₦airaland Forum

Nigeria Lost ₦‎94 Trillion To Business Closures, Multinational Divestments
The Nigerian Economic Summit Group (NESG) has stated that the harsh economic environment in the country has led to the closure of about 30 per cent of Nigeria’s Micro and Small Medium Enterprises.

MANDATE STANDING FOOLS OVER TO YOU

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always got advices from mad men!

I suspected that you're stupid, but you just gave me evidence.

Thewrath:
Nigeria that does not produce anything is frustrating and driving away local and foreign investors.

Ah, there is cheap cash from crude oil and gas deposits in the delta region. Why do manufacturing in Nigeria?
See how Agbadorians are diverting the topic here to IPOB matters. Their fear of losing cheap cash from crude oil if Biafra is restored makes them dream and talk of IPOB in every discourse, including discourse not remotely related to IPOB.

Apc is a disaster of unimaginable proportions...

And IMF says the reforms targeted at destroying the local economy are working.

But I don't understand one thing on nairaland anymore, today you read news of the economy improving, tomorrow you read another news of bad economy..na propaganda world we dey now or what??I derive all my news from nairaland because I have been a member over 10yrs ago, but reading news on nairaland this days is not like before.

VeeVeeMyLuv:
Fri, 7 Mar 2025 6:31:21 WAT


https://dailytrust.com/nigeria-lost-n94trn-to-business-closures-multinational-divestments-nesg/

Dammmmmmmmnnnn it🙄🙄🙄😎😎😎
The doomed dingBAT has only come to STEAL, KILL AND DESTROY💯💯💯💯💯💯
NO MORE , NO LESS ✔️✔️✅✅😎😎😎

Tax them more.

Government must have enough to throw around.

Even if the few remaining companies collapses, we don't care afterall we are more interested in 2027 and no Peter Obi or any Igbo man will.come close. We are busy pushing propaganda with faceless groups to sow discord between Ndigbo and the minorities in the old Eastern region.

Who cares how many companies and factories closes.

Afterall Procter and Gamble closed did we miss them?

Abegi.

Killimbu and Agbadorians on the beat.

Bulabas are a curse to naija.

If Nigerians do not hunker down to change this evil government in 2027, say goodbye to Nigeria as a serious economic power in Africa.

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always get his advice from mad men!

^^^
This thread is way, way above your pay grade.

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always get his advice from mad men!

Oloriburuku, Omo ofo.

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always get his advice from mad men!

otelle

Tochitee:
Just like I have just said,” IPOBs mentality are always off tangent !

All you know is to rain insults.
Mannerless homosapiens.

Meliziz:
Country that has fallen. What is left is yoruba ronu hypocrisy. Tinubu should win again.after his tenure let him hand over to shetima. Then shetima to Mc Oluomo. We the Igbos has given up. It won't take time we must get this Biafra and build a nation we will be proud of.

Are you sure you haven't given up on Biafra? Many so called Biafrans are the reason Biafra is yet to be created. If you all could build a nation you can start mobilizing and start attracting investments to Igboland like Alex Otti is doing. The achievement of Biafra is not by chest-beating or rhetoric, rather it is about actions. If all the Eastern states were led by someone like Alex Otti and they had their own separate governors forum to build the synergy of all the Eastern states by now you would have ramped up your IGR, risen to the top of the IGR rankings, attracted international investors and built global alliances. These will drag the Nigerian government to the negotiating table because they know you do not only have the will to create a new state but the economic power.

Tochitee:
Just like I have just said,” IPOBs mentality are always off tangent !

This Una animal behaviour needs to be checked

Onitcha market closure?

A lot of you still get it wrong

The more potent killer of the economy was not the subsidy removal it was the devaluation of Naira

JuanDeDios:
This is why Tinubu's subsidy removal, the way it was done, produces a NET LOSS. Those who think it was a good move because we're seeing some ill-defined "gains" are misguided.

Lol....i said it here many times before...Nigerians are yet to understand the enormous impact of Tinubu's economic blunders that he is disguising as reforms....50 years from now Nigeria will still be feeling the effects

Change to deriving your economic news from credible news sources like IMF database, Reuters,.AP, Economist, World Bank database, etc, and leave Nairaland for entertainment only. You will be fine.

Emmy000seun:
But I don't understand one thing on nairaland anymore, today you read news of the economy improving, tomorrow you read another news of bad economy..na propaganda world we dey now or what??I derive all my news from nairaland because I have been a member over 10yrs ago, but reading news on nairaland this days is not like before.

