₦airaland Forum

Nice one! Our modernist president is doing everything right!
He can come on Nairaland sef make dem yap am small!!

If he cannot name the sources, he should at least give a description of the sources. It is horrific the way these journalists report!

The bull in the China shop has become a Kitten in a Barbie shop!

How time flies. What happened to the braggadocio and masculine gusto he carried himself about with when Yar Adua was in charge.

Now he is crying like a baby. The man is now frustrated because he has failed and has nothing but a diseased economy to show for his ill thought personal/sectional agenda which he brought upon the nation!

His tears have just begun!

[size=14pt]Tearful Sanusi challenges banks’ stakeholders on reform[/size]
FRIDAY, 14 MAY 2010 00:00 NKECHI NAECHE   
•Says exercise not a Northern agenda


WITH tears rolling down his cheeks, the Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, yesterday justified the reform introduced in the banking sector of the nation’s financial economy.

He described as untrue that his crusade against insiders’ abuse in the sector was skewed to favour a section of the country, especially the North.

Sanusi pointedly told his guests that most of the debtors listed in the national dailies have not contributed anything to the nation’s economy in any way or created wealth but has only redistributed wealth.

Daring stakeholders in the banking sector to contest on-going reform in the court of law if they felt convinced that he was pursuing Northern agenda, Sanusi accused the debtors of reaping where they did not sow.

Sanusi spoke during the “Second business environment round-table on banking reforms: Private sector credit challenge,” organised by the Lagos Chamber of Commerce and Industry(LCCI), at its Lagos office.

According to him, he was ready to meet the stakeholders in the court to defend every policy introduced in the sector.

Sanusi said that he would not hesitate to remove all Managing Directors of the 25 banks to safe the system.

He described as regrettable that the same group of people holding down the energy sector were also responsible for the shortcomings in other sectors of the economy, thereby retarding the nation’s progress.

Sanusi called on regulators in other sectors to borrow a leave from what he has done and extend such reforms in their own sectors.

According to him, Nigeria, if well managed, has the potential of becoming one of the leading economies in the world, adding that the resources, population, institution and history that could boost the economy abound.

He lamented that Nigeria, which will be 50 years in October, cannot guarantee its citizens uninterrupted power supply, adding that Nigeria remained the only country where private sector accounted for 70 per cent of the power generated.

Sanusi said: “If the national grid collapses today, every manufacturer that is in production will continue to be in business, because it generates its power itself.

“If the national grid is useless, why we are spending so much time, putting money at a bureaucracy that has not yielded the desired result.

Reacting to raving speculations that the CBN was planning to sell some banks, Sanusi foreclosed the CBN selling off any bank.

Although Sanusi said the apex bank was favourably disposed to merger, he ruled out forcing the policy down the throat of any bank, even as he restated that the CBN was at liberty to withdraw the licence of any bank found wanting in the merger.

Speaking on the economic crunch, he said that was high time operators knew the importance of market conduct, full disclosures, fairness and justice, all of which he said were important to investors.

He explained: “If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.

“The people who put their money in the stock market when the shares were high have been made impoverished due to the collapse of the market and those who sold when the price was high have become multi-billionaires.

“All we have done is take money from strangers and hand over to owners who have manipulated the market.”

On the accessibility of the N500 billion power intervention fund and the N200 billion for the Small-Medium Scale Enterprises (SMEs), Sanusi said that the CBN will assist the targetted beneficiaries to access the funds without stress.

In his opening remark, the LCCI President, Otunba Femi Deru, had described the round-table as a platform for stakeholders to deliberate on the impact of the banking reform on the current credit conditions and suggest the way forward.

According to him, the overriding objective was to stimulate a better understanding of the issue given exposure to all stakeholders and listen to the perspective of the regulators as well as suggest the way forward in the overall interest of the national economy.

