chidi4sam:


Maybe the statement wasn't properly composed. What I actually wanted to type is that I have not seen a Nigerian begger here same way it used to be I'm places I have lived.
I was in UK, Dubai and Australia. I was just comparing. Even in dubai where it is an offence to beg, people still beg. Nigerians are doing great in Australia believe me

dude

We know Aussie is better, there is no need to compare or even convince anyone of that

But while things are shitty o'er here and I do talk about the issues here very often (if you check my history), making the kinda of statement that I hear and read most Nigerians make when they leave these shores to other countries just is not a good look. I don't see even other Africans do this inferiority tirade BS, much less other races. What Australian will read this kinda crap and value or respect you?. And una dey blast Emdee Tiamiyu ooo. You basically are admitting to them ever so passionately and diligently that you are worthless without being there and living there is what gives your life meaning.. like wtf.

Let's package ourselves better abeg. No be to dey drive the hype like say we never see chandelier before. How you go dey talk online say cleaner for one place better pass a well read, accomplished person who rose to the ranks of a Regional manager at Zenith bank?? Does that make any kind of sense at all....and then still turn around to say life is not all about money..classic incoherence.

Maslow's hierarchy of needs is a good reference point, we have diff things that drive us, different things we aspire to, clearly....cos that statement just no make sense or senses....and it is not a good look abeg

A garbage disposal guy in Aussie, Canada, US and Youkay sef is better than a governor in Nigeria. Ment!

jedisco:


Its would be a multitude times easier for him to travel the world on his current job than for someone earning 2 million monthly in Nigeria to do same.

peeps can talk about real issues like low global mobility for Nigerians and the other myriad of challenges without coming up with wack and tenuous, non-intelligent or non-intelligible crap like a cleaner somewhere is better off than a regional manager at Zenith bank. That is idiocy and lunacy combined...and it is rather disappointing to read this from supposed men o, with a phallus between their legs, men that are supposed to build freaking civilizations talking so effing ***""""""""****!

Irks the f outta me everytime

chidi4sam:


You are so misinformed. How much is ticket that people in Australia cannot afford? Let me shock you, I have not seen one begger in Australia. Whoever the person is, not withstanding his visa status, everyone is OK here. I can get my to and fro ticket fee by working only on Sunday. Australia pays the highest wages when compared to Canada, UK, and even US (in some companies). Use your google and search about it instead of displaying your ignorance online.

yea, no beggars or destitutes in your side of Aussie. They all wear rolexes and drive Porsches. Grown up dudes such as you and Op saying authoritatively say beggars no dey one country...he even saying that haven been there just about 3months. Na wa!

Enjoy....Nofin do you

Usefulsense:


For me measure of progress is different.
A toilet cleaner in Australia lives a much better life than the regional manager of Zenith bank in Nigeria.

just say a toilet cleaner in Aussie lived a better life than you did while you were in Nigeria. Personalise this inferiority complex abeg. Own it! Don't bring one mythical regional manager of zenith bank into this. Not everyone was evidently miserable like you while you were in Nigeria. I thank God everyday for the fact that I don't think so lowly like this. Jeez!

This stale line is so nauseating. A destitute in Aussie sef was living a better life than you were. We know, we get it.

All these peeps in Australia that sought to die by suicide were happy, fulfilled, ok and satisfied to death. Smh

Yugoslavia247:
They share same vagina.

So this is a legal two some that is wholesome.

can even get double head (BJ) sef (pun intended)

pseudonomer:


With £2k monthly salary in UK, you can’t afford to hire a driver, maid or any domestic staff.

I don't doubt that either.

Globalinfo247:


Allen Onyeoma, the CEO of Air Peace, has said that those who earn two hundred thousand Naira monthly in Nigeria are better off than those earning two thousand pounds in the United Kingdom.



He said this while appearing as a guest on TVC.



Speaking to the host about the economic crisis and strength of the Naira, Onyema said he agrees that the bulk of the issue is "artificial".



