₦airaland Forum

Shola Ameobi....born in Zaria in 1981...comes on for Newcastle

solomon111: Bloody phuck.
This pretender of a club has scored.

Na you sabi

One nil to the Arsenal

Giroud should get a yellow...

At home

manny4life: Boss, you're emphasizing on fiscal policies, let us focus on the money aspect of the economy.

For example is Interest Rate and Cost of Capital, Nigeria is growing economically, yet the IR remains at an all time high, does SLS have an explanation for that?

Simples.

Nigeria's economy is growing because we have high oil prices ......not because we have new industries, we have new heavy industries, or a mega growth in agriculture and agro alled industries.(And growth fuelled by oil prices is nonsense growth....strong economies are industrial economies, not raw material sellers economies)

Plus, due to poor supporting infrastructure.....it costs the earth to set up an industry in Nigeria.

With that in mind, which bank would lend money at low interest rate? Money that would take eons to pay back....because the industry that I am setting up has huge overhead......I need to put up my power, my water, my building, and pay off a lot of corrupt government officials plus provide my own security(and even pay the staff!).

After spending all that money...do you think I will be able to pay back that bank, at a low interest rate?...talkless of high interest rates.?

Sanusi is not crazy.....reducing interest rates will lead to a rash of unpaid loans. The high interest rates is to make prospective business men and women think before they leap so to speak.

[quote author=manny4life]1. I never said it was, in fact, I was saying that the manufacturing business has since improved, however,

2. The value of goods and services to some extent depend on your currency, competitiveness is welcomed, however, SLS has been chasing shadows. For the most part, Nigeria has been consuming their local goods and exploring their domestic services, it doesn't mean we don't import or outsource them, but the bottom line of local consumption has improved. It means we've added value to our system, therefore, if SLS didn't capitalize on that to strengthen his policies, I don't know what else gives.

Local consumption has increased......and so has importation. I don't know where you got the idea that we have an improved industrial production. That is wrong.

We are spending more on imports. So what does Sausi do? Keep the interest rates high...because if he reduced it...we would just use it to import....leading to more inflation.

3. When you increase exports, your net balance of trade nears into positive, that is because people want your goods from your country. There's no way you increase exports and imports are rising, it's near impossible. When exports increases, it means that local production has gone up. Small business owners are more likely to go into small scale manufacturing rather than importing because the cost associated with importing become high for them to do so. So that theory is somewhat false.

Good point...except that all weare exporting is oil.....and we are using the money from oil to import things we should be manufactring. Your comment works IF we were exporting finished goods from our industries.....which we ain't.

What I asked is a simple question: Accounting cost (cost associated with printing of money) OR Opportunity Cost (Cost associated with printing of large bills which may affect increased general prices), which is better?

I'm not an expert on monetary policies, I have no PhD to argue on that matter, however, if you have $1million in currency circulation (specifically), would you rather have 10,000 bills of $100 notes or 1million bills of $1 notes, which would you prefer? The lower the notes, the higher the purchasing power.

OK.....I prefer the I million I dollar notes. The problem is.......inflation will cause me to print more of those 1 dollar notes......until a point comes when I have to cover for inflation by printing the high denomination notes. (And that is how we got the N50, then the 100, 200, 500 and then 1000 ......all before SLS' time) And yes.....high denomination notes will lead to more inflation....

Thing is.....we have an inflation monster....which can only be tamed by curbing excessive importation , via improving industries and industrial infrastructure. I don't need to buy toothpaste from Europe in Nigeria.

Vivly: Nwanyanwu National. Are they still in existence?

Nowadays known as Heartland of Owerri, after they were taken over by the Imo State Government.

Twenty two years ago, I was a supporter of Ranchers Bees football club of Kaduna. I even knew who was in the first team. I also knew the star players of other teams, and I was a regular watcher of the league table.

Now, I find that I am not really supporting any Nigerian club....and neither do I know the first team players or star players.

