₦airaland Forum

oyeb15:
So Singapore don't have refinery. People that are living large on their nation oil reserves.

Let Dangote be deceiving you

Ignorance, if there oil sweeetness only allows them to make a certain kind of oil and Nigeria might have sour crude oil that they are in need for. Their refineries might not be able to refine the certain type of oil that they purchase from dangotes refinery. Na u be Weytin I call Child of hate and enemy of knowledge.

AK481:
Good for dangote ,a businessman but what of for Nigerians?
Dangote got fx pegged at official rate by emefiele throughout the construction of the refinery.

Now he is selling straight abroad neglecting we that subsidised his FX, some will claim that his hands are tied because of subsidy and that he too buys crude abroad , that's a point but it still don't make sense to me as a Nigerian that needs cheap energy to run my factory and keep people employed.

It's a failure of government, remember one of the recurring decimal while building this is the positive impact it will have on Nigerians, where is that argument today?

This is a failure of leadership, we were told that they will buy crude in naira at a fine rate and sell back to us in Naira , we are waiting .

Buying crude oil in naira rn is more expensive than abroad. He just built the refinery and has a lot of loans to pay off.

professorPABX:
You are 100% correct, even what you did not post above I understood them very much. Invariably, he has told us he is not indebted again because even when the refinery has not fully gone into full production, he can conveniently pay the $2.7 billion.

When I had an account on nairaland (babaolofin) for years, I was a radical supporter of Dangote and fought fanatically on every front for the success of the refinery. I became confused when Emefiele said he had paid all the loans even when the refinery has not started production.

People are complaining about floating of Naira because of the initial hardship associated with structural adjustment program all over the world but failed to realize how the initial foreign exchange regime indirectly impoverished Nigeria and Nigerians to the benefits of those milking our commonwealth for their personal gains.

I still congratulate Dangote for the courage to build that refinery. Without this refinery our government refinery will not work. He benefitted from government (CBN) from loans taken by Nigeria the same way Dantata family have been benefitting from government.

Wait, do you guys think Dangotes wealth is tied to the naira ? As yours ? First you need to stop thinking dangote is you but richer, just imagine billionaires as a different species entirely and that would help you understand why this inflation is not hitting dangotes ability to carry on his projects or pay his loans. His investment are globally diversified with probably a good amount in dollar assets where he can just put up as leverage to secure loans. If you listen to him clearly he always refers to some of his borrowers as “the international banks”. And since he didn’t borrow all the money from emefiele, how would that man be able to confirm if it’s all been paid or not ?

This is from another source (https://punchng.com/2-4bn-of-5-5bn-refinery-loan-repaid-says-dangote/?amp):
He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

So here’s some 8th grade economics, because a loan is paid doesn’t mean it comes from profit yielded by the business. Unless so many businesses which haven’t yielded profit would be in default, again profit I mean profit prior to him paying back parts of the loan, so not the net profit Incase you try be pedantic about it.

jimetagambo:
What electoral value does Paul Ryan have in Nigeria. He is not even influential anymore in the Republican party. Obidients are very excited over meaningless things and you are not an exception.

You don’t know, quite a good amount of them are slave descent or born to be slave. So anytime they see white person they think it has connotations with progression. Mental slaves

YorubaLord:
Travelling or absconding?

Werey Okoro Olofo!

Guy i no go lie you, as Yoruba man we no want these ugly girls. You see Yoruba guys like fine fine girls. This one get strong face like say she take bitter leaf. Ask about Yoruba in western world.

onuman:
The Ugandans see those people as better educated, refined and have better understanding of relationships between modern man and woman.

Guy i no go lie you, as Yoruba man we no want these ugly girls. You see Yoruba guys like fine fine girls. This one get strong face like say she take bitter leaf. Ask about Yoruba in western world.

helinues:
Uganda, Tanzania and Rwanda don't have a clue about the dirty games they are playing in Congo

By the time the consequences of their actions would mature, they would regret of ever taken such stupid decision

My friend shut up, we Africans dat still Dey wait for consequences of the west actions to mature.

Benwems:
Paul Kagame is a tyrant and a devil. He was responsible for the Rwanda genocide because it was him who instructed Twusi rebels to shoot down the plane of the Huttu President. This led to the Rwanada Civil War. it's unfortunate that he's still alive and the UK says Rwanda is a good country and wants to send asylum seekers there.

Kagame is a genius man who has brought peace and stability his country and his next door neighbour with more resources but less competence is jealous they can’t do the same and blames faults of their own on him.

