₦airaland Forum

No more dollars to share. PZ has been in Nigeria for over 100 years, yet they have failed to source their material from local sources

You have a very poor approach to career development.

I wasn't paid for one year in my first year as an aerospace engineer; I worked for free during the day and in a shop during the weekends. I use my 1 years working experience, to get a low paying engineering job and started studying toward my professional exams and a post-graduate degree in engineering.

Afterwards I practised in a law firm for 6 months before resigning due to the meagre salary and harsh work environment

Chucks13:
You see your problem you can't do without throwing insult and when someone reply you you will call your fellow online tyrants NL OP mistakenly hired by Seun Osewa.

If you dare throw anymore insult on me this morning I will bash you badly so you and your fellow OP tyrants can do your worst...

Make you no vex. Please enjoy your morning and your day.

Penguin2:
Thank you for the update.

But punch is really useless. An innocent reader would have thought they brought in a new bidder and displaced Mainstream Energy entirely.

That’s how they will set the country ablaze one day with half truths.

I always cross-check Nigeria Media articles with international media

Chucks13:
They were bypassed because the company heads are already known economy thieves. And one of them is a major actor that looted subsidy during Buhari evil administration...

Are you OK now?

At least one hydro power plant completed if more are build then we are getting there bit by bit.

If you had used your brain and done basic research on Google instead of waffling on this stupid conspiracy theory, you would have noticed that.

Mainstream Energy owns Penstock Ltd

Nigerian company begins operating $1.3 billion Chinese-funded power plant
By Isaac Anyaogu


LAGOS, Jan 25 (Reuters) - Nigeria's Mainstream Energy, which already runs two of the country's biggest hydroelectric plants, has begun operating a new Chinese-funded facility, nearly a year after winning the concession, the utility said on Thursday.
Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd is running the new 700 megawatts plant in Zungeru, central Nigeria, which has been built with a $1.3 billion loan from China.


Nigeria's privatisation agency, the Bureau of Public Enterprises (BPE), last February awarded the concession to Mainstream Energy, which will pay the Nigerian government $70 million annually over three decades to operate the plant.

"This is where the real work starts in ensuring that the asset is managed in accordance with international standards," Mainstream Energy CEO Audu Lamu, said in a statement on Thursday.


Over the last decade, China has been active in Nigeria, providing finance through its development bank to build infrastructure including rail, airports, and power generation plants.


The Mainstream Energy-run Kainji and Jebba hydroelectric plants have a combined output of 1,338 megawatts which accounts for about 33% of Nigeria's current 4,000 megawatts power generation.


Much more is needed as millions of households and businesses suffer frequent blackouts.

https://www.reuters.com/business/energy/nigerian-company-begins-operating-13bln-chinese-funded-power-plant-2024-01-25/

Penguin2:
Same question I’m asking.

Useless Punch article, this is why Nigeria media fails Mainstream owns Penstock

Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd

Paraman:
https://punchng.com/fg-hands-over-zungeru-power-plant-to-concessionaire/?utm_source=telegram&utm_medium=social

Useless Punch article, this is why Nigeria media fails Mainstream owns Penstock

Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd

Nigerian company begins operating $1.3 billion Chinese-funded power plant
By Isaac Anyaogu


LAGOS, Jan 25 (Reuters) - Nigeria's Mainstream Energy, which already runs two of the country's biggest hydroelectric plants, has begun operating a new Chinese-funded facility, nearly a year after winning the concession, the utility said on Thursday.
Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd is running the new 700 megawatts plant in Zungeru, central Nigeria, which has been built with a $1.3 billion loan from China.


Nigeria's privatisation agency, the Bureau of Public Enterprises (BPE), last February awarded the concession to Mainstream Energy, which will pay the Nigerian government $70 million annually over three decades to operate the plant.

"This is where the real work starts in ensuring that the asset is managed in accordance with international standards," Mainstream Energy CEO Audu Lamu, said in a statement on Thursday.


Over the last decade, China has been active in Nigeria, providing finance through its development bank to build infrastructure including rail, airports, and power generation plants.


The Mainstream Energy-run Kainji and Jebba hydroelectric plants have a combined output of 1,338 megawatts which accounts for about 33% of Nigeria's current 4,000 megawatts power generation.


Much more is needed as millions of households and businesses suffer frequent blackouts.

https://www.reuters.com/business/energy/nigerian-company-begins-operating-13bln-chinese-funded-power-plant-2024-01-25/

toujurs:
Exactly open border. These indigenous manufacturers are just taking advantage of nigerians.

