Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,165,603 members, 7,861,862 topics. Date: Saturday, 15 June 2024 at 09:33 PM

Foreign Reserves Shed $5.09bn In Four Months - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Reserves Shed $5.09bn In Four Months (15325 Views)

Nigeria’s Foreign Reserves Shed $1 Billion, Biggest Fall In 17 Months / British court orders Irish firm to seize $9b Nigeria’s foreign reserves / Foreign Reserves Decline By $2.3bn In 11 Weeks (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 2:50pm On Apr 30, 2020
kolafolabi:
Diversification is the key now before it's too late
Its already too late dude. With near zero investment in research and education where does diversification start from?

1 Like

Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 2:50pm On Apr 30, 2020
Chai..where all the local and foreign donations come go na!
Re: Foreign Reserves Shed $5.09bn In Four Months by cassbeat(m): 2:50pm On Apr 30, 2020
Racoon:
Not even with the COVID19 donations and foreign assistance cum senseless borrowings.There is just a looting galore of all "lootable" funds going on.El-Rufai, Lai Mohammed are you still there?
I really wish he would see it..
Re: Foreign Reserves Shed $5.09bn In Four Months by Justiceleague1: 2:51pm On Apr 30, 2020
Yenefer:
undecided

Why are you sad, your darling president is working nah. grin
Re: Foreign Reserves Shed $5.09bn In Four Months by Jaqenhghar: 2:51pm On Apr 30, 2020
Investments will always trump savings any day
Re: Foreign Reserves Shed $5.09bn In Four Months by CasNova(m): 2:51pm On Apr 30, 2020
The Covid-19 situation is contributing to economic downturn globally.

Nigeria should brace up for tough situations ahead.
Re: Foreign Reserves Shed $5.09bn In Four Months by jadejay: 2:51pm On Apr 30, 2020
How to Start a Fashion Business

You have probably heard many times, people telling you to own a business, build your own dreams and be your own boss. But no one tells you that starting a business is no easy task, and more daunting when you have no funding.

Getting an investor comes with its own attendant problems, and borrowing from the bank is never advisable. It is foolish to start a business with borrowed money.

So, you cannot get an investor, and borrowing from the bank is not advisable. What should you do?

Read the entire article by QueenBee Aurora on the blog. Click the link below

https://pelleura.top/how-to-start-a-nigerian-fashion-business-little-no-money/
Re: Foreign Reserves Shed $5.09bn In Four Months by Temptee101(m): 2:53pm On Apr 30, 2020
shocked

Nothing positive about this buhari's govt

Just negativity upon negativity

I have nothing to say

1 Like

Re: Foreign Reserves Shed $5.09bn In Four Months by taven(m): 2:54pm On Apr 30, 2020
sassysure:
One of the strength of every country especially developing countries is foreign reserve.
Make they kukuma finish the whole thing na.
Buhari has bad luck written all over him since the1980s.

They said if some people enter in a house, their aura make it glow while when some enter the same house, it look haunted.
Buhari's aura has been haunting Nigeria. Very bad market. Those way dey go see those people wey dey see future, none of them told them.buhari is bad market?

From being a robot( the drama surrounding him even make me doubt if he is alive) to being a burden.
Bros just make the talk real the guy na waste!!
Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 2:55pm On Apr 30, 2020
veeshock:

Its already too late dude. With near zero investment in research and education where does diversification start from?

Simple.

1.We cut subsides on petrol completely, and allow marketers set the price.

2.This brings in more investment in refineries and in gas production facilities

3.This improves power supply

4.Which means more factories and industries would be set up

5.Which means more jobs, and more income for the government.
Re: Foreign Reserves Shed $5.09bn In Four Months by abnot: 2:57pm On Apr 30, 2020
kikero:


Well the oil prices have been on a downward trend for some time (Brent was $63 in December 2019, now $24.51).

Add the fact that our breakeven oil price, the price that oil should be for Nigeria to have a surplus budget is $139 per barrel.

At the end of the day, our reserves will fall. If we wanted to raise our reserves right now, government would be owing everyone salaries, senators inclusive, and it would be finding it difficult to pay for bills.

Buhari is not a good leader, granted, but he wasn't responsible for making Nigeria's economy oil dependent either.