Minsk24:
Did u not see that it was easier for the army to push back boko haram when Jonathan launched that military operation in 2014, but when ur enemy is not holding unto a particular territory, ur tactic changes...
They do not possess very heavy weaponry because the bandits are not interested in territorial expansion, so they don't have very heavy weapons like tanks, ammunition depot, manufacturing assets and co, the bandits are very mobile ...all I'm saying is that the US strategy of heavy air bombardment might not have the same effect in a guerrila warfare with a highly mobile
and decentralized enemy force like bandits

The issue is less so the fact that it’s insurgency warfare but more so that the type of military strategy he just described (combined arms) cost quite a lot of money.

tubolancer:
I don't like the Nigeria army war tactics, as a civilian I have studies several countries military tactics and the one I prefer most is the United States military strategies and overall tactics. Let me just break it down in a simple way, firstly after lots of information and data, they use their warplane to attack enemy position, follow by artillery fire powers, the tanks then the soldiers come last to finish the job, destroying the remnants of the enemy. We have new war planes, new armour tanks and these bastards are still kidnapping,killing the soldiers.

Yes your probably reffering to combined arms warfare however first search up Americans military budget, and intelligence gathering which costs money and compare it t on Nigeria

Bacteria8:
Jumping from one party to another is advance politics abi 🙄

When have you seen people like Jacob Zuma, Barack Obama or Donald Trump jumping from one party to another ??

Mtcheeew

If you are not in the west and your playing politics like you are in the west, you would surely lose as the rules , stipulations and obstacles you would face in Nigeria are different from the ones western politicians face.

Greenfusion:
Be dreaming......with this kind of emilokan politics and hatred abi....issok

And may the angels of God, give you that “ be dreaming “ reply for every prayer and want you have.

AMEN!!

ibechris:
Coming from a tribe that can fear fulani.

Until u defeat those fulanis in the bush then,we can take u guys serious.

Defeat them the way igbos dealt with them not bragging.

Ile Ibadan army pushed the sokoto caliphate back from oyo. What has the igbos done lol, then wey no even gey kingdom

Gbogbowa:
I'm Yoruba if military rule is the solution to this hunger let it be,the will of God be done.the hunger in the land is too much

You are very myopic, with bad democratic or pseudo democratic government. We can make changes, reform would take longer but it would still be possible. We can try make changes such as forcing parties to involve more of the younger generation, voting radical local government. Encouraging youth involvement in governance. We can make reform legislation by legislation but with military regime, we have to rely on some muscle heads benevolence and pray he is willing to take advice from anyone. if not we can’t wait 4- 8 years , it is until the guy pkai or if there is a counter coup which could ultimately erupt to a civil war. Please this type of rhetoric is not good for Nigerians to have. We aren’t even the worst country is west Africa talk less of Africa. Military government in this age would hinder growth. Platforms such as these would be the first to go and free speech would be destroyed

Acidosis:
The argument that a high exchange rate (such as N1600 to a dollar) would discourage imports overlooks many facts, one of which is that most of the goods Nigerians import lack local alternatives. We have numerous examples to support this claim, such as phones, gadgets, electronics. The senate president recently allocated over N3bn for freezers for his constituency. Not one will be produced by a Nigerian manufacturer in Nigeria.

In fact, I could argue that prices of domestically produced goods currently exceed those of imported ones. The only reason local rice is cheaper is because of differences in quality.

If we ever see a reduction in the demand for foreign exchange at present or in the near future, it wouldn't be because Nigerians now produce more local goods. It is likely going to be due to two main factors:

1. firstly, local investors finding it increasingly unaffordable to manufacture goods. We have seen reports of manufacturing plants closing down. If the current N1600 will truly encourage local production, why are more manufacturing plants closing shop than ever?

2. secondly, a significant decrease in the rate of japa due to (i) Nigerians facing affordability issues and (ii) stricter border controls in many destination countries, like the UK, for instance.

The only thing N1650 to a dollar will achieve is a drop in japa rate. In terms of local production, BAT will never see a significant gain in the foreseeable future.

We can still maintain a reasonably low exchange rate (say, between N500 and N700) while imposing heavy taxes or outright bans on imports of specific items like food, rather than imposing such measures on everyone, including those who wish to purchase foreign products that we know no Nigerian company will produce in the next 100 years. How long will Nigerians have to pay N2 million for a common iphone because we are waiting for a Nigerian company to produce a phone. LOL. A dream and effort in futility. The concept of "comparative advantage" was coined for a reason.

Their going to ignore you, these pseudo economists just Dey talk nonsense. They don’t know inflation kills domestic exporting or manufacturing businesses all the time and booms importing ones. As they are able to put price of products low enough so that they are competitive against domestically produced products but high enough so they are able to take advantage of the inflation environment

Me I wish like in USA or uk they let the contents of the deals be available. Because I wish this man isn’t doing deals which is putting Nigeria into hands of foreign powers. And yes I know the difference between neo colonisation and partnership or foreign investment… however African administrators are very myopic and tend to rarely every read the fine print or think about the future. So I’m happy but as I celebrate there is still a bit of suspicion in the back of my mind