₦airaland Forum

Ikaeniyan0:
Our GDP is growing in Naira.

Is it the naira Buhari and tinubu are printing anyhow and doing way and means?

Buccalcavity2:
Show us gdp ppp trend. ....to adjust for exchange rate impact. Let's see something

Devaluation was mid 2023.

Gross Has been declining since 2015...that's almost 9 years before devaluation

004gist:
We import a lot but produces nothing. A lot of companies has folded and productivity decline. Farmers can't farm successfully in the north n south and remember agriculture is a largest employer of labor.
.

What time did Nigeria devalued the currency? Because before then GDP has been going down.

Its unfortunate that apc came and half the GDP

The culprit is actually Buhari.

When he started messing up the economy in his first 30 days with his economic illiterate policies, Nigerian eminent economists such as Soludo and Lamido Sanusi called him out that those policies would destroy the economy. I myself sounded the alarm.

Rather than listen, he doubled down on them. Three times during his presidency, the economy slid into a recession. It was that bad. The proof of how bad it was can be discerned by the japa syndrome that enveloped the nation in the last 2 years of his government.

Tinubu has been praised for stabilizing the economy. The stabilization came at great cost which involved the floating of the currency which swiftly led to its massive devaluation, and the removal of the fuel subsidy.

What the economy needs now is rapid economic growth that will create wealth and lots of jobs.

Unfortunately for the Nigerian economy, Donald Trump's bad economic policies is sending the global economy into a downturn which has led to a reduction in the demand for crude oil, and a subsequent fall in the price. This will adversely affect the economy. Already, the reduced price of crude oil has led to revenue shortages which may compel the government to scrap all electricity subsidies much earlier than expected.

The economy may not grow as fast as expected.

gr8ofnnetwork:
Currently, as long as Nigeria is doing what is worth doing, we don't really send anybody's GDP. Thanks

What is what doing as in. 30k with amaechi laptops right?

grandstar:
The culprit is actually Buhari.

When he started messing up the economy in his first 30 days with his economic illiterate policies, Nigerian eminent economists such as Soludo and Lamido Sanusi called him out that those policies would destroy the economy. I myself sounded the alarm.

Rather than listen, he doubled down on them. Three times during his presidency, the economy slid into a recession. It was that bad. The proof of how bad it was can be discerned by the japa syndrome that enveloped the nation in the last 2 years of his government.

Tinubu has been praised for stabilizing the economy. The stabilization came at great cost which involved the floating of the currency which swiftly led to its massive devaluation, and the removal of the fuel subsidy.

What the economy needs now is rapid economic growth that will create wealth and lots of jobs.

Unfortunately for the Nigerian economy, Donald Trump's bad economic policies is sending the global economy into a downturn which has led to a reduction in the demand for crude oil, and a subsequent fall in the price. This will adversely affect the economy. Already, the reduced price of crude oil has led to revenue shortages which may compel the government to scrap all electricity subsidies much earlier than expected.

The economy may not grow as fast as expected.

Nigeria went into recession during Buhari's time because of oil prices crises and COVID 19. If such happen again you would understand that Tinubu has done nothing out of the ordinary.

Obaaderemi2:
Nigeria went into recession during Buhari's time because of oil prices crises and COVID 19. If such happen again you would understand that Tinubu has done nothing out of the ordinary.

Wrong. Only the 2020 recession was due to Covid.

That of 2015-2017 was caused by the severe shortage of forex which was caused by the fixing of the exchange rates at very high rates the CBN could not defend- provide enough fx to at that rate

This create a huge depreciation at the black market.

At a point,

Obaaderemi2:
Nigeria went into recession during Buhari's time because of oil prices crises and COVID 19. If such happen again you would understand that Tinubu has done nothing out of the ordinary.

Wrong. Only the 2020 recession was due to Covid.

That of 2015-2017 was caused by the severe shortage of forex which was caused by the fixing of the exchange rates at very high rates the CBN could not defend- provide enough fx to at that rate

This create a huge depreciation at the black market.

At a point, the official rate was $1-N199 at the official market, and 520 at the black market. Lamido Sanusi said it should never br more than 3% as it would lead to distortions in the economy and a lot of nefarious activities. The World Bank said 5% was still bearable. At this rate, the differential was more than 150%. This led to massive roundtripping where the well connected bough5 at the official rate and swiftly disposed 8t at the black market rate.

The recession came to an end in 2017 when the CBN opened a second official window where the currency was allowed to devalue and market determined. This led to an end to the fx shortage. With fx available, companies could restart operations or increase production.

grandstar:
Wrong. Only the 2020 recession was due to Covid.

That of 2015-2017 was caused by the severe shortage of forex which was caused by the fixing of the exchange rates at very high rates the CBN could not defend- provide enough fx to at that rate

This create a huge depreciation at the black market.

