₦airaland Forum

Crazeworld:
Oga emmanuelewumi, abeg when are you going to start typing again?

lol......

chigo4u:
So which nations of the world are other people not doing great? Nigerians are the problem of Nigeria. Nigerian leaders are also Nigerians. Nigerians are the one still voting the bad leaders. Nigeria needs to invest massively in Education not the corrupted education where people are only after certificates

Are you saying the leaders are always voted in and they don't rig? Most often than not, they rig themselves into power.

Our votes don't count!

^^^ Does that sound familiar?

OgogoroFreak:
Are you saying the leaders are always voted in and they don't rig? Most often than not, they rig themselves into power.

Our votes don't count!

^^^ Does that sound familiar?

I don’t believe votes don’t count. How about vote buying that is the trend currently?

Theconglomerate:
Taxes?How do you tax a people that aren't employed and don't own taxable businesses?

State sponsored agriculture?
The government has been trying to make the 4 Nigeria refineries work since kingdom come and you want to add another very complicated parastatal to it?
Isn't that creating and breeding another corruption engine?

Education?
Are Nigerians not educated?
The government have subsidised education enough for anyone that wants to learn na.

Policies that are small business friendly?
Everyone knows Nigeria is a small business haven where they completely don't pay taxes and aren't disturbed by social industries such as price control and other rubbish organisations,so what's your point?
Make government dey dash them money I suppose

Credit?
Is government suppose to provide credit for it's citizens?
I thought that was done by banks already
You want banks to be giving credit to unworthy people because they want to grow the economy?
I got stanbic bank ezcash 4m naira credit while seated on my couch eating pringles.
Does credit worthy Nigerians lack credit?
Even in America,their government don't have any hand in giving credit to its citizens.

So this is how you want to take Nigeria out of misery and boost it's economy I suppose.

This is someone advocating for buy made in Nigeria, why don't you sit on that your couch and eat a bowl of garden eggs and oseoji, lol

chigo4u:
I don’t believe votes don’t count. How about vote buying that is the trend currently?

In the last presidential election, Atiku obviously got more votes than Buhari but what happened in the end?

Rigging is not a smooth ride, you have to atleast, make it believable. Hence, the vote buying.

Ikjosh04:
Hi there, if your intent is to invest in a zero risk investment then i advice you open a mutual fund account with united capital plc or investment one. For united capital the mmf rate is currently on 6.25% while for investment one emmasoft will do justice to that. If your plan is to invest and compound for some years then stay alert to know when a fg bond or sukuk is on auction then you pull your money out from mmf and invest in the bond or sukuk which gives a higher interest rate than mmf.
Cheers!!

It's like stanbic mutual fund interest is currently at 4% which even lower than interest on HIDA account with diamond access.

Tobex4realTobex234:
What are you proposing dude?

If devaluation won't work, what do you think will work?

Patching and adjusting exchange rate would continue to only have short term effect. Nigeria must start producing alot of things we use and government should subsidize them to make affordable for citizens till they get used to the products.

China did not get to where it is today without the complete support of the government.

OgogoroFreak:
Patching and adjusting exchange rate would continue to only have short term effect. Nigeria must start producing alot of things we use and government should subsidize them to make affordable for citizens till they get used to the products.

China did not get to where it is today without the complete support of the government.

I am even surprised that people are attributing the relative success in rice production to devaluation and border closure.
We seem to have forgotten that it was a deliberate efforts of government at supporting the production of rice with all manner of incentives to farmers and those who process it that culminate in the success story.

OgogoroFreak:
It's like stanbic mutual fund interest is currently at 4% which even lower than interest on HIDA account with diamond access.

Yes, stanbic mmf rate is too low.

ojesymsym:
That condition is for an export driven economy like China. We are still a consumer nation and will not achieve industrialization in one night.

Where the West is encouraging us to devalue our Naira, they keep accusing China of doing the same, you know why, because China will benefit more as an exporting nation. Our balance of trade still remains in the negative so taking that step head-on will be disastrous to a country that is already poor and not particularly known to be productive.

Wiseoldman hinted on the emboldened about a month ago. I wanted to ask some questions, but other things overtook my mind and i forgot. Your bringing it up now, just made me remember it.

Why is the West unhappy about China devaluing their currency? Shouldnt they even be happy that little dollars can now buy a lot from China? Or is are they worried that it will further increase China's exporting activities and reputation?

Please throw more light, sirs

Olaide1295:
True that industrialization doesn't happen in a night. But the catalyst that will make it grow rapidly is currency devaluation. It will be painful in the short-term if a consumer country devalues it's currency but they will start local production and benefit in the long term. This will boost GDP and create jobs.

When imports are too expensive, i will go for local rice rather than foreign one because i simply cannot afford the foreign one anymore.
Remember the tile adhesive company scenario given by Conglomerate, i cannot start a tiles company if my products will be more expensive than Chinas (No manufacturing and no jobs)

Local production cannot compete when dollar is cheap.
The key to industrialization is not a less corrupt government, it can only happen with Devaluation and low interest rates.