One of the reasons he was was elected was the bad management of the economy which was blamed on the over-dependence on crude oil revenues , mismanagement of the petroleum product subsidy program, high import bill and many others . If these problems weren’t there Nigerians would not have needed a new leadership. Five years after we are still talking about Nigerian economy being oil dependent. Truth is that he came to also partake in the management and frivolous spending of our receipts which was why the appointed himself the full minister of petroleum resources. There were/are other areas that needed urgent attention ( agriculture , power ) that would have kickstarted the process of diversifying the economy . He wasn’t as interested in those areas as he was in crude oil. The government has failed and will not be able to revive the economy from its present state

1 Like

Re: Foreign Reserves Shed $5.09bn In Four Months by Justiceleague1: 2:57pm On Apr 30, 2020
sweetsell:
When foreign reserve increases the credit isn't given to Buhari but you despicable souls can blame him whenever it dwindles.



Behold one the problem of Nigeria and mankind....
Re: Foreign Reserves Shed $5.09bn In Four Months by Obidon1(m): 2:58pm On Apr 30, 2020
I see dollar sells at #600 soon in Nigeria

1 Like

Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 3:13pm On Apr 30, 2020
kikero:


Simple.

1.We cut subsides on petrol completely, and allow marketers set the price.

2.This brings in more investment in refineries and in gas production facilities

3.This improves power supply

4.Which means more factories and industries would be set up

5.Which means more jobs, and more income for the government.
Very funny. Gas production and refining capacity/subsidy are two very different and unrelated things. Deregulating the downstream totally would have a barely noticeable impact on power generation/supply.
Re: Foreign Reserves Shed $5.09bn In Four Months by Truthbites: 3:14pm On Apr 30, 2020
Thanks Buhari
Re: Foreign Reserves Shed $5.09bn In Four Months by gabicon: 3:16pm On Apr 30, 2020
We need value chain strengthening, it's not enough to export minerals we need to convert them to finished goods. Most of our manufacturing companies are dependent on raw materials from overseas, that has to change, we need to be principal players along the value chain. The major pressure on our external reserve is as a result of import, an inward value chain will reduce this, for instance we can farm corn all year round with irrigation yet the sweet corn on our salad or fried rice is imported, all we need to do is fill the vacuum in the value chain by converting raw corn to canned corn.
Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 3:22pm On Apr 30, 2020
sweetsell:
When foreign reserve increases the credit isn't given to Buhari but you despicable souls can blame him whenever it dwindles.


There is no soul more despicable than you, sir. You mean you can justify callousness, insensitivity, uneven standards, incompetence, nepotism, disregard for lives and welfare of certain sections of the country, economic planlessness, and we should just follow you?
Nonsense.
Re: Foreign Reserves Shed $5.09bn In Four Months by fabuloz1(m): 3:23pm On Apr 30, 2020
kikero:


Oil is our major earner, and the price of oil has been on a downward trend for some time.

Right now, oil is at $24.

And it is from our oil earnings that we get money to...you guessed it...fund the reserve.

Falling oil prices means that the country does not have enough cash to save...so we have to start relying more on the reserve.

(As an example. in 2014, Saudi had $750billion in its reserve, when oil prices started falling. By 2015, the reserve was at $600billion....150bn lost due to falling oil prices. Alarm bells ringing in Riyadh)
This example shows that Nigeria is very poor compared to Saudi Arabia
Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 3:24pm On Apr 30, 2020
This is the time to steal from the purse and claim it's for Covid-19.
Re: Foreign Reserves Shed $5.09bn In Four Months by jogodo5: 3:25pm On Apr 30, 2020
[s]
FrLukas:
This is the time to steal from the purse and claim it's for Covid-19.
[/s]
Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 3:29pm On Apr 30, 2020
MiniMiniPoPoPo:
pls help us hunger has finished us in Oshogbo
kind hearted Nigerians help us
bro, why the hate against certain tribes. We can't continue like this and expect growth in Nigeria.
Re: Foreign Reserves Shed $5.09bn In Four Months by kayusely70(m): 3:33pm On Apr 30, 2020
Our leaders have frittered away our money
Re: Foreign Reserves Shed $5.09bn In Four Months by afroxyz: 3:36pm On Apr 30, 2020
sassysure:
One of the strength of every country especially developing countries is foreign reserve.
Make they kukuma finish the whole thing na.
Buhari has bad luck written all over him since the1980s.

They said if some people enter in a house, their aura make it glow while when some enter the same house, it look haunted.
Buhari's aura has been haunting Nigeria. Very bad market. Those way dey go see those people wey dey see future, none of them told them.buhari is bad market?

From being a robot( the drama surrounding him even make me doubt if he is alive) to being a burden.

