Openbusiness:
Till today, since 1999 civilian rule started, OBJ government remains the best of all the useless governments that have come and gone. Yes, OBJ government had many flaws but it is by far the best of them all. Same price oil is selling NOW is the same price it sold when OBJ was in power yet he performed better than all these other useless governments combined, especially this ZOohari government that is the worst civilian government in Nigerian history. During OBJ time we know what the naira to dollar exchange was, around 1/3 LESS of what it is today, and he got our foreign debt of billions of dollars cancelled, foreign investors were rushing Nigeria like gold, he built a strong economy that international bodies were eager to invest in, Dangote blow like mad, Music industry blow, commerce blow, agriculture blow, telecoms blow, everything start to gather momentum. I'm sure if Nigerians had seen the future and had known it would be as terrible as this Zoohari government, Nigerians would have approved it for the Senate to keep OBJ in power for 8 terms sef, he would have done far better than this one that loves cows more than human beings. OBJ practiced federal character to the core, he carried every region along, not like this one that is the most tribalistic government we have ever seen in this country.

You're 100% on point.
You didn't add that he met a far less foreign reserve and gradually increased it.

The only low point was not seeing anything to point to in power sector and road construction even after so much was budgeted for, under Anenih.

Blue3k:


Clown that mumu excuse doesn't explain why all the policies failed miserably. The ERGP projected a 4.5% growth rate, 11% unemployment rate all by 2020. You weirdos just start rambling platitudes when you have nothing reasonable to say. It's clear you didnt read the document before rambling.

Stopping all importation wont achieve the goals you want. Nigeria has to address the structural issues hindering productivity. There's nothing inherently wrong with importing products. Nigeria is already a net exporter.

I won't argue with you.

Whatever fancy economic jargon or rubbish principles/policies you are quoting or regurgitating it is unsustainable and very dangerous (as revealed by the current pandemic) for 190m people to sit around producing next to nothing while importing every rubbish under the sun.

Our population is growing astronomically unmatched by industrial output, local capacity, ordinary food production!!! So what is the essence of you and I having children or our existence? Just continuing hardship and poverty.

Blue3k:
These changes would be great but they wont do it. Buhari's economic policies have proven to be failures. Nigeria consistently had low growth and high rates of unemployment every quarter. The central bank policy was contradictory on its face. You want strong currency that encourages imports. Then you ban goods arbitrarily because you save forex to create jobs.

Lol people will foolishly argue the IMF is turning them into slaves like they forced them take money. Everyone knows the IMF is the lend of last resort. If the country fixed it's economy itself you wouldn't be running cap in hand.

Ever give thought to why IMF likes borrowers especially Africans and more importantly NIGERIA a "STRATEGIC COUNTRY"?
THE SCENES BEHIND THE SCENES YOU KNOW ARE NOT THE SAME SCENES BEHIND THE SCENES YOU DO NOT KNOW.

DO YOU REMEMBER HOW ABACHA TREATED I.M.F DURING IS MILITARY REIGN IN NIGERIA AND WHY?

WITH I.M.F .AFRICA IS DOOMED!

darediamond:

Ever give thought to why IMF likes borrowers especially Africans and more importantly NIGERIA a "STRATEGIC COUNTRY"?
THE SCENES BEHIND THE SCENES YOU KNOW ARE NOT THE SAME SCENES BEHIND THE SCENES YOU DO NOT KNOW.

DO YOU REMEMBER HOW ABACHA TREATED I.M.F DURING IS MILITARY REIGN IN NIGERIA AND WHY?

WITH I.M.F .AFRICA IS DOOMED!

Yawn if the IMF is so evil dont run begging them like an almajari. If the government didn't foolishly depend on oil revenue to fund 60% it's budget this wouldn't have been a major issue. Lol you weirdos disassociate your actions from the consequences.

Blue3k:


Yawn if the IMF is so evil dont run begging them like an almajari. If the government didn't foolishly depend on oil revenue to fund 60% it's budget this wouldn't have been a major issue. Lol you weirdos disassociate your actions from the consequences.

You sure do not understand what the I.M.F thing really stand for AT ALL!!!

This is not about the local things you are talking about. Hello no! It goes beyond that.
Anyways, goodluck.

