₦airaland Forum

bellyjean:
Nice one from the emir. I am a a proponent of GUIDED CAPITALISM.

I will blame the present and the previous govts (both GEJ and OBJ). It is not enough to just clear debt and increase FX reserves, we should have invested greatly in the economy. They all goofed on this one.

Taking South Korea as a case point, in the late 1950's after the Korean war, they depended so much on US aids, but they had a vision. Labour was cheap and by 1960 they have been able to save some of their earnings from agriculture and other low value-added industry. After the first coup in the 1960s, they reduced their dependence on foreign aids by 65% and were able to grow their light industries. By the late 1960s they were self sufficient enough to advance to heavy and chemical industries. The govt had strict control over capital accumulation and foreign debt. They didn't just allow some money to be lying fallow in their fx account. They reinvested almost all into the economy while shielding state owned and private industries from the international competition through tariffs and subsidies (just as the emir mentioned, govt has no business subsidising consumption, they should subsidise production and place high tariffs on imported competitors).

By the 1990's they had grown the economy from just heavy and chemical industries into advanced hi-tech industries. All through the transition,
1). there was capital accumulation and reinvestment of these capital into the economy.
2). Labour grew from just cheap unskilled labour into highly skilled quality labour- thanks to the great investment in education.

Today, south Korea (or just korea) is a world force.

I blame OBJ for just being complacent. He cleared our debts and accumulated $40b but didn't plough anything back into growing the economy; that is not an achievement to me,That is carelessness and cluelessness.

Yaradua clains he increased the fx savings to $61b and he claimed he invested in the economy. As for me, I didn't see any new investments other than sustaining the state of the economy. The moment he started amnesty, they started trailing a wrong road with a steep cliff at its end.

GEJ came in and depleted almost 60% of the so called capital accumulated on frivolities (amnesty, consumption Subsidies and the likes) leaving debts and a diseased economy for the present govt.

Buhari came in without having a clear strategy of good and sustainable economic policies. It is just like a novice who must escape a terrorist den with a chopper. He hasn't flown one before and he is just testing the buttons to know their functions. God help him the terrorists don't blow up the chopper cos he is wasting his precious time.

If we claim we have $25b in our fx accounts, this is not bad as people claim. As a strong and focused central govt (as it claims to be), be involved directly or indirectly in giving boosts to our dying manufacturing industries. Because if we don't do that, we will end up spending this money with the ones borrowed on consumption subsidies and salary payments.

Honestly, nigeria already has the framework for development into a strong economy(real one this time and not Some rebased GDP values) in 15 - 20 years. We have to take action now.

The emir has captured my concerns and opinions in this write up.

Sibrah:
Confessions of an true parasite.
Tell us exactly, wasn't it like that under you as a CBN governor?

rusher14:
When ignorance speaks it is very loud.

Can't you see this is about an old policy that has since been done away with?

helovesme:
You are bang on the money.

It was exactly the same mess when he was cbn governor and I do not remember him doing anything to stop the parallel rates mess.

rusher14:
When ignorance speaks it is very loud.

Can't you see this is about an old policy that has since been done away with?

“What kind of economy are we running? Who is advising the government? I want know who is advising the government so that I can talk to the adviser.
“We didn’t have money, oil price has collapsed, avengers were blowing oil wells and the scarce dollars we had we are selling cheaply to some few individuals.”

Amitex:
Et tu Sanusi!! What has come over the son of Muhammadu Sunusi? Is Lamido Sanusi also among the "Wailers"?

saintkel:
We need not be told that Buhari has failed woefully. The South west won't still see dis. I just don't know what's blocking dia eyes from seeing d truth or is it d hatred for other tribes?

agwom:
http://www.dailytrust.com.ng/news/general/fg-creating-billionaires-through-forex-sanusi/160194.html#9vmEsI3plpUMTpdH.99

DMerciful:
Fighting one corruption and creating a bigger corruption. You need intellect to fight corruption something Bubu doesn't have.

