₦airaland Forum

I still think the naira is linked to oil though, so I disagree with Bloomberg.

The thing is, we got to stop relying on oil for most of our government revenue

Expected announcement to the informed who understand what Tinubu’s reforms will achieve i.e take us to levels of development we have never reached before after we endure the 'teething pain' that are unavoidable side effects of major reforms.

Fuel subsidy removal, for example, is today being justified with the macro-economically beneficial results being seen currently since the Government is no longer majorly engaged in the near 100% import of PMS, to cater for domestic consumption, it previously needed forex to purchase.

With more private refineries coming on board in the next few years, and even assuming Nigerian refineries will not work optimally, PMS import will be totally flat or dead in five years.

PMS Export will increase, making Nigeria a player in the luxcative end of oil sale which is export of the refined derivatives of crude.

Job availability will increase also because of greater profitable involvement of Nigerians in the deregulated downstream oil sector.

Nigeria would also be cumulatively richer, with beneficially more income flowing in from greater private sector involment in the oil sector while Government too derives more oncome from taxing private sector plays in oil refining etal.

End result is that we would be lmovjng towards forever leveraging more of our socio-economic growth and development, as is desirable, on the private sector as obtains worldwide.

This will see us gradually rid ourselves of the self-destructive quasi-socio capitalism stucture we pretended to be running which is, in reality, the worst form of communism tht leaves a large number of our 230 million citizens begging-bowl dependent on government through numerous subsidies, welfare 'interventions' etc, etc

Meaning Government never gets rich enough to provide more for us and we never get rich enough to provide much more for ourselves. The result being the vicious cycle of crippling underdevelopment we have been trapped in for decades now.

We must think in years, rather than months, so we are able to support several reforms working convergently ( like floating of the Naira, removal of subsidy on power, education etc) if Nigeria is to begin approaching the level of development reached by developed nations most of our people will japa to today if given the choice.

seunmsg:
https://www.bloomberg.com/news/articles/2025-07-08/nigerian-naira-seen-remaining-stable-despite-low-oil-prices?taid=686ccecb0f347d0001f8baa3&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter

See them here like ants scrambling for sugar, looking for fake news to justify the monumental failure in asorock.

After posting for 30k, they go back to their one room shackles and cry because of hunger, because reality is far from the rubbish they are posting here.

SmartPolician:
The naira’s stability has also been helped by a weakening US dollar, which is down more than 10% this year, and less dependency on imported refined products. Africa’s richest person, Aliko Dangote, commissioned a 650,000 barrels-per-day refinery that turned Nigeria into a net exporter of the refined products.

This has to be the most fascinating excerpt from this article. For a second, just imagine that Lagos State government sold the land where Dangote refinery was sited for $100 million! In a sane country, that land would be given to him free of charge because the man has the guts to do something both state and federal governments failed to do!

And you're claiming to be a smart politician?😁

Shallow thing

nairalanda1:
I still think the naira is linked to oil though, so I disagree with Bloomberg.

The thing is, we got to stop relying on oil for most of our government revenue

That is part of the plan and we are seeing the result today, which the report actually highlights below, even if gradual and not spectacularly obvious.

That is normal given we had a lot of catching up to do considering where we were in 2023 when Tinubu took over. I.e largely import dependent with low government interest in growing our export capacity through improved industrialisation, manunfacturing, adherence to world best practices in product development ect, etc.

The change in the naira’s fortunes can be attributed to its undervaluation, higher non-oil exports and lower import demand,

With oil, the Tinubu government is getting it right as it is not "dependent" on oil as you state but rather focuse on using oil, the right way, to stimulate our accelerated economic development.

In a world moving away from fossil fuel as a source of energy, and considering Nigeria’s dwindling crude reserve, this is the time, with delays capable of being very damaging to us, we must maximise on the national profit derived from our oil endowment

The only way to so that is by operating in the most profitable end of oil sale which is that of refined derivative of crude like PMS etal rather than continue to export crude alone to then buy imported imported PMS, for domestic daily consumption, from others that our goverment then subsidize to make it "affordable".


We mere merely impoverishing ourselves and trapping our people in a self-destructive and crippling cycle of stagnation and under-development doing that.

We have been economically crippled for decades now because no Government has had the discipline, love of Nigeria and/or unshakeable poitical will to do what must be done to wean us of fuel subsidy, a scam benefting the tiny elite class but clandestinely impoverishing ordinary Nigerians, so that our Nation starts approaching the economic glory her endowment indicates she and her people deserves.

Tinubu is a great leaders for those who can see and appreciate the big picture to then support what must be done.

I can appreciate that several reforms are very burdensome to Nigerians and, naturally, many will be unhappy because it is somewhat a stark departure from what they knew.

Yet, as is the case with a dedicated and loving father, great leaders must deliver tough love to ensure the best future interests of those who will detests them initially but be eternally grateful to them in future.