AlhajaChinyere:


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!

I see Lamido Sanusi and Nnamdi Kanu in you.

What have you used your fine slim face, plenty of intelligence and wealth for to help one single person?

AlhajaChinyere:


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!

Openbusiness:
Till today, since 1999 civilian rule started, OBJ government remains the best of all the useless governments that have come and gone. Yes, OBJ government had many flaws but it is by far the best of them all. Same price oil is selling NOW is the same price it sold when OBJ was in power yet he performed better than all these other useless governments combined, especially this ZOohari government that is the worst civilian government in Nigerian history. During OBJ time we know what the naira to dollar exchange was, around 1/3 LESS of what it is today, and he got our foreign debt of billions of dollars cancelled, foreign investors were rushing Nigeria like gold, he built a strong economy that international bodies were eager to invest in, Dangote blow like mad, Music industry blow, commerce blow, agriculture blow, telecoms blow, everything start to gather momentum. I'm sure if Nigerians had seen the future and had known it would be as terrible as this Zoohari government, Nigerians would have approved it for the Senate to keep OBJ in power for 8 terms sef, he would have done far better than this one that loves cows more than human beings. OBJ practiced federal character to the core, he carried every region along, not like this one that is the most tribalistic government we have ever seen in this country.

But in his usual characteristic manner he handed over to dead person, just like he handed over to a dunce in 1979. Obj's greed and penchant for self deification remains his archilles heel. As far as I am concerned, there is nothing fantastic or extra ordinary about a man who cannot find someone good to succeed him.

The south west never sabi anything, make I just dey watch this country

Blue3k:


Source: https://nairametrics.com/2020/04/30/imf-list-unpopular-policies-cbn-must-reverse/

if na me be president of naija I go Germany or Scandinavian countries go run matter to manipulate d exchange rates so DT 1 euro to 2 naira den 1 naira to 10 to 30 of other countries ( DT means we go remove a zero from other countries to euro) then do a win win deal.with EU thru Germany or Scandinavian countries.because u see this EU they Nd Asia are the ones producing global goods.which will be passing naija to Africa thru outsourcing Nd co producing for example a litre of milk is 2 euro or so convert to naira 4 naira to like Kenya Liberia go be 40 -60 of their currencies.but naija cows go produce 30% of d milk for domestic consumption Nd continent consumptn while euro provide 70% imagine d jobs were go full naija u do DT to all global goods then ban importation of strawberries gabbZge carrot rice plies.we produce DT 100%.d wealth DT will come will be too much.because u see this Africa we dey have a huge gap DT is devalved countries our money structure Nd nationalist ideologies make it difficult for us to treat among ourselves.because Ghana go say why we go import rice 4rm Nigeria can't we produce our own.with such deal with euro mhen

Nasa28:


The highest importers are

USA
China

Germany
Japan.


Are you close to them by any stretch of the imagination?

See this one....yeyes!

These are producer countries involve in mutually beneficial trading. Mutual exchange of products, you buy my computers and mobile phones and I buy your aircrafts.

What are we exchanging for our humongous imports?

Thats why we are poor and jobless, and if care is not taken this horrific poverty will persist for generations.

Blue3k:
These changes would be great but they wont do it. Buhari's economic policies have proven to be failures. Nigeria consistently had low growth and high rates of unemployment every quarter. The central bank policy was contradictory on its face. You want strong currency that encourages imports. Then you ban goods arbitrarily because you save forex to create jobs.

Lol people will foolishly argue the IMF is turning them into slaves like they forced them take money. Everyone knows the IMF is the lend of last resort. If the country fixed it's economy itself you wouldn't be running cap in hand.

Encourage or discourage imports??

tomdon:

Encourage or discourage imports??

A strong naira policy encourages imports. If they stopped defending the currency the exchange rate will drop reducing everyone ability to import.

I wouldnt argue with you,you are in the ignorant class,those who think speaking english equate to knowlegde,Nigeria an exporting nation?cost of cement in Nigeria higher than which country in the world?abeg tell this dellussional tails to yourself,i would rather prefer to debate with knowledgeable minds not ignorant assumptionist.



quote author=Blue3k post=89066634]

You're right Nigerians like you hate yourself. You foolidhly defend stupid economic policies thst dont benefit you. Nigeria is an exporting nation. The import ban list makes doing business more expensive and it doesn't address the fundamental issue of domestic productivity. Cement for example is more expensive in Nigeria than in other countries resulting in higher cost of construction in plsve with massive housing deficit.

