naptu2: This debate about the exchange rate is one of the reasons that I was writing that SAP series last year. Unfortunately I never finished it. The debate is also related to the technology thread that I was going to write (believe it or not, I uploaded a lot of pictures on this thread and I hoped to use the pictures in the series, but I never wrote that series).
Around the time of the SAP wahala (late 1980s) the United States was putting enormous pressure on Japan to increase the value of the yen. We used to make fun of currencies like the Japanese Yen, the CFA Franc and the Italian Lira in the early 1980s. Those currencies seemed so weak. So why was the US hounding Japan about the value of the Yen?
A "weaker" Yen meant that Japanese products were cheaper than American products and at that time Japan was severely beating America in the technology sector. As I was going to show in that thread, your house would have been filled with Japanese technological products and would have no American technological products if you lived in Nigeria in the early 1980s. The Americans believed that the Japanese were artificially keeping the Yen weak in order to boost their exports and defeat American products in the market.
The Americans had a similar battle with China in the 2000s.
That's why I said that SAP was not necessarily a bad policy, despite the havoc it wreaked on Nigeria, but rather the problem was bad timing.
Nigeria had become dependent on foreign products by the time of the 1982 oil crash and it was destroying our economy. The idea behind SAP was that Nigeria should devalue its currency and cut spending, so that Nigerian goods would be cheaper and the country would be more competitive in the international market. There were two problems with this. (1) There were no large wholly domestic companies to take advantage of this policy. Most of the large companies in Nigeria in 1986 were either foreign companies or were owned by government. The government companies were not ambitious and were only interested in serving the domestic market, while the foreign companies were, well, foreign and did not have to produce from Nigeria (2) The devaluation of the currency and increase in import tariffs meant that some manufacturing companies found it difficult to import raw materials (that's one of the reasons that Volkswagen left).
SAP would have been more effective in the Obasanjo era when we had companies like Dangote, Glo, Zennon, Zenith, etc that could take advantage of it.
This brings me to something that I have wanted to explain since 2012. I have explained a bit of it when I wrote about the way we viewed the Yen and the Lira in the 1980s.
What is most important is not the nominal value of the naira, rather the most important thing is its stability.
Some countries try to keep their currency low because it benefits them (more exports). I gave you an example of China in the 1990s.
Some countries like Nigeria often try to keep their currency high (cheaper imports).
However, the most important thing is some kind of natural stability (not artificial stability). This is because people, companies and governments use the currency to plan and you can't plan if the currency is not stable.
Imagine that you take a dollar denominated loan to carry out a project and you expect to pay back the loan with revenue from naira payments by customers. It will become very difficult to repay that loan if the naira suddenly loses half of its value. That means you'll need to pay twice as much as you planned to pay. Where will you get the money from?
That's what affected Etisalat, Lekki Concession Company and has now affected Hajj planning. It almost affected Dangote and MTN.
That's for people that understand economics, not BangaSoup or BangaRice.
BangaRice is still wasting his time. As I said, he is obviously not one of the people that I was referring to and I know that nothing will ever make him understand the issues.
BangaRice: there is no advantage to this other than export of raw materials that ought to be value-added before export. The economy itself is weak thats why the currency is weak. If the room to improve the economy and thus add value isnt there or good enough, the people export raw materials and get forex in th short term but eventually imports due to weak economy will erode that short term gain and you have an overall loss in the long run.
More expensive imports.
Your post is very funny.
You are obviously not one of the people that I was referring to.
(To be fair, there were a lot of magicians all over the pitch).
You've got to remember that this Inter team had Klinsmann, Mathaus, Brehme (the three Germans), Bergomi and Walter The Cat Zenga on that same pitch. You also need to remember that Trapatoni was Inter's coach.
Kheira Hamraoui was one of Asisat Oshoala's best friends at Barcelona. The French-Moroccan provided the assist for Oshoala's first ever goal at Barcelona. The two friends have now reunited at Al Hilal.
By: Jude Obafemi, THEWILL Date: September 27, 2025
Al Hilal’s women’s team delivered a dominant 3-0 victory against Neom SC in the Saudi Women’s Premier League on Friday.
