In his fanatical supporters own words "The president does not repeat visits, he already visited Ogoni land in 1984".

This clean-up remains one of the biggest sham these people will ever shore up, it's a pity that Jonathan didn't know how to do fakes not being a politician himself, he was a perfectionist who would want all the details to be taken care of before he acts. This was a project he could have just gone to kickstart with even 1 million naira and if work stops you explain to every one how it is a long term project and you are doing some work in the background until The end of your tenure. The APC understands it and will leverage on that to ride on people's gullibility.

The question I will ask, the clean-up is projected to cost about 1 billion USD, the JV partners will provide say 450million USD and the FG or NNPC has to provide 550 million USD, what plans has the government put in place for funding this sum, rather than deposit 10million usd as a take off sum? When is the next tranche of payments coming in? what's the government's strategy to get the work ongoing when it starts? What is the budget of ministry of environment? What provision is in the budget for this exercise ? It's not enough for the minister to say lack of funding will not stop the exercise knowing fully well there is no plan in place to ensure a continuous clean-up exercise thereby making it a rolling wave project.

Anyways those who will keep falling for propaganda can continue, in this Nigeria I smh for the largely ignorant population that can swallow any news hooks lines and sinkers without doing a critical analysis of the said news.

Op this your warning comes almost 8 months after we had started warning on nairaland. Draining 2 trillion out of the economy and stimulating with 350billion is a no brainer anyday, anytime.

It's a government of school children, where people are appointed based on who knows them, and not what they have to offer.

Go to the last CBN recruitment, I personally know a few intellectually dull fellows who were recruited as supervisors or experienced hands and just coming fresh out of school, what kind of policies do you think those ones will reel out.

Until Nigeria begins to get the best hands manning sensitive positions, "na double wahala for dead body".

plaetton:


The things he should do to at least revitalise the economy are there. But we don't know whether his economic advisers are inept, afraid to tell him or simply given up on trying to teach him basic economic principles.

For example, the much celebrated TSA implementation.
That was a nuclear bomb thrown into the economy.
They should reverse it immediately.
In this age of technology, programs and software exists or can be crafted to keep track and manage of all Federal government accountsin commercial banks in REAL TIME.

Sweeping N3 trillion from commercial banks, and by extension, the entire economy was economic suicide, similar to applying a jackhammer to remove a pesky fly from one's Scrotum.
Whilst you may kill the fly, you will also irreparably damage Your family Jewels, and be worse for it.

The government should also facilitate the inflow of capital into country by removing unnecessary restrictions in bringing money into the country as well as loosening the free flow of money in banking system.
I say this because each time I transfer foreign currency into my domiciliary account, I would have to explain the source before I can get access to my funds.

This is counter productive. No other country in the world does that.
You need to remove all barriers and encourage diaspora Nigerians, who are in the millions, to repatriate their earnings into the economy.

These are just 2 of the many steps that could be taken to buffer and stabilize the economy.

I recall having a discussion with a friend,last year. We had both gotten in to Nigeria at about the period of implementation of the TSA, we both agreed that in principle it was an excellent idea but in practice it's a big shock on the system. Well the government of the day went ahead, this is one of the major issues that has brought us to where we are. Today liquidity is like a fish in an aquarium, we gather around to admire it but have no access to the money, just nice enough for government to read out some huge trillion figures to the admiration of the public, but having no impact on them.

For mein addition to the forex controls, the governments should be able to stay the course with policy implementation. For business men, doing business is business, so the idea of policy reversals everynow and then can not encourage any invesments of any form. Imagine doing business with a man who has amnesia, you discuss something one moment, the next moment he forgets and says something else.

This thread alone can not address the short comings of this government but believe if the president comes down from his high horse, stays open to reason and new ideas, enter a action with boldness and be ready to see how actions yield results over time, then we will have been on our way to true progress.

For now it's all trial and error for short periods of time.

Mods I think the article deserves a wider read. Kindly move to Frontpage.

