₦airaland Forum

Men are so dumb to fall victim to all this nonsense.

Thats why its best to have the personality type that doesn't need emotional attachment... Nice guys finish last, and if you play the game by the ladies rules do you will always win.

Men are responsible for feminism


https://www.youtube.com/watch?v=4-L6cF1uc4c

What do you mean? I've studied history as a hobby for years....

If you want an example, look at the first transcontinental railroad; It streched from San Fransico to Iowa and was made by a partnership of three private companies.

When there was a glut in the supply for transportation, the American Private sector fufilled that need.

The cost of building a kiliometer of road in Nigeria is almost the highest in the world, whos fault is that? the government or the private sector?

adconline: Private sector does not build roads even in China. US is the free economy capital of the world and the govt is solely responsible for public infrastructure. Govt is not a PLC, but private sector is!

In the 1800's, before the united states government invested heavily into infrastructure, the sector was taken care of by private companies via the railroad system, toll roads and toll bridges.

Why cant Nigeria do the same? In Africa the private sector has not even provided the government any good companies to contract with, forcing them to rely on over-priced foriegn firms.

The federal government is just a skape-goat, the real problem with Africa is the people (private sector) especially those of us abroad.

^ So you think the high interest rates are a result of inadequate supply in the financial market?

Katsumo you still have not answered my question... how are Nigerian Banks making money without giving loans?

Katsumoto: How is petroleum, minerals and energy vital to development. Some of the most industrialised nations don't have raw power or minerals - Japan, Germany, Switzerland. China has rare Earths but Chinese growth in the last 20 years is based on manufacturing. Having natural minerals is good but what good has it done for Africa?

We have to look at our comparative advantage. And that is definately minerals and energy, besides do you really think Nigeria can progress without its energy industry?

we would be another somalia

In my opinion the over-regluation of these industries is the main thing the Nigerian government is doing wrong. the rest is politics

Katsumoto: Banks don't have a small pool of funds; Nigerian banks are heavy with funds. For funding to work efficiently, there must be 1. a way to price risk - with data lacking, how do you price risk for different consumers
2. Corrupt and incompetent Police and judiciary - how do banks recover their funds when laws can't be enforced failrly and justly?
3. Inflation is at double digits - Can you lend funds at 5% when inflation is at 10%?
4. An enabling environment - good infrastructure, enterprising and competent leaders.

Nigerian banks make their funds from other sources and don't need to finance commerce to survive.

I cant argue with this.. i think you are right. However i have a few questions that i hope you can answer

1. Where are the banks making their money if not from loans?

2. Where does the federal gov keep its funds, and are all funds kept in cash?

3. Are all Nigerian citizens required to keep their money (over a certain limit) in the bank?

adconline: Well, you have not done enough research! Govt provides infrastructure for businesses to thrive. In Naija, no power, bad roads, no broadband Internet, insecurity, lack of access to capital, inadequate transport network, poorly educated workforce. So what is it that the government has done? RSA generates 40k MW of electricity for about 40 million people, that is about 1000W per capita while Naija with 160 million generates about 4000 MW, that is 25W per capita. 25W cannot ligt a bulb. It takes 8 hrs to drive from Asaba to Lagos with a distance of about 460km, that is average of 57km/hr whereas posted speed limit on federal highway is 100km. So it would less than 5hrs with good roads from Asaba to Lagos. Naija problem is infrastructure!

Then why isn't the private sector building railroads?!

Like 99cent stated, most African economies are the closest you can get to with regards to free markets because their governments hardly regulate (required to reduce inequality), put up protectionist policies (most African countries are dumping grounds), provide welfare or subsidies (well Nigeria provides fuel subsidy). To put it bluntly, African governments hardly interfere and are mostly invisible except that are corrupt and incompetent. But corruption and incompetence affects supply and demand. Having said that, African governments distort the free market by encouraging monopolies/duopolies through companies held by friends and family.

Maybe Nigeria is not as free as you think. Atleast not in the sectors vital to development; namely Petrolum, Minerals and Energy.

