googi:
This is how they suck every living cell out of developing/emerging economy.

Get foreign judgments that wipe out the foreign reserve.

Servicing loans, debts, interest and penalties.

Oxford, London School of Economics and Harvard train economists will soon flood here telling Nigeria to pay and settle business dispute in favor of the suckers.

When OBJ paid off Paris Club odious loans, it was good for the Country. Nigeria was asked to borrow by the same advocate that paid of the loan claiming loan had cheap interest rate and good for credit rating.

Prof. Soludo had to put her in her place when she started believing her false assumptions. If OBJ and Jonathan knew better, she could not have been right in both cases - pay off or borrow again.

Sometimes you have to wonder who loves this Country except those poor men and women toiling day and night to trade in needed goods and materials, sell and buy while fat cats bundle their sweat equity out through forex.

How is our debt now that she is no longer advising him?
How has our productivity improved since he took over four years ago? Or what are we selling to others for us to be able to buy from them?
Education, employment nko? How far?
Do we have more fat cats of forex now or less


www.nairaland.com/attachments/8405406_fbimg1546162771920_jpega42a952974d5b073eb79e48104c0c1b6

nigerianvenom:
Muhammad Sanusi II, the emir of Kano and the immediate past governor of the Central Bank (CBN), says President Muhammadu Buhari’s endorsement of the CBN foreign exchange policy encourages corruption.

Lauding Buhari’s removal of “wasteful and corrupt fuel subsidies”, Sanusi said the current forex policy endorsed by the president encourages similar rent seeking and corruption which trailed the subsidy regime.

“He (Buhari) has put an end to the [crude] swap regime which is also one side of rent-seeking and corruption . . . he has made the NNPC start producing accounts, so there is greater transparency,” Sanusi told Financial Times.

“These measures are good for the economy and display strong political will to change the system. But getting monetary and fiscal policies right will be crucial for broader progress in structural reform.”

FT quoted the emir as saying the president’s anti-corruption stance was “totally inconsistent” with the foreign exchange regime he supported, adding that it “encourages corruption and rent-seeking similar to the fuel subsidy regime”.

The emir, who was CBN governor from 2009 to 2014, expressed his displeasure with the monetary policy regime which he said has “very obvious drawbacks that far outweigh its dubious benefits”.

https://www.thecable.ng/sanusi-buharis-fx-policy-encourages-corruption

Ekpeitut:


Trust me you cannot work with Buhari. You can only work for him except you're in APC or the cabal. Face the truth in honour!

Trust you?

googi:
Well, everyone preached diverse economy well before Ngozi.

But Ngozi and her boss moved beyond preaching and acted to deliver.
Big difference that was disrupted by the rent seekers who are now in power finishing off the country.

Lol.... You ain't funny.. �

makdcash:
When time to sell reach make then sell am give canada. Awo oloshi

Nigeria has gone...

Make no mistake, Buhari is a dunce,and has been an absolutely dreadful president, impervious to reality, deeply unsympathetic, utterly tone deaf.

Missing any chance to actually compromise. Anyone who has met him will tell you that he doesn’t really do human, not bright enough to understsnd economics at the barest level.

With Buhari, A walk-in freezer has more warmth....and intelligence.

More importantly he doesn’t do dialogue, he simply repeats his lines and his mantras until people are so bored they possibly agree with him. Or he pretended they did.

Each day, waking up to a buhari nigeria makes me wish for Biafra. Nigeria x never gonna make it.

i mean when was the last time u hear anything positive about Nigeria on a foreign magazine pre-2015? Back before 2015, we often hear best investment destination, largest this, second largest this, Next this to watch, richest that.... but now. fvck Buhari...fvck Tinubu and his inordinate greed

naijaseeker:
If you noticed, I said I was an adult by the 1990s, I never encountered the Pound economy. I did not mention the foreign companies making money from Nigeria since before the 1960s because I did not see the need to mention them. My argument is simply,"why the unnecessary fascination with Okonjo Iweala in the face of a government without any economic understanding or agenda".

The original post is how Nigeria has been losing money and investments since 2015. Your counter was to shift the blame on NOI and Harvard trained economists.

However, Nigeria has been reaped off way before NOI and still is after NOI. Between the times I can remember till date, her period was the best. Buhari has been in power before and is in power now. What has he done? For 5 years nothing but blame NOI and you seem to blame her for the companies which has been reaping off Nigeria since 1500. Private individuals are not saints anywhere in the world. These companies also reap off their home governments.

