₦airaland Forum

gohome:
We have a problem.
1. Weak Fiscal Policy and political structure.
2. Executing good economic policies.


I will only touch on 2 because the ruling party does not have the nerve to dismantle the fiscal structure we have now. Also so unfortunate the last one could not. In the next elections, we should vote for the guy that will stop handouts to states. The gain of just this single decision is too enormous to mention in this thread. Will create another thread highlighting this

I will go ahead with number 2. Solutions to number 2 start with a good plan (budget). Unfortunately we have started off in the wrong foot. The growth rate of a country depends on rate of saving and investment. For this purpose, budgetary policy aims to mobilise sufficient resources for investment in the public sector. Therefore, the government makes various provisions in the budget to raise overall rate of savings and investments in the economy. what I have seen so far in this years budget is not impressive. Hopefully next year will be much better.


Another example as regards to policy is curbing inflation rate. Look around you, you can hardly find anything manufactured in Nigeria. So what it means is that inflation is going to be in double figures because of a devalued Naira at 310 to a dollar. It's a bad policy to fix the Naira and not let market forces work. A good example to explain this bad policy is the way and manner we have handled our forex. Firstly, the entire policy to control our outflow was not carefully thought through. What we are doing is fixing the roof because of bad foundation. Or repainting the car and feeling good when your engine is about to knock. Bad precedence we have laid in the past 50 years. Keeping the right to set the dollar price exclusively to CBN is a recipe for disaster. It's only a matter of time and that time will be when oil is worthless. Do you know that the CBN gathers all our dollars and print Naira equivalents of these dollars. They flood this Naira in the economy and because the GDP growth is not equivalent to the Flooded Naira, inflation starts to kick in, the CBN the go ahead to reduce to cash in circulation by raising interest rate, selling T bills and even borrowing from bank at huge cost. Imagine! The simple solution to this is to let it stand on its feet. Every body source for your dollars and let your customers buy it at any price.

But wait a minute, the decision to do that is not so simple, the dollar will reach 500 Nairas, so politically, it will be suicidal considering the fact that 1 Naira was suppose to be of equal value to the dollar.

A true devalued Naira may be a solution to our problems. It will reignite the real sector. Manufactured good in Nigeria can now compete with foreign goods In Nigeria. Thousand of Jobs will be created. We will get better at it and even start to export. There is hope people.

That's the only way. For you to increase your outflow, you have to be able to sell manufactured products, resources like oil etc can not cut you in. To be able to manufacture competively with China, Germany etc, you will need

1. Technology
2. Fiscal policies, tax cuts import waivers on heavy duties etc
3. Most important, Infractructural development (1 Trillion US at least).This will include power, rail, roads, ports etc. unfortunately, we have squandered billions of hard earn forex that should have been used for this
4 Human Resource - STEM professionals, technicians etc
5. Strong Policing- strong police force, legal framework etc.
6. Strong Foreign policy

What do we do?
1. Can we as citizens reach out to our legislators that the budget should reflect the above and don't be passed until it is changed.

2. Can we also push for a well laid out fiscal policy

3. Can we also push for a policy that will ban all forms of commodities except heavy duty equipment from accessing forex from the CBN

4. Can we set a hard target for the power problem to be fixed. (Milestones included). All projects in the world have targets

5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

6. With just a 10% increase in GDP and 30% increase in manufacturing, 2.2 million barrel a day of oil we produce will not be enough for local consumption.






Came across the link below and I thought it might be interesting.

https://m.youtube.com/watch?sns=fb&v=xex7NAhTR_w

mrvitalis:
Bro the solution is not on grammar we need urgent solutions and I would propose the following
Government should set up a farm company like NNPC allocate unfarmed land to the company
Develop seedlings true the ministry of agriculture... Farm to substitute the things we import simple as a b c
Allocate 200000 hecters for wheat farming
1 million hecters for rice farming
Just like that.. .

tuniski:
let them recover what ever money that has been looted. However, fighting corruption must be a continuous endeavor not a govt policy! Moreso, recovered loots can only be bonus not what we will run the economy with. Forward we must look to regenerate not a backward looking attempt at hiding incompetence neither will blame game deliver posterity!
Having welfarist/socialist trial and error during a period of harsh economic realities is a complete disaster. Enterprise must be encouraged. No one grows wealth without growing humans but, govt dependency only helps in breeding corruption as enterprise!

