₦airaland Forum

DEBJOCH1:
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ONE THING MOST PEOPLE DON’T UNDERSTAND IS THIS, DURING BUHARI'S ADMINISTRATION, BUSINESSESS STRIVE FAR BETTER THAN WE HAVE IT NOW, IF THERE IS ANY GOOD THING THAT BUHARI'S GOVERNMENT ACHIEVED, THAT WAS, EMPOWERING LOTS OF ENTREPRENEUR.

HE MANDATED COMMERCIAL BANKS THROUGH CBN TO GIVE RETAIL & SME LOANS, AND LOTS OF BANKS IN NIGERIA WHO FAILED TO GIVE THE BENCH MARK FIGURE WERE PENALIZE FOR NOT MEETING TO TARGET OR FOR NOT GIVING OUT LOAN AS MOST BANKS STAFF WERE GIVEN TARGET ON NUMBER OF CUSTOMERS THAT THEY MUST GIVE LOANS TO, ON A WEEKLY BASE. THIS WAS NOT STORY, IT HAPPENED HERE IN NIGERIA. BUT TODAY, REVERSE IS NOW THE CASE.

2015 PRIOR TO 2023, THE HIGHEST BANK RATE THEN WAS 19%. SOME BANKS WERE EVEN GIVING WOMEN IN BUSINESS LOAN, UP TO THE TONE OF 9%. THAT WAS DURING THE BUHARI'S ADMINISTRATION. FAST FORWARD TILL DATE. THE LOWEST BANK RATE AS AT NOW IS 27%, EXCLUDING INSURANCE RATE, MANAGEMENT AND PROCESSING RATE, SOME BANKS WILL STILL CHARGE YOU VAT FOR GIVING YOU LOAN.

THIS IS NEVER THE RIGHT TIME FOR ANY NEW BUSINESS IN NIGERIA TO GO FOR A STARTUP LOAN IN ANY COMMERCIAL BANK, EVEN EXISTING BUSINESSES ARE FINDING IT VERY HARD TO SUSTAIN THEIR LOAN REPAYMENT AS AT DATE.

The Buhari government increased the debt profile from $10 billion to $43 billion
Introduce ways and means, which is a form of printing money to the tune of N27 Trillion, that further puts pressure on the Naira
Close the border that led to the shortage of foodstuffs, which further increases food inflation
Spent $1.5 billion a month protecting the Naira
Spent $22 billion in 2022 on fuel subsidies.

I am not here to defend Tinubu, I think he is a bad president , but Buhari was even worse as Nigeria's president.

NOETHNICITY:
Why is it this high in Nigeria?
Someone should educate us please.

Morocco is a major industrial country in Africa; it manufactures and exports over 700,000 automobiles, aircraft spare parts, fertilisers, and food. That indicates low inflation and low interest rates.

Nigeria produces a limited number of products; it imports the majority of its goods and has a substantial external debt. Consequently, the country experiences high inflation and high interest rates to encourage saving and portfolio investments.

High inflation often leads to higher interest rates as central banks raise rates to cool the economy and control prices. When inflation is high, lenders and investors also anticipate future price increases, requiring higher interest rates to maintain the real value of their money.
Why central banks raise interest rates during inflation
To slow down the economy:
Central banks increase interest rates to make borrowing more expensive, which discourages spending and investment.
To encourage saving:
Higher interest rates make saving money more attractive, encouraging people to save rather than spend.
To reduce demand:
By slowing spending and boosting saving, higher rates reduce the demand for goods and services, which can help to slow down price increases.

DrMB:
Why does Nigeria’s interest rate soar at 27.5% while Morocco barely nudges 2.25%? What drives such stark differences across African economies, policy choices, inflation, or external pressures? How do these rates shape everyday life, from loans and mortgages to business growth and investment? As central banks across the continent adjust their monetary levers, understanding the story behind the numbers is more urgent than ever.


https://x.com/StatiSense/status/1960026601959166069

Morocco is a major industrial country in Africa; it manufactures and exports over 700,000 automobiles, aircraft spare parts, fertilisers, and food. That indicates low inflation and low interest rates.

