ChybuzzDD:


No mind these guys.
While in quarantine, I was giving some Indians, and even Pakistanis my ATM card and PIN to help me withdraw money and they did it excellently. I never for one day nurture any fear of any fraud/sharp practice.
And so many of such exhibitions of trustworthiness abound.
If you try that with most Nigerians, you will regret it, unless you quickly change your PIN thereafter.
Most times we only focus on the politicians, but the masses are just as corrupt, or even moreso than some of those politicians.

Are the politicians not from the masses?.

Manwarrior55:


VGIF is no longer 7.5% guaranteed

Have you checked their last quarter report?

To the best of my knowledge, VGIF is still 7.5% and capital and interest guaranteed .

What you see in the Q3 facts sheet is the rate for July to December which is 3.75 and for the whole year is 3.75*2 which is 7.5%.

Investment expert should throw more light.

An a novice but talking from investors point of view.

Emmasoft should have a better answer

Lazyyouth4u:

Okay. That makes sense. But is it sustainable? If they end of getting more funds to manage than they used to make those bond investments, they will be tempted to take risks that can backfire.

Fund managers will be having serious headache right now
I dont envy them at all

Lazyyouth4u:

India is a very corrupt country. You can’t get anything done in India without cutting corners, bribing or using contacts in high places. Don’t say they learn these things in Naija. They are ogbologbos in their country and just blend naturally in Naija as everything in Naija is as it is in India. Have you ever been to India?

LOL this is a blatant lie about India though

Lazyyouth4u:

India is a very corrupt country. You can’t get anything done in India without cutting corners, bribing or using contacts in high places. Don’t say they learn these things in Naija. They are ogbologbos in their country and just blend naturally in Naija as everything in Naija is as it is in India. Have you ever been to India?

Try to be here in India, you'd never which government official would have called police upon you and gets you beaten. Indians are relatively content than being self-centered like Africans.

DexterousOne:


Fund managers will be having serious headache right now
I dont envy them at all

Is there anybody in Nigeria that is not having headache right now?.

.

.

Bad idea

Why??

Manwarrior55:


VGIF is no longer 7.5% guaranteed

Have you checked their last quarter report?

VGIF Guarantees both your capital and the ROI.
ROI still remains 7.5% per annum which is reviewed every 6 month.

Manwarrior55:


Your capital is guaranteed with them same as your interest.

I still have some money with them as well.

I think anyone that wants to invest should make his research and ask the right questions.

That’s as much as I can say.

I have money with them and that your initial statement almost made me fear.

Lazyyouth4u:

I am surprised anyone can believe that a fixed income fund can guarantee 7.5% returns in a market where yields on safe fixed income securities are at all time lows. What securities will they be investing the money in to guarantee people 7.5%? It makes no sense in the current low interest environment.

You can still get 8% on your fixed deposit if you know how to go about it and the fund it substantial.

VGIF have been paying 7.5%, used to be more than that

Lazyyouth4u:

Okay. That makes sense. But is it sustainable? If they end of getting more funds to manage than they used to make those bond investments, they will be tempted to take risks that can backfire.

Not sustainable, used to pay about 10% few months ago. Might drop to 5% in the next 6 months

Manwarrior55:


Interest rates are on Per annum basis.

If it wasn’t per annum it would be stated.

Prorated and fluctuate per quarter

Manwarrior55:


VGIF is no longer 7.5% guaranteed

Have you checked their last quarter report?

@Manwarrior and others.
Please note the following about VGIF

VGIF RATE IS STILL 7.5% AS AT THIS MOMENT

VGIF is a mutual fund but not MMF. That treasury bills rate is down does not affect it like it does to MMF.
75% of underlying assets is FGN Bonds as we speak most earlier issued long term bonds still do double digits; a very tiny portion less than 0.5% is in fundamentally sound stocks that dividend yields is up to 16%

As per the fund prospectus which is monitored by SEC, the capital and the interest are guaranteed and interest benchmarked with SDF,
Anytime there is change in sdf and a change in rate, it's always communicated officially to all clients

The Q3 report shows that the rate is prorated for July to December it's not saying that rate has dropped to 3.75%
If you check very well you can see there is extra income already as shown within the period under review.

Many folks are in VGIF here please check your daily accrued interest and confirm.

The fund is not doing anything out of economic reality of the country. It's well regulated and monitored.
Parties to the fund:
fund manager- Investment one
Trustees - FBNQuest
Nominee - IBTC
Custodian- Citibank
Regulator - almighty SEC.

