When I see people's comment on how Obi is using his condolence message to score cheap political points , I really worry about how terrible education of young people have become in Nigeria. There was no place in Obi's message where he mentioned how the economy is bad, how the ruling party and the president are making terrible decisions etc. Primary and secondary schools really need to start taking English comprehension seriously

I have my cook make it once a week

All what you wrote here are rubbish. Diageo , a well reputable company quoted on the London stock exchange is withdrawing operations in Nigeria and will just have a small sales and distribution business because of the high cost of overhead(attributed to inflation), difficulty in repatriating their profits due to unavailability of forex and unstable government policies.These are the main issues. Now, Tolaram is an Indian company not quoted on any stock exchange so they will misbehave as much they like. They will come in with draconian HR policies for the Nigerian staff. They will reduce their salaries, subject them to long hours of work, water down the safety policies the staff are used to with Diageo and bribe their way into shutting down any complains or insubordination from staff. Shell is divesting the biggest onshore oil business in Nigeria because they cant break even as a result of insecurity and they also have this challenge of repatriating profits for their onshore business as it is an NNPC joint venture. They will keep their offshore business. However, not for too long as the PIA is unfavorable to most IOCs. ENI is leaving Nigeria totally. Exxon is also leaving the shallow offshore business which makes up over 70% of their total business worth in Nigeria. As soon as Shell leaves the onshore business, Total will divest their stake in the Onshore Joint venture Shell has. Chevron has also been muting to leave. Let me not even explain how catastrophic the exit of Shell from the onshore business will be for the Rivers state economy in particular and for the Nigerian economy at large. Ask those who stay in Warri to explain to you the untold hardship they are passing through with the exit of Shell from Warri in 2011. A lot of small and medium scale companies depend on the presence of Shell in Rivers to survive. I can't start thinking about the job losses and the number of families that will be immediately plunged into poverty with this exit.

Iamblessed85:


I didn’t even need to read deep to see that it’s fake news.

1. Diageo is being replaced by Tolaram or so. Where’s the loss?

2. Exxon, Shell, ENI and other IOC’s aren’t leaving Nigeria. They are only divesting their onshore assets to focus on deep offshore assets due to inherent issues associated with onshore assets e.g lower hydrocarbon volumes, GHG emission, insecurity (self inflicted), etc. Infact one of the IOC’s i mentioned is about committing over 5bln dollars of fresh investment in Nigeria as we speak. That won’t make the news of course because it dosent fit the narrative.

God forbid that i’m pro APC but I’m unashamedly pro Nigeria. My whole thing is, the media is a very wicked and mind controlling enterprise. We must strive to form our own independent opinion as against being pulled on a string like puppets.

The west had their own fair share of problems many years ago but they did not prevail by running away to other countries. As for me, Nigeria is my Alamo (last stand) and if i perish here, so be it. At least, i’d never be regarded as one of those cowards that took flight at the very first sight of turbulence. I call them opportunists but then, who am i to judge really.

And yes, price of beans rose from 200 naira to 2k but the price of rent also increased from
1.5k to 3k in canada for same apartment. You dont hear them saying “Canada to the dogs”.!

You should be the one not to say things you know absolutely nothing about. Who told you theyve been lifting crude u metered? Some of you guys just come online to write rubbish. Go and hold your government accountable for not developing your country and leave the oil companies alone because it is not their responsibility. They perform their corporate social responsibility adequately. At least, the international ones do.

Ubanz:


Don't say what you don't know.
Do you know that since the 50s Shell BP has been exploring and lifting petroleum from Nigeria unmetered?
Just of recent their huge profits dwindled after sapping Nigeria dry.

And you actually think this is not what they do? Shell never gives money to any community leader. They do community projects instead.

qtx:
People should stop giving justifications for shell to continue what they are doing. Shell is in a position to insist that they want to part with monies and see what the monies achieve. Through a legal agreement, they can enforce it.

