₦airaland Forum

do buhari have to ruin this country totally before we revolt against him..this is jus his first year in office imagine the damage he will do to this country in three more years..am sure by then he would have completed his dream and desire to tour the world

omg! we are finished

Quakertellicus1:
It is dropping because our economy is pegged to oil...which your dear darling PDP did nothing about for 16 years...despite being given the money to deal with it.

And diversification takes time.

Biko what is he diversifying tell me 1 new thing buhari has done in this past 1 year and you win

This is not a good news at all. May God help us

ATERI:
To hell with foreign investors!!

u are not okay at all...what is a country's economy without foreign investors??

& i voted this aimless/insensitive nomad? Mtcheww....

Quakertellicus1:
It is dropping because our economy is pegged to oil...which your dear darling PDP did nothing about for 16 years...despite being given the money to deal with it.

And diversification takes time.

Wrong!
The investors have NO confidence in Buhari's economic policies & team.

This disaster is simply because of fellows like you that voted Buhari. A man that knows nothing about the 21st century economic management.

Should PMB resign?

if yes,click like.

if No, click share

2day is my bday

Quakertellicus1:
It is dropping because our economy is pegged to oil...which your dear darling PDP did nothing about for 16 years...despite being given the money to deal with it.

And diversification takes time.

Dont you ever get tired of parroting this nonsense?
you must be Buhari or one of his media people

STFUand4kMeHARD:
After weeks of gradual build-up, Nigeria’s external reserves have begun to deplete again, dropping by $30.23 million as foreign investors exit the Nigerian markets.

The reserves had dropped to $27.858 billion within 11 days as at Friday, April 1, 2016 from $27.888 billion which it was on March 21, 2016.

The reserves had gradually risen since early February when it reached $27.894 billion.

Foreign investors repatriating profits and others exiting the Nigeria equities and bond markets had last week triggered a rise in foreign exchange disbursement by some banks.

Many of the investors, after liquidating their investments, secured forex to repatriate their funds through Stanbic IBTC Bank.

The lender disbursed $19,305,571.50 to 68 customers, according to published disbursement data for last week.

JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of equities and Federal Government of Nigeria (FGN) Bonds.

There was also $2,010,690.01 disbursed to State Street/Stanbic Nominees-E by the lender for the same purpose.

BP2S/BNP Pribas obtained $130,167.61; Standard Bank of South Africa, $541,671.31; Merrill Lynch International $63, 767.89; HSBC Funds Services London, $394,210.30; and The Bank of New York Mellon 2, $206,317.82.

The foreign investors have been pressurising the Central Bank of Nigeria (CBN) to devalue the naira, which it has vehemently resisted. Last week’s repatriation of investments is expected to continue in the months ahead as the margin between the official exchange rates has continued to widen.

Source:

http://leadership.ng/news/515529/external-reserves-drop-27-85bn-foreign-investors-repatriate-30-2m

No go area! This foreign investors re just bent on a policy that will favour them forgetting that it will drive local content if they opt out. My pain is just that we shud have made this sacrifice long time ago and not now.

Quakertellicus1:
Takes one to know one

This one is still forming witty and smart-ass. Cry for yourself, if you voted Buhari. It takes an irredeemable dullard to vote one.

Let those that voted in this government and still see nothing bad in his policies bear the suffering most. Is only zombies that his/ her head is about to cut off and he /she will be smiling to the head cutters. What a zombies!!!

let them go after all they aren't adding value to my life

SirJeffry:
NAIJA is crashing like a plane, not just any plane crash but BELLVIEW plane crash.

I don't have too many regrets because none of my folks contributed to this mess of voting for APC.

Birdview u meant?

TPAND:
Buhari's mental capacity to understand the present economic woes is in diminution.

Each passing day the level of his foolishness increases by 20 light years. Take it or leave it, he can't handle the demands & pressures of being the No. 1 man of Nigeria. Age is telling on him, he face is shrinking faster than expected, same goes for his brains

Before Buhari destroys the future of Nigeria, we better collect signatures to get him out before December. Obviously Buhari is the clueless one

To impeach him will be hard to achieve. The Northerners will rise up against such move (even if every one of them should die of hunger as a result of Buhari), except he will be replaced with another Northerner. Osinbajo is definitely not an option for them, and that shows you how divided we really are in this country.

We only need to get things right during this period of hardship, they'll later beg to
crawl back into the Nigerian market whenever the going is good.
Such is the life of merchants, they will only trade with you when the going is good.

The problem is that our leaders are dubious, myopic and self-serving, had it been
they have the interest of Nigerians at heart, Nigeria would have moved past all these embarrassment because
they would have saved for the raining day,
be visionary in their governance and
know how to do their best for the nation and
not siphoning our commonwealth to develop other nations.

ifyalways:
Economists in the house, how does this concern or affect the common man?

