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Re: Nigeria About To Become The Next Venezuela - UK Telegraph by wirinet(m): 11:21am On Mar 06, 2019 |
grandstar: How can you compare the Russian economy to Nigeria's? Russia is the second highest exporter of crude in the world with over 5million barrels a day, Nigeria barely exports 2 million. Russia is the top gas exporter in the world. It pipes gas to the whole of Europe and it's Asian neighbours. (It's planning to pipe gas to China), Nigeria flares most of its gas. Russia exports minerals, steel, aluminium and even agricultural products, Nigeria hardly export anything outside raw crude; and someone is saying " The country closest to us economically is Russia" Read the effects of a sharp devaluation of the rubble here;
The red quote is pure lie. Average crude prices for 2014 was $96. It even got as high as $112. It was only in the final month of the year it fell to about $60. Crude prices for July 2014 was $106.98 |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 11:27am On Mar 06, 2019 |
urahara: Partially. The recession could have been avoided if Buhari had not introduced capital control policies which simply made a bad matter worse. If Buhari left things as they were, there would have been 3 possible scenario 1. A downturn in the economy. 2. A mild recession Afterwards the economy would have enjoyed growth rates of 4% by 2017. It would have escaped the severe recession lasting 6 consecutive quarters and the present slow recovery. I feel the economy needs some structural reforms for it to grow faster than 4% now. The truth is high oil price is still an important driver of growth in Nigeria 5 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Base1line: 11:29am On Mar 06, 2019 |
GEJ introduces BVN to your father’s hotel ba ? Slynation: |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by repogirl(f): 11:33am On Mar 06, 2019 |
And now we are on to Next level of poverty! Sai Baba! 4 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Sluvist(m): 11:47am On Mar 06, 2019 |
We still pray for better days ahead and surely will it come. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Zubbyemodi(m): 11:48am On Mar 06, 2019 |
priceaction:obviously you're insane! Canpaign is over it's better we face the reality!!! Buhari is dear to poverty he hates prosperity and riches,he should simply go back to his cows that's where he belong |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by urahara(m): 11:49am On Mar 06, 2019 |
grandstar: But Russia left things as they were , and they still ended up as bad as Nigeria |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 11:49am On Mar 06, 2019 |
wirinet: Why shouldn't I compare Nigeria to Russia? The stats you provide even confirm the fact that Russia is over reliant on crude oil for economic growth. Also, the devaluation of the Ruble was caused by a loss of confidence by foreign investors and they took out their investments enmasse. There was no option but to devalue. A mass outflow of dollars by frightened investors is very destabilizing. Russia had gone through similar in 2009 when oil prices collapsed to $35. Then their Central Bank spent $200b defending the Ruble. They were better prepared this time. Had they not allowed the Ruble to devalue, they would have blown all the forex in their reserves and plunged the economy into a very severe recession that would last for several quarters. 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 11:53am On Mar 06, 2019 |
urahara: If they had done otherwise, the situation would have been far worse. Also, Russia was more reliant on crude oil than Nigeria was. The Economist said all their growth was dependent on oil. That was not the case in Nigeria. Russia needs serious reforms and under Putin the populist, I doubt very much it will happen 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Slynation(m): 12:04pm On Mar 06, 2019 |
ericsmith:Indeed i agree with you if not Atiku could have emerged victorious... |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 12:04pm On Mar 06, 2019 |
priceaction: Stop pulling poo. What has UK or USA to do with your economic metrics? Bad economic policies is rocking the boat of Nigerian economy. The people are getting poorer, the prices of goods are getting out of hand. If the government have saved and returned stolen funds as you said... Why aren't we better off when the thieves were there? Need I remind you that Obasanjo oil for $17 per barrel for one year, after that $27,$23,$24 throughout his first tenure, with debt of $18 billion. Buhari doesn't know anything about economics. Don't you understand that Ghana 7 times small than Nigeria economics, attracts more direct foreign investment. 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 12:14pm On Mar 06, 2019 |
GrossPrice: What's second largest economy? Aren't you educated to know that when you divide the volume of trade against the population, Nigeria becomes the poorest nation. Nigeria. With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa. South Africa 50 million population South Africa. With a GDP of $349.299bn, South Africa is the second largest economy in the continent Divide the population against the figures, you will know why South Africa minimum wage is N128,000, while Nigeria is N18, 000. It will equally help you know why they have over 50,000 me, while we are struggling with 3000-4000mw. 4 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by chukwuyenumlove: 12:14pm On Mar 06, 2019 |
