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Nairaland Forum / Nairaland / General / Politics / Atiku: I Will Risk Inflation To Win Huge Foreign Investments (28882 Views)
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Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by anigbajumo(m): 7:04pm On Nov 15, 2018 |
EvilMetahuman: That is the problem of some out youths they lack ability to think all wat they need is respond to any comments without reasoning... |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Patrioticman007(m): 7:05pm On Nov 15, 2018 |
[quote author=olujastro post=73000062] I'm an engineer by profession but I know some political economics. Floating simply means allowing market forces to determine the actual value of the naira. Floating the naira now is a dangerous step to take. This will take the exchange rate to close to $1 = N1000. Inflation will definitely triple. That means a bag of rice will be 50k. High oil price is what gives the naira value as most of our foreign earnings come from oil and gas sales. Nigeria needs to gradually diversify its economy away from oil and reduce its imports especially on items that consume our foreign reserve the most like petroleum products, rice, wheat and steel. In summary, produce these items locally and possibly export them (after which we can then float the naira), so that the strength of the naira can rely on other things apart from oil. This govt has previously said it plans to float the naira by 2022 based on its target of producing those 4 items locally by then. As an example, Egypt relies less on oil than Nigeria. They floated their currency last year and the exchange rate went from 1USD = 9 EGP to 1USD = 18 EGP. That's a 100% loss of value with its attendant inflation. [/quote The insidious effects of civil war has made a teaming population of Nigeria mentally unstable. Over 9 million Igbo refugees Brains lacked nutrients for mental growth. The resultant effect is that, your economically summary of Current Nigeria economic polity, will not be understood by them. These disadvantage Igbos are today's father's,Teacher, pastors,bankers and others. They only know money at hand, back at ground, Economic system. They never want to plan for the future, Sir they will never understand nor reason along with your genius explanation. Just because of some little gains they are willing to mortgage their future. May Allah, continue to guide us, just like he did in 2015, by removing Mr Clueless Aka GEJ at the right time, if not Nigeria would have turned to Venezuela. 5 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by olatunji0607: 7:06pm On Nov 15, 2018 |
Dear Mr Atiku, I personally have a contrary opinion with your risk of floating niara, this will definitely take us back. Will still largely depend on oil and before any country can float currency, the country need to diversify economy. Our major problem started during the regime of you and Obasanjo, some people taught we are making progress as a country then, but no is the answer. Our highest naira denomination before you and obasanjo step into power was 50naira. Your greediness make you guys (Atiku and obasanjo) print 100, 200, 500 and 1000 naira notes within 8years. If not the intervention of God and some Nigerians, you guys intend to print 2000 naira note. Quote me all nairalanders, Atiku will print 2000 and 5000 naira note when he become president of this country. 8 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:07pm On Nov 15, 2018 |
So only America can determine our growth? Be sensible Iamgrey5: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:08pm On Nov 15, 2018 |
Hope you know this is truly a joke? olatunji0607: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandexpress(m): 7:09pm On Nov 15, 2018 |
feddis: Instead of investing massiveliy in local SMEs and Start-ups. He wants foreigners to come here and exploit us. These are primitive ways to develop one's economy. Build your local content and make them foriegn investors. Rather than making the economy condusive for foreigners, make it condusive for your people. Nigeria remains hopeless... what a pity. 10 Likes 1 Share |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandstar(m): 7:10pm On Nov 15, 2018 |