Deru added that the discussion will give the chamber and the Lagos business community the necessary insight into the reform introduced by the governor and which had stirred much controversy.

http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=48279:tearful-sanusi-challenges-banks-stakeholders-on-reform&catid=672:top-stories&Itemid=794

Isn't that the reason we save the excess. We've had an excess of almost $15 the whole year now. If the price goes down just $10 below to $57 and stays so for the rest of the year, we wouldn't have any real problems as the excess would serve as a comfortable buffer.

Asides, the price is definitely going to go back up. The drop in price is most likely because the winter is over. Demand is usually higher during the winter as energy is used to power heaters.

Prices will go up significantly again in mid summer, July & August to be specific as we enter driving season especially in the US where those Gas Guzzlers will hit the freeways burning swaths of gasoline to the benefit of the Nigerian economy.

So no shaking!

Kobojunkie:
Childish much?  

You were not even able to answer decent direct and non-insult laden questions posed you yet you feel OK to come in to make the claims you have above? Come on dude. . . grow up and learn to debate without resorting to such childish attempts at claiming to have won a debate when it is not about that. Worse, most of the questions asked were never really answered, and many of the claims you made were not corroborated by others who seemed to support the project.

It was just an honest observation!!

Ok. . . . . .  Your arguments were an exception! Are you happy now? . They were quite articulate and brilliant but repetitive and off the mark.

But sincerely, read through the thread and observe the arguments of most of those against the project versus those for the project.

eeeehm. . . . . .dont you think its time for us to get younger credible politicians?? Many of the folks you mentioned are great grand fathers from way back!!
We need yound blood. The best performing officials have been young guys like Donald Duke ,Fashola, El Rufai and Ribadu.
We nned young blood. Forget the elders like Chinua Achebe and Soyinka and all the other oldies you mentioned. They would be good as advisers.

You meant the core northern politicians and not northerners!
The masses want Jonathan, the thieving politicians don't want him.

Also, remember that the north has been broken in two: Core North and Middle Belt.
Middle beltans would support Jonathan anyday.

[size=14pt]Ibori may be In Venezuela [/size]

By Abdulmumini Adeku

Chief James Onanefe Ibori


The searchlight and radar of the International Police Organisation [Interpol] and the Nigerian Police on their manhunt for political heavyweight ,Chief James Onanefe Ibori may soon get a reprieve as sources claim he was seen At Caracas,Venezuela
In an exclusive forensic check by FS Online, it was discovered that he arrived in the Latin American nation only last week Friday
Though his personal aides continue to insist that he was in the country but it was gathered that he escaped with aid of EFCC officials who allowed him into the creeks while giving Nigerians the impression that they were looking for him.
The Oghara born political strongman is said to have gone through the water-tight security mounted by government agents to Cameroun from where he bolted.
Now it is not known whether the politician has an investment in Venezuela but analyst believe that if he is indeed in that part of the world then a major diplomatic battle may ensure as Acting President Dr Goodluck Jonathan attempts to consolidate is early gains on ascension to power as defacto’ numero uno’
In the mean time the politician on the run has been described as the masquerade behind the recent wave of reports now been referred to as the Halliburton ‘s Okiro report.
In the report proper a lot of highly placed Nigerians were implicated by a section of the Nigerian media believed to be his own brainchild as analysts insist this was one of the last trump card of a drowning man.
It was learned that this was not the first time the people of Oghara will come to his aid to starve of an arrest as during the time of Mallam Nuhu Ribadu a similar situation took place

http://www.financialstandardnews.com/home_newsdetail.asp?id=403040048263889

So this argument is still raging.

Anyways, I observed one very interesting thing on this thread. . . . .

Those in support of the project appear much more intelligent than those against the project. I am just wondering why.

Supporters of the project seem better versed in the use of grammar; they articulate their points better and they seem to have a grasp on the way things are done globally. In a nutshell they are intelligent global thinkers.

Antagonists of the project find it quite difficult using the English language; their articulation is poor; their arguments are sentimental, have no logic and are very repetitive.

Just my observation! I no be teacher. I no dey mark exam. I'm just making an honest observation.

OAM4J:
Its a good idea to have Ribadu as VP, but the political calculations right now favours Yahale more than others.

