₦airaland Forum

Peppysco:
You obviously don't have a basic knowledge of Economics or you just lack comprehension skills generally. If you took your time to understand the article, it clearly stated that short term inflationary pressure will occur but the reforms, at the same time, will improve capital formation as well as the balance of payments. If you understand what this means, it means that with proper implementation, the policies are all aimed at increasing national output as well as increasing employment opportunities, and many other long term economic benefits. But, bad belle will not let you people see road. Na wetin una wan chop now now una dey always dey find, no plan for the future, na why Obi and other past and present Eastern governors nor fit do any long term, revenue, employment and FDI generating plans for una because they all lack foresight.
A better Nigeria that patriotic citizens wish for wouldn't just come within a month or two, we all understand it's a work in progress and we'll all weather the storm together to ensure it is a reality. But for those that chose to be the enemies of the state, you all can cry all you want, but when the food don ready, una self go chop inside, nobody go cheat una.

Is it Tinubu that will do all these?

oyeb15:
Reforms that benefits only the rich and the West while 95 percent of Nigerians are living in poverty. Businesses are folding up with massive unemployment, inflation and insecurity.

The intention of the West is to turn Nigeria to Somalia so that they will send their troops and be cornering our oil without paying a dime.

God will remove Ebola Tinubu before this time of next month. Have never been hungry like this in my life.God will free us from this dream killer.


If Bola Tinubu remains the President of Nigeria by this time 6th of September 2023, then there is no God.

Actually, the West wants us stable, and peaceful.

Here is the thing about doing business in a war torn country. The story behind the US invading Iraq was that they wanted Iraq's oil for free. Well, at the end of the day, US companies had to compete with the Chinese and Iranians for oil contract, so nothing like free oil.


Then there is the fact that the USA is itself self sufficent in oil production and has been for over 10 years, if not more. All US presidents , including Obama and Trump and Biden have been comitted to energy independence.

Also, many Western countries have been turning away from oil...including the US.

And finally, even if the US has to take over Nigeria , and make it like Somalia...that means that the cost of doing business has gotten expensive. Not only would US companies have to be paying people to bring out the oil...but they would also be paying protection money to various warlrds and armed groups for protection

As an example, LaFarge the cement company was caught paying bribes to Syrian warlords...yet Lafarge is a French country, and France is accused among others of promiting the crisis in Syria.....which may be true. But when La Farge was operating in a stable Syria before the war, they didn';t have to pay bribes


The USA prefers a stable Nigeria. It's cheaper, much cheaper.

Also, we are removing subsides not because of IMF or the West...otherwise they would have been gone decades ago...we are removing subsides because our debt servicing rate does not make servicing subsides that easy. We are so much in debt that we cannot keep paying for subsides anymore...and we have even been using borrowed money to pay for the subsidy for some time, and its cost was rising and c reating a large deficit in the budget...more debt. We had no choice, in other words.

Whalis:
Is it Tinubu that will do all these?

Is Tinubu the only elected person in Nigeria? Are you still living in Military mentality of everything na President?

If your state governors where half as thoughtful as the center, you wouldn’t be on Nairaland wailing, you all are just too lazy minded, always looking for a single messiah to come & save you, that is why religion is the biggest business in Nigeria.

nairalanda1:
You haven't been listening to the news..lately

Ghana , right now, is about to take an IMF bailout. Things are hard there. And as a result they are following instructions from the IMF

The problem with Ghana , as with many African countries, is that their major source of income is cocoa, gold, and so forth. The problem with all these sources is that Ghana does not set the price. As a result, most of the time, the prices are low. Very low. Meaning that Ghana often times gets broke....and has to take loans. Then in the last 3 years, covid happened. Revenues fell so badly that Ghana is in deep trobule. Then there is the issue with rising prices and cost of living.

IMF is not wrecking Ghana's economy. Most of us in this continent think we can make a living by selling raw materials, instead of using the raw materials to make things the world needs.

Nigeria has discovered deposits of lithum. And we are refusing to use the thing to start a local battery industry that could make billions for our land. Instead we wan sell am, and we would earn far less...but no.

You obviously don't know what's happening in Ghana. It's the opposite of what you said. Ghana insisted they'll no longer sell cocoa to the EU and that was the genesis of their problem.

nairalanda1:
Actually, the West wants us stable, and peaceful.

