₦airaland Forum

bettercreature:
Currency floating can not work in Nigeria we are too greedy
It would have been up to 700 per dollar now if CBN didnt peg it

But isnt it clear already that the pegging isn't working?.. The greed of Nigerians would still not allow the pegging to work, people with links to CBN are presently making millions and billions daily from round tripping. I know of a friend who is a low level staff at CBn who made N5m in a week from just 1 round-tripping deal; if this could be made with the press of a button by a junior worker, I cant imagine what commercial bank directors and CBN big boys are making. This is what you get when the official rate is 305 and it sells 497 in the 'true' market.

I personally feel there's a limit to which the greed of BDCs can drive the Naira value if floated, but this greed is limitless when these same guys are given the freedom to round-trip. Take away the pegs, the Naira would crash further due to activities of dubious bankers and BDCs, but it would eventually balance out somewhere. The numerous values of the currency isn't encouraging investors who would want to come into the country; it's not also encouraging Nigerians in diaspora remitting funds home because no one would want to send dollars home and have it exchanged for N305 when he clearly knows it sells for N497 in the market. Finally the temptation of round-tripping is so strong that even the few manufacturers who get forex allocations end up round-tripping to the detriment of production. The big question is, has the pegging really worked?

CBN would resume selling forex to BDCs this week and all these accruals may just disappear. Isn't it time for the CBN to just float the damn currency?

agabusta:
Smart guy.

This Dangote is very smart. He knows there is zero duty on completely knocked down units of vehicles while brand new vehicles carries a 70% duty.


He has done his calculation as regards the number of trucks he will be needing for his businesses, say in the next 5 years, and the cost of importing these trucks and paying a whooping 70 percent duty per truck to the govt.

And has come to the realisation that it may actually be cheaper to invest in an assembly plant, where you are allowed by the govt to bring in completely knocked units and not pay a dime on duty.

In addition, there is money to be made in the endeavour apart from the cost saving it will represent to the Dangote group.

All he needs is a willing foreign partner with the technical capacity, who equally needs a local partner with deep pockets and wide connection across the breadth of the country.

There goes this seamless partnership between the Chinese and Dangote. The Chinese are ever eager to invade the length and breadth of the Nigerian economy.

Although there are benefits to be derived by Nigeria from this: direct employment, tax, VAT on sold trucks and also lots of indirect employment, but from my opinion, after the country has gotten a good number of assembly plants up and running, they should make the conditions for bringing in completely knocked down vehicle units more stringent.

They should mandate the vehicle assembly plants to imbibe a robust local content in their business. With a view to manufacturing vehicles fully within the country in the nearest future.

This is excellent reasoning from you. Dangote is a smart man, as much as he's doing this from a business point of view, it ends up helping Nigeria's economy greatly even if its just in terms of the jobs it will be creating. How I wish many more business men would reason like Dangote.

As for the local content thing, its only a matter of time before nature would take its natural course and we would realise we caould actually produce the things we've been importing. Innoson began with importing and assemblage of parts. But today, he produces over 60-70% of his vehicles locally. You never know what you can achieve until you start.

From 2019 and beyond, I truly envy whoever would be Nigeria's president by then when things like the Dangote refinery, the subsea gas pipeline and others would have become operational. These investments would turn Nigeria's economy around and whoever would be the president would take all glory

bigboss80s:
Very unfortunate. This shows that:
1. He has no interest in investing in the rail which means he will lobby to ground the rail which Goodluck Jonathan struggled to resuscitate.
2. Nigerian roads are doomed. No country's roads (least of all Nigerian) can survive the pounding they will get from this number of trucks. So more money goes into road rehabilitation which is only a temporary solution to a permanent problem.
Nigerians should NOT laud a truck production company. Not at this time in our national development.
RAIL should be the focus now.

WHat on earth are you talking about?... That trucks are not important and we should concentrate on trains?... And you even get likes for this?

UK which has some of the best rail networks still has about the highest number of truck manufacturing plants in the world. I find it hard to understand your logic, do you think trains can replace trucks?.... Can a train do what trucks can do?... I suppose if you have 1000 manufacturing houses and large retail outlets in a state or a whole region, you expect a railway to branch into each one of them?

Esseite:
With just approximately 2yrs to go.... including 1year political campaigns?.....

I foresee Abandoned project eventually.

Why dont you start with projects that wont last that long, expand and build better and standard roads.

Their are lots of projects that would get to the masses faster as time is no longer on your side.
Coupled with the situation of the economy, short term impactful projects are needed more.

I just feel we have only ear-marked campaign funds, just like the monorail that never took off..

Unfortunately, it is this exact line of reasoning that keeps Nigeria and Africa as a whole in the 3rd world undeveloped pit. The black man only thinks of TODAY and is incapable of undertaking ambitious projects; this is exactly what separates us from the whites. Unfortunately, it is due to the kind of crude politics we play, no leader wants to start a project which would be commissioned by his successor. LEaders think only of themselves and their personal achievements rather than thinking of general public good.

Is it every year they even build a residence for VP?

N20billion proposed for a house?

