₦airaland Forum

shymexx: I can't believe you just posted the bolded part, what do we export, apart from oil - and maybe cocoa?? However, we export the oil, and import refined oil products and petrochemicals... And for the cocoa, we export the raw cocoa, and import the finished products... We import virtually almost everything, including toothbrush...

Fam, we import more than we export..

My frnd cool down. Read: http://www.tradingeconomics.com/nigeria/balance-of-trade

shymexx: The bolded part is still at the high level. What about the low level(the normal people with no bank accounts)? You need to always put everything into the Nigerian perspective - a country where majority don't keep their money in the bank... Would the CBN also sell treasury bonds to them for cash

I know no one goes to the bank to give money back - but how would they retrieve the excess currency(lower denomination) in circulation back from the low level people



You answered your own question... Ethiopia exports than it imports - but Nigeria imports than it exports, so Nigeria can NEVER be Ethiopia... You're comparing apples to oranges here... And I don't think Ethiopia stays printing junk higher denomination every 7 years like we do - do they??



Good in theory but the practicality in the Nigerian context is this problem..

Just some Correction: Nigeri's Exports far outstrips her imports, just that most of our Exports are unprocessed(just like Ethiopia by the way). Nigeri's problems is its inability to Manufacture

femmy2010: Why promote a cashless economy when they are still going to introduce new bigger denomination.

If this correlation was true, why would Japan have Y10,000 denomination when there hardly any country in the world whose econmy is as "cashless" as Japan.

You guys should stop doing "Emotional" propositions and call it Arguments, k?

And @shymexx, before I 4get...I think the Central Bank have said that it might not be up to #40billion, certainly not all would be cos of the new Currency cos it will include the cost of printing already exiting currency- you do not actually think that the existing currency are printed free of charge, do you? . Billions are already been used to print the existing currency; in fact, the Central Bank says that in the long run, the money used to manage the currency would reduce which makes sense cos a larger denomination and the "Cashless" policy would certainly reduce the cost of printing notes....I would try to find out the initial cost in introducing this currency though

miky: lol a bit silly bro.. inflation is caused when the total value of currency printed is way to high compared to goods and service on the demand floor.. if cbn wants to print 5000 it only means fewer lesser denomination would be printed so the total value is the same... our useless naira is due to the fact we produce nothing in nigeria our trade deficit is horrible.. and sometimes economic growth can spur a bit of inflation so it can be trivial at times..

Absolutely @ the Bolded....though I dont quite agree that the naira is "useless"

shymexx: Printing money = Inflation.....

Most Nigerians don't even keep their money in the bank, so expect excess currency in circulation, thus resulting in inflation... When will you lot understand that Nigeria is still about 50-70 years behind modern world in terms of banking?? Your leaders just read about something they like in theory - and next, they want to practicalize the crap on the Nigerian economy that isn't stable... Get to the river before jumping into it!!!

But why do you even need to spend billions of dollars to print a higher denomination, when there is nothing wrong with what you've got? Why fix what isn't broken? These people have got their priorities wrong and the billions they're about to waste in printing this junk can be used for other projects the Nigerian populace needs...

If this is true why did inflation rate go from about 26% in July 2005(The #1000 note ws introduced in Oct 2005) to 12.7% today?

And you re very wrong that the mere "printing of money" causes inflation. It is the money supply REALATIVE t the goods/services available in n economy that "causes" inflation. If this argument is even close to been correct, then Japan should have the highest Rte of Inflation in the world since it has Y10,000(which it introduced in 2007); however, its Inflation rte is -0.4%(actually deflation).

Let me reiterate, I agree that the policy be suspended for other reasons(strategic reasons), not for the "reasons" you and most pips here have be giving.

2mch: Look, you are dumb. Go to school or do your own research. if from my post you did not get anything, i cannot help you. An ignorant idiot arguing what he doesnt know anything about. STFU. You dont know you devalue your own currency by issuing higher notes? EWU

We are not quarreling guy, and if you actaully knew me you would not use the word "Dumb" anywhere near me. If there was anything worth paying attention to in your former comments, I wuldn't call them Rants, would I? Could you use real DATA to make your pints plz, so I can follow

By the way, I agree that the policy be suspended but not for the "reasons" you and most pips here have be giving.

