₦airaland Forum

thegloor:
You mean stone rice

You are exactly the kind of person I was referring to.

AlhajaChinyere:
Useless, indisciplined race of idiots. Black Africans will suffer from generation to generation. Like stupid slaves they will spenf the borrowed money on consumer products to big up against each other.

190m idiots that produces nothing!

Well said

BEEFIE:
an Igbo man is in charge of CBN... through his efforts our currency got devalued from 268 now 498

That one na career civil servant bowing for Issa Funtua to keep his job, I mean real business men

abeggnow:
why can't people have a discussion without abusive words does it show a lack of maturity Also, my comment is not about President Buhari, everybody knows that his government is not economically sound. My talk is about IMF. The case of Indonesia and Malasia comes to mind

Ok now that you that not every IMF policy ends badly. Why do you disagree with their policy suggestions.

bbode1:
The only way to generate more cash flow and increase employment is to place ban on the 41 items. Which the Nigerian economy as done. And it's yielding effects on rice production already. Imf policy to remove those ban will only cause a ripple effect on what the Nigerian economy is trying to grow. Yes we need forex. But the only way is by generating more goods for export in which we have a superlative advantage.
For now, it's the oil.. But we have the population and population is power.
I advise the government to copy from China. We need a micro economy country where the power of the economy is on the small scale businesses.
The only way is by banks granting loans to small business owners. The cbn needs to check some of its monentry policies. And pull down the rigged method of borrowing money from the bank

Nigeria should not copy china o

Chinese economy model is disastrous

Let us develop our own economic model unique to us
And let it be focused on value creation and productivity

Dasall

Economic thuggery as practiced by china is not the way to go

diplomat058:
Telling the government to unban 41 forex items is like asking us to go back to the fays of confusion and lack of focus. Yes, we are not close to where we are going, but we have at least identified, consensually, some of our problems. Just think about it bro, given the high import propensities of Nigerian, dearth of capital, Lilliputian industrial bases, and so on, is this the right time to open our doors to the world? experience has shown that protectionism is a potent tool used by any developing country on it's take off phase but western imperialists and their political economists will not acknowledge this, to sell their products and liberalise for markets to kill their industries, dominate and repatriate capital and returns on equities.

Dude your policies have failed but you telling me the westerm imperialist you're running to are the issue. The protectionist measures didnt address the issues of productivity for 4th time. Thats why they didnt and wont work. You cant point your secess so yiu just keeo rambling how bad they are.

rottennaija:
Abeg make IMF rear matter na? Na wetin? We have been a puppet of the west for so long practicing their voodoo economic policies and how has that benefited us?

The borrower is a slave to the lender. I didn't say servant, SLAVE. Blame the thieves that keep dumping us into debt.

Norway has the same oil, yet they have $1 tillion plus in investments worldwide. Some of which are in Nigerian companies.

Racoon:
In so much that Nigeria economy is presently being managed by dull inexperienced people

It's by design. They posted here on Nairaland how of the northern overlords dictate the price they want to pay for dollars.

TonyeBarcanista:
FG should forget IMF and look towards China. IMF policies are about what benefit the West and to underdevelop Africa

Looking to China is even worse

The only place we should look is inwards
Not outside

Reference:
I simply cannot see how you can stop the inordinate hunger for foreign imports without floating the naira. Not having an open, market driven currency exchange rate will continue to fuel the fire ravaging local content and destroying REAL productivity.

Whatever we import today is a strategic weapon against our economy and Covid 19 has proven that we can neither be economically safe or prosperous that way.

Floating the naira will be rough

But it's a pill Nigerians have to swallow

But we should build reserves first before floating
So that it wont be double tragedy

diplomat058:
Oga, you are allowing the IMF to deceive you with false statistics. Why don't you present the Egyptian narrative of the economic growth to counterbalance your IMF claims? The consensus in the circles of Political economists is that IMF is a vendor for its western owners and always push for liberalization for imports to outcompete and kill local industries. Where is Egypt today? Ask Ghanaians for their experience. What about Columbia? The stories are the same.

When South Korea used local and foreign capital and facility loans to industrialize in the '70s and '80s, the West attributed the development to the use of neoliberal measures, a claim refuted by the Korean Government. we all read about how Park Chung Hee nationalized the financial powerhouse, power, iron and steel, and attached a death sentence to unauthorized outflow of forex. Tell me, are these liberal strategies? IMF always wanting to reap where it didn't sow and paving way for the neoimperialists.

Instead of whining the stats are fake get the correct ones. If you're going to make a claim provide evidence to back it up. Rambling for a whole paragraph isnt proof. I already gave proof of Egypt and while you ask questions and cite anecdotes. The IMF evil yet your government runs to them knowing this ok.

anonymous1759:
Giving soft loans is another factor of improving the economy, but don't allow hate to be cloud your judgement that banning foreign imports won't have positive impact on the economy. Read my post before you quote me ok.