NOETHNICITY:
Of course, it defies all logic.
U ll be honest to admit it requires a great deal of religious dogmatic belief to understnd it.

That's what religion/faith is all about; it's either you're in or you are out.

Izonpikin:
the basics is that ameachi is an enemy to the Niger delta as we speak..forcing the apcs ideology on the region...ameachi should rather add value to the existing project rather than wanting to halt it...

This topic is about the university and the fact that tens of billions released for it have dissappeared into the pockets of people you glorify as lovers of the Niger Delta. Yet you turn around and brandish about your hatred for Amaechi as if to say it was Amaechi who cornered the billions meant for the Uni. Wake up man, 2015 election don pass.

psalmsjob:
Just like your evil Bishop Oye-de-poo your brand of Christianity is to own the world and kill anyone that won't let. The bad news is we all going to die someday. I lost my fear of death since that's why I can say "oh death where is your sting" "it is finished".

This hard for you to comprehend and I quite understand but once you have a stream of living water flowing within you then you will understand.

It's not biblical to kill and encourage Christians to kill be courageous enough to own up to that and condemn whoever says that even if he helped you before, Jesus has done more for than any man could even dream of doing.

Even the Oye-de-poo himself has cowardly denied he said that.

But if you still insist on arguing with me I guess this picture sums up my response.

Dont argue with an idiot, that's obviously the reason I left you alone to enjoy your own brand of Christianity. It's no surprise that you didn't even realise I had stopped arguing with you.

NOETHNICITY:
If that person who died on the stake or cross, whoever he was, believed his mission was to come and die why did he accuse God of having forsaken him?

He was simply reacting to the physical pain which he had to bear. You do not have to understand it...

Eastactivist:
Gej fixed those refineries before he vacated office.. You can't deny it. Buhari came in and everything ceased.
Instead of finding who to blame again why not hold your immediate leaders accountable.
Gej has gone though his legacy remains but you got to direct your frustration to appropriate quarters.
Don't be senseless like zombies do, except you are one.

Yes GeJ built 10 refineries, built 25000km of world standard roads, built power generating plants generating over 12000mw of electricity and turned Nigeria to dubai but Buhari came in and destroyed everything by the stroke of his hand.

For an adult human to reason this way, yet he thinks there are some people called zombies out there... I rest my case. You win!

psalmsjob:
Why didn't you just address the points I raised instead of digressing to something else. I do not hate oye-de-poo but I hate his pronouncement that "Christians should kill people".

It's only a foolish person that will see a pit or danger ahead and still continue till he falls into it and it's also a wicked man that will push others into such pit because he wants to avoid the pit.

I rather have my throat slit for my faith in Jesus's words than live believing what oye-de-poo says about killing others to stay alive.

Like you said the world might mourn me even for 2 hours if I die for my meekness or refusal to kill another person in cold blood but heaven will celebrate me forever.

I rather die for what I believe that is true than live believing nonsense which is next to nothing said by such violent men like oye-de-poo of "wicked" chapel.

#LoveYourNeighborLikeYourself is the hallmark of the Christian faith if you think that means being weak then go and join she-cow of Boko Haram but don't pretend to be a Christian.

Well, you are free to enjoy your own brand of Christianity where you would stretch out your neck to be slit because you believe you are going to heaven.

Izonpikin:
a foolish disgrace to the Niger delta...in his dreams he thought he could betray us and oppress us...but NO...i just love the unity now in the Niger delta to resist buhari and his slave ameachi...kudos to us...that maritime school must be completed whether ameachi likes it or not...nobody gives a shittt about him in the Niger delta....

Izon pikin, is that building shown in any way close to something worth the multiple billions spent on that project by Tompolo and the rest?.... Is this really worth celebrating as a university where we hear that seceral billions have been released for?... I hear N13billion was spent on the land alone. Ask yourself a honest question for once devoid of the clannish 'Buhari is my enemy' politics, between Tompolo and the person asking Tompolo to refund the money for this Uni, who is more of an enemy to the Niger Delta?

psucc:
They should spare is these lies. it is obvious they are bent on price increase so let them do it.

It is our fault. How can a country with over 20m graduates decides to vote for an illiterate?

How can a country with 170 million people and with billions of barresls of proven oil reserves not have a single functional refinery?... And yet the PhD educated presidents didnt think it was sensible to fix a single refinery but you stood under the hot sun to re-vote him.

psalmsjob:
I want to be like Jesus not Paul, not Oye-de-poo but just like Jesus!

In that story about Paul, he didn't request for the soldiers it was the governor of the city that volunteered that and no where did Paul tell Christians to kill people that are persecuting them. So don't compare that great evangelist that had his own work apart from evangelizing with this parasitic businessman Oye-de-poo feeding fat on you. Why couldn't he employ bodyguards for each member of his church then since he thinks God cannot protect.

Appparently you have a personal problem with that pastor, but then, if it pleases you, kindly go ahead and a let your neck be slit by some filthy blood suckers while you profess your own version of Christianity. The world would lament your death for 2 days and then life goes on.

unmask:
Jesus christ had the opportunity to save himself and since he didnt, are u saying he is f*****h?

