₦airaland Forum

woodcook:
I never said it was an international policy, I said one of the greatest undoing of this present administration in terms of FDI is the uncertainty surrounding the ability of foreign investors to repatriate their profits as at when due

Yeah but the forex restrictions were inevitable considering that the nation's foreign reserves were dangerously low and the supply of fx had drastically reduced when compared with the constant high demand.. With the over 60% decline in fx inflows, what would you have suggested the govt do to plug that gaping hole?... In a nutshell, the fx restrictions were inevitable if the nation was to avoid the Venezuelan situation.

Reference:
They don't have foreign exchange because demand outstrips supply caused by their artificial regulation so every Tom, Dick and Harry is buying up all the dollars available to hedge against inflation, simple. This government's rubbish policies is killing the economy. Float the naira and people will become net sellers not buyers. It is highly profitable today to trade in currencies rather than real goods and proper services. You people just keep politics out from all this mess and use your senses for once.

Over 90% of a country's forex inflow comes from one single volatile commodity. The volume of forex flowing into the country in the last 2 years has dropped by well over 60% (courtesy of drop in commodity price and drop in export volume), but you think the bigger cause of the forex scarcity in the market is government policy and not the drastically reduced inflow?... and you think you are not the one being politically sentimental by harbouring this kind of flawed logic?

woodcook:
I cant remember ever telling anyone to vote for me that I would fix Nigeria problem.

You should take your message to those that promised you that.

Well, I was only correcting a false claim that you made that it was an intentional policy of the current government that prevents foreign investors from being able to repatriate their profits as at when due.

rattlesnake:
omokiri...OMOKIRI IN yoruba means WANDERING CHILD thats what u are Ode !!!!!

Omokri in Urhobo actually means 'he-goat'

Reno himself graduated from Wolverhampton University in the UK. Wolverhampton Uni was also formerly a polytechnic and was only made a University sometime in 1992 (same time when Adeosun's school, UEL was converted to a University). So judging by this ignorant outburst from Reno, I would assume he is also insulting his own educational background and declaring himself unfit to hold a sensitive government position. Such putrid ignorance!

https://en.wikipedia.org/wiki/New_universities_(United_Kingdom)

woodcook:
What foreign investors fear most is not being able to repatriate profits as at when do and this is the biggest undoing of the present administration.

Maybe if you miraculously create forex in the central bank's reserves, then the present administration wouldnt have a hard time providing forex to foreign investors to repatriate their profits.

Stupid children... when will some idiots learn understand that destroying property isnt the way to seek attention?... And of course, just like is always the case, every student in the institution would be forced to pay a certain amount to offset the cost of the damage done.
#Iberiberism

As usual, the black man and the folly of religion. We practice religion but zero righteousness.

Hehehe... gboko haram useless party

https://www.tori.ng/userfiles/image/2016/feb/23/sheriff%20motorcyle.JPG

Masterclass32:
A former governor of Anambra State, Chief
Chukwuemeka Ezeife, has declared that no
politician of Igbo origin that contests under
the All Progressives Congress, APC, will win
any election in the South east. Lamenting that the region had not benefited
anything from the APC-controlled
government since 2015, Ezeife described
those joining the APC in Anambra State as
those who wanted governorship position
through the back door.

Ezeife spoke in Akure, the Ondo State capital
on Wednesday at the public presentation of
the biography of the Ondo State Governor,
Dr. Olusegun Mimiko. He said, “South-eastern people are not
going to the APC. What is happening is that
some people who want to be governor by
stealing the position, about 12 of them, are
going to the APC and they will discover that
they will never win any election after going there. “They cannot win the governorship. So,
don’t worry about that. We have been
more consistent in the zone, so, we are not
going anywhere. We are consistent in APGA
and the PDP. “Some people saw what happened in Edo
and Ondo states and they believed that the
only way to be governor is to go through the
APC but we are assuring them that our
people will not vote for them.