Here is the thing about doing business in a war torn country. The story behind the US invading Iraq was that they wanted Iraq's oil for free. Well, at the end of the day, US companies had to compete with the Chinese and Iranians for oil contract, so nothing like free oil.


Then there is the fact that the USA is itself self sufficent in oil production and has been for over 10 years, if not more. All US presidents , including Obama and Trump and Biden have been comitted to energy independence.

Also, many Western countries have been turning away from oil...including the US.

And finally, even if the US has to take over Nigeria , and make it like Somalia...that means that the cost of doing business has gotten expensive. Not only would US companies have to be paying people to bring out the oil...but they would also be paying protection money to various warlrds and armed groups for protection

As an example, LaFarge the cement company was caught paying bribes to Syrian warlords...yet Lafarge is a French country, and France is accused among others of promiting the crisis in Syria.....which may be true. But when La Farge was operating in a stable Syria before the war, they didn';t have to pay bribes


The USA prefers a stable Nigeria. It's cheaper, much cheaper.

Also, we are removing subsides not because of IMF or the West...otherwise they would have been gone decades ago...we are removing subsides because our debt servicing rate does not make servicing subsides that easy. We are so much in debt that we cannot keep paying for subsides anymore...and we have even been using borrowed money to pay for the subsidy for some time, and its cost was rising and c reating a large deficit in the budget...more debt. We had no choice, in other words.

What is d way out for Nigerians now. Our businesses are down. Myself I use fuel for my business and since it now expensive and people are not paying well coupled with very low customers. Am running at huge loss.I can't even run again cos have spent all my savings. Am really confused!
How are we going to survive Please?

ehikwe22:
You obviously don't know what's happening in Ghana. It's the opposite of what you said. Ghana insisted they'll no longer sell cocoa to the EU and that was the genesis of their problem.

Nonsense, it is quite obvious you don’t know what is happening in Ghana, or anything about basic economics.

Ghana will not sell cocoa to Nestle of Switzerland, then who will they sell their rotten cocoa to, after hoarding it?

Let them hold it, Cote d’Voire (2) & Nigeria (3) are on standby.

oyeb15:
What is d way out for Nigerians now. Our businesses are down. Myself I use fuel for my business and since it now expensive and people are not paying well coupled with very low customers. Am running at huge loss.
How are we going to survive Please?

Let me also ask you a question.

How do we survive when the government tells us that they have run out of money to pay for day to day things because...subsidy.

Also

Would you like it if government set the prices for your business? So that the poor can breathe?


At the end, subsidy was good for most Nigerians...let's not lie...but the problem was , fuel is not free, it costs a lot of money to pay for, and Nigeria was subsidising fuel...using a large chunk of its budget for other things every year, and covering up the hole with loans

These contributed to our substantial debt over the years....and to the enviormnent of corruption and mess that damaged our refineries.
(Hey, once you start trhowing around free money....you get a lot of termites around...the human sized kind).


Either subsidy went, or it got to a point where it ate our entire budget and forced us to borrow for everything else. At some point we would adjust. But to be honest, we need to do more than just remove subsidy...we need to fight corruption, become a manufacutring society, and stop encouranging nepotism and tribalism...and have free and fair elections.

Burob:
Nonsense, it is quite obvious you don’t know what is happening in Ghana, or anything about basic economics.

Ghana will not sell cocoa to Nestle of Switzerland, then who will they sell their rotten cocoa to?

You're so ignorant. If you're informed, you'll know how Ghana was making some changes in the processing and refining of their resources especially their cocoa. Even their president mentioned it numerous times that they don't have any intention to keep on exporting raw cocoa as they're putting mechanism in place to start turning it into finished products which did not go well with the EU which is their major market.

nairalanda1:
You haven't been listening to the news..lately

Ghana , right now, is about to take an IMF bailout. Things are hard there. And as a result they are following instructions from the IMF

The problem with Ghana , as with many African countries, is that their major source of income is cocoa, gold, and so forth. The problem with all these sources is that Ghana does not set the price. As a result, most of the time, the prices are low. Very low. Meaning that Ghana often times gets broke....and has to take loans. Then in the last 3 years, covid happened. Revenues fell so badly that Ghana is in deep trobule. Then there is the issue with rising prices and cost of living.

IMF is not wrecking Ghana's economy. Most of us in this continent think we can make a living by selling raw materials, instead of using the raw materials to make things the world needs.