Esseite: HE DOES NOT HAVE ANYTHING NEW TO SAY. THE ONLY THING HE KNOWS HOW TO DO IS BLAME PDP FOR THE PAST 16 YEARS. NOW HE HAS USED 4 YEARS AND NOTHING COMES OUT OF IT.......HE IS HAVING ANOTHER 4 YEARS TO BLAME JONATHAN. THEN FINALLY RETIRE HOME. IT PAINS ME DAILY THAT PEOPLE FAILED TO NOTED OR ACKNOWLEDGE THAT BUHARI HAS NOTHING IN HIS HEAD TO OFFER NIGERIANS. EVEN THE FIGHT AGAINST CORRUPTION, IS ONLY AGAINST OPPOSITION. OSHEMOLE, SAID IT CLEARLY AND BOLDLY, THAT ONCE YOU JOIN THE EVIL TRAIN (APC), YOUR SINS WOULD BE FORGIVING IMMEDIATELY. UP UP NIGERIA 2 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by urahara(m): 12:22pm On Mar 06, 2019 |
grandstar: All our growth actually was dependent on the oil . If not so , what else ? |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by wirinet(m): 12:29pm On Mar 06, 2019 |
grandstar: Nigeria is far more reliant on crude oil than Russia. Only about 52% of Russian export is mineral oil (crude plus gas) See Russia's top exports;
In the case of Nigeria mineral oil account for 96% of exports. See Nigeria's top exports here;
So which country will be most affected by crude prices crash? 4 Likes |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by trillville(m): 12:40pm On Mar 06, 2019 |
Living conditions in Nigeria have always been worse than Venezuela. Nigerians are used to suffering and can adapt to any condition they find themselves. I can no longer get fish head in the market to buy for my cat as people have started rushing it. Economics is a social science and not a science that is based solely on numbers. Venezuelans expect more from their government, so they protest and their rulers make hasty decisions, which are bad for their economy to maintain peace and orderliness. If you push a Nigerian to a wall, he will pass through it. The people buying the fish head will still baff up, will still wear polished shoes, will still smile and thank God that their situation is better than their neighbor. This is Nigeria!!! 6 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Ugosample(m): 12:43pm On Mar 06, 2019 |
Herdsmen: don't mind them All is well and skilled hands are leaving Nigeria in droves with more to leave Foreign investors are also sneaking out because of lack of clear policy direction I have come to realize that it's the low class, ratchet people who are in support of this buffon Afterall their lives are miserable and they have next to nothing to lose, and are even happy that more people will be joining their ranks. The middle class feeling the squeeze knows what's up 4 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by komodapson(m): 12:47pm On Mar 06, 2019 |
How were you able to write in bold...pls Paperwhite: Paperwhite: Buhari & his followers are always suffering from [b]Dunning Kruger Effect; "Wherein incompetent people do not only fail to realize their incompetence but consider themselves more competent than anyone else." Too bad![/b] Paperwhite: |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Nobody: 12:48pm On Mar 06, 2019 |
9jaRealist: A HUB is not an operations centre. https://www.facebook.com/careers/locations/?job_region=Europe%20%26%20Middle%20East In fact, not only FB, but also Google and MEST each have a hub in Nigeria (with the Google Nigeria office quite prominent on Kingsway Road in Ikoyi). Meanwhile, Nigeria led Africa in foreign investment in tech for the past 3 consecutive years (2016-2018), including leading the way both in number and value of deals in 2018 (see WeeTracker’s Africa Venture Capital Report 2018). A Hub is not an operations centre BTW, Nigeria does not really need Amazon, with Jumia and Konga doing as well as they have (and each attracting significant foreign capital), just as Alibaba led the way in China before the influx of foreign competition. Amazon is a great brand but local knowledge is invaluable By Amazon I mean public cloud. Amazon has 62% of the market share worldwide and is way bigger than the Amazon Shopping Web Site. Check out Amazon Web Services - https://aws.amazon.com/ Bottom line ; For small to medium businesses to thrive in Nigeria , especially as it pertains to the leveraging of IT to achieve growth and success, our Infrastructure has to be repaired / rebuilt, security improved and education revamped. Many companies will not invest in Nigeria because these things are lacking quite badly 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Ugosample(m): 12:48pm On Mar 06, 2019 |
trillville: indeed Nigerians like sufferhead Afterall their religious leaders promised them enjoyment in the afterlife 3 Likes |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by americaninja1: 12:50pm On Mar 06, 2019 |
TRIGITIS:Yes now.. c aw rice full everywhere... i bought a bag of rice for N5000.. rice everywhere .. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Ugosample(m): 1:04pm On Mar 06, 2019 |
Baselm: compared to the size of their GDP Looted money from the entire African continent is a pittance Believe that how much una dey gain sef? you all are just primary resources extraction countries 7 Likes 4 Shares |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Nobody: 1:04pm On Mar 06, 2019 |
