seunsiju:

I agree with that....but as a Nigerian living and working there...it's a good thing for me...I even pray Naira devalued more.....Let me hold enough Cedis then back to Naija to ball

Lol. Cost of everyday items and foodstuff in Ghana must be off-putting though. Was there not long ago and the difference to Nigeria, for costs of goods, is shocking.

The favorite saying of Ghanaians is "no money in the system Charlie" mainly because of the inability of earnings to cover even basic necessities yet deceptive Ghanaians Will come online deluding gullible Nigerians that their Country is Eldorado.

Lifestone:

It's a useless policy. It only window dressed the issue and hasn't helped Ghana in anyway. For example after chopping off four zeros from the money, the currency has began a gradual slide back and if the fundamental issues are not addressed, the woes will continue.

This is very true. In very simple terms, every nations economic strength is a direct exponent of how it produces enough goods and services (including highly specialized and technical skills) for use by her people and, even more desirably, a surplus that can be exported to other Nations.

That is all most people need to know about the economies of nations and how to quickly discern comparative strengths. In this regard, Nigeria is not the mate of Ghana at all with Lagos being the 6th biggest economy in Africa ahead of Ghana, Kenya and many others.

All the praises for Ghana is the usual 'window dressing' patronage of Ghana by a Western world that likes African nation to behave how they want blacks in Africa to behave i.e subservient and fawning towards the West.

The reality is that Nigeria has issues that good Governance can solve but it remains an African giant that can become a pride of the black race if led well.

Ghana does not have and can never have the endowment to ever become close to that and that is the truth deluded Ghanaians and self-hating Nigerians do not want to accept when they all begin belittling and insulting Nigeria ignorantly or ungraciously.

OneTemplate:


This is very true. In very simple terms, every nations economic strength is a direct exponent of how it produces enough goods and services (including highly specialized and technical skills) for use by her people and, even more desirably, a surplus that can be exported to other Nations.

That is all most people need to know about the economies of nations and how to quickly discern comparative strengths. In this regard, Nigeria is not the mate of Ghana at all with Lagos being the 6th biggest economy in Africa ahead of Ghana, Kenya and many others.

All the praises for Ghana is the usual 'window dressing' patronage of Ghana by a Western world that likes African nation to behave how they want blacks in Africa to behave i.e subservient and fawning towards the West.

The reality is that Nigeria has issues that good Governance can solve but it remains an African giant that can become a pride of the black race if led well.

Ghana does not have and can never have the endowment to ever become close to that and that is the truth deluded Ghanaians and self-hating Nigerians do not want to accept when they all begin belittling and insulting Nigeria ignorantly or ungraciously.

The point is that most of them don't even understand the issues and haven't been to Ghana in their lifetime

OneTemplate:


This is very true. In very simple terms, every nations economic strength is a direct exponent of how it produces enough goods and services (including highly specialized and technical skills) for use by her people and, even more desirably, a surplus that can be exported to other Nations.

That is all most people need to know about the economies of nations and how to quickly discern comparative strengths. In this regard, Nigeria is not the mate of Ghana at all with Lagos being the 6th biggest economy in Africa ahead of Ghana, Kenya and many others.

All the praises for Ghana is the usual 'window dressing' patronage of Ghana by a Western world that likes African nation to behave how they want blacks in Africa to behave i.e subservient and fawning towards the West.

The reality is that Nigeria has issues that good Governance can solve but it remains an African giant that can become a pride of the black race if led well.

Ghana does not have and can never have the endowment to ever become close to that and that is the truth deluded Ghanaians and self-hating Nigerians do not want to accept when they all begin belittling and insulting Nigeria ignorantly or ungraciously.

God bless you brother, I have really learned a lot from your discussions on this thread and now I know better.

Who is comparing Ghana that their ladies are killing their men because of grasscutter to Nigeria?

OneTemplate:


Look dude, I have no time for your 'cutting nose to spite face' idiocy nor empty d1ck currency because I am a winner who focuses on what is real in the quest for success and the informed advantages that guarantees winning results.

Dispute the real example I give above, using real commodities that can feature in an 'inflation goods basket', showing the real and greater comparative value of Naira over Cedis, or get lost. Don't let some illiterate and self-hating Nigerians mumu you.