Nigeria produces a limited number of products; it imports the majority of its goods and has a substantial external debt. Consequently, the country experiences high inflation and high interest rates to encourage saving and portfolio investments.

ibedun:
The issue with young and ignorant Nigerians is they think our country lives in a vacuum. People like you go around saying Nigeria is a very rich country and your politicians have looted all your wealth. What is the annual revenue of the country? I doubt it that you know. What is the minimum of federal government expenditure? Most Nigerians don’t know.
Go ahead and keep pointing fingers at past and present leaders without changing your own behaviour and your personal contribution to the nation.
And if you are bitter enough, go and ask your parents why they decided to born you knowing that Nigeria has deep corruption problems and is a failed state (according to your likes).

Your assumption that I am young is your first mistake.

Your second assumption that I think Nigeria is rich is your second mistake.

Your 3rd and final mistake is blaming the White man for Nigeria's problems. You have removed any responsibility for Nigeria's failure from Nigerians, thereby reducing Nigeria's ability to fix its problems.

Own the problem to lead the solution.

Any country that has the 7th largest source of gas, the 13th largest reserves of oil, a young population, and the 7th largest arable land in the world has no business being poor.

ibedun:
You idiiiiots just like to lambast your country without facts. Do you realise these evil white saviours are respond for the plight of Africa and Africans? There economic policies are created to make us permanently poor so they can feel they are better and superior.

Continue blaming White people for the actions of black people.

The British left a country with three major regions: North, West, and East. The West decided to split into the Southwest and the Midwest. The North and SE refused to separate into manageable regions; instead, the country had a coup, and the same middle-belt leaders under Gowon decided to promote a unified Nigeria into a single state.

Brendaniel:
Listen to yourself, so you are blaming victims of bad governance and terrorism , so what do we have a government for? if the people are the ones to solve this problem, what then do they need a government for ?

Imagine a country having more IDP's and IDP camps than countries fighting full blown external wars with another country, then someone will want to convince me that Nigeria is being governed by a sane person...

Benue State is part of the Arewa and Northern hegemony.

Who is the head of ADC today? David Mark, who was born in Otukpo, Benue State. The middle belt is the architect of their problem, they support the Fulani northern agenda that kills and displaces their people.

grandstar:
Nigeria isn't poor today because it simply exports raw materials. Most of Chile's exports are in the raw form and it's become a wealthy country today. Most of Canada's and Australia's commodity exports to China are in their raw form.

South Africa, Africa's largest exporter of non-oil minerals ships most out in their raw state or with little value added. It isn't even a centre for jewelry or cut diamonds.

Nigeria has a large population and must develop an industrial base to create jobs. Canada is a major exporter of steel, aluminium, automobiles, and refined hydrocarbons. These countries have a balance between exporting raw materials and producing manufactured goods. SA manufacture 600,000 autom obile.

Chile : Chile's mining industry is majority controlled by Chilean companies
https://en.wikipedia.org/wiki/Economy_of_Chile
agriculture: 3.5%
industry: 29.7%
services: 56.9%

Chile's mining industry is highly diversified but they have a significant level of unemployment..

In addition to copper, Chile was, in 2019, the world's largest producer of iodine[58] and rhenium,[59] the second largest producer of lithium[60] and molybdenum,[61] the sixth largest producer of silver,[62] the seventh largest producer of salt,[63] the eighth largest producer of potash,[64] the thirteenth producer of sulfur[65] and the thirteenth producer of iron ore[66] in the world. The country also has considerable gold production: between 2006 and 2017, the country produced annual amounts ranging from 35.9 tonnes in 2017 to 51.3 tonnes in 2013.[67]

The value added to Chile's gross domestic product by the manufacturing sector amounted to 26.51 billion U.S. dollars in 2023. Between 1960 and 2023, the value added increased by $ 22.15 billion U.S. dollars, although the rise followed an uneven trajectory rather than a consistent upward trend.

South Africa

agriculture: 2.6%
industry: 24.6%
services: 62.6%

SA has a diversified mining sector but a very high level of unemployment.

In 2019, the country was the world's largest producer of platinum;[69] the world's largest producer of chromium;[70] the world's largest producer of manganese;[71] the 2nd largest world producer of titanium;[72] the world's 11th largest producer of gold;[73] the 3rd worldwide producer of vanadium;[74] the 6th largest world producer of iron ore;[75] the 11th largest world producer of cobalt;[76] and the 15th largest world producer of phosphate.[77] It was the world's 12th largest producer of uranium in 2018.[78]

grandstar:
I'll be honest, I don't support the ban on exporting of raw lithium.