2mch: With higher denominations comes inflation. Do you think developed countries are fools? If it was a matter of how much money to handle, would they not have predated us in issuing 1 million dollar notes? Now the price of everything is going to increase drastically, and we have the same level of income. It is also going to devalue our currency on the international market. Your purchasing power vs international markets will be much lower as people have less confidence in your currency. It all has to do with how people will view your currency. Issuing higher notes creates a panic in the currency market, the trickle down effect is inflation. .

My friend with due respect, you are just ranting. Where is the DATA suggsting that "With higher denominations comes inflation" or ny of the other things you claimed above? Stop doing "Street talk" plz

3 Pages and not single person have put forward a single ECONOMIC reason why this is a bad move. You keep hearing abut the introduction causing inflation yet no DATA is presented to shore up the argument; in fact, the DATA both here in Nigeria and in more advanced Economies, show little or no correlation between Inflation and Currency Denomination. Most of the arguments(if you can actually call the opposition an argument) against the policy are just anti-intellectual- just unbridled expressions of EMOTION and FEAR, Period. Imagine some persons "arguing" that the introduction of #5, #10, #20 coins would mean that products sold for say #10 would sell for #50 cos "Nigerians do not like coins"(that the present notes and the proposed coins would run side-by-side till the transition is effected is lost on them ). We also have some persons "arguing" that products/services presently going for say #4500 would be rounded up to #5000 as there are no items selling for #9400, #460 and #60 presently.

...by the way, it is my opinion that the policy be suspended, not cos of any ECONOMIC reasons but STRATEGIC ones- this govt should know that it can not afford too much distractions on policies without much over-arching benefits so as to FOCUS on more IMPORTANT issues. Suspend the policy, FOCUS on other some other CRITICAL ones and reintroduce it later(maybe in 2014).

More reasons why d Power Reform Process dat will liberalize d 'PHCN' Must conclude(ie assuming I totali agreed wit dis article cos I presently hold views expressd by Nigerian newspapers wit a pint of salt- moreova, power is still d way it was when Barth was there)

Also, rehabilitation work on the Port Harcourt-Aba-Umuahia-Enugu-Makurdi-Lafia-Kuru-Bauchi-Gombe-Ashaka-Maiduguri narrow gauge line, said to be the longest, has been done remaining completion of the communication system which is also nearing completion

Is this INFO correct? Have they really finished the rehabilitated of the Eastern tracks( Port Harcourt-Aba-Umuahia-Enugu-Makurdi-Lafia-Kuru-Bauchi-Gombe-Ashaka-Maiduguri )? Plz are there not NLanders within these tracks who cn confirm this or not, with PICS perhaps. Why dont we monitor these projects even when most of us have Camera phones? This is why we still have many uncompleted projects( many citizens not engaged and keeping the govt on its toes sufficiently).

I thought they have substantially done so but not yet finished. If true it will mean that both the PortHarcourt-Miduguri and the Lagos-Kano rail lines would really fully started before the end of the year!!( that would be really great)

Good..more transparency and openness plz

[quote author=PROUD-IGBO]^^^Spot on! All this na just flenty turenchi, until i see the port pulsating with activity.[/quote]See this is my problem with NLanders. Are there no NLander in that axis that can go and find out if operations have started and take PICS for us? We only spend time in trading banters and debating silly topics like "Igbo Leaders Endorsing GEJ for 2015", "Igbo vs Yoruba online battles", "Dame Patience Flown Abroad or not" instead of Focusing on REAL issues.

Anyways this is an article I saw days after GEJ commissioned the port:

Following its formal commissioning by President Goodluck Ebele Jonathan Thursday, the multi-billion Onitsha River Port Complex, Anambra State has begun operations.

Various cargo handling equipment were seen in operations as the euphoria that heralded the formal commissioning of the Onitsha River Port Complex ebbed with the departure of guests to the venues of other projects earmarked for commissioning by President Jonathan.

