₦airaland Forum

Threads like this one eats at the brain cells.

We are a victim of a mono product commodity export based economy and when prices tank, then so is our fortune and currency. We had a boat load of opportunity under the last government to structurally change our economy by building infrastructure and diversifying our exports. But we blew away the days of oil at $140 a barrel. That was lost on private jets and ridiculous properties.

Anyway, accepting our reality let's look at what will alleviate the pain.

Monetary policy - CBN (Emefiele)
1. Devalue the naira and stop wasting reserves on our ego. Naira is not worth the official rate and let's be done with that reality. Of course, inflation will rise, which is inevitable.
2. Lower interest rates. This is to make the cost of borrowing cheaper, so more naira is available to spend to keep a buoyant economy. The banks won't enjoy runaway profits but they can make up for that in fees.
3. Stress test the banks and based on the results, recapitalizate the banks. We can't afford to have weak banks that'll collapse anytime soon. If the banks are not strong enough to do real banking, then consolidate them.
4. Formulate policies for banks to increase retail lending which will grow the economy when money is available to individuals to invest in businesses and other entrepreneurial activities such as farming. We have 160 million people and can run a growth based economy internally.
5. Put more import tariffs on frivolous goods to encourage local production.
6. Prioritize the issuance of forex to companies importing industrial or agricultural machines. Anything that will foster local production should be encouraged. This will get us from being a net exporter of raw goods to a net exporter of processed or semi processed goods.


Fiscal policy (Adeosun)
Kemi is already doing most of my recommendation

1. Look for ways to seal all the leakages in parastatals.
2. Retrieve every single kobo of revenue made by government agencies which will include customs, ports, waec, jamb etc etc
3. Review the cost of governance with the aim of drastically lowering recurrent expenditure. This may involve firing redundant people.
4. Review our VAT. We have a low tax rate and we need to tax consumption of foreign goods to discourage our dependence on them.
5. Broaden the tax base with targeted taxation across the economy. Anybody with a stall or farm has to pay taxes. No exceptions.
6. Automate governance using technology. We need an ERP solution and data warehouse. This will give easy access to information and reports so we can plan and make better policy decisions.
7. Review fee structure across the board. This will include police tickets, traffic tickets, tolls, road tax etc etc


Buhari
1. Communicate a vision and hire an economic adviser that can articulate the vision as concrete plans with milestones.
2. Go after trade agreements with African countries. We have a lot to sell the less developed African countries and can effectively replace a lot of their foreign partners. This will increase dollar repatriation from the revenue we make in those countries.
3. Stop speaking so negatively about Nigeria. You kill consumer and investor confidence when the head of state sounds so negative.
4. Fight corruption but don't let it take center stage of your government. It just shows you're not capable of managing a complex country with varying priorities.
5. Strengthen our defense. It's your #1 priority as commander in chief.
6. Go get a communication coach to teach you the art leadership using verbal and non verbal cues.


NASS
1. Pass PIB bill as a matter of urgency.
2. Pass any bill that will clear roadblocks and speed up the incubation of businesses. Example. Why does it take a year to get mining license? There are other examples.
3. Do real work and pass laws that will help the common man and big business. They go hand in hand


The People
1. Work hard, pray hard and party hard.

This is what he requested. Let's see if his hollow chest beating gets him anywhere.

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This makes me sad. Sign of times with a weak exchange rate. CBN should prioritize enterprising manufacturers such as the owner of innonson when allocating the scarce but essential dollars. I am an advocate of capitalism and freedom but I'd endear the governors to be more patriotic with their purchases.

asadike:
Metuh nwanna, give me five! u are a true son of your father. Na you fit EFCC. The igbo blood runs in you. chai! ndi igbo and boldness are like bread and butter.

Your values are @ucked up.

OP, fix the typos.

TonyeBarcanista:
A great development. Mining should be moved to concurrent list through amendment of the constitution.

That should be the long term plan. Constitutional amendment takes forever. We need some reprieve like yesterday with our messed up balance of trade.

States can form companies or partner with investors. Ultimately, there will be some form of revenue sharing with the federal government which won't be under a taxation umbrella. Not the best arrangement, but a step in the right direction.

jaybee3:
It's now obvious you didn't understand my initial post on this thread

We are in the same corner!!

Pele or Ndo or Dalu

jaybee3:
It's not like it's a curried favor of sort since the money is being underwritten against their (Lagos State) future statutory share

How about Lagos being able to generate IGR/taxes to pay the debt. How about Lagos being able to issue a bond to restructure the debt. Not every state is on government care!