Calamities

nwirinedu:
And IMF says the reforms targeted at destroying the local economy are working.

Blazetrailer:
A lot of you still get it wrong

The more potent killer of the economy was not the subsidy removal it was the devaluation of Naira

No, sir. You get it wrong.

I understand the government unified the exchange rate (a totally necessary step to stop the roundtripping that made Meffy and co billionaires). The mistake you guys make is in thinking that that was why the naira crashed. It was the fact naira was artificially propped up under Meffy (posting false reserve figures and preventing foreign companies from moving out their money, etc.) that made it crash once the props were removed.

If it was rate unification that crashed the naira, the fall would have been halted when Shonubi suspended rate unification when it got to $1=N800, but that didn't stop the fall in the parallel market - which is where most traders access dollars.

Even if rate unification contributed to the problem by some argument or magic, it totally had to be done. Subsidy removal was another matter. That was what made transport rates to go up. They could have removed some of the subsidy and leave some till local refineries come on stream.

lol....interesting. I am wondering why you cant see the fallacies and contradictions in your post below.

You said so much but conveyed little. Simple question...... what led to the crash of the Naira and what made it surge past the N800/$1 after June 2023? I hope you would not mention the pent up demand, because all of that have been cleaned up now

Again, to assume that what Tinubu and co did in 2023 was just to simply allow for unification of the exchange rate is completely insular. That is the most infantile and the poorest thought out economic decision a nation has taken in nearly 30 years(after similar blunders by Thailand/Indonesia/Argentina) that will be a case study in geopolitics/economics many years to come. it was a simple devaluation(IMF March 2024 Report/Reuters November 2023). Who does allow for a "floating" of his own currency in an economy with so much local currency in circulation, with an above the sky aggregate demand for forex and a highly obtuse, insanely elastic sensitivity of the economy to the slightest increase in exchange rate, especially where USD is the dominant currency even in Nigeria. That was why their 800/700 estimation(announced as the true value of naira many times by Wale Edun, Cardoso and co) became a fallacious dream. It was gamble gone wrong. Even Japan, with all its developments and export capacity spends $billions every year propping up its currency to fight back the effect of the ASEAN tigers incursion into its turf for exports to the US. Whereas, a 3rd world economy with no infrastructural backbone for any production, riddled with corruption and woth an archaic economic monetary policies gleefully decided to float its currency, under the advise from its creditors and a visonless president out for the hunt for fame as a reformer and acceptability by the West.

In any case, we are back to to the dual exchange rates with the parallel market still thriving with a premium despite the unification. The funny part is that the dual exchange rate is ably encouraged by the CBN after so many policy blunders and somersaults. The gap is growing and if the economic dynamics remain the same for a few more years, we might see the gap between the so called official FMDQ rate and the parallel market rate growing further and further closer to what it was two years back. Additionally, capital flight has increased massively through the Fintechs(not sure you had an idea of how much moves out of Nigeria daily via these sources)


It has also been proven by IMF analysis(November 2024) that the currency devaluation had more potent effect on the GDP that the subsidy removal. The subsidy removal exacerbated inflation quite rightly, but the fact that companies that need forex to bring in machineries, critical spare parts and other raw materials suddenly seeing that they cant afford such and closing down operations instead, had a far more devasting effect on the economy than the subsidy removal.

Finally, I dare say, Emefiele might have had his faults but he remains a far better manager of the CBN and the economy than the ones we have currently. There was a need to defend the local currency and manage capital flight in an economy that was blowing hot on foreign currency dependency and bursting at its seams with local money circulation. His policies towards the end of 2022 were fantastic just that they came a little too late and political meanings were read into it. In any case, the current Administration is toeing some of those policies, especially that of defending the Naira with foreign reserves(too late). I am no supporter of Emefiele but to throw away all his policies as failures while embracing the brazen and unfettered mediocrity we are currently experiencing under this administration is double standards, especially when all interventions by Cardoso and co seem not to be working and they are retracing their steps back to some of Emefiele's policies

It appears you are ready for an intellectual discourse(a rarity on Nairaland) and I am happy to engage further, but can you help start with the stories of the false foreign reserve because I know a lot of people jumped on that sensational news then but failed to go an read the joint auditors report of JP Morgan and Goldman Sachs where they stated that their component auditor made an assumption on the Nigerian foreign reserve that was found to be wrong. Please provide your full, credible and un-refuted report of the falsified foreign reserve and I will be glad to engage further here or online or offline.

JuanDeDios:
No, sir. You get it wrong.