He added: "Go to London, if you earn two thousand pounds a month in London, you're a pauper. What two thousand pounds can afford you is like two thousand Naira."



He continued: "The person earning two hundred thousand Naira in Nigeria is better."



Onyema added that with earnings of 200,000, a Nigerian can afford a maid, a driver and other domestic staff.

He said he believes completely that the Naira has more value than is being projected when compared to other foreign currencies.



He added that Nigerians should stop demonetising the country.


Follow link to watch video,

many are mad, few are roaming.

Driver - at least 60k salary
Maid - at least 50k salary
one Other domestic staff - at least 50k
Oga boss balance after above expenses- 40k

So oga boss is left with 40k to feed himself and fuel his car for that month? Allen must have just received a Mouth Gig before going on air. His brain never calibrate.

ivolt:

You only incur a loss if you are a trader or speculator.
If you are an FX earner, nothing changes.

na so

Also, loss and profit is a function of decision/choice really.

Mr A bought BTC at 30k and watched it drop to 17k for a year. He eventually got tired, sold it at 17k and grieved his 13k loss..
Mr B bought BTC at same 30k, watched it drop to 17k but stuck to his guns that it will still rise, and boom BTC hit 70k in the second year.

Mr B is at a car lot splurging 30k on a 2017 GLE and still has 40k USD to play with.

Mr A and Mr B's loss and gain were both a matter of choice.

End of story.

DYOR, make a decision, stick to your guns. You can't play this game it you're fickle. Simple as that!

Raph82:
U"ll be shocked and disappointed when u see naira failing to obey the rule of the game (bull run). The moment it crosses the 1k bench mark, then the downtrend will continue, this time with a heavy downward spike. There may be little retracement, continuation of downtrend is inevitable. It's no longer business as usual. Therefore u buy, u cry.

it's my buy. Taink you very much🙏

If the refineries truly do come on stream, that may inform a different approach, but as of this moment, no shaking at all.

Holding the dollar isn't a profit move for me, it is a value preservation move. I trust the dollar to hold its value, so I'll rather keep my shikini wealth/savings in it, so the country doesn't add me to the list of 'have-nots' by no fault of mine.

iLegendd:
As long as Nigerian politicians are forever corrupt and their measures are always temporary, I'll never convert my Dollar to Naira except I'm using it immediately. Apart from that, it's either in BTC or in Dollar, Pounds, or Euro. No going back. I can't

Funnily, smart people will use this opportunity to convert more Naira to Dollar because they know the highest it will take is 5-10 years and we'll be in another crisis.

5-10 years too long...more like in 3-6months, except both refineries truly come on stream within the next 6 months

I'm particularly waiting to see it touch below 1k so I can load up as much as I can for the next 'bull run', cos I'm not optimistic about those refineries one bit, not with all the falsehood. Dec 2023 they said, na March 2024 ending we dey so, we no see even refined palm oil comot from any of the two that were hyped as ready to go.

missjekyll:
My people,look what I found

https://leadership.ng/uk-based-nigerian-youtuber-emdee-tiamiyu-arrested-over-alleged-fraud/


This unfortunate tiamiyu again

since when UK dey dash £160k to someone who didn't discover the cure for AIDS or invent a hydrogen bomb🤣🤣🤣

That is just one of the many silly blogs that have been reporting that false story since yesterday. I don't know if the imbe is in trouble with the UK popo, but I do know the UK doesn't dish out 160k GBP to asylum seekers, which was an element of the silly story.

First of, Lai is a certified, irredeemable liar.
Secondly, this story account even if delivered by him, is certainly not from him. This is a man that is much too dim to be able to spell, pronounce or know the meanings of half of the words in that speech.

Flowing from the above, the lying machine has told yet another lie, as this is either the reality/story of someone else or just plain fiction.

First of, Lai is a certified, irredeemable liar.
Secondly, this story account even if delivered by him, is certainly not from him. This is a man that is much too dim to be able to spell, pronounce or know the meanings of half of the words in that speech.