Nigeria is full of far brighter people than those Nairaland parades. So don't come thinking you will get anything but slaps because a few self-hating but ultimately ignorant Nigerians are giving you 'liver'.

take it easy nah..some of us are learning new things on this thread.

Oladeji245:

take it easy nah..some of us are learning new things on this thread.

That's my point. We have some knowledge but there's no harm in knowing more. Don't worry it's normal to receive few Jerry-rigged words, i received several already. This is Nigeria some people no get joy.

Electricity is the key to production.

Curbing fulani herdsmen excess is the key to food sustainability.

Government should take care of roads.

And see if production and exportation will not increase.

Eventually the naira will make a steady rise.

What a dream it's obviously not possible.

It's a mirrage as this government only pits square pegs in round holes.

Reality is that there is no hope for this country

Oladeji245:

take it easy nah..some of us are learning new things on this thread.

Trust me, some of us know each other here. That guy is a Ghanaian douchebag whose main mission here is to ridicule and belittle Nigeria and Nigerians constantly.

You don't talk to those kind politely. Same way you must be ready to fight terrorists or be killed by them simply because you cannot reason with them or use 'polite language' to win them over.

He has been a member here for years and his anti-nigerian stance never changes. Check his previous post if you don't believe me.

Lifestone:

The point is that most of them don't even understand the issues and haven't been to Ghana in their lifetime

Indeed. I can understand that. What annoys me is how some self-hating Nigerians are always willing to ignorantly belittle Nigeria with false claim and then hand over advantages to those who despise us like some Ghanaians, South Africans etal.

When I see Ghanaians, South Africans, and many others with serious issues, insulting Nigerians online with ignorant claims I realize they are basically regurgitating false crap and lies we Nigerians ourselves have provided them with.

I like using real example to drive home points. South Africans will come here dissing Nigeria for crime and insecurity yet let us examine the factual reality most people are ignorant of which is that murder, rape and violent crime are through the roof in SA to the point 4 South Africa Cities are included in the list of the 50 cities of the world with the highest murder rate in the world.

Cape Town at number 8, Nelson Mandela Bay at 24, Durban at 35 and Johannesburg at 42 with not even a single Nigerian city on the list.

Should South Africans then be shading us because self-hating and ignorant Nigerians make us appear the worst and most worthless nation in the world?

See the list below for yourself. Nigeria may be broken but fixing her begins with everyone of us. If we cannot contribute to that then we should at least refrain from worsening the problem via attacking her falsely before the world.

https://en.m.wikipedia.org/wiki/List_of_cities_by_murder_rate

OneTemplate:


Indeed. I can understand that. What annoys me is how some self-hating Nigerians are always willing to ignorantly belittle Nigeria with false claim and then hand over advantages to those who despise us like some Ghanaians, South Africans etal.

When I see Ghanaians, South Africans, and many others with serious issues, insulting Nigerians online with ignorant claims I realize they are basically regurgitating false crap and lies we Nigerians ourselves have provided them with.

I like using real example to drive home points. South Africans will come here dissing Nigeria for crime and insecurity yet let us examine the factual reality most people are ignorant of which is that murder, rape and violent crime are through the roof in SA to the point 4 South Africa Cities are included in the list of the 50 cities of the world with the highest murder rate in the world.

Cape Town at number 8, Nelson Mandela Bay at 24, Durban at 35 and Johannesburg at 42 with not even a single Nigerian city on the list.

Should South Africans then be shading us because self-hating and ignorant Nigerians make us appear the worst and most worthless nation in the world?

See the list below for yourself. Nigeria may be broken but fixing her begins with everyone of us. If we cannot contribute to that then we should at least refrain from worsening the problem via attacking her falsely before the world.

https://en.m.wikipedia.org/wiki/List_of_cities_by_murder_rate

I'm no apologist for crime in Mzanzi but I think you'll find the reason for our representation on that list is due to our internationally recognized publishing of statistics, something that's non-existant in most of Africa.