1. If you own land and want to mine that land for minerals that is called "illegal mining"

2. If you get get raw petroleum and want to refine it in an artisanal factory, like they do in the delta, that is illegal
also

Yet those two sectors are absolutely vital

In addition to this, the areas where the market is free, foreign companies prevent indigenous companies from gathering the capital neccessary to compete with an economy of scale.

wesley80: Someone (@djohn78) already danced around the answer to your question without mentioning the real culprits - Banks! The banks are the reason our private sector is yet to take its position in the scheme of things.
Any country that intends to develop must develop two key areas, her industrial/manufacturing sector and her Agric sector but neither of those sectors can be developed without the Banks playing its role. The banking sector is KEY to the success of the private sector, without a Banking sector with a comfortable pool of funds that can support and encourage "VENTURE CAPITALISM" we are left with a struggling private sector and a whole lot would have to depend on the govt.
There's a lack of "idle fund" in the system and that's what has made "External borrowing" very sensible despite the very ignorant criticisms you get to read daily from Nigerians - it's about the only way to reduce the "crowding out effect" and give the private sector some breathing space. The problem is the govt doesnt seem to be doing enough to "sway" events. The govts hands-off policy seems to be leaving too much in the hands of an unprepared private sector and there's just too much to be done.

This, along with what cameroon and djon78 said seems to be the culprit.

I'm assuming you all believe the banks are not playing their role because interests rates are too high?

However, we have to keep in mind that the financial sector is subject to the invisible hand also, so if they are charging high interest rates there must be a reason. I don't see how it is the governments fault, the banks can only get their funds form the ordinary citizens savings..

So why do the banks have such a small "pool of funds" as you said. Is it not the citizens fault?

Does anyone have an idea what role a lack of a digitized monitary system may play into this?

what do the ottomans have to do with anything? are u gunna claim them next?

lol now somalia9 is trying to claim eygptian & ethiopian history =D

@99cents the "invisible hand" is a metaphor to describe the way the free-market self regulates.

you dumbass.

lol

Everyone is pretending to be smart on this thread, using big words to say nothing. Look people... if you have nothing to contribute leave. Stop all this "cetreris paribus, economic forums, diseqilibrim, bla bla bla" and make a reasonable post.

I can tell when someone doesn't know what there are talking about...

^u r just jealous cuz u wish you were a jew

Indian was bad, but a jew? seriously


A jew?

somalia9: omg what a retaaard.....those are differnet peoples of course.

am talking about some somalis who are con artist and pirates who make fake passports.

remember somalis are in the arab league and dont recogize israel right to exist.



plz i dont have more time to educate you on your own views.

says the guy who pretend to be a jew

First they burn isreal flag on fridays... then they want to go to isreal to get citizenship?


yea, right.....

Just face it... you want to be a jew

somalia9: you have got to be kidding me, find one quote i said that.


cause am muslim and we dont like jews. somalis burn israeli flag on fridays lol

somalia9: some somalis pretend to be jews

Bigo. haha you are such a coon

The same reason you claim arabs, indians and ethiopians.

self hate

somalia9: some somalis pretend to be jews

Yes you are claiming them.

Ok... there are jews in ethiopia


So why does that make it O.K for you to try and claim them? its sad.. stop self hating

^ does this guy look somali to you?

^ omg lol!

somalia9: the reason why some say jews is cause they are are alot of ethiopians that are jews and [size=30pt]some somalis pretend to be jews[/size]

ROFLMAO

For all i know you posted that shit on Yahoo..Cuz Ain't no-body thinkin somalis look indian.. this is a joke.

Has anyone called you a jew yet?

.....gotdamn

now you want the jews?

[size=25pt]ROFLMCBAO[/size]

Dude ..... ethiopians dont even like you guys.

They probably hate you more than any other people on earth, and here you are trying to claim them on the internet.

... then you claim arabs

... than you claim indians

... and now you are saying "ethiopia and somalia are the same thing"??

This is so sad that i almost feel second-hand embarassment for you, you are making your people look like absolute shyte mayne this is horrible