₦airaland Forum

Nigeria defaulted in 2004 and were forgiven 36B dollars.

GeneralDae:
Then how come Nigeria hasn't defaulted and has never been regarded as a country in danger of default?
Kenya is one of top two countries in Africa feared to default in the coming months if something is not urgently done.

Nigeria has budget similar size to Kenya - debt similar size to Kenya - it invest zero in education, health, security - infrastructure projects takes 20yrs on average - cannot pay salaries or pensions on time. Ghana gov works - and if it default - it become Nigeria. Nigeria is in post-default state. Nobody serious is willing to lend it money. It should be able to get 300B dollars debt like South Africa - but it cant and wont pay. So it's just surviving like Zim, Somalia and Burundi - this where they cluster in almost every indices.

GeneralDae:
Then how come Nigeria hasn't defaulted and has never been regarded as a country in danger of default?
Kenya is one of top two countries in Africa feared to default in the coming months if something is not urgently done.

Kenya has never defaulted and is not about to start. We have new gov fixing small details and we will be fine.

GeneralDae:
Kenya is regarded to be one of the top three countries in Africa that could default on debt within the next six months if something is not done urgently.
I am surprised they come here to play, it's either these guys here do not know watz up with their country Kenya at the moment or their simply in denial.

I think you're post default state - gov budget is miniature - gov services absent - nothing basically works - except private and individual initiatives.

obaaderemi:
Thank you for admitting you are confused about how Nigeria could continue to be on its feet. That's our secret. We can't default on our debt. Our society is robust economically. Unlike the Kenyan economy reeling from debt. If there's going to be a defaulter, it's Kenya.

It's the same way with everything else we tell you here about Nigeria being ahead of Kenya. You and your brothers will continue to be confused.

This is very old. Black market rate for Naira is now 750

gallivant:
Nigeria is facing Armageddon but Obaboon is still occupied with foreigners and his low self esteem!

You should be in makoko streets protesting about your impending doom!

https://pbs.twimg.com/media/E-StwkNWUAEQhoi.jpg

Move where? They dont have an expansion strategy that is well thought out. If they had they would be circiling DRC with 90 million people mostly unbanked and Ethiopia with 110M - mostly unbanked. HUGE potential for growth and profit - size of Nigeria. Then Somalias and such countries.....where banking doesnt exist. But they are likely to come to Nairobi, buy a small struggling bank and burn their capital there.

GeneralDae:
So Zenith and First Bank are not planning to move forward next year?

It report profit to NNPC - which then reported profit to Nigeria gov. This is basic accounting. Oil companies in Algeria, Angola, name it report billions - and here you're shouting about millions. Yet you're selling Oil and Natural GAS. What hell is wrong with you.

obaaderemi:
NLNG is not owned by NNPC, I thought you were with your brain this early. Turns out I'm mistaken. NLNG is owned 49% by the Nigerian government, through NNPC. Shell, Total and Eni own The remaining 51%. The company is not run by NNPC. That's why it easily declares a profit every year. Last year alone Nigeria got a revenue of $400m from nnlg alone, which is more than the$300m your government got from its entire public investment, a figure you posted here yourself.

NLNG is owned by NNPC (49%). Stop being a cartoon.

Kenya gov has shareholding in 16 listed companies and about 300 SOES that are not listed. Including in two fully state owned oil companies - National Oil and Kenya Pipeline. Kenya Oil pipeline always make gov more than 100M dollars in dividend or surplus every year...I doubt it has ever made a loss..how now? How does Nigeria oil sector turn a loss

Name any sector kenya gov has a play and most of it profitable.

obaaderemi:
That's chicken feed compared to what the Nigerian government makes from NLNG company, an international gas company in which Nigerian government owns 49%. This is a company celebrated for its proper management and consistent profitability. There's no way little India can compare to Nigeria in this kind of things with your cashew and tea backed economy.

2021 - KCB was no 20. This year it has overtaken Access and GT - and now just behind Zenith. Next year it will overtake Zenith. Then 2034 will become bigger than any Nigerian bank. Equity Bank - COOP - are following behind other 10 kenyan banks.

obaaderemi:
Even in a bad year, zenith is still number 14 in Africa while your biggest bank is number 24, not even in Africa's top 20.

First what make them Africa biggest retailer? Of course it has oil wells and can make good money with little efforts. Upstream business they dont have to struggle because they own most of Nigeria oil literally. Downstream - they cant hack it.

obaaderemi:
By acquisition. That company is richer than it appeared in the past. If they are broke where did the Money come from to acquire oando?

