PoliteActivist: *Politeness* It will bring in people and investments. Don't you see US always accusing China of intentionally devaluing their currency? Example, if Togo devalues their currency you'd be going there to buy stuff and vacations, but if they inflate their currency you won't go
What does Nigeria produce, and why will anyone go to Nigeria for a holiday?
Floating the Naira when the country is still unproductive is a World Bank policy that has failed.
ogbonti: you are not a turkey - you are human - and this is the reason i tell my people not to run away from NIGERIA - Wigwe did not stay abroad- the money he used in doing this was not made overseas - it was made in that same Nigeria our lazy youths are desperately trying to run away from - How many millionaires in America have a house like this ? i guess zero - ONLY billionaires in dollars can afford to have this - and how many Nigerians who japa to America or anywhere in the world became billionaires in dollars? probably 0.000000000000000000001% Now I am not here to banter statistics with anyone - before they argue how many who stayed back can be like Wigwe- but the question is -IF WIGWE stayed overseas - after his education - will he have the opportunity to live in such opulence ? I can bet my 2-testicles, NEVER!!!!
Let this be a lesson to us all that IF we are patient and hussle smart- there is a lot of money to be made in Nigeria ---- a country of 200+ million people waiting to buy anything humans want with little or no restrictions is a market most American elites will kill to be part of--- yet we have that in Nigeria and we do not value it, instead we are running away to saturated markets overseas all because of mediocre comfort --- please watch what this Italian woman who lives in Italy - married to a Nigerian and has visited Nigeria a couple of times, please watch what she has to say about making it in Nigeria compared to Italy or Europe - God bless you and happy viewing!
IF YOU NO GET ENOUGH DATA TO WATCH ALL - watch from 6:50 mins to 8:50 mins
Nigerian banks are the biggest reason why the country is failing. They are the conduit of corruption across Nigeria. You can't get a loan from a bank to build a business, yet they are responsible for hoarding and sharing the limited FX in the country.
Wigwe built a hotel for himself, while million wallows in poverty and ignorance.
benjaminlawson: I don't want us to subscribe to the insinuation that it is Bihari that remove fuel subsidy. Bihari planed to remove it in December 2022, but recline the decision because of hardship. If you don't have short memory, you will realize that the subsidy suppose to have ended on jude 30the of last year, but if he is not the one, why did he ended it 29th of May, the day he was swore in. Even if the past administration did not make provision to cover the whole of last year, why cant he make supplementary budget to cover the rest of the year afterwards he made supplementary budget to buy cars, yatch, renovation of unoccupied houses in Lagos and other white elephant expenditure. Also, if he is concerned with the welfare of masses he would have acted the same way former President Yaradua of blessed memory behaved. Obasanjo increased fuel price 2 days before leaving office, but the man of people came and reversed it back. This is man of people. So no one should mislead masses that it was Buhari that remove the subsidy. Yoruba adage says " e ni a konika to gba o fe tinure se ni" means any who was taught to behave wickedly, have wicked within himself.
Chief,
The quote below is evidence that Buhari removed fuel subsidies in 2023, which was the right thing to do to save Nigeria from wallowing in debt. Tinubu made the tough decision to implement the removal.
Tinubu's failures are fiscal mismanagement, floating the Naira, and a lack of transparency in his ministerial selection. Floating the Naira should have been gradual, starting with some control over the currency's value in the IE window.
FACT CHECK: Did Buhari’s administration remove the diesel subsidy as Garba Shehu claimed?
On Monday, Garba Shehu, ex-spokesperson of former President Muhammadu Buhari, claimed that the last administration removed diesel subsidy.
Speaking on why the Buhari administration failed to remove the petrol subsidy while in office, Shehu said the decision was taken to prevent any form of insurrection that could cost the All Progressives Congress (APC) the 2023 elections.
In addition, he said other subsidies, notably diesel subsidy, were eliminated by the Buhari administration.
“The massive electricity subsidy. The fraudulent fertiliser subsidy. Hajj/Christian pilgrim subsidies. Remember them? The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene,” Shehu said.
Advertisement “Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?
“For those with short memories, many of those subsidies were all in place when President Buhari was elected to office in 2015: all those in place were gone by May 2023 — including the annual fertilizer subsidy that weighed 60-100 billion naira (that’s trillion naira (sic) in about 10 years — yes you read that right) heavy on the federal budget each year.”