Any political calculations have to take 2011 seriously into consideration. Yayale Ahmed is of very little political value come 2011!

I wish . . . and this is just a wish. . . . that El Rufai would emerge as his Vice. If not then Ribadu would be just fine.

In picking a vice, some of the biggest considerations that would be taken would bother around 2011 elections.
1)The vice would have to be loyal-i.e Someone not willing to stand against the wishes of Jonathan to contest 2011.
2) The vice would have to be in the OBJ good books. Incase Jonathan doesn't get to run, he would run.
3)The vice must be backed by public demand(masses). That means he must have capacity to attract votes in the 2011 elections.

El Rufai and Nuhu Ribadu fit the profile easily. The only snag they would have would be at the NASS screening. But good news is all those folks at the NASS have a price. Give them the right amount and they would accept even a lunatic.

[quote author=oyinda. link=topic=440660.msg6000852#msg6000852 date=1273022880]Our population size seem to be one of the major hindering factors for development. but what if we try to see it as a strength and use it to our advantage like India and China are currently doing with outsourcing and manufacturing respectively. We can invest in our huge human reserve instead of trying to kill off people like u suggest. lol

so how do we use our 150 million people to our advantage?[/quote]You are right. Our population size is supposed to be a massive advantage, but then, that is only if we can build out quality human capital from  a chunk of that 150 Million people.
On the present reality though, Nigeria's population looks like a time-bomb in the making as those in charge don't seem to care the consequences of an ever expanding population vis-a-vis dwindling resources.
We should really begin to seek ways in which we can use our population size to our own benefit.

[quote author=oyinda. link=topic=440660.msg6000852#msg6000852 date=1273022880]and besides, do we really need all the massive infrastructure developments? I think we should strive for just the optimal amount rather than trying to compete with other countries on how many roads they have. 'cause i think this will only cause more trouble for us (debts, how to maintain and service the infrastructure etc ).[/quote]

The world is a competitive place. Every country would have to up its competitiveness if it must attract or maintain Foreign Direct Investments.
To provide jobs for the teeming populace, we must attract FDI.  FDIs are beneficial as they create about the best job opportunities you can think of.

Investors would go to places with the best infrastructure. Thats why it is necessary to at least benchmark with countries that have the potential of tussling FDIs with your country. If for instance, Google wants to open an African office with say 3000 employees. One of its first considerations would be the quality of broadband infrastructure. On that, Nigeria would definitely loose out those 3000 jobs alongside other benefits like technology transfer, etc to a country like South Africa or sadly maybe even little Ghana.

So yes, it is essential to build these massive infrastructure especially in the long term. However, you very correct, we should focus on things that would bring optimum benefits especially on the short term.

KnowAll:
Funding massive Infrastructure Developments in Nigeria


That is why the House of Reps is re-visting the issue of  further State Creation, I have said every single one of those Province we had in the 1950's and the 1960's should be a State. The word State in Nigeria is not Synomynous with the word " State in the USA " the word state in Nigeria speak is a nomenclature for Provinces, by not giving it is proper name we are actually short-changing the Nigerian people, by having less State than Provinces we have not only curtailed our grassroot development we have arrested it.

It is time we rectify this anomaly and embrace the development strides of the late 1950's and early 1960's. Some people migth argue that it was because we had strong regional goverments for the supersonic developmental experinece we had in all regions, I beg to differ, what we had then was strong Local Goverment Structure. It would have being a Herculean task and inconceavable for Awolowo to Know what was happening down at the Ethiope Rivers from Ibadan if it was not for the strong district head and Provincial Head.

@Knowall
How could you?? This is soo not right at least to the best of my knowledge! Creating more states is a recipe for extra wastage. I already stated that we spend over 70% of our income on recurrents leaving very little for capitals. You suggestion would only leave us with a situation where every village would want an airport and a shopping mall in its backyard.

strangleyo:
1)How do you think Nigeria under good governance (E.g Fashola in Lagos) can raise the huge monies required to finance its dream infrastructure projects?