Nigeria has discovered deposits of lithum. And we are refusing to use the thing to start a local battery industry that could make billions for our land. Instead we wan sell am, and we would earn far less...but no.

Nicely put.


The value addition (to global standards) of major exportable commodities is key for sustainable economic development.

[i][/i]

seunmsg:
It’s just a matter of time, the reforms will soon start yielding dividends.

See this is a game by the west. The same west predicted a slide in Nigeria's GDP some weeks ago. These same IMF guys predicted a decline in Nigeria's economy.

ehikwe22:
You're so ignorant. If you're informed, you'll know how Ghana was making some changes in the processing and refining of their resources especially their cocoa. Even their president mentioned it numerous times that they don't have any intention to keep on exporting raw cocoa as they're putting mechanism in place to start turning it into finished products which did not go well with the EU which is their major market.

Sharap, let them hold their cocoa, The Ivory Coast no 2 cocoa nation, and Nigeria no 3 cocoa nation, are waiting in the wings to take their market share in the international market.

It is with mouth you want to turn cocoa to finished product, they will force Nestle Switzerland to come & open factory in Accra, why did Nestle go & open a brand new facility in South Africa 2 weeks ago, and not Ghana?

LegendHero:
Source: https://www.reuters.com/world/africa/sp-revises-nigeria-outlook-stable-fiscal-reforms-2023-08-04/

Bros stop being desperate we know the intention behind it.the same people that gave stable outlook said some weeks before the Niger coup that Nigeria's economy will decline from 2023 to 2025. All of sudden based on some abracadabra they are saying based on uis reforms the outlook is stable, just to bait him to use military force on Niger.

ehikwe22:
You're just so ignorant. I made my fortune from trading the financial market. I'm not a novice. I understand these market. I understand these things. Those things you call private are not private. They're not independent. All international bodies and regulatory bodies are an arm of the western powers.

So you don't believe the ratings but you are quick to believe EU and other international bodies of the election. Every little thing you will be the same to organize a press conference and put the international communities alert. You people should be ashamed sometime. Everything has to be negative about Nigeria before you people can rejoice. You people always pull Nigeria down.

Hog wash. Stable on what? APC has done it after it made Nigeria become the POVERTY CAPITAL of the world.

ehikwe22:
You obviously don't know what's happening in Ghana. It's the opposite of what you said. Ghana insisted they'll no longer sell cocoa to the EU and that was the genesis of their problem.

It;s not a matter of who Ghana sells cocoa too..and by the way,the EU itself has insisted that there is no plan to ban Ghanian cocoa.

It has a lot to do with the fact that the price of cocoa is never where Ghana wants it. (They've tried, but at the end, Ghana is not the only cocoa producer in the world). So, they have to keep taking loans from the IMF.

Here is a list of loans by the IMF to Ghana. Note that the list ends at the year 2018...long before any rumored ban of Ghana cocoa to EU. So, why was Ghana taking loans from the IMF long before it got into a fight with EU members and the US over cocoa pricing.?

Infact the dispute may be because Ghana needs the money to meet its debt commitments.?

The countries that do not have issues with IMF are countires that export manufactured goods. Not countries that sell raw materials whose prices they cannot control, because everyone else is selling the same thing.

obyno82:
[i][/i]

See this is a game by the west. The same west predicted a slide in Nigeria's GDP some weeks ago. These same IMF guys predicted a decline in Nigeria's economy.

They International community, were surprised that Jagaban was bold enough to grab the bull (Oil subsidy) & the deregulation of the Naira by the horn so fast without fear.

LegendHero:
Yoruba people are so powerful for influencing propaganda on Bloomberg and Reuters.

By the way, this news is for Nigerians and not Biaflans.

Biaflans get mad at any positive news about Nigeria. If you had rejoice over this news, it would have been the tenth wonder of this world.

Bros stop being dense. This is Western propaganda. Were we not here when IMF gave Nigeria's outlook prediction that the economy would decline from 2023 to 2025. This was before Niger coup, all of a sudden his policies are now giving Nigeria a stable outlook. This is just to bait Tinubu to use military intervention. I can bet you that of Tinuhu doesn't follow through and the military guys remain, you will see them change the outlook on Nigeria.

CerSob:
It is only a matter of time before we start seeing the changes

I pity you, you are just setting yourself up for failure.

Burob:
Sharap, let them hold their cocoa, The Ivory Coast no 2 cocoa nation, and Nigeria no 3 cocoa nation, are waiting to take their market share in the international market.

