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Re: Nigeria About To Become The Next Venezuela - UK Telegraph by twerkjack: 9:07pm On Mar 06, 2019 |
mozel247:after Nigeria breaks I hope u know you’ll have to be renewing visa Ok na. When the country breaks make sure u all pack your bags and leave our country to yo Biafra o We don’t wanna see u Igbos in Lagos, Abuja, Ph, Kano etc again oo Apply for visa Or be deported |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 10:15pm On Mar 06, 2019 |
PeachtreeReside: The economy since 2015 has barely grown 1% yearly compared to the average of 6% before then. The country needs to grow by 7% just to create enough jobs for those entering into the labour market yearly. Public debt has increased from 12% of GDP in 2014 to 22% of GDP in 2018. The country is not headed in the right direction at all It's not only foreigners criticising him, locals as well. Utomi, Soludo and Sanusi have all condemned his policies. Sanusi has been unrelenting so much that the FG said they will not join issues with him Read the article below https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic 2 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 10:24pm On Mar 06, 2019 |
GrossPrice: Do we have professors of economics in Nigeria? Yes do. And they too have condemned Buhari's policies. Just read below what Sanusi said as far back as 2016. Since 2015, he has been condemning PMB's policies. Please read the article below https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by ThundrCork(m): 10:31pm On Mar 06, 2019 |
onez: Amaechi wasn't joking when he was caught saying "the only way this country can change is if everybody dies" |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 10:44pm On Mar 06, 2019 |
contigiency: In rich countries, farming accounts for barely 3% of their GDP. It is not a place of succour for unemployed graduates. The economy needs to grow by 7% annually to create enough jobs for those entering the labour market annually. The economy has barely grown 1% since Buhari came into office compared to the 6% prior to that. No country becomes rich with lamentable growths rates like the ones the country now has. Telling all unemployed graduates to suck it up in the face of massive unemployment and take to farming will not make the country richer but actually poorer. If the agriculture sector growth outpaces that of manufacturing or services, it is indicative of regressive growth and in the long term,the country will become agrarian again. 4 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by EagleNest(m): 6:34am On Mar 07, 2019 |
jomoh: You tried in your points but just know that becoming Venezuela or Zimbabwe don't normally happen spontaneously. It takes continues and sustained bad policies from obstinate leader to create such economic suicide. I don't wish we experience such but I beg our leaders to be humane and listening. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Baselm: 6:56am On Mar 07, 2019 |
beatmonster: I bet you don't even know the meaning of the word illiterate. prove me wrong boy |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by urahara(m): 7:17am On Mar 07, 2019 |
grandstar: This is actually a thing of pride for buhari for some awkward reason. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by chozzy: 7:30am On Mar 07, 2019 |
mozel247: |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by jomoh: 8:43am On Mar 07, 2019 |
EagleNest: I don’t think any country can suddenly become a Venezuela or Zimbabwe without external sanctions aimed at crippling the economy or forcing out a particular leader. We have a stable democracy supported by leaders around the world. Except a group of people has gone around to promise the west some juicy deals at the detriment of the country of which the present government is not providing, then I see no reason why the western leaders should turn around now and go against the country’s leadership by imposing sanctions. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by olujastro: 9:20am On Mar 07, 2019 |
grandstar:You want to be seen as intelligent by stating the obvious but most times you end up not making tangible points. How can an economy that went into recession due to low oil prices suddenly start growing at 7% again when the same oil price we heavily rely on to earn forex is still low? The strength of an economy is proportional to the infrastructure it can carry. Nobody has a magic wand right now to grow Nigeria's economy at 7% without destroying something, like floating the naira or IMF intervention for example. The fastest way to diversify for Nigeria now is through Agriculture and Solid minerals. Manufacturing and others heavily require critical infrastructure which this govt is trying to build. For the records, Nigeria is doing far better than others who were in similar positions as us in July 2014. Angola is still in recession since 2016 till date. Their economy grew at - 5% the last time I checked. Venezuela has already gone underground. Don't just state what we know and criticise, proffer solutions. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by 7lives: 9:32am On Mar 07, 2019 |