Another bout of inflation?

We shall overcome this government and all their unfriendly policies.

I pay :
PIT
VAT
FIRS company tax
Stamp duty charge
Land use charge

Yet, I take care of my water, light, security etc. When will the Government start working for the masses?

(The Quaker Tellicus Economic Analysis Report....with Mr QT1)

1.The ECA is dropping because oil prices have stayed low....meaning that we do not have the forex to replenish losses.

2.It is also dropping because we are an import dependent economy. (CBN's restrictive polices have slowed the drop somewhat....it would have been 15bn if CBN had not gone restrictive).

3.Because we still import a lot...plus we import raw materials for our industries (eg..soft drinks)...the prices of goods will go up as manufacturers and importers need more naira to get one dollar.

4.This means that the common man has to pay more for imported goods (like rice) and even locally manufactured goods too,

5.The reason why the govt does not take care of Nigerians well from time immemorial is because governments are not really dependent on taxation, they are dependent on revenue from exports of oil and company.As a result....the sense of accountability is reduced...compared to a govt that is heavily dependent on taxes..who has MORE PRESSURE to perform or out they go.

And that's this morning's QT economic analysis.

(Outro music...)

It is better they go with their ill gotten funds from Jonathan's administration.

Need we open how useless contracts worth millions of dollars were awarded at different times to them at our detriment? What do we have to show for it than out long necks?

To hell with them for real... This is the step Baba wants to take. Let them go so we can grow our Nation.

Please quote me without abusing me and lets debate like sane people.

BTW who has ever reasoned well enough to know that Buhari is far more intelligent than so many nairalanders?

And they will blame GEJ. Where is Tinubu, Lar Mohammed and PMB ?

ATERI:
To hell with foreign investors!!

Even the small local businesses are dying. A friend who sells dipers could not order more stock because the price is like 3 times what she pays to get them.

slap1:
This one is still forming witty and smart-ass. Cry for yourself, if you voted Buhari. It takes an irredeemable dullard to vote one.

I did not vote(job things)...and I support one of the smaller parties anyway....and Buhari has not done enough in my opinion...he should be doing what JJ of Ghana did and run an austeirity govt.

Seems to me that you are the one still crying...over a lost election.

2019 is round the corner.....

NavierStokes:
I thought CBN said Nigerians have $20billion sitting idle in their accounts, remittances from diaspora for 2015 was $21billion, so why is the reserve still around $27billion?

Lies everywhere!!!!!

So you actually believed the diaspora ish, our money here maintains most of the fellows in the diaspora, more monies leave our shores than its coming in.

Diaspora my foot. They are the worst hit with the present economic decline

tonio2wo:
Even the small local businesses are dying. A friend who sells dipers could not order more stock because the price is like 3 times what she pays to get them.

It's normal...

Even if things are not as it seem now, normal forces of demand and supply could push up prices.

glook:
Do you want him to satisfy the foreign investors which will lead to more sufferings for Nigerians?

What is your solution?

what do u know about satisfying foreign investors??
and how will that lead to suffering of Nigerians??
see!!! A stable and fast growing economy is enough to satisfy foreign investors.
I for one, support no political party but buhari is messing up Nigeria economy big time.
the funny thing is that bihari still makes promises even now that he is the president. we don't need promises again, we need result.

Quakertellicus1:
It is dropping because our economy is pegged to oil...which your dear darling PDP did nothing about for 16 years...despite being given the money to deal with it.

And diversification takes time.

The problem is that I see no diversification from this government else Buhari won't be the minister of petroleum. He should have been minister of agric.

Babzilla:
Dont you ever get tired of parroting this nonsense?
you must be Buhari or one of his media people

Do you have Buhari's people'scontacts....I need them baaad...I am broke, and need the money!

Assignment.....Read this...
http://nigeriaworld.com/articles/2004/aug/062.html

The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.

Pidggin:
Buhari is an economic Sunami

Tsunami actually.

luvinhubby:
Wrong!
The investors have NO confidence in Buhari's economic policies & team.

This disaster is simply because of fellows like you that voted Buhari. A man that knows nothing about the 21st century economic management.

Nope...did not vote for Buhari....would have voted KOWA orone of the smaller parties.

Assignment:

http://nigeriaworld.com/articles/2004/aug/062.html

One more thing....investors are running because....no more forex to spread anymore. That is what happens in a oil dependent economy when the price of oil goes down.

Do you do any business without making profit. Foreign investors moved their profits and you blame it 9n the government. Wailers make una fear God oooo!!!!

STFUand4kMeHARD:

Oya let the zombies come sing once more of how this is next best thing for the economy after bole and ewa

ATERI:
To hell with foreign investors!!

see your mouth...these few are just the beginning of many such investors that will exit the nig economy....every economy needs foreign investors, weather you like it or not....