Let us earn forex by doing small exchanges from items in our backyards. Depending on oil for over 90% of our forex earning is a disaster we are witnessing. In all, vilifying other nigerians of different political and ideological leanings instead of tapping into the collective reservoir of our human capital is negating genuine effort at regeneration!

gohome:
Can we discuss without name calling? Plus I need solutions not blames. Please let us focus on the solutions to our problems with minimal or no blame

gohome:
We have a problem.
1. Weak Fiscal Policy and political structure.
2. Executing good economic policies.


I will only touch on 2 because the ruling party does not have the nerve to dismantle the fiscal structure we have now. Also so unfortunate the last one could not. In the next elections, we should vote for the guy that will stop handouts to states. The gain of just this single decision is too enormous to mention in this thread. Will create another thread highlighting this

I will go ahead with number 2. Solutions to number 2 start with a good plan (budget). Unfortunately we have started off in the wrong foot. The growth rate of a country depends on rate of saving and investment. For this purpose, budgetary policy aims to mobilise sufficient resources for investment in the public sector. Therefore, the government makes various provisions in the budget to raise overall rate of savings and investments in the economy. what I have seen so far in this years budget is not impressive. Hopefully next year will be much better.


Another example as regards to policy is curbing inflation rate. Look around you, you can hardly find anything manufactured in Nigeria. So what it means is that inflation is going to be in double figures because of a devalued Naira at 310 to a dollar. It's a bad policy to fix the Naira and not let market forces work. A good example to explain this bad policy is the way and manner we have handled our forex. Firstly, the entire policy to control our outflow was not carefully thought through. What we are doing is fixing the roof because of bad foundation. Or repainting the car and feeling good when your engine is about to knock. Bad precedence we have laid in the past 50 years. Keeping the right to set the dollar price exclusively to CBN is a recipe for disaster. It's only a matter of time and that time will be when oil is worthless. Do you know that the CBN gathers all our dollars and print Naira equivalents of these dollars. They flood this Naira in the economy and because the GDP growth is not equivalent to the Flooded Naira, inflation starts to kick in, the CBN the go ahead to reduce to cash in circulation by raising interest rate, selling T bills and even borrowing from bank at huge cost. Imagine! The simple solution to this is to let it stand on its feet. Every body source for your dollars and let your customers buy it at any price.

But wait a minute, the decision to do that is not so simple, the dollar will reach 500 Nairas, so politically, it will be suicidal considering the fact that 1 Naira was suppose to be of equal value to the dollar.

A true devalued Naira may be a solution to our problems. It will reignite the real sector. Manufactured good in Nigeria can now compete with foreign goods In Nigeria. Thousand of Jobs will be created. We will get better at it and even start to export. There is hope people.

That's the only way. For you to increase your outflow, you have to be able to sell manufactured products, resources like oil etc can not cut you in. To be able to manufacture competively with China, Germany etc, you will need

1. Technology
2. Fiscal policies, tax cuts import waivers on heavy duties etc
3. Most important, Infractructural development (1 Trillion US at least).This will include power, rail, roads, ports etc. unfortunately, we have squandered billions of hard earn forex that should have been used for this
4 Human Resource - STEM professionals, technicians etc
5. Strong Policing- strong police force, legal framework etc.
6. Strong Foreign policy

What do we do?
1. Can we as citizens reach out to our legislators that the budget should reflect the above and don't be passed until it is changed.

2. Can we also push for a well laid out fiscal policy

3. Can we also push for a policy that will ban all forms of commodities except heavy duty equipment from accessing forex from the CBN

4. Can we set a hard target for the power problem to be fixed. (Milestones included). All projects in the world have targets

5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

6. With just a 10% increase in GDP and 30% increase in manufacturing, 2.2 million barrel a day of oil we produce will not be enough for local consumption.






Came across the link below and I thought it might be interesting.

https://m.youtube.com/watch?sns=fb&v=xex7NAhTR_w

mrvitalis:
Government can set up this farms..Run them for five years when the private companies are ready they sale them off..... ....
The LNG is a good model to follow.. .. Government can own 80% but allow the company that owns 20% to run it and government supervise
Nigerian government need cash .... and I see quick cash in the agricultural industry

frankwyte:
The reason i stopped commenting on national discuss that will assist this nation is when you tell the truth, some people just are not comfortable with the truth rather they results to name calling or better put ..... Strange to be criticize, that way they remain stagnant, and cant move forward or interact without having grudges; but they soon forget that you need interaction and criticism to appreciate the beauty of life itself otherwise yu are dead!

gohome:
We have a problem.
1. Weak Fiscal Policy and political structure.
2. Executing good economic policies.


