₦airaland Forum

Are you really getting our point? The Yen is 109 to the dollar while the shilling is 101 to the dollar.This is a different conversation altogether.We are talking about the DOUBLE OR TRIPLE exchange rate in Nigeria!

edon21:
what ll you say on this

Agriculture is actually more than just tea and coffee.You know that! To come up with that 25 b,you'll have to factor in each price of the maize bag produced,the value of the millions of liters of milk sold in the economy to the hides and skins that were sold locally and exported and e.t.c

What's funny about your GDP is that your export billions from agriculture or any other sector combined don't even shock Kenyans.Look at South Africa's exports for example.Look at their bank assets which are worth 400b,Nigeria's ones are around 100b and Kenya's ones around 41b as quoted from https://www.capitalfm.co.ke/business/2017/06/kenyan-banks-assets-hit-sh4-1-trillion-2016/

Nigeria's larger GDP than South Africa doesn't seem to compete with it in almost all indices! This is why we found your GDP FUNNY!

theenchanter:
according to d mumu rvp, d guy will be like....their agriculture is 25% of GDP, so their agriculture is worth $20b, producing just tea n coffee.

Their GDP is cooked, mumu guy.

A breakdown was given,sector by sector.I'm afraid you'll have to go hundreds of pages behind!

Daejoyoung:
Can you give a breakdown of all of these? lol.

Modified... Ok from the link,tea and coffee contributes a lot to your GDP, not necessarily infrastructure development, this is why your GDP is a meagre 80 Billion dollars.

The same sectors that I've just told you,if you know any other sectors apart from those.Just tell me!

theenchanter:
i'm not asking of d sectors contributing to ur economic growth, those sectors u mentioned contributes to economic growth of all developing countries excluding tourism.

What are d major sectors of the kenyan economy? Let's start from there.

''The Federal government tried to hold Naira at N195-200 to Dollar. Still, the real price for Naira at the black market was about N300 to one dollar. It also created corruption schemes, where banks bought dollars for N200 and sold them at the black market for N300.''

''This problem stays the same in 2017. The CBN exchange rate Naira to USD is N315 to 1. At the same time, the black market sells one dollar for 375 Naira. International investors do not desire to conduct affairs with this exchange rate. It means that Nigeria can`t expect investments from international partners. International banking institutions give Nigerians the same advice – "set your currency free". It will stabilize the economy and invite a lot of investors in the country. Moreover, it will destroy corruption schemes where banks buy from the CBN for N315 to 1 and sell at the black market for N375 to 1.''


Read more: https://www.legit.ng/1106117-naira-cedis-which-valuable.html

rvp2018:
That is the only way - let Naira float on it's own - with their central banker occasionally intervening based on their monetary policy - but having such huge difference btw exchange rates is crazy - the arbitrage is benefiting a few banking & political elite in the forex business. Just imagine the margin on profits. Zero risk. You buy USD for 305 - and next day - sell it for 360. 60-105 naira profit selling each dollar.

The main sectors contributing to economic growth are building and construction, infrastructure development, manufacturing, transport and services, and tourism particularly from emerging markets; agriculture, and wholesale and retail.


http://www.kenyarep-jp.com/business/key_sectors_e.html

theenchanter:
what are d major components of kenyan economy?

U can't keep avoiding ur country's woe n masturbate over Nigeria's economy.

How should Nigeria deal with this? Should they leave the Naira exposed in the international market so that they can know it's real value?

rvp2018:
There are actually 3. Central bank rate you only get if you know Buhari. The Bank rate you only get if you friends to the bankers. Both involve a lot of documentation on why you need dollars. Then there is the real exchange - the black market -

https:///euro-to-naira-exchange-rate-in-black-market-today/

You can imagine the amount of money people are making playing those 3 exchange rates. Arbitrage 101. You buy from Abuja's CBN dollars for 305. Then sale it your bank for 360 or black market for even 450.

If you use the real exchange rate (black market) their nominal GDP crushed by 25% to something 250-300B.

They will soon go the Angola way.Nigeria is finally down to what seems likes just two exchange rates; one is the official central bank rate of 305 per dollar, while the other is between 360 to 365 at the interbank and parallel market.


David Cowan, an Africa economist at New York-based Citigroup Inc., the world’s biggest foreign-exchange trader, called it a “devaluation by stealth.”

They will soon devalue the currency.They have devalued the Naira when they were in wars and also during some past world economic crises!

https://www.thecable.ng/nigeria-two-exchange-rates-naira-devaluation-needed-make-one

rvp2018:
As long as pop growth exceed gdp growth - then it's kenya in 70s, 80s and 90s. It zero work. The throw in Naira continuing devaluation against the USD - and that is a double whammy.