Did Buhari’s administration remove the diesel subsidy as Shehu claimed? Here is what we found.
Advertisement VERIFICATION
On June 20, 2003, the administration of former President Olusegun Obasanjo increased the prices of petroleum products.
Consequently, the price of diesel was raised from N24 per litre to N38 per litre, marking the deregulation of the fuel price.
However, the declaration made by Obasanjo, less than a month into his second term in office, was met with widespread condemnation by Nigerians.
Advertisement The Nigerian Labour Congress (NLC) called a nationwide strike which was supported by Trade Union Congress (TUC), and civil rights groups, among others.
Furthermore, a September 2013 report by Chatham House, alluded to the elimination of subsidies for diesel in Nigeria during the Obasanjo regime.
According to the paper, titled ‘Nigeria’s Criminal Crude: International Options to Combat the Export of Stolen Oil,’ illegal refining in the Niger Delta was motivated in 2009, among other things, by the elimination of diesel subsidy during the previous Obasanjo administration.
“By most accounts, the Niger Delta has seen a boom in illegal refining since 2009 or early 2010. Likely reasons for this include a more permissive law-enforcement atmosphere following the federal government’s June 2009 declaration of amnesty for Niger Delta militants, the removal of subsidies on diesel during the Obasanjo presidency, and rising local demand,” the report reads.
Advertisement Another report, released in May 2023 by PricewaterhouseCoopers (PwC), maintained that the diesel subsidy was removed in 2003.
The report noted that fuel subsidies began in the 1970s and became institutionalised in 1977, following the promulgation of the price control act, which made it illegal for some products (including petrol) to be sold above the regulated price.
Advertisement “Thirteen years after diesel was deregulated, kerosene subsidy was removed in 2016,” the PwC report said.
Speaking on the issue, Jide Pratt, country manager, Cotevis Energy, clarified that although the kerosene subsidy was removed during the Buhari administration, diesel subsidy had been scrapped since 2003.
Advertisement “The administration that went to remove that was in 2003. They had been pondering about it since 2000. But what went on was that he kept on adjusting petroleum prices for the three petroleum products (petrol, diesel and kerosene).”
However, he said the increase of the diesel price — as against other petroleum products — was targeted at removing the product’s price ceiling.
Advertisement “In 2003, the agreement was made that whether we like it or not, people should pay the full price for diesel,” Pratt said.
“In 2000, the policy was held back because a lot of farm produce was imported with diesel trucks. The point was that if you removed it, automatically, the cost of goods and services, inflation, would rise up. In 2003, it was eventually taken off.”
VERDICT
The claim that the Buhari administration removed the subsidy on diesel is false. It was scrapped in 2003 during Obasanjo’s tenure.
Kenochi: I have always wondered why Nigerians have resolved to not use this situation to proferr solutions to this food crisis
The three biggest factors militating against this so called food crisis are security, high cost of logistics to evacuate the food produced and infrastructure Apart from the challenge of security which the governors have limited control over,why aren't they setting up logistics company and providing the infrastructure to help the struggling farmers
All we are hearing is Venezuela,can't this people start buying tractors and modernising agriculture across their states A state like Ogun state can feed the whole of the South West,the Religious organizations in that state alone have close to 10,000 Hectares for religious activities and the state can't point to a single farm owned by the state
Abeg let them stop all this Venezuela talk and put on their thinking caps,as for security didn't I just read that Edo State(PDP state) just recruited 1500 Vigilante to help protect the state
A word is enough for the wise
Well said
Nigerians want cheap fuel, yet they cannot extract, process and market the fuel without destroying their environment. The State and Local government that are close to the people offer nothing but handout from the federal government.
shortgun: The most toxic critic of Jonathans administration was Bola Ahmed Tinubu, a follow Southerner not any Northerner. Also, Northerners protested hardship during Buhari's years as president but there's no president in the history of Nigeria who suffered more humiliation and mockery than Good luckJonathan in the hands of Bola AhmedTinubu..a follow southerner
The most toxic critic of Jonathan's government was GEJ; he was a coward in 2012. Had he removed fuel subsidies in 2012 instead of backing down to the mob, Nigeria would have been a thriving country with a GDP of 800 billion.