Gorrit?

ElFenomeno1:
The respondent wasnt insinuating that the Govt. granted the loan.
Without the Govt approving the borrowing, it wouldnt get approval from world bank.. No?

It's based more on the states credit rating than the government approving the loan. The loan will be approved by the FG for any state that is willing and able to pay. Same thing with issuing bonds.

IPodtitis is a terrible disease.

jaybee3:
Sometimes the serial unrepentant doofus usually read backwards whilst being high on otapkiapkia

Loan underwriting to states involves benefits from the FG and not the ability of the state to pay the loan back on agreed terms?

Smh.

You must be an iPod member. Lolz

tuale4u:
Lagos is one of d greatest beneficiary of this government.

World bank loan are low interest loan of less than 5% interest

Government granted Lagos the loan?

Sometimes I wonder.

bible says,"you shall know the truth and the truth shall set you free." I have heard a lot of outpouring of emotions about the demolition of OSHODI Market by the LAGOS State Government led by Governor Akinwunmi Ambode last week. I heard Ohaneze, l heard CD South East, and l heard some Igbo groups in Lagos.


The summary is that Gov Ambode has declared war on Igbo Traders in Lagos because they did not vote for him in the last elections. Now the truth must be told: Former Governor Babatunde Fashola had planned to evacuate that market right inside the Oshodi Roundabout loop since 2007 when he came into office. The location of that market was not only an eyesore, but mindsore, mouthsore and headsore. An expert Engineer Eke, the new Controller of Works in Lagos tells me that Loops/cloverleaf are meant for drainage basins for the road and should be a green area not market. A committee was set up to plan a relocation. I was in that committee and Mr. Ben Akabueze was also in that committee. We held several meetings at Oshodi Isolo Local Govt with the market leaders. A lot of politics, mistrust, blackmail and ethnicity played itself out on where to take the market to. Govenor Fashola stopped the committee and forged ahead to secure a place at ISOPAKODOWO Market now called OSHODI Resettlement Market.

This new market has been there for years and these traders refused to relocate. Fashola left office without moving the market even though he cleared the bigger problem and the bigger mess called Oshodi. But the plan to relocate the market has been in the front burner. Ambode moved in last week to do the needful when all the avenues of dialogue which have been going on in the last 8 years failed to yield positve results.

A similar case happened in Berger Auto dealers Market. For 8 years Governor Fashola also tried to move that market to Mowo near Badagry but the traders resisted it with every energy at their disposal. At a time an Igbo Patriot Engineer Mgbemena, a former Federal Cotroller of Works in Lagos offered to help broker the deal . Everything was going fine until one of the dealers headed to Court to secure an injunction to stop the relocation. Out of annoyance Governor Fashola said he will wait for the courts to decide knowing fully well that Berger Auto Market remains a bad advertisement on the way we do business . Businesses like that are not done on the highways anywhere in the world. I was in a meeting where Engr. Mgbemena was apologizing to the governor for the misconduct of the Autor dealers in resisting change in a dynamic society like Lagos. He asked the Governor to give him another chance but did he succeed ? The rest is now history.

Now enter Ladipo Market in Mushin Local Government area and the leadership of Ladipo Market Traders Association have agreed few years back to rebuild the market. They agreed they will do it in batches to minimize loses. A date was set aside for the construction to start but the traders were not ready to move. On a certain day the Contractor who incidentally is an Igbo young man moved in with his equipment and hell was le loose. He was losing money on borrowed funds. Ohaneze Ndigbo Lagos went to town to address a press conference that Igbo Traders are being intimidated by the government of Lagos State as a result of fallout of 2105 elections. Before you know it other Igbo groups went to town with their defeatist attitude. Myself and other members of The Igbo Conscience ( TIC) called a meeting with all the stakeholders. All the leaders of the Markets were there including the leadership of the Mushin LGA Led by the Executive Secretary and the Contractors. After weeks of high level engagements we set October 1st as the D day. The rest is now history. Go to Ladipo Market and see the modern Market standing like colossus with all the trappings of good thinking and good result. Commonsense, even though it is not common, worked. Intervention worked. Sound reasoning worked. Spirit of give and take worked.