The home side controlled proceedings from the opening whistle, demonstrating superior organisation and tactical execution throughout the encounter.
Neom SC failed to create meaningful opportunities against their opponents’ structured approach and rapid counter-attacks.
Nigerian forward Asisat Oshoala contributed one goal and one assist during the comprehensive triumph.
The striker completed the scoring with a composed finish, converting a precise through-ball from Al-Bandari Mobarak to beat the visiting goalkeeper. Oshoala’s movement and decision-making consistently troubled Neom SC’s defensive unit, underlining her growing influence within the squad’s attacking framework.
Midfielder Kheira Hamraoui had previously doubled Al Hilal’s advantage with a spectacular long-range strike that found the top corner, leaving Neom SC’s keeper with no chance of making a save.
The thunderous effort followed the opening goal by Mobarak, which Oshoala contributed to, and established firm control for the hosts.
Al Hilal’s defensive line maintained their composure under pressure, preserving a clean sheet that strengthens their early-season credentials.
The victory is Oshoala’s third appearance since joining Al Hilal, during which she has accumulated three goals and two assists.
Her consistent output shows both finishing ability and creative vision, providing teammates with enhanced attacking options. The coaching staff views her adaptation as fundamental to the team’s championship aspirations.
This result positions Al Hilal favourably within the early league standings, signalling their intention to compete for top honours in the League. Neom will need to regroup quickly ahead of their next fixture following this comprehensive defeat.
Al Hilal’s combination of defensive solidity and attacking fluidity suggests they will remain serious contenders throughout the campaign.
Photo 1) Fatimah Adesina scored from a corner kick.
Photo 2) The giant striker, Janet Seimeyeha Akekoromowei scored and provided an assist. She played for Asisat Oshoala Academy, Nasarawa Amazons and she also played for Bayelsa Queens in the CAF Champions League qualifiers. She also represented Nigeria at the 2022 FIFA U-20 World Cup in Colombia.
Falconets thrash Rwanda’s She-Amavubi 4– 0 in Ibadan
27th September 2025
Nigeria’s U-20 girls, the Falconets, thrashed their visitors, She-Amavubi of Rwanda, 4–0 in a 2026 FIFA U-20 Women’s World Cup second round, second leg qualifying match in Ibadan.
The Nigerian side displayed fantastic football artistry and dominated proceedings from the start to the end of the encounter.
Falconets were in cruise control as Precious Oscar bagged the game opener in the 15th minute of the game, throwing jubilations in the midst of teaming fans who trooped to the stadium to watch the national female football team live.
Fatimoh Adesina converted a sublime corner-kick in the 20th minute to double the lead for the hosts while Janet Akekoromowei consolidated the scoring sheet for Falconets in the 64th minute, firing a powerful strike from the box line into Rwanda’s net to hand the hosts a comfortable lead.
She-Amavubi would have secured a consolation goal in the 79th minute, but the reflexes of Falconets goalie, Christiana Uzoma, frustrated the Rwanda strikers’ efforts.
Taiwo Afolabi put the icing on Falconets’ victory cake with the fourth goal just at the official regulated time, making the match a goal-rainy game for the hosts.
Speaking during a post-match news conference, Falconets Head Coach, Moses Aduku, commended the fighting spirit of She-Amavubi, noting that the visitor refused to give up, even till the last whistle.
He noted that falconets and technical crew carefully watched the tape of the first leg game against She-Amavubi in Kigali and made necessary corrections, particularly in the goal-scoring aspect, which eventually yielded expected results.
Also, the She-Amavubi Head Coach, Andre Cassa-mbungo, said that he came to Nigeria with a game plan to win, but his team played against a better side.
He added that majority of players in the She-Amavubi team were young players that still up to three to develop themselves before Rwanda could start seeing the best of them.
NAN reports that the victory gave Nigeria a 5-0 win over Rwanda on the aggregate, having won the first leg 1-0 in Kigali.
Nigeria will play against the winner of the game between Senegal and Algeria for the third and final round of the qualifiers.
The 2026 FIFA U-20 Women’s World Cup would be the 12th edition of the tournament, scheduled to be hosted by Poland.