Nigeria's high inflation rate is caused by the Naira substitution policy which an economist Henry Boyo has wailed about and which Soludo was sabotaged from ending. Every month, dollar revenues from crude oil are shared amongst the 3 tiers of government. This month allocation is paid to them in Naira. So, let's say Nigeria earned $2b in December , 620b will be shared amongst them. This immediately swells up the money in circulation leading to excess money. In order to mop up the excess money, government issues high yielding bonds to soak up the excess money. Since Nibor rates are the basis of bank loans, lending rates are also high. Now imagine if $3b or 930b was released!. The more the earnings, the more the wahala. Henry Boyo suggested that the 3 tiers of government be paid with dollar certificates which can be redeemed at any commercial bank. With the policy, the excess Naira in circulation ends and dollars will begin to chase Naira. The governors were against it when Soludo was the governor of the CBN. They didn't understand it. Note, they will be paid with dollar certificates and not actual dollars. Also ,Soludo's CBN colleagues were against the idea and were now in the he position to clip his wings now that Yaradua was now in office. Yaradua heard their cries and put a full stop to it. An edict was even introduced ensuring it remains as dead as a dodo. 6 Likes 2 Shares |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Reptyle(m): 7:10pm On Nov 15, 2018 |
I don't have such a great understanding of economics but even I know that Mr. Atiku's plan will only lead to an influx of briefcase investors. They will bring in anything and everything and make stupid profits. When it all goes south as it is bound to after a while (seeing that we run a purely import based economy) they will pull out their investments and move on to the next one. 5 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by ImperialYoruba: 7:10pm On Nov 15, 2018 |
N'gbami ogbeni Atiku a kan soro bi eni nsiwin! He will flood the country with foreing investment even if inflation is high. Are you sure Atiku's father is not Ibo? Because this statement sound like something an Ibo would make. In fact they destroyed home induatries by flooding local markets with cheap imports. Atilu is getting ready to do same with bank rates. Ole! 10 Likes 2 Shares |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:10pm On Nov 15, 2018 |
Mr desperation is still in power please along with his unrealistic failed promises deolumike: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by chinchum(m): 7:11pm On Nov 15, 2018 |
If this Man wins, and he does that, i would send more money to naija at least 1 dollar will be like 700naira. 3 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:13pm On Nov 15, 2018 |
The only bad idea we have right now is having an illiterate in office who doesn't even know the meaning of economics. Roger3D: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandstar(m): 7:14pm On Nov 15, 2018 |
grandexpress: What do you mean? It was massive investment by foreign investors was what transformed China, starting with investments from Hong Kong with barely 0.5% of China's population. The highest paying companies in Nigeria are most multinationals. Singapore was probably as poor as Nigeria in 1965 but now has per capita income higher than Britain, their colonial masters, all thanks to foreign investors 2 Likes 2 Shares |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:14pm On Nov 15, 2018 |
Ilitracy is bad for both you and Buhari. Mouth Gig: 1 Like 1 Share |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Moorish: 7:15pm On Nov 15, 2018 |
grandstar:Is it a bad thing to have alot of naira in circulation? |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Iamgrey5(m): 7:15pm On Nov 15, 2018 |
feddis:Yes ! It is reason why the failure of banks triggered a global recession in 2008. it is the reason why many countries have been clamoring for a change to the way countries trade and attract investment. Be intelligent! |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Nobody: 7:16pm On Nov 15, 2018 |
MeanChris: If you like keep allowing these politicians sweet talk you with their nonsense. Atiku will get to Aso rock and it will be business as usual. You see petrol you're paying N145 at the pump, expect higher prices next year. Mark this quote |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:17pm On Nov 15, 2018 |
Nigeria is hopeful with Atiku. Instead of making vast blind unrealistic promises like Buhari, he's coming out with strategies he intend to use subject to scrutiny and reviews. Nigeria is hopefully Atikulating. grandexpress: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by MeanChris(m): 7:18pm On Nov 15, 2018 |
greyham: So in essence, I should allow Buhari continue and be feeding El zakzaky with 3.5million? 1 Like 1 Share |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:18pm On Nov 15, 2018 |
Marked greyham: 1 Like |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by feddis(m): 7:19pm On Nov 15, 2018 |
If you were only intelligent enough to understand. Iamgrey5: |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Roger3D(m): 7:21pm On Nov 15, 2018 |
feddis:Get lost. When knowledgeable people speak you shouldn't be anywhere close by 2 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by bus1: 7:22pm On Nov 15, 2018 |
