₦airaland Forum

No measure seems to be working on the economy too...just defying all odds and breaking records.

Anyways, it's now survival of the fittest..

A boy call FM radio station,

Boy : hello, I found a lost bag with N1,700,000.00, an ID card and master card belonging to one Mr Donald James, resident at plot 4 mekenge estate, calabar

Presenter : you're such an honest boy so, I believe u want to return the bag?

Boy : No oooo, I dey craze? for this Buhari time? 4 wot naa? I just want to dedicate a song to him.....pls play me, My helper oooo, my helper... My helper oooo

is there something that's going in the right direction in this government......next u'll hear pdp




Well

why not? the minister of finance spends hours doing a million braids.... and several days convincing PMB to take actions, the rest to whip staff in line when she go get time for the economy?

How can you leave a Soludo, Iweala for a Kemi..... proudly Yoruba... so bash me well...tribal warlords

The irony of this whole economic saga is that cargo volume of imports in our wharfs dropped by 50%, 41 items ( including monster forex consumers like fuel & rice), have been blacklisted from CBN forex sales & the reseves keep dwindling.

So who & what is depletting our reserves?

We'll keep praying.

Thought they said Jonathan left nothing in the foreign reserves? Is it the dog called Buhari that dropped this one there?

Jeez ! They should all start stepping down one by one, after over a year no tangible progress

Buhari will kill this country kpata kpata.

Implications anyone?

It is well

Shuoo!!!!

We no get pepper again o...

Wahala dey.

It is well. Every news about this country seems nose diving on derogatory path but with time things will be better. Na wao!

Even if dem take d foreign reserve go moon where no gravity dey, hin go still fall

Wot do u expect wen u have a priimay school holder abo.ki president and a SSCE finance minister..... the worst is yet to come. ..put on ur seat belt

Zombies are now committing suicide. Is alright

;Du

Ok

I knew I will never regret not voting for buhari

Without the huge population of the north buhari
Won't have won that election

And we won't be in this woes we find our self in

We want our good luck back

God help this country

That's pretty cool
Wetin concyn me

The rate at which everything is nose diving in this our country is just worrisome. I can only wish our dear country, Nigeria the very best because it is indeed a trying time at the moment.

Till we obey the call to diversify and not just saying we need to, I'm afraid more declines would make headline.

I really do not know which way in this country ,where did we get it wrong , does restricting fx makes the naira strong, I can't tell what is really affecting the economy , even if it's oil price wat about Russia economy that's under sanction yet they are doin well to manage it .. Naira falls so sharply without wavering ..using ur master card abroad is as good as useless cos wat the banks will charge will make u want to cry and just give up on this nation... Wat is actually going on .. Tickets are sky rocketing .. Qatar airways I use to buy 200k to nd fro it's now worth 400-500k ..this thing isn't just funny at all .. I pray we don't start hearing of people commiting sucide..

Just observing and waiting patiently till 2019

Edriss abdulkareem should just remix Nigeria jagajaga because this is the best time to sing it

Nigeria keeps getting better nd better!!

d

Get ready nigerians

E don red ooo

Nothing strange.
Nigeria is like a man who had a well paying job but refused to invest until he was sacked. How will he discipline himself to invest in the shortest possible time and get results? PDP kept eating precious money that could have served us in times like these. Any investment and diversification not done under PDP shouldn't be expected now.

Hmmm..from this article

Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. 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. [b]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.[/b]



This is what is happening to Nigeria.

APC.....start walking the talk about diversification. You were not voted in to wait for oil to rise again.