ChiaraM:
Dear fellow Nigerians:

In Italy we don't steal kidneys (nor other parts of the body, by the way) from unconsious patients in the hospital.We have one of the best healthcare of the world. I don't know what happened to this lady but in Italy we have also laws that protect people (including foreigners) and we are not afraid to investigate and in case punish strictly the responsible. We have criminals and mad people also in Italy like everywhere.
For everyone that says: Italy is racist, I will answer: 12.000 Africans (mainly from Nigeria, Ivory Coast, Senegal ...) were rescued from sea ( 900 died at sea) and arrived in Italy only in the past week. They are feeded, hosted in special places, cured if they need cures, totally free of charges for months/years sometimes, at the expences of Italians that work and pay taxes. German, France and Austria closed the borders and immigrants cannot pass from those. Healthcare is not free; taxes cover the costs of helthcare but we provide free cure to poor people. The problem araises when there are many poor people that are using public healthcare without supporting the system with their taxes. At that point, the taxes increase sky-high for the others. This is what it is happening.

Please tell them. Italy to me is the most welcoming country in all of the western world. Despite all the vices perpetrated by citizens of most blacklisted countries, the italians still amaze me at their hospitality, maybe it's the influence of the church.
That's the only country welcoming all those Africans and Iranians that nobody else wants to take in. Like I earlier stated, this specific case should be looked into. Although it all be a slow and delayed process but I believe she will get closure and I also hope the story is the way she narrates. Its a pity though what she has to go through.

Cc: lalasticlala Mynd44 OAM4J

Seun is there anyway it can be pushed to the government, to go through posts here on nairaland spanning a few months back, they can chose to assemble a think tank group from our own nairaland or compile some of those ideas that had already and accurately pointed out today's economic scenario months back.
I am afraid it appears the big boys (appointees) eating money at the villa are hell bent on driving us into the ground with their cluelessness and ineptitude.

Also it's high time the forum begins to ban the curse word "Wailer" used to shout down opposing view. All parties across divide will benefit from this country working. I don't think the supporters of this government are more/less patriotic than the opposition, especially those in the opposition without any political affiliations but who just want the country to work.
I would implore all hands to be on deck, bury all differences and even Mr President should toe the path of Nelson Mandela. Forget the things behind like he initially promised, before he decided to look back into the NEAR past. Assemble all stakeholders and see how everyone can make their contributions to moving the country forward.

We both know the past administration got some things wrong but they also got other things right and could be consulted or engaged in those areas, so it's not too late for Mr President to run an inclusive government as the father of the nation, where everyone can contribute to pulling our country through this emergency. If the government is hell bent on fighting, they can fight mych later but for now we have an emergency on our hands. Two wrongs don't make a right.

I really hope Mr President would see the wisdom to steer this ship (Nigeria) away from the iceberg of indigence.

God bless everyone
God bless our heroes past
God bless Seun
God bless all Nairalanders irrespective of political or religious leanings.

We shall be great again!!!

Critics say President Buhari’s policies are adding to its worst economic crisis in generations

by: Maggie Fick

In his former role as the managing director of one of Nigeria’s leading banks, Godwin Emefiele had a reputation for being soft-spoken and unassuming. In the year since he became governor of the central bank, he has stood out for the opposite.

The change is being put down to one thing: the control he wields over the most scarce commodity in Africa’s biggest economy today: dollars. One businessman says Mr Emefiele has become so central to the running of the country that “no one can operate without him”.

Business, economists and indeed former peers are blaming the policies he has introduced — restrictions on imports and tight control of the foreign exchange market including its artificially pegged foreign exchange rate — for compounding the worst economic crisis Nigeria has experienced in generations. Many are equally critical of President Muhammadu Buhari’s endorsement of the governor’s unorthodox policies and say his repeated public backing of them has undermined the independence of the central bank.
[b]
“The economy was a mess anyway and Nigeria was heading for a hard fall, but … should the fall be this hard?” [/b]asks Kayode Akindele at TIA Capital, a Lagos-based investment firm.