Kaiser20: Tinubu wanted to used the removal of fuel subsidy to demonstrate action president ,but he totally miscalculated the whole idea Tinubu is known to always take action before reasons.
The removal of fuel subsidies was a national policy by oil political parties during the last election. In fact, it was Buhari who removed fuel subsidies in 2023.
DeOTR: Does anybody have any idea how much we still have left in that reserve or it's empty now?
Less than $4 billion
P Morgan said the $3.7 billion figure is significantly lower than prior estimates, owing to larger-than-expected currency swaps and borrowing against existing reserves.
Donedeal1: Quite so,but getting sent out of the office is the major cause to allowing disasters to take the seat.Just as one former President will say"we don't know who will fill the seat but we surely know those who will can not occupied it".That is saying we shall never made a mistake to let the wrong man taken over.
I agree. Tinubu and his team are the wrong people to fix a problem that they are partly responsible for. Tinubu is directly responsible for Buhari
Donedeal1: Goodluck Jonathan is even more to be blamed
His weakness led to power being highjacked
From him,leading to a sitting President
Loosing a reelection
Book haram every day
Banditry and kidnapping, etc.
So the genesis is Goodluck.
GEJ has its flaws, and there were many, but under GEJ, oil exports did not decrease to under 1 million barrel per day. Under GEJ, external debt did not increase to $45 billion. Under GEJ, the Naira was $1 to N250 with $25 billion in reserve.
Under Buhari Nigeria's reserve fell to $3.7 billion, and oil export was now under 1 million barrels per day, external debt has shot up to $45 billion from $10 billion.
lexy2014: how does printing money lead to inflation?
do you have any evidence that Buhari borrowed money just strictly for the purpose of funding subsidies?
If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation.11 Jul 2022 https://www.economicshelp.org/blog/634/economics/the-problem-with-printing-money/#:~:text=If%20more%20money%20is%20printed,money%20will%20just%20cause%20inflation.
. Or Ask Zimbabwe or the German Weimar Republic .
How Buhari spent N8trn on ‘non-existent’ petrol subsidies
We’ve been borrowing to fund petrol subsidy — Finance Minister
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday that the Federal Government was borrowing money to fund petrol subsidies, insisting that the subsidy regime had become totally unsustainable.
Ahmed, who disclosed this at the public presentation of details of the 2023 budget in Abuja, stated: “Fuel subsidy cost was a very high one; We have been funding it from borrowing.”
According to her, petrol subsidy will “remain up to mid-2023 based on the 18-month extension announced early 2022. In this regard, only N3.36 trillion has been provided for the PMS subsidy.”
President Muhammadu Buhari’s administration had announced plans to end subsidy from July 2022 but changed its position when faced with threats of nationwide protests by labour.
Party members and some officials of the administration were said to have convinced President Buhari that the decision will negatively affect his public rating and that of the ruling party and this forced the government to later announce an extension of the subsidy regime to lapse in June this year, one month after leaving office.
abhosts: So it is Buhari that removed petrol subsidy and devalued official naira rate from N450 to N1450 against dollar? Besides, in the past when I argued that Buhari was bad for Nigeria, the same Emilokan bots maintained that Buhuri was the second coming of Mandela and the greatest leader on earth. Are they now disowning their former Messiah?
Buhari said the subsidies was stealing but kept them for eight years.
Nigeria was borrowing to fund the subsidies, so Nigeria's debt is now $51 billion against an income of $30 billion. Buhari government printed N30 trillion in Nigeria as part of the Ways and Means programme, which was against the Nigerian constitution. In the economy, printing money always leads to inflation.
What Sanusi was telling Northern Nigerians was what he had said before: the Buhari government was operating a corrupt economy that encouraged arbitrage of the economy, allowing the well-connected "cabal" to buy the Naira at N400 and sell it at N700 when it street value value was N1000.
BayLord01: Buhari govt steal in peace without bringing economical hardship on the people, Tinubu govt is stealing and the people can't even afford a meal a day, Buhari was able to maintain dollar from the 280 under Geh to 670 but Tinubu is taking it to 1600 already.
Under Buhari , the national external debt increased from $10 billion to $51 billion, the oil export fell bellow 1 million barrel per day, for the first time in 50 years. Ways and Means was used to increase the oversupply of Naira in the economy leading to inflation, unemployment and poverty with over 141 million Nigeria living in extreme poverty.