If there is any clarifications needed about the fund always get in touch for the correct position of things so that we can be well guided. Let's not just assume things.

On a personally levels I have run VGIF for the past 6 years and still counting nothing has been done outside the prospects/facts of the fund.

VGIF still remains a good alternative to TBills for low risk tolerance investors who don't want to invest in riskier investment windows.

You can always reach me anytime with the details on my signature

Thank you.

Grupo:


I have money with them and that your initial statement almost made me fear.

@Grupo no reason to fear. Once in doubt get in touch

Lol... Some people are really comparing Nigerians to Indians.

In terms of business prowess (I usually say that Nigeria is just India on a scale reduced by 6, but with a less effective private sector. In Nigeria, the people blame the government for everything, while in India, the people take the bull by the horn, and you wonder why they are so successful in Nigeria) and achievements as a people, they are far far better off than Nigeria.

759,000 Indians are millionaires, while just 30,000 Nigerians are millionaires. This shows how business/investment saavy the people are.

Over 110 Indians have become billionaires while just 4 Nigerians have achieved that feat.

Even if you correct all these figures to cover up the population difference, Indians still gap Nigerians by far. Correct for population, for Nigeria to match India in the above indices, we should have 126,000 millionaires and 18 billionaires.

Go and look at their companies. You think Dangote is big, wait till you compare it with Tata Group or Reliance Industries and many others.

On Forbes 2000 companies, Indians have put 75 of their companies there, while only 4 Nigerian companies made the list.

Even in diaspora, you can't compare what Indians have achieved to Nigerians. Many have already mentioned the number of fortune 500 companies that Indians run, how many do Nigerians run?

The richest family in the UK is an Indian family.

In the UK, Indians families have the highest household incomes. Blacks have the least (even less than the UK average)
https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/pay-and-income/household-income/latest

In the US, Indians have the highest household income at $135,000. Nigerians are at number 65 on the list ($61,000), which is even less than the national average of $63,000. Even Ghanaians rank higher than Nigerians on that list. Na only noise Nigerians sabi make, and then to blame everything on their government.
https://en.m.wikipedia.org/wiki/List_of_ethnic_groups_in_the_United_States_by_household_income

The stock exchange Nigerians have been able to build is worth about $50B. Indians have built 2 stock exchanges, the NSE worth $2.2T and the BSE worth $2.1T. This should show you how vibrant each country is in terms of business.

You may call them poor, but they are still able to go into space. What have Nigerians and their NSRDA achieved concerning space?

Let's not even start talking about technological development.

Someone was saying its their large population, yet (I still dispute this statistic, it doesn't make any sense, but since most of those praising Nigerians now usually sing with it everytime, let me put it here) there are more Nigerians living in poverty (80M out of 200M), than there are in India's 1.3B (yes oo, na so dey talk, meaning less than 80M out of India's 1.3B are living in poverty, meaning India has a poverty rate of less than 6%.... Anyone who has been to India or even just studied general economic data of developing countries will know this is bullshit)

For honesty, I can only speak about my own experience with them and what I have heard from others who have had first hand experience with them. From my experience oo, Indians are a million times more honest than Nigerians. It was on this thread sometime ago that I shared my experience with Nigerian managers in my company, how everyone is working to steal from you, how I one changed management 3 times in a year, how Nigerian managers almost gave me hypertension. Until someone suggested I hire Indian managers. I was reluctant at first, considering how expensive it will be to be paying visa and flight tickets and all that for expatriate managers, but since I was already about to close down the factory due to Nigerian's wahala, I took the advice and from then on, it was like magic, for the first time ever, I had peace of mind on that factory. The surprising part was that they eventually turned out to be cheaper than the Nigerian management when you consider the increases in productivity and the leakages that Nigerians were using to steal money that they blocked.

Till today, when anyone complains about Nigerian staff and how their corruption/dishonesty is about to destroy their business, I tell them to hire Indians. In the past 2 years, 4 people have taken the advice and done it, and it has always ended in peace of mind, progress and happiness. Not a single one has regretted the decision. After the hell I have experienced in the hands of Nigerians, I have personally sworn never to put a Nigerian incharge of any of my businesses. If I can't be there to manage it myself, then it must be an Indian.

There is a popular company in Nigeria to which we supply products. When the Nigerians are incharge, you will spend over an hour, they will waste your time, talk to you anyhow and be using to style to demand bribe and "anything for the boys". But anytime the Indians are there, it's always very quick and straight-forward.

