₦airaland Forum

🇳🇬FOOD INFLATION RATES — ONE YEAR AFTER NEW GOVT

🟢OBASANJO
At Inauguration: 4.69%
One Year After: -14.15% ⬇️

🔴YAR'ADUA
At Inauguration: 2.06%
One Year After: 13.14% ⬆️

🟢JONATHAN
At Inauguration: 16.31%
One Year After: 11.63% ⬇️

🔴BUHARI
At Inauguration: 9.49%
One Year After: 13.19% ⬆️

🔴TINUBU
At Inauguration: 24.61%
One Year After: 40.53% ⬆️

At Inauguration — April
One Year After — April

#Statisense
(NBS)

Statistics really showed that Jonathan really tried for this country... However evil people whom are reaping what they sowed, spread lies then,many persons like Beremx etc, fell for it...

Look at the statistics of Obasanjo and Jonathan.

Please let's give Peter Obi a chance. Nigeria must be great....

Jokerman:
Statistics really showed that Jonathan really tried for this country... However evil people whom are reaping what they sowed, spread lies then,many persons like Beremx etc, fell for it...

Look at the statistics of Obasanjo and Jonathan.

Please let's give Peter Obi a chance. Nigeria must be great....

Will stomach infrastructure supporters listen?

Watermelon of N50 is now N200. The thing is basically water in a oval shaped pod so is too expensive to move around.
God 'safe' us.

Jokerman:
Statistics really showed that Jonathan really tried for this country... However evil people whom are reaping what they sowed, spread lies then,many persons like Beremx etc, fell for it...

Look at the statistics of Obasanjo and Jonathan.

Please let's give Peter Obi a chance. Nigeria must be great....

my name must be very sweet in your mouth to mention.

Be like dis man na olodo

Beremx:
my name must be very sweet in your mouth to mention.

you should do away with that username if u have any shame.many in ur category have since done that

Pure water of 50 naira a bag in 2014 is now 50 naira a satchet...

Pythagoras and Planck no go fit explain this kain arithmetic progression...even in war torn Ukraine

mightyhazel:
your name is actually an abom.ination on this site.. you should do away with that username if u have any shame.many in ur category have since done that

finally I have responded to your mentions after several times trolling my moniker. Sorry to disappoint you, my moniker stays and I am not deactivating soon. Better get use to seeing my moniker around

Beremx:
finally I have responded to your mentions after several times trolling my moniker. Sorry to disappoint you, my moniker stays and I am not deactivating soon. Better get use to seeing my moniker around

ok


But stop crying when sb jabs at it...

Only GEJ reduced food inflation during his tenure

The people who bastardized this nation have long taken their rightfull place.

mightyhazel:
ok


But why always crying each time sb jabs at the stupid moniker

do you have proof of me crying or you want to keep disturbing my mentions will silly comments?

Statisnonsense

Beremx:
do you have proof of me crying or you want to keep disturbing my mentions will silly comments?

Ok..u can now get off the mention.. just mentioned u,so that u can deactivate the moniker and not for u to launch a non stop bleating campaign on my mention

Shoo

Jokerman:
Statistics really showed that Jonathan really tried for this country... However evil people whom are reaping what they sowed, spread lies then,many persons like Beremx etc, fell for it...

Look at the statistics of Obasanjo and Jonathan.

Please let's give Peter Obi a chance. Nigeria must be great....

Your last paragraph must definitely be a joke Mr Jokerman

Jokerman:
Statistics really showed that Jonathan really tried for this country... However evil people whom are reaping what they sowed, spread lies then,many persons like Beremx etc, fell for it...

Look at the statistics of Obasanjo and Jonathan.

Jonathan

1.Had high oil prices above 100 dollars through out his regime, at inaguration it was around 91 dollars and rising.

2.Had a forex reserve of about 60 billion dollars or more as well as a decent excess crude reserve thanks to the ultra high price of 2008..it was 145 dollars per barrel

So, naturally inflation would be low.

We were here before, in the 1973-82 period. Inflation was low, due to a long period of sustained high oil prices. SO high that government was able to even subsidise food stuff self.

Please let's give Peter Obi a chance. Nigeria must be great....

A President Obi would have faced

1. Reserves around 4 billion effectively (no matter what the APC chaps tell us

2. Massive debt of 41 bn dollars...thanks to prolonged low oil prices, and the covid thing when oil was so low, it was godawful.

3.Debt service eating about 90 percent of our revenue.



This is not a defence of Tinubu, an attack on Jonathan, or a defence of Buhari. I am not here to attack any tribe, or defend any tribe.

The point is .....I'll leave it here from this article published in 2004, which was a prophetic warning...

In a strict sense, the Dutch disease refers to the crowding out of the traditional export sector by a new booming export sector and the non-tradable goods sector. However, in a broad sense, a country is said to have developed the Dutch disease syndrome when an income "windfall" in the economy leads to harmful or adverse consequences including a decline in the traditional sources of income in the country. The income windfall may come from sharp increases in the price (or production) of exportable (tradable) natural resources (e.g. crude oil, cocoa, coffee, diamond, gold, etc) and/or sharp increases in foreign aid or direct foreign investment or loans, resulting in sharp increase in foreign exchange earnings. The Dutch disease syndrome has existed, albeit in a benign form, since nations started trading with each other. However, it derives its current name from the experiences of the Netherland in the 1960s following the discovery and exploitation of large deposits of natural gas in the country's adjoining North Sea. This led to a significant increase in the country's revenue (foreign exchange) and appreciation of the country's currency (i.e. the Dutch guilder became stronger) which in turn led to a reduction in the competitiveness of the non-oil tradable goods sector of the economy. What was otherwise a positive development in the oil sector led to problems in other sectors of the economy including a depression in the non-oil export sector. It was not until the mid 1970s that the Dutch disease took a malignant form in many oil-exporting and some other mono-cultural developing countries as well as in some aid-dependent countries.


Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. [b]The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. T[b]he oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty[/b][/b].

In an extreme case, the Dutch Disease can lead to "Immiserising Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare (Bhagwati, 1958). This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth. It is an extreme case of self-defeating growth. Although the theory of Immiserising Growth was not originally developed for oil-exporting countries, its tenets apply to many oil-exporting countries in the sense that despite the substantial increase in their export revenue, they have suffered significant decline in general welfare due largely to mismanagement of their oil revenue. Thus, the Dutch Disease syndrome confirms the assertion by a Spanish writer in the 16th Century that "the gratification of wealth is not found in mere possession or in lavish expenditure but in its wise application". Although the main manifestation of the Dutch disease syndrome in an oil exporting country is the decline or depression in the non-oil export sector, other "collateral" manifestations include appreciation of the real exchange rate at the onset, increase in corruption, increase in external debt and increase in poverty. However, an oil-exporting country must not suffer from the Dutch Disease. Furthermore, not all oil-exporting countries suffering from the disease have all "collateral" manifestations at the same time. Country experiences vary considerably depending on their political economy

SAUCE


When your economy is reliant on OIL for 80% of its revenue, it is only as good as the price gets. Once the price falls, to maintain the level of life you had under the high price, you take loans, and those loans eat your future revenue


That my friends is the story of Nigeria, and (if you replace oil with cotton, copper, etc) most other African countries.

This looks Islamic.
Well, it's clear that APC satanic regime has nothing good to offer this country. The very thing that masses should primarily have are being denied them.

Beremx:
my name must be very sweet in your mouth to mention.

But you supported Buhari then....I remember you abusing Jonathan after being deceived then...

Hopefully we've all learnt...