persius555:
In the 21st century world that we live in, you are either inventing something or you are a source of raw material. Look at the list of countries with highest foreign savings. Majority are innovators; China, japan, india, hong kong, south korea etc. Many of these countries have very limited raw materials but they import the raw materials, refine, invent them into finished products for other countries to consume. America as at today is the largest economy in the world with an estimated value of $18 trillion, a debt of $13 trillion and a reserve of just $110 billion. Its economy is 50 percent service based, compared to the chine and japanese who manufacture everything the world consumes. Both have reserves worth $3.4 trillion and $1.5 trillion respectively. In all of these, where does africa with all its resources belong? A continent with huge mineral deposits, but majority of its people languishing in stone dearth poverty. Years of absorbing IMF policies, this is all we have to show for it. China/East or West, we none cares about our well being or development. All that matters to them is our resources. A rapid development of the continent is bad news both ways. But ask me to chose between the two, i will walk east, armed with a huge reminder board on my chest saying "Tread Softly".

Bros, you are spot on. I agree with you in totality. Both east and west really care less about our development. It is indeed bad news either way. But the issue is we have what they need. The way are taking it from us is what we should watch. What do we have to show for all those years of neo colonist west policies, further impoverished people and economy. But like you said, let us try different remedies from the stuffs we have been swallowing all these years, but carefully too.

hadura29:


What if the Nigerian youths are ready to industrialize the country so as not devalue the currency... save more and buy what we produce?

What if we are ready to fix it once and for all so that we can end this western slavery?...

We don't have to devalue, how many people are still complaining?

Have you noticed that we've been on this devalue thing and the country is still holding strong?

Have you noticed that people are beginning to realize that there are a lot of rot in the system?

And lastly, do you work with imf?...

don't be naive, diversification doesn't work this way.

For diversification to work, some things have to be put in place. It will not appear overnight by itself. Other structures (stable electricity, policies and incentives that encourage the local manufacturer among others) need to be put in place.

Even if the structures are in place, you still need raw materials and some other things which a manufacturer will need to source from other countries. To do this, one needs forex.

As long as forex is not readily available, forget your diversification theory. Whether you like it or not, you need money to make money and it's not naira we are talking about.

Lastly, I don't work with IMF, I am just a concerned citizen.

musicwriter:


Those conditions you spoke about is what the exploitation is all about. That's one.

Also, for your information, the IMF and world bank also doesn't necessarily wait for countries as they're perpetually lobbying for business opportunities in third world countries. As you noted they're like banks or what you called (international monetary organizations). Banks everywhere in the world constantly lobby well-to-do companies or individuals to take loans. That's what the IMF and world bank do- which is why Ms. Largade have been all over the country meeting with from Genevieve to Orji Kalu or anybody that matter to buy her proposal.

You have nothing whatsoever to offer on this debate.

Go to school you won't agree.

So you mean an organisation like IMF will lobby Genevieve and Orji....FOR WHAT IMF doesn't deal with individuals my friend.

Who is Genevieve for IMF to lobby around and nt Dangote....THINK Am ASHAMED of you.

She likes genevieve for reasons she knws best and decided to host them.

Get off my comments abeg!, you knw nothing.

Waka waka.... She most be out of her sense.....

la1:
dear Christine Lagarde; Mr President will not devalue our currency.. you have tried every avenue to convince, cajole and manipulate his decision on this.. Give it a rest already..

Imagine a teenager is staying with your aunty. Her stomach is protruding which it was not 6 months before, she has gained weight and her breasts are bigger. Her eating habits are irregular.

Then imagine you suggests to your aunt that she is most likely pregnant and your aunt says its not possible. Will you be dumbfounded? You'll probably wioll.

The IMF like you in the fictional story I just gave you is simply pointing out the obvious! It is shocking when simply reject the obvious.

Buhari refused the naira to depreciate at the official rate.

What happened at the black market was even was than a devaluation: the currency crashed to 320 (even touching 397) at one time!

Unfortunately for you and me, many goods are priced at the black market rate so inflation is rising very fast. Its the highest it has been for 4 years.

If Buhari had allowed the currency to depreciate, it poorobably would have settled at around 250 and the black market 255.

