Abaki5: Every rigion is fighting just to their personal interest not national inclusive even at the head who suppose to serve every regions interest
That is the way it should be. Build the region to support the nation. In the 1960s and 1970s, Nigeria had regional political parties that served their region very well.
Political parties such as AG and UPN transformed the development in the South West under the leadership of Awo, and in the SE, the NCNC and NPP, under the brilliant leadership of Michael Opara and the Great Zik, developed the SS/SE.
National parties have failed to deliver any development across Nigeria despite the resources at their disposal. The ACF should push for regional restructuring to transform the North.
It is not deep enough. He selected a team of incompetent technocrats who implemented an IMF economic policy doomed to fail from day one. Nigeria produces nothing, yet the country devalues its currency to do what? The only product Nigeria exports is crude oil, yet the country continues to import PMS, ensuring the government doesn't benefit from oil exports.
IMF has advised Nigeria to rethink the economic reforms, but they indirectly say they are wrong. The inflation rate is still going up because of increased borrowing, debt repaying, QE, and increased imports.
Nigeria’s reforms not working — IMF report.
The latest International Monetary Fund (IMF) report on the economic outlook for sub-Saharan Africa has indicated that Nigeria’s ongoing economic reforms are struggling to deliver meaningful results, even 18 months after their implementation.
The report, presented on Friday at the Lagos Business School (LBS) by IMF Deputy Director Catherine Patillo, highlighted a mixed performance of economic reforms across the region, with notable successes in countries such as Côte d’Ivoire, Ghana, and Zambia. However, Nigeria was conspicuously absent from the list of success stories.
In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October. At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.
Even the dullard Buhari understood that a country that doesn't produce anything cannot float its currency
Allah sarki BaBa Buhari, if only Nigerian's listened to you all this #verydarkman#protest or them Dan Bello wouldn't have been disturbing our TL. You'll forever be my goat🐐 Respect @MBuhari 👏🏼 pic.twitter.com/ADTZ1yRUqW
Svoboda: Definition of illiteracy can be subjective. Even in Lagos you have a lot of nuisance on the streets despite it's cosmopolitan and economic edge. A lot of commerce and industry activities are actually going on in Kano. Jigawa has a lot of agrarian advantage, which unfortunately, Lagos doesn't have for now.
The north isn't entirely useless, and education doesn't necessarily imply acting hippie and woke.
Northern Nigeria issue is the lack of social mobility of its women folk, they have no control of the reproductive right and have been unfortunately responsible for the growth of Nigeria population with an average Northern Nigerian woman having 7.3 children due to child marriages when these young mother should be in school
Why the fertility gap between north and south Nigeria matters It has enormous implications for development
To fly from the south to the north of Nigeria takes only a couple of hours. Yet in one way, it is like going back in time. In Lagos state, the commercial capital in the south, women can expect to give birth to an average of 3.3 children during their lifetimes, which is what the world’s fertility rate was in 1990. In Katsina state in the north, the fertility rate is, at 7.4, higher than the global rate was in 1800.
Family size is hardly the only difference between north and south Nigeria. Most northerners are Muslim, whereas the south is largely Christian. The north is much poorer than the south, with GDP per person on average of $292, less than half what it is in the south, despite the fact that Nigeria has had plenty of northern presidents.
It scores worse on social indicators such as child nutrition, school enrolment and literacy. Government spending on health and education, though low nationwide, is especially low in the north. Islamist insurgencies, banditry and fighting between farmers and herders are all much worse in the north than in the south.
Babangidapikin: That is ten years ago. We know who to blame.
Tinubu, he created APC and gave Buhari a platform when Buhari was crying after three failures. Tinubu is the foundation of Nigeria economic collapse today. Tinubu is the reason why Nigeria is still importing PMS
Babangidapikin: hmmm Minister of Petroleum wey no dey stay for house, how does he want to have firm grip on the industry ..biko it is a Honorary title . But he is trying his best ...
Trying is not his job description. Nigeria's GDP is now $199 billion from $570 in 2014.
Svoboda: What people resources are you talking about when jigawa was created? So Nigeria as a whole could have survived alone from people resources from Lagos in the 90s without oil or was Lagos an oil producing state in the 90s?
What I meant was people and human capability. An educated society is a productive society. Jigawa and Kano might have a large population but a very low literacy rate, which leads to an imbalanced society.
Babangidapikin: That is the statistics I got o, but instead of trying to complain , let us encourage Mr President , I know it takes time for people importing to understand they need to change their mode of business, especially when they are seeing easy money, but Mr President needs to give them timeline, because some of them could be expose to bank loans and the trickle down effect might not be good for the economy.