I will only touch on 2 because the ruling party does not have the nerve to dismantle the fiscal structure we have now. Also so unfortunate the last one could not. In the next elections, we should vote for the guy that will stop handouts to states. The gain of just this single decision is too enormous to mention in this thread. Will create another thread highlighting this

I will go ahead with number 2. Solutions to number 2 start with a good plan (budget). Unfortunately we have started off in the wrong foot. The growth rate of a country depends on rate of saving and investment. For this purpose, budgetary policy aims to mobilise sufficient resources for investment in the public sector. Therefore, the government makes various provisions in the budget to raise overall rate of savings and investments in the economy. what I have seen so far in this years budget is not impressive. Hopefully next year will be much better.


Another example as regards to policy is curbing inflation rate. Look around you, you can hardly find anything manufactured in Nigeria. So what it means is that inflation is going to be in double figures because of a devalued Naira at 310 to a dollar. It's a bad policy to fix the Naira and not let market forces work. A good example to explain this bad policy is the way and manner we have handled our forex. Firstly, the entire policy to control our outflow was not carefully thought through. What we are doing is fixing the roof because of bad foundation. Or repainting the car and feeling good when your engine is about to knock. Bad precedence we have laid in the past 50 years. Keeping the right to set the dollar price exclusively to CBN is a recipe for disaster. It's only a matter of time and that time will be when oil is worthless. Do you know that the CBN gathers all our dollars and print Naira equivalents of these dollars. They flood this Naira in the economy and because the GDP growth is not equivalent to the Flooded Naira, inflation starts to kick in, the CBN the go ahead to reduce to cash in circulation by raising interest rate, selling T bills and even borrowing from bank at huge cost. Imagine! The simple solution to this is to let it stand on its feet. Every body source for your dollars and let your customers buy it at any price.

But wait a minute, the decision to do that is not so simple, the dollar will reach 500 Nairas, so politically, it will be suicidal considering the fact that 1 Naira was suppose to be of equal value to the dollar.

A true devalued Naira may be a solution to our problems. It will reignite the real sector. Manufactured good in Nigeria can now compete with foreign goods In Nigeria. Thousand of Jobs will be created. We will get better at it and even start to export. There is hope people.

That's the only way. For you to increase your outflow, you have to be able to sell manufactured products, resources like oil etc can not cut you in. To be able to manufacture competively with China, Germany etc, you will need

1. Technology
2. Fiscal policies, tax cuts import waivers on heavy duties etc
3. Most important, Infractructural development (1 Trillion US at least).This will include power, rail, roads, ports etc. unfortunately, we have squandered billions of hard earn forex that should have been used for this
4 Human Resource - STEM professionals, technicians etc
5. Strong Policing- strong police force, legal framework etc.
6. Strong Foreign policy

What do we do?
1. Can we as citizens reach out to our legislators that the budget should reflect the above and don't be passed until it is changed.

2. Can we also push for a well laid out fiscal policy

3. Can we also push for a policy that will ban all forms of commodities except heavy duty equipment from accessing forex from the CBN

4. Can we set a hard target for the power problem to be fixed. (Milestones included). All projects in the world have targets

5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

6. With just a 10% increase in GDP and 30% increase in manufacturing, 2.2 million barrel a day of oil we produce will not be enough for local consumption.






Came across the link below and I thought it might be interesting.

https://m.youtube.com/watch?sns=fb&v=xex7NAhTR_w

tuniski:
no,that will be concentration camp not farming. Moreso, govt doing more aand more Is simply encouraging inefficiency and corruption. Govt is already overwhelmed let citizens be Stimulated and encouraged to do commercial agriculture. Govt must stay off they are a never do good bunch!

musicwriter:
I got interested in this because you mentioned STEM and Germany. That tells me you know something about development which our government seem to know nothing about.

Recently, I heard the CBN governor blaming imports for our bad economy. Well, that's right, but what he seem not to understand is that import dependent economy is a symptom that something is wrong. What's wrong?. The root cause is lack of STEM in schools. The root cause of our economic problem whether in Nigeria or other African countries is lack of Science, Technology, Engineering and Math education- STEM.