Juicy ncentives should be provided to those who choose to process it locally.

I am a firm believer in the free market.

Exporting raw material is the reason why Nigeria is poor today. If you process and refine lithium, you develop new capabilities in battery production.

Nigeria needs to focus on it metal industry - lithium, Gold, iron/steel and Bauxite/Aluminium and hydrocarbon industry

femi4:
Exactly...Tinubu did it in a wrong way. Palliatives are non existing

I am not a supporter of Tinubu, and during the discussion, I will highlight Tinubu's failures. But the abrupt removal of oil subsidies was the best decision a Nigerian president has initiated in 50 years.

1. Had the fuel subsidies been gradually removed, the likes of Ezekwesilli and Co.would have been the first people to request that the fuel subsidies policies either stop or be reversed at 25%.

2. Nigeria lacks the institutions to manage the gradual removal of fuel subsidies. The oil industry has been captured by the cabal and political elites who refuse to invest in refinery capacity and oil exploration.

3. The removal of the fuel subsidies has now witnessed the development of the refinery industries, which will extend to the production of petrochemicals, chemicals, and fertilisers.

4. Nigeria's poverty has more to do with a culture of unproductivity; 30 states in Nigeria have IGR less than the FAAC allocation. If a state or local government is not producing, then they have decided to be poor nd hungry.


Tinubu's failures are with some of his political and ministerial selections, especially in electricity and security.. The bloated ministries' last count is 48 ministries and over 1000 MDAs.

Project such as the the rehabiliation of MMIA, 3rd Mainland bridge and Lagos -Calabar costal road s are unnecessary at this stage. of economic recovery.

“You can have the right policies, but if you implement them the wrong way, there will be problems,” she said. “The subsidy removal was not prepared for. It was a good reform done the wrong way. Inflation is punishing the populace, and the poor have nowhere to run.”

She faulted President Tinubu’s abrupt declaration of “Subsidy is gone,” arguing that it plunged millions into penury. “Inflation hits the poor so hard. This was a reform done wrongly,” she insisted.

bewla:
See story

Okin, yele, nasco all fail and you believe it's easy

Go on ask OK biscuits how far

You must be old school,

Okin (odutola biscuits). Nasco have all failed due to a lack of supply chain. The paucity of electricity, access to sugar, milk and affordable machinery is the problem in Nigeria's industrialisation ambition.

https://x.com/Sweeegu/status/1782322514225447034

Boysking1:
waiting Nigeria do USA? Why the sudden obsession?

Nigeria refuse to take illegal aliens and criminals from the USA.

Nigeria must move into battery production. This is a brilliant idea. We need to see more Lithium process and battery production across the country.

The development of the battery industry will replace crude oil production. I see Nigeria developing its battery and gas industry to support electricity and export.

Lithium processing generally involves four key stages: extraction, purification, conversion, and material preparation. These stages vary depending on the source of lithium (e.g., brine or hard rock mining) and the desired final product.
Here's a more detailed look at each stage:
1. Extraction: This stage involves obtaining lithium from its source material. For brine sources, this often includes solar evaporation ponds or direct lithium extraction (DLE) technologies like solvent extraction, adsorption, or membrane filtration. For hard rock mining, it involves crushing, grinding, and leaching the ore with a chemical solution.

2. Purification: Once extracted, the lithium-containing solution or material undergoes purification to remove impurities. This can involve various techniques such as precipitation, filtration, and ion exchange. The specific methods depend on the source material and the desired purity of the final product.

3. Conversion: This stage involves converting the purified lithium into the desired chemical form, such as lithium carbonate or lithium hydroxide. This often involves chemical reactions and further processing steps.

4. Material Preparation: Finally, the lithium compounds are prepared for their specific applications. This may involve further processing, such as drying, milling, or pelletizing, to create the final product, like battery-grade lithium for lithium-ion batteries.

sulaak:


That is how slavery was successful for 500 years, Africans want to make money because they lack the knowledge to make money from technology or to use their skills.