Flowing from the above, the lying machine has told yet another lie, as this is either the reality/story of someone else or just plain fiction.

santaclaws:


There's no perfect plan or policy, governance is all about doing what works and backtracking if/when it fails to work.

If floating the naira is a problem, why should the president stick to the idea when it won't work. Perhaps your idea of governance is to be under a dictator who never admits when he's wrong.

much ado about nothing. I don't care what Thubv does or doesn't do. What I care about, and what i talked about is what I would do if the naira does get below 1k esp given the clear history that is repeating itself in this regard. My life would have been a whole lot easier even till this day had I held 20k USD from my savings and forgotten it in a Dom account when that was just 3million naira 8 years ago. I'm learning from history and always seeking ways to protect myself, not all this one wey you dey talk. They can continue doing eyi je, eyi o je....ko kan mi

santaclaws:
If it can go below 1k in the next few months, I'd doff my hat for Cardoso...

if it falls to below 1k, I aint doffing any hat for any Cardunce-o, as it would just confirm my suspicion that they have also backtracked on their decision on the float, just as they backtracked on their decision on the subsidy just as they backtracked on both btw 2015 and 2017 as I reminded Grandstar just yday. So the smart thing to do is if it does fall below 1k, I would buy more USD and keep as a hedge for whatever is coming.

Nedekid

No thanks, bro!

SoNature:


Stop arguing. Economists don't consider high inflation rate as economic growth. That link I shared with you briefly explained it. There are tons of articles published by reputable sources that explain why high inflation rate doesn't mean economic growth.

lol. ok. Will leave you to it.

SoNature:


Unfortunately, I don't agree with you.

What you are describing is inflation. It stands at about 30% in Nigeria now. Inflation doesn't mean GDP growth.

GDP growth is when you have 200 businesses producing goods and services worth $450 billion. Over the years, the number of businesses increased to 220 and the worth of their goods and services increased to $500.

What we have seen happen in Nigeria is that foreign companies that control the economy of the country are leaving and naira is becoming worthless. If you convert the prices of goods and services produced in naira to dollars, you notice that there was no GDP growth. Instead, the economy is dwindling.

https://www.frbsf.org/research-and-insights/publications/doctor-econ/1999/02/inflation-gdp-growth/

I have already addressed all these elements you are talking about. But in this instance the GDP figures are in Naira and the total monetary value of goods and services have increased since Thubv took over due to increase in the cost of all goods and services. It really is as simple as that.

Those companies produced and sold finished goods and services for that period...they may be in the process of leaving but they haven't left yet, so their production and income is still being captured till they are no longer a going concern

nedekid:
When I saw the earlier post fgn had cleared the trapped fx owed to airlines, I was cautious and said to wait to hear from the airlines.
The airlines sold tickets at the then cbn rate of eg ₦440 to $1, so it was said they were owed $800m in trapped funds.
Now with the current ₦1500 to $1, gov now decides to pay them using the current rate ie their money will now be a quarter ie $266m or thereabout.
Omo, there is no way they will accept that. It's either cbn pays them their complete amount or Nigerians will continue suffering high ticket prices as the cheaper seats will not be unlocked.
Look at it this way, last year I sold you a toks 2003 corolla for 4m ($5700), $1 was ₦700 then.
You said I should give you time to pay. You now delayed to pay me for 1 year, now $1 is ₦1600. Ie ₦4m is now $2,500
You now want to pay me that same 4m for the corolla.. No be juju be dat?

you got it! So did LordAdam16 (not that I'm surprised)... I should have mentioned you in a discussion in my thread, but your moniker skipped my mind. You can check it out and share your thoughts as well

SoNature:
GDP growth? When foreign companies are leaving Nigeria in their numbers?

All those green dots are still on paper; Nigérians haven't started feeling any positive impact of this government!