Nairalanders......which Naija club do you support...and can you name five first team players of the club you support? No prizes here.....just want to see if the Nigerian league still has some support.......I hope my fellow Nairalanders are not a backward as me sha

manny4life: Contracts or no contracts is irrelevant, purchase of goods and services are made through contracts, the terms of the contracts should be the question. Supplying toothpicks to National Assembly is welcomed, however, the phrase should be supplying STRICTLY "MADE IN NIGERIA" toothpicks, and the office of the Inspector General makes sure that the supplier and manufacturer follow specific guidelines.

Granted that the infrastructural fiscal policies of the economy falls on the executive, however, SLS never played certain roles in the monetary polices that would have caused that growth. After all our infrastructures are improving, however, CAPITAL, the most core of businesses is EXPENSIVE. Has SLS solved that problem?

1. The kind of economy we are running...where we are dependet on resources from oil , and are overimporting things....not just toothpicks, biscuits, etc....is the reason why we are having severe inflation.

And itis not SLS's job to set the terms of contracts.

2.Our infrastructire is not improving. Railways are still far behind , power supply is still low.(eg....all of FCT outside AMAC is power deficient),roads are not fully improved, and gas supply is still not in pipes.

Plus....Nigeria produces less than 4000MW of power.....South Africa produces ten times that.

By capital, I assume you mean interest rates should be lowered on loans. Well, if we did that, many banks would be bankrupt.....because the infrastructure for industries sis till not standard, the cost of doing business will rise. And because we do not have enough technical people and because our education system does not train innovators, but rather people who want desk jobs....our industries cannot produce quality goods....so back to the imports.......and cue a lot of people not being able to pay their loans.

Plus to have a sucessful industry, YOU NEED HEAVY INDUSTRY....and since we have not developed Ajaokuta, we do not have that heavy industry base.

All of these are not SLS's fault. I f he lowered interest rates, we would just waste the money, and the banks will have mega losses...and we will be back to the failed banks saga of the 90's.

Dobule posting not good....made point.

Though you're making some sense, but in not at all, no offense. Manufacturing works hand in hand with available infrastructures in place, certain elements have to be considered in manufacturing, we cannot manufacture everything. The idea should be more of exporting what we manufacture to create FOREX. As for prices go, a general rise of price in the value of goods is welcomed just not at an unstable level, however, you have to reconsider the major factor - the value of our currency. To increase value, to make the Naira acceptable, we need to create value for our local goods and service.

1. It isn't Sanusi's job to provide infrastructure for industry.

2.What do you mean by 'creating value for our goods and services'? If you do not have quality goods and services, people will go where there is quality. And in Nigeria's case...imports....which worsens the inflation and forces CBN to act to prevent a disaster.

3.Increasing exports.....the revenue from which would be used to........import more things we should be manufacturing....which means more closed industries, and no jobs.

The question remains, if it costs N40 to print N200, and it cost the same amount to print N1,000 which is 5x the amount, assuming that piece of currency will be recirculated over and over and over again, at what price are Nigerians paying over a long period of time due to that large amount as compared to printing 5x that amount and reducing prices i.e. if general prices are directly proportional to large bills? My point is simple: either way you will incur cost, however, the impact is greater on the economy and prices at large as supposed to one way direct cost by the CBN which can be easily written off rather as operating expense. This is one reason why the cashless thing isn't really effective, but that's a topic for another day.

You lost me at the point i have highlighted.

In essence.....you are saying 'print more notes for lower prices?'

Really?.....that will lead to too much money chasing too few goods......inflation.

Fact is, if we were manufacturing more of the things we are importing, even cars, things would be more cheaper....which means more value for our currency...which would lead to lower prices.

The problem is....we are importing too much....which is why inflation is rising. It is far more cheaper for us to stop importing, and start manufacturing.

adconline: Textbooks economist! Manufacturing involves a lot factors like infrastructure i.e NEPA, road, water and security. Cost of borrowing in Naija hovers around 30% with collateralized credit. U have to consider absolute and comparative advantage when going into manufacturing as well.