That question is nagging at a growing section of the public, angered that Mr Buhari, the ascetic former military ruler elected on a wave of optimism last year, has not only failed to react fast enough to the changing climate but made matters worse by experimenting with outmoded remedies that have not stemmed the economy’s freefall. Supermarkets in Lagos are struggling to keep their shelves stocked, fuel is rationed and food prices have soared.

“The pain level is going up,” says Olisa Agbakoba, former head of the Nigerian Bar Association. “Everything is in short supply.”

‘Self-inflicted’ wounds

The fortunes of Africa’s most populous nation and leading oil producer have long ebbed and flowed with the price of oil, on which Nigeria depends for more than 90 per cent of hard currency earnings. But economists list several factors that make the current downturn markedly more worrying.

The structural change in the global oil industry since shale reserves were opened up by the development of new fracking techniques in the US makes it unlikely that major oil producers like Nigeria will see a significant price recovery any time soon.

In 2008, the last time crude prices crashed, Nigeria had savings to fall back on. This time it doesn’t: the administration of former president Goodluck Jonathan squandered the proceeds of the boom years in a bonanza of profligacy and corruption before he was voted out of office.

Chart: Nigeria data
Then there is what critics describe as the “self-inflicted” wounds — the currency policies and associated import controls set up to conserve hard currency by prioritising strategic imports when Mr Buhari took power 12 months ago. These have starved existing businesses of inputs, leading to a collapse in supplies of everything from medicines to spare parts, while incidents of price gouging have risen. The policies are also blamed for encouraging capital flight while forestalling fresh investment. Inflows dropped by nearly 75 per cent to $711m in the first four months of 2016.

“No one, even investors like us with a long-term view, is going to put money into Nigeria in the expectation of losing a third of the value of that investment,” says a senior partner in a UK-based private equity fund. He and other investors say that despite the president’s visceral opposition to devaluation, it appears inevitable.

The impact has been chilling. Nigeria’s economy, which grew annually at an average rate of 7 per cent in the decade to 2014, contracted by 0.36 per cent in the first quarter. According to most forecasts it is heading into recession.

The import controls and restrictions on foreign exchange have hit the manufacturing sector hard, eroding the credibility of the Buhari administration’s ambition to diversify the economy.

“Growing non-oil income is a key economic strategy of this government,” says Keith Richards, a veteran of Nigeria’s consumer goods industry who used to run a subsidiary in the country of Guinness, the brewer. “Blocking manufacturers manufacturing will have the opposite effect.”

More than half a million workers lost their jobs in the first four months of this year, according to official statistics. The livelihoods of tens of millions more people employed in the informal sector have been hit by inflation of nearly 14 per cent, spurred by escalating shortages of basic goods and the rapid devaluation of the naira on the parallel market, where most traders are now compelled to source their foreign exchange.

And while a new wave of militancy in the oil-producing Niger Delta has triggered a rally in the global price — it hit $50 per barrel last week for the first time in seven months — the violence is making matters worse at home, with any gains offset by production losses. In recent weeks, pipeline attacks have cut production to 1.45m barrels a day — far short of the 2.2m assumed in this year’s expansionary budget.

Oil revenues typically account for more than two-thirds of government income. Collapsing prices and falling production mean the government is now operating on about one-quarter of the $5bn in monthly revenues it had before the price fall began in mid-2014. Many state governments are now unable to pay salaries while power generation levels are at their lowest in years.

“Investors fear Nigeria is on a stagflationary road to Venezuelan-style multiple exchange rates and eventual meltdown,” says Charlie Robertson, chief economist at Renaissance Capital. “[But] we think reformists will help Nigeria swerve in time and avoid that car crash,” he said, after a government decision earlier this month to raise the price of fuel by 67 per cent in response to months of crippling shortages.

Chart: Nigeria data
The price rise was interpreted as the government accepting the reality of severe dollar scarcity. But it fell short of the deregulation of state-set fuel prices that has long been urged by economists seeking to ease the chronic distortions in the economy. It left many observers saying shortages will return unless the government loosens its grip on the price of both fuel and the naira.