“Some people who wanted to be governor
are smuggling themselves into the APC but
we will not allow them. We are going for the
Presidency. I like what Chief Olusegun
Obasanjo said. For that 2019, we are going
for President.”

www.dailypost.ng/2017/02/16/apc-will-never-win-elections-igbo-land-ezeife/

Confused poli-thief-cians! Always playing on the damning gullibility of the masses to feather their personal nests.

The question Mazi Ezeife and his cohorts should be asking themselves is, 'what did his PDP do for the south-east for 16 years?'

Suddenly APC which came to power less than 2 years ago is now being blamed for the lack of federal projects in the SE but the PDP which couldn't achieve anything for the entire SE zone for 16 years is now being preached by supposed 'wise elders' as the saintly alternative to APC. Anyway, the gullible young ones who swallow the rubbish are truly the ones to blame.

Lol... what kind of drawing is that?... The boy na winsh?

People get time shaa...

The Oshokomole!

LordAdam7:
Jonathan chose to borrow to pay salaries rather than chop off money for other projects. For example, he wasn't borrowing to pay fuel subsidy of more than 1 trillion naira annually. Whether that was a good decision is up for debate. And by the way, GEJ borrowed majorly from within the country. So, he envisaged that when paying back, the money stays in the country.

Haha, brotherly, borrowing to pay salaries is one of the clearest things that a government should NEVER do. If the government's hands are so badly tied that it is has to borrow money to pay salaries, then that is one clearest signs of impending doom.

LordAdam7:
What you fail to understand is that GEJ and NOI knew how to pilot Nigeria through 18 months of oil drop without a recession setting in. If GEJ had continued in May, he would have held the fort steady for another 8+ months before the prices started rising in 2016.

Nigeria would have NOT entered a recession if GEJ was still the president. And I'll give you a couple of examples why:

Oil prices began to drop mid-way into 2014, i.e. from about 3Q 2014. From 3Q 2014 to 2Q 2015, I'm not sure i understand how you arrived at 18 months, that's more like 9 months to me.

With that aside, I'm keen to get more details of how wonderfully well you claimed GEJ and NOI handled the economy when oil price began dropping because within this 9 months period, the following happened (prove me wrong if you can):

(1) Nigeria's GDP growth rate steadily dropped from 6.54% to 2.32% as at the time of handover (of course it continued dropping after the new govt took over until we got to a recession but after looking at the chart below, I find it rather weird and outrightly callous that many intelligent folks like yourself still argue that recession was all Buhari's fault (not even oil price is blamed by you guys).

https://cdn.tradingeconomics.com/charts/nigeria-gdp-growth-annual.png?s=nigeriagdpyoy&v=201701041223t&d1=20140516&d2=20170216&type=column

www.nairaland.com/attachments/4878902_gdpvscrudeprice3_jpeg6d384f239fc88507a3734eb2818bdc65
http://www.tradingeconomics.com/nigeria/gdp-growth-annual

(2) In desperation to save the economy, $10 billion was expended from the nation's forex reserves to defend the Naira (between Nov 2014 and May 2015), hence our reserves crashed from $38.5bn to $28.5bn as at handover, but even with that huge amount, the Naira still crashed inevitably from N165 to N220/N230 at the parallel market. And this was despite the fact that Nigeria still drilled 2.2million barrels daily and oil prices still sold above $60.

Of course with the dangerously low funds in the reserves, it would have been foolish to keep disbursing FX further to save the Naira hence the new admin instituted forex restrictions to prevent a Venezuelan situation (zero reserves). But of course the restrictions gave a big hit to the Naira and chased away loads of investors who could clearly see Nigeria was already in a mess. You do not need a soothsayer to tell you the Naira wouldn't have fallen beyond N250 and we wouldnt have been in this mess had there been adequate money in the reserves to be disbursing $10bn every six months as NOI and GEJ did. That is why smart economist (including NOI herself) still blame the govt of GEJ for not saving nada.

(3) I don't need to re-mention the fact that GEJ and NOI were already borrowing to pay salaries (a clear disaster), fuel subsidy was already being owed importers for the full 9 months period spanning from Aug 2014 to May 2015; of course this forced importers to halt importation for fear that the new govt may not pay them either, and this led to the harshest fuel scarcity in Nigeria's history in May 2015 when even banks had to start shutting by 12 noon for lack of diesel to run generators.