Same with how we all cannot stop paying homage to strict and devoted parents , we resented when young, yet realised later were the difference between us becoming successful and productive members of society instead of yahoo boys, drug addicts, criminals, prostitutes etc.

Usual nonsense👎👎👎👎👎👎
Na statistics we go chop - bulaba Escobat ,2023

Rubbish propaganda as usual!

It will never reflect on the everyday lives of the citizens!

Decayed administrators!

nairalanda1:
I still think the naira is linked to oil though, so I disagree with Bloomberg.

The thing is, we got to stop relying on oil for most of our government revenue

CoronaVirusPro:
Now I see why Trump has been pained.

I knew the sudden visa restrictions and threats was not just about BRICS. A big win if we can COMPLETELY decouple from the USD.

If you getting US hate, then you definitely doing something right.

Thanks to the administration of His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR)

Doers don’t make noise. Trump can keep bluffing.

The decoupling they’re talking about is naira from oil – that is, naira rates no longer fluctuate with oil prices, unlike in the past. This has clearly been the case since the beginning of the year, as we have seen the naira held firm in the face of oil price fluctuations. This has been brought about by the floating of the naira, increased non-oil exports, and reduced imports, particularly of petroleum products.

This is why some of us have called for the floating of the naira for ages and have defended it since Tinubu implemented it. I expect the situation to get even better in the coming months as we reduce crude imports.

No, I'm not unaware of the mass suffering people are still going through due to high transport cost (because they removed subsidies without significant intervention to cushion the effects) and the inflation it brought. I'm just saying that the macroeconomic indicators are good and in another year or so, things should start easing up at the household level. I also hope they fix the issues of roads and electricity, which remain big stones around the neck of our economy.

Love800:
Rubbish propaganda as usual!

It will never reflect on the everyday lives of the citizens!

Decayed administrators!

It will reflect. Stable naira rates are good for businesses, which should help reduce unemployment. It will help inflation, which is the biggest issue in microeconomics (the economics of everyday lives of citizens).

CoronaVirusPro:
Now I see why Trump has been pained.

I knew the sudden visa restrictions and threats was not just about BRICS. A big win if we can COMPLETELY decouple from the USD.

If you getting US hate, then you definitely doing something right.

Thanks to the administration of His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR)

Doers don’t make noise. Trump can keep bluffing.

Read what you wrote again and see if it makes anys sense , how are you decoupling from dollar? The Trump govt made it clear that the Visa duration was reduced in reciprocation, meaning Yiu govt gives Americans only 3 months tourist visa and expects Americans to give them 6 months ..it's has nothing bto do with dead BRICs

JuanDeDios:
It will reflect. Stable naira rates are good for businesses, which should help reduce unemployment. It will help inflation, which is the biggest issue in microeconomics (the economics of everyday lives of citizens).

Explain how it will help reduced unemployment ? Explain

SmartPolician:
The naira’s stability has also been helped by a weakening US dollar, which is down more than 10% this year, and less dependency on imported refined products. Africa’s richest person, Aliko Dangote, commissioned a 650,000 barrels-per-day refinery that turned Nigeria into a net exporter of the refined products.

This has to be the most fascinating excerpt from this article. For a second, just imagine that Lagos State government sold the land where Dangote refinery was sited for $100 million! In a sane country, that land would be given to him free of charge because the man has the guts to do something both state and federal governments failed to do!

No sane country will give him that land free of charge
You guys should stop making shii up

He's a capitalist and that land was an investment that will make him billions more in the future

SalamRushdie:
Explain how it will help reduced unemployment ? Explain

I'll explain how afternoon follows morning first. After morning comes afternoon. Then evening.

Similarly, a stable naira will reduce inflation, especially in the long and medium term. This will improve people's purchasing power, meaning they will buy more cement from Dangote and spaghetti from FMN. These companies will employ more people due to increasing demands for their product and better being able to source what they need. A stable naira also makes it easier to plan your operations and source dollars to import industrial machinery and raw materials. Further, reduced inflation makes it easier for Mutiu to set up a barbing saloon and for Njideka, an unemployed graduate, to set up a rice processing plant.

JuanDeDios:
I'll explain how afternoon follows morning first. After morning comes afternoon. Then evening.

Similarly, a stable naira will reduce inflation, especially in the long and medium term. This will improve people's purchasing power, meaning they will buy more cement from Dangote and spaghetti from FMN. These companies will employ more people due to increasing demands for their product and better being able to source what they need. A stable naira also makes it easier to plan your operations and source dollars to import industrial machinery and raw materials. Further, reduced inflation makes it easier for Mutiu to set up a barbing saloon and for Njideka, an unemployed graduate, to set up a rice processing plant.

