₦airaland Forum

So yesterday someone from worldbank talked about the reforms and most of us had to explain it the way we understood, but here is my take.
What WB said was that, "what Nigeria is doing is what Norway did and today their GDP per Capita is above $100k, twice that of UK and bigger than that of USA, it's no different from it but for us to reap the fruit of this, we need to stay on this course for another 10-15years to be able to get an economy that will match those of developed nation, but there will be pain from inflation, he also said we tried it in 2003-2007 but we didn't sustain it while Norway sustained their reforms, he also talked about how the Nigerian oil wealth used to benefit only the elites.

So we have another time again to choose between long term goals and short term goals. The long term goals has great benefit in the future but excessive suffering will come first while the short term goal will help us put food on our table today but Nigeria might collapse in the future."

The big question now is, can Nigerians endure the hardship?

The hard part is that we need these reforms, even if Tinubu fails, another govt will push it down our throats in the future, Nigeria cannot survive without it.


https://www.youtube.com/watch?v=hhGSzOpqU1E

richmond500:
So yesterday someone from worldbank talked about the reforms and most of us had to explain it the way we understood, but here is my take.
What WB said was that, "what Nigeria is doing is what Norway did and today their GDP per Capita is above $100k, twice that of UK and bigger than that of USA, it's no different from it but for us to reap the fruit of this, we need to stay on this course for another 10-15years to be able to get an economy that will match those of developed nation, but there will be pain from inflation, he also said we tried it in 2003-2007 but we didn't sustain it while Norway sustained their reforms.

So we have another time again to choose between long term goals and short term goals. The long term goals has great benefit in the future but excessive suffering will come first while the short term goal will help us put food on our table today but Nigeria might collapse in the future."

The big question now is, can Nigerians endure the hardship?

The video is about 200mb, I feel that is why most people didn't watch it but just concluded

They cannot be telling us what they want us to do

Nigeria is design to fail. These white are discipline people not greedy africans

alimiadedayo1:
They cannot be telling us what they want us to do

They are not telling u what to do, they only commented on what u did.
It was the same thing Obj did and we knew back then how they said Nigeria economy became one of the best rising economy with china.
Today look at china

richmond500:
They are not telling u what to do, they only commented on what u did.
It was the same thing Obj did and we knew back then how they said Nigeria economy became one of the best rising economy with china.
Today look at china

you dull

lamentor78:
Nigeria is design to fail. These white are discipline people not greedy africans

Just imagine how many innocent people have lost their lives to bad roads, bad health care systems, bad everything
And yet a few people were enjoying the money at the detriment of everybody
God dey sha

naijaboy756:
you dull

U broke.
I know u don't have money to buy data and watch the video.

Zaheertyler:
Same thing that came to my mind..
Not that Nigeria is designed to fail
But eh
Can you imagine that the oil sector had a few people eating the nations wealth for years and they never got tired for a day..
Without pity my brother without pity..
If nothing is done to appease all this poor people that are victims of their recklessness eh
You can call them lazy oo or whatever
Do you know how many innocent people have lost their lives, do you know how many dreams have died do you know how many wrongs all because of greediness
Nigeria will work no doubt and I wish them well
But ….make i no talk

If u listen to the video, it shows that we needed the reforms but the problem is that most Nigerians have been pushed into abject poverty for long that we don't have the money to sustain during these hard times.
Weda we like it or not, whether we agree or not, we will still need these reforms and we will learn it the harder way, worse than how we are learning it now

alimiadedayo1:
■ They cannot be telling us what they want us to do

Yes they can and they should because if you want them to borrow your money or write off your debts, it has to be on their own terms.

By the way, all the suggestions given by the World Bank today are many of the same suggestions that the IBB refused to implement during the SAP era even though the same IBB went on to blame SAP reforms for all of the problems he created in the Nigerian economy while he was governor. Obasanjo was able to implement many of the same reforms much later on. However, subsequent governments, including the current one, refused to continue the implementation of the reforms and that is why we are still here today ...debating the implementation of fuel Subsidy removal, the implementation of Safety Net programs, the implementation of deregulation of the oil sector, privatization of State-owned businesses, debating the implementation of cutting drastically the cost of government, etc ... all of them commonsense solutions to Nigeria's many problems.

lamentor78:
Nigeria is design to fail. These white are discipline people not greedy africans

Corruption dey white countries but the people are not asleep or busy praising the corrupt entities in their government. Nigerians love their oppressors and are all too willing to raise the lies fed to them by their oppressors against commonsense!