Nigeria wants banks to lend out more cash then in same breath complain about inflation. If you let naira settle to actual rate you would actually import less. The CBN is clearly making contradictory policies. The ERGP failed but you dont want to talk about that. It's the IMF you ran to that's your issue.

[/quote]

onoja12:
I wouldnt argue with you,you are in the ignorant class,those who think speaking english equate to knowlegde,[b]Nigeria an exporting nation?cost of cement in Nigeria higher than which country in the world?[/b]abeg tell this dellussional tails to yourself,i would rather prefer to debate with knowledgeable minds not ignorant assumptionist.

Nigeria is net exporter clown. You dont know this fact because you never looked this up. Cement does cost in nigeria thsn other african nation. Lol this isnt a debate weirdo I'm telling you simple facts. Lol im glad I won't be bothered with an futher mumu rambling from you.

NewsRescue– The going price for a 50kg bag of cement in Nigeria is anywhere between N1,650.00 and N1,800.00. That corresponds to $10-11. At this rate, Nigerians pay at least double the cost of the same size bag of cement in most nations around the world.

Samuel Awoyinfa writing for the Punch this March, captioned this, ‘Cement price still defies laws of demand and supply.’ It does.

In his article, he compared costs to the amount paid for the same product in neighboring Ghana and Benin republic. In Republic of Benin and Ghana, a bag of 50kg of cement sells for 4500CFA (N1,500) and  GH¢15.295 (N1,150) respectively. That equals $6 and $9/bag.

But the disparity in price is even much worse when other countries are compared globally. In the United States, this quantity of cement sells between $5 and $6.00

Source: https://newsrescue.com/paying-double-the-world-price-dangote-cements-nigerians-in-poverty/#axzz4s4hWmEVm

In June 2016, the World Bank published a report examining the impact and costs of lack of competition in a number of industries in Africa. They found that African cement prices averaged $9.57 per 50kg bag compared with $3.25 globally. Put another way, Africans paid 183% more than people around the world for the same product.

Source: https://www.google.com/amp/s/qz.com/africa/1098137/africas-richest-man-has-a-built-in-advantage-with-nigerias-government/amp/

Humility you lack,knowledge you have none but pride and arrogance you have alot of,i know you seat in one stupid place making noise,let me help you 1 dollar is 450 meaning at 1800 per bag that comes to 4 usd per bag i do not think there are up to 15 countries the world over that sell that cheap.go and learn ,not running your mouth.



quote author=Blue3k post=89087235]

Nigeria is net exporter clown. You dont know this fact because you never looked this up. Cement does cost in nigeria thsn other african nation. Lol this isnt a debate weirdo I'm telling you simple facts. Lol im glad I won't be bothered with an futher mumu rambling from you.





[/quote]

onoja12:
Humility you lack,knowledge you have none but pride and arrogance you have alot of,i know you seat in one stupid place making noise,let me help you 1 dollar is 450 meaning at 1800 per bag that comes to 4 usd per bag i do not think there are up to 15 countries the world over that sell that cheap.go and learn ,not running your mouth.

Mumu you already see the facts before you. The world bank and other already studied proved Nigerians pay double the world average for cement. Stop guessing and just go look up facts present the proof. Lol you clowns are only good at running your mouths. It turns into mission impossible to present proof banking it up.

In June 2016, the World Bank published a report examining the impact and costs of lack of competition in a number of industries in Africa. They found that African cement prices averaged $9.57 per 50kg bag compared with $3.25 globally. Put another way, Africans paid 183% more than people around the world for the same product.

Source: https://www.google.com/amp/s/qz.com/africa/1098137/africas-richest-man-has-a-built-in-advantage-with-nigerias-government/amp/

Can you kindly breakdown the intention on IMF here, since you understand the Economy better than the economist[qquote author=Blue3k post=89063445]These changes would be great but they wont do it. Buhari's economic policies have proven to be failures. Nigeria consistently had low growth and high rates of unemployment every quarter. The central bank policy was contradictory on its face. You want strong currency that encourages imports. Then you ban goods arbitrarily because you save forex to create jobs.