Jesus Christ allowed himself to be killed because that was the original purpose for which he came to the world.

If you believe your purpose on earth is to come and die prematurely in the hands of some blood suckers, then good luck.

Igbos:
And give Biafra independence.. #slowpoke

Why does Biafra really have to be about just hatred for Buhari?.... It completely waters down the essence of the struggle and makes it look just like a protest against buhari winning Jonathan.

psalmsjob:
Whether he said it in 2015 or now doesn't matter but what matters is that he did say it and that is completely condemnable and unbecoming of a Church leader.

This present crisis in southern Kaduna didn't start now it started just around the time he agrees to have made that charge to his members and gullible "Christians" so it safe to say he incited this killings because according to him his churches were being attacked.

What Oye-de-poo of "fakers" chapel said is wickedness in the order of She-Cow of Boko Haram and now he adds cowardice to it as well. He can't stand by his words.

The God that I serve is might to fight for me! I don't need bodyguards because I've put on the whole armour of God.

It is foolishness to sit down and allow yourself to be killed because you are waiting for God's angels to rescue you, God will do no such thing but allow you die a foolish man.

At some point, even Apostle Paul had to travel through a city with over 300 heavily armed soldiers because some rascals plotted to kill him. I'm sure you aren't more godly than Paul.

unmask:
if you lose your life on earth for the sake of christ, you will gain it in heaven

Question is as a Christian which is more important to you.....living on earth or living in heaven?

If you had the opportunity to save your life and you didnt, then that amounts to foolishness, cos that is suicide. And foolish persons have no place in God's kingdom.

Even Apostle Paul in the bible at some point had to go through a city with about 300 armed soldiers as guards because certain persons were plotting to kill him. Obviously those soldiers wouldn't have spared the lives of the assailants if they had attempted to attack Paul.

nwaanambra1:
the ethics of true journalism is all about telling the truth no matter whose horse is gored!

Before ethics, there was common sense. If broadcasting a secret story which you uncovered is capable of placing people in danger, common sense supercedes all things.

Pasto Goody Goody

unmask:
then you are not a christian

There's nothing Christian about sitting down and dying like a log of wood; rather there's everything foolish about it.

I was surprised when I saw the transcript of the message. I could swear I had seen that exact message some 2-3 years ago. Some most Nigerian Journalists are just bunkums.

And oh yes, Chriatianity or not, if a terrorist comes my way with the intention to snuff my life or the lives of innocent people around me, I would personally snuff the life out of such a person before thinking of anything else and I dont need a pastor to give validation on that first. There's nothing 'Christian' about sitting like a cripple and watching someone come kill you, there's no virtue in dying like a wimp.

9jasite:
I am just glad recession is suffered by all of us

Yeah it is, but obama certainly has nothing to do with it, hence my first comment labelling the author a jonathanian wailer. And then even if obama preferred buhari over gej, it wasnt still obama who campaigned nor voted for buhari. And finally, Nigeria was already heading for the same recession anyway, with or without buhari.

So contrary to the circulated story that obazee was only sacked as cover-up by the FG for its complicity, the man obazee was actually acting on his own out of personal besf?.. hmmm

Most of the comments on this thread come from people who didnt read the report.

2 things;

1. Why would federal agencies never want to pay their bills?... Even the NASS is reported to owe billions in power bills.

2. Fayose sef!

9jasite:
i will be graceful and ignore the tag

I wasnt referring to you cos you aren't the author of the write-up who had to spoil a sensible piece with his jonathanian wail in No. 5.

Emekamex:
Actually the army is at fault, if there were planning on sending our troops over there, the public is meant to be aware as standard procedures practiced in other countries.
Premium times were only doing their job. If the army was planning a secret operation, they shouldnt have been sending out memos.

Without sending out memos?... How is message supposed to be shared within the military organisation if not through signals (memos)?

Even the most secretive secret service of the almighty US, a cyber rat (wikileaks) could intercept their memos, let alone Nigeria.

frenchwine:
Anyone who is surprised at this is a learner in naija politics. That's why you should always read between the lines in whatever info emanates from the government. Even if your father becomes a government official tomorrow, take whatever he tells you with a pinch of salt.
I knew something was up when during a trip within the week, a woman traveling with her only child was making a call and she was like :"we're going to stay with my mother cos my husband is going for peacekeeping in liberia. "
I smiled, Liberia indeed. Implication is that even the rank and file may not know where they're headed, they may be told Liberia (at least that's one country our military has been heavily involved with) but they would simply be flown to Gambia.
Bottom line : Never trust the government.

Let's assume it is true that the military is preparing men for Gambia (I personally believe it is), do you think it is a wise or sensible thing for PT to make it public?... especially when it is clear even from your story above that the military wants it kept secret?

5. He foisted actively through every means possible a recession bearing candidate on Nigeria. Through lending of his campaign advisor and a timely speech warning Nigeria's former Government.

Lol... jonathanian wailer spotted... Obama stood under the sun across the lenght and breadth of Nigeria to boot out the old chaffs.