Yes, if we cut corruption by a significant margin. The key is to improve tax collection of citizens.

One way implementing this feat is for individual states in the federation to give their citizens state cards. Without state cards individuals will not be employable, cannot see a doctor, cannot vote, and have no voice in general. This will be an incentive to get people to participate as citizens.

The flipside is that Nigerians with state cards can vote, will be encouraged to visit a private health clinic at least two times a year (which is a double bonus as we can detect preventable problems), they will be used as voting registrations, and they will be used to evaluate taxation per citizen. They will be equivalent to social security cards (of western countries).
State cards will also be used as de-factor census collection. 

This will require excellent planning and expertise and civil servant training.

Excellent contribution. I totally agree with you on the identity card thing. If we had a system where people are rewarded for paying taxes, then that would definitely serve as an incentive. The beauty about tax payment is that while it provides money for Government to build and cater for infrastructure, it also makes the Government more accountable as the citizenry would watch keenly what their contributions are used for.
People would demand more transparency if they pay taxes.
Some times you wonder why the existing Government can't see the benefits in things like this. Or are they just plain dumb??

naijaking1:
@papabrowne
Good topic, how did I miss it all this while? I must have been too focused on ---- you know who
Anyway, the answer to you pointed questions require substantial input from historical, social, religious, and political perspectives.
Your analysis of oil as our main income earner is correct, but it underlines our real problem.

Before we struck oil, fought a war, learnt how to be corrupt, Nigeria was at par with Brazil, India, and other countries like Indonesia and Malaysia in terms of develoment and potential for growth. Then came oil, with all the attendant short term benefits and long term disadvantages. Oil lubricates the machinery of our corruption, instability, and subsequent backwards march to the cradlles of civilization. All the countries listed in your excellent chart don't produce oil for export the way Nigeria does, and infact none of the top 5 oil exporters of the World come close to Japan, india, and China in terms of development.

I have focused heavily on oil as the main clog in the wheels of our progress, because somehow the presence and availability of oil has changed the mentality and understanding of Nigerians over these years. With oil, we have a "national cake" mentality, how can a country develop when the people feel and act as if their own country owes a debt. So, young men and women wake up everyday looking for ways to get their own piece of this allegorical national cake. Very few or nobody ever wakes up asking how and what he can do to improve their communities, states, and country as a whole.

Finally, the most dangerous misunderstanding retarding Nigerians development is not necessarily lack of money, oil, or infrastructure, it is not understanding that Nigeria's greatest resources is its people, not oil, cocoa, or even palm trees. It's people.

Our people are our greatest resources!

SapeleGuy:
Bonds can be issued via the NSE.

I don't believe funding has ever been the problem, The fact that Nigeria is currently negotiating a loan illustrates that point.

The problem is that we have a strong record of mismanagement.
$16 billion dollars has been spent on light but we still have darkness.

It may be corruption or incompetence but one thing is for sure dependence on oil has actually become a poverty trap for the nation.

Every state is rich in mineral resources but they are scared to take their destiny in their own hands. Why?

Exactly! Dependence on oil is a huge poverty trap. There is so much we can make from so many sectors in Nigeria but oil has blinded our eyes to these potentials.
This is what economists refer to as the "Dutch Disease". It is a concept that purportedly explains the apparent relationship between the increase in exploitation of natural resources and a decline in the manufacturing sector.
You can nread more about this here: http://en.wikipedia.org/wiki/Dutch_disease

Funnily, with all the huge billions invested in the oil and gas sector in Nigeria, the amount of direct jobs created as a result are much less than the number of jobs created by Nollywood.