Lol people will foolishly argue the IMF is turning them into slaves like they forced them take money. Everyone knows the IMF is the lend of last resort. If the country fixed it's economy itself you wouldn't be running cap in hand. [/quote]

Fools are easy to identify ,they live on narratives rather than fact.you are shouting world bank statistics like that is more valied than reality.ode.both you and your world bank dey mad.here in nigeria we use 2020 statistics for 2020 discussion not stupid people quoting 2016 report for a 2020 debate even pikin when start university for done get degree.so give yourself brain we live on gound not in one place where people fake reports to suit agendas,for us here we are proud and happy for the likes of dangote,infact we would soon be proposing a reevaulation of the naira upward.fake white man economics only know weaking the naira while they strengthing there dollar then live fools like you to debate rubbish.economics answer in the united states to covin 19 post economic recovery printing more dollar,in Africa they tell us it will lead to devaluation and inflation.who is fooling who.




quote author=Blue3k post=89087532]

Mumu you already see the facts before you. The world bank and other already studied proved Nigerians pay double the world average for cement. Stop guessing and just go look up facts present the proof. Lol you clowns are only good at running your mouths. It turns into mission impossible to present proof banking it up.


[/quote]

Openbusiness:
Till today, since 1999 civilian rule started, OBJ government remains the best of all the useless governments that have come and gone. Yes, OBJ government had many flaws but it is by far the best of them all. Same price oil is selling NOW is the same price it sold when OBJ was in power yet he performed better than all these other useless governments combined, especially this ZOohari government that is the worst civilian government in Nigerian history. During OBJ time we know what the naira to dollar exchange was, around 1/3 LESS of what it is today, and he got our foreign debt of billions of dollars cancelled, foreign investors were rushing Nigeria like gold, he built a strong economy that international bodies were eager to invest in, Dangote blow like mad, Music industry blow, commerce blow, agriculture blow, telecoms blow, everything start to gather momentum. I'm sure if Nigerians had seen the future and had known it would be as terrible as this Zoohari government, Nigerians would have approved it for the Senate to keep OBJ in power for 8 terms sef, he would have done far better than this one that loves cows more than human beings. OBJ practiced federal character to the core, he carried every region along, not like this one that is the most tribalistic government we have ever seen in this country.

Yardua remains the best. In 8years of rule OBJ inflation rate was nothing to right home about. When that man became president a bottle of coke was N10, when he left it was N50. Only Yardua and Jonathan maintained prices of commodities and services at the rate they saw it until they left. Some things even became cheaper! 12mm steel that sold for N1800 in 2011 and sold for N900 in 2014. That is what governance is all about. Jonathan failed in aspect of security because of too much willingness to please the north! That's were OBJ was far better. Economically, Yardua and Jonathan are miles ahead of OBJ

Nasa28:


The highest importers are

USA
China

Germany
Japan.


Are you close to them by any stretch of the imagination?

My brother please inform them. The listen to economic illiterates and harp the same nonsense those ones are sprouting

[s]

onoja12:
Fools are easy to identify ,they live on narratives rather than fact.you are shouting world bank statistics like that is more valied than reality.ode.both you and your world bank dey mad.here in nigeria we use 2020 statistics for 2020 discussion not stupid people quoting 2016 report for a 2020 debate even pikin when start university for done get degree.so give yourself brain we live on gound not in one place where people fake reports to suit agendas,for us here we are proud and happy for the likes of dangote,infact we would soon be proposing a reevaulation of the naira upward.fake white man economics only know weaking the naira while they strengthing there dollar then live fools like you to debate rubbish.economics answer in the united states to covin 19 post economic recovery printing more dollar,in Africa they tell us it will lead to devaluation and inflation.who is fooling who.

[/s]


Mumu you stop rambling just post your proof. Are you reallu too stupid to understand 3.25 is less than 4. You got both your facts wrong just whing the imf is evil while your go beg them for a loan like an almajiri. The inflation rate increased slightly and CPI rose in America as well. Is it so hard for you to look up basic facts?