Have you asked yourself why the narratives are different the in other countries? Do you know that Shell never makes more than 5% profit in their joint ventures in the niger delta and that over 80% of the profit they make goes to government and government owned organizations?

olisaEze:
Seventy years of Shell profiting off the lives/livelihoods of millions, is seventy years of the Fg enabling the destruction of the region just for politicians to afford new SUVs every budget cycle and send their kids to expensive schools abroad. Shell has been exploring in Saudi Arabia, Qatar, Jordan to the benefit of their host communities with minimal damages, but it’s only in Nigeria that they have been comfortable in destruction. Look to your FG, foreigners cannot overvalue lives the govt has already undervalued.

What you said here will work if it's a demand pull inflation. Nigeria is suffering a cost-push inflation and monetary policy adjustments wont solve this. Just four simple things need to be done to solve this- 1. tackle insecurity(terrorism and banditry), 2. give licences to companies to refine crude locally so as to crash fuel prices, 3. Provide 24/7 power as subsidized costs and 4. Make stiffer laws/punishments for corruption

fullclub:


As a macro economic student.... It will help slow down the inflation as money will be sucked from the system.

It's a contractionary monetary policy that makes less money available for borrowers and people will rather safe there funds than spend it as it guarantees more interest.

But the downside is it slows down investments

This is what i was expecting someone to say. The food inflation in Nigeria is not caused by natural economic issues so trying to solve it with a fiscal tool won't work. It'll rather worsen the situation.

givedemwotowoto:
You raise interest rates when there’s inflation, to slow down the economy a little bit

In Nigeria’s case, however, people already have low purchasing power, so slowing down the economy will become even more disastrous

Businesses who are already struggling to sell, will borrow at higher interest rates and transfer the cost further to the buyers

Benue still gets more allocation that Abia despite the 13% derivation. Meanwhile, when you compare what the theee governors have done niara ro naira, Otti still comes ahead.

Raf4:


Alex Otti is collecting 13% oil revenue from FGN, while Caleb Muftwang and Father Alia aren't. What resources allocation are you talking about?

Add that and check how much they both get versus what each of them have done.

Raf4:


Alex Otti is collecting 13% oil revenue from FGN, while Caleb Muftwang and Father Alia aren't. What resources allocation are you talking about?

When you compare resources allocated to a state vis-a-vis what each governor has done, this would be my order
1. Alex Otti(Abia)
2. Caleb Muftwang(Plateau)
3. Father Alia(Benue)
The rest of the governors are just embezzling resources in my opinion

Sadly , they dont have the funds or busget to develop defence systems that would guard all of Iran. A lot of countries dont know that size gives Israel a lot of advantage coupled woth their geographicallocation and technological advancement. Iran should start negotiating for peace otherwise theyll be hit badly. Israel is just buying time to know where to hit them the most so as not to elicit further response.

patrickcollins:
You can't fire 300 missiles to state of Israel and want them not to retaliate, Iran should get their defense system ready to avoid death of her people

Foods that are very rich in protein increase the insulin growth factor in children thereby aiding their height. Beans falls into this category

People keep saying America backs Israel up and I don't understand this. Does America provide soldiers in their war? The answer is NO. America only provides them funds and military equipment in EXCHANGE for WARFARE TECHNOLOGY and other kinds of technology that the Jews provide America with. Jews are very intelligent and extremely gifted and this is what has sustained that country up till now. Besides, the Jews control the American economy

This is true. However, the other part you didnt mention is the part thatll cushion the effect of an increased interest rate on the economy. Therell be massive unemployment because businesses will struggle to cope with the high rates of lending, the economy will also contract as a result. Your theory on making bond yields thereby bringing in foreign investors will not happen because givernment has policies that makes it difficult for those guys to repatriate their profits. Lastly, the government needs to stimulate the economy by making electricity stable and cheaper, giving grants to small and medium scale enterprises, tax holidays for companies, fixing the insecurity problem and strengthening our road infrastructureall of which require deliberate investments that i dont see this government making. If they dont do this, any short term gains made by the naira will be lost in the long term. Unless they vontinue raising interest rates indefinitely

DeLaRue:
It is a double edge sword.

As CBN rate rises, commercial banks will increase savings/fixed deposit rates, thereby attracting more savers who will be locked into 12 months or more term.

