₦airaland Forum

MALIGNANTGuest:
It's embarrassing to see this thread like this.
I'm highly disappointed in Nigerians.
A THREAD that was posted since yet see the few posts trickling in.
Such a highly educative post, you wouldn't find people rushing in to comment especially those who crave to be RICH few years from now.

But when issues of SEXUAL FANTASIES & SNAKES are posted, You would see people craving to be the first to post. Most times we blame the moderators for pushing stupid sexual fantasies to the front-page, little did we know the already knew what the majority and masses wanted.

bro know this most Nigeria know little about the economy , about banking system ...when dollar's goes high,they will shout ,,like I stated earlier ,let the Nigeria govt educate the nigeria youth the importance of consuming home made products and the govt need these homemade products to be readily Available

MALIGNANTGuest:
It's embarrassing to see this thread like this.
I'm highly disappointed in Nigerians.
A THREAD that was posted since yet see the few posts trickling in.
Such a highly educative post, you wouldn't find people rushing in to comment especially those who crave to be RICH few years from now.

But when issues of SEXUAL FANTASIES & SNAKES are posted, You would see people craving to be the first to post. Most times we blame the moderators for pushing stupid sexual fantasies to the front-page, little did we know the already knew what the majority and masses wanted.

Most Nigerians are sadly not very smart people.

Little wonder Buhari is our president.

TenQ:
Economists thing that monetary and fiscal policiy changes will fix the naira but i disagree.

1. We import virtually every thing we consume (from pencils to papers, to clothings, to sugar, to flour, to electronics to vehicles etc)
2. The things we need are purchased with foreign currencies
3. There seem to be few alternatives to import for what we consume
4. The Naira available is chasing the few dollars from the CBN
Of cause, the cost of dollars, euro, pounds will increase relative to the naira
1. Price of commodities will increase (inflation)
2. Value of Naira will decrease

Solution:
Government sponsored systematic import substitution Economy is to be practiced.

Note: Its not just about closing borders or restricting import. The fundamental of manufacturing is flawed, it has to be repaired.

Totally agree with this!!
But our govt itself is import and consumption dependent.
It is filled with people who only want to spend.
So it's hard to see them get to encouraging manufacturing as you suggest.

larryking540:
bro know this most Nigeria know little about the economy , about banking system ...when dollar's goes high,they will shout ,,like I stated earlier ,let the Nigeria govt educate the nigeria youth the importance of consuming home made products and the govt need these homemade products to be readily Available

Are the youths dumb?

Can the youths not educate themselves?

Are their university degrees for fancy?

Same youths that are crying for leadership. Hopeless country.

flyca:
So after 6 years, you are still shamelessly saying “WILL”?

He's being sarcastic

Malox10:
Buhari will tackle security
OSINBAJO will tackle economy

But he did tackle the economy.
He brought tradermoni and farmermoni and n_power

Please how else can i be saving my money in foreign currency. I dont want to do crypto, can anyone help?

Abdul240:
May God Almighty help us out of these hardship

Happy juma'at mubarak

God almighty gave you arable land, rich in various minerals.
What else do you want

joey150:
Are the youths dumb?

Can the youths not educate themselves?

Are their university degrees for fancy?

Same youths that are crying for leadership. Hopeless country.

if you think I am wrong bro ,just go down to where they sell newspaper every morning and see how they argue blindly u will be so amazed if these same person exist in the same country with you ,and see how some praise ibori who took out their tax money to store over sea but was eventually arrested ,was it not the same youth who hosted a 20days party for him when he was released a year ago in delta state ...man these guys don't know anything ,just how many people have commented on this post and u will understand where I am coming from

One shocking truth about Nigeria's inflation is that prices keeps going higher without ever going down. Rice has been above #700 for over a year now

Agbegbaorogboye:
God almighty gave you arable land, rich in various minerals.
What else do you want

religion has made humans in Africa act like baby's ,god will help ,Allah will help ,,while some people drain the economy in every possible ways they can

backbencher:
This is what happens when you run an economy based on selling raw materials and oveimporting

Apc hasn't changed that. Neither would PDP

APC or PDP will not change as long as they have apologists papering over their incompetence among the populace

JAMO84:
Fish brain Wailing losers cannot read and comprehend.


The article says one thing, wailers are saying something else.

Don't mind them.

They don't realise the article is praising the buhari govt for its wonderful approach to revamp za economy through npower and tradermoni

Agbegbaorogboye:
Totally agree with this!!
But our govt itself is import and consumption dependent.
It is filled with people who only want to spend.
So it's hard to see them get to encouraging manufacturing as you suggest.

