Theconglomerate:

Squandered indeed.
Who says Nigeria don't lack funds?
Go and look at what Nigeria needs to be sound infrastructure wise,get its value in hard currency and compare it to what Nigeria have made from oil so far and see for yourself.
Yes there has been looting,but it isn't the major reason Nigeria is still backwards.
We don't make enough money to keep 200m people afloat and take care of infrastructure too.

Even in the USA all their glorious development was not achieved in a year, it was compounded over several years. I bet you that no country can afford to move from a close to zero position to developed status.

Like I have pointed before with an example, you can start a business with a meager 20k and build it up to a multimillion naira business, obviously you won't be able to do that in one year.

ositadima1:


Even in the USA all their glorious development was not achieved in a year, it was compounded over several years. I bet you that no country can afford to move from a close to zero position to developed status.

Like I have pointed before with an example, you can start a business with a meager 20k and build it up to a multimillion naira business, obviously you won't be able to do that in one year.

Devaluation would have been a shortcut in Nigeria's own case.
But since you all seem to be comfortable in it then let's keep waiting na

Theconglomerate:
A cleaner will buy brand new toyota in the US in his dreams I guess.
You sure say you don go US so?
People that I know don't buy 15 years tokunbo.
I don't drive one so I wouldn't know about that statistic.

Come on, I said after saving for 15 years an average office worker can not buy a new toyota.

An average cleaner earns 24k USD a year. Howmuch is a new Toyota?

ositadima1:


Come on, I said after saving for 15 years an average office worker can not buy a new toyota.

An average cleaner earns 24k USD a year. Howmuch is a new Toyota?

He earns around 24k a year.
Minus his rent,food,tax,money for olosho and tell me what will be left to finance a new toyota.
Any cleaner that drives a new toyota in the US either have supportive parents or sells drugs.
People weh dey drive 25 year old Ford bronco steady

Theconglomerate:
Devaluation would have been a shortcut in Nigeria's own case.
But since you all seem to be comfortable in it then let's keep waiting na

If we already had enough exports, low corruption, yeah, maybe.

Oh please, stop acting like most people haven't travelled. The average cleaner wont pay rent, electricity, tax, insurance etc? How much would be left? Can a cleaner but a new Toyota without credit? Can they pay the money in full?

Come on, I said after saving for 15 years an average office worker can not buy a new toyota.

An average cleaner earns 24k USD a year. Howmuch is a new Toyota?[/quote]

ositadima1:


If we already had enough exports, low corruption, yeah, maybe.

We already have the local demand,devaluation will make our people buy our produce and encourage our sleeping lions that it is time to export and forget import.
If dollar gets to 500 and stays there,what do you think all these current importers will be doing with all that idle naira in their hands,when they know If they export and bring forex they'll have so much money?
I was looking for seedless cotton last year for an indian client and the whole of Gombe to get machine that removes seeds from cotton as white people want it was a problem
Because imports is too easy and favourable that's why they all abandoned export na,because CBN dey sell cheap dollar.

Theconglomerate:
He earns around 24k a year.
Minus his rent,food,tax,money for olosho and tell me what will be left to finance a new toyota.
Any cleaner that drives a new toyota in the US either have supportive parents or sells drugs.
People weh dey drive 25 year old Ford bronco steady

If he lives economically it is very doable in 2 or 3 years. How long do u think it will take 100k naira earner to buy a new Toyota. Mind you, the 100k earner is probably a masters holder o.

awele186:
Oh please, stop acting like most people haven't travelled. The average cleaner wont pay rent, electricity, tax, insurance etc? How much would be left? Can a cleaner but a new Toyota without credit? Can they pay the money in full?

Come on, I said after saving for 15 years an average office worker can not buy a new toyota.

An average cleaner earns 24k USD a year. Howmuch is a new Toyota?

Yes

ositadima1:


If he lives economically it is very doable in 2 or 3 years. How long do u think it will take 100k naira earner to buy a new Toyota. Mind you, the 100k earner is probably a masters holder o.

If it takes the cleaner 3 years to do this,call ne bastard.
Who do you think is looting all this stores in the US in this current protest?
Someone earning 100k in Nigeria that isn't married and works in a credible place can get to save 2m for 3 years to buy brand new Innoson fox for 3.8m and get financing for extra 1.8m to clear the whole debt,a privilege his US cleaner counterpart clearly lacks.
The problem is that everybody want drive benz at the expense of the CBN.