CrownWale93:
Can you kindly breakdown the intention on IMF here, since you understand the Economy better than the economist

They want Nigeria to liberal reform to it's economy. If you feel they're so evil dont go begging them for money like an almajari. The whole reason Nigeria is in this mess is because the choose to live and die on oil revenue.

AlhajaChinyere:


See this one....yeyes!

These are producer countries involve in mutually beneficial trading. Mutual exchange of products, you buy my computers and mobile phones and I buy your aircrafts.

What are we exchanging for our humongous imports?

Thats why we are poor and jobless, and if care is not taken this horrific poverty will persist for generations.

Please try and do enough research. USA import is still higher than their exports. We keep on making all these things look so complicated because we are aligning our thoughts with this Lying government.

In terms of exports, we are very much better than most countries. Placing ban on some goods while leaving out Refined crude is useless because that's our major imported good.


Solution is to get our refineries working again, and reduce the amount of stolen money we dump outside.

If you must know, Nigeria even have a positive trade balance, meaning that we export more than we import, as compared to USA that import more than they Export.

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.

China worse than imf

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!

you nko

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?

but you took the money

Macsjebs:
Really not easy marketing here coz you have to do so much posting in a bid to convince Nairalanders to check your signature without assurance that those who do would reach you on whatsapp to place orders...

Little wonder they say business involves taking risk; in my view, it involves exercising faith too.

means you’re selling rubbish

[sub][/sub]

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?

That story does not work.

55% of the money in the illegal Excess Crude Account was Federal government money.
The governors were right to ask for their share.

What happened to the Federal government's share. Why did she spend it WITHOUT appropriation and share it to Dasuki and Metuh and Obanikoro. So much that by the time she was leaving office she was borrowing to pay salaries?.

If the governors are to blame their blame is 45%.
They are not to blame. The FG had no authority to keep their money

Nfora:


Rubbish write up.

Our present inevitable predicament is as a result of past misrule by prior govts,including that of OBJ.

Only a stupid economist will compare the present exchange rate with what was obtainable decades ago,to determine better governance.

Perhaps you were referring to the oil price during the military era of Obj and not when he was a democratically elected president.

Even at that,it is quite stupid to assume that oil revenue at the same price of decades ago would
Execute the same value of projects and pay the same amount of salaries and wages of today.

During Obj govt,Nigerian became a major global importer of petrol,instead of exporter. And today,you expect us not to suffer for that mismanagement of our resources.

You still expect a lower or equal exchange rate?
Then you must be a clown.

Also only a stupid economist would conclude that an economy is well managed by using oil revenue to pay up all foreign debt ,in the midsts of serious infrastructural deficiency.

If OBJ had provided 24hr electricity with the monies used to pay up our debt ,would that not have been better than zero debt and zero infrastructure.

Now because of time value of money,we need even greater debt than before,to finance our serious infrastructural gap.

OBj govt could not have done better than Buhari's govt during this period of oil price crashes .

Infrastructure is very key to economic development.

What infrastructure did Obj provide that Buhari has destroyed or not providing?

People that spew rubbish like the person you just quoted talk based on hearsay of others nd not logical comprehension.

They know nothing just re echoing words of biased analysts whom are mouth peices of IMF nd stand to gain from us importing that exporting.

Just ignore fools like him...... they think evrything oyibo suggests is a good thing.

Nasa28:


Please try and do enough research. USA import is still higher than their exports. We keep on making all these things look so complicated because we are aligning our thoughts with this Lying government.

In terms of exports, we are very much better than most countries. Placing ban on some goods while leaving out Refined crude is useless because that's our major imported good.


Solution is to get our refineries working again, and reduce the amount of stolen money we dump outside.

If you must know, Nigeria even have a positive trade balance, meaning that we export more than we import, as compared to USA that import more than they Export.

USA can afford to do so. Why? Because the USA pays for its import in US $, its own currency!!!!!
Reason why its wealth is almost limitless.

We (the biggest fools on Earth, hence our horrific poverty) choose to spend hard currency buying rice and other simple stuff that we (if we are really human beings) should be able to produce easily ourselves.

MIKOLOWISKA:
you nko

I dey USA

.