I always have a problem with statistics that Nigerian institutions churn out!

yes GDP growth rate can increase in this instance, despite the economic Armageddon we are facing and the reason is quite simple. So simple you'd smile😁

GDP is the total monetary value of all goods and services produced in a country for a period. Prices of everything has increased, and this includes the same goods and services that are computated to get the figure. Get it now? So in Naira it is expected that there will be 'nominal' GDP growth due to the increase in the GDP figures now compared to periods when goods and services were cheaper, but it isn't 'real' GDP growth. What's sad is in USD our GDP has plummeted so much so South Africa had largely already taken the place of the largest economy in Africa. We used to be an over $500b economy but Thubv has taken us off that seat and it ain't likely we're getting back there anytime soon.


Hope you understand.

InvertedHammer:


/
A country of 240million subjugated by 1000 politicians, who is to blame? It means the problems go beyond the politicians. The national orientation was done in the wrong direction. Anyone born since 1980 in Nigeria has no idea of what good governance means even if shoved in his or her face. That's why they eulogize and canonize any governor that builds pedestrian bridges or pays salaries on time. Go figure!

/

na so o.

So much recklessness, shamelessness and agony, and we just keep taking it. They have truly successfully furrcked up the psyche and mental form of a lot of the Nigerian populace🤷

helinues:
Gumi, are you a terrorist?

Terrorist sympathizer or terrorist sponsor?

Shouldn't you be happy about FG naming the evil minded people sponsoring terror in Nigeria.

Btw, why is Nestle Plc, the Corn flakes of death always missing in the list of terror sponsor.

Their terrorists have been decimated. I read in the news the other day that they are now bankrupt, why won't they

lol. I know you don't know your left from your right, so no surprises.

It is Nasco, not Nestle, and what's even more amazingly hypocritical is that the expose on the Nasco thing which you are now wrongly quoting was done by none other than the person you clowns love to castigate, David Hundeyin. Ain't that something 🤣

Ignorance truly sucks. Lol

grandstar:


For your info, they were excluded mid 2015. The attempted "float" was in 2016.

They aren't related

oga it was floated jare. No be pikin dey here now. I dey do many business deals with FX at the time so I can easily and vividly remember. Why else did the naira dip by almost 100% at the time? No be the range of 150-180 APC meet am?

The techpoint article I sent which you are now misinterpretating, reviewed the events of the 2016 float and its aftermath and was written in 2023, seven years after. Give it a little time and we will review balablu's supposed float.

Saying there was an attempted float when ALL the dailies in 2016 (some of which I also included in my post) says otherwise, is like saying there was an attempted subsidy removal in 2015. Was subsidy not removed in 2015, YES or NO?

That they backtracked on both doesn't mean they didn't happen in the first place. No dey shift goal post, it ain't fair or cool. Has balablu not codedly backtracked on subsidy now? So i guess I can call Tinubu's subsidy removal 'pretense' and 'attempted' subsidy removal less than one year after, using your logic. Come off it jare. Talk another one cos this one no enter.

Cc Seun
nlfpmod

sukkot:
hehe my guy Treadway you made good points however I don’t play politics with the bad decisions of men. No one was born with the tag APC or PDP and besides that these guys party hop all the time, the point being all politicians are on the same side. It’s politicians vs the masses. That little game and competition they have among themselves is to keep the masses divided. If the masses are not divided then a unified mass will come for their heads. So as you can see these their competition is to keep the masses divided while they all loot and eat together in the background. If you can get to this level of outlook you will see very clearly. There is no APC DESTROYED THE COUNTRY . When you say that you have fallen for the trick 😄😄😄😄. Don’t fall for the trick bro, rise above the madness to see it for what it is

but there is a cancer called the APC in this instance.

They came, sold us a lie and we bought it. We were tired of the mismanagement of the PDP, so I and Nigerians said we wanted change. Jonathan warned/asked that is it positive change we want or negative change, but we didn't listen. I made that mistake in 2015, but others willfully made same mistake in 2019 and even 2023 after almost being killed by Buhari.

