₦airaland Forum

Less than 2 weeks into her tenure and she's told us so much: create jobs, reduce fuel subsidy, cut civil service wage, reduce budget deficit and so on

Minister Okonjo-Iweala, this is not the time to state making policy statements; rather sit down with your economic team and put together a LONG TERM plan for our economy.  And then you tell us what you want to do and exactly how.

Have you even reviewed govt budget and spending for this year? Do you know true numbers of unemployed and underemployed? So many variables to consider and understand; don't spend energy talking to the press. Also, put aside the World Bank manual of prescriptions.    

Even a good plan will fail without tackling the big gorilla: CORRUPTION. So tell GEJ to man up and do something about this "beast"

You really have a tough job and I know all Nigerians want you to succeed.

Removal of subsidies on fuel? Again.

This was one of the key measures of the IMF/World Bank Structural Adjustment Program (SAP) under Babangida. We know that an increase in fuel prices will translate into more hardship for the masses

naijababe:
So what exactly is the the minister of power's job again? SMH!!!

Exactly. Why ask Iweala to head this board when you have a Minister of Power; GEJ is asking her to do too much.

Mr President says “we are unfortunately faced with a situation where our power distribution companies find it challenging to collect enough revenue from their customers to pay for powers they receive from generating companies. In this situation, potential investors do not have the confidence that when they produce and deliver power, they will receive payment, so, they will not be encouraged to invest in the sector".

REALLY!

Well, this is the same challenge a lot of small and medium businesses face in Nigeria; but they have to figure out ways to collect money from customers. This is the risk of doing business in Nigeria. Why should govt. shield anyone? These are business investors and they should bake in the risk of revenue collections in their projections.  The President sets up a board to stabilize the market and ensure "revenue certainty" Hmmn this looks similar to the old and corrupt Agricultural Marketing boards.

Know why consumers don't pay their bills? Because they don't get regular supply of electricity.

This constant policy announcement and the President's desire to ensure constant electricity is not what Nigerians want to hear.  GEJ should give us specific goals e.g. 18 hours of constant electricity in all by 2014 or 24 hrs by 2016. We don't need to know if 100,000 MW has to be generated to achieve this.

Also, aren't you putting too much Okonjo Iweala's plate?

LWKMD mehn, dis girls get wicked yabis o! like this

“I go to DUBAI u go to Ondo n Jigawa, who went on a trip, plz tell me"

trip to Jigawa

another 1
“u  know if them put NEPA pole inside your blue waffle p*** everything go enter”

What exactly is the purpose of this discussion? We all know that the intention of buying cars from Cotonou is to circumvent paying Nigerian custom duties. Period. Isn't that smuggling?

All these cars are coming directly from Europe & North America not Benin Republic or Togo. Why can't Nigerian car dealers come together and advocate a reduction in custom duties instead of encouraging their clients to bring in cars through the "back door".

You want to save money? fine. bring your car through Cotonou and take the risk.

@ poster
Seems people have mixed experiences buying cars from Cotonou. Save yourself any hassle and consider the extra cost of buying a Lagos cleared vehicle "premium for peace of mind".

Its seems this type of spontaneous rioting  has happened in the past; The Broadwater farm and Poll tax riots. Ironically the Broadwater farm riot also started in the same neighborhood.

Broadwater farm riots
http://en.wikipedia.org/wiki/Broadwater_Farm_riot

Poll Tax riots
http://en.wikipedia.org/wiki/Poll_Tax_Riots


People aren't rioting to protest the killing of a drug dealer but mobs and anarchist seized an opportunity to create mayhem and looting.

@Poster
For more than 20 yrs Fela fought constantly against tyranny of military rule, corruption by the ruling elites, destruction of African culture as a result of colonialism and the hypocrisy of religious leaders. And you still doubt if this man is a Nigerian icon.

You don't have to agree with his lifestyle but you need to appreciate his stand against every form of oppression.

This is a line  from one of his songs:
Pastor's house na im dey fine pass, but my people dey live for shanty town

Is this not a reflection of  how Nigerian Pastors continue to deceive the masses?

good job

Fhemmy and co, thanks for all the comments and advise. High mileage should not be the only focus, but overalll condition of the car.

The real issue is that most Nigerians want to buy an "off lease" vehicle at "lemon car" price. When you add the high fixed costs (Shipping & clearing), you'll have to budget minimum of N2 million to a vehicle in excellent condition. This is what people need to understand.

In the car business you get what you pay for. If the car is too cheap to be true, stay away or get an auto expert to assist before you make the purchase

[quote author=Omo_Tier1 link=topic=704825.msg8642003#msg8642003 date=1309717095]But looking at NSE statement, I think they got it wrong!

I am not a fan of GEJ -at all not in one bit,though I pray He performs-, in my own humble submission, you really do not need Engineers as Ministers. What you need is good policy makers and project managers something I know too well we engineers lack in.