This will indirectly reduce the money available for spending and thus reduce patronage of many goods. As traders and manufacturers wait to exploit consumers with predatory prices, less and less people will buy their goods. As their warehouses pile up with unsold goods, they'll have to reduce prices, thus helping to reduce inflation.

Increasing interest rate will also mean the government can issue bonds at rates that will be attractive to foreign investors. More dollars will flow into the country.

The bad news is:

As Cbn increases interest rate, banks too will increase there lending rate with the likely result that:

1. More businesses that depend on bank loans will lay off staff or even close down

2. There will be fewer new investments- businesses can't survive on 33% - 35% loan rate

3. More pain for the economy generally.

Unfortunately, with the amount of money printed by Mr Buhari's government, the CBN will have to keep increasing interest rate in order to mop up excess liquidity and control inflation.

Managing a large economy in times of crises is a sophisticated game of chess. For every positive steps, there are multiple potential negative consequences. There are usually no easy solutions.

Unfortunately for politicians, the public want solutions NOW or they dabaru everything and even call for coup

The public is not interested in, nor do they understand economic theories.

Obasanjo didn't seize any Lagos allocation. These are the lies told you guys for years in that Lagos just to fool you gullible folks. He only withheld 15% of the total allocation due Lagos until BAT reversed the creation of the additional local governments by making them LCDAs. The arrears of the 15% allocation were then paid towards the end of 2006.

placeofallure:


Oh! I wish I can give you a bear hug right now.

That Gen Z that you quoted, him papa na NRC, PDP; they're not progressives and he must have listened to too many tales by moonlight from him.

I was serving when Tinubu was Lagos Governor. I returned from service and couldn't recognize some of the roads anymore - Ikeja, Ojota, Ogudu etc. I marvelled at the transformation.

Tinubu's tenure was when I witnessed workers (dunno whether it was called LAWMA at the time) come to every house, clear the gutter and pack it at no cost. The last time that happened was when I was in primary school, playing barefooted on the streets.

When Grandpa Obasanjo seized allocation meant for Lagos State, Tinubu looked inwards and generated revenue, that's creativity. Lagos is too cosmopolitan a state for some power-drunk HOS to hold to ransom. Many governors today will crumble if they don't get federal allowy. They collect today without accounting for it. They just collect and collect. Their people should demand for accountability!

That Ambode ehn! I fit stone am if I see am! Greediness will not let him consolidate on what Fashola has done. You belong to the same party, your ideologies should be the same or similar. He came and disrupted many things. He tampered with the water system by metering it. That's no problem, only it didn't work! He scattered LAWMA! Lagos was very dirty under Ambode. We were practically walking on accumulated rubbish on the streets of Obalende, Idumota, Oyingbo. The rubbish had piled up and spilled over to the roads causing traffic mayhem. Ambode thwarted with institutions that were working just to enrich himself. If you will bring a change, make things better not worsening it.

The thing is many people know these things, but it massages their ego to just look away. Na so!

Post investor password or myfxbook link

A lot of people in Nigeria actually have this kind of IQ but the nigerian environment affected them while growing up

I am an employee of an international company with offices in Nigeria

Sirchiboy:
.
Employ me in your company pleased

What is your Salary?2.5m/ month(excluding one or two allowances and 13th month)
What is your Position?Senior Engineer
What is your Qualification?BSc
How many year/s experience?12
Organization or company name?Oil and Gas
Lastly, tell us your location/state?South south

US soldiers never fought and will never fight in any Israeli war

Kenmatt:
I didn't go through.

Because I don't wanna go through.

Isreal warns UN Security Council as if Isreal can kill a Rat without US.

You are the one that is deluded. Mention any Islamic country or combination of islamic countries that you think can defeat Israel and i will post their military might here. None of them even have a secret service. Meanwhile, Israeli secret service is the best in the world. Israel has spies living in all of these countries youre thinking about.