KunleOshob:
@Papabrowne
Great topic however there are quite a number of flaws in your submission which i would try and highlight below:

In the above submission, you are assuming only the federal goverment is spending on infrastructure by stating $3billion which was last year's capital vote of the FG, however ther is a lot of massive infrastructure investment by state goverments across the nation, private sector initiatives, PPP schemes and foreign investments in infrastructural develpoment when all these other sources are factored in, i am sure definately ove $10 billion is being spent on infrasture development annually. Even then we are just scratching the surface as we need to be spending at least double that or even triple considering our huge population and our current dismal level of development

Yeah, you are right. Other arms also do spend on infrastructure, but I made reference to the FG because they hold a near monopoly on most sectors and yet their expenditure is minute. The states are as pathetic as the FG and for them corruption is worse off. The only segment where you have full fledged private sector involvement is the telecoms sector and that has been one huge success.
It actual investments(corruption free) the private sector has put in the telecoms sector over the last decade probably exceeds what the FG has expended in real input in all the other sectors put together.
So yeah, I agree with you. It probably does exceed $10 billion dollars in cash, but in real input(ie corruption free), I would say maybe 30% of that amount.

KunleOshob:
The mistake we keep making is focusing on oil alone, first of all oil does not constitute 100% of Goverment revenue but rather roughly 80%, Goverment still makes a lot of money via taxes namely Company profit taxes and custom duties. They also make money from licensing and proceeds of privatisation. That aside the Goverment bonds market as really grown over the last couple of years and is a potential source for goverment to raise trillions for developmental projects. Goverment needs to explore how it can increase revenue generated via taxes, it is common knowledge that at least 80% of Nigerians don't pay taxes, yet they expect goverment to do everything for them. Also about $4billion is wasted on fule subsidy every year, if fuel subsidy alone is stopped apart form the fact that excess of $4 billion would be availbale for infrastrutural development the private sector would be encouraged to invest heavily in the downstream sector of the petroleum industry thereby developing the sector further, the same results would be achieved if PHCN is decentralized and privatized.

Taxes would be good, But I think it would take a lot of re-orientation to get Nigerians to start paying taxes.
Also, one beauty about the Nigerian business environment that we shouldn't lose is the seemingly tax free atmosphere. I think it is something we can use to our benefit. Instead of charging percentage taxes, a flat fee tax should be charged depending of the industry segment.

Bonds are good too.They would go a very very long way. But the problem is, the tenure for bonds are usually shorter than the tenure for expected returns on huge infrastructure investments. While a bond might have to mature in 10 years, that time is hardly enough for a tolled road project to get returns especially on a less lucrative route.

KunleOshob:
You already mentioned the solutions in your post above namely "pension funds" and "PPP" I keep on telling people one o the greatest[though largely unnoticed] achivements of the Obasanjo regime was pension reforms, for the first time in the history of Nigeria our financial system is accumulating huge long term funds on a sustainable basis, it is this type of funds that is needed and crucial for development projects. these funds would also eventually force down interest rates as it grows larger and larger. Already as at the end of december 2009 the pension funds had accumulated to over 1.6 trillion naira and growing by an additional 100 billion every month. This is with less than 10% of the pensionable people in this country contributing imagine what would happen if up to 50% are contributing. It is this huge pension funds that would ultimately be availabe to provide long term funds for infrastructural development either via goverment through financing of goverment bonds or via PPP through providing long term funds to financial institutions who would then lend to PPP operators.

Personally i believe all the ingredients for Nigeria to emerge as a developed nation is already there, we just need good leadership to harness these resources and make the best of it. That is why we need to rally round and support a great visionary like Donald Duke  to move this country forward. He was able to develop cross river to be one of the most developed states in the whole country despite the very limited resources the state had.

I agree here. The pension funds are an excellent way to go. America used this to build its freeways. Already, the Infrastructure Concession Regulatory Commission is already looking into partnering with the Pension Commission to utilize that 1.6 trillion for infrastructure.

naijamini:
@PapaBrowne

Great topic. I suggest that we figure out the political economy of development first. Here are a few principles of development based on religious sayings since Nigerians are a very religious people:

1. Man was not made for infrastructure, but infrastructure for man - translation?
If your people do not earn enough you can build all the houses, roads, bridges, etc you want, they will not be maintained or used. If used, nobody would pay for them and your multiplier effects goes straight to zero. Bola Ige was certainly not corrupt, but after a couple of years the row of houses he built along Ibadan-Ife road were abandoned. I don't know what is going on with those houses now, but we have similar moribound projects all over the Nigerian landscape.

