Atlantian:


You should simply ask me questions without resorting to conclusions based on your assumption. There will be no internal wars to fight, no Boko Haram, no Biafra agitators and no Militants once they people are directly in ownership of their resources.

2. The States will explore resources they have, be it farm land, or Timber, be it cocoa, groundnut, even States like Anambra can become manufacturing hub. There is no single State without great resources even Borno State. But if there is any States that are ready to merge, then their houses of Assembly should discuss and meet with NASS to ratify the laws to effect their emergence.

3. 40% is very much great for a Federal Government if utlized without corrution. We are talking about 40% from all the States and 100% the Fed will keep from resources from littoral waters etc plus an enhanced and focused tax regime

Atlantian:


Words like "devalue the Naira" is not supposed to exist. The right words should be "allow the value of naira to be determined by economic forces" while you block leakages. No one should charge fees and sell items in dollars or any other foreign currency in Nigeria. Close down all USD denominated account and convert the funds at agreed fx rate to Naira, then allow importers to conduct their businesses with certain tact and tax. Right ? But CBN decided to fix false exchange rate for Naira and still changes policy up and down like amarteurs. Do they not know that the single problem facing the economic is keeping funds in foreign currencies called Dorm accounts ?

Close down dorm account and allow every international transfers be settled in our local currency. That solves the very immediate step.

miqos02:


what happened to the last devaluation of the naira in december 2014? from 160 to 198

erico2k2:

you are missing the point, shale is actually a cheaper way of getting Oil off the ground.

19naia:
Nigeria will benefit in terms of selling more exports if its currency is weak. The focus on production is alive and should be pushed further and the currency should be allowed to settle to a realistc rate relative to the state of the economy. Eventually, local production finding it's way to export will strengthen the economy and that will in turn bring the Naira back to strength. Dont forget where a weakness in one area can be a strength in another area.

musicwriter:


.

Generally, Nigeria is not ready for development. I for one, know how to spur development than anybody in the government. For example; I have more solution for our electricity problem than the power minister. But, that's not the issue for now.

When analysing all these, don't forget to look back to history, cause economic theories isn't enough. Winston Churchill said "the farther backward you look at history, the farther forward you are likely to see''. We once devalued the Naira under IBB's regime in the 80's. It didn't end well. It gave us structural adjustment program- SAP which brought hunger in the land, literally. Thereafter, the world bank lured Nigeria to more loans, until we depended on more loans to survive. Our economy was then owned and directed by western powers to our detriment- something Obasanjo worked hard to pay off and to have them "cancel the debts". Many countries like Argentina, Indonesia, Ghana, Bangladesh, e.t.c have toed that line and it didn't end well for any country.

If the president can work seriously on electricity to boost power supply, work on our refineries, encourage buy Nigerian made, e.t.c you'll see after a while the dollar will start falling naturally to its place. Both IMF and US know this, that's why they're putting enormous pressure on our blind elites to pressure the president into submission. Devaluation of the Naira would benefit western nations more than Nigeria. That's the problem.

King44:
if Buhari devaluate benin republic go better pass naija

jpphilips:


What is your export capacity as a country?

19naia:


I am not a country myself -but in West Africa alone, Nigeria has significant export capacity. I travelled by road from Nigeria through west Africa all the way to Ivory coast. I saw long lines of Dangote cement trucks lined up at the borders and dangote has been able to consistently lower the price of a bag of cement despite ongoing inflation and drop of naira value, because it helps his over all sales and exports whch enhances his profit and product exposure for future growth. Thats a sure sign that Nigeria made cement is getting to other countries in Africa.