Stephench:


Guy, you are deluded

There is no islamic or combinationof islamic countries that can defeat Israel. Get that clear now if you were dreaming about it. It wont happen.It is just like saying there's a country that will defeat US or China. No Oslamic country had its military ranking in the top 15 militaries in the world. Israeli IDF ranks in the top 3 or 4. Till today, even the US doesn't know what the Iron dome technology is made of. Till today, Israel still supplies the US and Russia with military technology. The only reason I will rank US and Chinese military ahead of Israeli military is the superior number of infantry soldiers they both have. I won't rank Russia ahead of them because , while Russia has more infantry soldiers, Russia is way behind Israel in terms of military technology. Do you know that while this Hamas war was going on Israel has bombed two Syrian airports because missiles from ISIS came from Syria? Do you know that they've blown up parts of Lebanon just over a week ago in response to Hezbollah ? Continue thinking the Israelis are like one of your Turkey or Iran. They will attack any Islamic country that missiles come from and there's nothing anybody can do about it. They're protecting their land. Besides, they gave Gaza to Egypt and West Bank to Jordan in the 1960s but none of them wanted it.Instead they left those areas to Israel to manage. Palestine isn't a country. The Jews were the ones referred to as Palestinians prior to 1948 as the Arabs hated that name. All of a sudden, since Israel was created the Arabs have taken up the name Palestine in order to further their evil agenda.

Stephench:

America only supplied Israel when Russia supplied Egypt? Must you guys lie to project Israel as invisible?

Israeli army are good we all know, but they're not the superpower you guys project them as. There are at least 5 Islamic countries that can destroy Israel on a one on one war without outside interference - America and NATO are the reason they still exist and America is busy buying these Islamic powers over and selling weapons to them, you know what buying weapons from America signify. They can deactivate the fighters in the middle of a war if you fight their allies and do even worst to that country this is why most of these countries would never fight Israel. Remove America from the equation and see Israel destroyed within months

America only supplied weapons to Israel when the soviet union supplied to Egypt. Nothing more. America never attacked nor planned to attack Israel in 1973. Go and read your history.

Stephench:


You're obviously completely biased. Look at how you subtly left out the most important events in the war - the Americans. How America negotiated a ceasefire and at the same time planning strikes with Israel etc. Russia didn't get involved initially because though they supplied the Egyptians before the war, they were kicked out of Egypt as a result of some misunderstanding. Had they not intervened, America was ready to wipe Egypt out of the earth. America didn't only send weapon, American special forces and pilots also participated in the war.

The American airlift - the Nickel Grass changed the course of the war. And Egypt attacked the Israeli stronghold and dismantled it in 6 hours - google it. And the arrangement to return all the ceased land was reached in 1973 although it took some time to finalize.

Include 1939 and 1973. The fear of God that Israel put into Egypt , Syria and Jordan in 1973 is what made them never to join any war against Israel again. 1973 was so brutal that even the US was practically begging Israel to stop. This was was stopped the destruction of Cairo because, at that time, US had serious diplomatic relations with Egypt too.

Ingocof:


Ask them of the repercussion when they tried that nonsense in 1948 and 1967, the Arabs will continue to tell the story to their unborn generation.

That wasnt what happened in that war. Egypt gained an advantage in the first 6 days of the war, pushing back Israeli forces stationed in Sinai beyond the recognized boundary lines. This happened because Israeli forces were split in two fronts- on the north battling Syria and on the east battling Egypt. The remaining soldiers held their positions and inflicted serious casualties on the Egyptians when they planned to advance further beyond Sinai. Remember that Israel took Sinai from Egypt in 1967. Back to the 1973 war: When Israel finished with Syria by bombing every critical infrastructure in Aleppo , Damascus and othwr cities, they destroyed the syrian army including additional soldiers send from Iraq and Iran. There were Jordanian soldiers but Israel didnt touch them because the king of Jordan never wanted to fight that war so he just asked his soldiers to show presence but never engage. This was already agreed with the Israeli prime minister. Israel now pulled its resources from syria to face Egypt but maintained an outpost in the Golan heights. This reinforcement was all that was needed to ambush the Egyptian soldiers and have them surrender. At that time, Israeli soldiers already built two bridges across the dead Sea to gain access into Egypt, Kill numerous soldiers and were advancing towards Cairo before a cease fire was called for by the UN. That cease fire prevented the destruction of Cairo just the way Damascus was destroyed

Stephench:


But in 1973, it took Egypt 6 hours to destroy Israeli stronghold and was sustaining their gains when America made the biggest and largest military aid airlift ever made in human history - that was what it took to turn around the fight. Still Egypt still achieved their goal and took their land back.