I am not here to defend Tinubu, he is corrupt and incompetent and not fit to fuel Nigeria, but Buhari and APC are equally as bad.
BayLord01: I'm not expecting anyone to have regret supporting their various candidates because this is politics but don't lose your voice when things are going wrong. So far Tinubu is not getting anything right since he was sworn in, Buhari said we will miss him & there's no lie.
If you are missing Buhari, then you are the problem in Nigeria.
Under Buhari and Tinubu stealing was the norm and nobody has been convicted or named
How FG’s reluctance to name and shame oil, solid minerals thieves fuels corruption
obesse: The same West you go cap-in-hand to borrow high-interest loans from, with a promise to pay back with crude oil worth 500% of the original value?
Why are you linking me to the poor decision of Tinubu government.
nairalanda1: Which takes us back to Tinubu and his policies...it is the duty of government to pepper the pirates, millitants, and pipeline vandals.
Pirates, militants, and pipeline vandals have been a problem in Nigeria since the 1990s, in fact the problem got worse under Buhari and has improved under Tinubu. ( I don't support Tinubu, but I want to highlight facts.)
forgiveness: “We want to divest our share of SPDC, and we are looking to reshape the portfolio. Fundamentally it’s because producing this oil in the Niger Delta is not in line with our (Health, Security and Environmental) policies, it’s a real difficulty,” Patrick Pouyanne,
See them. They didn't take note of the comment above.
The French are not interested in obeying Nigeria laws. They develop these oil wells without taken consideration of the environment. They destroyed the ecosystem will oil spillage and leave like that.
Now that laws are in place to check them, they don't want to continue because they were never interested in keeping the environment in good shape.
Nigerians think that the West will lift them out of poverty. Nigeria must hold all those IOCs accountable for their pollution of the Nigerian ecosystem.
This is an opportunity for indigenous energy companies to replace these so called multinational
malali: [b]The Past Nigerian administration lack revenue generating ideas, they have been running the pocket money economy system. Instead of taking revenue generated from the oil boom since late 70's till date. They have just looted the money and used the rest to subsidize lifestyle of Nigerians (fuel subsidy). Now they can barely afford the subsidy and also pay salaries, pension and also politicians. So they are transferring the subsidy to the common man, this will free up cash for them to loot, and run the government. Eventually even without paying subsidy there still wont be enough cash to run the government (We are already in this stage, thats why they keep borrowing money up and down, which devalues our currency). See some countries that have also used the same oil to prosper their nation as a whole.
Norway: Norway has built a sovereign wealth fund, known as the Government Pension Fund Global, which invests proceeds from oil and gas production. The fund is one of the largest in the world and has investments in various sectors globally, providing a stable source of income for the country.
United Arab Emirates (UAE): The UAE, particularly Dubai and Abu Dhabi, has diversified its economy beyond oil by investing heavily in sectors such as tourism, real estate, finance, and technology. Dubai, in particular, has become a global hub for trade, finance, and tourism.
Qatar: Qatar has leveraged its natural gas reserves to become one of the world's leading exporters of liquefied natural gas (LNG). Additionally, Qatar has invested in various sectors, including finance, real estate, and sports, to diversify its economy.
Singapore: Although Singapore does not produce oil itself, it has established itself as a major trading and refining hub for oil and petroleum products in the Asia-Pacific region. Singapore has also diversified its economy into sectors such as finance, shipping, biotechnology, and tourism.
Malaysia: Malaysia has developed a diverse economy, with thriving manufacturing, services, and tourism sectors alongside its oil and gas industry. The country has also invested in infrastructure projects and technology to support economic growth.
Netherlands: The Netherlands, home to one of Europe's largest natural gas reserves, has invested oil and gas revenues into developing a highly advanced economy with strong industries in agriculture, manufacturing, trade, and services.
These countries serve as examples of how strategic planning, prudent investment, and diversification efforts can help mitigate the economic risks associated with dependence on oil revenues. By investing in other sectors and fostering innovation, these nations have been able to thrive beyond their oil wealth.[/b]
The Chinese have a saying that the best time to grow a tree is 100 years; the next best time is now.
Despite the corruption and incompetent in Nigeria leadership. A good Nigerian can take advantage of the opportunities in Nigeria
A government that is bold enough to remove subsidies should not be afraid of any backslash that may arise from any measure to save the naira.