I was wandering streets buying products in Benin republic and saw products that were made in Nigeria or were imported to Nigeria where they were then sold to Benin republic. I noticed the Nigerian sourced products there were mostly higher priced than the average things people there buy. They have a lower cost of living there than in Nigeria and also lower income on average. Their currency value is nearly 600cfa to $1.
Imagine if the naira were devalued, many of the products exported to Benin would become more affordable to benin people if their own currency doesnt devalue along side the naira.
Benin is just one simple example, there are many other countries in Africa. I really think there is more money to be made exporting to other african Nations from Nigeria rather than many Nigerian's pathological affinity to ignore africa and imagine equity with and compare to the countries commanding the £,€ and $.
Equity in Africa is where Nigeria should begin. Compare the Naira to fellow African Nations and there is something to be proud of. 600cfa to $1 is what they have in Benin, togo, and Ivory coast. Ghana cedi is artificial redenomination of a currency that was being handled in the milllions for average transactions, so thats why it rates less than 4 cedi to $1 today.
Nigeria Economy compares well in Africa and there is a lot more Nigeria can do to fill Africa's needs and that will grow Nigerias Economy beyond the already giant status.
Even export of simple produce and common things that simple people use. The eagerness to ignore Africa and try to rank the Naira along side USA $ is a pathological issue related to what makes people spend all their money in USA and UK.

"Realistic" is the word and the reality is that Nigeria is in Africa and has an average standard of living and productivity among African nations. But Nigeria is the economic Giant for now. Oil expansion is happening in Ghana and other parts of west Africa and pipelines are going in across Ivory coast and those link to Ghana and the oil drilling going on offshore near the border of the two nations.
Nigeria struggles with electricity and piped potable water while these are not such a struggle in Ivory coast, ghana, togo and benin republic.
Nigeria cant even keep the most basic ammenities supplied to a standard similar to a meager country like Benin republic but it wants a currency to rank equitably with the US$ ?? The US is legally bound to supply water and electricity to all citizens at a reasonable price and failure to supply after contract and payment is grounds for law suits that will award payments of damages for food spoiled in the fridge, pain and suffering from no air conditioning, lost wages from no lights or computer or Wifi signal e.c.t. Even the roads, i met a woman among those who collected sum total of $138 million from the city of New york for damages and injuries caused by potholes and other aspects of bad roads there. All these things are factored into the ranking of a Nation's value which backs the value of its currency.
Raise the value of nigerias productivity and functionality as a good investment atmosphere and the currency value will follow. Even a low value currency can benefit by making nigeria products more affordable to neighbour African countries. Japan ranks in the top 5 economies in the world but its currency doesnt even rank as equal to the dollar as Honduras which is poorer than Nigeria.

Honduras lempira is 22.6 to $1 today and it is poorer than Nigeria.
Japanese Yen is 112 to $1 and it is likely number 4 richest nation on earth with a higher standard of living than the number 2 richest nation on earth and possibly higher standard of living than the number 1 richest nation USA.
Japan may in fact be number 3 richest if i am mistaken about Germany ranking number 3.

Japan keeps their currency value low to make it easier to sell exports around the world and it helps them rank veryhigh in economy and wealth. China does the same but Japan balances the devaluation by keeping salaries and domestic prices equitable to other well developed nations. In fact, Japan prices are very high compared to the aberage in USA.
I live comfortable in USA but will be un able to cope at a basic level with the same income in Japan.

Nigeria has production and room to expand it to allow export. A currency devaluation will only add to Nigeiras export growth. The strain will be in Nigeria's import heavy sector and it is pain that must be endured sooner or later. The Later option will only lead to the further devaluation of the Naira any way and strain the i pot sector any way. Its better to approach it realistically, endure the pain and adjust for the right path of productivity increase and export expansion within Africa.