Yes....and it isn't SLS's job to run NEPA, do the roads, provide water or security..........

[quote author=PapaBrowne]Your post is the exact reason I think Sanusi does a very bad job. I totally agree with the bolded.
We should manufacture more and depend less on oil.
Now one way to do that is to reduce interest rates drastically. He did little or nothing to attack the issues that have blessed us with high interest rates.

Another thing that would encourage manufacturing is access to capital. Well Sanusi literally killed this access to capital and failed to build it or encourage banks to give more to manufacturing He did some good with regard to Agricultural capital throiugh his NISRAL policy but manufacturing still suffers tremendously.[quote]

Now here is why we are not manufacturing.....simply because in an oil stuffed economy like Nigeria, it is far easier to make money via contracts.......to for instance supply toothpicks to the national assembly than it is to make the toothpicks.

Add the fact that our power supply is bad, we no longer have enough technical people who can run the factories because we think that a person who goes to technical school is a dropout, we have high rates of insecuirty, and we don't provide sufficient infrastructure to make an industrial economy work.

In a Dutch diseased economy, we do whatever it takes to get as much cash as we want...instead of innovating.

And all these are not SLS' fault.

PapaBrowne: Sanusi's daddy's friend is the "owner" of first bank. Go figure. Sanusi was at UBA for a while before moving to first bank when Mutallab was chairman. Mutallab is the owner of Jaiz Bank which Sanusi wanted to fund with CBN money. Mutallab is the father of Nigerian underwear bomber.

Yep...but even with 'connections'.....HE STILL HAS TO BE QUALIFIED.

And if what you say is true about SLS qualifications.....that means eitherUBA too was incompetent as well, or SLS was really qualified for the job at UBA..

PapaBrowne: Inflation, importation or higher prices can never be the reason there is no "change". A taxi driver gave me a better answer when he said that the increased use of ATM which disburses only 1000 Naira denominations is responsible. His answer gave me a rethink. I initially assumed Sanusi might be doing this purposely. But the Taxi drivers submission simmered my opinions.

Look at it this way.

We are earning a lot of money from oil, and are using it to import a lot of goods we should be manufacturing......like Biscuits, toothpaste, and detergent....which are more expensive than the local goods....and which push up the prices.

This leads to increased inflation.

It costs a lot of money to print notes.

If Sanusi prints more lower denomination naira notes, he may make you and me happy....but to cover for inflation , he would have to print a very high number of these notes....which would increase CBN'S printing cots( especially now that most of our notes are printed abroad.)

Note that the cost of printing one N20= the cost of printing one N100= Cost of printing N1000.

When that happens, CBN has a choice. Either print more lower denomination notes.....and see increased costs thanks to inflation ...or print higher denomination notes and save money and cover for inflation.

Which is why I advocate that Nigeria stop relying on oil.....and start manufacturing most of the things we import.

Strong economies are not oil dependent. See here....http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0

PLEASE READ. BELOW - WHAT WAS WRITTEN ABOUT SANUSI


I have never heard of a thing more stupid or embarrassing than a governor of a central bank of Nigeria not understanding how revenue from crude oil is administered. Sanusi Lamido exposed his ignorance and shallowness after days to trying to snub the superior argument of smarter technocrats.

Yes.....so NNPC should continue lying to the Nation about income from oil, eh?
No wonder Nigeria does not progress, it is because people who ask questions about OUR money....are silly!

It is clear to me why the monetary policies of Nigeria under Sanusi Lamido have not helped improve the economy since he emerged as CBN governor. His over dependence on hot money to stabilize the currency, and his straight jacket, textbook copy and paste monetary policies has had many Nigerian economists scratching their heads. One of them has asked, ” where did Yar’Adua bring the man from?”