In a speech on Sunday marking his first year in office, Mr Buhari said he had inherited a “state near collapse”, ill-equipped for the strain of low oil prices. Insecurity was widespread, “corruption and impunity were the order of the day” and the treasury had been emptied. The initial challenge for his government had been to block leakages and reconstruct “the spine of the Nigerian state”.

The central bank last week admitted that the exchange rate cap — defended by Mr Emefiele as a way of protecting strategic imports from the low oil price and shielding the poor from inflation — is failing and should be abandoned. The comments fuelled speculation of a policy switch. Mr Buhari, on Sunday, appeared defensive about the approach taken so far but acknowledged that he had been forced to listen to advice to change course. He said he supported the central bank’s new strategy “to ensure alignment between monetary policy and fiscal strategy”.

The president also hinted in a briefing with local media that he was open to considering his options. “The … economists come and talk things to me, and when I raise issues they talk over my head instead of inside my head,” he was quoted as saying in Nigeria’s ThisDay newspaper. “On the value of the naira, I’m still agonising over it … I need to be educated on this … I am under pressure and we’ll see how we can accommodate the economists.”

Mr Emefiele has been crucial to the president’s defence that tight currency controls are the best response to the economic crisis. The two men meet frequently at the presidential villa, according to one of Mr Buhari’s spokesmen, and statements on monetary policy by the two over the past year are virtually indistinguishable.

Business argues that a controlled devaluation would allow manufacturers and traders to make informed pricing decisions, less dependent on the central bank governor’s will. Despite the recent comments, however, companies are not holding their breath.

Others in the government insist that the new budget will kick-start the economy. External borrowing to finance it has yet to be secured, h[/b]owever, and business remains unconvinced that government spending alone will be enough.

“[b]It’s a monumental waste of money to be trying to stimulate the economy on the one hand and slowing it down on the other,” says Oyin Anubi, an Africa economist at Bank of America in London.

Losing allies

The damage is not just economic. The country’s travails have overshadowed progress the president has made on the problems he most wanted to tackle: the Islamist insurgency of Boko Haram and pervasive corruption in government.

Most damaging though is the political impact that is beginning to cost Mr Buhari allies. His decision-making style appears, even to senior members of the administration, overly secretive. Some criticise him for failing to consult with his cabinet and view his refusal to listen to alternative points of view.

Obiageli Ezekwesili, who served as a minister in two previous administrations and once led the World Bank’s Africa division, recently criticised Mr Buhari’s economic policies as “opaque” and “archaic”, [/b]saying that something that “did not work in 1984 cannot possibly be a solution in a global economy that’s much more integrated”.

[b]Advisers to the president say his original priority was to lift people out of poverty. It was not to please the wealthy business community and skittish foreign portfolio investors. But those close to the administration claim there are signs of a shift in ideology within government: from the unbridled crony capitalism of the past to a more state-driven vision for promoting industry and jobs.

Industrial revolution

Mr Buhari’s initial instinct, say advisers, was to batten down the hatches, and pursue capital and import controls similar to those pursued by China in the 1980s, while gradually building up export capacity in sectors beyond oil.

Chart: Nigeria data
The aim was to engineer the beginnings of an industrial revolution, create jobs and dedicate investment towards rebuilding infrastructure. Ethiopia, on the other side of the continent, has spurred the beginnings of an economic transformation using similar methods.

In Nigeria’s case, however, it could already be too late. The government’s ability to control the capital account — the deficit doubled to 3.7 per cent of GDP in 2015 — and restrict imports in a country rife with smuggling is questionable.

A Venezuela-style meltdown — once dismissed out of hand — now no longer seems such an outlandish prospect. [/b]Some observers argue that this doomsday scenario is forcing officials, including the president, to accept the need for a course correction.

“The bunker mentality has changed [in the past month] to a more open-to-discussion one” says Bismarck Rewane, chief executive of Financial Derivatives, a consultancy in Lagos. [b]“Even if the change [in policy] is involuntary, the combination of inflation, slowing GDP, exchange rate pressure and the drop in oil production … will bring change.”