The refusal to devalue has led to chronic dollar shortages has it has made the dollar tpp cheap leading to excessive demand at the official market. Also, individuals and companies with forex refuse to sell at the official rate because the price is to low. Who is pleased receiving WU at 197? Not me.

One of the causes of the epic and persistent petrol scarcity is the scarcity of forex by provate oil marketers to import petrol and augment government's effort. The weight is too much for the government to carry.

Soludo, Sanusi and Utomi have all ciondemned Buhari's policies! The naira should touch 400 at the black market if he does not devalue. The economy is doomed!

all I want to say to madam Largade is this meme I made of myself....finally got to use it...




side note: THUNDER FIRE IMF

herbie27:
Go to school you won't agree.

So you mean an organisation like IMF will lobby Genevieve and Orji....FOR WHAT IMF doesn't deal with individuals my friend.

Who is Genevieve for IMF to lobby around and nt Dangote....THINK Am ASHAMED of you.

She likes genevieve for reasons she knws best and decided to host them.

Get off my comments abeg!, you knw nothing.

This's my last reply to you, and I'm not really doing it for your sake, but to keep as much people as possible informed on this wonderful forum.

Here's Ms. Lagarde with Genevieve in Nigeria few weeks ago.


Here's Ms. Largarde with Orji Uzo Kalu in Nigeria 2 or 3 weeks ago.


This is just to name a few I can remember immediately. No matter what you do some people just choose to be dumb.

Goodbye.

Guyman02:
Evil woman. The worst mistake Buhari will make is to listen to this woman. They are unhappy about the agreement with China on Yuan currency and have started the propaganda war with CNN dedicating so much time on Chigbogu Girls and Boko Haram to make us look bad.

She was sent here recently with the same agenda by the West to force PMB to devalue the Naira, when it failed they are now on propaganda mission; the same kind of propaganda they used in hoodwinking the Arabs to destroy their stable countries such as Libya and Syria with 'Freedom and Democracy' led by Hillary Clinton which the Arabs who are now refugees in Europe are regretting today.

Greece and Portugal are in serious financial crisis, why is IMF not asking that the Euro should be devalued because of Greece?

Very smart fellow. I have observed after reading most comments on here that most Nigerians are oblivious of history. I'm certain you have read the book The Confessions of An Economic Hit Man. In all honesty, I see IPOB movement gaining momentum any moment from now as you said, even on CNN. Same with Kanu exposure to all foreign media! I said this before and will say it...there are strong forces in the world behind Nnamdi Kanu, that's why he is that bold, insults anybody including Camer0n and 0bama, and still got visa to enter US. Lol! His bodyguards and security detail about 4 or 5 are armed foreign intelligence trained I read...follows him around the world even in his kitchen. Lol! He is very certain IPOB will come...he is 100% certain. He knows Buhari can do him nothing otherwise I'm sure DSS would had silenced him under their custody months back. Those forces wants him in jail, so when he comes out, you have another Mandela, and the jinx is up for Nigeria. Someone, a very smart fellow also explained this in detail...he was spot on!

repogirl:
don't be naive, diversification doesn't work this way.

For diversification to work, some things have to be put in place. It will not appear overnight by itself. Other structures (stable electricity, policies and incentives that encourage the local manufacturer among others) need to be put in place.

Even if the structures are in place, you still need raw materials and some other things which a manufacturer will need to source from other countries. To do this, one needs forex.

As long as forex is not readily available, forget your diversification theory. Whether you like it or not, you need money to make money and it's not naira we are talking about.

Lastly, I don't work with IMF, I am just a concerned citizen.

If only she understands.......

...

NaijaTalkTown:
I am proud Nigerians are proving not be as dull as the West thought we were. They have started spreading propagandas and blackmailing the President but it is great that Nigerians are totally aware that these people wants to bring us down. President Muhammadu Buhari is doing all he can to make Nigeria better for all of us and we must unite and support him at this critical time.


#StandWithBuhari
#NoToIMF
#NoToColonialism
#GodBlessNaija
#Naija4Life

The economy is dying because we refuse to devalue. Other commodity exporting countries have seen their countries loose vakue even developed ones like Canada and Norway.