Open the damn border, let igbo people doing business import, you will see massive competition. Prices will drop asap.

Dangote is just behaving however he likes.

This is why Nigeria is in a mess today - dumping foreign goods. If the government opens the border, there will be more food exports to other West African nations due to the imbalance of the Naira to the CFA. Nigeria needs to increase food production to meet local needs and for export.

Paraman:
Don't just open it for cement importation, also allow rice, beans, tomato, wheat etc to be imported

What are you going to use to pay for the importation of foreign food

MzansiCoolio:
First answer which Nigerian businesses can outcompete SA businesses after 60 years of black independence and massive oil wealth? 👎🏾🇳🇬😂

Go study the nature and monopoly of SA economy constructed by the Afrikaner Broederbond before stinking my mentions.

Thirty years of Black SA rule hasn't been anything to write home about; life is about challenges, and using White privilege as an excuse for black underperformance despite 30 years of black political power is unacceptable.

BTW, Nigeria's underperformance despite 60 years of independence is disappointing. Still, I will not take advice from black SA that has been offered the most advanced country in Africa, with a strong market of over a trillion dollars and still cannot get their act together despite 30 years of black majority rule.

MzansiCoolio:
Not a single Nigerian business is able to outcompete SA businesses in Nigeria itself, your own country! All you do is wail about SA pricing all day. You can insert adjectives here (...) to describe your own underdeveloped and corrupt mentality.

Name one considerable Nigerian or African company in SA that would make SA "always angry at non-SA blacks".

Free lesson, all companies registered in SA are required by law to have a share of black ownership - it's called Black Economic Empowerment.

Free lesson, all companies registered in SA are required by law to have a share of black ownership - it's called Black Economic Empowerment.

The above statement is the reason why South African blacks are tanking the SA economy. Why can't the Blacks build their own companies, the ANC has been in government for the best part of 30 years, yet they still persist with a corrupt policy that will enrich a lazy black elite.

ifytrik:
The problem with Nigeria is our president, I could remember during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

I agree that Tinubu is a failure. But why have Nigerians failed to develop a culture of productivity? Nigeria imports everything, including food; we can't just blame the bad government. They are responsible for most of the problem, but the people are equally to blame.

It was Nigerians who trooped out and protested against a weak GEJ attempt to remove oil subsidies that would have allocated funds from the composition of imported. goods into infrastruture.

Richtaiwo:
It is difficult because you are not qualified. Prof Charles Soludo and Sanusi Lamido Sanusi were on that seat and it was very easy for them. It was also easy for Emefiele but sadly, reports of his stewardship indicate he is a thief.

Emefiele was a banker like Cardoso that's why he was a failure

Where was the North during Endsar, Northern Nigerians should enjoy their ways and means

bniel:
How do you repay student loan 2 years immediately after nysc service when you have no meaningful job as a graduate. With the current inflation rate?

Don't take the loan if you can't pay it. Only go to university to study employable degrees. The open university is cheaper

Justiceleague1:
If you see what mallams have turned that katangowa into sha!!!!!
Now they want the Igbos to clean up and develop that filthy place

Computer Village is a shithole, so the Igbo trader will be in good company in katangowa

Is cement export ba, shouldn't Nigeria be grateful that there is a market for local produce goods

Shikena:
Well, issues like that are always up for debate. We have better clarity in retrospect, same way we see slave trade today compared with those who lived through it.

In my opinion, I think Ironsi (a typical Nigerian military officer "out to enforce sanity" ) had good intention but sometimes "GOOD is relative" and a matter of perspective.

Ironsi was not qualified to be a major general or the head of the Nigerian army; in the 1960s, he was a Lt-Colonel. In retrospect, we should have kept the British officers class as head of the Nigerian army for 10 years.

As soon as power moved to Nigerians, the consequence was a military coup by inexperienced junior officers, followed by indecisiveness from the COAS - Ironsi.

