omohayek:
It's good to see some sensible economic opinions injected in here by 4Play and Mindfulness, in what previously had been a sea of ignorance and wishful thinking. The whole idea of having an "official" vs "black market" rate is an economic abomination, which serves no meaningful purpose other than to provide risk-free arbitrage opportunities for the lucky few who can actually obtain any forex at the artificial "official" rate. Meanwhile it drives away foreign investment and damages any local businesses that require foreign inputs into their products or services, from manufacturers, to Nollywood movie makers who need to buy cameras, to software developers who need to import computers, routers, and so forth.

The fact of the matter is that Nigeria's primary source of foreign income has nosedived in price, and Nigerians' purchasing power must necessarily adjust to that reality. Countries with far larger foreign currency reserves than Nigeria have tried in the past to defend artificial pegs to the dollar (and with the exception of places like Hong Kong with its $1trn reserves) they have all failed. There is simply no magic wand available to any Nigerian government to prop up the value of the Naira in the face of the economic realities the country faces, and cracking down on "black market" forex businesses will be as counter-productive as hunting down "illegal" refiners - in both cases the right answer is to legalize the "offenders" and get the Nigerian government out of the business altogether. Of course, that would provide fewer opportunities for Nigerian politicians to "chop" while using the economic ignorance of most Nigerians to cover what they're really doing.

Papertrail11:
if yu wanna make dollar reduce and help the economy cancel that nonsense called bureau the changi simple......

banks are selln for 199 yu guys are selln for 260 una dey crasee..... every normal person who needs dollar ought to go the bank and easily get it but yu guys create some kind of artificial increase nd help fiance money laundering....and stuff.....if normal pple went to bank an bureau the changi is cancelled pple who do not necessarily need it wont rush to buy it......I dont know if sm1 is feeln me here just d way I see it

ozoro:
Innoson has done well .....congrats.

But......he and many other Nigerians make the mistake of going for big projects, why bother manufacturing complete vehicles and selling only to Nigeria and machine a few African countries?

Innoson should forget trying to manufacture complete vehicles, he will go bust in a few years.... I am not cursing him but how many new car manufacturers have succeeded in the past 50 years on the whole world? Not up to 15.

Innoson should concentrate on something like spare parts eg specialise in spark plugs or anything other small but crucial parts.

I would rather sell 20 million spark plugs to the whole world than a few hundred or thousand cars in a limited market.

That's how the Chinese built their business, millions of small items first, then move to bigger projects.

Just imagine the millions of washers, or ball bearings or plugs that are sold everyday around the world.

LRNZH:


Public funds that have so far been returned by some past government officials who looted the treasury while in the saddle are currently with the Central Bank of Nigeria, SUNDAY PUNCH has learnt.

It will be recalled that President Muhammadu Buhari had while speaking during an interactive session he had with members of the Nigerian community in the Islamic Republic of Iran disclosed that some past government officials who stole public funds had started returning parts of their loot to government coffers voluntarily.

Buhari did not disclose the identities of the former government officials who have so far returned parts of the looted fund or the amount returned to the public treasury.

But SUNDAY PUNCH’s investigation revealed that the money is with the CBN, although the amount could not be immediately ascertained at the time of filing this report.

It was also not certain yet the purpose for which the money would be utilised.

Although there are speculations that the return of the monies could be part of a plea bargain arrangement that will see the ex-officials returning their loot quietly without being prosecuted, it was also learnt that the President might not have made up his mind on the matter.

When contacted on Saturday, the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, confirmed that the looted fund was being returned to government coffers through the CBN.

He said only the apex bank could speak on how much had been returned to the government.

He said, “The looted fund is being returned through CBN. Only the bank can speak on the procedure, and how much has been returned so far.”

When further asked if the President was considering pardoning those who have returned their loot or they will still be prosecuted, Adesina replied, “The President has not made a declaration on whether those who returned money voluntarily would still be prosecuted or not.”

The Minister of Finance, Mrs. Kemi Adeosun, had told journalists at Friday’s Federation Accounts Allocation Committee meeting in Abuja that the Federal Government had yet to put a specific figure to the amount of money so far returned by those who looted the treasury, saying the process was still ongoing.

According to her, when collated, the funds would be returned to where they were stolen from.

The minister said, “There is no figure on the funds being returned yet. The process is ongoing. When it is completed and the accounts are available, they would be returned to where they were stolen from. We haven’t come to that yet.”

http://punchng.com/recovered-loot-with-cbn-investigation/

cc: Lalasticlala

Justdulla:
. You Speak Like One of my uncles, He was an Educated Bush Man so to say.. He spoke fleuntly,but atimes made terrible suggestions and comments, that u wud just wana strangle him...... 40 yrs ago, u said a car that cost 3000 dollars in the US now goes for 25000 dollars 'note its still in thousands. Now let's put forces of demand, supply and inflation as regards to the high cost of vehicles in Nigeria. A Peugot 404 cost 4,290 in 1977, then PAN was fully functioning in Nigeria,it wasn't just a car assembly Plant, it was a car manufacturing plant with parts sourced locally. Fast forward to present Day, a vehicle of that same pedigree would cost as much as 4 or 6 million naira there about. You were busy talking of minimum wage without stating the obvious that your dear Country Nigeria is an Importing economy, hence our Money has no Value... A Man that could afford a Brand new car in the USA 40yrs ago, can still afford same at this present day even if it costs 30,000 dollars cos his economy is stable... A Man That Bought that peugeot in 1977 am sure at this present day can't even purchase a 1988 tokunbo Mercedez Benz V Boot cos Nigerias Economy is a Sham.. Infact we have no economy at all..... We Take our Oil to Britain, britain refines the oil and sells it back to us.... Minimum wage or middle class never destroyed Nigeria, It was Nigerians That Destroyed Nigeria.