You lot that reject a devaluation have been delighted at the crash of the currency to 320! So you prefer a crash. That is what a devaluation would have prevented

Goke7:


Honestly am not too scared, what scares me is how divided Nigerians are in terms of religion and ethnicity, this is what the west can take advantage of to wreck us. But if we can just forget about last year elections and stand with PMB, the west won't succeed.

The greatest beneficiaries of the China deal are presently from the region that antagonises the present govt the most. They need to get wiser now, the yuan deal is in their favour

I'm seeing very intelligent contributions on this thread. Glad we still have smart people on the forum.

...

herbie27:
Ngozi is a better brain than Kemi.

And internally generated revenue has nothing to do with Kemi, guy plz!, am not a dunce.

Ngozi A better brain that have been giving funny excuses on Nigeria not saving for the rainy day.

You are just a tribal bigot simple.

grandstar:


The economy is dying because we refuse to devalue. Other commodity exporting countries have seen their countries loose vakue even developed ones like Canada and Norway.

You lot that reject a devaluation have been delighted at the crash of the currency to 320! So you prefer a crash. That is what a devaluation would have prevented

We can look for other markets if the US and their Dollar is not favourable to our economy at the moment, which is what the President did. We have the option of adopting the Chinese Yuan so why should we devalue the Naira? If the economy is crashing, it is the problems of Nigeria not Us or IMF. It is our economy and whatever our President decides to do with is is none of IMF's business. We can decide to partner with the Chinese to develop our infrastructure and strengthen our economy whenever we want. We can also decide to strengthen military cooperation with the Russians to boost our defense capability whenever we want. Even those who voted Jonathan out supported him to look the Russian way when the Americans refused to help us militarily against BH. It is our country and how we run it is not anybody's business.


#NoToColonialism
#NoToImperialism
#StandWithBuhari
#Fight4Naija
#GodBlessNigeria
#Naija4Life

uduak2016:


Very smart fellow. I have observed after reading most comments on here that most Nigerians are oblivious of history. I'm certain you have read the book The Confessions of An Economic Hit Man. In all honesty, I see IPOB movement gaining momentum any moment from now as you said, even on CNN. Same with Kanu exposure to all foreign media! I said this before and will say it...there are strong forces in the world behind Nnamdi Kanu, that's why he is that bold, insults anybody including Camer0n and 0bama, and still got visa to enter US. Lol! His bodyguards and security detail about 4 or 5 are foreign intelligence trained I read...follows him around the world even in his kitchen. Lol! He is very certain IPOB will come...he is 100% certain. He knows Buhari can do him nothing otherwise I'm sure DSS would had silenced him under their custody months back. Those forces wants him in jail, so when he comes out, you have another Mandela, and the jinx is up for Nigeria. Someone, a very smart fellow also explained this in detail...he was spot on!

I give you an excerpt of John Perkins (Economic Hit man)

John Perkins in his book – CONFESSIONS OF AN ECONOMIC HIT MAN in which he said “Economic hit men (EHMs) are highly paid professionals who can cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign “aid” organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet’s natural resources. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. …..I should know; I was an EHM……Jaime Roldos, president of Ecuador, and Omar Torrijos, president of Panama both had just died in fiery crashes. Their deaths were not accidental. They were assassinated because they opposed that fraternity of corporate, government, and banking heads whose goal is global empire. We EHMS failed to bring Roldos and Torrijos around,and the other type of hit men, the CIA – sanctioned jackals who were always right behind us, stepped in.
“……Because of my fellow EHMs and me, Ecuador is in far worse shape today than she was before we introduced her to the miracles of modern economics, banking, and engineering. Since 1970, during this period known euphemistically as the Oil Boom, the official poverty level grew from 50 to 70 percent, under – or unemployment increased from 15 to 70 percent, and public debt increased from $240 million to $16 billion.

…….Third World debt has grown to more than $2.5 trillion, and the cost of servicing it – over $375 billion per year as of 2004 – is more than all Third World spending on health and education, and twenty times what developing countries receive annually in foreign aid….” With this background of American insatiable quest for global economic domination established by an American, who was an insider.