Flets:
Buhari has no business being president at this time. The level of corruption in the forex market especially among the northern elites is monumental.

There was public outcry when FG approved subsidized FX for mecca pilgrims at 197 but the masses are unaware that most major businesses in the north have always sourced their FX directly from CBN at that same 197 since Buhari became president.

Guess who is being fooled, the illiterate masses that voted the one they call president.

helovesme:
You are bang on the money.

It was exactly the same mess when he was cbn governor and I do not remember him doing anything to stop the parallel rates mess.

amazingspiderma:
Nigeria cannot overcome corruption overnight, but this government is a combination of both corruption and ignorance.
PMB = economic paralysis.
Soon Sanusi will start to criticize the minister of finance.






Why do I get the feeling that Sanusi found his voice after the recent incident in Kano.
He saw this happening since last year, but he kept mute. Seem like he is not immune after all and the expected share of money is not flowing as expected.
Anyway let him wail alone. The 5% are done wailing, it is now the turn of the 97%.
As far as I am concern Sanusi is looking for a safety net for 2019, the APC 2015 Titanic is sinking fast everyone is preparing to abort ship.

dorox:
Actually, the naira was freely floated under Jonathan' administration, it was Buhari that reintroduced currency subsidy.

obailala:
Can you kindly explain how it was EXACTLY the same under him?

Cos I dont remember the Naira having any significant disparity between official and black market prior to 2015.

DAramis:
This man is really wise.

How I wish he can combine his traditional office - "emirship" with central bank governor's job.

The current cbn governor is doing as if he is not knowledgeable in economic policies which aid in the growth of a country.

newbornmacho:
Meanwhile Buhari sits there with an empty skull whining about corruption and playing victim while the serious decisions which he was elected to make are abandoned.

obailala:
Biko when was naira freely floated under Jonathan?. .. Na wa oo!

bayulll011:
The problem with u and ur kind is that you generalize and say poo a lot,do u know that some pple supported the biafra in d west,do u know that ojukwu lost his sympathy from the west when he invaded their region,as a yoruba man buhari is messing up daily and I criticize him daily,I was his supporter and canvass more than 1000 vote for him in my region,but today he's messing up and I won't keep quiet,so don't just generalize,and don't you ever mention the ineffectual buffoon here,cos that guy is a disgrace to human race

Sibrah:
Confessions of an true parasite.
Tell us exactly, wasn't it like that under you as a CBN governor?

bellyjean:
Nice one from the emir. I am a a proponent of GUIDED CAPITALISM.

I will blame the present and the previous govts (both GEJ and OBJ). It is not enough to just clear debt and increase FX reserves, we should have invested greatly in the economy. They all goofed on this one.

Taking South Korea as a case point, in the late 1950's after the Korean war, they depended so much on US aids, but they had a vision. Labour was cheap and by 1960 they have been able to save some of their earnings from agriculture and other low value-added industry. After the first coup in the 1960s, they reduced their dependence on foreign aids by 65% and were able to grow their light industries. By the late 1960s they were self sufficient enough to advance to heavy and chemical industries. The govt had strict control over capital accumulation and foreign debt. They didn't just allow some money to be lying fallow in their fx account. They reinvested almost all into the economy while shielding state owned and private industries from the international competition through tariffs and subsidies (just as the emir mentioned, govt has no business subsidising consumption, they should subsidise production and place high tariffs on imported competitors).

By the 1990's they had grown the economy from just heavy and chemical industries into advanced hi-tech industries. All through the transition,
1). there was capital accumulation and reinvestment of these capital into the economy.
2). Labour grew from just cheap unskilled labour into highly skilled quality labour- thanks to the great investment in education.

Today, south Korea (or just korea) is a world force.

I blame OBJ for just being complacent. He cleared our debts and accumulated $40b but didn't plough anything back into growing the economy; that is not an achievement to me,That is carelessness and cluelessness.