You think it's coincidence that many Nigerian companies are run by Indians, from Dangote to Globacom. You think its coincidence that Indian (and their Lebanese counterparts) businesses seem to do so well in Nigeria and are transferred generation to generation. You think its coincidence that they run all those fortune 500 companies.

But last last sha, Nigerians will do what they know how to do best, blame the government.

I feel this country is gonna divide.... Why would we be importing fuel from Niger??
Sincerely I don't want it to divide but the odds keep increasing

I completely agree with you. The mindset of 90% of Nigerians would be to steal and ruin your business if you put them in charge of your business, I have personally had bad experiences with Nigerian workers and managers, they will always find a way to steal or inflate prices of goods.

Our corrupt system must have corrupted the corrupt Indians and other foreigners in Nigeria.

Our system is so bad and corrupt that even if Pope Francis is made the President of Nigeria or Manager of Dangote group, it is only gonna be a matter of time before our system corrupt's Pope Francis.

If Nigeria were to be a sane country with honest citizens, all the measures and policies by CBN so far, to boost our economy are supposed to be yielding positive resulst. We are waiting for foreign investors to invest in a country where the citizens are so dishonest and scared to invest in the real sector.

ultron12345:
Lol... Some people are really comparing Nigerians to Indians.

In terms of business prowess (I usually say that Nigeria is just India on a scale reduced by 6, but with a less effective private sector. In Nigeria, the people blame the government for everything, while in India, the people take the bull by the horn, and you wonder why they are so successful in Nigeria) and achievements as a people, they are far far better off than Nigeria.

759,000 Indians are millionaires, while just 30,000 Nigerians are millionaires. This shows how business/investment saavy the people are.

Over 110 Indians have become billionaires while just 4 Nigerians have achieved that feat.

Even if you correct all these figures to cover up the population difference, Indians still gap Nigerians by far. Correct for population, for Nigeria to match India in the above indices, we should have 126,000 millionaires and 18 billionaires.

Go and look at their companies. You think Dangote is big, wait till you compare it with Tata Group or Reliance Industries and many others.

On Forbes 2000 companies, Indians have put 75 of their companies there, while only 4 Nigerian companies made the list.

Even in diaspora, you can't compare what Indians have achieved to Nigerians. Many have already mentioned the number of fortune 500 companies that Indians run, how many do Nigerians run?

The richest family in the UK is an Indian family.

In the UK, Indians families have the highest household incomes. Blacks have the least (even less than the UK average)
https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/pay-and-income/household-income/latest

In the US, Indians have the highest household income at $135,000. Nigerians are at number 65 on the list ($61,000), which is even less than the national average of $63,000. Even Ghanaians rank higher than Nigerians on that list. Na only noise Nigerians sabi make, and then to blame everything on their government.
https://en.m.wikipedia.org/wiki/List_of_ethnic_groups_in_the_United_States_by_household_income

The stock exchange Nigerians have been able to build is worth about $50B. Indians have built 2 stock exchanges, the NSE worth $2.2T and the BSE worth $2.1T. This should show you how vibrant each country is in terms of business.

You may call them poor, but they are still able to go into space. What have Nigerians and their NSRDA achieved concerning space?

Let's not even start talking about technological development.

Someone was saying its their large population, yet (I still dispute this statistic, it doesn't make any sense, but since most of those praising Nigerians now usually sing with it everytime, let me put it here) there are more Nigerians living in poverty (80M out of 200M), than there are in India's 1.3B (yes oo, na so dey talk, meaning less than 80M out of India's 1.3B are living in poverty, meaning India has a poverty rate of less than 6%.... Anyone who has been to India or even just studied general economic data of developing countries will know this is bullshit)

For honesty, I can only speak about my own experience with them and what I have heard from others who have had first hand experience with them. From my experience oo, Indians are a million times more honest than Nigerians. It was on this thread sometime ago that I shared my experience with Nigerian managers in my company, how everyone is working to steal from you, how I one changed management 3 times in a year, how Nigerian managers almost gave me hypertension. Until someone suggested I hire Indian managers. I was reluctant at first, considering how expensive it will be to be paying visa and flight tickets and all that for expatriate managers, but since I was already about to close down the factory due to Nigerian's wahala, I took the advice and from then on, it was like magic, for the first time ever, I had peace of mind on that factory. The surprising part was that they eventually turned out to be cheaper than the Nigerian management when you consider the increases in productivity and the leakages that Nigerians were using to steal money that they blocked.