The only place Naira stability works is in the area of long term planning and investment, I don't see how it can improve disposable income in any way , to increase disposable income the govt will have to either cut tax rates or some undue tariffs ... I raised 200 million Naira in 2023 for a project the attendant devaluation took so much away from the money as we failed to convert it to dollars and till now we are still paying the price for that , so you should know how much i know the importance of Naira stability

givedemwotowoto:
But you said the same thing about Buhari for 8 years. Take a moment to think about it, for 8 years you were lying to the country. They were suffering and you were lying to them. Now they’re even suffering more, and you’re telling them the same thing all over again. How can you be telling the truth now?

You don't need to take his word for it. Elevate yourself above beer parlour economics and study the data. I don't mean this in an insulting way. What I mean is that a vast number of Nigerians approximate everything by their experience and fail to see opportunities until they have peaked. Don't join them.

Those the hate to see Nigeria progress have seen the handwriting on the wall that we are on a path to real progress for the first time in our history and are hell bent in making sure we don't succeed , we all have to make the bold move by standing up for the truth if likes of Peter Obi and others truly care for the genuine development of the country then they should rather at this time begin to speak about the positive impact the tough policies of the current government will have on the economy at the long run and encourage Nigerians to bear the temporal pain for a better a prosperous future for the country.

SalamRushdie:
The only place Naira stability works is in the area of long term planning and investment, I don't see how it can improve disposable income in any way , to increase disposable income the govt will have to either cut tax rates or some undue tariffs ... I raised 200 million Naira in 2023 for a project the attendant devaluation took so much away from the money as we failed to convert it to dollars and till now we are still paying the price for that , so you should know how much i know the importance of Naira stability

So the experience of working people (typically salary earners) isn't relevant in your opinion. If the percentage of your income that goes for food or health keeps rising due to inflation and exchange rate stability helps stabilize or reduce inflation, you need tax cuts to feel the impact of that?

Ikpunekenwa:
So the farmers that get killed and can't produce again is market people too or the Chief Security officer of Nigeria?

That’s also there but still, food is still significantly cheaper in the north.

seunmsg:
It’s a long and painful journey to full economic recovery and growth but very surely, we are on the right track with the reforms initiated by the Tinubu administration.

A combination of significant reduction in payment on importation of PMS, increase in non-oil export and less wastage of forex to maintain a fixed exchange rate is the reason behind the stability. This is the right way to fix the economy without throwing the country into debt just to defend the naira. Kudos to President Tinubu and his team.

Only an hopeless Zombie happy slave believes Apc and their Tpain calamity have any such plan to make Nigeria better.

They only joined force to take power from pdp now all that matters is to keep it up.
Tpain is the greatest curse and disgrace to befall this Country,even if you take Tpain to Switzerland,He will still fail Woefully

Alright.

But dis your grammar sha, i nor too understand am.

But i got atleast a piece of what you trying to say.
I appreciate.

JuanDeDios:
It will reflect. Stable naira rates are good for businesses, which should help reduce unemployment. It will help inflation, which is the biggest issue in microeconomics (the economics of everyday lives of citizens).

givedemwotowoto:
But for 8 whole years, you and your group praised Buhari and claimed he was moving Nigeria forward, only to backstab him when he left office. Now you’re claiming again that Nigeria is moving forward, though Nigerians are at their highest level of hardship in modern history.

Isn’t this the classic definition of lies and propaganda?

If it is a propaganda, how are we sure Obi that has never moved any state forward before will not perform worse than Buhari and Tinubu? Give many reasons with verifiable evidences to prove to us that Obi will do better. Obi that when he speaks five statements, four are always bursted and found to be lie, how will that one not come to lie for us about improved economy for four years?

2mch:
That’s also there but still, food is still significantly cheaper in the north.

You've changed mouth immediately, so its no more market people?

Ikpunekenwa:
You've changed mouth immediately, so its no more market people?

You don’t understand English? Who change mouth? That I agree with you does not mean I change mouth.

SmartPolician:
The naira’s stability has also been helped by a weakening US dollar, which is down more than 10% this year, and less dependency on imported refined products. Africa’s richest person, Aliko Dangote, commissioned a 650,000 barrels-per-day refinery that turned Nigeria into a net exporter of the refined products.

This has to be the most fascinating excerpt from this article. For a second, just imagine that Lagos State government sold the land where Dangote refinery was sited for $100 million! In a sane country, that land would be given to him free of charge because the man has the guts to do something both state and federal governments failed to do!

Alakori, pack yourself for one side make we hear word. You state for give am na

Two Nigerians writing for Bloomberg? Don’t they have American financial writers that are able to analyze Nigerian situation neutrally? Believe anything Agbado inspired at your own peril

KaLuCh:
Don't you sweat it bro, they are just paid workers earning their meal tickets. The 30k gang is real. Watch how their comments supporting this calamity of a government gets hundreds of likes but other neutral commenters who also support Tinubu for whatever reason don't get as much.

They paid Bloomberg to write this article?

Omo...The kind school wey una dey go for that side na something else o

You read all these, you arent concerned about the major points of the article but about the commenters

With this kinda log-ic, i think I know where you come from