₦airaland Forum

Maxymilliano:
https://www.facebook.com/share/p/1AbAait7of/

Paramount01:
Pls tell me the economic gain made under Jonathan?

Many of you are just following without thinking.
Obj handed over debt free nation to Jonathan ,
Jonathan enjoy increased in oil output and sales making him generate more money than other former head of state combine together.
Obj left $67 billion in reserve.
Jonathan squander everything still left debt if $7trillin with 23 states unable to pay salary.

DMerciful:
You well so?

Daisyle:
Naira devaluation really caused our GDP to drop, but experts say it will be beneficial to our economy in the long run.

Paramount01:
Pls tell me the economic gain made under Jonathan?

Many of you are just following without thinking.
Obj handed over debt free nation to Jonathan ,
Jonathan enjoy increased in oil output and sales making him generate more money than other former head of state combine together.
Obj left $67 billion in reserve.
Jonathan squander everything still left debt if $7trillin with 23 states unable to pay salary.

Daisyle:
Naira devaluation really caused our GDP to drop, but experts say it will be beneficial to our economy in the long run.

MrRichmond:
2027 is not far again.

The elites are gathering around tinubu, let's see if the masses will be dumb enough to follow them again.

Ofemannnu:
Cosmetic GDP that required Nigeria borrowing money to pay its workers as narrated by Okonjo Iweala in 2014 even with the humongous revenue Nigeria made from oil.
It means that it was a fake unsustainable GDP.

Right now,all states and Nigeria as a whole can easily pay their workers and still have a lot left to build infrastructures.
This new GDP will be times 10 in a few years under Tinubu.
By 2030,Nigeria will be surpassing the 1 trillion dollar mark as the biggest economy in Africa and one of the top 10 in the world by 2031.

004gist:
.
You didn't see 53+% on that page 1

Secondly stop saying Jonathan squared every penny. Rather obj left about 3.5 billion dollars debt uncleared before Yar'Adua came in.

Due to 2018/2019 global economic shock and the CBN trying to defend the economy at all cost reserve went down to about 34 billion.

Through out Jonathan period oil sold for little above 50 Dollars per barrels and only a few months it crossed 100 shortly before coming down.


Buhari enjoyed much oil revenue. As oil price went from 64 barrel in 2015 to 84 and 100 by 2023.
Buhari took our loan from 10 billion to about 40+ billion dollars before he left and didn't add anything to our Gross domestic product and rather shrink it about -3% and pushed us into recession for the first time since 1984 when he left power in 1984.

Nigeria experienced recession twice only in Buhari regime that tells u how terrible he is

DavidMm:
Okay, let's break this down. If the value of currency B is now one-third of its exchange rate versus the dollar a year ago, it means:

Last year, 1 unit of currency B bought $X dollars.
This year, 1 unit of currency B buys X/3 dollars.
Or, looking at it from the dollar perspective:

Last year, $1 bought Y units of currency B.
This year, $1 buys $3Y units of currency B (because you need three times more B to get the same dollar).
Now, let's consider the country's GDP. GDP is typically measured first in the local currency (currency B). Let's say the country's GDP in currency B was GDP
B
​
both last year and this year, based on your "all else equal" assumption which implies the volume of goods and services produced and their prices in local currency haven't changed.  

To get the GDP in dollars, you convert the local currency GDP using the exchange rate:

GDP
dollar
​
=GDP
currencyB
​
×(Exchange Rate in dollars per unit of currency B)

Let's apply this:

Last Year: GDP
dollar_old
​
=GDP
B
​
×X
This Year: GDP
dollar_new
​
=GDP
B
​
×(X/3)
Now, compare the new dollar GDP to the old dollar GDP:

GDP
dollar_new
​
=GDP
B
​
×(X/3)=(GDP
B
​
×X)/3=GDP
dollar_old
​
/3

So, mathematically, if the nominal GDP measured in local currency remains exactly the same (GDP
B
​
is constant), and the only change is that the exchange rate of currency B to the dollar falls to one-third of its previous value, then the country's GDP measured in dollars would indeed also be one-third of what it used to be.

However, the "all else equal" assumption is highly unlikely to hold in reality when a currency loses two-thirds of its value. A drastic currency depreciation like this would have significant impacts on the local economy:

Inflation: Import costs would skyrocket, leading to higher prices for many goods and services within the country. This would likely increase the nominal GDP measured in currency B, even if the real output (volume of goods and services) doesn't change much.
Changes in Output: Exports might become cheaper and potentially increase, while imports become more expensive and likely decrease. Domestic consumption and investment could also be affected by the resulting economic uncertainty and inflation.
Debt Burden: If the country or its businesses have dollar-denominated debt, the cost of servicing and repaying it in local currency terms triples, potentially leading to defaults and financial instability, which would negatively impact local GDP.
Confidence and Capital Flows: A sharp currency drop can trigger capital flight and reduce investor confidence, impacting economic activity.  
Because of these real-world effects, the GDP
B
​
figure itself would almost certainly not remain the same. It would likely increase due to inflation but could decrease due to reduced real economic activity caused by the crisis.