Till today, when anyone complains about Nigerian staff and how their corruption/dishonesty is about to destroy their business, I tell them to hire Indians. In the past 2 years, 4 people have taken the advice and done it, and it has always ended in peace of mind, progress and happiness. Not a single one has regretted the decision. After the hell I have experienced in the hands of Nigerians, I have personally sworn never to put a Nigerian incharge of any of my businesses. If I can't be there to manage it myself, then it must be an Indian.

There is a popular company in Nigeria to which we supply products. When the Nigerians are incharge, you will spend over an hour, they will waste your time, talk to you anyhow and be using to style to demand bribe and "anything for the boys". But anytime the Indians are there, it's always very quick and straight-forward.

You think it's coincidence that many Nigerian companies are run by Indians, from Dangote to Globacom. You think its coincidence that Indian (and their Lebanese counterparts) businesses seem to do so well in Nigeria and are transferred generation to generation. You think its coincidence that they run all those fortune 500 companies.

But last last sha, Nigerians will do what they know how to do best, blame the government.

Aquilapriscilla:
I feel this country is gonna divide.... Why would we be importing fuel from Niger??
Sincerely I don't want it to divide but the odds keep increasing

God forbid. The highest that will and should happen is restructuring.

The importation is only a temporary measure. Dangote's 650K refinery is coming online soon. BUA has already given out contracts for a 250K refinery in akwa ibom, plus several other modular refineries. All this capacities put together, plus if the government can get it's 450K working (even if by privatizing them), will give Nigeria are total refining capacity of 1.4MBPD. Assuming the modular refineries can add 100K to that, that will be 1.5MBPD capacity putting us in the top 11 globally in terms of oil refining capacity, even ahead of the UK and France. It is amazing how we're about to go from drought to glut, from zero production to over-supply and over-capacity. Truly, the end of the tunnel is usually darkest

Even if we divide, it should be into north (NW and NE) and south (SE, SW, SS, NC and maybe Kano and kaduna. The southern half of Anglophone Cameroon will also be welcome.). Not to break up into numerous Liberias, Gambias and Sierra Leones like some are recommending. We don't need anymore caricature countries in West Africa.

@ultron12345, I strongly concur with you. Nigerians are a bunch of noise makers. When ever one Nigerian manage to gain some recognition in the world scene we start to beat our chests and boast, but they never take there time to check out what other Nationals are doing or have been doing.

By the way, Indians have had a complex civilization before the west came into the picture. They had their own alphabets, science, mathematics and technology similar to the Chinese. What did we have pre-colonization ? Not much. Read "Things fall apart" by Chinua Achebe to get some perspective.

ultron12345:


God forbid. The highest that will and should happen is restructuring.

The importation is only a temporary measure. Dangote's 650K refinery is coming online soon. BUA has already given out contracts for a 250K refinery in akwa ibom, plus several other modular refineries. All this capacities put together, plus if the government can get it's 450K working (even if by privatizing them), will give Nigeria are total refining capacity of 1.4MBPD. Assuming the modular refineries can add 100K to that, that will be 1.5MBPD capacity putting us in the top 11 globally in terms of oil refining capacity, even ahead of the UK and France. Truly, the end of the tunnel is usually darkest

Even if we divide, it should be into north (NW and NE) and south (SE, SW, SS, NC and maybe Kano and kaduna).

Thanks sir... I also saw it as a temporary measure but my other mind be telling me... It has come stay ,this govt will just let it continue. Sincerely, we are passing through difficult times as country...God help Us

God cannot forbid a divided Nigeria when we have refused to use our brains and work actively to restructure the country. We play politics with everything in Nigeria. If you know the amount of weapons Niger-Delta militants have at their disposal in the whole of south-south, you will know that Nigeria is a timed bomb and about to explode.

Our inactiveness might lead to division. Nobody prays for a divided Nigeria, but there is always a limit as to what Nigerians can accept and tolerate, the land is filled with injustice and nepotism, with total mismanagement of national resources.

If we don't start the process to restructure now that we still have a fragile country, there might be no country to restructure if we continue to procrastinate.

God will never do for us the things He had given us the abilities to do for ourselves.

ultron12345:

God forbid. The highest that will and should happen is restructuring.