APC miscreants buying their paymasters more tims with deeply divisive propaganda.

CodeTemplarr:
APC miscreants buying their paymasters more tims with deeply divisive propaganda.

Did u watch the video abo u are using free operamini?

richmond500:
Did u watch the video abo u are using free operamini?

none of the above. Once you compared a robust and fuctional Norway to a dead and struggling Nigeria, i knew you were insane inside the brain.

richmond500:
If u listen to the video, it shows that we needed the reforms but the problem is that most Nigerians have been pushed into abject poverty for long that we don't have the money to sustain during these hard times.
Weda we like it or not, whether we agree or not, we will still need these reforms and we will learn it the harder way, worse than how we are learning it now

The problem is not even the reform, the problem is the so called leaders that are forcing these reforms down our throats.

Charity begins at home.

These guys keep lavishing our scarce resources on mundane stuffs while they keep urging Nigerians to endure .

The first lady dolled out 1 billion naira at University of ibadan last week, the son also donated 500,000,000 somewhere 2 weeks ago.

The president is away in France after his meaningless stay in the UK. All these money is our collective resources.

You can't be living large with your family and allies while the masses are suffering.
Tinubu is a Pharaoh

CodeTemplarr:
none of the above. Once you compared a robust and fuctional Norway to a dead and struggling Nigeria, i knew you were insane inside the brain.

I see, u didn't watch the video.
Free operamini user like u calling me insane because I choose to believe the words of a renowned economist from world bank.

Godfullsam:
The problem is not even the reform, the problem is the so called leaders that are forcing these reforms down our throats.

Charity begins at home.

These guys keep lavishing our scarce resources on mundane stuffs while they keep urging Nigerians to endure .

The first lady dolled out 1 billion naira at University of ibadan last week, the son also donated 500,000,000 somewhere 2 weeks ago.

The president is away in France after his meaningless stay in the UK. All these money is our collective resources.

You can't be living large with your family and allies while the masses are suffering.
Tinubu is a Pharaoh

people are already rich, they are not the only family that has money.
But if the words of the world bank director was to carry weight, then I'll just keep believing in these reforms, I knew back then how they warned us about the inflation but no one believed it's gonna be this severe.

I just pray we come out of this very soon.
10years no be beans

richmond500:
I see, u didn't watch the video.
Free operamini user like u calling me insane because I choose to believe the words of a renowned economist from world bank.

is there any economist in WB that is not renowned?

CodeTemplarr:
is there any economist in WB that is renowned?

Every big economist in world bank is renowned.
WB itself is renowned

Godfullsam:
■ The problem is not even the reform, the problem is the so called leaders that are forcing these reforms down our throats.
■ Charity begins at home. These guys keep lavishing our scarce resources on mundane stuffs while they keep urging Nigerians to endure . The first lady dolled out 1 billion naira at University of ibadan last week, the son also donated 500,000,000 somewhere 2 weeks ago. The president is away in France after his meaningless stay in the UK. All these money is our collective resources. You can't be living large with your family and allies while the masses are suffering. Tinubu is a Pharaoh

How can they be FORCING reforms on you that they have YET TO IMPLEMENT?

They lavish your money and lie to you that they are working but in reality, every Nigerian is aware that most of what they say is audio. So, how can you say it is the reforms that are causing the suffering in Nigeria and not the corruption being FORCED on Nigerians still?

Kobojunkie:
How can they be FORCING reforms on you that they have YET TO IMPLEMENT?