The Nigerian economy is in a mess because we are reliant on one resource....oil. Anything the CBN governor does is in response to that.

Besides......who are the economist s critiquing SLS, and exactly what are their words. A good internet search would reveal the works of Les Leba....who has good critiques of SLS......otherwise...this is just an ad-homien.

His arrogance and pride has made it impossible for him to learn from his subordinates in the Central Bank who are smarter and more experienced than him in monetary mechanics. Top officials of the bank say they miss the intellectual edge of past CBN governors, and deride the present as one who is only interested in publicity and speech making.

And the top officials are........go on, tell us?
We are in a democracy.....
And which CBN governor had intellectual edge? Paul 'the disaster ' Ogumma or Joe 'Print higher denomiations ' Sani?

After watching the public embarrassment of the Central Bank of Nigeria today, I can confidently posit that Sanusi has run the CBN with faulty data, and has not been thorough in the discharge of his duties. There is every reason to believe that this CBN governor is over-hyped and over-rated, and blinds his inefficiency and dullness with public presentations and pirated publications, like the few for which he has been sued for plagiarism.

Yes, people who query possible corruption are always silly......in Nigeria.
And then you will start complaining about bad governance.....

Sanusi Lamido Sanusi does not have the academic credentials to be governor of CBN and he knows he does not qualify. No wonder he is rushing out and not demanding a second term, he can’t be that lucky. The issue of Sanusi’s record in banking and monetary economics has been debated severally. Professor Peter Ekeh of the State University of New York at Bufallo wrote about Sanusi’s record saying:

The information we have on Sanusi’s preparation for his present position is sparse and unpublicized. We read that he did his undergraduate degree in Economics at Ahmadu Bello University, Zaria, graduating in 1981. We do not know in what area s of economics he specialized. It is traditional at that University to write a Research Essay in the final year. It would be important to know on what topic Lamido Sanusi wrote his essay. It is also good information to know what class of degree he earned to enable him to graduate from that University. The publicity piece on Sanusi on the Web site of Central Bank of Nigeria tells us that Sanusi took M. Sc. (Economics) courses, apparently without taking the degree at the end, although he is said to have obtained a distinction in Monetary Policy. Did he abandon the M.Sc. project? We are told that Sanusi returned briefly to teach at Ahmadu Bello University.

What subjects did he teach? These are elementary facts that should be available from a full curriculum vitae of the Chief Economist of the Federation. They are the sort of questions that any interviewing body would demand from any young academic who applies for the position of Lecturer or Senior Lecturer in any of our universities. In addition, we may demand to know from Nigeria’s Chief Economist whether he took any professional examinations in banking while he worked at ICON Limited (Merchant Bankers) and United Bank for Africa before he became the CEO of First Bank of Nigeria. Finally, it will be beneficial for our judgment of the qualifications of our national Chief Economist to gain information on whether his studies in Islamic Law at the University of Khartoum, Sudan, in the hiatus between his years at ICON Limited and UBA, were related to his banking profession. The Central Bank Web site informs us that Sanusi bagged a First Class degree in his Islamic Studies in the Sudan. These are not over-bearing or over-probing questions. We would know about such background of the Governors of the Central Banks of any other African countries from their curriculum vitae.

Yep...the gent did not do his research.....he just simply resorted to ad-homiens, and special pleading?

If Sanusi was soooo incompetent.....HOW DID HE END UP RUNNING FIRST BANK AS ITS CEO?

Or do people who HAVE NEVER FINISHED THEIR MASTERS RUN BIG BANKS LIKE FIRST BANK?

Again bigotry masquerading as criticism.

Perhaps more important is Sanusi’s publication record. Fortunately, in modern times several vehicles exist for accessing the records of anyone who has engaged in academic or professional publishing. For this exercise I have employed the liberal vehicle of Harzing’s Publish or Perish. The result for Sanusi Lamido Sanusi is distressing. He has ten papers listed. They come from such newspaper-grade media sources as www.gamji.com and Daily Trust. All of them are about Sharia, Islamic Law and women. None of them is about economics or banking. The Web site of Central Bank of Nigeria boasts that Sanusi has publications in learned journals, but none is listed. They surely do not appear in the public record.