Your argument seem to assume an inherent goodwill in man. Human beings are selfish and need control and that is the responsibility of the government. The relevant question is, what is the economic agenda of this present administration for Nigeria. Blame GEJ and NOI?

Such an excellent post.
I wish nairaland could be dominated by such comments instead of the trash that litters the front page about yeyebrities and their fake life plus politicians and their propaganda. Zero on policy. Zero!

googi:


I am not sure if you even want to get my point. Nigeria is totally confused right now and anyone can justify their failure as success or success as failure. The only fact remains that the so called African international economists have let us down since structural adjustment, another name for devaluations.

We went from surplus and even went through a war without borrowing a kobo.

What changed? Wide open forex because big fat cats wanted to import. Some poor people support them I must say because they think there was a conspiracy to damage import market which was mainly used for used, new and charitable vanities brought into the market. All the money taken out never generated value in return.

Indeed, it generated unanticipated forex millionaires or billionaires in the North. The common man got crumbs out of their petty trade.

Read that report again, it tells you about how much foreign companies brought or did not bring in. Nothing about how much they are taking out. Actually, no economic report would tell you how much they are taking out of Nigeria in particular and Africa in general.

Unless you read Oxford Report or another one by headed by South Africa former President Mbeki: trillions leaked out! How could they bring millions or billions in and take trillions out and expect us to prosper?

Every politician, judges and yes our businessmen claim they are in profitable businesses. Ask any of them how much forex has anyone generated for Nigeria out of their profitable business since Independence. If anything they go to Central and local banks to raid foreign income generated by oil and other natural resources. What did South-south get back, even when their own son was in charge? More polluted environment where common fisher man could not and still cannot make a living.

Dangote promised to start generating forex soon and only soon. What about Adenuga, Innoson and Odetola? None of them could generate one American dollar or one British dollar into the Country?

As for the present Government, I am not their defender. All the government still employ these foreign experts to manage our economy. But give one credit to Buhari - he has asked over and over again for someone to show him one country that ever recovered from devaluation. His primordial instinct is right even if you disagree with him politically.

Jonathan has a PhD and his cabinet was full of those that could have showed us how to take a country into promised land. Actually, he might have been better off with Prof. Soludo than Ngozi Nweala that never had a single university or private sector experience and played opposite role during OBJ and Jonathan governments.

Hey, what do I know.

this man will you Shut this gibberish you are spewing up !!!!

SarkinYarki:
this man will you Shut this gibberish you are spewing up !!!!

He admitted as much already in his conclusion below.

googi:
Hey, what do I know.

googi:


I am not sure if you even want to get my point. Nigeria is totally confused right now and anyone can justify their failure as success or success as failure. The only fact remains that the so called African international economists have let us down since structural adjustment, another name for devaluations.

We went from surplus and even went through a war without borrowing a kobo.

What changed? Wide open forex because big fat cats wanted to import. Some poor people support them I must say because they think there was a conspiracy to damage import market which was mainly used for used, new and charitable vanities brought into the market. All the money taken out never generated value in return.

Indeed, it generated unanticipated forex millionaires or billionaires in the North. The common man got crumbs out of their petty trade.

Read that report again, it tells you about how much foreign companies brought or did not bring in. Nothing about how much they are taking out. Actually, no economic report would tell you how much they are taking out of Nigeria in particular and Africa in general.

Unless you read Oxford Report or another one by headed by South Africa former President Mbeki: trillions leaked out! How could they bring millions or billions in and take trillions out and expect us to prosper?

Every politician, judges and yes our businessmen claim they are in profitable businesses. Ask any of them how much forex has anyone generated for Nigeria out of their profitable business since Independence. If anything they go to Central and local banks to raid foreign income generated by oil and other natural resources. What did South-south get back, even when their own son was in charge? More polluted environment where common fisher man could not and still cannot make a living.

Dangote promised to start generating forex soon and only soon. What about Adenuga, Innoson and Odetola? None of them could generate one American dollar or one British dollar into the Country?

As for the present Government, I am not their defender. All the government still employ these foreign experts to manage our economy. But give one credit to Buhari - he has asked over and over again for someone to show him one country that ever recovered from devaluation. His primordial instinct is right even if you disagree with him politically.

Jonathan has a PhD and his cabinet was full of those that could have showed us how to take a country into promised land. Actually, he might have been better off with Prof. Soludo than Ngozi Nweala that never had a single university or private sector experience and played opposite role during OBJ and Jonathan governments.