”

Source: https://next.ft.com/content/2f5e5d2c-2338-11e6-9d4d-c11776a5124d

ireneony:
This story is fake.
The same italy that helps immigrants with housing and good health care.

Healthcare are free in italy.
I remember when I had a swollen eye....I went to one of the hospital, u need to come and see the way they attend to me fast. The next day, my eyes were better. Can nigeria health care boast of this?

Italians are not like that.
I know because I know

Italy have one of the best health care in the world.

No wonder africa is a shirt hole. . All they do is sit down to fabricate stories.

Lazy bloggers. .anything for traffic.

My dear I am surprised as well. Anyways the house committee should get to the bottom of this specific case. In general Italia is a very nice place especially in torino-piedmonte that is very generous for her well structured, royal and hospitable policies to locals, refugees and foreigners alike.

Nigeria is going down the slippery slope and Femi is giving us a compendium of instances where Buhari laughed. I never recall Nigerians complIning that Mr President doesn't laugh so why is Femi going this length to reel out these epistles of laughter and attention to useless sort of details, the budget already told us clearly how the president pays attention to details, so if Femi is giving examples of his cap and Bayo's socks then I am afraid he is on a looooong thing.

divineappo:
more money for the govt, more suffering for the masses.

Where is Eedris Abdulkareem, he needs to do a fresh remix of that song "Nigeria Jaga Jaga"

An action taking so late that it will bring misery to the masses. If this man has done this since last year's August, the currency would not have slid to this point.economy would have moved on so long ago and the effects would have been minute just like the 2 devaluations done by okonjo iweala and GEJ.

Lalasticlala mynd44 OAM4J, please tell toolz and others they will be paying customs duty with the new exchange rate, on their return from Dubai.
I hope I got the toolz password right

Maybe the government appointed "BDCs" have made enough money from the official "round tripping", and government is now ready to focus on the reality. Heads or tails it's a government plagued with madness.

The Nigerian Customs department announced today it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016.

It is a further evidence of the implicit adjustment of the value of the national currency, the Naira which had remained artificially at N199 for almost a year.

The Central Bank said after Tuesday’s meeting of the monetary policy committee that it will work out modalities for the operation of the parallel foreign exchange market in a move towards a more flexible exchange rate for the Naira.

While the market awaits the rules being put in place by the apex bank, many have been watching for signs that could help point them to the rate applicable in the interbank market.

The Customs announcement today is perhaps the clearest sign yet that the rate of exchange will be closer to N300 than the current official rate of N199 to the US dollar.

Already oil importers have been advised that the rate governing the calibration of the pump price of PMS will be N285 to the dollar for the time being.

source: http://businessdayonline.com/2016/05/customs-to-use-n285-for-duty-from-june-1/

luvinhubby:
When Amaechi foolishly stopped the Maritime university in Okerenkoko was when i saw this coming.

APC is a very useless bunch of politicians.

Amaechis head on a pike should have been one of their requests. They should update their list.

masseratti:
and after Ibb boted him out, are we in a better state than pre 85?

Nigerians weren't queuing for essentials until the return of the boy from daura, who is working very hard to replicate the same scenarios that saw him being booted out of power.
There was an emerging middle class from the period of 1999, but within one year the system is being restructured into the rich and the poor, where poor comes in 3 categories.

CFCman:
Nigerian airlines would have taken advantage of some of these foreign carriers leaving the country, but the domestic airlines are weak.
They only control 10% of the international pax numbers to and fro Nigeria, which is pitiful.

I agree with an airline consultant who advocated for the 9 passenger airlines to be merged into 4 or 5 airlines in order for them to be financially strong.

I'd also call on the FG to set up a Bank of Industry solely for capital-intensive business (i.e. aviation, petroleum, shipping etc) with an initial capital base of N600bn. The bank's interest rates shouldn't be more than 8%. This would enable the airlines source relatively cheap funds to lease new planes and pay for regular maintenance of their aircraft.

