₦airaland Forum

That is what we are saying.
Inflation is a very terrible thing.

A country with 30% inflation regime followed by successive growths of 5% nominally, will see a return to the standard of living point before the fact after 6 long years, all things being equal, which as we all know is beyond the tenure of any democratically elected government and that is assuming inflation over that period is next to zero (which is just impossible).

It takes so, so, so much effort to rebuild an economy after harsh inflation, it takes such a long time for things to normalize, and that is why governments the world over fear inflation as much as they fear internal rebellion and armed conflict.

Because runaway inflation throughout history has been a trigger for those things, wide range of social instability. Governments have fallen, democracy lost, dictatorships taking over, sovereignties compromised.

That is why I often sit and wonder how come our government has not declared inflation a national emergency requiring all the focus, attention and resources of state to fight it. It is as if there is a massive gamble, a huge leverage on democracy that the bleeding of the future of the people will have no consequence.

One can only sit and watch... trying to read how this country is going to end up.

Esther125:
https://.ng/2023/11/14/nigeria-to-create-jobs-with-transition-into-renewable-energy-fg/

I passed this post many times but just decided to take a peek to see of anything has changed from the usual.

Gather foreigners together like a shepherd gathers his flock and start making pronouncements or can we call them 'political prophesies' that have no foundation drawings, no superstructure plans, no construction details, no schedule of works, nothing to show that this proposal is feasible and nothing by which you can hold them to account tomorrow.

It appears every major development agency in the world, every global fortune 500 company and every Head of State has proposed to turn Nigeria to El-dorado over the past 20 years..... yet na here we dey..... how come?

We just love optics in this country.
And who missed this....

Of course they need 1.9 trillion dollars.... why not?

If I worked in company xyz I won't go about telling my clients or customers that I cannot serve them well due to the failings of the management of my company. I will get sacked immediately. That is not my responsibility.

It is up to the customers or clients to complain.
This is where we miss it in this country.
A citizenry that is at peace with poor governance.
Everyone waiting for the other person to advocate so they can comfortably decide how to peddle their sentiments.

Way4orward:
What a country...

People can't speak the truth anymore.

It is not about truth or lies, it is about responsibility to the institution and the government he serves.
No one will single him out for blame if he cannot effect proper operations due to financial constraints so it is not his problem.
Secondly he has no solution to the problem so what is the point.

The office of advocacy on these matters lie with those that can handle them, that is, you, I and those we elect.
It is our collective failure to enforce good governance that has made this man a victim of the establishment.

That was not appropriate of him.
As a public servant your views are simply private.
Such matters are supposed to be handled internally.

First and foremost i think the data is faulty.

The share of local automobile plants should be a proportion of the total number of 'new' vehicles demanded by Nigeria, and not of the total number of vehicles demanded because new and used vehicles cannot be categorised together, just as local auto plants do not sell their new and used vehicles in the same lot.

However automobile manufacturing remains a frontier industry in Nigeria that requires all hands to be on deck to succeed. This is where leadership comes to the fore.

I said a few days ago that government is too far removed from industry and businesses such that there are no active policies and programs to make them succeed ultimately.

There are no programs to help them increase local content of their products, there are no programs to help them diversify into allied products that will stabilize their portfolios. There are no programs to help them synergise their capacities so that through scale and specialization costs can be controlled, and many other things government can do.

With this lack of direct government participation how is Nigeria going to be an attractive investment destination.
What factor makes Nigeria attractive for foreign investment , nothing except cheap labour and this will only be relevant to investors that seek to export their offerings. With our galloping inflation we presently have no market outlet for any products of real value.

That is why government has to guarantee investment succeeds and this is only possible with a concise plan towards sustainability.
I don't think this news is good for this country.

mannobi:
The problems Buhari and Emefiele created are still here with us

Still calling Buhari and Emefiele 6 months into a new regime.
Nigerians are really funny people.
Exactly when do you expect a regime you voted in to act..... ten years?

This is the problem with voting back a government that failed, that performed woefully in the past regime, it never works.
The APC should never have been returned to power if Nigerians knew how democracies work.

When you vote back a government even the best intentions to change ways will be resisted by the very people that ruined the former and they are still hanging around the corridors of power. With the same government you cannot revert back to past actions properly, recover resources stolen or misappropriated.

But most importantly, returning a government sends a signal to the new one that failures will not be punished and non performance will not determine its acceptance. That is why there is no haste to repair failures of the past regime.

'....The National Security Adviser, Nuhu Ribadu, has lamented that the current administration inherited a bankrupt country that was responsible for the budgetary constraints.

According to him, the revenue generated by the Bola Tinubu-led administration is being used to repay what was taken from the country....'

Inherited from whom.... same government.
Taken by whom..... as the NSA you should know.

Last regime the fault was '16 years of the PDP'.
This time around they are choking on their angst.... can't speak out or speak truth.

Nigerians have nothing to complain about. The basic rules of a working democracy is that a failed government is voted out.
We chose to return ours so whatever we see we take.