Hey, what do I know.

Stop this nonsenses you are peddling.

dont rub more salt to our collective sour.

Buhari is taking us to Venezuela and you are here trying to reinvent his image.

Stop abeg...Stop

Lifestone:

Sincerely I couldn't get your point of view. Are you justifying the present crops of those managing our economy?

What progress did those who managed it before them make?
All we're doing is taking 2 steps forward and 5 backward. All our leaders have been self serving and parochial

bkool7:
What progress did those who managed it before them make?
All we're doing is taking 2 steps forward and 5 backward. All our leaders have been self serving and parochial

Blaming leaders is the easiest part. How are you/we different from our leaders
As for the OP, my concern is how we went from so much promise in 2014 to a basket case in 2019?

LRNZH:
In 2001 the world began talking about the BRIC countries - Brazil, Russia, India and China - as potential powerhouses of the world economy. The term was coined by economist Jim O'Neill, who has now identified the "Mint" countries - Mexico, Indonesia, Nigeria and Turkey - as emerging economic giants. Here he explains why.

So what is it about the so-called Mint countries that makes them so special? Why these four countries?

A friend who has followed the Bric story noted sardonically that they are probably "fresher" than the Brics. What they really share beyond having a lot of people, is that at least for the next 20 years, they have really good "inner" demographics - they are all going to see a rise in the number of people eligible to work relative to those not working.

This is the envy of many developed countries but also two of the Bric countries, China and Russia. So, if Mexico, Indonesia, Nigeria and Turkey get their act together, some of them could match Chinese-style double-digit rates between 2003 and 2008.

In terms of wealth, Mexico and Turkey are at about the same level, earning annually about $10,000 (£6,100) per head. This compares with $3,500 (£2,100) per head in Indonesia and $1,500 (£900) per head in Nigeria, which is on a par with India. They are a bit behind Russia - $14,000 (£8,500) per head - and Brazil on $11,300 (£6,800), but still a bit ahead of China - $6,000 (£3,600).


www.nairaland.com/attachments/1501843__72063017_rise_of_mints_624_gif4c5682ed163aec39714ab01a7d5fba92


Read the rest here: http://m.bbc.co.uk/news/magazine-25548060

Dumbohari Don finish this country.

rusher14:


Trust you?

Yes na. I have your overall best interest at heart

bkool7:


What progress did those who managed it before them make?
All we're doing is taking 2 steps forward and 5 backward. All our leaders have been self serving and parochial

Stop this idea of comparism. If those before had done well we won't be in this miserable position. How do you benchmark failure? Unfortunately you are also a victim of bad leadership. So stop defending ineptness.

Front0lane:
Funny thing about people like you us that you act like PDP was any beta but any sane n average reasonable or intelligent person understand PDP was worse in every indices compared to Bihari but you lot just chose to wail your sorrow filled heart out now cos Buhari is a northerner why doesn’t gives flying fucqs about you Igbos.

You guys should please stop this comparism. Are we benchmarking our past or the best in the world?
Aside, PMB promised better deal, we voted for him but he failed simple.
I sincerely want to believe that the second term will be better.

ivandragon:



yawns...


are you done spewing your vile ethnic bile?


that a previous administration did not live up to expectations does not stop the present from being criticized.

the article has clearly stated the failings of your tingod, you should be more concerned on focusing on how he should move the nation forward rather than being a jerk...

Grandpa! You being "vile" and "ill-mannered" and a "bullying dolt" here too?!


This is so I know you're learning, grandpa!
Mummy and daddy said to say "Helloooo o".

All over the world developmental project are compared btw the past n present to be able to project beta for the future but because those you Igbos supported failed Nigeria woefully in the past you want us all to ignore the past like it never happened n now adapt America standard of development for Niger like your cursed PDP ever followed American standard in looting ruining n destroying Nigeria.

The past is what the achievement of the present will be judged upon n not foolish Igbo Ipob PDP supporters utopia.

Lifestone:

You guys should please stop this comparism. Are we benchmarking our past or the best in the world?
Aside, PMB promised better deal, we voted for him but he failed simple.
I sincerely want to believe that the second term will be better.

budaatum:

Grandpa! You being "vile" and "ill-mannered" and a "bullying dolt" here too?!


This is so I know you're learning, grandpa!
Mummy and daddy said to say "Helloooo o".

lol...


you will be the one to get tired.