At a point,

Nigeria's first recession under Buhari was not in 2015. It was in 2016 and it was caused by low oil prices. By 2017 Nigeria was out of recession. It's still hard to prove that Buhari did more damage to the livelihood of Nigerians than Tinubu

004gist:
We import a lot but produces nothing. A lot of companies has folded and productivity decline. Farmers can't farm successfully in the north n south and remember agriculture is a largest employer of labor.
.

What time did Nigeria devalued the currency? Because before then GDP has been going down.

Its unfortunate that apc came and half the GDP

Dullard like obi...

Floating of dollars brought out the real value of Naira....the dollar was always been padded by previous government...
This prevent administration is the most straightforward government in the history of Nigeria...

Naa hate dey make you dry do this....

Nigerians are not fool....

2027 Nigerians will vote Tinubu... that's just the fact...

You can't use rice and eba propagandas to fool is....many Nigerians are aware of the causes of inflation..How many Nigerians using government names to defraud their fellow Nigerians...

Obaaderemi2:
Nigeria's first recession under Buhari was not in 2015. It was in 2016 and it was caused by low oil prices. By 2017 Nigeria was out of recession. It's still hard to prove that Buhari did more damage to the livelihood of Nigerians than Tinubu

2015 or 2016, basically the same thing.

Low oil prices could have triggered a recession but it was not definitive. Buhari's meddling and fixing the exchange rate was what swiftly collapsed the economy.

If there was ever going to be a recession due to low oil prices, it could have been easily prevented by slashing company taxes for instance to drive investments.

Many of the economic policies which Tinubu is implementing now should have been done then.

Read the article below. It's actually from 2016

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

walefresh3:
Dullard like obi...

Floating of dollars brought out the real value of Naira....the dollar was always been padded by previous government...
This prevent administration is the most straightforward government in the history of Nigeria...

Naa hate dey make you dry do this....

Nigerians are not fool....

2027 Nigerians will vote Tinubu... that's just the fact...

You can't use rice and eba propagandas to fool is....many Nigerians are aware of the causes of inflation..How many Nigerians using government names to defraud their fellow Nigerians...

During obasanjo time of 8 years exchange rate was very low. Nigeria clear their debt, build reserves.

Yar'Adua continue in that same stride. Good luck did his best but not enough as expected.


But you see criminal APC came and destroyed lives of Nigeria.

Fact dont like....


Hope u type the above with amaechi laptop

grandstar:
2015 or 2016, basically the same thing.

Low oil prices could have triggered a recession but it was not definitive. Buhari's meddling and fixing the exchange rate was what swiftly collapsed the economy.

If there was ever going to be a recession due to low oil prices, it could have been easily prevented by slashing company taxes for instance to drive investments.

Many of the economic policies which Tinubu is implementing now should have been done then.

Read the article below. It's actually from 2016

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

Basically the bolded was what caused the recession. Nigeria relies too much on oil revenue. Even up till now. Slashing company taxes can never help a country like Nigeria where tax revenue is less than 10% of GDP.

If another oil price crash happens today, Nigeria will enter another recession.

Obaaderemi2:
Basically the bolded was what caused the recession. Nigeria relies too much on oil revenue. Even up till now. Slashing company taxes can never help a country like Nigeria where tax revenue is less than 10% of GDP.

If another oil price crash happens today, Nigeria will enter another recession.

So Nigeria rely on gold n silver from 1999 to 2015 that saw economy grew?


Make una continue

grandstar:
2015 or 2016, basically the same thing.

Low oil prices could have triggered a recession but it was not definitive. Buhari's meddling and fixing the exchange rate was what swiftly collapsed the economy.

If there was ever going to be a recession due to low oil prices, it could have been easily prevented by slashing company taxes for instance to drive investments.

Many of the economic policies which Tinubu is implementing now should have been done then.

Read the article below. It's actually from 2016

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

Stop blaming exchange rate.

Exchange rate should not be devalued when we aren't producing much.


See the graph below. Note Buhari was In office 31 December 1983 – 27 August 1985 you can see how the economy tank in 1983 to 1985. During this time we entered recession for the first time.

Again Buhari came in 2015 b history repeated itself. Economy tank and we entered recession.

Tinubu is a culprit because he brought a disaster and he himself is not different from him

004gist:
So Nigeria rely on gold n silver from 1999 to 2015 that saw economy grew?


Make una continue

Oil prices fluctuate from time to time. Or maybe you can tell us those great products that gave us growth when we had it.

Obaaderemi2:
Oil prices fluctuate from time to time. Or maybe you can tell us those great products that gave us growth when we had it.

How much was oil when obasanjo took over??

Let me help u... It was 13 dollars per barrel and with time it went to 19.

Stop defending this criminals.

Sahara reporter just published a story where nwike got a house for 2.5m dollars in USA

004gist:
How much was oil when obasanjo took over??

Let me help u... It was 13 dollars per barrel and with time it went to 19.

Stop defending this criminals.