Without America, only Egypt will clear Israel. It seems you guys are not informed

First, Palestine isnt a country. Secondly, Israel only controls their food, water and electricity because Hamas who have been collecting billions of dollars monthly to provide these amenities were looting the monies and leaving the Palestinian people in devastated conditions. Israel pulled out of Gaza officially in 2005 and left infrastructure capable of providing clean desalination water, modern agriculture and electricity for Gaza but the Gazans decided to elect a terrorist organization to govern them that destroyed all these. Thirdly, US and UK have never sent any troops to Israel to help them in any war. Never! The only thing they do is to send money. It is only in this war that the US sent carriers into the medditerranean sea to deter countries like Iran. Israel's military ranks in the top four militaries in the world. I will put them at number 3 only next to US and chinese military. Lastly, Israel has the best intelligence service in the world- the mossad. There are mossad officers living as spies in Syria, Lebanon, Iran, Saudi, Egypt, Iraq ,Jordan and Qatar. This is partly why a combination of all of these countries have been unable to defeat them. For instance, in 1967, Israel launched premptive strikes on Egypt, Syria and Jordan thereby ending the 1967 Israeli-Arab war in just 6 days and without any arab country firing a successful missile into Israeli territory.

sulaimania2003:
It's been almost a month now and your useless IDF is still fighting a nation no freedom or what so ever .you control everything from there food ,water and even every aspect of there life .
And you are still begging them to surrender?
If not for troops and ammunition USA and UK are bringing in every day . do you think you can defeat this Hamas on a normal ground .
One day Palestine will sure be free to eat it's food ,water and build its own weapon .we shall see by then .
Just small attack,USA carry Deadly ship dey wait ,Uk follow .why ?
Because,this attack shows Israel is weak and nothing more .
How many Hamas have been able to kill or arrest since day One ? Lol people
If you like don't free Palestine or give them back their land .

Israel defeated both Egypt, Jordan and Syria in 1973. This was when these countries have strong Doviet union supply of men and weapons. Israel defeated Egypt, Syria, Iran, Iraq,Saudi and Lebanon in 1968. They did same in 1948. Same in 1939. These were at times that US werent supplying them weapons. And these countries attacked then simultaneouslyand still got defeated.

BentizilL0:

One on one without any foreign assistance, Israel cannot defeat Egypt.. Iran, Turkey will erase Israel without any foreign assistance and those two are not Arab...

Throughout history, Israel has always been a bitch of superpowers. Now it's USA turn...

Does this justify what is happening? The fact is that this shouldnt be happening. It wouldnt make it right or justifiable even if an Igbo person becomes president and does it.

abhosts:
Someone from the South South or South East would eventually become President; It is only a matter of time. Nobody should complain when they also decide to follow Buhari and Tinubu's template for of tribalism.

No, it wouldn't. IGR and GDP are deceptive numbers used by the western world to keep African economies where they are.

Pristine664:


But if Igbo states dominated the top 5, IGR would have mattered to you.

This is totally not true. Per capita income is dependent on both GDP and population. Your GDP can be growing as a result of the increase in population but your per capita remains the same and you have experienced no economic development. Sadly, this has been the case with Lagos for years.

Mynd44:

As much as this is correct, it is not completely true

The way to grow your Per Capital Income (PCI) is to grow your GDP and this can only be done with funds. The government has to make sustainable developments into the various sectors. The government also has to support small and medium scale businesses and attract large scale ones.

How can any government do this? by spending. By building more roads, more rails, more sea access, electricity etc. And this is where IGR comes in.

If a state has an IGR of 10 Billion, how can such a state build infrastructure to develop the economy?

IGR is also a show of how much economic activity is going on as this is why taxes are paid in the first place.

The mods need to pin this comment. This is one of the most sensible comments that ive read on nairaland this year.

Racoon:
IGR is not a measure of economic progress. Stop parading ignorance. GDP per capita is the correct measure of economic progress. IGR only shows how the people are taxed. It's a very popular quote that no government can tax itself into prosperity. Heavy taxation is never an economic progress.