Naijaseeker,

I said it earlier, two reasonable people can agree to disagree. In order to move forward, let us think less about Ngozi who I was familiar with in Boston and Buhari who I hardly know but now labeled his defender, ouch!

Please we cannot escape responsibility by claiming certain period is not in our time. Nigeria has young population, it is our responsibilities to contribute the little we know, not only during our time but before and beyond.

Watch every economic analysis, it is from the point of view of foreign investors. How much they are bringing in for the country to grow, never how much they are taking out. Yet, in their cases it is about how foreigners are reaping them off.

Indeed, this is the basis for their current nationalism. Every African leader from Nkrumah, Nyerere's Ujamah to Lumumba that even tried to think like them have been struck down. Contrary to what some might think, I have nothing against foreign trained. Most of our Independence fighters were. And so were many of us.

This disagreement within us were deliberately created and it might go on for many years unless we start looking within for our economic salvation and not from foreigners or their vanities. If we have been crawling since our great Empires before Muslim and Barbarians destroyed us, we would be better off today.

I agree with you that man is created to look for his selfish interest first but how long is enough in the case of Africa being sucked to death and blamed at the same time for low IQ, as if I know what IQ is other than instant gratification.

Do you remember or read about Gold Standard? You sure remember a country named Gold Coast. Today America and Brittain just print papers and back them up with nothing or vanities. There are more $100.00 notes outside US than inside. Dare them as Gadhafi did, and tell me how they turned him and his country into rubles. They lost their paradise and replace it with the rule of law or human rights.

Did China depend on democracy, Muslim and Christian religions to become their new Financial and Nuclear threat today?

We have enough talented Nigerians to innovate, copy, steal intellectual properties and compete as Japan, Russia and China did.

But London School of Economics, Harvard, Toronto, McGill trained graduates that our youth worship and are daily looking up to will not let us.

ivandragon:



lol...


you will be the one to get tired.

12 year old get tired before grey haired grandpa gets tired? You funny. And obviously don't see me running round your tired old squiggly knees.

I'll let mummy and daddy know grandpa needs new glasses so you can see. Maybe they'll let me send you the money in my piggy bank.

googi:


We have enough talented Nigerians to innovate, copy, steal intellectual properties and compete like Japan, Russia and China.

But London School of Economics, Harvard, Toronto, McGill trained graduates that our youth worship and are daily looking up to will not let us.

They don't exactly "let" China either. But the smart Chinese don't look up to them or worship them neither. They place much value in their selves instead and refuse to worship foreign "gods" and steal and copy "god's" food instead.

I can't wait till we Nigerians grow up and value ourselves too. Someday, I hope, soon.

Front0lane:
All over the world developmental project are compared btw the past n present to be able to project beta for the future but because those you Igbos supported failed Nigeria woefully in the past you want us all to ignore the past like it never happened n now adapt America standard of development for Niger like your cursed PDP ever followed American standard in looting ruining n destroying Nigeria.

The past is what the achievement of the present will be judged upon n not foolish Igbo Ipob PDP supporters utopia.

There he goes again. We are having mature debate and rather than argue base on intellect, you've gone tribal.
It's obvious that your global view and development understanding is very limited otherwise you will know that China Singapore, Brazil etc became what they are today by benchmarking the developed Western countries and not their past. Comparism with the past only becomes consequential.
Let's stop this tribal stuffs and hold our leaders accountable where necessary and praise them when they have done well.
By the way I am proudly YORUBA from Ondo State.

budaatum:

They don't exactly "let" China either. But the smart Chinese don't look up to them or worship them neither. They place much value in their selves instead and refuse to worship foreign "gods" and steal and copy "god's" food instead.

I can't wait till we Nigerians grow up and value ourselves too. Someday, I hope, soon.

It's the responsibility of our Leaders to bring this out.

budaatum:

12 year old get tired before grey haired grandpa gets tired? You funny. And obviously don't see me running round your tired old squiggly knees.

I'll let mummy and daddy know grandpa needs new glasses so you can see. Maybe they'll let me send you the money in my piggy bank.

poor morals...


you left the chap spewing ethnic hate. shows you have a bent moral compass...

And this did not make front page. This site is obviously under APC payroll. What a joke.

ivandragon:



poor morals...


you left the chap spewing ethnic hate. shows you have a bent moral compass...

Are you trying to whatabout me grandpa?