Lease new planes and perform routine maintenance with naira?

persius555:
Can somebody remind me how much the UK is repatraiting to nigeria as looted funds. I doubt its up to $200 million dollars.
And to think we are to give out $575 million dollars capital flight. The west control our economy.
Confirmed!!!

We are not to "give out", they earned it. Its money they worked for, that you have just forcefully withheld.

masseratti:
that bitter pill we refused to take in 1984 was the beginning of major corruption in Nigeria and we are still paying it now.

My brother there is nothing happening today that is any different from what was obtainable in 84 that the man was booted out. IBB and co needed to take the steering from Buhari before he would run over the cliff, it's the same thing today. I recall seeing some funny cartoon image of a man using the same 1983 calendar in 2016.
Different years, same occurrences.

Bubu4Sea:

This man you are wicked

My Brother, I am just stating the obvious. Someone needs to collect the steering from this man. Imagine giving your RollsRoyce phantom to a driver who is experienced in driving the old days cadillac, its an hazardous or at-risk scenario.

Goke7:


Mineral resources never developed UAE or Australia but economy diversification did, oil has never developed any nation and will never if not Nigeria would have developed long time ago. Oil is not everything and will never be. It will continue to be there but only economic diversification brings true development

alright my friend, maybe we see the same thing but from different vantage points. I am looking at things from the cause, the first cause, while you are liking at the inherent processes. It's been nice having this chat with you but like the Africans we are, after an argument we all go home with our original views.
Have a great evening, it's the start of a wonderful weekend.

The country is undergoing "change" but by the time this change has been completed, things may have moved beyond recognition.

End effect of solving 2010+s problems with 1980's solutions.

Goke7:

You talk as if only crude oil provides energy, are you not aware of other renewable energy sources, like I have been made to believe everything is on oil, that's your problem I can see

Renewable energies are not and will not be a substitue for crude oil in the short term. As someone who has an extensive background in several fields, mechanical/aerospace/renewables/petroleum engineering, crude will remain relevant up to the 2050's and if not beyond.
A lot is being done in the renewables especially the offshore wind farms being developed in Europe (for which I and my team were to come up with standards for their structural integrity, before I made a marked chance in my career ) all the same oil is here to stay reason why despite the low oil prices big oil and gas companies are still trying to strategically increase reserves either by mergers, acquisitions or the cheaper option of exploration.

If you held the view that oil was everything please still stick to it.
The oil is not the problem, the mindset of the leaderships of most of these countries are. I see no reason why the Emiratis or Qataris or Australians or Canadians will say their mineral resources are a curse.

Goke7:

You are the one that does not have understanding, the fact that oil is source of energy for a country does not mean their economy is tied to oil, pls understand this. Are you saying with global gdp argument that oil determines the wealth of countries. Is Japan economy buoyant cos of oil? Is Thailand a rich country cos of oil? Is China the 2nd largest economy in the world cos of oil? Is US what it is cos of oil? Lagos have no complaints with the oil slump as this year they made over 100 billion naira in IGR in four months which was unbelievable. Like I said earlier you have been told everything comes from oil.

That I put petrol in my car does not mean I feed on oil

Global GDP again!!! I will not repeat myself bro. If japan desires some form of growth, a look at her figures will require increased energy demand, the fact she doesn't produce the commodity will put her in some form of trade to either get the raw commodity or the refined products, in that wayher growth is still tied to the commodity indirectly. That's why I have taken time to point out that directly or indirectly all economies in the world are tied to crude.

tuale4u:


I am very angry because other region are not contributing their best to the country. Since we are providing crude oil for foreign reserve, I expect the North to be contributing Massive agriculture not the current one they are doing.

The west should be growing massive cocoa. And south east should be contributing their share too.\

A situation where Igbo, Yoruba and hausa are contributing little is annoying. They are all contributing little because of our oil.

Exactly what the agitation in the Niger Delta region has been about, from the times of Major Isaac jasper Adams Boro. Allow each region fans for herself. Nigeria's only period of prosperity were the years when we practised regionalism, as soon as everyone realized they could feed fat off the Niger Delta, everyone slacked. Talk about being a lazy and treacherous parasite, you have a clear example here.

