Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

Ozommadu:


But #200 to $1 was not okay to you then?? Fuel at #145 was taboo and you occupied Ojota then??


Who are you asking that sensel**ss question??

Yourprick:
how does this answer the question?

Ozommadu:


Go and occupy Ojota, fuel is now #690

Yourprick:
bro if you don't have any sensible thing to say gtf out of my thread

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

Ozommadu:


Who is your bro?? Nekwa this ekuke mmuo🙄


Disgusting thread

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

Ozommadu:


Who is your bro?? Nekwa this ekuke mmuo🙄


Disgusting thread

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

chinchum:
The quest for dollar has increased exponentially and our dollar earnings has decreased due to reduced oil production.

Nigeria was producing over 2.3 million barrels per day of oil to earn dollars at some point. Today it is barely 1.5 million bpd, an increase from about 1- 1.2million bpd some 6 months ago.


The japa waves( one way emigration) in the last 7 years is also shooting up demand for the dollar. More people want to school abroad as well( most will not come back). An average individual leaving the country to a developed country spends 40,000usd . Those paying school fees may spend more than that.

The sharp change in taste by low middle class and above for exotic equipments and materials has changed as well. The level at which every lady need to use expensive hair. The high brand phones as well that are all imported. Even household appliances in many homes are no longer basic that are now imported.


The population increase with no matching increase in production of goods and services .

More money laundering by politicians keeping stolen money in foreign currency abroad or in their underground storage.

These reasons and some others all contributed to what we have now.

Ozommadu:


Go and occupy Ojota, fuel is now #690

chinchum:
The quest for dollar has increased exponentially and our dollar earnings has decreased due to reduced oil production.

Nigeria was producing over 2.3 million barrels per day of oil to earn dollars at some point. Today it is barely 1.5 million bpd, an increase from about 1- 1.2million bpd some 6 months ago.


The japa waves( one way emigration) in the last 7 years is also shooting up demand for the dollar. More people want to school abroad as well( most will not come back). An average individual leaving the country to a developed country spends 40,000usd . Those paying school fees may spend more than that.

The sharp change in taste by low middle class and above for exotic equipments and materials has changed as well. The level at which every lady need to use expensive hair. The high brand phones as well that are all imported. Even household appliances in many homes are no longer basic that are now imported.


The population increase with no matching increase in production of goods and services .

More money laundering by politicians keeping stolen money in foreign currency abroad or in their underground storage.

These reasons and some others all contributed to what we have now.

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

teeytimi:


Your number point is a fact and one main reason we are where we are today, instead of our export to be growing with our population it is reducing.

But the number 2 point is pure fallacy, japa has brought more good than bad to the Nigerian economy. The dollar the japa people remit back to the Country's economy is more than four times of what they used in "japaing".

Didn't you read where the Central bank said the major source of forex in the month of February was diaspora remittance.

teeytimi:


Your number point is a fact and one main reason we are where we are today, instead of our export to be growing with our population it is reducing.

But the number 2 point is pure fallacy, japa has brought more good than bad to the Nigerian economy. The dollar the japa people remit back to the Country's economy is more than four times of what they used in "japaing".

Didn't you read where the Central bank said the major source of forex in the month of February was diaspora remittance.

socialmediaman:
In January 2000 Yahoo was worth $125 billion, that’s how much you’ll pay in order to buy the company.

In July 2016, Verizon bought Yahoo for only $4.8 billion. Instead of growing to worth trillions of dollars, Yahoo had lost so much value over time.

The same company, offering the same product. It was mismanaged, it didn’t do anything innovative, and other companies were offering better products in its category

If you understood this above, you’ll understand why a currency that exchanged for N200 has lost so much value over a couple years

If you didn’t understand this simple analogy, you’re definitely a core Jagabantist and I won’t waste further time explaining

mrvitalis:

That's a lie trade balance has largely been positive most years... So what's your point

If you don't know just say so

socialmediaman:
In January 2000 Yahoo was worth $125 billion, that’s how much you’ll pay in order to buy the company.

In July 2016, Verizon bought Yahoo for only $4.8 billion. Instead of growing to worth trillions of dollars, Yahoo had lost so much value over time.

The same company, offering the same product. It was mismanaged, it didn’t do anything innovative, and other companies were offering better products in its category

If you understood this above, you’ll understand why a currency that exchanged for N200 has lost so much value over a couple years

If you didn’t understand this simple analogy, you’re definitely a core Jagabantist and I won’t waste further time explaining

chinchum:
The recent waves of Japa in the last 7 years is yet to yield appreciable remittance, it will yield at some point . There is a gestation period for most people who left to begin remit appreciably . It is at least 10 years for most people. If you spend 40,000usd to leave the country, when do you settle down enough to meet your basic needs in your new country and can then begin to remit hundreds of thousand dollars? Sending 100 dollars every month when you used 40,000usd is not bringing the ROI.

There are Nigerians in Diaspora that left 15-50 yrs ago, many are accomplished enough to start building large homes , companies and remitting to families.The bulk of remittance are coming from those set of people.

Youu will agree with me that rate of "Japa" increased a lot in the last 7 years., Most of this new set of japarians in the last 7 years are not self fulfilled in their country of origin to bring any tangible remittance beyond some few hundred and thousands, there may be very rare exceptions, they are close to negligible

If you spend 40,000usd to leave Nigeria and start remitting 500usd monthly to Nigeria the moment you got in to the new country, how long will it take to remit 40,000usd? 7 years. Most recent japarians can't even remit 500usd monthly yet.

Yourprick:
how does this answer the question?

ElSudani:


This is a very important question. Many people don't know there's a correlation between the strength of your currency and the value of your exports.
I see a lot of ignorant comments on nairaland by people complaining about the strength of the without talking about the root causes of the naira is weak.
They believe the government should just fix it artificially and everything will fall into place.
That approach has been tried several times and it has always failed.

emperor4love:
using 40k to japa unless u dey carry all ur village ppl join

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

yommen:


I had thought I would learn something significant from answers to OP's question.

The OP understands that many Nigerians, especially on Nairaland insist that there is a need to increase export from Nigeria abroad in order for the Naira to begin to regain its value. The OP is now asking if there was anything Nigeria was exporting in particular when dollar was N200 compared to now that the naira has depreciated so much

Based on what many of you are saying, you do not have answers to the questions. Many of you here are just being to emotional about things with really offering substantial answer to the questions.

My take!

ChimaAdeoye:


Oga @Yourprick,

Then, Nigeria was producing the same crude oil it is still producing today. Except for 2 major things that we started seeing under Buhari and has continued under the present regime.

1. The Illegal and excessive Printing of Naira notes by the FG to pay its debts instead of earning resources through services.

2 The massive oil theft by politically connected people and NNPC which has continued to be ignored by this regime.

Nigeria's problem has always been the people stealing our common resources through all sorts of ways. Nigeria and Nigerians should never be poor if we can stop these massive thefts of the country's wealth by fantastically corrupt but connected people.

So you ignored the fraud called "palliative" and the scam they called "feeding of school children"