You should know by now that no one made buda the morals or ethics police on a public forum, and my compass is only directed at you grandpa, who insulted buda!

Lifestone:

It's the responsibility of our Leaders to bring this out.

I don't agree. I think it is mine and every individuals' responsibility to bring this out. And we can start by curing ourselves of our individual ignorance.

We are the leaders. We just don't realise it yet, which is why we are sheep.

If you like you can be from Hell I don’t give flying fucqs. Only intelligent humans can be debated not foolish PDP supporters that kept shut while the party they support ruined Nigeria for 16 years.

Telling the failure that PDP is not tribal, it only show how foolish anyone against the development APC is bringing about in Nigeria compare to the failure that PDP will forever be till eternity is.

Only fools tell others how to reason, n even more foolish soul argue that we should ignore the past n where we were coming n start dreaming about an utopia that no foundation was built for it.

A lot of people that reason as foolishly as you have chosen deserve to be beaten to death for such pathetic reasoning. China looked inward to develop, so those many other developing countries none was looking at Utopia from Europe like you proffer so stop being foolish in tot cos of bigotry and outright foolishness.

As you pathetic PDP supporters say u no go get sense, I will personally make sure I reorientate you n your father to reason intelligently.

Lifestone:

There he goes again. We are having mature debate and rather than argue base on intellect, you've gone tribal.
It's obvious that your global view and development understanding is very limited otherwise you will know that China Singapore, Brazil etc became what they are today by benchmarking the developed Western countries and not their past. Comparism with the past only becomes consequential.
Let's stop this tribal stuffs and hold our leaders accountable where necessary and praise them when they have done well.
By the way I am proudly YORUBA from Ondo State.

The fact is that both the sycophant and the patriots will not be spared of the direct consequences of mis governance.

We all buy from the same markets and apply for the same jobs.

The economy will not suddenly favour you because you like buhari.

Front0lane:
If you like you can be from Hell I don’t give flying fucqs. Only intelligent humans can be debated not foolish PDP supporters that kept shut while the party they support ruined Nigeria for 16 years.

Telling the failure that PDP is not tribal, it only show how foolish anyone against the development APC is bringing about in Nigeria compare to the failure that PDP will forever be till eternity is.

Only fools tell others how to reason, n even more foolish soul argue that we should ignore the past n where we were coming n start dreaming about an utopia that no foundation was built for it.

A lot of people that reason as foolishly as you have chosen deserve to be beaten to death for such pathetic reasoning. China looked inward to develop, so those many other developing countries none was looking at Utopia from Europe like you proffer so stop being foolish in tot cos of bigotry and outright foolishness.

As you pathetic PDP supporters say u no go get sense, I will personally make sure I reorientate you n your father to reason intelligently.

Your rants above are pure empty with no substance to support the focus of our debate.
I voted and campaign for PMB in 2015 against the poor handling of the country by PDP. While PMB has done well in some areas he has performed woefully in the management of our country's economy with rising deficit budget and unemployment. Only a bigot will not see these among others.
That you are not aware that all leading producers of any products today has operations in China beats my imagination. Maybe you don't know, that's what we mean by foriegn investment, no country including the US can wish that away.
The cruz of this discussion is that PMB has failed in creating the right environment by putting in place critical reforms to ease doing business in Nigeria. Things like security of life and property,
Legal reforms on trade dispute (an average trade dispute in court takes over 6years if you are lucky).
Respect for contractual agreement and intellectual property
Land law reforms
You still need to sort to register a company with CAC in Abuja etc
Fiscal and monetary reforms that will eliminate paper millionaires (the current 3 tier exchange rate regime permits rents seeking).
These are my points. We don't need rocket science to get some of these things done. These are what the foreign investors are waiting for.
PMB needs new ideas and he must figure out how to get it done, that's why he asked for the job and that's why Nigerian voted him to power.
As per all the other rants in your post, it shows your level. I don't fight with the pig

budaatum:

I don't agree. I think it is mine and every individuals' responsibility to bring this out. And we can start by curing ourselves of our individual ignorance.

We are the leaders. We just don't realise it yet, which is why we are sheep.

While I do agree that individuals should take responsibility, you will agree with me that it's only individuals that have been prepared that can reason the way you have.
Today we still have millions of children out of school, children malnutrition is still pervalent ( this leads to staunted growth and inhibit mental development & intellect), we still surfer high mortality from diseases that have been completely eradicated in other climes.Our human dignity suffered etc.