I would give an arm and a limb to go back to 2012 to warn Nigerians not to listen to the charade called the 'save Nigeria group' and occupy Nigeria geng. If only subsidy was removed then and we still let PDP continue (as corrupt, useless and evil as they were), 2024 won't be like this, cos APC has shown unequivocally that they are far more corrupt, useless and evil..a far worse evil. ApC only came to grab power, nothing more, and unfortunately any chance the people had to unite to show them who is boss failed in 2023. I don't know about you but I would gladly love to wake up and find out it has all being such a horrid dream and we're still in 2015.

Fujiyama:

A poster above says Buhari had a 'poor intellectual background'. And the current man has what?

This administration made 2 major moves: the removal of fuel subsidy and the floating of the Naira.

Today the administration has reinstated the subsidy but it has not made the exact figures public...and there's a reason for that. One of the industry players (Pinnacle oil MD/CEO) said the subsidy now runs at N1 trillion per month currently. If the manis correct, that raises the question: What was the point of subsidy removal then?

Today the administration has taken at least one facility (Project Gazelle) that by the government's own admission will be used to prop up the currency. For how long will this 'intervention' be sustained...and more important, what was the point of the float in the first place then?

I am no seer but I wager that before the end of this year, this administration will again go before lawmakers to ask for approval for a supplementary budget to cover these costs. When that supplementary budget is passed, the real extent of the subsidy reinstatement will be known. The forex management outcomes is a little bit trickier to predict...but I ask the experts - what happens when you run out of money for currency defence?

which is precisely why I responded to Grandstar in the words that I did. This Tinubu's supposed 'float' too will be dissected and discussed in years to come, maybe even much sooner than we think. So much is still unraveling and will still unravel. No be APC? Lol

grandstar:


The second subheading of the article portrays the truth of the 2016 so called float

https://techpoint.africa/2023/06/16/cbn-naira-float-2016-failed/

If Buhari refused to allow the official rate to be devalued, how can there be a float to start with? A float means the currency can go up and down and value.

It was in 2017 that a second official window was allowed and the exchange rate there was market determined. That brought some sanity back into the forex market and the artificial forex scarcity ended.

As the article said "pretense of a float."

why are you whining me na?? Buhari/Emefiele floated the naira. End of.

In two years from now, we will also be dissecting and discussing if Tinubu's float was a full float, or suspended float or super imposed float. But in that year/moment just as in this year/moment the naira was floated and subsidy was removed in both instances and it made the news in both instances.

I don't want to have to be dropping screenshots of the news pages na, but I'll ask anyone to click those links, read for yourselves and conclude. This is a screenshot from the one you just talked about. It was half hearted at first in the early stages but they followed through, only to backtrack later, as with subsidy payments too... remember this particular article was a review so it gave accounts in chronological order not in real time, the other news articles were in real time.

Cc Sukkot kukutente23 angelfrost nairalanda1 bigiyanga invertedhammer lordadam16
I copied you guys cos like Grandstar, I largely enjoy the intelligence you typically display in your posts and in my interactions with you, even tho on some things/topics/concepts we may not agree (which is normal).

Phew this is gonna be a long one. Ok let me take it line by line

1. ApC is the problem. All indices you can think of compared to 2015 shows this clearly. There is no absolving APC from the mess Nigeria is in today, and trying to do so is simply not a truthful thing to do.

2.Yes Bubu was clueless, stupid in fact. But even I voted for him in 2015 ONLY cos I expected one thing and one thing only from him. Fighting corruption! Due to the so called no-nonsense person wey dem talk say e be back in the day. I know a tree doesn't make a forest, so I reckoned the team that would surround him can take care of the rest. I was wrong. And so yes Buhari was stupid, and was surrounded by people who apparently also were stupid including Tinubu according to you...cos all these people enabled him for 8 freaking years. They all contributed to the rot and decay that they are now supposedly cleaning. Ain't that funny...