The formal unveiling of the Onitsha River Port Complex, which is located in the commercial nerve centre of the Eastern part of the country, followed its complete rehabilitation by the Federal Government.

While performing the cutting of tape ceremony, President Jonathan said the N4.6 billion River Port was unique and a signal for more things to come.

He added that his administration decided to embark on the development of the country's inland waterways transport as a way of exploiting all avenues of enhancing both road, rail, air and water transportation in the country.

His words: "The river or marine transport must be enhanced and to do it, we need inland port like the one in Onitsha. Our target is to link all the ports by roads and rail so that doing business in Nigeria becomes easy. The river ports must be linked up to other areas of resource. Today, the process is being started and others on the drawing board must be completed", he said.

The President expressed the hope that a well-developed inland water transportation system will lessen the burden on our highways, which often wear away because of the large cargo plying the roads......

http://allafrica.com/stories/201209020342.html

Na wa sha for "journalism" today. The fact that he visited Minna, does not mean that he went to apologize to IBB.. I tire for the kind INFO dey fly around dese days for 9ja

Bwahaha..hehehehe......dis countri funny die!!

Pataki: You are DAFT. Boko Haram sponsored by Jonathan's PDP government is causing more death that is unprecedented in Nigeria.

Condensed troglodyte is not even proffering advice to Jonathan on that - you are here addressing me. Your village members need that advice more than I do.

...oh No! the HATE(Bitterness) is eating you up d more, already? Plz fight it...#thinkReason

Pataki: I called her glutton - which she really is. Haba - First lady of Nigeria, Madam Permanent Secretary for Bayelsa, First lady of Africa. As if that is not enough.........

Her 'WOBIA' tendency extends to food as well. No wonder she got food poisoning. The other day I was asking if the budget for feeding in Aso Rock extending to billions of naira was being used to feed elephants, little did I know that the real elephant in Aso Rock is our prestigious Patience Jonathan.

...the HATE(Bitterness) that is eating you up may lead to death if you are not careful...#moreHonestAdvice

Pataki: So the elephant looking woman went to rest? Na wa oh! Spin doctors - awon oloshi.

Rest in pieces - Mrs. Glutton!

The HATE(Bitterness) eating you up may soon lead to death if u re nt careful...#honestAdvice

How did YOUWIN1 go( or is it how is it going)?...though a good [/b]initiative, providing the right environment where people can produce wealth and jobs is still the [b]best way of fighting unemployment(Power, Roads, Rails, Ports, Finamnce, Rule of Law, Security etc)

scorpio1: Asaba has always been zero wen it comes to light but since Nnaji resigned, it has been minus-zero...no hope at all....

My frnd which part of Asaba you dey? cos for my side as I said previously, it has improved from less than 6hrs daily to bw 10-14 hrs a day(Obi's Palace Area)

con-grats

How does one post PICS plz?..I wanted to post pics on Kano International airports

...anyways, I thought this article exemplifies the huge changes in Kano compared to the Old derelict terminal
http://nigerianaviationnews..com/2012/05/transformation-of-mallam-aminu-kano.html

Chinedu Eze reports that while many Nigerians want the remodelling project at the airports completed, others fear that it may be truncated

When the Federal Government through the Ministry of Aviation started the rehabilitation of 11 airports in the country, there were mixed reactions. While many Nigerians are anxious to see modern airport facilities, they were sceptical that government will not complete the projects within a short period of time.

Their cynicism stemmed from the fact that government rarely begins and completes projects in due time; rather projects linger for years before they are completed after many regimes.

The rehabilitation of airport terminals involves the disruption of existing infrastructure and facilitation procedures, which discomforts passengers and other airport users, so while many people commended the efforts to revamp the facilities, they stressed on timely completion of the projects.

Without timely completion of these projects, the airports will be worse than they were before the remodelling started and most of them will become porous in terms of security.

Passengers, who spoke to THISDAY expressed this fear while at the same time commending government for taking the steps to embark on revamping the airports.

At the Port Harcourt International Airport, Omagwa, a passenger billed to travel to Lagos after meandering through many crannies to move to the departure hall, complained that the processing was discomforting and asked impatiently when the revamping work will be completed.