It is with mouth you want to turn cocoa to finished product, they will force Nestle Switzerland to come & open factory in Accra, why did Nestle go & open a brand new facility in South Africa 2 weeks ago, and not Ghana?

Is Nestle the only cocoa processing company? And why can't nestle open a chocolate factory in Ghana? Anyway, that's not the point. My point has always been consistent from the beginning. Ghana insisted that they'll no longer export raw cocoa to Europe because it's a colonial style trading system that's not beneficial to them - they want to start processing into finished products and this did not go down well with EU. Immediately this announcement was made, all the ratings agencies gave Ghana the lowest ratings in their platform and Ghana's economy nosedived in no time.
https://mobile.ghanaweb.com/GhanaHomePage/business/FLASHBACK-Why-Ghana-will-no-longer-sell-cocoa-to-Switzerland-1491797

Larryndelaw:
So you don't believe the ratings but you are quick to believe EU and other international bodies on the election. Every little thing you will be the same to organize a press conference and put the international communities alert. You people should be ashamed sometime. Everything has to be negative about Nigeria before you people can rejoice. You people always pull Nigeria down.

You dey mind the Obedients playing hypocrisy.

They will choose the narrative that fits whatever lie they are cooking.

dammiedot:
Perfect response!!

It is a daft response. You people should know when you are baited by the west. The same West said Nigeria's economy would decline from 2023 to 2025 before Niger's military coup.

Burob:
You know he was incompetent, yet you layed your whole dependency on baba go slow?

How did your state fair in the last 8 years? that should have been your primary concern.

How many jobs did your state government create & in what sectors, how many people did your state elevate from poverty?

Only the Lazy Almijiris look 👀 to the center for solace as an excuse for their own laziness.

All these assumptions just to deflect from the incompetent failure in chief that is PMB lmao

Everyone knows he’s a failure even PBAT the man that put him there lol. Apologies if that hurts your feelings

Ikaeniyan0:
Where are you buying your own bread for #1500?

If you can't figure that what is said is mostly a figure of speech indicating that prices of things especially food have skyrocketed astronomically, then your IQ is less than 1.

No, your IQ has to be a negative figure. Like -72

ehikwe22:
Is Nestle the only cocoa processing company? And why can't nestle open a chocolate factory in Ghana? Anyway, that's not the point. My point has always been consistent from the beginning. Ghana insisted that they'll no longer export raw cocoa to Europe because it's a colonial style trading system that's not beneficial to them - they want to start processing into finished products and this did not go down well with EU. Immediately this announcement was made, all the ratings agencies gave Ghana the lowest ratings in their platform and Ghana's economy nosedived in no time.
https://mobile.ghanaweb.com/GhanaHomePage/business/FLASHBACK-Why-Ghana-will-no-longer-sell-cocoa-to-Switzerland-1491797

Let Ghana hold their cocoa, it is the lazy people in Nigeria I blame, that have refused to take advantage of the market, if only people like yourself where serious minded, Nigeria will not be in this state of despair.

But it is to come on social media & be typing nonsense is work to you to make foreign exchange?

Whether you work for X, Facebook or Alphabet?

Omoawoke:
This news is a bad news for some people

There is a point where you set boundaries. I ask myself sincerely, if Obi or atiku had won the election against my own candidate, will I wish Nigeria downfall because my candidate did not win. The answer is a big no! I would wish the country succeed no matter what.
Even some northerners that voted Atiku who came second have long moved and everyday they wish Nigeria to be great.
I have northern friends who voted atiku and have long moved on.
But some people wish is either Obi wins or Nigeria fails! What kind of human are you. Ask yourself sincerely if the universe will ever be good to your kind.

You guys don't have sense walahi. Let me refresh your memory, before the Niger's coup, IMF predicted Nigeria's economy would decline from 2023 to 2025, now all of a sudden because of the coup and to give incentive to Nigeria to use Military intervention in Niger, they are now giving Nigeria a stable economic outlook. Make una get small sense naaa and see when you are being baited by the west, if Tinubu says no, just watch how negative economic outlook will be put by the same West.

Burob:
They International community, were surprised that Jagaban was bold enough to grab the bull (Oil subsidy) & the deregulation of the Naira by the horn so fast without fear.