Ovamboland: You just made my day. The problem with this country is ignorance, greed and selfishness. Some people don't even mind if their dogs have it all while other Nigerians have nothing. I keep saying it that the saving grace for this country at the moment, is to have a man like Buhari in charge, what the IMF would have done to this country would have lead us to Venezuela. Their evil agenda for this county will not work. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by obailala(m): 9:35am On Mar 07, 2019 |
Excaperx:Amazing how even educated people swallow and continue to peddle these fake beer parlour economic analysis which is based purely on false figures. Why exactly is it impossible for many Nigerians to study and confirm info? Nigerians economy was growing very well because oil prices were very high and the inflow of oil dollars helped to boost all economic indices. The moment oil prices crashed, all of that crashed, and it happened well before even GEJ left office. Nigeria's GDP growth was in the real of 6% and it was PREDICTED to hit over 7% in 2014/2015, making Nigeria the third fastest growing economy in the world (it was a prediction, not yet reality). But what happened in reality?... Oil prices crashed from mid-2014 and that 6% growth began an inevitable decline quarter after quarter and had already hit 2% before GEJ left office (I'm guessing you dont know this). The factor precipitating that decline was purely oil prices and as oil prices continued to crash, the GDP fell even further into the negative realm (recession). But of course, both educated and uneducated alike chose to believe that change of leadership was solely responsible. If GEJ had continued in office, the recession would have still inevitably happened, and that's cos Nigeria is overdependent on oil. If GEJ and the great professors and economists could not stop a GDP rate decline from 6% to 2% when oil still sold above $65, how exactly was an illiterate Buhari meant to magically prevent the falling train from dropping a further 2 points into recession even when oil prices fell further to $28?... 2 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by chozzy: 9:49am On Mar 07, 2019 |
Esseite: |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by beatmonster(m): 10:16am On Mar 07, 2019 |
Baselm: I can't prove an illiterate wrong because he argues with hearsays and sentiments rather than facts and figures. Get lost |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by VolvoS60(m): 11:28am On Mar 07, 2019 |
AnanseK: ^^ I am not ready to be dragged into a back and forth about the Buhari administration - the most recent in a long line of mediocre governments. I simply state the facts as I see them. Having said that, I would ask that you note that the stock market is not necessarily an index of development - particularly when investment capital in your stock market is dominated by speculative capital. What do you think is a key trigger of financial crises when it takes flight? AnanseK: ^^ This is highly misleading. I do not know anyone "eager to break the news" about poverty in Nigeria - poverty in Nigeria is not news. Our own statistical agency (the NBS) has made this point (about poverty in Nigeria) very clearly, time after time - I do not need the so called "international community" to report to me about poverty here! If the 2019 elections were the most credible and democratic (your words quoting the "international community" ), then we have set a very low bar. Violence. Death. Gunfire. Ballot box snatching. Kidnappings. Malfunctioning equipment. A turnout of just over a third of registered voters (the impact of intimidation by state and non-state actors on voter turnout cannot be ruled out). And so on. Is this what makes an election credible and democratic? AnanseK: ^^ I will speak for myself. I gain no pleasure if things go wrong in this country - I live here after all. AnanseK: ^^ The news has not gone unnoticed. I will always give credit where it is due. The big question is whether this government will continue the profligacy of previous administrations - that is the quickest way of ensuring that whatever gains have been made will disappear quickly. AnanseK: ^^ Some of us do mean well for this country. And that's why we will continue to call out those who don't. You need to go back and read my initial post. I gave a few clear reasons why our economy remains supine. Any government that keeps doing things the old way and expects miracles is deceiving itself and Nigerians too. That is all there is to it. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by GrossPrice: 1:01pm On Mar 07, 2019 |
kernel001: [Redacted] |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 1:56pm On Mar 07, 2019 |
GrossPrice: Yes Sir. Reason is simple, the both of them generates almost the same amount of GDP, but the viability of an economy is measured by GDP per Capital, which is GDP divided by the population. Secondly, they make hell of money from Nigeria, don't we have protectist law? Those laws that gives advantage to infant and indigenous companies. Don't blame them if they're involved in capital flight. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 2:01pm On Mar 07, 2019 |
ExHusband: Well you have educated me. Thanks. The Oil is even appr. 10% of our GDP and not 40%. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 2:17pm On Mar 07, 2019 |