In 1965, Aguiyi-Ironsi was promoted to the rank of major general. The same year, Major General C.B. Welby-Everard handed over his position as the general officer Commanding, GOC of the entire Nigerian Army to Major General Johnson Thomas Umunnakwe Aguiyi-Ironsi, which made him the first Nigeria indigenous officer to head the entire Nigerian Army.[

Aguiyi-Ironsi inherited a Nigeria that was deeply fractured by its ethnic and religious cleavages. None of the high-profile victims of the 1966 coup was of Igbo extraction, and the main beneficiaries of the coup were Igbo. Those facts led the north the country to believe that it had been an Igbo conspiracy. Though Aguiyi-Ironsi tried to dispel that notion by courting the aggrieved ethnic groups through political appointments and patronage, his failure to punish the coup plotters and the promulgation of the now-infamous "Decree No. 34", which abrogated the country's federal structure in exchange for a unitary one, crystallized the conspiracy theory

Shikena:
Johnson Aguiyi-Ironsi had good intentions back then but in retrospect, a huge mistake. His infamous Decree No. 34 of 1966, the “unification decree", effectively did away with the federal system of government practiced by Nigeria since its independence from British colonial rule in 1960.

Irons was clueless, and he intended to entrench his people in power, but he failed with his life. Had he arrested and prosecuted the coup plotters, then Nigeria might have avoided the civil war.

Nigeria can never work as a unified country, and the evidence before us is that after 65 years, Nigeria has failed, regional government is the only option for Nigeria.

oz4real83:
Be specific, just say "it is not a crime in Nigeria", it is a crime outside Africa. We have seen how such an action ended the political careers of people in America, Europe and Asia, an American senator faced serious problems last year for allegedly using his position to favour Egypt for his personal gains, former Pakistan PM is in jail for the same thing, former south korean president was jailed for the same reason, the son of joe Biden is facing issues for same reason, i can give several other examples, it is a big sin outside Nigeria

The USA is the birthplace of lobbying and donations; where do you think Nigeria learned the presidential lobbying system from? The US Senator took a gold payment from an Egyptian diplomat and did not declare it because it would be deemed as influencing the senator's decision.

In my opinion, lobbying should be a crime.

festacman:
FGN and state governments struggle to pay salaries presently because less revenues are earned. Current national police is poorly equipped and remunerated. Now, how will state governments across the federation fund state police to function effectively in addition to existing recurrent expenditures and infrastructural development?

If a state cannot fund a civil responsibility such as a state police, it should not be called a state.

Nigerians cannot continue living naked while they are being killed.


A federal republic MUST be a viable state that can operate local and state service services such as state police. It will reduce the threat of bullying by the federal government's security architecture and the limitation of the federal police that is based on and controlled by the president.

oz4real83:
Nigeria will be a better place if we substitute the word "remove " for "prosecute, jail or punish". Why only remove "political farmers" who have been stealing resources meant for farmers instead of punishing these thieves? That was how they removed subsidy instead of punishing subsidy thieves and at the end of the day totally killed the economy

Lobbying for government opportunity is not a crime; using political connections to get government contracts is not a crime. It is one of the downfall of democracy.

This is the same reason why Nigerian banks get preference access to foreign exchange at the expense of genuine businesses that need it.

festacman:
The priority now should be our collapsing economy. If Nigeria continues to earn less forex with increased unemployment and scarcity of food, state police will be effort in futility because crime rate will surge. Greatest security is food security. First thing first. Develop plan to fix our economy and start implementing ASAP. Thank you.

Nigeria's economy has been collapsing since the 1980s; subsidies have been keeping Nigeria afloat. State police will ensure state can protect the people.

Finesse247:
The status quo will remain until Nigeria stops doing the bidding of IMF and world bank. Developed economies don't mean well for Nigeria. Imagine when 1 Naira was 1 Dollar in the 70s IMF said Nigeria should devalue Naira and we have 1600 Naira to 1 Dollar in 2024 now.
But what can we do when the govt has borrowed billion of doollars from these world bodies and are bound to do their bidding.
We need a drastic change. Tinubu is worsening the situation and seems clueless with his team. All indicators and not helping the masses.

The IMF policies of removing all subsidies are the right policies for Nigeria. Nigeria should subsidies healthcare, local education, farming and other productive ventures and stop subsidising consumption. of imported goods and services

SoNature:
That's wrong. If you must move those departments, take them to the ND states.

Instead of making efforts to create opportunities in other states across Nigeria so they can decongest an overpopulated Lagos, these greedy Lagos politicians want to grab everything.

That's why Buhari and Tinubu can never be the man that Jonathan and Obasanjo were. While the former were regional champions foisted on the country, the latter were detribalised presidents.

Did Jonathan move any department to the SS? In six years, the useless HEJ should have relocated NNPC to the SS, where the oil is generated.

malali:
What has happened to crude oil sales in the last 50 years ??
Dubai can live without crude oil today because of investments in other sectors.
Everyone in Norway is potentially a millionaire by GDP because of their Sovereign wealth fund from crude oil sales.