Dude stop deceiving yourself. They are actually amused that the man took such decision without having a plan in place. One Austrian I was talking to said this decision is insane and poorly thought out.

obyno82:
Bros stop being dense. This is Western propaganda. Were we not here when IMF gave Nigeria's outlook prediction that the economy would decline from 2023 to 2025. This was before Niger coup, all of a sudden his policies are now giving Nigeria a stable outlook. This is just to bait Tinubu to use military intervention. I can bet you that of Tinuhu doesn't follow through and the military guys remain, you will see them change the outlook on Nigeria.

Reason why the West is giving us stable outlook has a lot to do with removal of subsidy...and crucially, Government no longer controlling the price of fuel. (In case you have not noticed, the DPR is no longer going round checking to see if petrol stations have set the right government price).

The anticiplation is that since prices are no longer set for petrol, this would attract a lot of investment into the country's petroleum sector.

Also, since subsidy is gone, government would be better able to meet our debt obligations, which puts us in good standing with the global economy. Also, we no longer run the risk of increasing our debt by growing deficits to find cash for the subsidy.

But at the end, we are not where we are supposed to be. We still have a LOT of work to do. And I still am looking at the APC government with one kind eye.

nairalanda1:
Let me also ask you a question.

How do we survive when the government tells us that they have run out of money to pay for day to day things because...subsidy.

Also

Would you like it if government set the prices for your business? So that the poor can breathe?


At the end, subsidy was good for most Nigerians...let's not lie...but the problem was , fuel is not free, it costs a lot of money to pay for, and Nigeria was subsidising fuel...using a large chunk of its budget for other things every year, and covering up the hole with loans

These contributed to our substantial debt over the years....and to the enviormnent of corruption and mess that damaged our refineries.
(Hey, once you start trhowing around free money....you get a lot of termites around...the human sized kind).


Either subsidy went, or it got to a point where it ate our entire budget and forced us to borrow for everything else. At some point we would adjust. But to be honest, we need to do more than just remove subsidy...we need to fight corruption, become a manufacutring society, and stop encouranging nepotism and tribalism...and have free and fair elections.

My fear is that corruption will eat all d subsidy savings and the situation is really terrible now. Hunger is ravaging d land.Government must find a way to ease d pains.
Measures to ease these pains ought to have been in place before increasing fuel price.
A government that don't know her nation daily fuel consumption and keep paying subsidy and yet no company or person's have been arrested.

oyeb15:
My fear is that corruption will eat all d subsidy savings and the situation is really terrible now. Hunger is ravaging d land.Government must find a way to ease d pains.

The beauty of democracy is that it gives us the right to hold our government accountable, the bad news is,..it is a lot of hard hard hard hard work.

obyno82:
Dude stop deceiving yourself. They are actually amused that the man took such decision without having a plan in place. One Austrian I was talking to said this decision is insane and poorly thought out.

Yet you are here complaining that S & P has raised Nigeria’s credit ratings?

What kind of hypocrisy is wrong with You Obidients? You were speaking to an Obidient based in Vienna that said what?

nairalanda1:
Reason why the West is giving us stable outlook has a lot to do with removal of subsidy...and crucially, Government no longer controlling the price of fuel. (In case you have not noticed, the DPR is no longer going round checking to see if petrol stations have set the right government price).

The anticiplation is that since prices are no longer set for petrol, this would attract a lot of investment into the country's petroleum sector.

Also, since subsidy is gone, government would be better able to meet our debt obligations, which puts us in good standing with the global economy. Also, we no longer run the risk of increasing our debt by growing deficits to find cash for the subsidy.

But at the end, we are not where we are supposed to be. We still have a LOT of work to do. And I still am looking at the APC government with one kind eye.

Oga noooooo it has nothing to do with subsidy. Three weeks back the same West predicted a decline in Nigeria's economy while predicting growth in South Africa and Morocco's economy, and guess what was used to predict the slide, it was subsidy, IMF criticised how the subsidy was removed and the fact that palliative will not achieve the desired cushioning effect. All of a suddennin the heat of the Niger crisis you are now giv8ng stable outlook and using the same reason upu criticised earlier. If you can not see rhe baiting going on then you are really blind walahi.

Burob:
Yet you are here complaining that S & P has raised Nigeria’s credit ratings?

What kind of hypocrisy is wrong with You Obidients? You were speaking to an Obidient based in Vienna that said what?

S&P didn't raise the ratings bro. They gave stable outlook they never raised your ratings. Stop deceiving yourself ooooo bro.