3. I already showed you that Bubari/Emefiele floated the naira.

4. In our peculiar situation, I'd say the results we saw in 2015/2016 and the one we are seeing now shows clearly that it is a bad idea to undertake both big steps at once. I maintain my stand that subsidy should have been removed, but the naira should have been defended at least until some stability is achieved, as per Dangote and one or more other refineries running before making another big move in the form of the float.

5. They are telling y'all it's cos of the ways and means, but I know for a fact it goes deeper than that. Ways and means is a cool bad label to give the dog you wanna hang, but beyond ways and means the reason for the inflation aside the cost inflation due to the devaluation, is the excessively huge unbanked money that Emefoole was trying to mop up with the redesign policy at the tail end of the last administration. Do you remember the estimated figure of that unbanked money? Look it up. That money that was stockpiled for years and kept completely out of the banking system and meant to be used for electioneering, ended up not being used cos they rallied Nigerians to kill that laudable policy and that money is what is now causing a double whammy..on one hand most of it was being exchanged for USD causing the naira fall, and on the other hand causing the inflation too. But of course they won't remind you of that money, they will only touch on ways and means.

6. YEA YEA, the inflation rate and the MPR I understand the dynamics of that. But bear in mind it is a double edged sword. Too high and it could mean businesses that take loans would have to pay back above 30%....that is insanely high cost of capital don't you agree....but the useless banks rarely even lend to the real sectors and SMEs anyway👎

7. At least we both agreed that Cardunce-o is a dunce, and we also agree that this administration are grossly insincere, grossly inconsistent and simply cannot be trusted cos there is a wide variation between what they say and what they do, and what they say they do/are doing/have done (I'm actually surprised you admit this one).

8. Companies are pulling out due to dwindling revenues horribly compounded by devaluation losses, and consequently an ever increasing cost of doing business

grandstar:


APC was never the problem. Buhari was.

He was grossly incompetent and many in his party knew that. I'm sure Tinubu realized so within 30 days of him assuming office.

However, the party had to put up with him as that was the only way they could hold on to piwer.

Though Buhari meant well, his poor intellectual background held him back. Many in his party called him an illiterate behind his back.

Tinubu is trying hard to undo the huge mess he left behind.

2. Buhari had no time ever attempted to float the Naira. There were 2 official rates from 2017 down to 2023. Where there's a float, there's only one official rate.

There was nothing wrong with floating the Naira. Tinubu wanted to wipe off the disparity between the official rate and black market rate which had been uses to siphon billions of dollars.

Since the floating, the disparity has closed. Yes, the floating was badly handled.

Also, one reason for the high inflation was the use of Ways and Means to finance the budget.

Ways and means is CBN printing of money to lend to the federal government. It is very inflationary. There's much more Naira chasing the same amount of Dollars and goods.

In addition, the CBN was and is still running a loose monetary policy. Economics dictates that the CBN interest rates must be above that of inflation, especially if inflation is high.

Inflation is 29% thereabouts while the CBN rates are circa 23%. If increased to around 30%, banks would buy up treasury bonds taking money out of the system. This would greatly reduce inflation.

However, Tinubu has said he wants interest rates low. The price we pay is therefore high inflation.

There was nothing wrong in removing subsidy and floating the Naira at the same time.

The truth is, he did not go far enough. Rather than just remove the subsidy on petrol, he should have fully deregulated the price of petrol as done alreasy with diesel, gas and kerosene. Government no longer fixes the price but it's left to market forces.

The benefit of full price deregulation of petrol would be massive. If anyone tells you the price would go down, he is deceiving you. It would only go down and up based on the price of crude oil and the value of the Naira. You can't expect the price of petrol to be the same at $50/barrel and $80/barrel. You can't expect the price of petrol to be the same when $1-800 and $1-1,200. You're an importer, so you will naturally understand these things.

The real benefit of petrol price deregulation is that it would lead to massive investment in the downstream sector of the economy There would be massive investments in the building of refineries.

When GSM started, there was deregulated pricing. GSM operators were free to charge their desired prices. MTN and AIRTEL charged N50/minute, while MTEL choose a masses friendly price of N22. The first two were able to invest billions of dollars because they charged prices that made them profitable. Mtel meanwhile is as dead as a dodo today..