Theconglomerate:
We already have the local demand,devaluation will make our people buy our produce and encourage our sleeping lions that it is time to export and forget import.
If dollar gets to 500 and stays there,what do you think all these current importers will be doing with all that idle naira in their hands,when they know If they export and bring forex they'll have so much money?
I was looking for seedless cotton last year for an indian client and the whole of Gombe to get machine that removes seeds from cotton as white people want it was a problem
Because imports is too easy and favourable that's why they all abandoned export na,because CBN dey sell cheap dollar.

I dont tire for you. When Venezuelan and Zimbabwean economy wen to shit did the suddenly started build aeroplanes?

There are a lot of good economist both here in this forum and in the country....... What we must all understand is that Politics supersedes economics, since our leaders don't determine the direction of world politics they play in the realm of world economics, which is a tougher battle.........

On the issue of Devaluation, we have to understand this is usually the easiest option for a nation that controls its currency and most leaders of developing nations choose it cos they get to spend money @ prior valuation before it gets down to the masses......... No government fully understands how devaluation affects the masses............

The reason why we need leaders with Good political vision and also followers that will be willing to be followers when the economic prosperity from good policy lands

ositadima1:


I dont tire for you. When Venezuelan and Zimbabwean economy wen to shit did the suddenly started build aeroplanes?

Venezuela and zimbabwe currencies depreciated,they didn't devalue.
Devaluation is a controlled process,something all of you keep missing.
Venezuela ran out of dollars kpam kpam,nothing.
Why?Because they were already having problems producing their major export which is oil.
When oil fell in 2015 their economy collapsed since they don't produce anything else.
Zimbabwe own na sanction cause am.
Now tell me,how is Nigeria's own case similar to these 2 examples?
CBN tell you say e no get fx weh go make its currency depreciate out of control?
Or devaluation will suddenly make Nigeria lose its source of income I guess?
It will just be a strategic adjustment to crush imports,not that naira will suddenly become useless to the point where a truckload of naira will be used to buy bread.
Na wa ooo

Theconglomerate:
If it takes the cleaner 3 years to do this,call ne bastard.
Who do you think is looting all this stores in the US in this current protest?
Someone earning 100k in Nigeria that isn't married and works in a credible place can get to save 2m for 3 years to buy brand new Innoson fox for 3.8m and get financing for extra 1.8m to clear the whole debt,a privilege his US cleaner counterpart clearly lacks.
The problem is that everybody want drive benz at the expense of the CBN.

People live on 1000 usd per month, do the math bro.

Who said Toyota is the cheapest sedan in d usa?

ositadima1:


People live on 1000 usd per month, do the math bro.

Who said Toyota is the cheapest sedan in d usa?

Those people that live on $1k a month ride bicycles,definitely not cars.

Theconglomerate:
Venezuela and zimbabwe currencies depreciated,they didn't devalue.
Devaluation is a controlled process,something all of you keep missing.
Venezuela ran out of dollars kpam kpam,nothing.
Why?Because they were already having problems producing their major export which is oil.
When oil fell in 2015 their economy collapsed since they don't produce anything else.
Zimbabwe own na sanction cause am.
Now tell me,how is Nigeria's own case similar to these 2 examples?
CBN tell you say e no get fx weh go make its currency depreciate out of control?
Or devaluation will suddenly make Nigeria lose its source of income I guess?
It will just be a strategic adjustment to crush imports,not that naira will suddenly become useless to the point where a truckload of naira will be used to buy bread.
Na wa ooo

Depreciation or Devaluation, Nigeria, Venezuela and Zimbabwe all have the same issues in common and that is corruption and looting of public funds. I bet you didn't read that part while querying google.

Theconglomerate:
Those people that live on $1k a month ride bicycles,definitely not cars.

So what, he rides bus to work while he is saving up. The point is he can buy the car new in a shorter time than my Nigerian guy who is way ahead qualification wise.

ositadima1:


Depreciation or Devaluation, Nigeria, Venezuela and Zimbabwe all have the same issues in common and that is corruption and looting of public funds. I bet you didn't read that part while querying google.

If corruption was the problem,why did the economy crash in 2015 when oil fell?It should have happened before that na because corruption has been there for so long.
It's like saying George floyd died of coronavirus rather than asphyxiation caused by Derek chauvin kneeling on his kneck
Corruption was just part of Venezuela's problem,not it's cause for collapse.