They lavish your money and lie to you that they are working but in reality, every Nigerian is aware that most of what they say is audio. So, how can you say it is the reforms that are causing the suffering in Nigeria and not the corruption being FORCED on Nigerians still?

u keep bringing this pic.
It is visible to the blind that we don't have multiple fx windows again.
The time where elites buy dollar at N300 while ordinary Nigerians buy at N799 is gone.
It is also visible and audible that subsidy is gone. We are no more smuggling fuel to Chad and Niger as everywhere don balance.
Also our taxes have been reformed.

richmond500:
■ u keep bringing this pic. It is visible to the blind that we don't have multiple fx windows again.
■ The time where elites buy dollar at N300 while ordinary Nigerians buy at N799 is gone. It is also visible and audible that subsidy is gone. We are no more smuggling fuel to Chad and Niger as everywhere don balance

What you told there is a bloody lie. Just about 2 to 3 weeks ago, it was revealed Nigeria still runs more than one— about Naira 1500 to a dollar.

2. Lies! On that other exchange window, Nigerian elites were offered a rate much lower than the public rate. It was reported in the News. Even as we speak, there are calls to offer Dangote a special rate different from the general market rate.

Kobojunkie:
What you told there is a bloody lie. Just about 2 to 3 weeks ago, it was revealed Nigeria still runs more than one— about Naira 1500 to a dollar.

2. Lies! On that other exchange window, Nigerian elites were offered a rate much lower than the public rate. It was reported in the News. Even as we speak, there are calls to offer Dangote a special rate different from the general market rate.

can u bring proof that our fx window hasn't been reformed.
Give me proof that elites buy dollar way lower.
U have to back ur claim with proof

richmond500:
can u bring proof that our fx window hasn't been reformed. Give me proof that elites buy dollar way lower. U have to back ur claim with proof

So long as the CBN operates multiple windows— one for the people and another for the rich—, it has not fully implemented reforms. That much is simple, is it not? Additionally, so long as the removal of forex restrictions is still AUDIO announcements, CBN has yet to implement reforms. Also the lack of transparency as well as the implementation to allow Nigerians to monitor and remain informed on the process itself, nothing has been implemented.

Kobojunkie:
So long as the CBN operates multiple windows— one for the people and another for the rich—, it has not fully implemented reforms. That much is simple, is it not?

Oga bring proof that we operate multiple fx window.
No be too much talk, try to back ur claim with proof

richmond500:
Oga bring proof that we operate multiple fx window. No be too much talk, try to back ur claim with proof

I can't find the report right now because I can't remember the particular date or the content of the title of the report. But why don't you instead post proof that CBN does not operate multiple fx Windows still?

richmond500:
people are already rich, they are not the only family that has money.
But if the words of the world bank director was to carry weight, then I'll just keep believing in these reforms, I knew back then how they warned us about the inflation but no one believed it's gonna be this severe.

I just pray we come out of this very soon.
10years no be beans

I know they were already rich. But how many times did Remi Tinubu gave out 1 billion naira before she became the first lady?

How many times(s) did tinubu's son gave out five hundred million naira before his father became the president?

richmond500:
So yesterday someone from worldbank talked about the reforms and most of us had to explain it the way we understood, but here is my take.
What WB said was that, "what Nigeria is doing is what Norway did and today their GDP per Capita is above $100k, twice that of UK and bigger than that of USA, it's no different from it but for us to reap the fruit of this, we need to stay on this course for another 10-15years to be able to get an economy that will match those of developed nation, but there will be pain from inflation, he also said we tried it in 2003-2007 but we didn't sustain it while Norway sustained their reforms, he also talked about how the Nigerian oil wealth used to benefit only the elites.

So we have another time again to choose between long term goals and short term goals. The long term goals has great benefit in the future but excessive suffering will come first while the short term goal will help us put food on our table today but Nigeria might collapse in the future."

The big question now is, can Nigerians endure the hardship?

