Heo88's Posts
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Aminat508: |
ba7man:Lol liar how? Pls I'd appreciate if you'd be kind enough to elaborate, along with your other two minions... The floor is yours ![]() |
sunnyb0b0:AbI o, let me say, I've been past and into eko Atlantic as recently as last week, there's mostly sand and the odd structure. Therefore it can be deduced that this media report is just to manipulate market sentiment favourably. |
LRNZH:Errmm I'm not trying to be funny, but a little correction is needed here: Yes the West Texas Intermediate crude benchmark has hit $50.08 which can be seen as favourable, but this can be attributed to the actions of the militants in the Niger Delta and wildfires affecting oil fields in Canada. FYI the way the pricing works is much like supply and demand in economics. If the militants dropped off the face of the earth tomorrow and somehow the oil production increased significantly, the increase in output will apply downward pressure on the prices of oil globally. Frankly speaking, many outside of Nigeria would like to maintain the current oil production output or even slightly reduce it in order to further increase oil prices. For the record, lower oil output is likely to increase global prices. If the right balance is struck then the increased revenues can offset Nigeria's current inability to maxmise its output capacity/potential. |
stanech:It's after the fact but these Fulani herdsman attacks are getting out of hand and Buhari needs to delegate an overhaul/improvement in policing. I am not keen on the link between it and added momentum behind Biafra. The initial Biafra movement was understandable in some ways due to the violence levelled at Igbos resident in different parts of the country, namely Kano. However, even back then when the momentum began for a Biafran Republic, Ojukuw was being politically opportunisitic (He was Northern raised, educated in England and his dad Louis was the founder of the Nigerian Stock Exchange). When the shit hit the fan, he ran off to the relative safehaven of Cote d'Ivoire and waved the white flag in surrender, from a distance. The demarcation of the area which includes the present day Rivers, Bayelsa, Akwa Ibom and Calabar subsumed within Biafra was a very deliberate move to ensure accrual of oil wealth/revenues. This was just as, if not more important than securing the safety of Igbo people. Had this cession movement been successful, it wouldn't have been to the benefit of the Igbos, Ikwerres, Efiks etc, at large, but to the benefit of a small elite as is the case in several countries/territories. In the present day, people like Nnamdi Kanu are also acting opportunistically under the guise of Biafran agitation to preserve the safety of namely igbos, and if he succeeds, life will not improve under him, I can say this confidently. Besides, whilst I recognise everyone has a right to self-determination and can assert the idea of an Oduduwa Republic, Arewa Republic, Biafra, Niger-Delta Republic etc, it's worth considering the merits behind it. Ultimately, in a day of Nation State arrangments, and being an African country with all the historical baggage which comes with that, it is only a further disadvantage to not have a port. A latter-day Biafra wouldn't mirror the historical Biafra which means it would be landlocked and import and export of physical goods would prove problematic, without cooperation from the Niger-Delta. This would be similar for the likes of an Arewa Republic. All-in-all, an overhaul of policing would remedy, at least in part, the security situation which is easily exploited by Fulani herdsman. However, if you're one who supports cessionary movements, it would be worth challenging your point of departure. The adage holds: "be careful what you wish for". |
BiafraBushBoy:Bro it is very admirable you have accorded him respect due to his age etc. However, the man, according to your post, evidently doesn't appreciate your efforts and somehow sees fit to falsely preserve his ego at your expense, which is just plain unfair. I can see how his hardship pleas have tugged at your heart strings, but the reality is that keeping him at your expense may do more damage than it has hitherto. Effectively, and please correct me if I'm wrong, his lack of professionalism may deny you future opportunities and I hope it will never get to this, but the axe may fall on your head. My advice is that you are far better off saving yourself first before you think of him. I would hate for you to end up worse off in the long run. All the best with the decision you eventually make- it is well. |
Jirate:https://www.nairaland.com/3063651/nigerias-economy-choking-under-pangs/1#44945313 |