Goke7:


if you have initial capital and that's all, how do you sustain the business? oil is primary source but its not renewable, the world only keeps looking for oil cos of its cheap money, americans o yes love petrol dollars cause it comes easy and so everyone keeps looking for oil. Please look up thailand on wikipedia and see how rice production contributes to their economy in form of taxes as their major tax revenue comes from rice, o yes thailand is running on oil abi? Oil can be used to kick start other sectors but can never sustain it, the world will continue to look for oil cos its one of the easiest and cheapest money to get around but serious countries don't tie themselves too much to oil cos of its fluctuations in global prices.

despite the slump in oil prices, why is Lagos still generating lots of IGR if all the banking, insurance and manufacturing are all tied to oil as you are inferring, you need to explain this and as for your tomato illustration its laughable, you mean its only oil that can provide money for research on tomatoe diseases, mhen there are international organisations that can fund such research.

I don't blame you much, its because you were told everything comes from oil

There you go again, from your argument Thailand as a country has no dependence on petroleum, whats her source of energy. I have told you to look at the big picture you still find it hard to see things with with larger screen. I Repeat GLOBAL GDP and oil are highly and positively correlated.
As regards Lagos are you implying there is no drop in her accrued revenues?
There is a reason it is called blackgold, insofar as we have no other relaible source of energy, all economies will directly or indirectly be dependent on oil. Please never make your myopic assertions in the gathering of the learned.

I recall a little child whom when you give him some money to say buy biscuits he will use it all for biscuits, give him 10000 naira and he will use it all up for biscuits.
Think very hard at the relationships sorry if I am not doing a good job lecturing you on this.

Someone's eyes are opening.


here is someone's post and my reply (taken from another thread)

I think our government is too slow, you cannot allow one section of a country to take us for ransom; that is exactly what Niger Delta militants are doing. When we call our self a united nation, we should not allow anyone to take advantage of us. What they are looking for is for government to negotiate with them and started awarding them unnecessary contract. I will advise government to send army into that area and wipe them out. Such thing cannot happen in USA or UK. Why did we allow that to happen in Nigeria? They need to be taking out, that is the solution. The negotiation done by our last head of state end up in big corruption. Let us stop waste our money. Southwest have contributed Cocoa to the economy of this country before oil was discovered, likewise North have contributed agricultural products to this nation without taking anyone for ransom. This nonsense need to stop, I hope you people in government are listen.

My response below:

My friend all regions contributed to the centre so don't make it look like the southwest or any single region has contributed selflessly like the naija delta.
The moment all regions were required to bring their proceeds to the center a civil war began in a space of a few months. So you see oil has been the primary driver contributing over 280 billion dollars to the entity Nigeria and over a period of 50 years more or less.

Btzzk:
I think our government is too slow, you cannot allow one section of a country to take us for ransom; that is exactly what Niger Delta militants are doing. When we call our self a united nation, we should not allow anyone to take advantage of us. What they are looking for is for government to negotiate with them and started awarding them unnecessary contract. I will advise government to send army into that area and wipe them out. Such thing cannot happen in USA or UK. Why did we allow that to happen in Nigeria? They need to be taking out, that is the solution. The negotiation done by our last head of state end up in big corruption. Let us stop waste our money. Southwest have contributed Cocoa to the economy of this country before oil was discovered, likewise North have contributed agricultural products to this nation without taking anyone for ransom. This nonsense need to stop, I hope you people in government are listen.

My friend all regions contributed to the centre so don't make it look like the southwest or any single region has contributed selflessly like the naija delta.
The moment all regions were required to bring their proceeds to the center a civil war began in a space of a few months. So you see oil has been the primary driver contributing over 280 billion dollars to the entity Nigeria and over a period of 50 years more or less.