Well said

ojesymsym:
For me, as long as IMF is the one advocating for devaluation I will view it with suspicion. Devaluation is another name for SAP used by IBB during his time, complete failure.

SAP, Structural Adjustment Programme. Operation Tighten Your Belt! I read about it coz my parents never even marry then. Na baba you be ooo

OgogoroFreak:
In the last presidential election, Atiku obviously got more votes than Buhari but what happened in the end?

Rigging is not a smooth ride, you have to atleast, make it believable. Hence, the vote buying.

Yes, Atiku got more votes than Buhari in southeast!
You can make Atiku your president in south east!
Looks like you’re high on Butukuru .
Nonsense!

Good day all, can we avoid political discussions and limit our contributions to Investment opportunities, finance, business and the economy?

OgogoroFreak:
In the last presidential election, Atiku obviously got more votes than Buhari but what happened in the end?

Rigging is not a smooth ride, you have to atleast, make it believable. Hence, the vote buying.

Atiku did not get more votes and both Atiku and Buhari were one coin with different faces. Anyone that was expecting any thing meaningful from either of them is among the problem of Nigeria. I would rather not vote than vote either

Gander:
Yes, Atiku got more votes than Buhari in southeast!
You can make Atiku your president in south east!
Looks like you’re high on Butukuru .
Nonsense!

My post doesn't mean I wanted Atiku. I don't really care about who rules Nigeria because I know las las, they are all friends.

Lets forget about politics as we are investors here not politicians.

jamih:
This is where I get my Mba
With this thread and the ogas in it, we need no other financialadvisors in king

Confirm Sir. With this thread, no need for financialadvisors in king.
The thread carry plenty elderly advice for finance especially

Why so much bitter against the SE, you don't even know where he came from and you have concluded that he is from the SE just by sharing his thought. Ridiculous!

Gander:
Yes, Atiku got more votes than Buhari in southeast!
You can make Atiku your president in south east!
Looks like you’re high on Butukuru .
Nonsense!

islamics:
Confirm Sir. With this thread, no need for financialadvisors in king.
The thread carry plenty elderly advice for finance especially

abeg the post wey share you and this one, I no get am. You fit gist me weytin Dem dey do here. Or is it because of money issue no make me understand am?

It is like money is well concerned in this business?

Theconglomerate:
Devaluation will increase shelf prices,but atleast we will own the industries,the jobs and the distribution.
I know a lot of people today who are naira billionaires because of golden penny distributorship that are developing their various places and giving jobs to people.
So enough of all your artificial naira strength stories.

Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christine Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

AMINDA:
Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christian Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

Not only this. The same West pays a stipend to unemployed citizens. Make education free from primary to secondary. During this Covid-19 lockdown, the West was giving stimulus cheques to their citizens with some paying to kids. Over here in Nigeria, there was nothing except palliatives of some few indomie packs to few people and transfer of 20k to audio beneficiaries.

OYENIYIJK:
abeg the post wey share you and this one, I no get am. You fit gist me weytin Dem dey do here. Or is it because of money issue no make me understand am?

It is like money is well concerned in this business?

This one na mostly money issues ooo. About how to invest and as the name suggests, they mostly give info on treasury bill (TB) investment. Even me never reach the level wey them dey yarn for here but as Chinua Achebe talk He who sit with the elders will dine with the elders. I just dey learn one or two things here.

NL1960:
Not only this. The same West pays a stipend to unemployed citizens. Make education free from primary to secondary. During this Covid-19 lockdown, the West was giving stimulus cheques to their citizens with some paying to kids. Over here in Nigeria, there was nothing except palliatives of some few indomie packs to few people and transfer of 20k to audio beneficiaries.

This is exactly the point I'm trying to make. You have to see the hypocrisy behind this. Once upon a time in Nigeria, everything was almost free for the citizens, Healthcare, Education, Water, Government freebies, the naira was strong, everywhere soft. Then came some white men but this time, not in uniforms but with suit and tie. They told our leaders to stop those handouts, remove subsidy, devalue the naira, privatize everything, etc, in exchange for loan. They called it Structural Adjustment Programme ( SAP).

Shagari who was the President was about to sign on it when General Buhari overthrew his government and refused to sign. After a few years, Buhari was ousted in a coup in what some analysts say was foreign sponsored.
In came IBB, the Evil Genius. The white men in suit approached Nigeria again. To give his decision some semblance of approval, he threw the floor open to the populace through townhall meetings and despite a greater percentage of Nigerians being against the policy, he went ahead to sign. Nigeria was never the same again after that.

The hypocrisy is that, when it suits them, the White men still provide food stamps to the poor, bail out their failing industries and subsidize their farmers. The very same thing which they say we must never do. Instead, they keep telling us that the only solution lies in devaluing our naira. And we've been forced to do that on several occasions making them richer in the process, but things keep getting worse for us. "Devalue further " they say. Sadly, some of us still believe them.


https://punchng.com/nigeriansll-pay-higher-electricity-tariffs-fg-promises-imf/

islamics:
This one na mostly money issues ooo. About how to invest and as the name suggests, they mostly give info on treasury bill (TB) investment. Even me never reach the level wey them dey yarn for here but as Chinua Achebe talk He who sit with the elders will dine with the elders. I just dey learn one or two things here.