Yaradua clains he increased the fx savings to $61b and he claimed he invested in the economy. As for me, I didn't see any new investments other than sustaining the state of the economy. The moment he started amnesty, they started trailing a wrong road with a steep cliff at its end.

GEJ came in and depleted almost 60% of the so called capital accumulated on frivolities (amnesty, consumption Subsidies and the likes) leaving debts and a diseased economy for the present govt.

Buhari came in without having a clear strategy of good and sustainable economic policies. It is just like a novice who must escape a terrorist den with a chopper. He hasn't flown one before and he is just testing the buttons to know their functions. God help him the terrorists don't blow up the chopper cos he is wasting his precious time.

If we claim we have $25b in our fx accounts, this is not bad as people claim. As a strong and focused central govt (as it claims to be), be involved directly or indirectly in giving boosts to our dying manufacturing industries. Because if we don't do that, we will end up spending this money with the ones borrowed on consumption subsidies and salary payments.

Honestly, nigeria already has the framework for development into a strong economy(real one this time and not Some rebased GDP values) in 15 - 20 years. We have to take action now.

The emir has captured my concerns and opinions in this write up.

bellyjean:
Nice one from the emir. I am a a proponent of GUIDED CAPITALISM.

I will blame the present and the previous govts (both GEJ and OBJ). It is not enough to just clear debt and increase FX reserves, we should have invested greatly in the economy. They all goofed on this one.

Taking South Korea as a case point, in the late 1950's after the Korean war, they depended so much on US aids, but they had a vision. Labour was cheap and by 1960 they have been able to save some of their earnings from agriculture and other low value-added industry. After the first coup in the 1960s, they reduced their dependence on foreign aids by 65% and were able to grow their light industries. By the late 1960s they were self sufficient enough to advance to heavy and chemical industries. The govt had strict control over capital accumulation and foreign debt. They didn't just allow some money to be lying fallow in their fx account. They reinvested almost all into the economy while shielding state owned and private industries from the international competition through tariffs and subsidies (just as the emir mentioned, govt has no business subsidising consumption, they should subsidise production and place high tariffs on imported competitors).

By the 1990's they had grown the economy from just heavy and chemical industries into advanced hi-tech industries. All through the transition,
1). there was capital accumulation and reinvestment of these capital into the economy.
2). Labour grew from just cheap unskilled labour into highly skilled quality labour- thanks to the great investment in education.

Today, south Korea (or just korea) is a world force.

I blame OBJ for just being complacent. He cleared our debts and accumulated $40b but didn't plough anything back into growing the economy; that is not an achievement to me,That is carelessness and cluelessness.

Yaradua clains he increased the fx savings to $61b and he claimed he invested in the economy. As for me, I didn't see any new investments other than sustaining the state of the economy. The moment he started amnesty, they started trailing a wrong road with a steep cliff at its end.

GEJ came in and depleted almost 60% of the so called capital accumulated on frivolities (amnesty, consumption Subsidies and the likes) leaving debts and a diseased economy for the present govt.

Buhari came in without having a clear strategy of good and sustainable economic policies. It is just like a novice who must escape a terrorist den with a chopper. He hasn't flown one before and he is just testing the buttons to know their functions. God help him the terrorists don't blow up the chopper cos he is wasting his precious time.

If we claim we have $25b in our fx accounts, this is not bad as people claim. As a strong and focused central govt (as it claims to be), be involved directly or indirectly in giving boosts to our dying manufacturing industries. Because if we don't do that, we will end up spending this money with the ones borrowed on consumption subsidies and salary payments.

Honestly, nigeria already has the framework for development into a strong economy(real one this time and not Some rebased GDP values) in 15 - 20 years. We have to take action now.

The emir has captured my concerns and opinions in this write up.

Amitex:
Et tu Sanusi!! What has come over the son of Muhammadu Sunusi? Is Lamido Sanusi also among the "Wailers"?