Because a bank executive is also supposed to be an academic.......yes, and I am a pink penguin.

While these questions from Prof. Eke may never get the answers they deserve, it is important to not that Nigeria has put up with its worst CBN governor in history. I can only compare Sanusi to Reserve (Central) Bank governor of Zimbabwe, Gideon Gono, who after a disastrous two term run, exited this year. Lamido Sanusi is a good man, but he is not smart enough an economist to run the CBN.

Yes, he is a good man.......except when he asks uncomfortable questions.

PapaBrowne: Strangely, I would tell you that I actually like Sanusi . Nigeria needs men like him, but surely not as CBN governor. He would do much better as an EFCC chairman. He did badly as a CBN governor as we recorded insane monetary policies in his tenure. I dont know where you live, but if you live in Nigeria, you would notice the scarcity of change. If you are an economist, you would understand the impact of something as simple as that on the economy at large. I would explain in simpler terms with a story. I tried to buy newspapers yesterday but the vendor had no change and I had no change. I didnt buy the paper any longer. I tried to buy a bottle of Sprite a few days ago. It costs 120 Naira. The seller had no change. I didnt but any longer. If this is not fixed, either of two things would happen. Either the quantity of goods been sold would go down or the price of goods would go up. Either way, it would slow down the economy. But its has run on for months and the CBN Governor has refused to do anything about it. I hope my long epistle helps explain the impact of Sanusi's intellectual limitations.

The reason why there is no change.......

Inflation....fuelled by over-importation of the things we manufacture.....which means higher prices...which means higher inflation rates, So if we print more lower denomination notes we would end up pushing up the inflation to higher rates.

Don't blame Sanusi...blame the oil addicted economy.

Also, blame Joe Sani(CBN Gov from 2000-2006) for introducing N100, 200, 500 and 1000 notes.....which was not his fault anyways., because of inflation.

PapaBrowne: @oamj
He did the course work for Masters degree in economics! Hehehehehe!!!

What a description. Do you now equate doing a course work to obtaining a degree in a discipline?? What a discovery??

OAMJ please you are smarter than this. One CV says he taught at ABU and another says he did course work. None said he obtained a degree.
Please tell me why??

Actually, he does have the Masters......the statement you quote means that he got his MSc Economics, with a distinction in the monetary policy course.

Plus, when looking for job with your Masters, any distinctions you make in your masters courses gives you an edge in the job market. I speak boldly as someone who has done a Masters abroad.

Also, he was a Lecturer for two years at ABU......and ABU back then did not accept lecturers who had half completed their courses. I speak as a graduate OF ABU and as the son of an ex-lecturer at ABU.

If he did not complete his course.....how did he get the First Bank Job? First bank, when last I checked , employed people with qualifications, not people without. And First Bank did very well under his stewardship. Or, have Nigerian banks started giving jobs to people who are not qualified?

Please, don't lie, and do not be a bigot.

alaoeri: Charles Soludo - ibo
Sanusi - Hausa
Next CBN governor should be yoruba or else?

The next CBN governor should be qualified for the job. Forget tribe.

He could even be a foreigner....the UK just appointed a Canadian as the Governor of the Bank of England.

From the report....

He added that the Nigerien authorities provided land for the project, in addition to running the school. The idea for the establishment of the college, according to Governor Kwankwaso, was to consolidate bilateral relations between the state and the Niger Republic, expose Kano children to French language as well as create unlimited opportunities for them in French and English speaking countries.

"With an annual increment of 200 students, 100 from Niger and 100 from Kano, it is our vision that in six years when the college will graduate these very students, they will have a population of 1,400 students", the governor said

The man is trying to build up Western Education in Kano, get his people learning a foreign language......French, ......which would heavily enhance the students' job prospects, and he wants his people to be exposed.