kernel001: GDP per Capital comes in when talking about equal wealth distribution/individuals wealth in a country. Its just a kind of healthy indicator to ascertain the wealth of the country in relation to its people. There are many factors that measures economy viability. For your information Equatorial Guinea, Secheylles, Gabon etc are toping GDP per Capital in Africa and this does not mean they have strong economy. Many of them even import more than they export. Their GDPs are low. That of South Africa is healthy and good becos they have high GDP and export more than they import. Compare to Nigeria wealth is more evenly distributed in South Africa and also individual there are richer due to the high GDP per Capital but economy wise in terms of GDP Nigeria as a Country is richer. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 2:58pm On Mar 07, 2019 |
Olumyco: You've got some point, but then... The large volume of trade or GDP doesn't transcend to better economy, it's GDP per capital that determines. Example... South Africa standard of living is four times better than that of Nigeria. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by grandstar(m): 6:02pm On Mar 07, 2019 |
olujastro: The strength of an economy is not based solely on the quality of infrastructure it has or else Taiwan and Italy would never have become rich countries. Companies in developing countries can still thrive with poor infrastructure. 2 examples today are India and Pakistan. I have always argued that for the country to hit 7% growth rates now, it would need structural reforms. Anyway, Buhari's exchange controls using the words of Charles Soludo simply made a "bad matter worse.". That's my anger with Buhari I wrote off this government within a month of taking over. He arbitrarily fixed the exchange rate at 197 to a $ without regard to market forces. He thought wicked economist were the ones that determined exchange without regard to the masses. It's like thinking that it was mathematicians that determined that 1+1= 2. They are simply interpreting what nature says. The same with economists. Diversifying exports is very important but commercial lending rates of 25% does the most damage to businesses in the real sector and not even infrastructure. Dangote said how can the country have a thriving agricultural sector with leading rates at 20%? Low lending will enable manufacturers for instance import world beating machinery that would make them competitive. Productivity is very low because of the high cost of credit. If Nigeria was a mine, it would be artisanial with corresponding low levels of productivity. Low credit would enable them to keep expanding until the local market is too small and exports are the only option. The only way non-oil exports can boom now until lending rates are brought down is through foreigners setting up factories and mines. FDI tends to target areas the country has comparative advantage. Angola was badly governed by Dos Santos so it's not a surprise. This is a country with about 20m people producing about 2m barrels of crude oil daily but can't balance it's budget. Venezuela since 2003 to me has been a basket case only it wasn't discernible . It is not until you marry your fiance that you realise she's not wife material. The signs were already there from the word go. FG can bring down lending rates to single digits levels by ending the "Naira substitution" policy. Google " Ending Naira substitution policy by Henry Boyo". Foreign investors can be lured to invest by slashing corporate taxes to no more than 15%. FG must also end multiple exchange as it screams economic incompetence to foreign investors. 2 Likes 1 Share |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by urahara(m): 6:51pm On Mar 07, 2019 |
grandstar: But @ grandstar. How come even with the multiple exchange rates , we have still been getting fdi inflows |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by almarthins(m): 9:14pm On Mar 07, 2019 |
Excaperx: Na obama remove jonathan? U well so Why una go dey blame oyinbo wey sit down jeje for una own plight? |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by trillville(m): 4:24am On Mar 08, 2019 |
grandstar: Comments like this one seem so enlightening and educative, yet unfortunately, are terribly wrong. Nigeria neither needs to increase exports nor should it consider reducing interest rates. As you rightly stated, just as economist do not control exchange rates, they also do not control interest rates. The rates proposed by the CBN only act as a guide to the market but in reality, the rates would naturally rise to that level. What is Reason for high interest rates in Nigeria? High importation of foreign goods. High interest rates make treasury bills/bonds attractive to foreigners, thus it brings in a high amount of foreign exchange. This foreign exchange is then substituted for the naira to allow for importation. What this means is that if Nigeria imports less, it would not need as much foreign exchange, so it would not need such high interest rates. Obviously, To reduce importation Nigeria has to increase the productivity of its people. Best way to do this is in investments in education and healthcare. Steve Babaeko, founder of X3M records rightly said the Nigerian government did not invest in music nor nollywood, yet both industries are highly productive, increasing Nigeria's earnings and also projecting a good image of Nigeria to the world. How much money