NavierStokes:Honestly this coverage is getting tiring, especially because many providing it are being economical with the truth. The long and the short is that the decision whether to devalue or not is not a panacea to solving Nigeria's economic problems. In truncated form, Nigeria's heavy reliance on its crude oil leaves it vulnerable to exogenous threats like the inevitable volatility of global oil prices and its consequent effect on the government's ability to fulfill its annual budget without having to resort to IMF/other borrowings. Any responses such as diversification is the solution, are correct, but in order to reduce importation reliance on consumables such as tomato, sugar, pencils (to name some of a few), it will take a long while to materialise, not least because of the inevitable resistance from vested interests who benefit from the income of imports. Getting to a point of manufacturing enough products/growing enough commodities to satisfy domestic demand will be a remarkable achievement, let alone producing surplus for exportation. In short, the naira shouldn't be devalued because it will exacerbate the existing issue of inflation which at its most recent estimation (March 2016) was 12.8%, up from 11.4% the previous month. Due to the squeeze on dollar availability and its adverse impact on the private sector, if Nigerians think they're crying now due to limited jobs and slow wage growth rates, they've seen nothing yet. What is likely (but not certain) is a devaluation will beget stagflation where by a concomitant rise in inflation and the unemployment rate occurs. This should be anathema to the regular Nigerian. In closing I recognise that a devaluation will predominantly benefit the foreign businessmen and women in Nigeria who benefit from exporting their produce (reduced currency makes exports cheaper), as well as the few indigenes who similarly benefit. However, make NO mistake about it, the majority of regular Nigerians will suffer as a result. Western and external pressure to devalue is to suit mostly foreign interests and as such I cannot co-sign such a move. Buhari, although I am not necessarily for or against him, is very right to resist such pressure and he is demonstrating strong leadership credentials thus far in doing so. 2 kobos worth from a Non-partisan Economist. |
Toluwarni:Point of correction: the man you quoted is black. Feel free to google him if need be. |
ticker:With much respect to Max Amuchie, he said it himself, he is no financial expert and his contribution should be taken with a pinch of salt. Unfortunately the full terms of the loan aren't revealed which naturally will give rise to plenty of speculation. Consequently, I will try to keep my own assessment as brief as possible (please be patient, it is a worthwhile read). China and the US have a rather interesting relationship in the sense that China's growth in the past 30 or so years and their population size, poses a threat to the US' erstwhile hegemony in global politics. Part of this can be seen by China wanting the dollar as the World reserve currency to be substituted with a basket of different reserve currencies i.e. the dollar, yuan, euro, dirham etc. For a truncated history on why the dollar is the reserve currency globally, this happened courtesy of a conference at Bretton Woods, New Hampshire, yankee, between the 1st and 20th July 1944. At the time the likes of France, UK, US, Germany etc were recovering from the Great depression of the 1930s and as a result had resorted to playing games with each other to have stronger economies, such as repeatedly devaluing their currencies to make their exports cheaper (otherwise known as a race to the bottom). For any of you that know a bit about modern history (i.e. past 300-600 years), Nigeria, Ghana, Sierra Leone, Gambia etc, were part of Britain and so their agric output and other commodities counted as part of Britain's collective output. The US was the strongest economy globally at the time and this meant they exported more than they imported, also known as a trade account surplus. Through Henry Morgenthau (US Secretary of the Treasury/modern day equivalent of Kemi Adeosun), they forced through the dollar as the world reserve currency, fixed the exchange rate of all the western countries and pegged to them to the dollar then this was pegged to the price of gold (until the oil crisis of 1973), meaning that if any country had problems funding their budgets and/or were importing much more than they were exporting, then the IMF (International Monetary Fund), would bail them out with certain conditions, using the dollar. The reason I typed the above was to state that much of the actions of 1944, still hold until today. China's arrival as a global power challenges this, and by providing funding to Nigeria using Yuan as the method of repayment, they're using this to gradually increase the circulation/dependency of the yuan globally in the hope that a reliance on the dollar will reduce at the same time. Time will tell if this strategy will work, but yes the demand for the dollar is still relatively constant because ALL countries around the world are invariably dependent on it as part of the management of their imports/exports and/or receiving bail out funds/loans, but this doesn't mean that the status quo will remain going forward. On the contrary, if this works, Nigeria's dependence on the dollar will contract and China, I believe will be offering Nigeria more favourable terms that the US wouldn't or couldn't (to maintain their global power). Honestly, I am awaiting developments with baited breath but if this works, it may well be a good thing for Nigeria and an economic recovery can happen quicker. For the avoidance of doubt, I am politically non-partisan and only offering a balanced Economist's view. |