Chubhie:

I'm always for leaders who can tell Amelica to their faces to shove their economic blueprints to their ass and then matches such with actions. If I'm Mr President I won't go to China but shut down our borders and tell the citizens it's either we thrive in this harsh conditions or die. With all the human and natural resources in Nigeria, You will see the beauty and true spirit of Nigerians.

Our solutions lies within. not in the East or West. Buhari first needs to go on reconciliation moves across the aggrieved 5%. No family divided against itself can proper.

Can't say you aren't right. The only problem is our seemingly intractable ethnoreligious divisions and acrimony- what our domestic politicians exploit to get what they want, what US and her allies who want to see us buckle would leverage on to screw us up.

If only we can mend our fences, build lasting bridges, accept and embrace our differences, there is absolutely no height we can't attain as a people. Our enemies are frightful of this prospect, therefore, would do WHATSOEVER it takes to ensure we never bridge that gap.

Good examples of such African leaders you talk about are Mugabe and Gadaffi (whom they ganged up to kill), sadly, Mugabe just isn't backing up his stubbornness with sterling economic performance- that country is simply adrift.

The game have just started let's see how it ends.The naira is already devalued in actual sense, inflation is high, food stuff., spare parts, dollar, transportation etc.so I don't know what else people take as naira devaluation , I only see rich getting richer while the poor is poorer. The rich gets the dollar for 199 and the poor consumers are paying 320 and the poor are majority, we need more experts to enlighten us cause buhari is not an economist .besides Mr president should be told the truth to give free hand to his cabinet to practice what they where thought in schools. I don't know much but i didn't like dictatorship system.

herbie27:
Ngozi is a better brain than Kemi.

And internally generated revenue has nothing to do with Kemi, guy plz!, am not a dunce.

And where the fu**k has Nngozi's brilliance gotten us, mr man if you cant seperate tribalsm from your argument, you are a dunce.

...

NaijaTalkTown:
We can look for other markets if the US and their Dollar is not favourable to our economy at the moment, which is what the President did. We have the option of adopting the Chinese Yuan so why should we devalue the Naira? If the economy is crashing, it is the problems of Nigeria not Us or IMF. It is our economy and whatever our President decides to do with is is none of IMF's business. We can decide to partner with the Chinese to develop our infrastructure and strengthen our economy whenever we want. We can also decide to strengthen military cooperation with the Russians to boost our defense capability whenever we want. Even those who voted Jonathan out supported him to look the Russian way when the Americans refused to help us militarily against BH. It is our country and how we run it is not anybody's business.


#NoToColonialism
#NoToImperialism
#StandWithBuhari
#Fight4Naija
#GodBlessNigeria
#Naija4Life

The president is an economic illiterate who brought upon the country an epic petrol scarcity. Things aree sinking and you are talking China. 1 + 1 = 2 and running to China won't change the obvious. Lets see if running to China will bring the naira from 320 to 199/ Lubbish!

...

IMF (International Mother Fucker).

1miccza:



If only she understands.......

who is she?

Please buhari dont allow the IMF!!

the only thing i am scared of now is..

I hope IMF wont resort to propaganda and turning some poeple against buhari

they did it to sadam and ghadaffi.. now see where IRAQ and LIBYA are.. total mess

so nigerians dont just buy any cooked up story... do your own research....

grandstar:


The president is an economic illiterate who brought upon the country an epic petrol scarcity. Things aree sinking and you are talking China. 1 + 1 = 2 and running to China won't change the obvious. Lets see if running to China will bring the naira from 320 to 199/ Lubbish!

Hahahahahaha you sure are an illiterate. What did the President went to do in China? Will Nigeria benefit from the trip or not? If you think I would engage you in a blind argument then you are deceiving your self. I am too intelligent to engage you in a "Fayose-themed argument". Bring facts and reason and present a logical argument or you can go to the " Fayose-themed" threads on this forum and find your mates to engage in a baseless argument.

fawaz050:
R u spewing nonsense because you hate Buhari or Because u dont Understand Simple Economics

Because buhari is clueless. there!

repogirl:
don't be naive, diversification doesn't work this way.