We don't know science!!. NO NATION WILL INDUSTRIALIZE WITHOUT SCIENCE!. Only science can solve the poverty problem of any nation!.

Aside this, every other thing you listed is chasing shadows, the same old treating symptoms instead of the cause of sickness.

To begin any economic development in Africa, the first thing that needs be done is restructure education in Africa. Ban English and French is schools and give free education/scholarship to every student studying sciences; chemistry, physics, biology, mathematics.

Fiscal policy or investments or whatever you call them are cosmetic solutions, they're treating symptoms as you rightly stated. Africa cannot develop with the current western brainwashing model of education we inherited from Britain and France. Western education is anti-development!!.

No need to write an epistle here, cause all these was discussed in full in part 1 and 2 of the link on my signature.

baralatie:
As you can see from comments on your thread.some people are so comfortable in blaming than in solving problems.
The present administration has the easiet work on pursuing economic growth but it has a problem with itself.if it does not free itself from throwing or casting blames it spends unnecessary energy in getting solutions that require little energy expenditure.
Maybe when the is a more open minded thread

musicwriter:
I got interested in this because you mentioned STEM and Germany. That tells me you know something about development which our government seem to know nothing about.

Recently, I heard the CBN governor blaming imports for our bad economy. Well, that's right, but what he seem not to understand is that import dependent economy is a symptom that something is wrong. What's wrong?. The root cause is lack of STEM in schools. The root cause of our economic problem whether in Nigeria or other African countries is lack of Science, Technology, Engineering and Math education- STEM.

We don't know science!!. NO NATION WILL INDUSTRIALIZE WITHOUT SCIENCE!. Only science can solve the poverty problem of any nation!.

Aside this, every other thing you listed is chasing shadows, the same old treating symptoms instead of the cause of sickness.

To begin any economic development in Africa, the first thing that needs be done is restructure education in Africa. Ban English and French is schools and give free education/scholarship to every student studying sciences; chemistry, physics, biology, mathematics.

Fiscal policy or investments or whatever you call them are cosmetic solutions, they're treating symptoms as you rightly stated. Africa cannot develop with the current western brainwashing model of education we inherited from Britain and France. Western education is anti-development!!.

No need to write an epistle here, cause all these was discussed in full in part 1 and 2 of the link on my signature.

gohome:
5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

InvertedHammer:
/
I beg to differ.

Even the best driver in the world cannot drive a car with no fuel in the tank.

GEJ and co. siphoned all the fuel out of the tank, threw the key at Buhari and said,"let's see you drive this car to the intended destination"

Then there is scarcity of fuel.

/

Standing5:
For the delusional ones amongst us, Buhari has been running same economy other ran with oil earnings averaging $108+/b at average $35+/b. We should be concerned about how this man is being able to meet our 70% recurrent expenditure needs. We have situation where over the years past govt have increase recurremt bill foolishly in response to increased earnings. Imagine the effect of Yar'adua regime increase of federal worker pay, Governing arms of govt pay incrememt under OBJ, quadrapule increament in leakages since the last time oil sold for $20-somethin a barrel that has taken place. All these are now clearly added responsibility with no corresponding developement to sustain. They 16 years of excess earning and its near-total spending on recurrent bills by prfevious administrators is contradictory to what is obtainable in similar oil export dependent economy like ours. Nations like Saudi Arabia, Venezuela, Norway, UAE, Iran, Kuwait, Angola, Canada, Chicago state in the US you name it.

eagleccentric:
Very correct.
Without investment in STEM, we will go nowhere.
Countries we call developed or industrialized dont pay lip service to Research and Development (RD). Here we have a Ministry of science and technology that is just a ministry by name, no single output in the last 50 years.
See China for example, at a time they were poor and underdeveloped like us, but with heaving investments in training engineers, see what they have become.

The OP talked about devaluation being good for our economy as it will encourage production. I call that textbook rubbish!!! Translate that to real terms and relate it to our economy. How can a devalued naira aid production when all the tools and equipment, even bolts and nuts needed for production/manufacturing is still being imported. In other words, at 310 a dollar, the tools cost almost twice as much as they did this time last year. Where will the money come from. Who can afford production with the rising cost of inflation??

We are in deep sh*t and clearing the mess is what we need to do right now..