Kenya banks are competing against matresses and informal banking sector in places like DRC. Kenya banks learnt from kenya - how to bank the unbankable - and are deploying the same technology and marketting in places like DRC. The same medicine they use against big banks in kenya - they are using in sub-sahara. It's banking revolution they dont have the time to understand - how this bottom of pyramid works - and how it can be super-profitable - once you scale the numbers.

kikuyu1:
Imo it's better to fly beneath the Global Elites radar especially for now. The minute they feel you're getting too big for your boots invisible strings are pulled and such bad ishyt happens you think you're bewitched! All kinds of inexplicable currency devaluations, Anglo media hit pieces are printed, mysterious home grown secessionists and terrorists appear, etc, etc.

For now it's better if we escape GloboHomo notice: a decade from now they'll be, " when did Kenya get 4 banks in Africa's top ten? When did they invade French Africa? They've 40% of their mortgages!"
As it is said chini ya maji, underwater moves are best for keeping a low profile.

Give it another 10yrs.

68816419:
Lagos light rail( Blue and redline ) ...getting lunched soon
The airport station is Ikeja, you can spot aircrafts in the background. walkway from the station to the airport.

Look like Nigeria has 10 SOES okay federal - look like every of 36 states have their own SOES.
I think in Kenya the number is 300 SOES.
Some like Safaricom are worth more than 5B dollars in gov shareholders.

Outside Oil - is there another one?

GeneralDae:
you are very funny. You guys truly underrate Nigeria though.

Nigeria’s national oil company – the Nigerian National Petroleum Corporation (NNPC) – plays a vital role in Nigeria’s economy. In 2020, NNPC became an EITI supporting company in line with its commitment to greater transparency and accountability. Subsequently, the corporation published its group-level audited financial statement and the audited accounts of its subsidiaries, for the first time in the group’s 43-year history.

The disclosure presents key information on the corporation’s financial health. The statement shows that NNPC reduced its loss by 99.7% – from N803 billion in 2018 to N1.7 billion in 2019 – thanks to a significant increase in profits from its subsidiaries between 2018 and 2019.

Uhuru was fired and his project rejected. We are fixing his mistakes.

obaaderemi:
It's even worse than I thought, RIP.

And don't talk about state owned enterprises here. Nigeria's own will naturally be bigger than Kenya's.

Slums and informal housing (kayoles) need to go. People also buying plots to put houses need to go. You should be able to get cheap mortgage - well built - well organized housing. You dont have to save, buy a plot, build and do all that donkey work. You can pay rent=mortgage - and after 20yrs you own the house. You can use savings to start side business - not build a house - when gov and private sector can mass produces cheaply. Singapore did this. China has done this. Mass production of housing is easy and low hanging fruit.

Ruto you can bet will make it happen.


https://www.youtube.com/watch?v=nLV1JGcGO1k

Shma2022:
I was just about to post the same.

Nice move.

This is how slums will be eradicated.

Ruto inspect and break ground for more affordable housing scheme in Mukuru slum complex. 15,000 units that mortgaged at slum rate - 30-60 dollars a month under construction.

Ruto intends to put up 250,000 units per annum (1 million in 5yrs) providing millions of jobs, solving housing crisis and improving home ownership - while avoiding slumilization of kenya towns like happened in West Africa. The construction boom about to start will be rival those chinese cities.

President William Ruto has announced affordable rent to own houses at Mukuru as follows:
- Bedsitters - Ksh 3,000
- 1 BR - Ksh 5,000
- 2 BR - Ksh 6,500 Per Month for 20 years after which the tenant acquires full ownership of the unit.

That is the mad son of Museveni.

Balogunodua:
Uganda general says: It wouldn't take us, my army and me, 2 weeks to capture Nairobi.

Global innovation leaders according to WIPO

How are SOES related to gov? Obaboon, quick check on Ghana SOES, they made net loss of 2.5B dollars. The least said about the Zoo the better. Do you even still have SOES?

obaaderemi:
And Kenya is not borrowing to pay salaries?


You are too fixated on Nigeria and Ghana to know facts about your own Shithole.

Nairobi scaling the heights.

https://www.youtube.com/watch?v=CSl6j6pD7c0

A single video like this should shut the west african bonobos but they dont just know how to shut up.

https://www.youtube.com/watch?v=sB0GYn2iupo

Justnotyou:
I see through them, they're just trolls trying to get a rise by inventing their own versions of history & facts.

Two West Africans on nairaland trying to erase the past 2 millenniums of their infamous slave trade history to get at Kenya lol.

They do this with everything here, repeatedly over & over.