2. The truth (education) will set you free.
There is no other way to raising people's productivity so they can produce valuable work and earn dignified wages than to increase their skill and knowledge base. Workers can demand all the minimum wage they want, if productivity doesn't increase they are simply going to take the increase from someone else's pocket, get fired or the government would have to borrow to pay them. Or as we do in Nigeria wait for the price of oil to go up

3. The borrower is the servant to the man doing the lending.
It is as simple as that. One thing Ag. President Jonathan and his new finance minister is doing that would ruin Nigeria all over again is this increasingly bold talk about the need to borrow to develop. There is nothing farther from the truth. The lenders that make money from international borrowing are looking to push debt on the ignorant nations of the world. Does that mean we don't need foreign investment? Yes, we need foreign investment, but our government only needs to provide the right environment for capital to come in. Reduce the risk to foreign investors, clean up the system of doing business, improve its efficiency, make sure a sizable portion of the investment gains made in Nigeria is received by Nigerians and let the ball roll. Any government that thinks it is going to borrow to develop Nigeria is showing a serious lack of what Nigeria needs and must not be allowed to remain longer than is necessary.

4. Go to the ants or he that refuses to work let him not eat
Free loading is embedded in our collective psyche. Until we begin to recognize property rights and the need to pay and receive just compensation to/for  ownership of such rights Nigeria will forever travel around a circle the size of a pin-head.

I totally agree with you here. And the analogies are perfect.
In seeking to understand the theory of development, I’ve come to the conclusion that real development occurs in people and not in structures. When human capital is developed, the people will in their quest for excellence, develop systems that would by default enhance structural development.
Building say, broadband infrastructure in a society where illiteracy is high would be tantamount to a huge waste of resources as there would definitely be to under utilization of capacity.
So yes, quality education should be the first and most important thing on the cards of any society as with it would come the understanding of issues like taxation, a culture of maintenance, and the abolition of you’ve rightly called  “free loading is embedded in our collective psyche”

On number three, the bit on borrowing, I understand perfectly the fears anyone would have about that especially with regards to a society like ours where corruption is more than endemic, however, I would also like to add that America is the most indebted country in the world and yet hasn't become a servant to the entities it owes. I think everythin g would depend on how things are structured. But as you rightly said, WorldBank and IMF are just conduit pipes for western nations to subject ignorant nations to a future of slavery.

Ibime:
Our current budget is N4.07trn or $27bln. . . did you say we need $190bln for infrastructure alone?. . . . hehehehe. . . . that would take forever. . . . . even out of the $27bln sef, $20bln of it will be stolen.

The $190 billion sef is even very conservative and would only make us as good as brazil. . . . .meaning with that amount, Lagos would still have its mega slums, just like they've got Favela in Rio de Janeiro!!

I am doing a research on Infrastructure development and it’s been worrisome viewing the outcomes as they reveal the level of Nigeria’s backwardness even when compared to other so called third world countries.

For instance:
For Nigeria to have what Brazil has today, we need about  $190billion worth of new infrastructure developments.
To catch up with South Africa, we need a whopping $328 Billion in corruption free capital expenditure.

Sad news is that last year the FG purportedly spent just $3 Billion on Capital projects, a lot of which must have gone into corruption. At that rate, it will take us over 100 years to be just the way South Africa is today. Sadly also, while we spent $3 Billion last year, South Africa is spending approximately$ 15 billion dollars yearly to improve on its already advanced infrastructure.
Now this is pathetic and sad especially when you consider that Nigeria is blessed with lots of Natural, Human and Intellectual resources.

The Oil and Corruption misconception
It is true that the major cause of all this backwardness is the corrupt leadership that Nigeria has been blessed with over the decades. But it isn’t the only problem. Even if corruption is totally wiped out overnight, Nigeria wouldn’t still be able to afford the kind of infrastructure we need.
Our sole source of income which is oil is very inadequate. We should stop deceiving ourselves that Nigeria is a rich country because of its oil.
2 Million barrels of Oil daily is nothing when shared amongst a population of 150 million people.