People are always arguing about who the greatest ever football player is. This thread aims to make the discussion even more interesting. Can you combine your favourite players into a complete and logically correct football squad? Can you create the greatest ever football squad?
I'll go first.
9) Marco van Basten 8 ) Pele 10) Diego Maradona 7) Lionel Messi 11) Cristiano Ronaldo 6) Franz Beckenbauer 4) Paolo Maldini 5) Franco Baresi 3) Roberto Carlos 2) Giuseppe Bergomi 1) Gianluigi Buffon
Tinubu to Lead APC Governors to Owerri for Party’s 10th Anniversary Book Launch, Commission Uzodimma’s Legacy Projects
September 26, 2025
President Bola Ahmed Tinubu will on Tuesday, September 30, 2025, lead governors and top leaders of the All Progressives Congress (APC) to Owerri, Imo State, for the public presentation of a book chronicling the party’s achievements in its first decade in office.
The book, authored by Governor Hope Uzodimma of Imo State, documents the milestones of the APC since it assumed leadership at the federal level in 2015, and is expected to serve as both a reference point and a compendium of the party’s developmental strides.
According to a statement issued by the Chief Press Secretary/ Special Adviser (Media) to the Governor, Oguwike Nwachuku, the event will take place at the newly built Emmanuel Iwuanyanwu International Conference Centre (EIICC), Owerri, with President Tinubu serving as Special Guest of Honour.
Governor Uzodimma, who spoke to journalists on Thursday after inspecting some of the projects slated for commissioning, disclosed that the President’s visit would also feature the unveiling of key legacy projects undertaken by his administration.
Among the projects lined up for commissioning are the completely rebuilt 26-kilometre Owerri–Mbaise–Obowo–Umuahia road, a new flyover linking Port Harcourt and Onitsha with improved access around the Assumpta Cathedral Roundabout, and the ultra-modern Emmanuel Iwuanyanwu International Conference Centre (EIICC).
The governor emphasized that the visit would not only mark a milestone for Imo State but also highlight the APC’s record of performance across Nigeria.
“The APC is set to celebrate a decade of leadership in Nigeria with a significant meeting in Owerri, Imo State,” Uzodimma stated. “All is set to host the President as the guest of honour and the leadership of the APC at the newly constructed Emmanuel Iwuanyanwu nternational Conference Centre, where a compendium detailing the party’s achievements, compiled by a dedicated team led by the Progressives Governors’ Forum, will be launched.”
He stressed that the event would showcase both national and state-level progress achieved under the APC, pointing to the infrastructural transformation in Imo State as an example of the party’s commitment to good governance.
“We are not talking of promises anymore. We are discussing performance, visionary leadership, and the Renewed Hope Agenda of President Bola Ahmed Tinubu,” the governor said.
Governor Uzodimma expressed satisfaction with the quality of work executed on the projects, commending the contractors for delivering to standard, while reiterating his administration’s zero tolerance for substandard work.
The event is expected to draw political leaders, stakeholders, and residents of Imo State, who have already expressed excitement ahead of the President’s visit.
President Bola Ahmed Tinubu arrived in Lagos on Friday on a working visit to the former seat of government as Nigeria prepares for a low-key 65th Independence Anniversary.
The President moved to Lagos after attending the coronation of His Imperial Majesty, the Olubadan of Ibadanland, Oba Rashidi Ladoja, in the ancient city of Ibadan in Oyo State.
While in Lagos, President Tinubu would meet with players in Nigeria’s private sector and senior government officials.
He will visit Imo on Tuesday, September 30, to commission projects done by Governor Hope Uzodimma.
As part of the Independence anniversary, the President will also commission the remodelled National Theatre, which has been renamed the Wole Soyinka Centre for Culture and the Creative Arts.
Bayo Onanuga Special Adviser to the President (Information & Strategy) September 26, 2025
I presented brand new Land Cruisers to all former Deputy Governors of Akwa Ibom State as a token of appreciation for their years of service and sacrifice.
Their dedication has helped shape our State’s progress, and it’s only fitting they enjoy comfort as they continue to share their wisdom with us. Thank you for your service!
Business › Re: Forbes Report Says Nigerian Naira Now Ninth Weakest Currency In Africa by naptu2: 7:16am On Sep 28, 2025