If our cities were as bad as you're suggesting, millions of tourist would not come here, and that they do without incident. Also, millions live here untouched by serious crime which occurs mostly in disadvantaged areas. Crime is a scourge but the statistics can make it seem worst that it actually is.

budaatum:


By chopping off a few zeros with an ax.

That's right!

budaatum:


It won't make a difference. Or do you think they will still pay you ₦30k after chopping off 2 zeros?

In your dreams, perhaps!

If you got paid ₦30k and they chopped off 2 zeros, your new pay will be ₦300, and a ₦500 loaf of bread will now be ₦5. And ₦500 to a $ will be ₦5 to a dollar too.

Word!

seunmsg:


In terms of the intrinsic value of the Naira, it will still be the same. In fact, Cedi has lost over 20% of its intrinsic value since the redenomination.

Naira is weak quite alright but it has not gotten so bad to the point where we need redenomination. Cedi was almost worthless when it was redenominated in 2007. Zimbabwe did the same repeatedly. The only advantage is that it reduces the cost of managing cash, printing money, and keeping records. Imagine having to carry N40,000 to buy a loaf of bread! That’s how bad Cedis was before 2007.

For Zim, it eventually did not work because ultimately it did not address their real issue...they still weren't earning the forex they needed to buffer their currency. Now everyone uses US dollars.

AeroplaneApple:


The best and honesty answer is NO. Dangote is just a business man. But the refinery will boost production and add to the reputation of the country.
The poor value of Nigerian currency is because of corruption


Please check this thread
https://www.nairaland.com/6592021/80000-naira-loan
https://www.nairaland.com/6592021/80000-naira-loan

You don't really get it, don't you?

We produce so little and we consume too much. We're the typical being that live above their means. More like living a fake life.

For example, our second largest import by value is refined oil. Infact, we spend about 20% of our total import earnings on refined petroleum. So, if we can produce enough for local consumption, we'll be able to save 20% of our current forex and spend that elsewhere, preferably on importation of machineries.

We also need to reduce our obsession with foreign goods and spend our money on improving small scale industries, mechanized agriculture, agro precessing and small scale minings.

kponkedenge:


I remember Soludo bringing up the idea to do in Nigeria.... But people complained he shouldn't do it.... Ghana later adopted the idea and we are all complaining now about how worthless the Naira is.
But most of you all at that time didn't want Soludo to implement it.... Our Naira would have still had some value now.

Removing a few zeros from the naira won't have helped the naira.

The issue is, if we want the naira to get value, we need to earn more and more forex. Simples.

seunmsg:


In simple terms, we don’t earn enough foreign exchange to keep the Naira strong. We don’t produce anything that other countries require other than crude oil. The little forex we earn from crude oil, we spend almost everything to import refined petroleum products and sell in Naira at subsidized rates.

Political elites and even the citizens are not helping matters. Our elites steal money and horde them in foreign currencies. Citizens also have a very high taste for anything foreign. So, we keep using our little forex to meet all these demands.

There is, however, a green light at the end of the tunnel with Dangote refinery. Once it comes on board fully next year, we should be able to significantly reduce our importation bills. With other government policies in the Agric sector, mining etc, the Naira May start getting stronger by end of next year other things being equal. I’m just being optimistic.

well well well

gonkin:

Thanks
I do. What I want to know now is that: if the same was used on the NGN would it be better? What are the pros and cons

i wouldnt dare that tactic with nigerians....before you know politicians would be cancelin zeros every election,not long you would have a naira with 20zeros cancelled....

no try am....
atleast like this they stay on their toes to grow the economie than talk and promise....

tsdarkside:


i wouldnt dare that tactic with nigerians....before you know politicians would be cancelin zeros every election,not long you would have a naira with 20zeros cancelled....

no try am....
atleast like this they stay on their toes to grow the economie than talk and promise....