Sahara reporter just published a story where nwike got a house for 2.5m dollars in USA

So they did not steal during Obasanjo s time in power? And that was why the economy grew? Matches. If a man met a barrel of oil at #13 and it rose to $19 that's a massive rise percentage wise. So you would see an upsurge in GDP growth. Nigeria's GDP rises and falls with busts and booms of global oil trade. Even a baby knows this. Nobody is defending anyone here. But we all can't be emotional at the same time

004gist:
Stop blaming exchange rate.

Exchange rate should not be devalued when we aren't producing much.


See the graph below. Note Buhari was In office 31 December 1983 – 27 August 1985 you can see how the economy tank in 1983 to 1985. During this time we entered recession for the first time.

Again Buhari came in 2015 b history repeated itself. Economy tank and we entered recession.

Tinubu is a culprit because he brought a disaster and he himself is not different from him

You are seriously ignorant

After 1980, reduced demand and increased production produced a glut on the world market. The result was a six-year decline in the price of oil, which reduced the price by half in 1986 alone.

This was the main reason the economy tanked during Buhari's first time in the 80s. We rely too much on oil because we are bad at building a knowledge based economy. It's the same across Africa. Check your chart again. Was it Buhari that tanked the Kenyan and South African economy in the 80s too? Even the EU or ECC as it was called then went through a serious recession in the early 80shttps://www.elibrary.imf.org/view/journals/022/0025/002/article-A010-en.xml

Obaaderemi2:
You are seriously ignorant
This was the main reason the economy tanked during Buhari's first time in the 80s. We rely too much on oil because we are bad at building a knowledge based economy. It's the same across Africa. Check your chart again. Was it Buhari that tanked the Kenyan and South African economy in the 80s too? Even the EU or ECC as it was called then went through a serious recession in the early 80shttps://www.elibrary.imf.org/view/journals/022/0025/002/article-A010-en.xml

I can see that u will defend APC maybe as a beneficiary of amaechi laptops or the 30k per months stipend

Obaaderemi2:
So they did not steal during Obasanjo s time in power? And that was why the economy grew? Matches. If a man met a barrel of oil at #13 and it rose to $19 that's a massive rise percentage wise. So you would see an upsurge in GDP growth. Nigeria's GDP rises and falls with busts and booms of global oil trade. Even a baby knows this. Nobody is defending anyone here. But we all can't be emotional at the same time

Oil are not static anywhere. It goes up n down

The same up and down it went based on so many factors.

Today it's 66 dollars.. Tomorrow it could be 70 or even 90

Well i believed u benefited from amaechi laptop

004gist:
I can see that u will defend APC maybe as a beneficiary of amaechi laptops or the 30k per months stipend

Your type usually resort ad hominem when cornered with superior facts. Did you see me mention APC?

004gist:
Oil are not static anywhere. It goes up n down

The same up and down it went based on so many factors.

Today it's 66 dollars.. Tomorrow it could be 70 or even 90

Well i believed u benefited from amaechi laptop

If you knew oil prices were not static, then why are you arguing blindly? How then could a country depend on such an industry and expect stable GDP growth?
I'm still waiting for you to tell us something significant Jonathan or Tinubu did that led to GDP growth apart from oil sales

Obaaderemi2:
If you knew oil prices were not static, then why are you arguing blindly? How then could a country depend on such an industry and expect stable GDP growth?
I'm still waiting for you to tell us something significant Jonathan or Tinubu did that led to GDP growth apart from oil sales

So our economy suddenly depends on oil in Tinubu's period?
Was the economy not dependant on oil during obasanjo and Yar'Adua period?


Tinubu failure to tackle insecurity.
Failure to maintain or strengthen the Naira
Failure to address mass looting of resources

004gist:
So our economy suddenly depends on oil in Tinubu's period?
Was the economy not dependant on oil during obasanjo and Yar'Adua period?


Tinubu failure to tackle insecurity.
Failure to maintain or strengthen the Naira
Failure to address mass looting of resources

Did Jonathan tackle insecurity? Did economy not grow then? Tinubu floated the naira, Obasanjo did not. Which one of them has ever tackled looting?
Oil prices are relatively high now, subsidies have been largely cut off, that's why the Nigerian economy is still afloat under Tinubu. If another oil price shock hits right now like during Buhari's two times in power, the economy will enter recession within a quarter

Tinubu has failed irreversibly. There's no defense of ineptitude and corruption

helinues:
How much is Egypt current debt? Remember the projects they are spending the borrowed money for is not even up to 45% completed

Ewedu logic

casualobserver:
Well said. Truth is our GDP has often been overstated in dollar terms because the dollar rate was a discounted rate not the real market rate.

For instance in May 2015 the official rate was 167. The market rate was 197 so our gdp in dollars was actually $484B not $572B

DMerciful:
Ewedu logic

blocked

DMerciful:
Tinubu has failed irreversibly. There's no defense of ineptitude and corruption

You in particular is not even interested in arguing logically anymore

Sad