₦airaland Forum

NewDigitalWorld:
Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

anonimi:
May 1, 2025

May Day: Hunger, unemployment, insecurity real— Tinubu

According to him: “The theme demands our collective attention and serves as a stark reminder of the need to create an environment where every worker feels safe, valued, and empowered to contribute to the growth and prosperity of our nation. As your President, I assure you that this administration is committed to creating such an environment for the common good.”

On the economic hardship, he noted that while it is a global phenomenon, its effects on Nigerians are particularly severe.

Tinubu said: “I am aware of the peculiarities of the economic hardship Nigerians face—rising living costs, hunger, insecurity, unemployment, and the loss of livelihoods. These challenges are real and demand definitive solutions, which I am poised to address as your President.

https://www.vanguardngr.com/2025/05/may-day-hunger-unemployment-insecurity-real-tinubu/

Softmirror:
This administration dey really, really favour me make I talk true.

May Almighty God continue to bless President Bola Ahmed Tinubu and the Federal Republic of Nigeria. I pray e go favor all of una wey dey complain too o.

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

maasoap:
Some Nigerians still believe that government has no business easing the living conditions of her citizens, they tagged such things seeking handouts from the government like they don't see how it happens abroad, like they don't know what their leaders are stealing.

cucumbar:
My guy, what changed?

Some of your posts make it seem like your account has been hacked.

Or maybe this user name looks like one I use to know as a staunch supporter of anything APC/ Buhari/tinubu.

crossfm:
Hehehe.

We will continue to hear big grammar until their tenure is over.

All their achievements is on paper and the only one's smiling are political appointees and family.

They told us that removing fuel subsidy will turn Nigeria to another Dubai, today we are even borrowing more.

They said floating the naira is the greatest move,we know where we are today.

They said once they remove subsidy on electricity,we will be competing with China for power, another big lamba.

CNG is the next big thing according to them,they celebrated that news for months,we know where we are today.

Bank charges nko?

By next year we will see another drama with their proposed taxation

helinues:
Stop living in the past and catch up with the reality

CodeTemplarr:
Cosmetic improvements in exchange for deeper cracks.

The paid article talks of clearing IMF loans of $3.4B but how much have we borrowed elsewhere to substitute the indebtness to IMF?

HisaacPlus:
Programmed to wail; nothing better was expected from you!
#CifiaPains

NewDigitalWorld:
After years of a whirlwind, things have already started looking up for Nigeria according to a lenghty article by Bloomberg. Nigeria recorded its first balance of payments surplus in three years for 2024, as reforms including boosting oil and gas production, removing fuel subsidies and free-floating the naira paid off.

Africa’s largest oil producer posted a surplus of $6.83 billion in 2024, compared with a $3.34 billion deficit a year earlier. And on the strength of Dangote’s plant, Nigeria has become a net exporter of petroleum products for the first time in three decades. The facility is expected to run completely on local crude when the foreign supply contracts of domestic ¬producers expire this year. The refinery has the capacity to process 650,000 barrels of oil a day, meeting Nigeria’s entire petrol demand and leaving room for exports to grow.

Nigeria has also now paid off $3.4 billion borrowed from the International Monetary Fund during the Covid-19 pandemic, exiting the list of countries in debt to the Washington-based lender.

Nigerian foreign exchange reserves have increased, inflation has moderated and the naira has stabilised. In May, Moody’s Corp. upgraded the country’s foreign currency debt rating.

Assembling economic data about Nigeria’s economic well-bing is a continuous process, dependent on information that’s sometimes incomplete or late in arriving, which can lead to dramatic corrections as happened in the US a few weeks ago. Another such shift happened in Nigeria last month when it was announced that the nation’s gross domestic product was suddenly more than 30% bigger.

Gathering figures for an emerging or frontier market isn’t straightforward — particularly given how much activity occurs outside the formal part of the economy that features salaried workers. Arguably, the revised look at Nigeria offers a more accurate picture.

It remains the fourth-largest economy on the African continent, having lost its status as No. 1 two years ago, when President Bola Tinubu endorsed a more realistic exchange rate by letting the naira float more freely.

The new data show the west African nation to be more agricultural and less industrialised than before, according to an assessment by JPMorgan Chase economist Gbolahan Taiwo.

Manufacturing is less than 9% of GDP now, versus the near 14% previously claimed. And the “informal” sector is now bigger, at almost 43% of GDP — reflecting a nation that provides its citizens with few services.

In Nigeria’s economy, “you have to provide almost everything by yourself,” says Aliko Dangote, the nation’s and perhaps Africa’s most successful self-made.

There’s a long ways to go though. Almost a third of Nigeria’s 230 million-plus people live on less than $2.15 a day, the World Bank’s definition of extreme poverty. Life expectancy is age 54, five years lower than that of Somalia. Petrol and diesel generators provide much of the power consumed in the country because of perennial outages, and the skylines of big cities are littered with tanks holding water from privately dug boreholes.

This reality — grinding poverty in a country with great natural wealth — is common.

Economists call it the “resource curse” and consider Nigeria a prime example. The idea is that oil and other minerals can often hinder rather than help countries’ development.

Studies have found that overreliance on such bounty can crowd out other industries, leaving countries underdeveloped and subject to volatile commodity prices.


Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

Putinofrussia:
Kudos to President Tinubu and Nigerians.
However,we want it to trickle down to the masses.

lexy2014:
If it has not trickled down, what then is the kudos for?

Putinofrussia:
It is trickling down,sir.
Derica of rice is now #300 and it will still go lower..

Putinofrussia:
Kudos to President Tinubu and Nigerians.
However,we want it to trickle down to the masses.