Tinubu is the minister of petroleum, yet Nigeria import $2 billion PMS in October
ValCon888: The problem with most of Africa, including the likes of Kenya and Nigeria is that these countries are historically embedded with tribal/ethnic/religious divisions.
These differences act as a catalyst for corruption and violence thereby hindering economic growth and prosperity. They also hinder the creation of powerful institutions and national systems anchored on meritocracy.
Without the above, it is nigh on impossible to create stable infrastructure that is critical for economic development.
Everyman for himself becomes the name of the game.
The political class are experts at this game, so they continue to divide and conquer us through religious and ethnic lines while they enrich themselves till perpetuity.
Historically embedded with tribal/ethnic/religious divisions. Build your constitution with historical division concerns, but don't centralise political power.
Babangidapikin: In 2024, we spent $7.5 billion importing fuel. In 2023, we spent $13 billion importing fuel. In 2022, we spent $22 billion importing fuel.
In 2024, we spent $1 billion importing rice. In 2023, we spent $1.2 billion importing rice. In 2022, we spent $1.5 billion importing rice.
In 2024, we spent $800 million importing textiles and apparel. In 2023, we spent $950 million importing textiles and apparel. In 2022, we spent $1.1 billion importing textiles and apparel.
In 2024, we spent $600 million importing pharmaceuticals. In 2023, we spent $750 million importing pharmaceuticals. In 2022, we spent $900 million importing pharmaceuticals.
In 2024, we spent $400 million importing palm oil. In 2023, we spent $500 million importing palm oil. In 2022, we spent $700 million importing palm oil. In 2024, we spent $300 million importing plastic products. In 2023, we spent $350 million importing plastic products. In 2022, we spent $450 million importing plastic products.
Mr President is trying but we don't have to imagine because we can actually turn the tables and start exporting globally this products.
Why is Nigeria importing Palm Oil, PMS, Rice, Plastic, textiles and apparel when local industries can meet our needs? Nigeria presently to broke to import
Svoboda: What Lagos resources were used to create jigawa state, if I may ask?
People resources.
The number of resources is the people. That's while South Korea, Japan, Singapore and Switzerland cand have world-class first world economy without resources.
Aprocco: Where do I start from? Dirty Fuel: You're still speaking Dangote's language. I had argued too far before I realised you are probably barely a literate. I agree with you if you don't agree with me. My only advice is that you research topics before joining conversations. It wouldn't have cost you much to Google meaning of- Free Trade Zone, Deregulation, Variants of Crude. It would help inform contribution. Thanks for your time.
Olodo (From a person who cannot string a coherent English sentence)
I bet Dangote was responsible for the carnage that destroyed thousands of cars and petrol stations in 2022
Nigeria to seek damages from suppliers of gasoline with too much methanol By Reuters February 17, 20228:50 AM GMTUpdated 3 years ago ABUJA, Feb 17 (Reuters) - Five vessels with fuel that didn't meet requirements on methanol levels had been rejected by NNPC, Mele Kyari, chief executive of the state oil firm, also said, helping create shortages with motorists queuing for hours in the country's two biggest cities.
Nigeria is Africa's biggest producer of crude oil but depends entirely on imports to meet its domestic gasoline needs, largely because its refineries have produced little or no fuel over the past decade due to poor maintenance. The normal methanol level is 2-3% but the off-spec fuel had levels of 20%, which can damage engines. There have been reports to this effect and the Nigerian government has promised to assess the vehicles.
Dangote is also responsible for importing fuel, that is ......
Petrol sold to Nigeria from Europe 'dirtier' than black market 'bush' fuel This article is more than 4 years old Samples from illegal refineries in Niger delta found to be of a higher quality than imported petrol in new analysis
Aprocco: Where do I start from? Dirty Fuel: You're still speaking Dangote's language. I had argued too far before I realised you are probably barely a literate. I agree with you if you don't agree with me. My only advice is that you research topics before joining conversations. It wouldn't have cost you much to Google meaning of- Free Trade Zone, Deregulation, Variants of Crude. It would help inform contribution. Thanks for your time.
Olodo, Dirty fuel has nothing to do with Dangote. Google is your friend, but you are too lazy to do basic research. Dirty fuel has been the business of NNPC and oil importers for decades.
Africa / 22 January 2024 Inside the ‘African quality’ fuel scandal
Low-quality petrol and diesel are a major problem for air quality in West Africa.