Na so.
Just like the infamous 'Gold Rush' in America.
It was the folks that sold pick axes and shovels that made the fortune.
The hoards of prospectors left broke and broken.

Congratulations to the Governor elect of Bayelsa State.

Now that the election season is ended for the foreseeable future and it is clear that like at the centre the people have chosen continuity and chosen to maintain the status-quo.

It is also clear that the people are satisfied with the state of their country, the quality of leadership and presumably think they are on course for a better future, across board.

That, is the function and the beauty of democracy.
At the end of the day responsibility lies with the people.
We the people are the sole reasons why we are where we are.

It is like all the initial vim and vigour surrounding the new government has evaporated.
Of recent the atmosphere has quietened substantially and all we are left with are motivational speeches and typical political posturing.
Once again nothing concrete, detailed, measurable or actionable.

tsdarkside:
you cant solve inflation by throw in money at it....

western nations tried it,it didnt work....
it only became more worse....

Tell them oh.
Palliative, palliative, palliative.

Whereas we are saying, work, produce, make things....
Government is not interested in that one.
Na to import everything so that they spend money where you cannot see the invoices.

mrvitalis:
Na statistics we go chop?

Problem with APC is fundamentally they don't know how development works ... Like most Nigerians they don't understand how development works

For them build road, build bridges, build hospitals, build sly scrappers, build rail... To them this is development

Since 2019 Peter obi told them infrastructure doesn't kick start development... Osibanjo argued

Human capital investment is how to develop infrastructure can come after

Absolutely.
What we have been saying for ages now.
And the bolded is becoming clearer by the day, by the year, and by the regime.
That is why it is so easy to give the Nigeria half a bag of rice and a litre of vegetable oil as the dividend of good governance.

Even the effects of colonial rule were not as bad as this.
At least the slave masters were able to put the country to work, the downside being the liberty to profit from it.

30 percent inflation is just catastrophic.
And it appears this government has not answer, no response to it.
It is as if they don't even recognise it is a problem at all.
I have never seen such terrible misunderstanding of the condition of this country.

It is like a smoking powder keg right there in the middle of one's room and the fellow who should be hysterical is turning in for the night.

Just to organise a simple 'gofundme' account for a sick man is a problem....
Rotting society.
Sick minded people.

sillysally:
And the successful black men everywhere are what? Poverty has made you foolish

And the most populous black nation on earth supposedly filled with 'successful black men' on earth is what.....
Do you even know what the meaning of 'success' is.....

Education that cannot solve a single national problem since independence.
Riches that cannot ease the statistic of poverty.
Religion that cannot move the moral compass of the nation.
Democracy that has continued to degrade the standard of living of the average citizen since 1999.
The most populous black nation yet people are bailing out everyday JUST BECAUSE THEY CANNOT STAND EACH OTHER.
Just because they cannot be successful together.

ssogundele:
He could have just file for bankruptcy and rest. The economy is being bombarded on daily basis from both external and internal demons. It's not easy doing legitimate with the fear of God .

There are no effectual bankruptcy protection laws in Nigeria.
This is where the people fail to demand the governance they need to remain alive from the people they worship as so called leaders.
People that have no wisdom whatsoever in using their franchise to better their lives.
Their democracy ends with their 'preferred candidate' winning.
That is all they can boast about.

I keep on saying this.

The black man, the Negro is just not able to organise himself into a viable, successful entity.

He just lacks the morality and the intelligence to make a success of even the basic tasks once another person is involved.

Congratulations to the governor elect.

Wow it ended 4 apiece.
I missed the end of what is perhaps the best game of the season so far.
It appears the renaissance of the Blues is well and truly underway.
Good one.
Any day the juggernaut of City is held back is a good day for all Premiership lovers.

So there are still 'housewives' in 2023.
Can't remember when I heard of one last.
How can a man be married to or surrounded by a person who is not working.
Anyway leaders in nation Nigeria are equally not bothered with productivity so there is always crises.
If a man and his wife returns home after a hard days work there is little energy left to dispute thoughtless of conflict.
Just a people who work are hardly involved in petty crime.

As I was about to say thank goodness for the Blues opening up this league, boom.... nawaoh.

Great empires will always decay from within.

Affection fades with time, favouritism affects forever.
They are not the same.

igwebuike01:
You need to study SE economic model. What you described is exactly what is obtainable in SE

Then that is fantastic.
The right way to go about it.
Government should look at integrating existing industry towards specific goals and supporting them with resources.
Not the tossing up of resources in the air and expecting it to germinate wherever it lands as with the history of federal government programs over the years.
Look at all the resources that went into rice farming. A complete toss up. Today it is apparent a lot was lost to the hard rocks, the birds of the air and the thorn brushes.

Whereas a wise farming government that seeks to sow resources for development diligently applies resources to 'prepared' soil, in a specific manner, in right quantities and will tend the plants till they bear fruit many times the number of seeds sown.

That is why when government claims to intervene particularly taking loans right thinking people want to see the in and out which makes the difference between investment and gambling.