And some people post bigoted statements here.

Nigerians!

cashkid18: another set of boko boys in making,they are jst wntin for 2015 to unleash them on their fellow northerners

Are ye daft?

Since when did Boko develop a love for Western Education.

It is a Western Style school Kwankwaso is building.......not a madrassa.

[quote author=me_for_you]The worst crime obasanjo committed is to freely give away part of our motherland, bakaasi to Cameroon. Unforgivable treasonable offense.
As large as China is, they are still battling for tiny islands with Japan and south Korea, while obasanjo sold out a huge chunk of cross river state to Cameroon for a bowl of amala and ewedu[/quote]Rubbish. See the following link. http://www.omoigui.com/files/gowon_and_bakassi.pdf also see [url]http://www.dawodu.com/bakassi2.htm
[/url] and http://www.dawodu.com/bakassi3.htm

Bakassi was never ours.....it was Cameroon's....and we should have never gone near the ICJ.
The Chinese are wise...they refuse to go to any international court over the islands issue. We Nigerians went....and lost.
A better decision would have been to hold out for a vote by the Bakassi people over their soveringty.

GEJ remain the best president Nig. hav ever produce

Actually , that is false...because GEJ has not yet made nay effort in fighting corruption, and ending our overdependence on oil.
(And please don't bring up that old canard of failures of leaders past....it is nonsense.

OBJ, AL- Mustapha is waiting for u,stop runing face the reality, if it is writting letterxx i wonder the skul u attend
GEJ don't mind faulterxxx God is behind you. there would all fail
Nigeria is not own by any body, after your 8yrs go n rest leave Nig. alone OBJ

Neither is Nigeria's GEJ's own property too....everyone has a right to run for president , including Northerners.....until we put in rotational presidency in our constitution.

OBJ you sold BAKASSI
OBJ leave Nigeria president alone

Obj did not sell Bakassi at all....because it was not his to sell......see the following links which prove that Bakassi was legally Cameroon's.
(BTW---the mistake Nigeria made was to go to the International Court....we should have gone to the UN and asked for a fresh plebiscite)

http://www.omoigui.com/files/gowon_and_bakassi.pdf

http://www.dawodu.com/bakassi3.htm

[url]The Bakassi Story part 1http://www.dawodu.com/bakassi2.htm[/url].

My own comment on the OP's comment is that OBJ and GEJ should apologize to Nigerians. They have both been ruling us in their own self interest. I honestly wish also that the Nigerian Political class too...PDP, APC et al apologises to every nigerianforfailing us since 1999.

Olugbenger: 36. Get infected with HIV.

Yeah..like all HIV positive people are underweight....

You are wonderful. Thanks.

The basic problem with Nigeria is that we complain about corrupt leaders, then turn around and vote for them.

We do not vote for visionaries.....which is why said visionaries end up leaving the country.

[size=32pt]NOT BAD....NIGERIA NEEDS RAILWAYS

NIGERIA RAILWAYS WILL RISE AGAIN![/size]

Liverpool theme song.....


When you walk through a storm
Hold your head up high
And don't be afraid of the dark

At the end of the storm
Is a golden sky
And the sweet silver song of the lark

Walk on through the wind
Walk on through the rain
Though your dreams be tossed and blown

Walk on walk on with hope in your heart
And you'll never walk alone
You'll never walk alone

When you walk through a storm
Hold your head up high
And don't be afraid of the dark

At the end of the storm
Is a golden sky
And the sweet silver song of the lark

Walk on through the wind
Walk on through the rain
Though your dreams be tossed and blown

Walk on walk on with hope in your heart
And you'll never walk alone
You'll never walk

You'll never walk
You'll never walk alone.

Man U supporters club recruitment 2..

Man U supporters club recruitment is falling.....

Moyes is acheiveng his dreams....man u 9th , everton 5th.....right now...