989900:Bros your desire to see an improvement in our currency, and by extension a healthier economy/country is commendable and we could do with more people like you. However some of what you've put down are problematic for a number of reasons (of which I will make as brief as possible). It's a little long but you asked for contributions and I hope you find it a worthwhile read: 1. Nigeria is a heavily-dependent oil country. I am pointing out the obvious but the long and short is that much of the complicity of previous governments, negligence and vested interests at home and abroad have helped to reify Nigeria's position. The SAP (structural adjustment programme), effectively diverted interest from agric and other forms of large-scale manufacturing. As such Nigeria never took the opportunity to industrialise vis-a-vis the more affluent western countries such as UK, France and the US to name some of a few. Now due to the looting of the treasury, Nigeria would need a quick global oil price recovery (think summer 2014 high of $115pb), miraculously rid the country of the boko haram insurgency, rapid and quick infrastructural implementation, industrialise at a record rate to bring about a reduction in the reliance on oil. I hate to sound pessimistic but those factors are highly unlikely, not least because there are global tarrif agreements covering the production of cocoa, sugar and other commodities to name some of a few, which ties the hands of many former colonies, including Nigeria, so even if the aforementioned recovery occurred in record time, they'd be sanctioned if they violate the trade agreements that have largely been in place since 1964. Jamaica and Togo to name some of a few have also suffered as a result. 2. The lack of operational refineries as well known are due not only to domestic neglect, but western complicity which shouldn't be underestimated. Military governments were utilised through subversive means to protect Western interests, and rewarded handsomely, hence why some guys such as IBB to name one of a few, will never be caught up in fraud/criminal charges. Abacha is a notable exception to this because he went off script and started doing his own thing. 3. The reason we import palm oil from Malaysia is due to the aforementioned poor governance. Whilst the previous regimes were busy lining theirs and their cronies pockets, we conceded vital ground. In economic theory it is called comparative advantage (has existed as a theory since circa 1810) which is whereby one country can produce goods more efficiently than another. Malaysia took the opportunity whilst Nigeria was dulling and they will not dull on the sidelines like the opposition in power rangers, and let Nigeria begin to try and recover this lost ground. There are elements who benefit from this importation, both domestically and externally, thus their vested interest(s) will be protected. In sum I don't agree with a US-backed devaluation because we do not produce any commodities or goods which will help mitigate this action. A devaluation will only precipitate potentially uncontrollable inflation; dare I say stagflation where the unemployment rate simultaneously increases rapidly with a soaring inflation rate. If people think they're seeing pepper now, they've not seen anything yet believe me. Ps. Please read below to understand the reason why Nigeria's affected by the dollar/naira divergence and also why pipeline vandalism and other distractions, may in one way or another, still persist... Nigeria was created courtesy of British imperial interests. Due to comparative advantage and the 1944 creation of Bretton Woods institutions: IMF and World Bank, Nigeria, among other countries were always going to be at a global disadvantage. An example of this is that our agric production at the time of the aforementioned institutions being created, counted as British economy production. The fact that this action made the dollar the world reserve currency, also adversely impacts Nigeria up to the present day. The very reason it was created was to reduce the possibility of the European countries, US etc, initiating another world war. Basically their unity is at the expense of Africa's. Another factor that irks the West, is also 1973 oil crisis which messed up their economic growth but contemporaneously benefited OAPEC and Nigeria, resulting in Nigeria's currency, for a time being valued higher than the dollar and sterling concomitantly. Post independence, Nigeria has been ravaged by competition from vested interests, whether 'Nigerians' being complicit in sustaining interests of the west, and/or the West sponsoring the successive brutal military regimes to protect their interests, of which an example can be seen in Shell's complicity in Ken Saro Wiwa's execution. Furthermore, even MKO was targeted because he was on the brink of securing a $250bn reparation package from the west, before his successful, but annulled 1993 election campaign. In sum, Nigeria among others is perpetually kept in its low position because of the legacy (and continued clandestine practices) of western vested interests. |
fashoo2010:I will try to give you the shortest answer possible: Nigeria was created courtesy of British imperial interests. Due to comparative advantage and the 1944 creation of Bretton Woods institutions: IMF and World Bank, Nigeria, among other countries were always going to be at a global disadvantage. An example of this is that our agric production at the time of the aforementioned institutions being created, counted as British economy production. The fact that this action made the dollar the world reserve currency, also adversely impacts Nigeria up to the present day. The very reason it was created was to reduce the possibility of the European countries, US etc, initiating another world war. Basically their unity is at the expense of Africa's. Another factor that irks the West, is also 1973 oil crisis which messed up their economic growth but contemporaneously benefited OAPEC and Nigeria, resulting in Nigeria's currency, for a time being valued higher than the dollar and sterling concomitantly. Post independence, Nigeria has been ravaged by competition from vested interests, whether 'Nigerians' being complicit in sustaining interests of the west, and/or the West sponsoring the successive brutal military regimes to protect their interests, of which an example can be seen in Shell's complicity in Ken Saro Wiwa's execution. Furthermore, even MKO was targeted because he was on the brink of securing a $250bn reparation package from the west, before his successful, but annulled 1993 election campaign. In sum, Nigeria among others is perpetually kept in its low position because of the legacy (and continued clandestine practices) of western vested interests. |
