₦airaland Forum

Happy birthday to the greatest Nigerian that has ever lived.

Integrity,unfortunately many Nigerians don't have it.God bless all those that understand the importance of having integrity.

RIP Soldier

NDLEA is really working. Marwa should be placed in charge of a special task force to tackle kidnapping and crude oil theft.

Pastor Chris is back to his old tricks.

These people are savages

Another mega scam loading

If there is ever a war between men and women, there will be many saboteurs, myself included.

Superstitious nonsense.

GEJ and his funny "privatisation " in the electricity sector

None of them is the father

This is one of the reasons for the weakness of the naira. Government can not reduce fx demand by banning importation of frivolous items because smugglers will still flood the country with those items.

His people in Plateau are really enjoying Nigeria

This is scary

The collective IQ of this government us quite low.

Rashidi Yekini,our best striker ever.

Confused government. You want forces of demand and supply to determine value of naira but You don't want the same forces to determine price of cement, rice,flour etc

You are banning the sale of food in bulk? Another crazy decision.

How can a governor ban legitimate trade? Is it illegal to export goods from Nigeria to Cameroun?One of the problems we have in Africa is that trade among African countries is low and this guy wants to make it worse .
The Cameroonians pay for the goods with their hard earned Cfa which we can also use to purchase goods from them if we wish.What this guy is trying to do is to make his people poorer by robbing those who depend on trade with Cameroun of their means of livelihood. Many of our so called leaders actually lack a good understanding of economics and how an economy works.

Fx foward that CBN may default on upon maturity?

Truth234:
What Ndubuisi said here is not true.

“That is why foreign investors are not coming for that 45 per cent gain because if you made 45 per cent on equity but lost 50 per cent on currency, with 30 per cent on inflation, you are poorer”, he said

Investors are not coming to Nigeria because of the nation's unpredictable policy changes and dollar illiquidity due to poor economic structure. It is dangerous if policy changes when you are already in, basically uncertainty.

But when it comes to making money. They will make money via arbitrage and several other methods. Nigeria's interest rate is almost 30% in most developed economies it is way lower, borrow money abroad and fix it here then do fx forward contract to lock your fund against inflation and fluctuation in naira value, so you can repatriate.

He should face his main job function. More Nigerians are dying of insecurity now than HIV.

Dangote is the greatest Nigerian that has ever lived,not any politician

She can be a doctorand still be a researchscientist, the two are not mutually exclusive.Let her follow her passion.

SmartyPants:
That's okay. If Nigeria is not ready, let those who are ready use her, after all whatever innovation she drives will still help the world if put into western hands. I saw up there that she wants to become a doctor which si probably the best this country can offer her, and just started to shake my head. Someone with that level of IQ should be a research scientist.

The loan from Afrexim bank will certainly help.However,increased crude oil production is very important. Security is also very important so that farmers can safely work in their farms as this will reduce food importation.Even if Dangote buys crude oil in USD,there will still be a net reduction in fx demand due to associated freight charges and when his refinery achieves steady state and is producing at close to full capacity, he will start exportation which will still improve the fx situation. The naira will be strong and stable if Nigeria can be self sufficient in food and fuel but that requires good governance. [author=pipnator00 post=127692484]

Hope you are aware crude oil sellers insists they will only sell in USD to Dangote refinery? This increases the pressure on Naira unless Dangote refinery produces excess for export. Nigeria still has backlog of oil futures to fulfill plus, the backlog of USD belonging to foreign companies like Emirate airways and the rest which Nigeria is yet to clear because Nigeria have borrowed heavily against the external reserve and the reserve can't cover the backlog.

***Not an advise but I read somewhere here that AFRI-EXIM bank is gonna lend Nigeria some FX to clear those backlogs. (They will lend us more FX which in turn increases our FX denominated debt (pressure to the naira) and also our overall debt. This is like taking Panadol to suppress a headache that is destined that we MUST suffer) If that happen, it means Naira will gain. Just wait for naira to hit resistance and start loading up Naira sell. Naira will hit NGN2500 before then end of 2024.[/quote]

You are correct about everything You have said except mentioning the PH refinery. Dangote refinery will definitely be productive and contribute to our economic recovery.But You see all those government refineries, they will eventually be sold as scrap.When will Nigerians eventually understand that government cannot manage refineries etc? Hell,even their core responsibility of providing security and infrastructure, they are failing greatly at it.

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

Take heart Madam.

Wow.@MariaAngel,did You cook all these?

They should modify the system so that there is a price cap.Or are they saying that during periods of low demand,the price of tickets can also fall without limit?

Disgusting maggot

No,all products are not run in one swoop.Infact,the fraction from the distillation column that can be used as petrol is usuallyof low octane rating.Refineries usually blend it with products from Reforming units and cracking units to get good petrol.

SalamRushdie:
If you know how fractional distillation works you will not say this , all products are run in one swoop

This is great news.New treatments/drugs are usually expensive but with time,the costs will gradually come down.

GOD BLESS YOU.You just said the simple truth. Most Nigerian workers are morally impaired.

ultron12345:
Depends on the perspective of the person speaking.

Employers tend not to like them, but Business owners love them.

I'll speak based on my experience with them, as a business owner.

Several years ago, I had serious difficulties managing various businesses I had set up. The staff dealt with me. Forging of invoices, theft of inventory, inflation of contracts, there's nothing they didn't do.

The Nigerian workers were out to finish me.
Like they say, "where person dey work, na there e dey chop, hence the name, workchop (workshop)".

You sack and replace them, the new ones continue from where the old ones stopped. They will even improve their techniques of stealing so as not be caught like their predecessors.

After trying so many methods to reduce all this, from utilizing tech and automating several processes, to involving relatives, it came to my realization that the only way to stop all this was to run the businesses myself, to be "on ground" always, but that wasn't possible. So I planned to start shutting them down and to focus only on one. I told a friend who was also a businessman about my challenges and plans, hoping he would be able to purchase some of the assets I was hoping to sell from the shutdown businesses. He recommended I hire indian management. I wasn't keen at first, but finally decided to try it.

To put it shortly, I eventually got an Indian manager for one of the businesses and it worked like magic. Business began to be good. Profit began to come in. For the first time, I could be away and still be confident and relaxed that my business is in good hands. Apparently, the business troubles we had been having weren't because of "bad economy", it was because of "bad workers" who were out to build houses on my head.

Today, the businesses are growing from strength to strength. All key positions are occupied by indians. If I'm starting a new business today, all key positions go to indians by default.

I have recommended the "indian solution" to so many business people, at least 5 of which have adopted it this year alone, and it has been good stories since then. Not a single one of them has regretted the decision.

The simple truth is that the average Nigerian is corrupt and is a thief. Those who have not stolen have not done so simply because of lack of opportunity.

And that's why our country is like this, after all, the leadership is a representation of the citizenry. Nigerians are a bad people and have rightly given rise to bad leaders.

Below is a post I made few years ago about this same issue.