Goke7:


you are lying, oil is not driving any world economy, the money thailand is making from rice production is more than the money Nigeria makes from oil, you guys have been deceived, oil has not brought any development to any part of the world, oil is not driving the economies of china, US and europe or you want to tell me the english premiership if you watch it is driven by oil, common oil is not that special, it can only give you start -up capital to establish other sectors but can never sustain it due to fluctuation in prices which is what is affecting the FG. Lagos state can continue to pay salaries and attract FDI because it is off oil, which is what other states should emulate

If oil was that special, it should be able to solve our tomato wahala now but alas it can't. Oil is not renewable, ok?

Why I say you are lacking at understanding how the parts form into a whole, you already mentioned oil as possibly providing initial capital, listing world economies the USA, China, Japan, Europe etc are all countries whose development are tied to petroleum, reason oil is called a primary source because from it everything else has it's cause, and world systems are being maintained. If I'll were to be inconsequential I am sure the world would have stopped looking for it, let's take our own Lagos as an example, what activities take place here in Lagos?
Banking, taxes, Insurance, Manufacturing, imports etc

With oil prices or income low what is happening to manufacturing?
Where do the banks and insurance companies make the bulk of their money? As they are currently they are highly exposed since the bulk of their investments are already in oil and gas.
The bulk of the taxes where do you think it's coming from, despite government telling you about 840billion naira in the budget coming from direct sales of crude what about profit taxes that's almost 85% of profits, what about oil and gas personnel taxes being paid to tbe government.

If you are thinking about how oil will be used directly to grow tomatoes, then you are thinking / seeing through a very small lens.
You have a tomatoes problem, where will money for research against tuta absoluta come from? Where will money for fertilizers etc come from, the transportation, and every other aspect of your tomatoe's value chain will still felt directly or indirectly on oil.

The nexus is pretty strong,but you need to look a little more deeper to see the connection.

There is a reason financial experts hfrom available sata have shown that oil price and global GDP are highly and positively correlated, you refusing to accept that, doesn't take away the fact that it is fact.

eziokwubundunuwa:


List the African countries that got better after division. The answer is none.


The 1st reason is simply because the division has never and will never be based on welfare of the masses. It is either resource control, religion, ethnicity or power not development oriented.

The 2nd reason is because the same issues will always crop up even if you make every village a country of its own. So the cycle of crisis continues.

To your first question, it was a function of the political awareness of the masses at the time, don't forget most of these struggles were between the 50's and the 80's, do not expect the same philosophies to be applied in solving today's problems. Although as a highly exposed and learned Niger Deltan I believe the issue here should be about regionalism, because Nigerians have a lot to benefit from the diversity and cultural mix found in our beloved geographical entity.
I believe that's what the avengers want and why dialogue should be the key. Look at it as the Nigerian government wanting status quo, the avengers wanting a sovereign state, they meet at the negotiation table and meet each other halfway, which is true federalism. Any tactful leader would diplomatically steer this ship away from the iceberg of folly and indigence that is lurking just in front of us.
I hope the president will allow wisdom to prevail.

Goke7:


Okay, Please I need tomato, let your oil produce it for me now since oil drives the world economy

You looking at things from a myopic lens. Oil drives the world, whether you like it or not.

eziokwubundunuwa:


Did any of the countries get any better? It remains a fight to enrich a few and create unnecessary loss of innocent lives while the country becomes worse. Give me an example of a developed country that did so after division.

We talking Africa here, who is the current structure benefiting?

Amhappy:


Well you are right,diplomacy is tough in Africa esp with a clearly stubborn old school fellow like Buhari but I still believe nothing is impossible. He has done a lot of things wrong but It would have been better to vote him out in the next 3years than compounding our problems. Buhari is not wise and will never be. My pain is that in all this Buhari and his family will still live in luxury while most of us will be struggling with basic need of food and shelter.

All African States have passed through this phase before their countries achieved present state (not the best I must confess) I may name a few who have had to carry arms before they had the ears of powers that be:

Nelson Mandela
Paul Kagame
Kenyatta
Robert Mugabe
Charles Taylor
Dos Santos
Jonas Avembi
Kwame Nkrumah
Gamal abdel Nasser
Ben Bella Ahmed
etc