In summary, I'm sorry bro, your claim that NOI and GEJ handled the crash very well is very flawed, baseless and borne out of ignorance of what really transpired. GEJ and NOI were just divinely lucky enough to bailout before the pangs of the impending recession started getting to ordinary Nigerians on the streets and of course the scapegoat Buhari took all the blame when the eagle eventually landed. You may want to argue that they may have done something differently further down the line had GEJ won, but that is only an ASSUMPTION which cannot be substantiated. Fact is that they can only be sensibly judged based on their performance that we saw between 3Q 2014 and 2Q 2015.

Since 1999, oil price has fallen 3 times under 3 different PDP governments. All 3 governments were able to manage it without any negative growth EVERY SINGLE time. With that 100% record, there is no rational human being that wouldn't say Nigeria's economy had a hell of a lot more chance riding the 2013-2016 price drop under Jonathan than under a medically-, academically-, and intellectually-unfit ex-dictator and coupist who did not improve himself one bit in over 30 years outside Aso Rock.

-Lord

Oh yes oil prices have fallen a couple of times and the harshest was in 2008 when oil prices crashed from $148 to $35. But just incase you aren't aware, that crash of 2008 lasted only 6 months between mid-2008 to early 2009. In addition, it is on record that the CBN then, disbursed a whooping $20billion into the market to bail Nigeria out of that global crisis and that was the only reason Nigeria survived it and the pangs weren't felt; remember that $20billion was readily available to be disbursed simply because OBJ had accrued massive savings.

Now kindly remind us of how long the present oil price crash has lasted? It's approaching 3 years now... and while you are at it, kindly remind us how much NOI and GEJ left in the reserves for Buhari to utilise in balancing the effects?

Please while we all agree Buhari isn't doing enough to stem the economic crisis we are presently in, kindly stop insulting our sensibilities by claiming GEJ was any better when it is simply clear they both experienced totally different situations.

Godemcee:
agreed but buhari can't do it alone,he has surrounded himself with criminals like gej did(the sgf,abba kyari,dambazu,daura Nd the rest.I think buhari should stop focusing on fighting corruption alone nd face the economy.
Nigeria need a leader who has integrity(Buhari edge here) , knows how to make money out of nothing(gej edge here),but what we need most is someone who will handle us with iron hand nd make policy that will reduce how much we depend on imported stuff.if I was buhari I'll reduce the % of cars imported to naija Nd I'll stop tokumbo cars important,by now we should be seeing innoson cars on the road nd it should be government official car.if buhari does this then I'll vote him in 2019 even though I don't like him.

Nigeria need iron hand

It's his duty to choose those around him, if he decides to surround himself with only vermins (like he's doing presently), it his fault, not mine and he gets to take all the blame.

Refreshing news... Such devils!

Godemcee:
though I don't like buhari,I think his style is to robotic,nd av always criticize lot of apc propaganda machine in here but av always maintained that u the most intelligent of them all nd u don't make comment with sentiment.

I agree with everything nd with ur type Nigeria still has hope,but Buhari should just go he his to stiff to rule Nigeria.

Thanks for your nice words. Unfortunately I agree with you completely, Buhari is too rigid and dormant on the economy and this has left the nation on a total standstill even as we slip further into oblivion. He hasn't done anything which impresses me to proof that he can reverse the tide of our economic woes; from all indication, he's just sitting back and hoping a miracle will happen but I fear that with the present level of damage, even a $100 oil price may not fix it all instantly.

The present situation we find ourselves needs someone with extremely high intellects to tactically navigate us out of the mess, and this sort of scenario is totally not Buhari's forte. I see Buhari as a person who if he's given N1m and asked to do a job of N1m, he would get the job completed without us hearing stories of how half the money developed wings; that is exactly the reason behind my support, because I believe this quality is exactly what the last dude lacked. Unfortunately at this point, we need someone who actually knows how to 'make money' out of nothing.

TonyeBarcanista:
Here we go again!

Which condition was worse than that of Obj? How was the country prior to the coming of OBJ and how was it two years after? Bro, this blame game is stale.