A group of Nigerians cannot loot and mismanage the commonwealth of everybody and then ask all of us to pay the Debt back !!

Nigeria has wasted their crude sales on imports, consumption, corruption and white elephant projects. Building a steel industry that doesn't work, refineries that can't refine, electric power plants that cannot generate and roads that can't transport cost billions of dollars.

It doesn't matter who becomes the president of Nigeria. He would have to implement harsh policies that end all subsidies and invest in productive industry.

sammiewrite:
I have always maintained that whoever takes over from Buhari will have a tough time with Nigerians. There is nothing the man didn't kill in his eight locust years but the North didn't say pim. The president should ignore the likes of the Sultan and focus on bringing succor to Nigerians. If policies needs to be reversed, then so be it. Similarly, if toes need to be stepped too because this country has empowered many misfits who are now holding the rest of us to ransom.

Tinubu must not reverse any policy. He should not cut the civil service workforce to reduce recurring expenditures.

Nigeria needs more electric power plants, railways, water plants and refineries.

malali:
All of Tinubu policies so far looks like his is trying to eliminate the poor and middle class Nigerians.

He is implemented policies with dire austerity consequences with no iota of empathy for Nigerians already living below poverty line.

For the first time in history instead of attacking the looters, corrupt politicians directly, he has decided to cast a net so wide that innocent poor Nigerians are suffering and dying due to poor socioeconomic conditions.

Fuel subsidy should have been transferred to food subsidy, while ramping up agricultural products local production. Removing fuel subsidy with no measure in place to subsidise the life of the poor and middle class is an idiotic move.

The government is acting like we are trading democracy for hunger. Because even the military regime's policies were not this bad.

Nigeria cannot continue subsidising poverty. Nigerians should insist that the government invest in more electric power plants, refineries and railways so that the country can be productive.

seguno2:
Since the government does not put itself in power, and cannot keep itself in power without the consent (irrespective of how it’s obtained), then who is ULTIMATELY responsible for the failures of government

The people.

TOPCRUISE:
It's not new in Nigeria. Clear and blatant Forgery has been proven to be legal in some exceptional cases which has been justified by the court.
They should ask the President and his aides.

The president might be corrupt, but some Nigerians abuse any system to gain an advantage. The entire country is corrupt.

004gist:
... See the jagoon you wrote there.
Which is 3 billion?
Stop misleading the public. Our foreign reserves when Buhari left stood at 36 billion dollars.

The question we should be asking our self is why is the foreign reserve not rising while still going down?
Where are the savings as a result of subsidy removal?

Nigeria had no foreign reserves. The Buhari cabal decimated the funds. The majority of the reserves were made up of loans and bonds from Western banks.

A combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts has weakened Nigeria's net external reserves to an all-time low of $3.7 billion as of the end of last year, according to JP Morgan.22 Aug 2023
https://businessday.ng/news/article/jp-morgans-shock-reveal-puts-nigerias-fx-reserves-at-3bn/#:~:text=A%20combination%20of%20foreign%20exchange,year%2C%20according%20to%20JP%20Morgan.

“The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.

“A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at so a rate and selling them.
https://tribuneonlineng.com/blame-buhari-not-tinubu-for-economic-hardship-sanusi-tells-nigerians/

Inspirer1:
Haven't you observed that those supporting it are doing so with theories, that doesnt work in Nigeria, theres corruption, insecurity, and we aint even a production country, how can those theories work here, they have not mentioned just 1 positive impact the action now has on Nigeirans. Before they complete one sentence 'will' must appear.

It has been months now since subsidy removed and subsequently Naira floated, they should tell us just 1 (one) ease it has brought to Nigerians.

I knew things would get bad when the World Bank director for Nigeria, Shubham Chaudhuri, was very prominent onNigeria's media and finance conference. The free market theory only works for productive countries with something to sell. Nigeria can't even produce the food that they eat due to insecurity and poor infrastructure.

Shubham Chaudhuri, World Bank country director for Nigeria, says the bank has committed over $11 billion in the past three years to the government at both the federal and the sub-national levels.1 Nov 2023

Wale Edun: Nigeria appointed to lead World Bank’s African governors’ forum
https://www.thecable.ng/wale-edun-nigeria-selected-to-lead-world-banks-african-governors-forum