These dirty fuels contain sulphur and benzene, which can cause cancer, as well as manganese, which damages engine parts, particulate filters and catalytic converters. The Economic Community of West African States allows up to five times as much sulphur, although not all member states abide by this rule. Nigeria still allows up to 15 times as much.
Large oil traders, often based in Switzerland, but operating worldwide – such as Trafigura and Vitol – have turned this into a revenue model. They mix fuels with much more sulphur, benzene and manganese than is permitted in Europe, and sell it on to African customers.
These fuels are much cheaper, because it is expensive to remove sulphur from petrol.
The Netherlands and Belgium form an important hub in that trade. Amsterdam, Rotterdam and Antwerp are a hotspot for blending petrol. In the past five years, more than half of all petrol imported by West African countries came from the Netherlands and Belgium – and much of this would have been illegal in Europe.
Aprocco: Consumer/ Deregulated Market is not overly concerned about the source, 4 Refineries or Dangote Refinery. All the Market is interested about is who can supply cheapest compliant product.
If 4 Refineries and Dangote end up producing at a cost higher than imported products, the Refineries would either have to seek more concessions in waiver, duties or tariffs to beat Importation or find an export market for their products.
Why should life/ business and wellbeing of poorest 200,000,000 people on the face of the earth be strained beyond limit to promote profit objectives of a Capitalist.
When you don't even know the meaning of Free Trade Zone, calling me Mumu for your own ignorance.
Olodo, this is why you will always be a slave. The so-called Free Market and Trade liberalisation has not worked in Africa. Why do you think the USA is introducing tariff and protection measures?
The country that is dumping dirty fuel on Nigeria will protect his market from Nigeria goods by questioning the quality of the ngoods
Trade liberalization: African countries may not benefit from increased access to international markets if other countries provide subsidies to their agricultural producers.
Financial liberalization: Can be limited by high inflation, high cost of financial intermediation, and government interference in credit markets.
Domestic employees: Liberalization can hurt domestic employees who can't adjust to increased competition.
Balance of payments: The country's balance of payments may suffer if imports outweigh foreign earnings.
Government revenue: Government revenue from taxes may decrease.
Omodua: The country nerds a revolution. That's the only way to sanitize the country.
How could we be importing fuel in midst of plenty! Is it not madness
Besides, all our refineries not functioning. Comatose! Oil producing country?,
We can't move forward with the way things are going.
Tinubu should rise to the occasion. Id not enough to say it's your turn to rule. Grab the challenge that go with it.
Tinubu is behind this problem. Tinubu is the unofficial minister of petroleum; this is how he intends to raise funds for his other businesses, importing low-grade PMS for Nigeria consumption.
Aprocco: You are arguing beyond your intellectual capacity. Masking your ignorance with insults.
Free Trade Zone are not under Nigerian law except on trade terms with Nigeria. Both Dangote refinery and Marketers allowed by PIA are suppliers of petroleum products that's why they are competing to sell to Nigerians.
Whether by fixing refineries or by importation, Deregulation implies a market of multiple sellers and buyers where there is choice based on price.
Nigerians are not as gullible as you think. An average Nigerian is way smarter than you. Monopoly actually is a simple English word- Dangote sole supply. No Marketer needs to explain what Monopoly is to Nigerians.
Dangote a novice can only speak of his own cost, even though he confessed his price is being driven by international price not cost (another novice talk). Price in a determination is where Demand meets supply- Let all sellers give their quotes, the Market price is the one that gets demand. And Price would generally gravitate towards the Price that gets Demand.
If you understand the ills of Monopoly you would not suggest that Dangote should be sole supplier till another refinery starts operation. In a Monopoly where there is no option the objective of the Monopolist is to maximize Price/ Profit. The poorest country of the world would have to cope with inflation, starvation, collapse of SME and Commerce who all depend on PMS till another refinery is built.
Please seek education, you can't make up for a lacking intellect with ridiculous submissions. I recommend you spend some time on UDEMY rather than Nairaland. It would help you, trust me.
Can you please advise me on the status of the four NNPC refineries? In 2021, the Buhari government spent over $4 billion to fix all four refineries. Mele Kyari swore on TV that the refineries would be ready in 2023. Where are the government-owned refineries today?
We need to hold this government to account. If the country borrows limited FX to import PMS, that will impact the local economy. If you don't want the so called dangote monopoly get the local refineries working now
Kobojunkie: Nigeria's imports have been higher than the exports for over 40 years and it had not to blame on PMS imports in all of that period so let's dead this path you are attempting to head in with this.