Yes ooo my brother it shouldn't be tried. I didn't know the Ghanaian stunt till guys on nairaland explained. So many zeros

Sipsum:


Tell them bro.
We only consume in the country we don't produce.
Na so so importation we dey do, look at all those ankara chinese, [/b]if the government decides to force the Chinese to come and buy and resuscitate our grounded textile factories, by banning the importation of those ankara factories, you will hear hue and cry as if heaven wan fall[b].
Yet they cry unemployment, things that we as a people should have rather try to produce, we prefare to import. We subject the little we produce, to unhealthy price competition by dumppers.
Give some artisans jobs they won't do it, they will eat your money and keep telling you stories.
The few who dare to produce will overprice their products and complain of poor sales.
Imagine a guy who went into animal husbandry, saying one ram is #300,000 because the rams are specially breed for Salah, I told him he will loose sales to cow sellers, the same mistake he made last year and blame Buhari, he's about to make it this year, these are rams that he fed with farm waste o, me I don already put our people matter for one side, I no get time for nonsense.
When our people are tired, they will use their heads.

I don't understand.. why should govt force the Chinese to do that? Were they the ones that ran it aground?
China will only invest in what can bring it money and leverage.. sadly fabrics isn't one

i see some ignorant people that has never left the country saying nigeria is better than ghana.
while i was in togo briefly in 2019 i used to shuttle between asegamen in togo and ashamai in ghana suppling shoes.
in 2020 i was in ghana for 6 months, community 25, tema.
and now i am currently in kasoa at jevovah witness junction and i have been here for one year now.
the difference is clear.
immediately you leave badagry and step your foot in benin rep, you will experience what it feels like to drive kilometers without witnessing a pot hole, immediately you leave badagry you will have a relaxed mind because you will no longer be afraid of kidnappers on the road, armed robbers or policemen, army, nscdc, ndlea, boys scout extorting you unecesarily just because you are using the road.
you will travel from the benin republic part of the border through the whole benin republic, enter togo and then to ghana you will never experience a pot hole at once.
not exagerating, the time you will use from togo to through benin and then badagry is shorter than the time you will use from badagry to agric bus stop in the same lagos just because of bad road.
the security in ghana is top notch, you see foreigners everywhere, it is likely your next neighbor couldbe a caucasian, whites are verywhere and living safe, they are in beaches, restaurants, banks and streets.
nigerian celebrities such as wizkid, iceprince and a host of them reside in ghana whenver they are in africa, lately davido burna boy, oga sabinus and tiwa savage all live more in ghana. little wonder bob marley's wife has been living peacefully in ghana since the death of bob marley.
for over two weeks now i hae never experience power outage and i pay more bills for electricty in nigeria without even seeing what i am paying for.
you can walk freely in ghana at 2 AM and the system of invigilante is archaic to an average ghanian.
ghanian education system is top notch that nigerians pay billions yearly for their wards in ghanian universities and evenn secondary school.
the ghanian education system is so good that when oladimeji bankole was the speaker of house of rep, his wife was a student in a ghanian public university.
ghanians depend on the govt for water and if not for individuals sinking their own boreholes in nigeria we wouldn't be doing something as basic as cooking.
do you know what it feels like to be in an economic were football view center owners, barbers, restaurants dont know what a generator is?
uneployment rate is higher in nigeria than ghana.
the cost of living is higher in nigeria than ghana.
the ghanian envinronment is safer and far more serene.
talking about currency, you can buy biscuit, sweet and others with just ten pesawas, what can you buy with kobo? though the ghana cedi is doing bad currently but it is still better than naira, you only feel the brunt because the cedi is bigger than naira in exchange rate, it is like living in america and comparing dollars to naira because a dollar can buy you two square meal in nigeria but will only buy a burger or you in america.
nigeria has the third lowest life expectancy at 55 years while ghana has 65 years life expectancy, it means that an average nigerian is expected to die at age 55 while ghana 65, that alone tells you the difference in the quality of life in both countries.
how do you compare nigeria with the second highest number of poor people in the world, a country that is the second most terrorised country in the world and a country with the highest number of homeless people in the world to ghana? jokers.
and to the guy comparing south cities in terms of crime to nigeria, first ask yourself, how many places are qualified to be called cities in nigeria ? just two, then ask yourself how many cities are in SA.
Truth is we still have a long way to go in nigeria, i have stayed two month in niger republic when it was rated the poorest country in the world and i enjoyedmy stay there a hundred time better than naija with steady electricity surprisinly.
nigeria only just have a bigger GDP but have you checked the GDP per capital for both countries?