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

gohome:
We have a problem.
1. Weak Fiscal Policy and political structure.
2. Executing good economic policies.


I will only touch on 2 because the ruling party does not have the nerve to dismantle the fiscal structure we have now. Also so unfortunate the last one could not. In the next elections, we should vote for the guy that will stop handouts to states. The gain of just this single decision is too enormous to mention in this thread. Will create another thread highlighting this

I will go ahead with number 2. Solutions to number 2 start with a good plan (budget). Unfortunately we have started off in the wrong foot. The growth rate of a country depends on rate of saving and investment. For this purpose, budgetary policy aims to mobilise sufficient resources for investment in the public sector. Therefore, the government makes various provisions in the budget to raise overall rate of savings and investments in the economy. what I have seen so far in this years budget is not impressive. Hopefully next year will be much better.


Another example as regards to policy is curbing inflation rate. Look around you, you can hardly find anything manufactured in Nigeria. So what it means is that inflation is going to be in double figures because of a devalued Naira at 310 to a dollar. It's a bad policy to fix the Naira and not let market forces work. A good example to explain this bad policy is the way and manner we have handled our forex. Firstly, the entire policy to control our outflow was not carefully thought through. What we are doing is fixing the roof because of bad foundation. Or repainting the car and feeling good when your engine is about to knock. Bad precedence we have laid in the past 50 years. Keeping the right to set the dollar price exclusively to CBN is a recipe for disaster. It's only a matter of time and that time will be when oil is worthless. Do you know that the CBN gathers all our dollars and print Naira equivalents of these dollars. They flood this Naira in the economy and because the GDP growth is not equivalent to the Flooded Naira, inflation starts to kick in, the CBN the go ahead to reduce to cash in circulation by raising interest rate, selling T bills and even borrowing from bank at huge cost. Imagine! The simple solution to this is to let it stand on its feet. Every body source for your dollars and let your customers buy it at any price.

But wait a minute, the decision to do that is not so simple, the dollar will reach 500 Nairas, so politically, it will be suicidal considering the fact that 1 Naira was suppose to be of equal value to the dollar.

A true devalued Naira may be a solution to our problems. It will reignite the real sector. Manufactured good in Nigeria can now compete with foreign goods In Nigeria. Thousand of Jobs will be created. We will get better at it and even start to export. There is hope people.

That's the only way. For you to increase your outflow, you have to be able to sell manufactured products, resources like oil etc can not cut you in. To be able to manufacture competively with China, Germany etc, you will need

1. Technology
2. Fiscal policies, tax cuts import waivers on heavy duties etc
3. Most important, Infractructural development (1 Trillion US at least).This will include power, rail, roads, ports etc. unfortunately, we have squandered billions of hard earn forex that should have been used for this
4 Human Resource - STEM professionals, technicians etc
5. Strong Policing- strong police force, legal framework etc.
6. Strong Foreign policy

What do we do?
1. Can we as citizens reach out to our legislators that the budget should reflect the above and don't be passed until it is changed.

2. Can we also push for a well laid out fiscal policy

3. Can we also push for a policy that will ban all forms of commodities except heavy duty equipment from accessing forex from the CBN

4. Can we set a hard target for the power problem to be fixed. (Milestones included). All projects in the world have targets

5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

6. With just a 10% increase in GDP and 30% increase in manufacturing, 2.2 million barrel a day of oil we produce will not be enough for local consumption.






Came across the link below and I thought it might be interesting.

https://m.youtube.com/watch?sns=fb&v=xex7NAhTR_w

2wizkids:
sometime last week i was just telling my dad how our education system was one of our major problems in this country, our schools prepare us to be job hunters rather than job creators, someone mentioned something earlier about our education system needing complete overhaul and i say thats long over due, its one of the reason you have great minds and talents being wasted. talking about agriculture @9japatriot you couldnt have said it better, the issue is not in the farming but what and how we make do of the farm produce, there's a local government in my state (Edo State) where a dozen of pineapple is sold for 200 naira, i almost cried for the farmer.
i believe if they had a factory in that vicinity that could buy all their produce for processing(at a reasonable price), that farmer would be willing to increase his produce the next year. thats how i believe great countries like the U.S are doing it. now the government can place a ban on importation of any agricultural product we can produce locally or tax breaks for as many factories that patronize our local farmers for a start.
the list is endless.