Today, due to deregulated pricing, there are over 100m cell phone users, from 400,000 in year 2000.

Government should also have deregulated the price of electricity. Electricity is sold at subsidized prices. The federal government isvto make up the difference but it hasn't been faithful. Presently, it owes the Gencos $1.3bn and the Discos N1.3tr naira. With the fall of the Naira, the price of supplying electricity has gone further up, while the price of electricity has remained static since May last year. That is why hardly any power is being supplied.

3. Yemi Cardoso

The primary reason Tinubu appointed Cardoso was because he was probably his "boy." Many economists here criticized his appointment as he was unqualified to head the CBN ,especially at this critical moment in the nation's economy.

Tinubu wanted someone he could control. This is sad as the central bank has autonomy and it was to prevent such an unholy alliance the president now has with the sitting head.

It was also Buhari's interference with the CBNs duties that dealt the economy a heavy blow during his inglorious 8 years in office.

Well, it seems now the Naira is appreciating. It does not however change the need for a more competent head to be appointed for the central banks post.

4. I have to be honest with you, I am apolitical. I have no obsession with politics.

The biggest problem creeping up now is cronyism, nepotism and corruption.

You have the railway contract awarded to a suspicious company. You have the OPL 245 oil well awarded to Tinubu of OANDO. Tinubu's son in law was placed in charged of the Federal Mortgage Bank.

I doubt any privatization or commercialization carried under this government would be free and fair. For the free market to work properly, transparency is key. That is why the GSM auction in the early 2000s was met with praise and the country has benefitted greatly from it.

5. Nigeria never had an import problem. Nigerias problem has always been an export problem. The country is too reliant on crude oil exports for dollar inflows and when the oil price crashes, the Naira takes a beating. Since it was a reduction in dollars that brought about the problem, Nigeria needs to start exporting more non-oil products.

You said you're a car dealer. You probably import cars. Are you a liability to the nation? With your profits, don't you pay rent, build house, pay school fees, feed your family and so on? Don't you deposit some into the bank?

Imports are actually extremely good for the economy and is a recognized driver of growth.

That is why import substitution policies are counterproductive. In addition, countries do best when they pour into areas they have competitive and comparative advantage. Import substitution encourages the pouring of resources where you don't do well.

Look at cement. All what the cement ban did was to make two Nigerians dollar billionaires. Everyone knows that Nigerians are overcharged for cement. The profit margins these guys make is unheard in the industry. It is the kind of margins online game makers make, who store no physical inventory.

The building industry suffers because of the ban. It wasn't Tinubu that banned the importation but Obj.

If companies are packing out, it is due to the severity of the mess Buhari left behind. There was $7bn uncleared forex contracts while there was barely $3bn left in the foreign reserves. It was the shortage of foreign reserves that made many of these companies quit the country.

The proper thing for Nigeria to have done would have been to contact the IMF for balance of payment support in the form of a loan. The IMF would lend Nigeria $20bn for it to build its reserves. When Nigeria has rebuilt its reserves, the country will repay it. Tinubu knew Nigerians wouldn't welcome that and would blame any painful economic policy on the IMF, without seeing why.

did you just say Buhari never floated the naira?? Wrong! He definitely did as you can see below. Same thing now almost exactly as it happened in 2015/2016 by the same ill-fated party called the APC.

https://techpoint.africa/2023/06/16/cbn-naira-float-2016-failed/

https://dailypost.ng/2016/06/15/breaking-cbn-officially-floats-naira/

https://www.google.com/amp/s/nairametrics.com/2016/07/30/chart-shows-the-naira-is-now-officially-floating/%3famp=1

Cmon bro, you have engaged in discussions with me a couple of times on here. I do not speak emphatically on things I'm not 💯 sure of. If I'm emphatic about it, best believe I know what I'm saying is fact and I can back it up with proof.

Will address some of the other points you touched on shortly