The government is failing because it lacked the capacity to fix Nigeria and put it on the right track! What has this government ever got right? Oil price has been on the rise since January 2016 without corresponding rise in the economy.

Lol... you obviously arent able to see the big picture. Kindly tell us what you think was the forex demand in Nigeria in 1999 compared to 2015?

In 1999, are you aware we didnt even have ATM cards in Nigeria, we hardly even had internet or cybercafes then as compared to today when virtually everybody has access and wants to buy even handkerchiefs from overseas (high FX demand). Again in 1999, how many people did you know were involved in importation business? or random overseas travels with their families for summer holidays?... Are you aware that Nigeria has grown massively between 1999 and 2015 with the country now having a very large middle class demanding FX unlike in 1999 when it was only the top 0.01% of the population who demanded FX?

In 1999, how many people had cars in Nigeria and how much was the daily fuel demand/consumption in the country?... How many people even had generators to power their homes during blackouts in 1999 as compared to today when every student has an I-pass-my-neighbour generator (high fuel demand)? Also if I may ask, as at 1999, how much of Nigeria's fuel was imported as compared to today when virtually 99% of our massive 40 million litre/day fuel demand is imported?

I wouldn't even want to talk of the fact that today, everybody in Nigeria wears, eats, sleeps and breathes commodities which are imported from beyond our shores; even a sitting governor who should patronise Nigerian goods went ahead to marry an imported young wife to our amazement. Finally, what was even Nigeria's minimum wage and what was the total wage bill/recurrent expenditure of the government in 1999 compared to today?

In summary, if N10 in 1999 was sufficient to feed a family, N1000 would leave the same family in kwashiorkor in 2015; between 1999 till date, Nigeria's standard average demand for Forex has leaped by way more than 1000%. So the next time someone tells you OBJ met only $5billion in foreign reserves in 1999 and Nigeria wasn't in recession, kindly tell them that they should read beyond their elementary economics textbooks because a foreign reserve of $5billion in 1999 is equivalent to more than $50billion in 2015. Kindly tel me I am wrong and I will supply more details.

Huh? thought erisco closed shop and relocated to China? Apparently he must have been cornered and bribed with FX. And then again, the govt recently announced the plan to ban importation of tomato paste so the sharp ones are already repositioning their business for a mega kill. Bad Guys!

TonyeBarcanista:
Uncle, like I said Nigeria was not an Eldorado under PDP but not pathetic like we are experiencing today.

The 2015 second quarter GDP experienced 2.57% growth..
http://www.premiumtimesng.com/news/top-news/189026-nigerias-economy-records-2-57-growth-in-2nd-quarter-of-2015-says-nbs.html

Are you satisfied?

The point I tried to make is that several factors spinned the economy out of control and it started nosediving into recession like a coasting train without brakes and this nosedive started even when we still had the 'world class' economists and when oil price and production levels were still relatively high. .

The essence of the chart i put above is to give you an insight into the unfortunate tight relationship between Nigeria's growth/economy and oil price; I just wanted to point out how those beautiful growth rate figures are tied to oil price, just like every other thing in Nigeria economy.

Oh yes Buhari came in with a promise to step on the brakes and stop the decline (which he met) but he certainly hasnt been able to do that by any means, and as the decline continued, Nigerians began to feel the pangs really hard and all the blame falls on the leader they see today. But then again, the conditions in 2014 or 2013 vs the present arent the same so there is no basis for the comparison you just made.