The importation is only a temporary measure. Dangote's 650K refinery is coming online soon. BUA has already given out contracts for a 250K refinery in akwa ibom, plus several other modular refineries. All this capacities put together, plus if the government can get it's 450K working (even if by privatizing them), will give Nigeria are total refining capacity of 1.4MBPD. Assuming the modular refineries can add 100K to that, that will be 1.5MBPD capacity putting us in the top 11 globally in terms of oil refining capacity, even ahead of the UK and France. Truly, the end of the tunnel is usually darkest

Even if we divide, it should be into north (NW and NE) and south (SE, SW, SS, NC and maybe Kano and kaduna. The southern half of Anglophone Cameroon will also be welcome.). Not to break up into numerous Liberias, Gambias and Sierra Leones like some are recommending. We don't need anymore caricature countries in West Africa.

Donbrig:
God cannot forbid a divided Nigeria when we have refused to use our brains and work actively to restructure the country. We play politics with everything in Nigeria. If you know the amount of weapons Niger-Delta militants have at their disposal in the whole of south-south, you will know that Nigeria is a timed bomb and about to explode.

Our inactiveness might lead to division. Nobody prays for a divided Nigeria, but there is always a limit as to what Nigerians can accept and tolerate, the land is filled with injustice and nepotism, with total mismanagement of national resources.

If we don't start the process to restructure now that we still have a fragile country, there might be no country to restructure if we continue to procrastinate.

God will never do for us the things He had given us the abilities to do for ourselves.

The truth is
the geo political consequence of division is too great
Thats why powers will do all it take to avert that

That said
We need to use our head in this country
And eschew politics of hate and division
Eschew the victimisation of other ethnic groups
Etc

ultron12345:
Lol... Some people are really comparing Nigerians to Indians.

In terms of business prowess (I usually say that Nigeria is just India on a scale reduced by 6, but with a less effective private sector. In Nigeria, the people blame the government for everything, while in India, the people take the bull by the horn, and you wonder why they are so successful in Nigeria) and achievements as a people, they are far far better off than Nigeria.

759,000 Indians are millionaires, while just 30,000 Nigerians are millionaires. This shows how business/investment saavy the people are.

Over 110 Indians have become billionaires while just 4 Nigerians have achieved that feat.

Even if you correct all these figures to cover up the population difference, Indians still gap Nigerians by far. Correct for population, for Nigeria to match India in the above indices, we should have 126,000 millionaires and 18 billionaires.

Go and look at their companies. You think Dangote is big, wait till you compare it with Tata Group or Reliance Industries and many others.

On Forbes 2000 companies, Indians have put 75 of their companies there, while only 4 Nigerian companies made the list.

Even in diaspora, you can't compare what Indians have achieved to Nigerians. Many have already mentioned the number of fortune 500 companies that Indians run, how many do Nigerians run?

The richest family in the UK is an Indian family.

In the UK, Indians families have the highest household incomes. Blacks have the least (even less than the UK average)
https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/pay-and-income/household-income/latest

In the US, Indians have the highest household income at $135,000. Nigerians are at number 65 on the list ($61,000), which is even less than the national average of $63,000. Even Ghanaians rank higher than Nigerians on that list. Na only noise Nigerians sabi make, and then to blame everything on their government.
https://en.m.wikipedia.org/wiki/List_of_ethnic_groups_in_the_United_States_by_household_income

The stock exchange Nigerians have been able to build is worth about $50B. Indians have built 2 stock exchanges, the NSE worth $2.2T and the BSE worth $2.1T. This should show you how vibrant each country is in terms of business.

You may call them poor, but they are still able to go into space. What have Nigerians and their NSRDA achieved concerning space?

Let's not even start talking about technological development.

Someone was saying its their large population, yet (I still dispute this statistic, it doesn't make any sense, but since most of those praising Nigerians now usually sing with it everytime, let me put it here) there are more Nigerians living in poverty (80M out of 200M), than there are in India's 1.3B (yes oo, na so dey talk, meaning less than 80M out of India's 1.3B are living in poverty, meaning India has a poverty rate of less than 6%.... Anyone who has been to India or even just studied general economic data of developing countries will know this is bullshit)

For honesty, I can only speak about my own experience with them and what I have heard from others who have had first hand experience with them. From my experience oo, Indians are a million times more honest than Nigerians. It was on this thread sometime ago that I shared my experience with Nigerian managers in my company, how everyone is working to steal from you, how I one changed management 3 times in a year, how Nigerian managers almost gave me hypertension. Until someone suggested I hire Indian managers. I was reluctant at first, considering how expensive it will be to be paying visa and flight tickets and all that for expatriate managers, but since I was already about to close down the factory due to Nigerian's wahala, I took the advice and from then on, it was like magic, for the first time ever, I had peace of mind on that factory. The surprising part was that they eventually turned out to be cheaper than the Nigerian management when you consider the increases in productivity and the leakages that Nigerians were using to steal money that they blocked.