did the US government give to google, Facebook or Amazon? Zilch. With education, people will naturally find productive endeavours to go into. The government does not need to focus on agriculture, science and technology. Even electricity was not discovered through government intervention but by educated and creative people whose focus was on increasing their productivity. Even infrastructure, there may be more efficient ways to solve our deficit but without mass education such solutions will never come out. Another thing the Nigerian government can do to increase our GDP more quickly is to become more efficient in its spending of our earnings from crude oil. Like a business can increase its profitability by reducing its costs, a country can also increase its GDP the same way. Ways to increase efficiency include: -further devaluation of the naira which would reduce local demand for dollars hence naturally bring down interest rates. - sack government workers. Most of them are unproductive including myself TBH. This will also bring down interest rates without having any adverse effect on the economy. It is actually brainless to continue paying people for no services. It is a moral hazard to cater for only 1 percent of your population. Funds need to be spent on education and healthcare as earlier stated. - increase taxation specifically on the rich. Increased taxation reduces disposable income does leads to lower demand for foreign exchange and would also naturally bring down exchange rates. I just reread boyo's view. With his substitution, he will invariably float the naira freely thus allowing market forces to determine the value of the naira. His view is better than what is currently being carried out but monetary policies by the CBN are not enough to turn this tide. I must admit, I thought there was no validity to his point of view. 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by otokx(m): 5:29am On Mar 08, 2019 |
Nigeria is not doing too badly. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by olamil34(m): 8:04am On Mar 08, 2019 |
winningwinner: Who sold that part off, am guessing P.D.P, of which your beloved candidate decamped to A.P.C to support buhari. Bros, now who has the small sense of reasoning? |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by olamil34(m): 8:07am On Mar 08, 2019 |
mamotalk: True, but they are a safer choice than P.D.P, imagine a candidate saying he will sell of nnpc to his FRIENDS. That alone turned me off, this people only care about there bank account. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 11:38am On Mar 14, 2019 |
trillville: Wow! Guy you try. You sabi oooo. Your comment is highly educative and intelligent. To me the government should just invest into Infrastructure and Education and watch Nigeria blow 1 Like |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 11:51am On Mar 14, 2019 |
kernel001: Large volume of trade transcend to better economy Sir. When the business/economy activity in a country is low it affects the economy of the country. Why do job creation, industries, companies and co contributes to the GDP of a country? Because they are economic activities. About Standard of living.... there are many factors that determines the standard of living in a country. Standard of living simply means what the country has to give a quality life/living. So things like economy, infrastructure, security, Govt. policies and co determines the quality of life you get in a country. A country like South Africa has a higher standard of living than Nigeria but not by 4 times... that is exaggeration. Their standard of living is much rooted in infrastructure because they have it more than Nigeria not because of GDP per capital. GDP per capital is one of it but will still have to depend on the infrastructure in the country and the economy in terms of prices of goods and services. A country with inflation how will GDP per capital shine in such places/give standard of living. Security, market price and co are still problems in SA. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by kernel001: 1:09pm On Mar 14, 2019 |
Olumyco: Sir... Why is Switzerland GDP per person 40 times better India? While Switzerland total trade doesn't come close to India, since you're of the opinion that it's majorly volume of trade, instead of volume of trade divided by the population. |
Re: Nigeria About To Become The Next Venezuela - UK Telegraph by Olumyco(m): 4:51pm On Mar 14, 2019 |
kernel001: Equitorial Guinea, Gabon, Seychelles etc all have high GDP per Capita... do they have strong economy? In terms of GDP per Capita Luxembourg is one of the leading country in the world. Does she have strong economy? Sir I have already explained where GDP per capita belong to. Your GDP per Capita will shine where there is high volume of trade meaning big economy. Switzerland has a huge GDP already and also high GDP per Capita so their standard of living will be high coupled with infrastructure and others. US too is not leading based GDP per capita but its still has high GDP per Capita and their economy also is big which tells us the standard of living there is high. India has huge GDP and their small GDP per Capita tells you their economy activities is still low compare to the population. Same with Nigeria. |
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