NSE should rather fight to make sure those who do the actual work in those ministries so affected are competent engineers.
You do not have to be an engineer to know that a road needs an expansion or that a bridge needs levelling ora second tier!

The president can appoint engineers in his core team of professionals who will guide him to take firm decisions. In most of the developed countries, the skilled professionals work in cabinate office and they serve as "brain box" of government.They really never bother themselves with political appointments as that are left to those who know how to formulate policies.[/quote]Thanks a lot for your excellent comment

To buttress your point; the role of a minister is to ensure government policies are carried out. IMO, the most important skills are strong leadership, superior execution and people management. I believe it's only Justice and health departments that require a "subject matter expert" to be the minister; for other departments it's not mandatory.

As a Works Minister, you can appoint top notch engineers to advise and provide recommendations on key projects. You then focus on ensuring the FEC approves your budget and explaining to Nigerians the rationale of spending money on a specific project.

Dis Guy:
We have a HIGH standard of Low Quality Education?

Dis Guy:
We have a HIGH standard of Low Quality Education?

Please stop splitting hairs and stick to the facts.

Facts: Millions of Nigerian kids do not have access to quality education (or none at all). How do you account for the high failure rates in JAMB & GCE exams? Visit any village in any part of Nigeria and you'll change your mind about the high standards. Yes, you may have attended one of the few good schools in Nigeria, but too many kids are being denied this right. Let's accept this and discuss how to reduce classroom size, improve teacher training, increase science labs, books etc

Given the choice will you send your child to Public School in Kogi state or Liverpool UK?

ok, its good news. It only means we are growing but still have a long way to catch up

 
Canada GDP 2010, $1.6 trillion (pop. 33 million) only 1% growth  

Nigeria GDP 2010, $374 billion (pop. 150 million) with 10% growth


It’s like a kindergarten delighted he/she can recite "ABC" while a university student disappointed with a C+ in Quantitative Economics

@poster
so a friend lets you stay in his home and all you can do is nitpick that they turn off the light. Really? That is very ungracious. I bet they cooked meals for you during your stay.

Next time you visits the U.K on "business" stay in a hotel. With $200 - 250 per night you can get a decent hotel. Charge this as a business expense when filing your tax returns.

Fhemmmy:
Depreciation still holding better value than what you spent when you built the home . . . . .
You spent 20M Naira to build a home where a rent could 400K a year and you build 6 block of flats . . .  now tell me how long it will take you to realize your money back and yet have the house still as yours, and you are still making money on a yearly basis.
By the way, when a tenant leave and you have to renovate, how much would it cost you, remember those are bricks and only paint or fix doors and lighting, so i have no idea what kinda money you have to spend that will be so terrible.

20 million naira to build a house with 6 blocks of flat in Lagos? including cost of land? This number is overly optimistic.

Real estate is no longer a slam dunk investment with the huge interest rate Nigerian Banks charge. Even if you have the cash, it will be wiser to spread your investment portfolio to minimize the risk.

In the long term, 30 - 35 yrs yes. if that is you goal.

"Charged with inflating the cost of 400 TV and rigging the bid for 3 cars and 100 photo copiers". Really? Is this why EFCC were blowing hot air about the guy? This is it?

Why would he try to skip town because of inflated cost of TVs and cars (albeit they are Mercs)? More questions than answers. I don't get it.

There's more to this and EFCC need to tell us what's going on (and quickly).

Is Bankole a fall guy for some bigger fish or is this some kind of personal vendetta? Again, more questions than answers

oh well, its just another Nollywood film: we know what will happen in the end, but watch it anyway just to confirm it will end as expected
EFCC is a joke.

sonnie10:
If i am buying from a road side display (dealer), i don't think i would trust him enough to pay into his acct and then wait for 24-48 hours for him to acknowledge the receipt of the money before taking the car. It should be "CASH AND CARRY". Don't be surprise that the vehicle and the seller might not be there when you go back for pick-up. With bank check or draft (not personal checks), all parties are settled instantly.

why do you choose to do business with this type of dealer?

This policy may actually help the auto sector by driving away the kind of "fly by night" dealer you mentioned and allow reputable ones to flourish.

Considering the large transaction values, all reputable dealers must operate a bank acct. Simple. If you don't want to use an acct, go find another business.

Kobojunkie:
You also, quite conveniently by the way,forgot to add that this innitiative is almost solely PRIVATE SECTOR DRIVEN and not Kenyan Central Bank IMPOSED.