Again, importation is not a problem. Rather the problem that Nigerians should focus primarily on is whether the imports are subsidized by the government or not.
Nigeria had currency control for 40 years to protect Nigeria. You can say Nigeria was subsidising the Naira until last year. Where is Nigeria today 40 years after being an import-dependent country?
Import is a problem. , especially if the country imports products it can produce, such as textiles, palm oil, PMS, Gas, pharmaceuticals, tyres and food.
Kobojunkie: So long as Nigeria is not paying Fuel subsidy there is nothing like Killing the Naira. However, it seems Nigeria is still paying fuel subsidy.
If your imports are higher than your exports, you are killing the Naira. If Nigerian local PMS, Diesel, Cassava, and Cocoa are valued in Naira, then there will be a demand for the Naira due to the demand for Nigerian products.
Nigeria and Nigerians are presently selling Naira to buy dollars, and that is now negatively impacting the Naira. The solution is to reduce import and increase export.
How Russia rescued the ruble
Russia said last week that it wants the European countries that buy its natural gas to make their payments in rubles, rather than dollars or euros. A month ago, that might have seemed like a pretty good deal: The ruble was down 40%, at 139 rubles to the dollar, in the wake of Russia's invasion of Ukraine.
Since that low point on March 7, however, the Russian ruble has staged a dramatic recovery. At the time of this writing, it was trading at 84 to the dollar, which is right back where it was at the time of the invasion. And this is no dead cat bounce. It's a sharp and sustained recovery that made the ruble the world's top-performing currency in March.
Yet all the sanctions imposed when the war began are still in place, and in some cases they're even more robust. So how have the Russians managed to revive their currency?
Dangote now has to borrow dollars to import crude oil for his local refineries. NNPC has destroyed Nigeria oil producing industry, they have no crude oilto sell to local refineries because they have a mortgage the crude oil fo the next 5 years
Dangote seeks billions to boost crude supplies at new Nigerian refinery Africa’s richest man in talks with international banks for funds as he sets sights on ending country’s reliance on impo
The industrialist is in talks with commercial lenders, development banks, oil traders and other industry participants to raise funds for crude supplies to turn into refined products, according to people familiar with the matter.
His company Dangote Industries has bought crude from the US and Brazil, and in July was in talks with African suppliers such as Libya and Angola, according to Devakumar Edwin, a senior executive at the group.
Africa’s richest man needs to secure more crude to reach the refinery’s capacity of 650,000 barrels per day for a project he has said is a “game changer” for the country.
Honestly we’ve always known NNPC and their shenanigans so I’m not surprised at the way they are acting. Initially, I was annoyed with Dangote for being opaque about their pricing and what not. But I believe that they have revealed their pricing and they also claim that Nigeria’s premium crude which they have to buy is one reason for the high rate.
The elephant in the room in my opinion is NNPC that initially claimed that Dangote PMS was substandard and other funny things they were doing to ensure they didn’t lose a grip on their “business.” Not only them but the government that turns a blind eye and pretends that nothing is happening.
The buck stops with Tinubu. He has left the position of Miniter of Petroleum Resources vacant so that he can continue with ambiguous corruption. If Nigerians don't remove Tinubu now there will be no Nigeria to save in the next 12 months.
They are gaslighting Nigeria with fake information to assume that the economy is doing well when, in fact, Nigeria is in a complete mess. The government spent N3TN To Import Petrol In 42 days despite local refining by Dangote. The government is intentional destroying the country
fineboynl: Men the country really destroyed. 2008/2009 kia rio tear rubber was 1.5 million. It was what they were using to do cab in Benin city. I still remember when it move to 2m then later 2.5m.
During that time 15k usd is around 1.5m. That amount can get you new car.
But today I doubt if 30m can get you any new kia.
Devaluation of the currency in any guise is a big and costly mistake. Floating or temporary with exchange rate is a no go area. Bag of race 8k is what they are selling now 120k
Some fools said Nigerian bond and stock have grown from what it used to. that was when I knew tinubu administration is very useless and have very dull online supporters. The bond and stock is experiencing inflation and they call it growth.
A tuber of yam selling for N500 naira before, the same tuber is now selling for N5000 is that growth or inflation?
Floating the Naira was a costly and stupid decision; even the useless Buhari knew that you can't float your currency if there are no productive sectors and Nigeria import everything hence currency control was necessary to managed the cost of production
Education › Re: Literacy Rate In Nigeria By Region For 2023 by sulaak(m): 7:34am On Nov 22, 2024