Oil refinery products are coming soon and i am sure will follow the path of Dangote cement across the borders into west african nations and elsewhere in Africa.

jpphilips:


You just spoke like a petty Alaba trader.
You think cement export alone can tilt the balance of trade in a $500b economy? kindly ask for a refund from the cesspit that graduated you.
Several people have schooled you enough on why a weak naira is not in our overall best interest at least for now, mumu is a choice, most of you come here to shoot blanks because they are local champions in their various microcosms, I know better not to engage semi educated -quarter past illiterates who hardly apply logic and common sense or capitulate to superior arguments.
In 5 years time (however long it took you to get proper education) you will be so embarrassed typing those BS

19naia:


Ah, because Naija is so well educated and experienced to know better than Japan? Japan made efforts to devalue it's currency while being among the top richest economies on earth..
Because Naija is well educated and more experienced to know better than China? China made efforts to devalue it's currency while being among the top richest economies on earth..
$500 billion is small by those rich country standards, which is why Dangote's worth of more than just a few billion dollars is actually plenty and in fact his worth and products make up a valuable part of the value of naija economy and GDP while contributing to much development for people all over africa.
He is investing in agriculture, refinery of crude oil and more. He is also not the only product making investor in Nigeria. There is Innoson with export potential, agriculture with export potential, plastics with more expoert potential to tap, electricity is exported and potential for more production is certainlty there including for domestic use .

There is quite a bit of production and export potential if you stop and really think about, but your mind seems more pressed with agressive pander in rhetoric of petty person to person squabbles like an area boy level of education and what an area boy's self application would conjure.

Meanwhile Another corupt politician's huge store of money has been found hiding where it was *exported* under cover. Seems naija has no problems exporting the product of coruption, why would there be a problem exporting the fruits of real productivity?
There is room for the naira to devalue "realistically" as was said by people with economics experience and a number 1 world economy to back up their story. And yes there is room for naija productivity to grow as well.

Come to USA and hang out and maybe try some education at several universities and also getting influence in casual atmospheres by a diversity of enlightened minds. And not to forget that nigeria's economy is expanded by people in USA, Europe and beyond who remit tens of billions of dollars a year to people in Nigeria, and i am one of those in USA who contributed to Nigerias economy last year.
I have been to 23 different countries and paid attention to their economies, productivity and currency status next to the dollar. Real experience doesnt happen in the classroom of any of the three different universities i attended in USA here, and not any university. It all happens in real world exposure and by those who will put their hands and money towards productivity and exploration in the heart of societies around the world where productivity, export and import potential lay.

Here is a photo insert below, of how far education in schools has gotten some of the most productive and wealthy people on earth. lets see if you can conjure some intelligent story rather than area boy/agbero approach of petty squabble rhetoric. Makes sense and not maliscious talk of boast of superior judgment with no actual enlightening details to contribute in place of low minded verbal abuse.
When it comes down to it, the very computers or smart devices we use to blog here ,are genius products of people who never completed school because school could not teach them how to acheive their goals. Now schools and businesses all over earth are reliant on their products.

jpphilips:


Is it not obvious that your half knowledge did not tell you why and when Japan and China devalued their currencies?
Why did Dangote lose $7.8b to the last Naira devaluation? This is how to know a dunce, no proper research, no information, just full of garbage.

Any of your child**(children)** that wishes**(wish)** to study Economics, feed him or her with the nonsense you wrote up there, let me see how much value you will get for your money. I will feel cheated debating with your emptiness, feed them to your kids since you think you know.
You're looking for free education on the internet yet you can not ask politely, you are free to be circulating your emptiness, the world is entertained.
Since it is your dream to drop out of school, why are you looking for answers indirectly from people who completed their studies?
You travelled to 23 countries of the world and paid attention to their economy yet you returned with an opinion of a goat, on the internet, every butcher under Isolo bridge is an international businessman.
With the economic misfire you have been spewing here, If you have ever left Oshogbo, then its apparent it was in your dreams.