And your point? I used Kenya as a case study on a successful ebanking program. Not to compare & contrast private vs Govt intiitated

Look, ebanking channels includes: online banking, mobile banking, ATM, POS & Mobile Payments. Of all these, there is greater opportunity for Mobile Payments to flourish in Nigeria since it relies mainly on mobile phones, hence my use of the Kenyan example. As we speak UBA is testing a Mobile payment program. Also a private sector company launched a Mobile payment platform early this yr targeting the unabnked population.

so you see it's picking up in Nigeria. Only skeptics like you will nitpick and find ways why it won't work

Sagamite:
3 years?

Na NASA project?  

1 year is more than enough.

So many pieces to make this work and CBN will need time to fix things along the way.  Pus, its a smart approach to manage expectations. You know Naija, any small hiccup "the I told you sos" will start calling for Sanusi to go, scrap the whole thing or both.

medjai:
A country with less than 20% internet penetration. . . Nigeria is not ready for the transition into a cashless society.

Actually it's 29% penetration (44 million users); and rising driven by mobile web usage. The need for ebanking is growing everyday in cities like Lagos and we must encourage more people to use ebanking channels. The benefits are huge and we can't ignore

My only concern that CBN is too abrupt and 1 yr is not enough time to allow consumers and businesses to adjust. They should  introduce it within a 3 yr period. Start with a  limit of N500,000 in 1st year and reduce it gradually to N150,000.

Kobojunkie:
Currently there is NOTHING that stops banks from promoting EPayment methods --- as far as I am concerned, they need to step up and offer if IF and ONLY IF they feel the service is something they would like for their customers. Or is that not how it ought to happen?

You don't need to get me to understand EPayments -- I live in a country where I enjoy the benefit of EPayment when I WANT TO -- NOT BECAUSE I HAVE TO. So I should be the one telling you of the benefits of EPayment. You, on the otherhand, need to understand the ISSUES that stand in the way of EPayment in the way you envision it in helping Nigeria today. There is nothing wrong with EPayment -- the difference is like owning a cell phone over a landline. It offers convenience and the sorts BUT if yoiu do not have infrastructure and a system able to handle the potential issues that come with it, your cell phone might as well be a brick or paperweight to you.


So, because about 25% of the people in Kenya use EPayment means it is a solution for Nigeria-- it is a solution to be forced on over 70% of Nigerians , why? Why? Why ? Seriously, Why?

What you describe above ought not to be the CBN's Job -- what do we have creative business minds out there for? If they decide to take advantage of the 70 million mobile subscribers number, the sure . . . businesses can. But the CBN should not be in the business of creating situations that essentially FORCE people to subscribe to services without much else of a choice. It is NOT RIGHT POLICY !

No roads, no electricity yada yada yada, yes we know this, but doesn't mean businesses have to be risk-averse. We heard the same "no infrastructure song" when the Mobile telcoms came 10 yrs ago. And today? MTN made $2.5 billion profit last year.

guess we have different perspectives of Nigeria. you see infrastructural challenges; I see growth opportunities for businesses

BTW - 40% of adult pop in Kenya use Mobile payments. you don't expect kids to be added. don't try to distort the facts by saying 25% of the entire pop.
I

Kobojunkie:
I am not at all skeptical -- I mean this is a country that implements draconian policies that shackle people, and what people do is simply live with it without as much as a NO WAY HOSE -- Why else do you think Fela sang "Suffering and Smiling" for?

And yes, CBN is not telling people the exact reasons for this Shackling(IMO) policy, and that to me makes it even harder for me to make sense of.
What benefits though? If 99% of your customers pay cash, what huge benefit do you gain from embracing epayments though? If the owner of the corner autoparts store has 99% customers who pay cash, what will installing electronic payment do for this store owner? Really?

Mobile Payments even in Kenya is still not used by a high percentage of the populace. We copy success stories without considering what fraction of the populace really use these things. Also you need to ask if Kenya had to go as far as instituting penalties against those who could not afford these upgrades? I mean come on!! Someone on another thread tried to suggest Japan as reason why it will benefit Nigeria. Is Nigeria Japan? Does Kenya share the same unique situations we have in Nigeria? Why Kenya? Why not US?

The CBN approach sucks; but epayments should be still be encouraged. You need to understand how epayments can drive business growth before making your assertions (in bold). Businesses will quickly adapt once the benefits are clear.

Not sure why you think usage rate is low in Kenya when reports state the contrary. click & read these reports:

http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/0,,contentMDK:22551641~pagePK:146736~piPK:146830~theSitePK:258644,00.html

http://mobilepaymentmagazine.com/m-pesa-kenya-savings-transfe

We don't have to copy Kenya, but study and figure out the challenges and opportunities there. With nearly 70 million mobile phone subscribers in there is huge potential for Mobile payments to flourish. CBN should just stay away and let the Banks/Telecoms take the risk.

Kobojunkie:
The poor people don't have to conduct more than 150,000/1 million in transactions per day with banks -- they can however conduct in their numbers 150,000/1 million in transactions with sole proprietors/small businesses and corporate entities.