Till today, when anyone complains about Nigerian staff and how their corruption/dishonesty is about to destroy their business, I tell them to hire Indians. In the past 2 years, 4 people have taken the advice and done it, and it has always ended in peace of mind, progress and happiness. Not a single one has regretted the decision. After the hell I have experienced in the hands of Nigerians, I have personally sworn never to put a Nigerian incharge of any of my businesses. If I can't be there to manage it myself, then it must be an Indian.

There is a popular company in Nigeria to which we supply products. When the Nigerians are incharge, you will spend over an hour, they will waste your time, talk to you anyhow and be using to style to demand bribe and "anything for the boys". But anytime the Indians are there, it's always very quick and straight-forward.

You think it's coincidence that many Nigerian companies are run by Indians, from Dangote to Globacom. You think its coincidence that Indian (and their Lebanese counterparts) businesses seem to do so well in Nigeria and are transferred generation to generation. You think its coincidence that they run all those fortune 500 companies.

But last last sha, Nigerians will do what they know how to do best, blame the government.

well said
The Indian man who turned around Liyel Imoke wife's business
I have a personal relationship with him
He did an amazing job cutting the sleaze, straightening staff, and returning the business to winning ways

He has nothing good to say about Nigerian workers lol
But apart from that
He is a great man
Tho he is back to india now
As his job is done

When it come to both countries
They are ahead of us

Dear sir/ma. kindly find below the new rate guide.

And by the way

https://www.nairaland.com/6290057/cbn-okays-withdrawals-dollars-domiciliary

Somebody is now talking sense into his head
Because if the route he took persisted
Nigerians
Even the barely upper middle class
Would have embraced offshore banking as a survival strategy

Relax some of these restrictions
And try to calm the markets down a lll bit
It will go a long way

Know why your naira is worthless. This is it �
I had to share this:
*US Dollar vs Nigerian Naira: The Real Issues.*
- Dr Oni Gbolabo
1. Appreciation and depreciation of currency is not related to race or color or who is the president be it Hausa Igbo or Yoruba. It is basically about production of goods and services and the demand of your products in the world market. A confused country that produces almost nothing will never meet up, policies only control your currency not the value of another countries currency against yours.
2. A country where over 500 industries died within 30 years must be stupid to complain of depreciation of her currency. We keep killing local industries and expect policies to make it up, it's a joke sir. Don't use China as an example if depreciating currencies and strong economy, China produces and may attract more export with that strategy unlike Nigeria that produces nothing.
3. A country where someone carried $2+billion simply to be shared is already a doomed one in terms of monetary policy and value. A country that produces Dizeani and Bafarawa who spent billion to appease demons. Those money without economic value is an economic poison injected into the system.
4. A country that favours importation over local production is doomed because it creates employment for another country while sacking her own citizens. Some people are working in Michelin and Dunlop somewhere, yet we use the tyre here. Don't tell me principle of comparative advantage here, it's not applicable.
5. A country that exports all raw materials without adding value is shameless to talk of depreciation of currency, to later re-import finished products of that materials is the peak of daftness. A bag of cocoa will go for like N1 million naira but when it is processed it will worth around N7million. Even farmers who produced raw cocoa can't buy chocolate.
6. A country that deliberately operate banking system that gives loans to importers at the expense of local industries is doomed and should say nothing about depreciation. Most of the loans are given to senators and representatives not industrialists.
7. A country that give loans in billions to agric sector without monitoring & evaluation of such loan on how it gets to the real farmers is a sham. A guy collected over N2 billion agric loan, he bought a jeep, built a nice house and use the rest to import processed pork. Meanwhile, local pork farmers are dying here. Is that not a double tragedy, stressing forex at the same time killing local industries.
8. A country that spend more on few privileged politicians at the cost of the populace who are unemployed should not talk about money depreciation. A country that keeps paying NNPC staff N10 billion as salaries every month when a single drop of petrol was not processed shout shut up about depreciation of currency. Crime is rising as value added to the initial failure.
9. A country where it is difficult for investors to register businesses because of the governent officials demanding for bribe. Right from airport, to hotel, to minister to governors investors will bribe, all these are part of cost of investment. A friend brought investor on estate development just for the state commissioner in charge to demand 30% of the investment. To see the governor in a state will cost you N2 million as bribe before you can be scheduled. This is a state as poor as anything.
10. A country where the cost of travelling for treatment abroad by officials will build world class hospitals should not talk about naira against dollar parity. Money taken to that trip is part of stress on forex. Same as forex spend on pilgrimage, let religion fanatics keep off me here. Without going to Mecca or Jerusalem you can still make heaven. You waste forex on pilgrimage to later be talking rubbish about forex.
11. A country where few people have access to federal reserve and those few can get loans are not because of what they can produce but the connection they have, is that country not gone already?
12. A country where we import what we produce because it's cheaper over there is gone.
13. A country that has arable land, teaming idle youths and still complain of hunger should not talk about currency depreciation. It's annoying.
14. A country where free money flows can never control inflow and outflow of forex. Imagine someone who wants to hide his loot went to Aboki to buy dollars worth $50 million just to hide it in the basement of his house. That money has no economic value yet it deprived those companies that need it to import raw materials, those companies go to Aboki to buy at exorbitant price.
15. A country where a strong bank owners can influence shares from within Stock Exchange room to inflate their shares worths from N20 to N150, crash the same share to N30 and ready to buy it back at N28 all within a year. Forget it, currency will never appreciate in such economy.
16. A country where banks are involved in round tripping and inflated cost to siphon money is d