I understand the government unified the exchange rate (a totally necessary step to stop the roundtripping that made Meffy and co billionaires). The mistake you guys make is in thinking that that was why the naira crashed. It was the fact naira was artificially propped up under Meffy (posting false reserve figures and preventing foreign companies from moving out their money, etc.) that made it crash once the props were removed.

If it was rate unification that crashed the naira, the fall would have been halted when Shonubi suspended rate unification when it got to $1=N800, but that didn't stop the fall in the parallel market - which is where most traders access dollars.

Even if rate unification contributed to the problem by some argument or magic, it totally had to be done. Subsidy removal was another matter. That was what made transport rates to go up. They could have removed some of the subsidy and leave some till local refineries come on stream.

Blazetrailer:
lol....interesting. I am wondering why you cant see the fallacies and contradictions in your post below.

You said so much but conveyed little. Simple question...... what led to the crash of the Naira and what made it surge past the N800/$1 after June 2023? I hope you would not mention the pent up demand, because all of that have been cleaned up now

Again, to assume that what Tinubu and co did in 2023 was just to simply allow for unification of the exchange rate is completely insular. That is the most infantile and the poorest thought out economic decision anyone has taken in nearly 20-30 years(after similar blunders by Thailand/Indonesia/Argentina) that will be a case study in geopolitics/economics many years to come. it was a simple devaluation(IMF March 2024 Report/Reuters November 2023). Who does allow for a "floating" of his own currency in an economy with so much local currency in circulation, with an above the sky aggregate demand for forex and a highly obtuse elastic sensitivity of the economy to the slightest increase in exchange rate, especially where USD is the dominant currency even in Nigeria. That was why their 800/700 estimation(announced as the true value of naira many times by Wale Edun, Cardoso and co) became a fallacious dream. It was gamble gone wrong. Even Japan, with all its developments and export capacity spends $billions every year propping up its currency to fight back the effect of the ASEAN tigers incursion into its turf for exports to the US.

In any case, we are back to to the dual exchange rates with the parallel market still thriving with a premium despite the unification. The funny part is that the dual exchange rate is ably encouraged by the CBN after so many policy blunders and somersaults. The gap is growing and if the economic dynamics remain the same for a few more years, we might see the gap between the so called official FMDQ rate and the parallel market rate growing further and further closer to what it was two years back. Additionally, capital flight has increased massively through the Fintechs(not sure you had an idea of how much moves out of Nigeria daily via these sources)


It has also been proven by IMF analysis(November 2024) that the currency devaluation had more potent effect on the GDP that the subsidy removal. The subsidy removal exacerbated inflation quite rightly, but the fact that companies that need forex to bring in machineries, critical spare parts and other raw materials suddenly seeing that they cant afford such and closing down operations instead, had a far more devasting effect on the economy than the subsidy removal.

Finally, I dare say, Emefiele might have had his faults but he remains a far better manager of the CBN and the economy than the ones we have currently. There was a need to defend the local currency and manage capital flight in an economy that was blowing hot on foreign currency dependency and bursting at its seams with local money circulation. His policies towards the end of 2022 were fantastic just that they came a little too late and political meanings were read into it. In any case, the current Administration is toeing some of those policies, especially that of defending the Naira with foreign reserves(too late). I am no supporter of Emefiele but to throw away all his policies as failures while embracing the brazen and unfettered mediocrity we are currently experiencing under this administration is double standards, especially when all interventions by Cardoso and co seem not to be working and they are retracing their steps back to some of Emefiele's policies

It appears you are ready for an intellectual discourse(a rarity on Nairaland) and I am happy to engage further, but can you help start with the stories of the false foreign reserve because I know a lot of people jumped on that sensational news then but failed to go an read the joint auditors report of JP Morgan and Goldman Sachs where they stated that their component auditor made an assumption on the Nigerian foreign reserve that was found to be wrong. Please provide your full, credible and un-refuted report of the falsified foreign reserve and I will be glad to engage further here or online or offline.

Jeez! And you want engagement but start with lol.

I dont see laughing out at a what I believe to be a fallacious and narrow supposition to be anything, especially of they hit out and were dressed like they were correct

But.....if that irked you, i take it back.........regardless, I await your taking up the challenge with facts and intellectual arguments....

JuanDeDios:
Jeez! And you want engagement but start with lol.

Please the headline should be yoruba government lost 94trillion 98 % of Tinubu's appointees are his tribe's men how come now is nigerian problem?Tinubu hold the knife and yam if he cut give we go chop but at moment na yoruba people dey chop