To put things in perspective, our 2 million barrels would give us about $45 Billion dollars a year.
*40% of this money will go to the Oil companies leaving us with barely $27billion.
*70% of our budget usually goes on recurrent expenditure, leaving barely $8billion to be shared between corrupt pockets and capital projects.

Financing Projects
Truth is with all our oil, we would never have infrastructure as good as South Africa.
If we must catch up with them, we need to devise innovative methods in which to generate the funds required to build up our infrastructure.

America did it with pension funds.  Some countries did it with loans from institutions like IMF and the World Bank. Others created unique financial instruments that gave them the ability to leverage capital and spread returns far into the future.  Russia used resources from its communist subordinates. Back in time, Britain and France did theirs by despoiling Africa of resources. More recently, China is using its huge chest of capital obtained from its export earnings.
One of the best and most modern ways to do this is through PUBLIC PRIVATE PARTNERSHIPS.
But even at that, the concessionaire still needs to source capital to execute projects.

[size=14pt]So this is the big question I have for Nairalanders:[/size]
Given the fact that our oil money would never be enough to fund the infrastructure projects that befit this country,

1)How do you think Nigeria under good governance (E.g Fashola in Lagos) can raise the huge monies required to finance its dream infrastructure projects?

2)[/b]Would it be a good idea to invade or at least  partner with some African countries to despoil them of their resources to utilize for our own development?(If we don’t do it, China or India will do it anyway)

[b]3)[/b]Should we just forget it and resign our faith to being a poor country?

[b]4) Or better still, employ Boko Haram to help reduce the Nation’s population to something like 20 million (At least that way the oil money can go round)

So please intelligent Nairalanders, suggest ways you feel Nigeria can raise capital for infrastructure development. Every idea is welcome.

Key infrastructure sectors include Electricity; Rail, Road and Air Transportation; Telecommunications and Broadband;  and Housing.

Anyone noticed how silent the press lover Sanusi has become these days??
He hasn't said a word since, despite the fact that Gusau attacked his actions.
He should do exactly what he promised to do mif Jonathan doesn't approve of his reforms: He promised to go on exile!

marvix:
I hav bin readin comments but decided 2 ansa your question,

In an economy d bank interest rates shld not be beta dan returns u wld get 4 puttin your money into the real sector, so what is d rate of return in the nigerian economy for 20million dat a bank shld now giv more dan 5% interest rate. Monies fixed in a bank is a disincentive to investment, dat 20million can create jobs by investin it in buildin a standard sawmill industry or blockmakin industry.

I wonda where your friend got 20mill dat he wanted 2 fix in d bank, because u only fix money wen u don't know wat u want 2 use d money 4 nd dis is d prob of d educated illiterates in dis country, banks are not meant 2 b money doublers, if u take your money 2 d bank its 4 security because weneva u nid it u shld b able to assess it unlike wen u hav invested it in a business venture, nd wen your money is invested in a venture u can lose it but in d ideal situation even wen a bank folds u shld get your deposits back complete.

Marvix, obviously your purported stint as a bank worker didn't avail you the opportunity to understand finance. You probably worked as a marketer, but one thing is certain from you comments, you know too little about the workings finance. So I will take a little spoace to re-educate your understanding.

The highlighted portion of your quote- "Monies fixed in a bank are a disincentive to investment" exposes your level of understanding.
Monies fixed in a bank (Fixed deposites especially) for your own information are the best incentive for investment.
When customer A  fixes a deposit in a bank for a term, that money is taken and given to customer B as a loan for a term who uses that money to run his business. His business blossoms and he pays back the loan with interest. The interest charged on customer B is shared between the bank and Customer A. Thats how it works Mr Man.
When the going was good, customer A gets an average deposit interest of anywhere between 10% and 20%. Customer B is charged 20+%  interest on loans.
Sanusi came in and the loans stopped. Hence there was no way the interest on deposits could be sustained since loans were no longer being given. That is why the rates on deposits dropped. Bad thing is that both customer A, customer B and the bank are at a loss. Nobody is making money anymore for the simple reason that Sanusi criminalized lending.