Therefore, while the mechanical conversion using the new exchange rate would result in the dollar GDP being one-third (assuming local GDP is unchanged), in reality, the actual dollar-measured GDP would be the result of both the exchange rate fall and the complex changes in the local currency GDP caused by the economic shock. The actual outcome could be a fall to roughly one-third, more than one-third, or less than one-third, depending on the magnitude of inflation and the change in real economic activity in local currency terms.

But based purely on the isolated effect described in your question and the "all else equal" assumption (meaning GDP
B
​
is constant), the dollar-measured GDP would fall to one-third.

Hemanwel:
With all these abysmal economic performance, somebody still wants to force himself on Nigerians in 2027. Kolewerk!

All these gale of defections to the ruling party can't move us! At the fullness of time, when the major opposition candidate is unveiled, we will start vigorous campaign against the incumbent!

Paramount01:
I am trying to get where you see where Buhari enjoy oil revenue ,pls if you can bring it it will appreciate.

Goodluck Jonathan served as President of Nigeria from 2010 to 2015. During his tenure, crude oil prices fluctuated significantly. While I couldn't find the exact average crude oil price under his administration, here are some reference points¹ ²:
- *2011*: Brent crude oil prices averaged around $111 per barrel
- *2012*: Brent crude oil prices averaged around $112 per barrel
- *2013*: Brent crude oil prices averaged around $108 per barrel
- *2014*: Brent crude oil prices averaged around $99 per barrel, with a significant drop towards the end of the year

Considering these fluctuations, a study on the impact of crude oil price on exchange rate in Nigeria (1983-2017) mentions an average crude oil price of $42.918 during a specific period, but without specifying the exact years within Jonathan's term. However, given the price trends in 2011-2014, it's likely the average price during his term was around $100-110 per barrel.³

That is meta Ai about the price, Jonathan saw increase crude oil output of 2million per barrel per day and average of $100 per barren against Buhari that is as low as $50 per barren.
Yet Jonathan left big debt and delapitated reserve fir Buhari.Jonathan is a disasters

004gist:
The CHANGE is clear

Buhari was a big mistake Nigerians made in 2015.

All economic gains OBJ, Yar'Adua made wiped out.
The one Good luck consolidated wipde out



Tinubu sank Nigeria deeper into mess.

When the economy is doing well over the some years they bring in someone to destroy it.
The best bet in a core northerner this set of people believe in taking all there is.

Tinubu will probably hand over to an Hausa man from the middle belt. Not Fulani or kanuri.


Average Nigerian worker that can stand shoulder to shoulder with European counterpart in 2009 today lecturers , bankers, civil servant are resigning running to Europe, African countries.

Daisyle:
Naira devaluation really caused our GDP to drop, but experts say it will be beneficial to our economy in the long run.

MrRichmond:
2027 is not far again.

The elites are gathering around tinubu, let's see if the masses will be dumb enough to follow them again.

mohbadliveson:
How i seriously long for the Jonathan years. God punish all those who deceived us with change

Daisyle:
Naira devaluation really caused our GDP to drop, but experts say it will be beneficial to our economy in the long run.

004gist:
.
You didn't see 53+% on that page 1

Secondly stop saying Jonathan squared every penny. Rather obj left about 3.5 billion dollars debt uncleared before Yar'Adua came in.

Due to 2018/2019 global economic shock and the CBN trying to defend the economy at all cost reserve went down to about 34 billion.

Through out Jonathan period oil sold for little above 50 Dollars per barrels and only a few months it crossed 100 shortly before coming down.


Buhari enjoyed much oil revenue. As oil price went from 64 barrel in 2015 to 84 and 100 by 2023.
Buhari took our loan from 10 billion to about 40+ billion dollars before he left and didn't add anything to our Gross domestic product and rather shrink it about -3% and pushed us into recession for the first time since 1984 when he left power in 1984.

Nigeria experienced recession twice only in Buhari regime that tells u how terrible he is

DMerciful:
You call 50% GEJ GDP increase small? You hate Jonathan or what?

Anguldi:
Excess crude account was depleted under gej

Abloh:
crude oil GDP