Let all remittances be converted to the naira equivalent so the government can have enough dollars for people doing genuine business in need of dollars.
All domiciliary accounts with idle dollars should be taxed.
The problem is not the diaspora sending money to desperate Nigerians but government officials, foreigners and politician taking the scared FX out of the country.
Nigeria has implemented the World Bank and IMF shock economy without realising that they have subconsciously implemented colonisation. If you float your currency without having a well-developed industrial base, you have opened your economy to dollarisation.
Copycat Chinese Lithium Firms Back Nigerian Processing Plant Ganfeng, Tianqi and CATL doppelgangers back Nigerian project Chinese companies have ‘no formal affiliation’ with firms By William Clowes and Annie Lee 27 October 2023 at 01:05 BST Updated on 27 October 2023 at 09:39 BST
Nigeria’s first lithium-processing plant launched to great fanfare this month with the backing of three companies that, at first glance, look a lot like heavyweights of China’s battery-metals industry.
But the trio of firms behind the planned $250 million investment — Ganfeng Lithium Industry Ltd., Tianqi Lithium Industrial Ltd. and Ningde Era Industrial Ltd. — have nothing to do with three nearly identically-named behemoths listed on the Shenzhen and Hong Kong stock exchanges. Instead, the West African country’s corporate register shows they are wholly local ventures controlled by Chinese nationals that were founded last year at an address in a medium-sized southwestern Nigerian town.
“We are independent companies,” Kelvin Dai, managing director of the Nigerian Ganfeng, said by text message. “Please don’t make any confusion,” he said, without answering questions on how and why the firm and its shareholders selected such recognizable names.
The project is a response to the Nigerian government’s efforts to diversify the economy away from oil and tap into a predicted explosion in electric-vehicle sales that has transformed lithium, a vital component in rechargeable batteries, into one of the world’s most important commodities.
It’s also the latest example of how the surging demand for lithium is prompting a frenzy of activity to secure fresh supplies by a range of new players like the recently established Nigerian companies — but also major automakers and specialist miners — looking to cash in on the boom.
No Formal Affiliation’ The Nigerian Ganfeng, which is owned by the Nigeria-based Tianqi and Ningde Era, hosted Solid Minerals Minister Dele Alake at a ceremony in the northern Nasarawa state on Oct. 12 to start building a facility the company says will take two years to complete and be able to refine 18,000 tons of lithium ore per day.
“My presence will provide moral support to deliver this project as fast as possible,” said Alake.
A week later, the Nigerian firm released a statement to the local media describing itself as a “renowned and reputable Chinese mining firm” that has “no formal affiliation whatsoever” with its much larger namesake. The company has “never relied on or utilized any resources or influence” of the more established group, it said. The statement didn’t refer to the names of its two shareholder firms.
A spokesperson for Jiangxi-based Ganfeng Lithium Group. Co. Ltd., which is one of the world’s largest suppliers of lithium chemicals, said in an email that the Nigeria-registered company is not one of its subsidiaries. Tianqi Lithium Corp. — one of China’s top producers of the metal — and Contemporary Amperex Technology Co. Ltd. — the world’s biggest manufacturer of EV batteries — also said they aren’t involved with the Nigerian firms. Ningde Era is the literal English translation from the Chinese characters of CATL, which is how the giant battery maker is known.
Alake didn’t respond to questions from Bloomberg about whether the Nigerian government was aware of the similarity of the names between the investors and the Chinese giants.
China Leading Race Mines across Africa are forecast to increase lithium output more than 70-fold by 2030, compared with last year’s volume, according to BloombergNEF — which would grow Africa’s share of global supply to 14% from 1%.
santaclaws: I remember Sanwo Olu going to Oshodi to speak to the traders and he warned them of the safety repercussions and why they had to evacuate...
Perhaps LASG needs to send a task force there.
The government has to introduce an electric fence and a security task force to beat anyone that intends to turn the railway into a marketplace
Other states should learn from the Lagos State Redline and develop state transport systems against the existing NRC railway network, by building local stations against the national rail infrastructures to support their state rail system.
Business › Re: What exactly Is The Benefit Of Floating The Naira? by sulaak(m): 8:56am On Feb 14, 2024