The hard part is that we need these reforms, even if Tinubu fails, another govt will push it down our throats in the future, Nigeria cannot survive without it.


https://www.youtube.com/watch?v=hhGSzOpqU1E

You are dull

richmond500:
So yesterday someone from worldbank talked about the reforms and most of us had to explain it the way we understood, but here is my take.
What WB said was that, "what Nigeria is doing is what Norway did and today their GDP per Capita is above $100k, twice that of UK and bigger than that of USA, it's no different from it but for us to reap the fruit of this, we need to stay on this course for another 10-15years to be able to get an economy that will match those of developed nation, but there will be pain from inflation, he also said we tried it in 2003-2007 but we didn't sustain it while Norway sustained their reforms, he also talked about how the Nigerian oil wealth used to benefit only the elites.

So we have another time again to choose between long term goals and short term goals. The long term goals has great benefit in the future but excessive suffering will come first while the short term goal will help us put food on our table today but Nigeria might collapse in the future."

The big question now is, can Nigerians endure the hardship?

The hard part is that we need these reforms, even if Tinubu fails, another govt will push it down our throats in the future, Nigeria cannot survive without it.


https://www.youtube.com/watch?v=hhGSzOpqU1E

The comparison with Norway is deceptive. Where subsidies have been removed its been a VERY gradual process over a long term. It was never done draconically in a single day to a poor population. Same with currency devaluations - and the key point there is that an import dependent economy cannot afford to do that. A producing economy can. The comparison is not apples for apples. The challenge is to point to any developing economy where these suicidal policies have succeeded. There is none.

Also, Norway along with much of Europe, benefitted from the Marshall Plan injecting billions of dollars after the second world war. There have been scores of measures to boost and inject the economy, not deflate it. There has also been long standing welfare for the population which is among the best welfare systems in the world. Norway has at no time in the last century been a suffering 3rd world country full of poor people, at best we can point to the issues during the great depression and the 2nd world war - which were global. Its insanity to attempt to compare a poverty stricken country with a prosperous European one.

You CANNOT tax a poor population to death and render life unliveable for them and expect any kind opf growth. That never happens anywhere. To have growth, it is commonsensical that the population must have reasonable purchasing power. Because that is what will drive the growth of manufacturing. When you create so much inflation that people cannot purchase goods, manufacturing and trade will dwindle and the economy will gradually die. This is elementary. The manufacturing sector has shrank as a result of these idiotic policies and it will completely perish if we continue to listen to the World Bank.

To impose these measures on a poor and suffereing population is economic suicide - it always has been, and it will be again. People like you have no understanding of economics and you dont know the real motivation of these policies. They have Always been geared to exploit and diminish developing economies.

One of the things is that a lender can never be interested in the welfare of your children. It can only be interested in how much it can get from you in terms of interest. So if you have to starve your children inorder to pay it more, it will recommend just that. Understand that the interest of a lender can never be the same as the interest of the people. Never.

Then only difference is that in Norway, One man won't steal 110bn and put everyone in poverty. It's called Patriotism. Using public money to work for thr good of the country instead of unlawful acquisition. Here we have like over 1000 people in various Authorities that can run away with such amount of money each and nothing would happen..

Kobojunkie:
Yes they can and they should because if you want them to borrow your money or write off your debts, it has to be on their own terms.

By the way, all the suggestions given by the World Bank today are many of the same suggestions that the IBB refused to implement during the SAP era even though the same IBB went on to blame SAP reforms for all of the problems he created in the Nigerian economy while he was governor. Obasanjo was able to implement many of the same reforms much later on. However, subsequent governments, including the current one, refused to continue the implementation of the reforms and that is why we are still here today ...debating the implementation of fuel Subsidy removal, the implementation of Safety Net programs, the implementation of deregulation of the oil sector, privatization of State-owned businesses, debating the implementation of cutting drastically the cost of government, etc ... all of them commonsense solutions to Nigeria's many problems.

SO WHAT ARE YOU SAYING WITH ALL YOUR ARTICLES, CAN YOU SUMMARIZE YOUR MAIN POINT FROM THIS CONTEXT

Kelklein:
Then only difference is that in Norway, One man won't steal 110bn and put everyone in poverty. It's called Patriotism. Using public money to work for thr good of the country instead of unlawful acquisition. Here we have like over 1000 people in various Authorities that can run away with such amount of money each and nothing would happen..

1000?
Bruh we have 200m Nigerians that will run away with it