Make I join you then
abi you go send me to page one

Na God go bless you by Himself.
Your points were well articulated.

AMINDA:
This is exactly the point I'm trying to make. You have to see the hypocrisy behind this. Once upon a time in Nigeria, everything was almost free for the citizens, Healthcare, Education, Water, Government freebies, the naira was strong, everywhere soft. Then came some white men but this time, not in uniforms but with suit and tie. They told our leaders to stop those handouts, remove subsidy, devalue the naira, privatize everything, etc, in exchange for loan. They called it Structural Adjustment Programme ( SAP).

Shagari who was the President was about to sign on it when General Buhari overthrew his government and refused to sign. After a few years, Buhari was ousted in a coup in what some analysts say was foreign sponsored.
In came IBB, the Evil Genius. The white men in suit approached Nigeria again. To give his decision some semblance of approval, he threw the floor open to the populace through townhall meetings and despite a greater percentage of Nigerians being against the policy, he went ahead to sign. Nigeria was never the same again after that.

The hypocrisy is that, when it suits them, the White men still provide food stamps to the poor, bail out their failing industries and subsidize their farmers. The very same thing which they say we must never do. Instead, they keep telling us that the only solution lies in devaluing our naira. And we've been forced to do that on several occasions making them richer in the process, but things keep getting worse for us. "Devalue further " they say. Sadly, some of us still believe them.

Know your history!

https://punchng.com/nigeriansll-pay-higher-electricity-tariffs-fg-promises-imf/

ahiboilandgas:
..a small basket of irish patatos is around 1200...then suddenly Islamic fasting start price jumps to 3000 ...not because of demand and outpace supply nooo....i was with the union chairman of perishable markets and he explain to me how they spike up prices ...all trucks coming from jos to the state is only allowed to discharge in that market ...so the products owners are not allow to retail to the end users but through a complex chain run by the union ..so they discharge only 1 truck daily will over 30 trucks filled with irish patatos are awating ....the hike prices (200 percents) sell to desperate customers ,maintain daily price stabilty all through the fasting period.....this a local cartel ...

This is an organized crime. I wonder why it is it yet to be reported to higher authorities.

odimbannamdi:
This is an organized crime. I wonder why it is it yet to be reported to higher authorities.

Nigerian buyers are also part of the problem ...u can exploit them without any complains...the consumer protection council is a mirage.....Nec has told disco to stop estimated billings or max 3 k ...they didnt comply ...funny enough this rackets is happing in a state that pride itself in been very islamic....a hot bed for islamic radicals ...they even have a morality police chasing beer trucks up and down.....the markets leader's are Muslims,the majority of customers are Muslims....some clerics talk about on radio ....that all ...next year rackets continue....

AMINDA:
Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christine Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

Wow... Pure fact

AMINDA:
This is exactly the point I'm trying to make. You have to see the hypocrisy behind this. Once upon a time in Nigeria, everything was almost free for the citizens, Healthcare, Education, Water, Government freebies, the naira was strong, everywhere soft. Then came some white men but this time, not in uniforms but with suit and tie. They told our leaders to stop those handouts, remove subsidy, devalue the naira, privatize everything, etc, in exchange for loan. They called it Structural Adjustment Programme ( SAP).

Shagari who was the President was about to sign on it when General Buhari overthrew his government and refused to sign. After a few years, Buhari was ousted in a coup in what some analysts say was foreign sponsored.
In came IBB, the Evil Genius. The white men in suit approached Nigeria again. To give his decision some semblance of approval, he threw the floor open to the populace through townhall meetings and despite a greater percentage of Nigerians being against the policy, he went ahead to sign. Nigeria was never the same again after that.

The hypocrisy is that, when it suits them, the White men still provide food stamps to the poor, bail out their failing industries and subsidize their farmers. The very same thing which they say we must never do. Instead, they keep telling us that the only solution lies in devaluing our naira. And we've been forced to do that on several occasions making them richer in the process, but things keep getting worse for us. "Devalue further " they say. Sadly, some of us still believe them.


https://punchng.com/nigeriansll-pay-higher-electricity-tariffs-fg-promises-imf/

Some of what you highlighted here are reasons the country is where it is today.
Why I don't believe that devaluation will solve all our problems, I think it is wrong to ascribe devaluation to IMF and white people.
What options do we have when we don't produce anything that can be sold for us to earn dollars. Devaluation is an economic issue and not a sentimental one. It is not the west that made us to rely solely on oil for our fx earnings..
OBJ privatised refineries before he left but it was cancelled by his successor.
How much have we wasted on those refineries since then? And why are they still not working? Is it IMF that is not making it to work?

AMINDA:
Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christine Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

Nigeria did not enter into recession because we devalued the naira. We experienced recession because of falling crude price.
Nigeria technically entered into recession by q2 2016 and we didn't devalue officially until 2017. It could even be argued that we eventually entered recession because we delayed some of the actions we should have taken earlier including currency adjustment.

Treasury bills 4 percents vs unity bank fixed 8.5 percent....i rather take risk with unity bank than a micro finance bank ....