Reference:
They say Africa was the cradle of civilization. It had great empires of old. So what happened. Why did Africa not head to Europe to enslave them.

The answer is simple. Not a single African empire grew on the strength of it's people. You can never hear how great a people were of any empire on the continent. All you hear is about their great, rich and powerful kings, their nobles, that's all, meaning that African empires did a good job of enslaving their own peoples long before foreigners reached these shores.

And this feudal mindset has continued till this day engrained in the DNA of the average African at all levels and in all walks of life. The leader assuming monarchial powers that corners total authority and resources and arrogates to himself powers to make and execute laws to his benefit alone while emasculating those he leads renderig them powerless, poor and unable to rise to exercise liberty.

That is what is called democracy in these parts, that is even what is called executive powers in boardrooms and way down to homes, the basic family unit, emperors everywhere, poverty, slavery, despondency everywhere else.

Mansa Musa sold his people as slaves when he ran out of money to fund his travel back to Timbuktu. He spent time in Egypt and Saudi Arabia, but never left a building with his name.

Africans have failed to develop beyond medieval tribal lords. Simple mechanised farming is beyond our culture; instead, the entire society is descending into backwards anarchy, where banditry, feudalism and war are the priority.

DoctorStanley:
Pick your fights! It is not every fight you get into.
This stupid government should be making it easy for Americans to come here and spend their money.
Unlike Nigerians going to US, they don't come to make Naira. They come here to spend money!

Sometimes dignity is better than money. Nigeria doesn't need American money to be rich, the country needs better elites and a civilising culture.

fuckingAyaya:
Humans just wanna make money they don't care if it will cost some lives. Can a trafficker traffic his/her own blood to a foreign country for modern day slavery? Man inhumanity to man!!

That is how slavery was successful for 500 years, Africans want to make money because they lack the knowledge to make money from technology or to use their skills.

Kaliningrad:
Moscow has not yet commented on the exchange.

The state-run news agency TASS, citing an anonymous source, reported that Russia returned 19 bodies of its soldiers on Tuesday. A similar 1,000-for-19 exchange took place on July 17.

Did you read the article

Russia has returned the bodies of 1,000 Ukrainian soldiers, five of whom died while in Russian captivity, authorities in Kyiv said Tuesday.

princeade86:
They need to take him serious o

Gumi and some Muslim leaders are the biggest threat to Nigeria's security. The fact that Saudi Arabia deported Gumi due to his direct links to Al-Qaeda is a clear indication that Nigeria. The government is not taking this insecurity problem seriously.

Before 2015, there was little insecurity in the North-West, until Buhari became the president and insecurity in the North-West rivalled the insecurity in Mali, B Faso and North-Eastern Nigeria.

The recent arrest of the Al Qaeda leaders can be linked to support from. Israel Mossad. Nigeria's interest is to protect black African Nigeria and not Arab Palestinian.

Dr. Ahmad Abubakar Mahmud Gumi, has sparked heated debate after warning that Israel’s intelligence agency, Mossad, is allegedly operating in Nigeria. He claimed the presence of the agency could trigger secret killings of Muslim leaders across the country.

Esthered:
Why did he think of using Nigeria of all the countries in the workd.

Some Nigerians are now known for their criminal behaviours, which is why they are an easy pick. You will rarely hear of Kenyan. Ghanaian or Ethiopian involvement involved mass criminality.

helinues:
Those who know about economy, those who are into economics and policies, those who are in the position of economy guidance have been praising president Tinubu for how his reforms and policies are changing things yet the so called opposition are claiming they have lost their vision hence can't see a single thing this government has done.

We will campaign the reelection of president Tinubu with projects and achievements. That's the only method we know to win the election without rigging

His macroeconomic reforms are in the right direction. But his reforms are being destroyed with his economic greed, such as the investment in the Lagos-Calabar coastal highways (15 trillion), 3rd Mainland bridge ( N3.6 trillion) and MMIA rehabilitation (710 billion)

What is the use of the reform when the funds are wasted on projects that are not a priority? Nigeria needs electricity..now.

DiamondNimi:
Until we learn to do things ourselves dis investor's u'r inviting are doing more harm than good,if you work with them you'll understand, mostly india they are big theft

They will never learn. Investment is brilliant, but the government should focus on building a base that attracts the right kind of investment.