I said Nigeria can open her economy for competition when it's strong at this point we need to close down some things we import. If you take a look at the ingenious companies we've doing well its because they've the resource too compete. If you always carry a child on the back he won't learn how to walk. You've to drastic measure sometimes.

These policies only weakened the economy. All the stats are in front of your face proving this. If you think this works best keep voting in guys that perpetuate it.

Dpharisee:
That one na career civil servant bowing for Issa Funtua to keep his job, I mean real business men

managing forex is a different ball game entirely... tribe doesn't matter...

Blue3k:
Dude your policies have failed but you telling me the westerm imperialist you're running to are the issue. The protectionist measures didnt address the issues of productivity for 4th time. Thats why they didnt and wont work. You cant point your secess so yiu just keeo rambling how bad they are.

was protectionism ever enforced in Nigeria? read up on the protectionist policies of 19th century Japan, Korea in the 70s, Xiaoping China and so on. Now, even this forex ban on 41 items is partly successful cos it has been compromised by sanctioned smuggling. The success is evident in the exponential surge in local rice production. Now that we need to review and tighten the policies to block loopholes, in the wake of the anticipated global recession, IMF is proposing u winding up and sending the local rice farmers back to poverty. so, you want us to continue importing toothpicks. After Obj romance with neoliberal policies, what was the result? debt pardon? Lol.

A nation of 200+ million doesn't need a debt relief. we need to be on the limelight as an economic powerhouse to reckon with as par production, capital and development.

AlhajaChinyere:
Useless, indisciplined race of idiots. Black Africans will suffer from generation to generation. Like stupid slaves they will spenf the borrowed money on consumer products to big up against each other.

190m idiots that produces nothing!

Oga, don't disrespect Nigerians. We dey try. If we had no natural resources, we would be far richer.

The government makes oil money irrespective of how they treat the economy. That's the real problem.

If you have a business and you always eat the capital and profits, maltreat workers and customers, when it's about collapsing, you'll sit up.

But if you have big contracts from two or three companies, you will survive. Same in our country.

FG only needs to keep oil companies happy. The rest can go to hell.

And you blame nigerians?

Blue3k:
Instead of whining the stats are fake get the correct ones. If you're going to make a claim provide evidence to back it up. Rambling for a whole paragraph isnt proof. I already gave proof of Egypt and while you ask questions and cite anecdotes. The IMF evil yet your government runs to them knowing this ok.



These policies only weakened the economy. All the stats are in front of your face proving this. If you think this works best keep voting in guys that perpetuate it.

Is the government itself not evil? Stvpid, directionless government of a regressive country. How long must we continue to play the underdogs? we must look for way out of our mess and the solutions certainly aren't with the international money-drilling finishers (IMF). Lol

I am sorry if you live on the paycheck from these institutions, but for me, national development is key and the west won't gibe you that

Blue3k:
Lol you're hopeless case. Even when you see your policies failed miserably you just start rambling platitudes. These policies you advocate for hard business business. The best way to improve local productivity is buy having lower interest rates and making it cheaper to operate in Nigeria.

Nigeria rice policy failed to achieve self sufficiency. The best way to get towards thst goal is with mechanized farming. Eliminating the land use act there by allowing famers to access use loans easier is works aswell.

No clown you won't see a drastic change in the power sector. You dont allow power companies to charge market rates for power.

Sense will not kill you.
buharinomics has already undeniably failed.

diplomat058:
was protectionism ever enforced in Nigeria? read up on the protectionist policies of 19th century Japan, Korea in the 70s, Xiaoping China and so on. Now, even this forex ban on 41 items is partly successful cos it has been compromised by sanctioned smuggling. The success is evident in the exponential surge in local rice production. Now that we need to review and tighten the policies to block loopholes, in the wake of the anticipated global recession, IMF is proposing u winding up and sending the local rice farmers back to poverty. so, you want us to continue importing toothpicks. After Obj romance with neoliberal policies, what was the result? debt pardon? Lol.

A nation of 200+ million doesn't need a debt relief. we need to be on the limelight as an economic powerhouse to reckon with as par production, capital and development.

Lol you're very delusional if you believe rice production increased exponentially. Nigeria is yet to achieve any sort of sufficiency and still imports rice to fufill most of it's needs. Multiple investigative reports show the policy hasn't done much. Most of the Asian Tigers especially china improved after liberalizing their economy.

You see your policies increase unemployment and lead low growth. Why are you now you're crying crocodile tears about poverty? Nigeria sought this loan because they chose to live and die on oil revenue.

diplomat058:
Is the government itself not evil? Stvpid, directionless government of a regressive country. How long must we continue to play the underdogs? we must look for way out of our mess and the solutions certainly aren't with the international money-drilling finishers (IMF). Lol

I am sorry if you live on the paycheck from these institutions, but for me, national development is key and the west won't gibe you that

Lol you cant even give it to yourself as the data proves. You want to talk about the west like they crafted your economy.

rottennaija:
Abeg make IMF rear matter na? Na wetin? We have been a puppet of the west for so long practicing their voodoo economic policies and how has that benefited us?