CharlyNick:
@Op, u like gossip o........ Jos alone is more than that Figure

laudate:


Don't mind dem! Small indomie children quoting figures and facts out of context, and landing in the cesspit of ignorance and stupidity. See the mugu talking about number of universities. What was the population of Nigeria, back then? What is the population of Nigeria, now? What was quality of life way back then? What is the quality of life, at this present time?

uboma:



You are obviously confused and lost.

How can you say that life then in Nigeria is the same now?

How old are you by the way?

uboma:
From the late 70s up to the early 80s were Nigerian's golden years.

There were no hassles securing visas to other countries. We even had the Brits and other foreigners flocking into Nigeria to secure employments in our universities.

As a citizen of the country, upon graduation from the university, a brand new car + accomodation + employment was provided by the govt.

We were the envy of other countries. But the tables has turned around and NGN 1 equals to USD220 now. There's no employment for graduates now. the list is endless and no need recounting them (to avoid emotional breakdown).

Just recently, I was shocked to hear that the govt of Ghana still provides a car and accomodation to graduates of medicine and nursing. About 2 months back, I sent NGN100,000.00 to Ghana and after the transfer via Access Bank, I discovered that the equivalent in Ghana Cedis was just one thousand and a few hundreds to my NGN100,000.00.

Our leaders have sucked Nigeria dry. Will Nigeria attain her golden era again remains to be seen.

Hmmmmmmmm!

GreatSoul:
Good question.
Still trying to understand the magic our army used to clear out all known boko haram cells without any appreciable casualties and without any news
Of bok haram members sighted as they were fleeing and where they fled to. Rather suspicious

My guess is that the govt has given easy passage to those boys quietly and are now trying to sell us the dummy of how they have won the war without bloodshed and without negotiations.

God is watching us, God is watching us, God is watchinnnng us, from a distance!

klem93:
Thought is going to be smooth sailing as I read on Nairaland yesterday that BVN for disporal begins in London, I didn't know is going to be the same way as it went in Nigeria. Hereafter is what I received today in my mail from a blog reader.

The Nigeria High Commission in London needs an urgent overhaul. This afternoon we Nigerians were treated like animals in Fleet street London all because we want to do BVN for those of us that have accounts in Nigeria. Things soon became chaotic and someone called police on us. They allowed us converge on the street and then locked us out. We are also being forced to pay £30.00 each but none of the officials or the website can explain what the money is for. Is it not free in Nigeria?

http://www.maxgist.com/2015/07/photos-bvn-registration-in-london.html

faithin9ja:
quote author=barcanista post=34415474]I supported the resistance for the removal of subsidy in 2012 because there wasn't any palliative on ground in the first instance and it will create room for the marketers to RIP Nigerians to silly, which will affect our living, shut down jobs and cause a big blow to the economy.

I will resist the removal by Buhari except palliatives are provided. It is not about politics this time but about livelihood.


Palliative for what
do we have palliative for foodstuff or medicines?
do we have palliative for telecommunications?
we must we have palliative for fuel?

A nation where most people do NOT pay tax yet we want free fuel or reduced fuel why? we you give out free things those dividing the free items will claim some from themselves (just check yourself as a young man distributing drinks at your senior brother's wedding, didn't you keep drinks for yourself and your friends?),so the cabal or just doing what is natural, no amount of law or Buhari will stop , they will always find a way to pocket subsidy for themselves.

No subsidy
No government refinery
if we can't afford to buy the fuel , then everybody stay at home and the Dangote and Oando, Otedola, Ubah, etc with their proposed private refinery will drink their own fuel.

how many other African countries subsidise their fuel? yet they don't have people queuing for days to buy fuel in Ghana or even Kenya

Gbam!!!

GoodGovernance:
GMB should revoke the importing license of all oil companies importing fuel .

Pending the revamping and building of the refineries,NNPC should be the only importer of petroleum,whilst oil marketers become merely local distributors,complemented by a crude for refined oil special arrangement with overseas refineries.


I just hope I am making sense

aresa:

https://www.youtube.com/watch?v=t7QDjzTTrag




^^^^^^^ That was back in 2012.

SLS detailed the scam and how it works right in front of this useless woman and for years she looked the other way, now she's talking after the chicken is home to roost..


This woman with all her useless degree is damn useless. Degree doesn't = Competence and common sense.

God Bless SLS..

amakaobiemeka:
And so! Everyone has a past, i love him even more for overcoming such hurdle to emerge one of the top 20 political bigweight in nigeria. Today he can afford to build private universities if he wants. And the world acclaimed noble literate wole soyinka is his bossom man at his beck and call(not forgetting wole graduated with same result) i mean what else could he have wished for. The guy once silenced ffk when ffk was calling him a once poor man. Ameachi told him that in the normal society people see him and say that is andrew rotimi son. But it got to a stage when people now started saying look that is rotimi amechi father. He asked ffk if he could boast of same

Ikengawo:


An aircraft carrier carries aircraft. We import aircraft.
We rely on nations with aircraft carriers to move aircraft for us
When those nations chose not to assist us, which is their right, like the US has, we begin wondering why we don't have weapons


we can solve the problem of reliance or continue to talk about malaria.

Ikengawo:


this is what foolish people like you were saying until rag tag boko haram came and swept us off our feet. ewu. So because of malaria we can't defend ourselves. I bet the first thing you'll do when you get money is hire security too.

ooshinibos:
its strange the Julius Berger company is not even known or recognized in Germany but they are doing well in Nigeria

MaziOmenuko:


Lol...JB is a German company; the original name is Julius Berger International GmbH

You can check out their international website http://www.julius-berger-int.com/