Lonehenge:Bros yes I encapsulated your frustration but I also beseeched you to look for a babe that will add value. I honestly wish I could put forward a panacea that will solve this for you, but in reality it's not sensible for me to do so, considering there's no hard and fast approach to finding a woman. I am happy to make a suggestion though: What you can do is step up your approach to the ladies, ginger them small but use the gist to find out what the babe may offer a guy they're dating and based on this you may wish to move forward with them. I know I stressed your frustrations in my initial approach, however, there was a method to the madness: I was stressing the need to scrutinise the lady in question before you commit yourself. As you said, you want to progress your career, which is honourable and expedient, but it is absolutely vital you ascertain her plans and intentions to contribute to your hitherto plans or you'll waste precious time, resources and almost certainly compounded your existing frustrations further. This babe waka no b small tin; that's to say even a fun, good time babe may attenuate your career progress, doing more harm than good. Again, I wish you well and beseech you to shine your eye. |
Lonehenge:Further to my initial comments, can you please tell us how you approach the ladies in question? Also, please let us know a bit more about your personality? Are you shy? Talkative? Flirtatious? etc |
Lonehenge:Bros this is very interesting because I am also 28, London based, although born and raised here and I think I understand your frustration. I am going to try to assist the best way I can. I have also been to many MBTN and NCITY events. It's mostly recycled people so it's not worth attending to find new women. In terms of improving your hitherto rate of luck, it may be worth asking yourself what your end goal is. That may seem abstract and I can deduce from your initial post that you want to get married sooner rather than later. However, if I was in your shoes I'd ask myself why do I want to get married so much? How can a women make a worthwhile contribution to my life? Etc You see the problem is most people, and this includes many of the young ladies you'll meet at such events, or even elsewhere in London, are out for what they can get. That's to say that they don't get the precept of 'quid pro quo', that is mutually beneficial relationships. Often they can give you an Economics PhD-level thesis of what they want from you, but the irony in this is that they often have little to offer themselves; not even rudiments. Even some of the latter-day 'Feminists' are only operating under this rubric so as to turn guy to mugu-maga through pseudo-intellectual manipulation. Make sure that the same standard any babe wants to hold you to, she's also willing to meet herself. If not then jog her on sharp sharp. I wish you well, but please bear in mind that you're in a good position and any women who falls from the sky may actually do more harm than good. It's imperative she's worth spending time with, otherwise it's a waste of finite resources. Please don't get frustrated with yourself as to not having cornered a babe and remember you will be a catch for many a babe. Take your time, relax and be at peace; the right babe for you will eventually come. All the best and Godspeed. |
tpiah01:Now you put it like that, it could definitely work! What I've deduced from the story is that they want to assert an African identity. Afro-Brazilians have had their culture suppressed since their arrival in the 1500s. This has continued to the present day and they've mostly been marginalised, contemporaneously with a white migration policy (also adopted by the US, Australia, Canada, New Zealand, and South Africa) to help sustain their marginalisation. This has had all kinds of consequences such as miscegenation (mixed marriages and offspring), to help breed out their 'blackness'. In response a small group of Afrocentric Brazilians are reasserting the African identity which has been robbed/attenuated by their oppressors. This is what makes this story very political. |
tpiah01:That will not work. The composition of the Portuguese language is such that it greatly diverges from the yoruba language. Consequently if they choose a more 'Portuguese sounding' name, this will completely change the meaning, thereby defeating the initial purpose. |
Monalisa185:Misguided and possibly underemployed young ladies. I understand their frustrations and hurt (at least I think so), but such actions are superfluous and they may have adverse consequences. If so, would it really be worthwhile? I'm not so sure. |