Also in late June at Benin airport, two passengers met at the make- shift lavatory, which obviously was too small for the thronging passengers that day and discussed the inconveniences occasioned by the rehabilitation work going on.

Also, in early July, THISDAY witnessed the sluggish passenger movement at the Margaret Ekpo International Airport, Calabar where a passenger said: “This job they are doing is disrupting activities here. When are they going to finish it? Government and their way! My prayer is that they should not abandon it halfway.”
The passenger he was talking to, responded:

“They seem to be serious this time. Last time I came here this other structure (waving at the growing departure section under construction) was still at very low level; they have brought it up now.”

On-going Projects
But what has been consistent in all the airports where rehabilitation work is going on, is that the work never stopped, even on Sundays.
At the Murtala Muhammed International Airport, Lagos, a new domestic terminal has sprouted and has fully taken shape and people are anxious to see it completed because of the inconveniences passengers are passing through at the tents that served as departure hall at the General Aviation Terminal (GAT), where touts compete for space with passengers and everything seemed unruly and anarchic.

The tents are not only untidy and disarrayed but gullible to security breaches where passengers are harangued everyday by touts and frustrated airline officials who have to be at their wit’s end to manage the endless surge of passengers.

Work has also advanced at the international terminal of the Lagos airport, which now has expanded arrival and departure halls, with modern facilities succeeding the hitherto obsolete, decaying infrastructure.

The General Manager, Public Affairs of the Federal Airports Authority of Nigeria (FAAN), Akin Olukunle, explained to THISDAY why government embarked on the rehabilitation of the airports.

Why Remodelling?
“The aims are to change the obsolete infrastructure at the 22 airports managed by the Federal Airports Authority of Nigeria as well as turn around the fortunes of the aviation industry in consonance with the transformation agenda of the President Goodluck Jonathan administration. It is lamentable that successive administrations have paid lip service to the problems of aviation infrastructure, leaving all the nation’s airports without any meaningful upgrade over 35 years of their existence.

“For instance, the four international airports in Lagos, Abuja, Kano and Port Harcourt had hitherto suffered decades of neglect, resulting in decaying facilities and congestion. Many Nigerians have had cause to condemn these airports, and of course their managers and the Federal Government, when they compare them with other airports they have visited around the globe, even in Africa.”

Olukunle said that the problems had adversely impacted on safety, security, passengers’ comfort and revenue generation. And that the airports were therefore in dire need of expansion and capacity development.

“The Minister of Aviation, Princess Stella Adaeze Oduah, is leading the remodelling effort as part of the transformation of the industry. All the efforts of the minister and her team are geared towards ensuring that the nation never again experienced any national embarrassment through the airports, facilities and personnel.

That is why Oduah and her lieutenants on the remodelling projects are committed to ensuring that best practices are applied in terms of the on-going work at the airports.”

The general manager said that the ministry secured all the “required approvals from the concerned statutory bodies, including the National Assembly, for the funds drawn from the Bilateral Air Service Agreements (BASA) Account for the projects.”

“Instead of the barrage of criticisms on the Minister by some forces, who are rather after selfish interest, Oduah should be appreciated for tackling the hydra-headed problem of infrastructure at the airports by overcoming bureaucratic red tapes that had hitherto jettisoned any meaningful change on the sorry state of the nation’s airports. The ministry of aviation had followed the mandatory due process, as it subjected itself to the provision under the Procurement Act of the Bureau of Public Enterprises, under which the requirement for advertisement and bidding were waived to fast track the airport remodelling projects among others.”......

http://www.thisdaylive.com/articles/hope-doubts-over-airport-remodelling-projects/123649/

Is this true? especially at the bolded. I am only sure of Kano International which is virtually complete, and very benefiting of what a modern airport should be(at least at the terminals).