For the country to grow - you need to control population.

Why does your railway bridges look lackluster?

Ibrahimanis:
Lagos - Ibadan

Nigeria's GDP per-capita fall is imminent!

https://www.dailytrust.com.ng/imf-warns-nigeria-over-falling-real-gdp-per-capita.html

rvp2018:
Pop Growth rate. Kenya at 1.5%. Only Mauritus, South Africa and Botswana are growing lesser rate.

This is because Kenya has one highest contraceptive usage. This quite impressive because for most of 80s - Kenya was WORLD fastest growing - population wise- with fertility rate of around 8%. We have turned the tables by investing in family planning and population control measures.



Nigeria are 20th fastest growing - at 2.5%!! Their GDP growth rate for the last 3 or 4 yrs has not touched 2.5% - so their per capita is being eroded seriously.

Tanzania are 14th fastest growing - at 2.7%

Both have contraceptive usage of lower than 30%

https://www.cia.gov/library/publications/resources/the-world-factbook/fields/344rank.html#KE

Don't be an ignorant fella.No need of trying to hide the obvious fact!

obaaderemi:
Ethiopia's economy has left you behind Despite the fact that your GDP is cooked. See below:

And its more nothing when it's propped up with oil!

Just30:
GDP is nothing when your people are poor

The weather here feels like Manchester,chilly and rainy!

rvp2018:
Kericho kenya - The tea town.

These people!

Kazikazi:
Who owns those buildings??

How many olympic medals do you have in swimming?

Kazikazi:
I think we will do better in science and technology than in sport.That is my honest observation about what I see in my nation.The sport we can real try is swimming.

Any proof? We've never went to Tanzania or any neigbouring East African country as refugees.The only group of Kenyans that would seek refuge in other countries are mostly political assylum seekers! Don't just spew sh*t for the sake of it!

Kazikazi:
We hosted Kenyans on 2007, that is the year which you were fighting after general election which you had.About 1,700 people were killed in that election.

When did Tanzania ever host Kenyans as refugees?

Kazikazi:
Your parent's tribalism and backwardness made you to leave your countries for a better place,and you chose Tanzania.Welcome home our Burundian and Congolese refugees.TZ won't dissapoint u, the same way we hosted the Kenyans in 2007, its our pleasure to give u a refuge in this land of milk and honey

https://www.proshareng.com/news/NIGERIA%20ECONOMY/Nigeria%E2%80%99s-GDP-Per-Head-To-fall-For-8-Straight-Years---IMF-/40145

Nigerians will see their real income per head fall every year until at least 2023, according to forecasts by the IMF, a potentially painful squeeze for a country with per capita gross domestic product of just $1,994.

If realised, Africa’s most-populous country — projected to have almost 400m people by 2050, behind only India and China — will suffer at least eight straight years of declining income per capita

“If the IMF is right that would obviously be awful, a very depressing result,” said John Ashbourne, Africa economist at Capital Economics, a consultancy.

“They have a very rapidly growing population. If they are not able to diversify their economy faster than they have before, a huge number of these people will end up being trapped either in agriculture or low-skilled service jobs.”

The IMF Fund is now calling for urgent action to stem falling living standards and to tackle poverty now, rather than later.

A bit funny that they won't easily come into terms with the poverty stats but would readily back the other stats like GDP! Talk about them being hypocrites.

What's interesting it is that their own bodies are now accepting the fact that they are the world's poverty capital. They haven't strongly denied that! If your capita GDP is around 2000 dollars(more than most African countries). Why is it that they have the most poor people in the world? I bet they are the most poor people in the world per capita too or one of the top most poor people

Something isn't right!

Lagos needs social mass housing but not what you are posting! No need of investing in luxuries if you haven't yet cracked the basics! Logic!

edon21:
lol they have kept quiet. speak Now or remain dumb forever

That was his point exactly. Unreliable census data. This should all boil down as to what number is the most expected maximum and the most expected minimum in regards to Nigeria's population!

vaxx:
A sensible question there... Nigeria fragile political structure and the Federal Government poor budgetary allocation may be some of the reasons. The only credible statistics we have as of now it is the one from Nigeria bureau of statistics. why? because it is the only government official representative on such account. i agree to some extent, there may be some margins of error, but this error can not be over balloon because of economical implication.

And if you go by the united nations data, Nigeria population is growing by 2 percent per year , so just do tbe calculations with a lesser gap of 20million from 2006 and see what we get, it should give you nothing less than 180 million people.