cao:Smart move from her and from what you've said we can see why it's useful to take exchange rates into account when purchases are likely to be affected by it. When you say you'll be more cautious with the use of your Zenith card, correct me if I'm wrong but I'm assuming you transfer funds whilst in the UK to this account in advance of your arrival to Nigeria? If so then there are a number of options in London as to getting a good black market rate for your £s. As for Nigeria's dependence on oil and foreign currency, although beyond the scope of this thread I'll do my best to truncate the reasons due to its inevitability. Nigeria, as we know, along with many other countries were created for colonial interests, and the creation of the Bretton Woods institutions: The World Bank and the IMF in 1944 to stop the western countries competing against each other, played a significant part in the world as we know it today. In doing so this paved the way for their colonies to eventually receive independence and in the process of doing so, become 'European-style' countries. Subsequently a policy of consumption of western goods by the new colonies followed, but such countries incurred deficits which further created a gap between themselves and the western countries. In 1982 the Structural Adjustment programme was initiated to help overcome these deficits but came with certain conditions which further compounded the problem for many. As a result diversification in Nigeria's economy away from a large dependence on oil was less likely as a the time the global demand for crude oil far outweighed demand for any other commodity we produce such as uranium, bauxite, gold etc. Another factor which shouldn't be overlooked is that Nigeria along with many other countries' oil were used to help the western countries continue to be wealthy by maintaining their level of production. As a result many organisations such as the FBI, MI5/MI6 and other French secret agencies were complicit in the arranging of coups and the overthrowing of incumbent regimes in order to maintain their power globally, which required stability or rulers who's governance were conducive to Western foreign policy interests. The way the system is set up, if you export commodities then you receive foreign currency i.e. $s and the same foreign currency is used to purchase imported goods. Invariably, if your imports outweigh your exports then it is likely you'll have what is called a 'current account' deficit. This system has been in place several years before the creation of the Federal state of Nigeria, thus a lot of what has happened and is lamented by the everyday woman or man was always going to happen. I know it's a bit of a long epistle but I thought it would be useful to share this with you and other nairalanders. Whilst I can't absolve culpability on the part of former rulers for their role in Nigeria being in its current state, we should consider the issue of agency and the reality is Nigeria, as a British creation is largely subservient to the wishes of the West. |
cao:You're very welcome. Further to what was discussed, the reason for the divergence between the official rate and blackmarket rate is due to the demand for dollars. Of course dollars have become more scarce due to the reduced revenue from our crude oil exports. If the oil price was to rebound over night (although highly unlikely) to a 2014 summer-high of $115 pb (per barrel) then the dollar scarcity will be eased and the divergence between the rates would reduce. This is why it hurts to use your UK card when in Naij. I had can relate with your pain because I got something like N360-380 to £1, but when I ran out of money in my GT account, my UK barclays card was charging me in the region of N283.1, give-or-take. Vis-a-vis when I was in Nigeria during 2013 and 2014, the gap between the official and blackmarket was a lot lower. Didn't hurt as much whichever card I chose to use. |
cao:They make profit on this difference (the spread). |
Bossforeva:Did it occur to whoever made the original post that the real car owner may be the oga of the person living in the rented flat in festac, and that for ease sake he may have to park it at his residence every now and then? |
marqueetim:Guy how far. Yes I'm chilling in Abj until Sun |
EleojoA:God bless you for the advice. Unfortunately they bounced me for not having done NYSC yet which they told me beforehand was not a prerequisite. Even more unfortunately I've wasted plane fare from London to Abuja. |
jc2xl:Guy how quickly can I get one? I will be going for my interview tomorrow but I get into Abj at 6pm so is there enough time to do it before 9 am? |
dainformant:His shirt reminds of ghana-must-go bag ![]() |
Zehner:Big baby ![]() |
Zehner:Hmm yellow how na |
Zehner:OYO ![]() |
Yesterday, I told you guys that Davido had welcomed a child. Then I re-wrote it and said it was his sister. Well, I have to apologize for that. Some people tried to play mind tricks on me...Lol. It was Davido who actually welcomed a daughter, not his sister. Sharon Adeleke is still pregnant. You guys remember a post I did about a week ago saying an A-list artist was expecting a child? Read here. Well, I was talking about Davido. He just welcomed a daughter with a lady named Sophie Momodu. Yesterday, Davido shared this photo of a hand holding a baby, it was his own way letting y'all know what is happening to him without saying much. I went to find out and yes, he's a dad! This is fact, not rumor! And I hear he's very excited about being a dad. Big congrats to him. http://lindaikeji..co.uk/2015/05/davido-welcomes-his-first-child-baby.html
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Sommyangel:eyyaa no vex sweerie ![]() |