Nairobi has commendable green spaces
A certain someone - not like Accra, Lagos...

Kenya is a model country for African states
A certain someone - No our country that's under recession is the model...

Mpesa is unrivaled in Africa
A certain someone - no mtn money is...

Kenya....
A certain someone - Ghana, Nigeria...

Like little kids in the playground playing your mama banters.

The madness level in Just40 is just disturbing.

Just40:
simply put, go and learn your history...

You don't seem to know it just like your fellow Kenyans.

The Asantes were major buyers of slaves and resellers of slave from all around Africa, slave workers were highly needed for farm work in Asanteland itself.
Your kamba slaves passed through Asante land to serve before being resold and ending up in the Americas

Proverb, You say your Nigeria's Alaro is ahead of Tatu city - that weed must be strong. Tatu is already one most succesfully private SEZ around. 5,000 acres- phase one sold out (2,500), 70 industrial companies, 3,000 apartments/housing units, two international schools and now office blocks are coming up. Tatu city runs it water, telcom, electricity, ambulance, name it. It fully independent city.

The little happening in Alaro is mostly splill over from Tatu city - kenyan companies opening their branches in Nigeria.

https://www.youtube.com/watch?v=2U_Obwo79-E

https://www.youtube.com/watch?v=DW0bSemF5So

You can only wish Nigeria was doing this.
Ruto has assembled 350 best Kenya brains to come up with realistic, workable and well thought out plan.
Prof Ndungu who gave Kenya M-pesa (by relaxing regulation) & agent banking - is now Kenya Finance Minister.
Together with Dr Ndii & large teams of the best brains - expect to see transformation of kenya.
In three years - Kenya will be cranking - and in a decade - mmh - we could be 400B dollar economy

samorobo:
More day dreaming.

Ruto maiden speech to parliament - Kenya transformation just got underway.
Key Highlights.
1) Budget cut of 3B dollars this year . Further deep cuts next year budget.
2) Budget surplus over recurrent expenditure on the 3rd year.
3) Borrowing has come to stop.Gov shall never borrow again to finance recurrent expenditure. Development will come from savings & PPPs.
4) Kenya will roll out Water PPP similar to electricity PPPs where private companies(like IPPS in power sector) build water dams - and sign long term purchase agreement with water supply companies owned by gov & counties. 10yrs we will have universal piped water - from around 35% of household who enjoy piped water now. Kenya has largely fixed the electricity supply problem using similar model - cost still an issue.
5) Housing sector - developers will be given free land and tax subsidies - plus many economic of scales - to bring 250K housing units annually - and increase mortgages from 30K to 1M in 5yrs.
6) With reduce domestic borrowing to gov - Banks will now be forced to hawk loans on streets. Cost of borrowing for MSME - and bottom pyramid to come down - and gov will use fintech to deploy hustler funds.
7) Universal healthcare through complusory primary health insurance for everyone.
GoK will dramatically increase savings and pension by matching 2:1 private and public sector pensions funds.
9) Ruto gov will never subsidize consumption - only production.
10) KRA will be turn to Kenya Revenue Services - and through tech & tax remodel - will collect 30B dollars from current 20B dollars.
11) Judiciary will be funded to build courts all over kenya and hire judges to reduce backlog and entrench the rule of law.

It was shortest president speech ever - no nonsense - straight to the point.

Which sector of the housing? Yes retail, hotels and office have supply glut.
Affordable and social housing is the sector we have not scratch the services.
We are going to replace slums with affordable social housing.

samorobo:
As I told rvp,don’t be expecting any construction soon. You are dealing with an oversupply. The glut is deep,thanks to uhuru lies to investors,the secrets are out now.

We just got the leadership that will transform kenya. In 10yrs - we will have overtaken Nigeria in GDP.

obaaderemi:
A generator GDP which is larger than Kenya's GDP.

So you admit Ghana is better than Kenya. But not for long like you said. We shall see then.

Generator GDP. That hell hole cannot have any gdp worth talking about.
Yes Ghana is slightly ahead...but not for long.

obaaderemi:
Lagos GDP is higher than the entire Kenyan GDP. Thank you for drawing attention to the error. Entire Kenya not Nairobi.

Ghana is ahead of Kenya on Hdi, do you now believe Ghana is better than Kenya if only slightly?

Obaboon lying requires some intelligence. Dont project your Nigeria mess on a progressive country like Kenya.

obaaderemi:
Idiot doesn't know his shithole is sinking.

Kibra is the half the size of your dead Eko city. Very tiny. 780 acres.

obaaderemi:
How can a city look like this?