Theconglomerate:
If corruption was the problem,why did the economy crash in 2015 when oil fell?It should have happened before that na because corruption has been there for so long.
It's like saying George floyd died of coronavirus rather than asphyxiation caused by Derek chauvin kneeling on his kneck
Corruption was just part of Venezuela's problem,not it's cause for collapse.

Na only Venezuela they export oil? Why didn't Saudi or Dubai experience depreciation?

ositadima1:


So what, he rides bus to work while he is saving up. The point is he can buy the car new in a shorter time than my Nigerian guy who is way ahead qualification wise.

So all cleaners in the US are not qualified or educated?
Is that what you are saying?
If USA is heaven to you go there na.
Small protest and covid 19 they are all homeless and looting stores and you say them be heaven
Who been loot or cry homelessness for UAE abeg.

Theconglomerate:
So all cleaners in the US are not qualified or educated?
Is that what you are saying?
If USA is heaven to you go there na.
Small protest and covid 19 they are all homeless and looting stores and you say them be heaven
Who been loot or cry homelessness for UAE abeg.

You are deviating, please stay on point.

ositadima1:


Na only Venezuela they export oil? Why didn't Saudi or Dubai experience depreciation?

Saudi produces 11.3mbpd of oil.
So if oil fall o,rise oo they are good
So why would their currency depreciate because of price crash when they produce so much of oil?
Saudi and Nigeria or Venezuela na mate for oil business?
If you want Nigeria to be like Saudi,abeg go find $50B borrow NNPC for E&P so we can produce at that level to fight depreciation.
Or you think you will just go to an oil field and wave your penis and oil starts jumping out?
It costs money that Nigeria don't even have to produce oil on that level

ositadima1:


You are deviating, please stay on point.

Where is the deviation?

Theconglomerate:
Saudi produces 11.3mbpd of oil.
So if oil fall o,rise oo they are good
So why would their currency depreciate because of price crash when they produce so much of oil?
Saudi and Nigeria or Venezuela na mate for oil business?
If you want Nigeria to be like Saudi,abeg go find $50B borrow NNPC for E&P so we can produce at that level to fight depreciation.
Or you think you will just go to an oil field and wave your penis and oil starts jumping out?
It costs money that Nigeria don't even have to produce oil on that level

Ok, Angola, Kazakhstan and Qatar to name a few produce less than Nigeria. What excuse do you have for these ones?

ositadima1:


Ok, Angola, Kazakhstan and Qatar to name a few produce less than Nigeria. What excuse do you have these ones?

They don't have 200m people with 40m+ almajiris to worry about na,very simple...
Only our almajiri licking plate,out of school children pass their population

Theconglomerate:
They don't have 200m people with 40m+ almajiris to worry about na,very simple...

What is the government actually doing for this 200m people and the almajiris?

ositadima1:


What is the government actually doing for this 200m people and the almajiris?

Subsidising dollars for them so that almajiris can continue to see plates to lick.
Because if dollars is sold for it's real naira equivalence,the person that bought the food will first lick the plates before passing it to the almajiri that will lick his spit instead.
This is why they keep politicising naira's real value so that all their child voters up north don't die of starvation at the expense of Nigeria's sane population growth.

Theconglomerate:
Subsidising dollars for them so that almajiris can continue to see plates to lick.
Because if dollars is sold for it's real naira equivalence,the person that bought the food will first lick the plates before passing it to the almajiri that will lick his spit instead.
This is why they keep politicising naira's real value so that all their child voters up north don't die of starvation at the expense of Nigeria's sane population growth.

I don't know of any country that his not subsidizing there citizen welfare in some way, why should Nigeria be any different? You rather want politicians to keep looting while you suffer in poverty. You are a very smart man. Good night.

ositadima1:


I don't know of any country that his not subsidizing there citizen welfare in some way, why should Nigeria be any different? You rather want politicians to keep looting while you suffer in poverty. You are a very smart man. Good night.

good night.

The arguement about devaluation has been raging for almost a week now. All points are well noted,lets focus on the goal of this thread going forward. Lets not derail.

Alaska90:

When are you guys going to stop this argument about devaluation ? .....you destroying this forum if you don't know

If dem argue from now til next year, nothing will change. Sad reality. But my argument must "supersede" your argument. I must show "smartness".