kernel001: Firstly, you are totally wrong as what you posted above is never a response to the person you replied. I don't need to tell you about the relationship between economic policies in Nigeria and the effects on major economic partners like US, UK and China. Economic Attache in their embassies in Nigeria can give you a breakdown or Mr Henry Boyo and Bismarck Rewane can also be of help. FDI flow into a nation is determined by several factors one of which is ROI and the operating environment. FDI must be beneficial to the host country and the Foreign Investor.If it benefits only the foreign investor then it is not clean business. Whenever the host country detects a leakage and blocks it, this can make foreign investors to leave and prevent the inflow of others with such mission. Also, foreign investors with fairly good intention may pull out of a country or stops business if the environment is very corrupt (high level corruption ).This happened during GEJ when USA stopped the purchase of our oil. The average oil price is not the same price for all flavour of Crude oil. In 1999 Obj met Bonny Light (our oil) at a price less than $10. Countries with very few population even have high foreign reserves to stabilise their economy in the time of crises. In 2009, Russia used almost $200 billion to stabilise Rouble and economy. In Nigeria, despite oil getting to almost $130 / barrel one kobo was not saved by GEJ. The reserve Obj left since 2007 was depleted to less than $30 billion as at May 29, 2015 for a population of almost 200 million people with bad infrastructure . The PMB government has really tried. Kudos to the economic team. 2 Likes |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by 9jaRealist: 1:05pm On Mar 06, 2019 |
frosbel2: Abegi, quit hiding behind semantic sophistry. I said they have offices in Nigeria, and nothing about so-called “operational centers” when what you are referencing are actually administrative centers. Nonetheless, even if arguendo we discount Facebook, Google has a full-fledged office at Mulliner Towers on Kingsway Road while Microsoft has its Nigeria office at the Civic Center Towers on Ozumba Mbadiwe. Meanwhile, Facebook just last week announced that it is embarking on a metro terrestrial fibre infrastructure project with MainOne in some Nigerian states. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by mimicue(f): 1:07pm On Mar 06, 2019 |
i see people complaining about buhari . let me remind you all that most of u voted him. enjoy the extreme poverty 2 Likes 2 Shares |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by 9jaRealist: 1:18pm On Mar 06, 2019 |
frosbel2: Oracle (located also on Kingsway Road) and Microsoft both provide cloud services in Nigeria (apart from a host of indigenous providers, including the Tier III-certified MainOne). Again, Amazon is a great brand (and I am sure Nigerians would love to have them in Nigeria), but this constant harping on name-brand is reminiscent of those lamenting that AT&T or BT did not enter Nigeria’s mobile telecoms market or that HSBCs and Barclayses are not in the Nigerian retail banking space (of course all of the bulge-bracket global banks actually have representative offices in Lagos). It’s essentially chasing shadows in derogation of substance. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Vulcanheph(m): 1:20pm On Mar 06, 2019 |
repogirl:True talk repogal 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 1:37pm On Mar 06, 2019 |
babaolofin: Hahaha hah... The level of incoherence in your terms against the live Nigeria economic metrics is barbaric. If you called GEJ tenure corrupt what do you make of the Buhari's tenure, Nigeria was ranked 148 the worst ever by Transparency International, the World number corruption watch dog, as yet you're saying otherwise. Under Buhari Nigeria became the poorest nation, highest out-of-school children, 3rd highest IDP, 20 million job loss, yet you're defending the a colossal failure. You said corruption according to you, drives away foreign investors, and you said there was more corruption during Jonathan's Era, how come, he had more foreign investments compared to immaculate Buhari? Wait... Obasanjo met few population! Chai! Please use Google. We had a population of 120 million with $18 billion debt and $2 billion foreign reserve. Please what's the comparison? Buhari met $ 26 dollars foreign reserve with a population of 200 million Year Average Closing Price Year Low 2017 $50.84 $42.53 2016 $43.58 $26.21 2015 $48.72 $34.73 Please do the comparison. 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Bobnotrouble: 1:38pm On Mar 06, 2019 |
Another wailing wailer spotted! Only pessimist like you would likened Nigeria to Venezuela. Nigeria is waxing stronger both in growth and development. No wonder it's the largest economy in Africa currently and will remain so. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by wirinet(m): 1:38pm On Mar 06, 2019 |
frosbel2: I agree that we need to revamp our educational sector and critical infrastructure to grow our economy, but these are not the main reasons companies (top world companies) are not investing in Nigeria. The main reason western big names are running from Nigeria is corruption. Western nationals involved in corrupt practices including bribery and book tampering will go to jail in their home countries. Companies like Siemens and Halliburton had been burnt. And it's almost impossible to do business in Nigeria without one former of bribery or the other. Richard Branson was frustrated out of Nigeria. Nationals that thrive in Nigeria are from countries that do not care about corruption, like China, India, Lebanon, South Africa and Israel. These country's national still thrive well despite these challenges. 2 Likes |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by shadeyinka(m): 1:54pm On Mar 06, 2019 |
SillyMods:It doesn't make it true. There is a lot in Nigeria that are just lies: you see it only when you are close enough. For instance, what if I told you that 2019 budget doesn't really exist: you won't believe, would you? |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by mercyville: 1:59pm On Mar 06, 2019 |
Excaperx: Fastest growing on paper,I perceive.We were just lucky because the price of oil was favourable.Nigeria was borrowing money to sustain itself in 2014 and the Hon Mrs Iweala predicted hardship even before this government came in.I think if this government eschew bickerings,they will do better than the previous government. 2 Likes |
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