In all my years in and around the oil industry in Portharcourt I came across tons of oil field and oil service engineers that worked for production companies, marine companies, exploration companies, the lot in both large establishments and smaller foreign service outfits.

They have the skills no doubt. What they don't have to make a truly independent and viable oil production and petrochemical industry are the tools and equipment and the organization to turn that industry around.

These are the needs a serious government is and should be able to bridge.
This is the difference between the tragedy of the local refiners and the established oil companies.
Who taught these folks how to perforate pipes, manipulate manifolds and 'crack' crude oil. Of course those who worked in production.

It shows the knowledge is there but the organization to formalize their activities and equip them to do it technically, ethically and responsibly is totally lost on the government for whatever reason. Whereas the expertise in most cases originated from small businesses and technical companies in the United States, the UK, France and Italy which these large oil production companies use till date.

In developed nations small businesses underpin the economy, small businesses support and service the huge conglomerates we hear of today. The government should be looking towards the establishment of a small business culture here in Nigeria to get industry moving.

It is far easier for example to get company xyz in Texas employing 150 people to come invest a million dollars in tech and tech transfer to help get a modular refinery working than it is to get Saudi Aramco to come build a refinery here. But here we often want the big ticket, big news, big budget stories than often will not materialise or will further corrode our self survival abilities.

We need a government that seeks to put Nigeria and Nigerians to work with a plan that will build capacity from the ground up.

All these initiatives are good but my concern is the disconnnect with the people, the base, the foundation, the true seeds of wealth creation.
This governance system by which initiatives are created and then operators are sought is not the best way forward.

You often hear government has this and that fund and to which people are asked to subscribe to.
At the end of the day most of it gets stolen or wasted because there are no targets.
N-Power for instance today cannot say for sure how many jobs it has created, how many businesses it has established, or what it has returned to the economy in naira terms for all that has gone in, simply because it was a supermarket of funds rather than an exchange of enterprise, an investment by government.

It is good to establish an industrial park, but it is better to have integrated industries at hand that are ready to produce things that are targeted for a particular purpose. Then the bank will be saying, x naira into this park will result in y naira in direct returns by z period of time.

We have seen so much going into all sorts of parks, export free trade zones, etc all over Nigeria, what you don't have is exactly what has been produced from these and how those products have helped the Nigerian economy in figures and numbers.

Whereas some of the most important and recognizable goods we import from such places as the America and the far East are made in no more than backyard sheds and some originating from garages.

Government should be closer to the people. Seek to build the economy from the ground up.
For example. 3rd mainland bridge required a 1.2million dollar 'part' for its maintenance a few days ago.
I am not there on ground but I suspect it is either expansion joints or roller bearings.
These articles will be made somewhere in Germany or England or China in a workshop no larger than a church hall.
Why can't we make them here with so much machine tools in the hands of local fabricators and where these machines are unavailable this government should be aiding their purchase.
Direct investment into productivity.

Create a market, create a means of production and use these loans to fund such.
That is the way to develop rather than just throwing money up in the air, or creating infrastructure and then asking people to come subscribe without a follow through plan for success.

We can do better.
Government is too far from the people.

Congratulations to him. The people of Imo have spoken and their will effected.

Hope they can walk the talk because the very airlines that will bring in those investors are still being owed.

So it boils down to a gbese cycle. Aramco brings in dollars and it is used to settle Qatar Air. Unsustainable.

What we need is a solid policy for long term export earnings. And this is only possible by 1.WE 2.MAKING 3.STUFF. In a nutshell.

WE. Means that the fear of repatriation, capital flight doesn't exist. We keep what we earn. Investment stabiliity.

MAKING. Means we control the factors of production which makes for a better spread of resulting wealth creation.

STUFF: Like the old farmer saying. 'He can never go hungry'. Even if he cannot sell.

Foreign investment is good, internal productivity is better, it is the anchor of sustainable economic progress and if it geared towards import substitution or pure foreign exchange earnings then development is sure.

This government MUST find a way to get Nigeria moving towards a proper productive economy and it stars by a business orientation within government. Policies, programmes and expenditure that are 'business like'.

Now sit back and imagine all government has, is and intemds to spend money on and think which one is business like.

All these reports that continue to strip the CBN naked in broad daylight sef.

We know the CBN is seriously handicapped but the signs are there that they know what they ought to do, just that the government is not helping by policies to ease the pressure on the naira by cutting demand.

I repeat again.
This government since inception has not done anything concrete to either gain this country more FX or cut the present demand.

If it has the markets will have picked the signals and began to act accordingly l.

Crisis news every day. Planned maintenance usually comes with planned build up of reserves in countries where people think.

I won't be surprised that those that buy the stuff abroad will not be affected but for us down here it is one tsunami after another.

The Judiciary needs to raise its game to make this a reality and other institutions of governance need to act responsibly.

Good. Havertz off.
Doesn't contribute anything to this team.
They just want to extract some of that transfer fee mileage from his legs before ejecting hm.
Big market mistake.