You are very correct. They feel the problem is solvable by spending more money!

larryking540:
when the govt can't educate an average Nigeria why it's important to consume homemade products but they are very fast to short down border or importations ,the masses become confuse ....most Nigeria don't know the advantage of consuming home made product boss

Even if nigerians want to consume made in Nigeria products, they are not available because the fundamentals are not on grounds for such productions.
We import pencils even when we have wood and coal/graphite
We import papers even when we have wood
We import sugar even when we have sugarcane

WHat we lack is good governance which is all about harnessing human and natural resources for the betterment of the populace.
The government is expecting a miracle where they have not planted.

Is there a significant relationship between the particular factors that are responsible for national economic inflation and the devaluation of the naira

TenQ:
You are very correct. They feel the problem is solvable by spending more money!

Our govt was alive and kicking in the early 80s when the Taiwanese govt got its best brain at IBM in US to come back home and start a semiconductor foundry named tsmc. Today, Taiwan is exporting technology all over the world while our govt is going about all over the world looking for loans to build rails

Let me post

Malox10:
Buhari will tackle security
OSINBAJO will tackle economy

The results is there according to BMC

Is there a significant relationship between factors that are responsible for the economic inflation in Nigeria and the devaluation of the naira

Shutting the boarder, coupled with insecurity is the major cause of inflation affecting food commodities.

Well if according to the op from op
The first years of 1999 to 2000 Nigeria was posting ±12% then did that rate affect the devaluation of the naira

Does inflation have an associated relationship with devaluation yes

Does inflation have a cause and effect relationship with devaluation No

Meaning you can have a stable inflation regime and still suffer devaluation

Likewise you can have a stable currency and suffer inflation movement

larryking540:
bro know this most Nigeria know little about the economy , about banking system ...when dollar's goes high,they will shout ,,like I stated earlier ,let the Nigeria govt educate the nigeria youth the importance of consuming home made products and the govt need these homemade products to be readily Available

If by "homemade products" you mean "food products" then by all means: we all grew up having a preference for the foreign as a default for higher quality. Take rice for instance, especially when compared to locally produced ones. I remember as a kid having to "pick out" stones for almost an hour before cooking the local rice. Has the no-foreign rice option currently undertaken helped to make producers improve their own quality despite the lowered competition? What is being done with the foreign exchange being saved at the moment from not buying the foreign rice?

But apart from food products what other item in Nigeria can be manufactured at a lowered cost today? The lack of power, broken infrastructure, high fuel costs and massive insecurities will not motivate foreign companies to base here. China in the 90s was able to aggressively use the temptation of its "large markets" to force foreign companies wanting to trade with them to establish a local manufacturing presence on their soil--but the Chinese WISELY provided every necessary infrastructure to ensure that the Apples, Daimler Benz, and all types of manufacturers in this world had all the convenient amenities they needed to set up shop quickly. What the Chinese did next was to COPY the exact manufacturing processes of these Western firms and have local versions of these Western corporations to be groomed and supported to eventually compete with the international firms.

Nigeria never had this type of coherent vision even when its economy was stronger. When a bottle of coke jumped from 20 kobo to 50 kobo in the mid 80s. That was shocking. Then it suddenly shot up from 50 kobo to One naira fifty kobo because of the inflationary pressures of the Structural Adjust Program--I was really bewildered back then. But little did we know it is going to be a long downward spiral.

Someone in an article summed it up this way regarding the effects of SAP: " The design of the programme takes note of a number of recent theoretical findings, including the significance of the intermediate import constraint and the presence of crowding-in effects of public expenditure on private investment in a number of African countries, any assessment of the programme's impact is of necessity preliminary; but, at the least, it has made possible a reduction in the burden of debt service, and the growth rate of GDP and exports, in particular export crops such as cocoa and rubber, have been much higher in the post-than in the pre-structural adjustment period; but inflation has worsened, real wages have fallen, and diversification of exports has not occurred. The tentative verdict is that the programme tried to achieve too much too soon, underestimated the resultant social costs, and placed too much reliance and changes in price incentives as a means of bringing about the necessary restructuring." -- https://doi.org/10.1002/jid.4010030405

I would argue that even the exports it was designed to stimulate, has been severely stifled long term. No individual state in Nigeria can approach the World Bank or similar institutions on its own and get billions of dollars to embark on massive capital projects simply because there is nothing of value being produced in the state to guarantee the loans or give the state a positive credit rating.

So in essence Nigeria will have to choose what it wants to fight!
Does it want to fight inflation singly!

Does it want to fight naira stability singly!

Does it want to fight inflation,naira stability boost growth

This will bring us to the factors that have significant cause and effect relationship to inflation,naira stability

Agbegbaorogboye:
God almighty gave you arable land, rich in various minerals.
What else do you want

I need money to invest into those things what do u think

I would have gone on ahead to help but you see ehn!
All these Abuja will come and view idea here and come and claim it as there own!


Mbanu! Iro ni

Them dey office dey enjoy ac!
Me I go dey look una!

Besides bubu said he prefers agricultural economics !
So all this one I am postulating sounds like greek