Abeg, make we practice China model small and see if it will be of good use to use. Especially now that China is investing massively in Africa.

but is dey same voodoo policy dat is making them big and dey so called Buhari government will run to for loan abi

[s]

rottennaija:
Abeg make IMF rear matter na? Na wetin? We have been a puppet of the west for so long practicing their voodoo economic policies and how has that benefited us?

Abeg, make we practice China model small and see if it will be of good use to use. Especially now that China is investing massively in Africa.

[/s]

Do you know you cannot just stand up and start importing farm products to the USA?
Do you know that some common food items you take into the USA to cater for your personal feeding when you travel into the USA will be taken from you and trashed right in your presence at arrival?

No country in the world protects its country like the USA. instead of encouraging us not to be weak and try grow/produce some common food/industrial items, they are asking us to continue to remain in our poverty.

Nigeria Government does not owe anyone foreign exchange, it is a factor of supply and demand. Anyone/company who need foreign exchange should find a local commodity/agric produce to export, earn foreign exchange to fund their need.

Yankee101:
The IMF always trying to control developing countries

Improve imports and flood your country with cheap, substandard foreign products of their masters. They'll never talk of growing local content

All cos of small $3b, which if we had diversified our economy shouldn't be a problem. Okonjo created an excess crude account, Ameachi took her to court to share the money. Today nko?

Okonjo didn't create any excess crude account my oga, instead she squander wat she met from obj's time. The governors took her to court on the basis of her not giving proper account of the excess crude money,the account keeping on decreasing without them(governors) getting anything and they now decided to ask for their share b4 the account become empty.

rusher14:
You are exactly the kind of person I was referring to.

Suffering and smiling people like you are our problem, because it's naija made we should not talk

DexterousOne:
Looking to China is even worse

The only place we should look is inwards
Not outside

How is China worse?

For a developing country some of these policies are good and some are bad. Cbn shud decide which will be beneficial to the country.

We are not stable internally for sm of these policies.

thundafire:
but is dey same voodoo policy dat is making them big and dey so called Buhari government will run to for loan abi

They are big because they are bank who uses other people's money to make profits.

vezycash:
Oga, don't disrespect Nigerians. We dey try. If we had no natural resources, we would be far richer.

The government makes oil money irrespective of how they treat the economy. That's the real problem.

If you have a business and you always eat the capital and profits, maltreat workers and customers, when it's about collapsing, you'll sit up.

But if you have big contracts from two or three companies, you will survive. Same in our country.

FG only needs to keep oil companies happy. The rest can go to hell.

And you blame nigerians?

Wow! You just proved that Nigerians especially the men are capital IDIOTS!

What are the men doing, allowing this situation to continue?

I repeat, capital IDIOTS!

Are you that young? She was the finance minister under obj and helped to create it then.



https://en.m.wikipedia.org/wiki/Ngozi_Okonjo-Iweala

In 2003 she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule where revenues accruing above a reference benchmark oil price were saved in a special account, “The Excess Crude Account” which helped to reduce macroeconomic volatility

ebbo:
Okonjo didn't create any excess crude account my oga, instead she squander wat she met from obj's time. The governors took her to court on the basis of her not giving proper account of the excess crude money,the account keeping on decreasing without them(governors) getting anything and they now decided to ask for their share b4 the account become empty.

Blue3k:
Dude your policies have failed but you telling me the westerm imperialist you're running to are the issue. The protectionist measures didnt address the issues of productivity for 4th time. Thats why they didnt and wont work. You cant point your secess so yiu just keeo rambling how bad they are.

Like I said we are an idiotic race. Black people with their unquenchable taste and desire for everything foreign and imported at exhorbitant cost. One thing is certain, the next 2-3 generations will endure horrific poverty and shame, and degradation.

We are a self destructive race of idiots. What are we having children for, if we remain unproductive and unprosperous?

Blue3k:
Ok now that you that not every IMF policy ends badly. Why do you disagree with their policy suggestions.

Thier policies first and foremost are always designed to open up your economy to European and American imports, not the other way round. For a country like Nigeria, we really need to start creating and exporting. That's the only way we would be able to employ our large population and diversify from the oil yoke.

Yankee101:
Are you that young? She was the finance minister under obj and helped to create it then.



https://en.m.wikipedia.org/wiki/Ngozi_Okonjo-Iweala

In 2003 she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule where revenues accruing above a reference benchmark oil price were saved in a special account, “The Excess Crude Account” which helped to reduce macroeconomic volatility

You are still talking about that fat ugly useless woman with serious inferiority complex. That woman damaged our nation with the help of the import loving 190m mumu we call Nigerians.
Poverty and hardship is here to stay for the foreseeable future. Keep borrowing to spend on things you can produce yourselves!

All of a sudden
Who we dey laugh

Only one out of the three suggestions (unification of the multiple exchange rates) is acceptable; the other two are detrimental to the economy and therefore not in our interest at all.