For diversification to work, some things have to be put in place. It will not appear overnight by itself. Other structures (stable electricity, policies and incentives that encourage the local manufacturer among others) need to be put in place.

Even if the structures are in place, you still need raw materials and some other things which a manufacturer will need to source from other countries. To do this, one needs forex.

As long as forex is not readily available, forget your diversification theory. Whether you like it or not, you need money to make money and it's not naira we are talking about.

Lastly, I don't work with IMF, I am just a concerned citizen.

Your concerns have been noted. However, I would like to inform you that Nigeria has the raw materials it needs to diversify its economy. What it does not have is the infrastructure and political will to do so. Which is why Buhari is taking an aggressive approach towards developing the Infrastructure hence, his deal with the Chinese is mainly based on infrastructural development. We can source money from the Chinese too buy encouraging them to invest in our country directly (which is better than what our Western partners are offering us). The deal with China is a win-win for both countries. Devaluation of the Naira is a win for the West and a loss for Nigeria so Nigerians are supporting the Chinese option because Nigerians are not losers.

compujyde:


You only think so.

That's not the main strength of the West over Nigeria.

Their strength lies in the fragile creation of Nigeria. It's so obvious the country was amalgamated to be disunited for their exploitation.

There is strength in diversity if its well harnessed, this is the strength of a country like the united States hence the reason they also dread Nigeria whose diversity can make her quickly a global power.

The almagamation is not the problem, don't we intermarry? Our ability to take advantage of our diversity for our good has been the problem over the years.

repogirl:
don't be naive, diversification doesn't work this way.

For diversification to work, some things have to be put in place. It will not appear overnight by itself. Other structures (stable electricity, policies and incentives that encourage the local manufacturer among others) need to be put in place.

Even if the structures are in place, you still need raw materials and some other things which a manufacturer will need to source from other countries. To do this, one needs forex.

As long as forex is not readily available, forget your diversification theory. Whether you like it or not, you need money to make money and it's not naira we are talking about.

Lastly, I don't work with IMF, I am just a concerned citizen.

Your concerns have been noted. However, I would like to inform you that Nigeria has the raw materials it needs to diversify its economy. What it does not have is the infrastructure and political will to do so. Which is why Buhari is taking an aggressive approach towards developing the Infrastructure hence, his deal with the Chinese is mainly based on infrastructural development. We can source money from the Chinese too buy encouraging them to invest in our country directly (which is better than what our Western partners are offering us). The deal with China is a win-win for both countries. Devaluation of the Naira is a win for the West and a loss for Nigeria so Nigerians are supporting the Chinese option because Nigerians are not losers.

As for forex, US is not the only provider of forex, we can source for money from the Chinese too by encouraging them to invest directly in Nigeria which what the deal is all about and which also is a win-win for Nigeria and China and which is better than the devaluation of the Naira because devaluing the Naira against the Dollar is a won for the Americans and a loss for Nigeria and which also is the reason why Nigerians are supporting Buhari on the Chinese deal becuae Nigerians are not losers.

VocalWalls:
Personally, I will not support a leader who says other parents should withdraw their kids from foreign schools while his own kids have unlimited access to the nation's forex.

IMF is right on this one.

Although they have been pained by Buhari's China move, however, Nigerian students are now suffering.

Thank God many of them are good people, the news should have started reporting a higher crime rate abroad committed by Nigerian students abroad.

And we take the funds are u going to pay the interest rate or what? Because u do not know the meaning of loans in the international banking system. Go and sleep Please. Read a book.

musicwriter:
Next thing the IMF will do is make our situation worse than is now, until the Nigerian masses go to the street to protest against the government. Then, both IMF, USA, world bank, would say ''I told you so''. Then, they would start funding stooge opposition party to bring down the Buhari government. They'll not rest until Buhari succumb to pressure to take their loan or they over-throw him. That's how they operate.

This's no conspiracy theory. It has been used in Argentina, Russia, Iran, Zimbabwe, Indonesia, e.t.c, e.t.c.

Watch out Africans!.

The difference is we are africans and we are fighting for freedom. Anybody that campaigns for western slavery will be locked up immediately without question.