The Tinubu government has failed to investigate the $3 billion that has been wasted on the non-performing refineries. N3.6 Trillion is about to be wasted on rehabilitating the 3rd Mainland Bridge, N710 billion on MMIA rehabilitation, and N15 trillion on the Lagos -

Omihanifa:
Politicians don turn this 3rd mainland bridge to those NNPC refineries that keep gulping money every year

They are cashing out, N3.6 trillion for rehabilitation. N720 billion for MMIA and N15 Trillion for the Lagos-Calabar Coastal Road. You don't need a PhD to figure out what is going on.

The failure of the opposition to create a common party is the reason why Tinubu can continue with his plan to bankrupt Nigeria.

The Minister of Works, David Umahi, has said the structural rehabilitation of the Third Mainland Bridge in Lagos State will cost about ₦3.6 trillion, warning that extensive underwater damage threatens the country’s busiest bridge.

bigpicture001:
Tinubu should stop all this nonsense. .this money doesn't belong to him alone... How can he throw a small tiny country like ours into about 100billion dollar

This man should be just stop please

The man has lost the plot. The country generates less than 6000 MW of electricity yet they are wasting time and money on vanity projects.

hakeemhakeem:
All this were past did hausas reach the schools gate and has to turn back home,is there no schools,teachers?No.It has to do with the parents to make their kids available, in some Northern states there are afternoon schools for kids who are busy or couldn't attend morning school.What else do you want from the governors if teachers salary were paid regular

The Yoruba people didn't reach the school's gates until Awolowo opened the gate via the universal education and health care scheme based on free education and primary health care, which is the remit of states and local government.

Who is opening the gates to young Hausa kids? The Fulani hierarchy class has culturally directed the gate toward Koranic education, as opposed to secular education. If the ruling class are majority Fulani, then they must be held accountable for the low academic and social achievement of the majority Hausa underclass.

If Fulanis were the White race, the dynamic of Northern Nigeria would be seen through the lens of apartheid or racial segregation.





https://www.icwa.org/wp-content/uploads/2015/09/CJP-6.pdf

hakeemhakeem:
Nobody denied them education they have school all over the place,if they decide not to attend who fault

All the governors of the 10 Hausa states are Fulani, all the Emirs are Fulani, the Sultan is Fulani, and the majority of the Imams are Fulani.

In the 1950s, Awolowo introduced Universal Education and Healthcare in the SW. He reduced the power of the Paramount Chiefs and traditional kings to ensure that the SW now has a literacy rate of over 80% for both men and women.

What were the Sardauna of Sokoto, Ahmadu Bello's, education programs in the North that have led the North to have a literacy rate of under 35%? The Fulani are the ruling class in the North and should be held accountable for the poverty, illiteracy and insecurity in Northern Nigeria.

Segzy19:
Their region has the richest billionaires in Nigeria and Africa, Dangote,BUA, Indomie, Dantata etc yet they are keeping exporting poverty and beggars to other parts of the country...

That region has the deepest racism in the world. If the Fulanis were white, you would call it apartheid. The Huasa are an underclass; they make up the majority of the beggars in Nigeria and have been denied education, health care and social welfare

jmoore:
For a population of 180 million people.

The estimated population of 230 million generates 6,000 MW.

RoxyBrownAutos:
If he has corruption case to answer,why is it now after 2 years he left office as a governor of sokoto state simply because he is opposition to maladministration of APC led federal government.

Why does this matter? Let APC lock up all the LP, PDP, ADC criminals, and when the ADC /PDP are in government, they should lock up APC politicians.

Sokoto is a complete mess, yet these useless former governors is only interested in political power.

anonimi:
Which northern Nigeria are you referring to here

Northern Nigeria makes no contribution to IGR to the federal government.

anonimi:
What is ebilokan and southern leaders interested in apart from politics and corrupt business?

Is Isalẹ Èkó also in the north with Yorubalokan hungry and starving people

Northern Nigeria has had no IGR in 25 years

fredoooooo:
What's their elders and governors doing na only to shout we're good in politics that reflect not on their people

Their elders are only interested in politics and corrupt business.