Each time atiku opens his mouth, he keeps showing why he should NEVER be president. You want the naira to float because u believe that FDI inflows will counter the inflation This will surely end worse than babangidas SAP. At what rate does FDI flow into a country ?? While Nigerians will immediately feel the effects of a floating currency, it may take years b4 feeling effects of any FDI which is not totally guaranteed. Is a free floating currency the ONLY factor a foreign investor considers before investing ?? What of security, business policy, tax laws, operating laws of the country u want to invest in These, unfortunately are questions which the dumb thief atiku has no answers to. 4 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by XaviDayo(m): 7:23pm On Nov 15, 2018 |
SarkinYarki: Guy....u wicked wallahi..... You had me cracking 2 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by quickberry(m): 7:23pm On Nov 15, 2018 |
geosuzzy: You sef dey fall for DAT moniker |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandstar(m): 7:24pm On Nov 15, 2018 |
anigbajumo: And you believe what he wrote? Nigeria throughout Sanusi tenure, practiced a floating exchange rate. During Emefiele early year, a floating exchange rate was the norm. That's why the Naira fell from around 150 in June 2018 to around 200 by February 2015. A floating exchange rate means your currency is determined by forces of demand and supply. Forget the big grammar it is called. The fall in Nair value occurwd because foriegb exchange inflows were nosediving following the downward trend of crude oil prices which fell from $100 a barrel to $35 at one time. Buhari upon assumption of office, pegged the Naura to the dollar at about 197 effectively ending the floating exchange rate policy. This was the height of economic illiteracy. This ledto severe dollars shortages that crippled the economy and brought in the worst recession in 30 years. Atiku is just reverting to the status quo |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandstar(m): 7:26pm On Nov 15, 2018 |
Moorish: It depends on the quantity |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by grandexpress(m): 7:28pm On Nov 15, 2018 |
grandstar: Why use China as an example. Dont you know that China operates a different political system from us. Why dont you use South Korea. And how they developed their country from within. Around 1960 South Korea's GDP per income was about $100 per person. Ours was over $500, but what happened? They invested within and empowered their youth and look at them today. They are 20 years ahead of us. Look at USA. Did foriegn investors develop the country to become what it is? The economy was home grown, even before they were exporting their jobs to China. Look at Israel, how many foreign investors own stakes in that country. Israel is a perfect example of home grown development. The lazy and most ineffective way out is to make the economy condusive for foreigners to flood in. They don't bring real development for a country like Nigeria. Our people are 20 years backwards on reaserch and development, in skills and technical know how, in health care and basic civility. The wise thing to do is to build from within. You have a people of great potential. Tap into that and make them transform the nation. 8 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Patrioticman007(m): 7:28pm On Nov 15, 2018 |
grandstar: The Devil we know is better than the angel we don't know they say. When IBB brought SAP, to our economy everything good with our economy died, because we choose an angel SAP. These Foreign Investors did not come to Nigeria from 1985 till date, what will make them during Atikulooted Regime ?. All these fake promises, has made us to be waiting for father Christmas, that we know is not working for free, for the 10% tithes is meant for the church. We need to grow our local industries by ourselves, not wait for one mumu, investors that we have used internet fraud called, Yahoo Yahoo to chase all of them away. Guy talk true, as a White man will you invest your money, in Yahoo Yahoo country ?. 4 Likes |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Moorish: 7:30pm On Nov 15, 2018 |
Patrioticman007:Smart post 2 Likes 1 Share |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Iamgrey5(m): 7:31pm On Nov 15, 2018 |
feddis:You don't know about the Global recession of 2008 ? You don't know about the push by countries like China and Russia for greater control in international agencies like IMF and world Bank to reduce America's power in global investment? You are dull! no pun intended |
Re: Atiku: I Will Risk Inflation To Win Huge Foreign Investments by Moorish: 7:32pm On Nov 15, 2018 |
grandexpress:I approve of this post Kudos 2 Likes 1 Share |
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