This your mention of aura. Are you a mystic grin
Re: Foreign Reserves Shed $5.09bn In Four Months by PDJT: 3:39pm On Apr 30, 2020
Yenefer:
undecided

Yenefer, my sidechick, are you seeing what I saw? shocked

Let’s see how long Nigeria will last. $33 billion reserve with 204 million mouths to feed. grin
Re: Foreign Reserves Shed $5.09bn In Four Months by temptnow: 3:41pm On Apr 30, 2020
JESU, these Fulani criminals will finish Nigeria
Re: Foreign Reserves Shed $5.09bn In Four Months by PDJT: 3:43pm On Apr 30, 2020
Spacewalk:
bro, why the hate against certain tribes. We can't continue like this and expect growth in Nigeria.

You’re right. But the politicians are solely to blame. The people of Vermont don’t spend their time hating on people of California; that’s the power of decentralisation of Government. But the greedy, power intoxicated politicians in Nigeria wont listen or pay attention to the anomalies.
Re: Foreign Reserves Shed $5.09bn In Four Months by frog12: 3:46pm On Apr 30, 2020
ouch !!!
Re: Foreign Reserves Shed $5.09bn In Four Months by brexit: 3:47pm On Apr 30, 2020
One of the essence of foreign reserve is for a country to have where it will fall on in case of national or global dwindling economic crisis, Nigeria will restart the economy again after the lock down from the foreign reserves or/and national sovereign wealth fund
Re: Foreign Reserves Shed $5.09bn In Four Months by sweetsell: 4:06pm On Apr 30, 2020
Foolish people like you make me sick. Aside Yaradua which government in Nigeria did not exhibit all the trait u listed or if anyone did a single thing you listed right Nigeria will still be where it is now ?


destinie2019:

There is no soul more despicable than you, sir. You mean you can justify callousness, insensitivity, uneven standards, incompetence, nepotism, disregard for lives and welfare of certain sections of the country, economic planlessness, and we should just follow you?
Nonsense.
Oloriburuku God sake igbo always seeing Yoruba giant tormenting your bigoted father n mother in your dream. If the Yoruba got nothing is this dispensation how is that your pathetic father's problem. As any Yoruba cried to your father for salvation?! It is Amadioha that will destroy your entire household n unborn for mentioning Yoruba in your comment.

destinie2019:

The Yoruba danced in the sun and sweated, used their media outlets to tackle Jonathan, got to the table and got next to nothing in this dispensation.
And forgot their activism.
Chaiiii.... Soyinka, Tinubu, Omojuwa, are these people still alive?
Re: Foreign Reserves Shed $5.09bn In Four Months by Nobody: 4:09pm On Apr 30, 2020
Yenefer:
Now if I said anything like criminal, corrupt about the CBN governor they will tag me tribalistic

Are you blind or just stupid??

when the federal government has been borrowing non-stop. What exactly do you expect?
Re: Foreign Reserves Shed $5.09bn In Four Months by charlesm91(m): 4:09pm On Apr 30, 2020
sassysure:
One of the strength of every country especially developing countries is foreign reserve.
Make they kukuma finish the whole thing na.
Buhari has bad luck written all over him since the1980s.

They said if some people enter in a house, their aura make it glow while when some enter the same house, it look haunted.
Buhari's aura has been haunting Nigeria. Very bad market. Those way dey go see those people wey dey see future, none of them told them.buhari is bad market?

From being a robot( the drama surrounding him even make me doubt if he is alive) to being a burden.
really tho you’re right. He lacks the Midas touch to see things blossom in his time. A second time can’t be a coincidence.
Re: Foreign Reserves Shed $5.09bn In Four Months by Ikjosh04: 4:12pm On Apr 30, 2020
sassysure:
One of the strength of every country especially developing countries is foreign reserve.
Make they kukuma finish the whole thing na.
Buhari has bad luck written all over him since the1980s.

They said if some people enter in a house, their aura make it glow while when some enter the same house, it look haunted.
Buhari's aura has been haunting Nigeria. Very bad market. Those way dey go see those people wey dey see future, none of them told them.buhari is bad market?

From being a robot( the drama surrounding him even make me doubt if he is alive) to being a burden.

You've spoken well. Buhari and his cabinet has finished us.

(1) (2) (3) (4) (Reply)

Alleged Multi-Million-Pound Bribe: I Need Prayers – Diezani Cries Out / PDP Gov. Candidate Umar Nasko Conceeds Defeat, Congratulates Bello, The Winner / Zamfara, Kaduna Killings: Buhari Cuts Trip, Returns To Nigeria

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 42
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.