Please who knows if there is sukuk bond in the horizon?
Plus, at the rate Naira is shedding it's value, does it worth investing in Naira at this time?

Donbrig:
Know why your naira is worthless. This is it �
I had to share this:
*US Dollar vs Nigerian Naira: The Real Issues.*
- Dr Oni Gbolabo
1. Appreciation and depreciation of currency is not related to race or color or who is the president be it Hausa Igbo or Yoruba. It is basically about production of goods and services and the demand of your products in the world market. A confused country that produces almost nothing will never meet up, policies only control your currency not the value of another countries currency against yours.
2. A country where over 500 industries died within 30 years must be stupid to complain of depreciation of her currency. We keep killing local industries and expect policies to make it up, it's a joke sir. Don't use China as an example if depreciating currencies and strong economy, China produces and may attract more export with that strategy unlike Nigeria that produces nothing.
3. A country where someone carried $2+billion simply to be shared is already a doomed one in terms of monetary policy and value. A country that produces Dizeani and Bafarawa who spent billion to appease demons. Those money without economic value is an economic poison injected into the system.
4. A country that favours importation over local production is doomed because it creates employment for another country while sacking her own citizens. Some people are working in Michelin and Dunlop somewhere, yet we use the tyre here. Don't tell me principle of comparative advantage here, it's not applicable.
5. A country that exports all raw materials without adding value is shameless to talk of depreciation of currency, to later re-import finished products of that materials is the peak of daftness. A bag of cocoa will go for like N1 million naira but when it is processed it will worth around N7million. Even farmers who produced raw cocoa can't buy chocolate.
6. A country that deliberately operate banking system that gives loans to importers at the expense of local industries is doomed and should say nothing about depreciation. Most of the loans are given to senators and representatives not industrialists.
7. A country that give loans in billions to agric sector without monitoring & evaluation of such loan on how it gets to the real farmers is a sham. A guy collected over N2 billion agric loan, he bought a jeep, built a nice house and use the rest to import processed pork. Meanwhile, local pork farmers are dying here. Is that not a double tragedy, stressing forex at the same time killing local industries.
8. A country that spend more on few privileged politicians at the cost of the populace who are unemployed should not talk about money depreciation. A country that keeps paying NNPC staff N10 billion as salaries every month when a single drop of petrol was not processed shout shut up about depreciation of currency. Crime is rising as value added to the initial failure.
9. A country where it is difficult for investors to register businesses because of the governent officials demanding for bribe. Right from airport, to hotel, to minister to governors investors will bribe, all these are part of cost of investment. A friend brought investor on estate development just for the state commissioner in charge to demand 30% of the investment. To see the governor in a state will cost you N2 million as bribe before you can be scheduled. This is a state as poor as anything.
10. A country where the cost of travelling for treatment abroad by officials will build world class hospitals should not talk about naira against dollar parity. Money taken to that trip is part of stress on forex. Same as forex spend on pilgrimage, let religion fanatics keep off me here. Without going to Mecca or Jerusalem you can still make heaven. You waste forex on pilgrimage to later be talking rubbish about forex.
11. A country where few people have access to federal reserve and those few can get loans are not because of what they can produce but the connection they have, is that country not gone already?
12. A country where we import what we produce because it's cheaper over there is gone.
13. A country that has arable land, teaming idle youths and still complain of hunger should not talk about currency depreciation. It's annoying.
14. A country where free money flows can never control inflow and outflow of forex. Imagine someone who wants to hide his loot went to Aboki to buy dollars worth $50 million just to hide it in the basement of his house. That money has no economic value yet it deprived those companies that need it to import raw materials, those companies go to Aboki to buy at exorbitant price.
15. A country where a strong bank owners can influence shares from within Stock Exchange room to inflate their shares worths from N20 to N150, crash the same share to N30 and ready to buy it back at N28 all within a year. Forget it, currency will never appreciate in such economy.
16. A country where banks are involved in round tripping and inflated cost to siphon money is d