Nothing much to pull out from here really! You've been all about posting this land reclaiming projects as of late ignoring the real issues like your mediocre budgets and other messed up stats like your census!

We don't reclaim land for real estate projects on our end, we would rather reclaim to build something that is going to give more impetus to the economy like a sea port!

edon21:
https://www.nairaland.com/4506171/some-ongoing-island-projects-lagos#67589701

I think this should keep some haters quiet.
instead of thinking about how to develop your country, you are blabbing nonsense

It's the other way around actually. She's on my leash

Let us get back to the discussion. The banter is over!

obaaderemi:
You idiot. I guess she also begged you to stay addicted. She has you trapped by your balls then.

She begged,I was only being a gentleman you wanksplat!

obaaderemi:
You mean led you by the nose into nairaland and you have remained addicted ever since. Keep lying to yourself. It sounds sweet.

If it's true that they haven't hold a credible census as of late,why would he then trust the numbers? We can only give those numbers a benefit of doubt just because only one body is required to provide the census information! That explains why the WB and other bodies rolled on with the Nigerian figures!

vaxx:
.You need to be educated first before we can argue. i will only argue with you when i sense a presence of inteligence in you , until then, i will be correcting your ignorance by educatiing you.

A Nigerian lass I know walked me into it!

obaaderemi:
How did you get to hear about nairaland?

Computer generated. Even our figure of 46-50m is computer generated based on just an estimate. When we are done with our census this year,we will know the facts. I don't really believe that we add a million people each year ! We were 38 m during the last census.A simple addition of one million each of the past years will give us 48 m tops!

mtisTheQubit:

look at the percentage growth..no change..its like Nieria population is artifitially control..

They discuss Kenya alot here. They were discussing about Nairobi in Nairaland ten, eleven, twelve years ago

Kur17:
This didn't get well with Nigerians yesterday

https://www.nairaland.com/4985740/former-kenyan-prime-minister-odinga

Maybe the spirit of Pan Africanism has hit our leaders,they needed to attend the function that many state leaders snubbed When SADC was bussy calling for a vote recount, Nairobi was lowkey pushing for the status quo and that was having Felix being the president as was earlier announced!

Interesting, Farmanjo is dear to Kenya even though some Somali MPs have shown displeasure with us ever since they knew that we were behind project Jubaland.Kenya and Raila enjoys relevancy from both Machar (South Sudan )and Somaliland (a semi-autonomous region in Somalia. We've housed harsh government critics of both Uganda and Tanzania in Bobby Wine and Tundu Lissu.To be respected as a country,you must have some powers to play with your regional or even global geopolitics! It may be that I'm wrong too!

mtisTheQubit:
wasnt following much on the congo stuff till i saw uhuru,raila,Ruto even kalonzo prepare for inauguration..i was whats the dang is ths..he just an opposition dude who just won election in a rich country duuh someone talked about Kenya being the link for minerials from congo heading to china..guess its happening..i might be also wrong you know

Where will the money come from? One of your officials posed when he saw the ridiculous budget proposals by the states. The fed is already stretched. With all those years practising federalism,you should have by now cracked how the states will no longer be relying on the fed government.

When we said that our counties receive allocations from the central government,you couldn't fathom how that could even be possible. You went on saying how your states budgets are independent from the fed government one! Little did we know that your states look up at the fed govt for additional funding!

Ibrahimanis:
And I told you IGR is not the only source of income for the states, they do get Federal allocation too.

Anyway kwantinue

Even their states budget are a big joke. Imagine coming up with a budget of more than 60% your states IGR( internally generated revenues)

Other states 'tried' and their budget didn't go past 40% of their revenues.

They like creating big impressions about things that don't really exist!

rvp2018:
Nigerian census like it's stats are rigged. The population is probably 150M - not 200M.Lagos city probably has 7-8M - not 20M the state governor claims. The economy is ridiculously overstated. The agriculture sector is the most inflated.

Thanks, Michael Joseph recently spoke of KQ needing an overhaul. Maybe this withdrawal was part of that!

Yobeezy:
As for me I think the Airline KQ shouldn't withdraw itself from the Skyteam alliance because alliances do assists its members in some way or the other like reduced economies of scale and boost in efficiency thus the member airlines will incurr little cost to run their operations to some extent.
On the other hand,KQ should continue joint venturing with other airlines such as KLM Royal Dutch Airlines,Air France and just last year Delta of the US carrier signed a partnership deal with KQ in prior launching of Nairobi New York direct flights,this has enabled KQ to expand its routes around the world and also codesharing to further increase connectivity.

For now we can leave the plans being uncemented but I think KQ isn't supposed to withdraw itself from the alliance even if it rakes in little profit from there.