19naia:

You are still too caught up in banter and self grandeur to see that the measure is not in currency value rating, but rather in productivity such as Japan , China and Dangote maintain in high form. You do the search over Japan Yen fluctuations through the past 7 years and you will see that Japan has made effort in recent years to bring it's economy back by keeping it's currency devalued beyond 100 to a $. They were having trade issues when it was below 99 to a $.
Do the research, China was being prodded by the US to raise the value of it's currency after China's economy rose to 2nd in the world. China ignored the matter and kept the yuan at artificial low value to boost sales in the world during economic down turn for most of the world.
Dangote did lose denominated value of his net worth at one time but his productivity was and is still expanding and growing also in terms of dangote exports selling across Nigerian borders where the lowered value of the Naira only reciprocates with better export sales for dangote which in turn increases his income despite the previous denominative decline of his net worth. At one time, quite a few billionaires on earth lost value in their net worth due to the downturn of the entire economy. The productivity remians the same and grows despite currency devaluation. Productivity is what counts first and the currency will follow. The currency is not to be a front seat driver. Productivity is ,and that is what sets Dangote's real value in place as does with Japan and china. Currency is not real value, productivity and resources are real value.
The whole fact of the matter of Dangote, China or Japan losing value due to currency fluctuations, is that every currency goes through ups and downs, even the dollar and pound.
Did you know that the highest valued currencies in the world belong to small countries like Kuwait with low populations relative to their productivity. 3.31 kuwaiti dinars = $1.. and yet they are not as wealthy as Japan, china or USA. Its not the currency, its the productivity relative to population/size of nation.

Since the time of your original tyrade, Nigeria has seen a lot of economic downturn due to artificial currency fixing of the naira to keep it high while resricting the flow of currency in and out of Nigeria. Foriegn investments are leaving Nigeria and others that were to come are cancelling. The latest is the foriegn airlines wanting to pack up due to not being able to take money made in Nigeria to shores where they can spend it on maintaining and purchasing aircraft to come back and service Nigeria. Nigeria certainly is not productive enough to maintain and produce aircraft... Yet. More damage will be done by the prevailing currency policy than a reasonable devaluation. At least a devaluation will allow productivity to rise and that will raise the naira. The current policy will cause desperation which will lead to shift in productivity with gains in some areas and major losses in others such as is unravelling daily in Nigeria.

So clear your mind of intent to insult and banter your way through blind opposition, and maybe you will come to terms with economics rather than a vicseral impulse towards malicious contention for the purpose of self grandeur.
Read carefully your pattern of rehtoric, like most people who view this thread can, and you will see it contains more effort and prowess towards banter of contention in malicious verbal abuse form rather than the detailing of points about the subject matter. I suspect because you are lacking in the subject matter and more practiced in the wasteful ways of banter and verbal abuse. My experience and education in such banter and verbal abuse cannot match you and so i stick to what i do have to offer as follows.

*And the secret is that banter of verbal abuse ,clouds the mind and overwhelms the economy of mental focus, thereby devaluing the ability to really think about an issue.
Focus on how you economize the use of your mind in real thought versus abusive banter over ideas, and then you will start to understand better and make better choices to aide the prosperity of yourself and fellow man/woman/goats/e.t.c

Remember, when you focus castigation at me over the issue of people dropping out of university, it is not about me but rather, you are castigating those who dropped out to make the computer you use, and so many of the products all of us use today. Because they had real productivity. When you show that same level of productivity as the university drop-out billionaires i listed in my previois post, then your castigation of people who dropped out of university will have some merit. But as of now, there is a lot of thinking to do about why so many with university education and self proclaimed knowledge and learning, are as good as impotent when it comes to birthing viable productivity to provide for a nation?
In fact, in Osogbo and Isolo bridge area, there are many of God's miracles called human beings and they are the potential source of all kinds of productivity and greatness regardless of their fortune to attend university or misfortune to not be able to complete university.
I trust that when i can show respect for people under Isolo brodge and Osogbo, educated and uneducated, it will add to respect for myself. The same will benefit you if you truly value self respect and productivity. Even the least of laborers does more for productivity in any economy than the rich man who never lifts a finger other than to sign the profits of other people's labor into his rich man bank accounts.
Thats the root of the issue by far in Nigeria. People who know no productivity and focus more on self grandeur and diverting money to their hands and accounts.