DO ANY OF YOU FREQUENT TRAVELERS HAVE ANY PICS OF THE LEVEL AND TYPE OF WORK DONE( Murtala Muhammed International Airport, Lagos; Nnamdi Azikiwe Intenational Airport, Abuja; Kano International Airport; Owerri Airport; Yola Airport and Benin Airport; Enugu Internationa irport; Port-Harcourt International Airport; Margaret Ekpo International Airport, Calabar )..Heard some persons re complaining

Henry120: I also live around that area, though close to redeems church. It's about 10 hours a day (mostly at night) for us there. It used to be up to 16-18hrs when barth nnaji was the power minister though.
One thing I know for sure is you guyz around that area never have electricity, it has always been no where in sight ( talking from the time of OBJ- present).
My hope is when the sub-station beside NTA is completed, we would get enough electricity from it.

Point there. I stay in Benin and Asaba; we have been very light in Benin for months now(18-20 hrs) While there have been some improvements in the part of Asaba where I stay(10-14 hrs, depending on how it "enters" their heads). The problem with Asaba is the Distribution; and I do not know if there are presently any projects in my side of Asaba( I hear that there are hundreds of them in different stages of completion across the nation). Am sure of this though: when they privatize(liberize) the sector, the Disco that will be in charge of my area will do EVERYTHING 'doable' to provide me more power(that would mean really dealing with Distribution) cos that is the only way I will use more prePaid cards, else he wouldn't have any profits..so for me, the completion of the Privatization process is more important than any improvements I have seen in the last few weeks(and yes there have been some improvements)

lacasa: Gone down, 6hrs a day now

Lacasa, Lacasa--but you neva agreed that it actuali went up; here you u are now reporting that it has gone down....#hypocrites

Acidosis: Government should also give other para-military agencies the same attention customs get. Recently a training college better than some Nigerian universities (in terms of infrastructure) was also commisioned.

Yea, u mean d new School at Abuja right? Nice school- I think it was made d status of a special centre in Africa by d world Customs Union...

@topic, a surveillance aircraft, 2 helicopters, 400 vehicles and thousands of AK-47s - great move by d Customs to further upgrade. Whether they have also concomitantly reduced corruption is d other question.anyways, congrats to them(I particular like the fact that some of these tins were bought less than 3 months after FEC approval; i wish most decisions are also dispatched with such swiftness)

Joblessness.....pity!

dasparrow: @Post

I hope they can maintain them because we lack a maintenance culture in Nigeria. The cabs that El-rufai introduced in Abuja back then are now almost all packed up. I hope these cabs in Bayelsa don't end up the same way.

They will almost certainly disappear.. I do not see any reason why govt wud buy and run taxis in a state or even d coun3. Eida d govt helps private drivers to buy d taxis nd run it demselves OR d govt partners a private company to run d taxis just as Lagos did wit Lagbus

The President is right about d need 4 d debate to die out...wot we hv here is a situatn where sm lazy elites and governors of d north are fighting ova d SHARING of resources found hundreds of miles 4rm dier land instead of actuali thinking of hw to produce wealth 4rm amongst d considerable resources- human and material- it has. The 'north' wud neva learn- it is dis 'parasitic' tedency dat causd all d problems and deep inequalities we hv in d north presently. Plus, do you tink dat d SS wud just be looking as dier revenues are taken away 4rm dem? Not only wud we go back to d era of disruptn in d oil sectors but d SS wud den demand 4 nothing less dan 50% derivatn if not complete resource control; we wud den spend yrs debating all dese, wasting precious time we wud hv spent on d REAL issues dat wud lift our economy. 4 God's sake, wen last did d northern governors hold a meeting on hw the region wud stop bn 'parasite' on odas and actuali create wealth 4 ppl of d region; if they present a well articulatd plan on hw to develop d resources in d region I wud be d 1st to ask d FG to help dem with grants but wud scorn any group who re bn lazy nd greedy. By d way, d offshore component of d bill is only in respect of d continental shelf contagous to d littoral states, not d deep seas(and is not d reason why d north is 'poor')....oh lest i 4get, you re very stu.pid 4 sm of d words u usd on d Person of d President, just saying

1. Nelson Mandela

2. Aug San Sun ki

3. Obama and his family
....Jeez, I forgot Chinua Achebe