For crying out loud, why are you obsessed with Funkybaby's 20 milla and how it was made?? If you really did work in a bank, you should know that many genuine business people make even more on a regular basis. So pls quit it already!

funkybaby:
Thank you o jare.
Although, i actually believed the guy could make a big difference when he was initially appointed. I remember having a lil argument/convo with papabrowne about it.

however, i am shocked and dissapointed by the turn of things.

so many people have been negatively affected by the man's policies. for example, my friend was happy living on the interest the fixed deposit brought in for him before the sanusi era, so you can only imagine the guy's pain at the miserable interest rate at the moment.

I remember too. Cooool 2 know we are now on the same page!!
Even Next newspapers sef that started out as core supporters of his reforms seem to have backpedaled!!

Quote form Naijaking1

---still considering sacking him
Just sack him now, no need to consider it.
The results of his financial misadvanture are on the ground for all to see--for every Dangote type of economic frustration, there are a thousand small sized companies and employers of labor the idiot has put out of business.
Once again, thanks to mikeansy, papa browne, Beaf, Sapeleguy, Dominioifet, and others who saw this guy for what he was from day #1: fake economist, and a rogue CBN governor.

@Naijaking1
Thank you man. You've had some of the best contributions on the CBN threads!! I have learned loads form your in-depth contributions!!
And yes!! Victory is here! Sanusi's time is up!!

Quote form PK001

I also want to second[b] naijaking1 and thank most especially mikeansy,then papa browne, Beaf, Sapeleguy, Dominioifet, and others[/b] who I call the Real economist for their contribution on this matter since from the beginning. You guys are making waves all over the world and when this guy is finally out of office the credit will go to guys.
Its time to act, remove this guy ASAP or let him resign. He is a big failure with so much sentiments.

Thanks man for the complimenté!
"Big" is too small a word to define Sanusi's failure. I think "Gigantic" describes it better!

Nice one. But the property section could be much better than this. This section has a lot to learn form the auto section!

texazzpete:
lol. Your blind worship of Soludo will not allow you see reason.
Sanusi will not be removed any time soon.

Any lingering doubts of Vanguard's stand in this matter has been erased by this clearly biased article.

If the article is false, then the Federal Government would have released a press statement to counter it. As it stands right now, the story remains true as it is written.
Sanusi is on his way out. And very very soon. And guess what, you can't do nothing about it!!

^^^^
Nice Analysis. The only 2 candidates that matter right now in the run up 2 2011 are Jonathan & IBB. Everyother politician would eventually pitch his tent either way.

As per Yar Adua, i doubt he would even get votes from his own family.Maybe only Turai.

kosovo:
@PapaBrowne
my domain? hell NO!
pls refrain from divulgatio what is invalid,

Ok SIrrr!! My Bad!! I hereby abstenerse de divulgación lo que es inválido!!

@offtopic
Kosovo. . . . in your own domain. . . . the General was humilated!!
How about that??


@Topic
Why are all these IBB paid writers seeking to attach credible persons to IBB? Wole Soyinka started off the FRSC back when IBB still had some form of credibility. So make we hear word abeg!

I like IBB as a person, but not as a president of this country. The man is about to lose the only the he had left: Mystic!

kosovo:
This goes to show the Unseriousness of the Nigeria Government!
What a waste of reasoning . . . .

How can this be a waste of reasoning Do you have any idea the multiplier effect this would have on the nation's education sector??
With this, anyone who wants attend university would go and get some computer literacy. If you can log on to the internet, then you have the world at your feet.

This Government is a thinking Government. This is lovely. Afterall, TOEFL, IELTS, and a whole lot other international exams are written online.

otokx:
Another white elephant project. Is it everyone that knows how to use computer?

What are you talking about
Anyone that doesn't know how to use a computer has no right to seek admission into university!!