Now our people must hear this: Lagos State government I know is working hard to change the face of Lagos and we must not resist change because the change is for the good of all and sundry. We must be wise enough to know when to shift ground for the good of the commonwealth. Defeatist attitude and persecution complex is not the way to go at a time like this. Igbo leaders in Lagos must help our traders to respect constituted authority in their own interest . I have lived in Lagos for close to 35 years and I serve the Lagos State Government . I know enough to realize that our people must change their attitude to live in peace with other Nigerians. I rest my case.


Joe igbokwe

Lagos


http://saharareporters.com/2016/01/13/truth-about-demolition-owonifari-market-oshodi-lagos-joe-igbokwe

The Kachikwu involved is the kid brother of the current NNPC MD. Nepotism in naija. We all getting fleeced.

OLADD:
If erstwhile President Jonathan thinks Buhari and the leadership of APC will be magnanimous in victory and allow him to enjoy his well deserved rest after meritoriously serving the nation, he must be making an unpardonable and grave mistake. The ongoing selective and vindictive phantom arms purchase probe has really proven that Buhari and APC are not in power to serve the interest of Nigerians but solely for vendetta, name-calling and blame games

The nation is aware of how APC connived with INEC (through preplanned and lopsided distribution of PVCs that glaringly gave the north electoral advantage over other regions) to rig the election in its favour but Jonathan against all odds decided to relinquish power despite alarming reasons not to do so.

Characteristic of APC, instead of savouring its victory and concentrate on governance, it chose to perpetually humiliate Jonathan and his party. For those who care to know, there's none of the "sins" for which Jonathan and PDP are been persecuted that APC as a party has not committed both in the past and the present.

Despite the level of mismanagement under the Republican adminstration of Bush which threw United States into recession, despite wasting both human and financial resources on a needless war in Iraq, the government of Obama chose to concentrate on governance instead of using the shortcomings of its predecessor to propagate its own image. Typical of the Blackman mentality, Buhari is unearthing Jonathan "sins" to shod up his badly smeared public image.

It's on this note that many well meaning Nigerians are asking him (Jonathan) to fight back instead of always being on the defensive. He should use everything at his disposal, legal or otherwise to save his political carrier but if he doesn't, Buhari and APC are heck bent in destroying him in other to play down their ineptitude and inability to govern Nigeria.

You haven't finished spending the $100 Dasuki gave you or still nursing hope for more?

Lolz

Huge difference between military and civilian governments. But on face value, Abacha actually grew our economy and put us in decent shape after the IBB disaster, but GEJ squandered the best opportunity we ever had to diversify our economy.

hammerT:
The sectional witch hunt continues. Buhari is a hardcore tribalist.

You mean the corrupt section? Oh yes, Buhari is sectional in his moral fight.

mikolo80:
defence from who exactly
wasting money on warplanes instead of tractors

Defense from Kanu

Move to trash asap!

What should we do?

Misnomer of a title but Yay to Tinubu.

obibc:
The same ****-land you're abusing contributes about 70% of your GDP.........Na waooooo

Lmao. Biafra as in the 5 muddy enclaves?

christopher123:
What are the factors that contribute to this your posted submission

Size of the local economy, proximity to shared resources, proximity to production resources etc etc

christopher123:
You have basically said nothing sir ...can you be more precise

SE is low on most business' priority for expansion or diversification.

Clear enough?

christopher123:
If you don't know the meaning of expansion and diversification stay in SW and tell your people to stop complaining

This cry baby is too much ..we have to enjoy one Nigeria


For now ...I hope it last . there are money to be made by expansion


Ask the Jews the Chinese the igbo the Lebanese ...they have mastered that act bro


Happy Sunday

You can expand from lagos to big population centers like Ibadan, Oyo, Ogbomoso, Akure, Ilorin and Abeokuta. Before you even consider other regions of the country. You also minimize expansion cost and shared costs by working out of one region, it's only when you exhaust those then you head to PH, Kano, Abuja and Kaduna before you consider the SE.

The major towns have non indigenes

Duru1:
Only a fool thinks that agitation for independent homeland by IPOB and MASSOB is predicated upon the idiotic partisan politics played in Nigeria. IPOB and MASSOB careless if all the politicians in Igbo land pitch tent with APC. In fact, PDP can go into extinct and IPOB and MASSOB shall not give a damn fig.

The timing of the escalation of the agitation is curious to say the least.

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post=41826700:
Ndi ofe having sleepless night over light of the nation, your rants and envy ends on nairaland

Why do I see these same buildings every time someone refers to "industrial" Anambra. I see modern residential buildings. Nothing industrial about a few apartment complex.