Imagine the store owner at the corner store whose customers are only able to pay in cash since cash is what they have -- at the end of the day the store owner counts his till and finds he has made over Naira 250,000(this is actually his sales average per day) what does he do with this money? Deposit it in the bank, right(lets assume that)? Well, this policy says he cannot do that without penalty, every night. Do you get it now?

@Kobojunkie Your skepticism is understandable; but there are huge benefits to ebanking. Sadly, CBN are not telling us the benefits but try to force it down our throats. I believe CBN should leave this to market forces to determine if ebanking will be a popular choice of payment. Let the Banks take the risk. But in typical Naija style, Govt legislate things and create all sorts of headache.

Businesses (even the little stores) will embrace epayments once they know the benefits. My fear is that Nigerian banks will only try to profit and make life difficult for everyone

Read about the Kenyan experience with Mobile payments and you may get a sense of the benefits

Carrying N100,000 (or more) can be a huge headache as well, but epayment provides an option.

xreal:
Abeg! Abeg! Abeg!

And why can't we see reliable picture and videos confirming this? The picture being flaunt in the News and on NL - is reportedly (by the press) an unconfirmed one.

Why the rush in burying sinking the corpse of such a 'wanted'? (if indeed he's been hunted all this years).

IMO, it's either he is somewhere living a healthy, wealthy and a comfortable life or he's been dead long ago.

Deceit, Lies. . . all na propaganda.

Wayo peepull.

Look, Bin Landen is dead! end of story.  Don't worry, he'll release a new video or audio message very soon to assure his supporters

The irony: the guy was living comfortably in Pakistan while his followers, like that dumb Nigerian (Mutallab) are spending the rest of their lives in jail.

Great! Next in line is Gadhaaffi himself

Tyrants Gadhaffi continue to terrorize young Africans and their people all in the name of fighting against Western powers/imperialist. You can't hold people in bondage forever.

In power for 42 years! how wicked and mean spirited. What has he done for his people with all that oil wealth?

5. To achieve interoperability of local currency POS transactions, no card scheme, foreign or local, shall operate exclusive acquirer agreement or contract in Nigeria with effect from June 1, 2011. Any payments scheme, processor, switching company, service provider or bank that contravenes this policy may be suspended for a minimum of one (1) month by the CBN as a processor, switching company, service provider etc in the first instance. The license may be withdrawn by the CBN if the contravention is repeated.

Can someone please explain what this means in plain language

I Hope the CBN & Banks have solid plan to execute this. The Banks have to be held to account and not use this to gouge consumers by introducing new e-payment fees. My main concern is that our Banks will see this as new source of revenue instead of helping to promote an efficient financial culture amongst Nigeria.  

In the end Banks stand to gain since epayment channels helps reduce their operating cost and encourage more people to use financial services. The CBN should be vigilant and penalize any Banks that attempts to get greedy and introduce unnecessary fees.

BTW: e-payment channels include mobile payment, online, Mobile banking & ATM. There are so many aspects to cashless banking aside from POS & ATM alone; though initially these will be the main focus.  

I believe mobile payment can provide huge opportunity & benefits for the unbanked population (currently about 67% of Nigerian adult pop. ) In countries like Kenya, Mobile payment is becoming popular even in the rural areas.

why is the turnout (54%) very low? I was expecting close to 50 million votes considering all the noise about this presidential election

Mavor:
I can tell you first hand cos I am one of those involved in the registration of voters and I am a Computer guru that INEC is full of poo. The laptop and finger print scanner are made in China. Imagine, the laptop has no processor fan. It uses an inefficient heat sink on the processor to remove heat, so every now and then ( every 2 hrs ), after constant use, the laptop will go off due to over heat, also, the keyboard becomes too warm to touch. Secondly and most importantly, the fingerprint scanner is the biggest problem with this exercise. The software for it that interfaces with the laptop was badly designed. Any small dirt on a finger tip gives the laptop problem, secondly, the laptop will be attributing the fingerprint of one person to another, hereby giving error during individual voter's bio-data collation. We all know that no 2 human beings in this world have the same fngerpriint. For example, lets say Individual A comes and registers and goes away afterwards, when Individual C [/b]comes to do his fingerprint scanning, the scanner software will be claiming that [b]Individual C's left-hand little finger has the same finger print as Individual A's left-hand thumb finger print and that is not realistically possible, as a result, error in data acquistion. How much National Assembly give Iwu and Jega for the DDC machine, dem go dey import Chinese sub-standard product, pocket the rest money, instead of them to procure solid DDC machine's. This exercise was bleeped, even before dem start.

Bravo for your insight.  These people will never do the right thing if their lives depended on it.  Imagine, using crappy machines to help determine the destiny of a nation. why do they always think of their pockets first? N87 billion going down the drawn (or pockets of some pot belly contractor
and is cohorts in INEC)? I give up!