC/BAT issue.

There are millions of Yorubas who do not support BAT or APC. But when people like you turn it to ethnic 'war', you force such persons to take sides by defending thier ethnicity.

Limit your criticism to the APC & BAT, don't drag the whole ethnic group into such matters.

Yes, all private UNLESS you vie for Public office then by law those become public.

If you are fed with public funds to perform public duties, then everything about your privacy in statutory terms goes!

Tetraozonaitera:
I'm Yoruba, I am an Obidient citizen.

I was against Tinubu all through election time.
I still don't like him and his policies but, what does anyone want to do with someone else's school records. Is it not supposed to be a private thing?

Did he attended the school?
Yes or No.
Did he graduate?
Yes or No

What do you need my school records for.
It's my private material.

This is not right naaa.

Can we at least respect this guy?

We are just losing our values in this country

At this stage, he should be saying, "I have the solution to Nigeria's Oil and Gas challenges".

If you are running for office, it's because you have seen what to fix and have developed how to fix it.

Saying you will find the solution about 4 months in means you didn't pay attention to the problem or have a solution in the first place.

Calm down and learn economics.

Nigeria is rife with importation because the government failed in their responsibility to provide basic amenities and policies to drive in-country manufacturing;

1. 24 hour electricity and gas supply
2. Smooth logistics (decentralized ports, railways, waterways, roads)
3. Eliminate multiple taxation to SMEs
4. Stimulate export-driven policies

If these were provided and continuously improved,
Lots of goods currently being imported would be manufactured in country.

But they didn’t, so it’s better to put the blame where it lies

tollyboy5:
Orisirisi, Nigerians are very funny set of people. Emeka, Ebuka and kingsley are into importation business and they import all manners of rubbish from abroad.
Tayo, Taiwo are also importing all kind of jargons from Europe. Now the government import petrol and many of you are complaining. The government is just a mirror of her people.

Give ten Nigerians loan today if they wont build hotels, club etc everywhere. I honestly asked one person who criticize obi when he was a governor on this forum why he/she was now rooting for obi now. The person did not reply my mention. Obi business model and performance as Anambra does not make him the best candidate over others to me.

You cant give what you don't have, how can a importer model the Nigeria economy when he failed to do that in his state?
My friend do say my soft spot for tinubu is because i'm a lagosian, i dont just have time for his capping yet. I know his soft spot for obi is because he likes igbo and edo people are big fan of obi.
Normally the igbos are being cheated in Nigeria but obi will fail if he was the president in nigeria kind of government settings where cabals has a bigger say in government. The person most fit for this job is the boastful mr tinubu. Lets see if he can really prove himself.

Obi fans feel they apply common sense but what they apply is emotional sense of entitlement. My friends tag me as tinubu supporter but some of my APC family tag me obidient but this obidient dont know we cant hate on our family because they're APC or tolerate insult because of a political party lol. On the day of election everyone in our house went to vote obi, my mum forced our igbo tenant to come out to vote obi. I had my reservations but my uncle said "Obi ni o!" . Now elections are over everyone has moved on but obi fans are still insulting us.

Obi is just like the rest nothing special to offer, at this stage of my understanding i can tell when someone is just gathering enough fans to when someone will actually perform. Obi will perform well in a government where there are lesser opposing forces but for this type of government, tinubu or atiku are ones that can make big moves and dare alot of opposing forces in government.

And those rooting for military rule and yet complaining about wike arrogant nature are confused and might also be obidient also.

Liar liar, pants on fire! 🤣🫠

Don't come to use words to pacify lies told in the past few days.

What should have been done is to wait for an official notification from both Governments and then run with it. All these propaganda is just childish.

Don't be in a hurry to paint scenarios

festacman:
Leadership, among other things, is about solving problems. So, kudos to President Tinubu for resolving this diplomatic problem with UAE.

Of course, the meeting held following initial behind-the-scene discussions between the two countries' officials. Recall that Festus Keyamo and other government officials were already in UAE days before Tinubu arrived. The facia con facia meeting between the two president was to formalize it. The behind-the-scene works continues until finer details are worked out.

It must be admitted however that excitement got better of Nigerian side of the table but all the same it is a major economic/diplomatic breakthrough on an issue, which former President slept on for whatever reasons.

Perhaps it’s a different “Grace” from the one preached in Christianity.

Kingosytex:
He will. Man has always schemed himself out of every problem as he always seems some steps ahead.
I think that there is this grace upon his life, he hardly struggles for anything. All his elective positions he got on first attempt.
I think he will waggle his way through.

https://punchng.com/united-nigeria-airlines-gets-flight-approval-to-usa-uk-others/?amp

The Punch Newspapers reports that the United Nigeria Airlines has obtained flight approval to USA, UK and other countries

You have demonstrated poor knowledge of car manufacturing and its business.

Better to be silent and learn.

One keyword to learn is the five-letter word "Scale"

maximunimpact:
Great!

I hope he won't be like innoson who don't manufacture for mass market but keep hoping for government patronage

Guys,
Let’s not get ahead of ourselves
.
This is one of those times we can actually say “give him time”. It’s very simple, let’s come back in 2 weeks and see the results.

Let’s not hail him first. Just 2 weeks, that’s by 21st September. If the backlog has been halved or better, I will hail the guy (I am a practical person).

Let’s stop the attitude of hailing people before the work gets done

Can we resurrect this thread?

Absolutely fantastic people and info here

I bow to all of una

But the post doesn't say anywhere that he is Igbo.

FreeStuffsNG:
Revealed: Gabonese President Ali Bongo Adopted From Nigeria’s Southeast During Nigeria Civil War

November 13, 2015
PM NEWS, LAGOS


President Ali Bongo Ondimba of Gabon is a Nigerian of the ethnic Igbo stock, adopted by a former leader of the country during the Biafran war.

This startling revelation is about to be revealed as a court in western France Thursday allowed a family member of Ali Bongo Ondimba to view the birth certificate of the leader after accusations that he lied about where he was born.


With next year’s presidential elections approaching, controversy has been brewing over Ali Bongo’s place of birth with critics saying he falsified his birth certificate to hide the fact that he was adopted from another country.

If the allegations prove true, it could keep him from running for another term and cost him his wealth.

The court in Nantes allowed 25-year-old Onaida Maisha Bongo Ondimba, a daughter of former president Omar Bongo, to view the documents in full.


Her lawyer Eric Moutet hailed the decision as “enormous”, though “diplomatically complex”.

Ali Bongo is the only one of ex-president Omar Bongo’s 54 declared heirs not to have produced the identification documents.

Ali Bongo assumed the presidency following the 2009 death of his father Omar Bongo, who had presided over the west African nation and its oil and mineral wealth since 1967.

The Gabonese constitution says one must be born Gabonese to serve as the head of state, but French investigative journalist Pierre Pean alleged in a recent book that the president was actually Nigerian and was adopted during the Biafran war in the late 1960s.

Bongo himself claims he was born in Brazzaville in 1959, former capital of French Equatorial Africa.

The Nantes civil registration centre is responsible for all birth certificates of people born in French Equatorial Africa up to 1960, when the former colonial countries in the region gained independence to become Gabon, Congo, Chad and the Central African Republic.

Ali Bongo announced in late August that he would give “all his share of the inheritance” from his father to “the Gabonese youth” in a speech marking the 55th anniversary of independence.

https://saharareporters.com/2015/11/13/revealed-gabonese-president-ali-bongo-adopted-nigeria%E2%80%99s-southeast-during-biafra-war

Mynd44 nlfpmod