Long story short
A productive country will have a stable currency

An unproductive one WONT
To compound Nigeria case .
It's an unproductive country with a ridiculous acquisition of foreign taste
Wanting to consume like the Western Europeans and North Americans. Without even having 1/10th of their productivity

The above is the root problem in my opinion
It's not even about import or exports
The import bill of Canada or Switzerland dwarfs Nigerias own
It's all about productivity and value addition

ultron12345:
Lol... Some people are really comparing Nigerians to Indians.

In terms of business prowess (I usually say that Nigeria is just India on a scale reduced by 6, but with a less effective private sector. In Nigeria, the people blame the government for everything, while in India, the people take the bull by the horn, and you wonder why they are so successful in Nigeria) and achievements as a people, they are far far better off than Nigeria.

759,000 Indians are millionaires, while just 30,000 Nigerians are millionaires. This shows how business/investment saavy the people are.

Over 110 Indians have become billionaires while just 4 Nigerians have achieved that feat.

Even if you correct all these figures to cover up the population difference, Indians still gap Nigerians by far. Correct for population, for Nigeria to match India in the above indices, we should have 126,000 millionaires and 18 billionaires.

Go and look at their companies. You think Dangote is big, wait till you compare it with Tata Group or Reliance Industries and many others.

On Forbes 2000 companies, Indians have put 75 of their companies there, while only 4 Nigerian companies made the list.

Even in diaspora, you can't compare what Indians have achieved to Nigerians. Many have already mentioned the number of fortune 500 companies that Indians run, how many do Nigerians run?

The richest family in the UK is an Indian family.

In the UK, Indians families have the highest household incomes. Blacks have the least (even less than the UK average)
https://www.ethnicity-facts-figures.service.gov.uk/work-pay-and-benefits/pay-and-income/household-income/latest

In the US, Indians have the highest household income at $135,000. Nigerians are at number 65 on the list ($61,000), which is even less than the national average of $63,000. Even Ghanaians rank higher than Nigerians on that list. Na only noise Nigerians sabi make, and then to blame everything on their government.
https://en.m.wikipedia.org/wiki/List_of_ethnic_groups_in_the_United_States_by_household_income

The stock exchange Nigerians have been able to build is worth about $50B. Indians have built 2 stock exchanges, the NSE worth $2.2T and the BSE worth $2.1T. This should show you how vibrant each country is in terms of business.

You may call them poor, but they are still able to go into space. What have Nigerians and their NSRDA achieved concerning space?

Let's not even start talking about technological development.

Someone was saying its their large population, yet (I still dispute this statistic, it doesn't make any sense, but since most of those praising Nigerians now usually sing with it everytime, let me put it here) there are more Nigerians living in poverty (80M out of 200M), than there are in India's 1.3B (yes oo, na so dey talk, meaning less than 80M out of India's 1.3B are living in poverty, meaning India has a poverty rate of less than 6%.... Anyone who has been to India or even just studied general economic data of developing countries will know this is bullshit)

For honesty, I can only speak about my own experience with them and what I have heard from others who have had first hand experience with them. From my experience oo, Indians are a million times more honest than Nigerians. It was on this thread sometime ago that I shared my experience with Nigerian managers in my company, how everyone is working to steal from you, how I one changed management 3 times in a year, how Nigerian managers almost gave me hypertension. Until someone suggested I hire Indian managers. I was reluctant at first, considering how expensive it will be to be paying visa and flight tickets and all that for expatriate managers, but since I was already about to close down the factory due to Nigerian's wahala, I took the advice and from then on, it was like magic, for the first time ever, I had peace of mind on that factory. The surprising part was that they eventually turned out to be cheaper than the Nigerian management when you consider the increases in productivity and the leakages that Nigerians were using to steal money that they blocked.

Very, very insightful.

There are bad eggs in every society but truly, using this comparison, it is clear that our work culture as a society has deteriorated. Quite sad.