TonyeBarcanista:
By TonyeBarcanista

Goodluck Jonathan
When Goodluck Jonathan took over government he continued with the electoral reforms of Yar’adua, he further implemented court judgments and signed the Freedom of Information Act. Jonathan took the agricultural revolution of Obasanjo to another level, a policy that saw a 25KG bag of rice falling to N8000 and a relative affordability of prices of other agricultural products. Under this era, Nigeria managed to achieve a single digit inflation rate under the administration, the government also achieved relative success in power decentralization and road and rail construction. The government was however unpopular due to the depletion of the reserve from $47 billion it inherited to $30 billion it left it, the depletion of the Excess Crude Account from $9 billion it inherited in 2010 to $2.1 billion despite oil boom period- no thanks to the demands of state governors to “share the money”, which most of them couldn’t justify. The government was also accused of not doing enough to fight corruption and even accused of being corrupt; the ongoing arms probe is more of an indictment. A further dent was the failure to tackle BH insurgency. Though the government inherited the naira at N150-155/$, it left it at N199/$ official rate and 220/$ in the parallel market. Despite the flaws of the government, the administration achieved GDP growth rate of 5% in 2011, 4.2% in 2012, 5.4% in 2013 and 6.3% in 2014.
Nigerians wanted more and brought in the Buhari administration with hope that he would achieve it.
...

Barca, if some kind of directional wailers had made this statement, it would have been understandable. But coming from you?

Without much ado, kindly tell us what happened to the beautiful GDP growth rates which you painted above as soon as oil began to crash from mid-2014?.... While you are at it, kindly tell us what Nigeria's GDP growth rate was as at 2Q 2015 when Oga Jona was stepping out?

Some images like the one below are quite self explanatory.
www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

Is the training program supposed to be free before?... Would the trainers (probably hired externally) be paid their wages?

anonimi:
He is in good company with the Jagbajantis leader of the Association of ProgreTHIEF Criminals, APC being the Asiwaju Asiwere of touts, area boys and agberos himself.


www.nairaland.com/attachments/2147911_cymera20150222114530_jpegbb7cc5a3cc7ccee7c2b50b7bb8f36287

Association of ProgreTHIEF Criminals abii? Abeg remind me again on the association that ur lord and hero belongs to?

This Ayiri na just glorified tout but im money plenty..

No be dis man wey hang for police hand?

So he's actually mortal?

Tokziby:
I still don't understand why people still post this " Under Mass Looting and corruption Dollar was N170 while Under Mass Savings and fighting Corruption Naira 500".

Under GEJ,
oil was over $100, oil production at 2.2M barel/day and we had monies in dollars flowing through banks and people did have cause to hoard dollars to exchange at higher rate. The excess on the dollars that was to be save incase of recession was shared among the government bodies cos they thought the affluence would last forever. This is the case of living in affluence and spending monies anyhow thinking hard times will never befall u. And when the inflow of monies stops or reduces u will not be able to manage ur expensive life style and become broke cos u failed to save and live within ur limits. There are musicians and sportsmen u can make examples of Mike Tyson, Mc Hammer, Micheal Jackson before his death became broke, Our own Daniel Amokachi and host of others.

Under PMB
Oil fell to $30, militant depleted the production to 1.4M barel/day, becuase we didnt save during the raining days our reserve couldnt withstand or expenses, The flow of government monies through the banks stopped, looters were afraid and took their monies away from the bank to hide their ass, and Nigerians as we know took advantage of it and hoard the dollars to make it scarce and maximize their profit.

Conclusion
If we were still under GEJ and oil prices fell to $30 p/b while still producing at 2.2M b/d, and with the excessive looting and spending, do u still think dollars will be N170 or even N500 with their lavish lifestyle?

Remember the words of Sanusi when the alleged $20 Billion dollars was missing and the looming economic crises after 2015 if nothing was done.
Recession was inevitable whether under GEJ or PMB. The policies of PMB has it flaws and people around him are corrupt but with the way things are now we can see our past mistake and ways to correct it even after PMB leaves office, our eyes are open now and we can see those who led us to this. If we dont taste hardship we will never value our comfort.

No need to really waste your time explaining, we truly have more blockheads than normal people in our part of the world. But then again, the truth is that the govt isnt doing enough to stem this ugly tide in the exchange rate, the govt has been totally dormant.

'Conflict of Interest'

Ever structured company typically has this policy.

Jesusloveyou:
so you also believe ipods report of his death.

Lol... C'mon, I was 'just saying'

So he's alive after all

Naijiant:
So it was scrapped b/c it was doing well and the person that scrapped it was Buhari's friend Obasanjo.

Like I said b4, feel free to wallow...

Very sad.. from governor to this. God have mercy on us!