₦airaland Forum

seunmsg:
JP Morgan should go to hell with their bond listing. We can't continue to hurt our local currency because we want to meet their listing conditions. The crash of crude oil price is seriously affecting our economy and they want us to do nothing to protect our naira.

Beside, Nigeria's financial sector is big enough to maintain the trade of FG's bond.

Nobody is saying you should not protect your currency but the method is odd and unrealistic. Its only Nigeria and Egypt doing the same thing currently, other emerging markets have changed including China, second largest economy.

To be honest CBN can't continue to sabotage local businesses all in the name of managing FOREX, did you realize our new job creation was 69.9 % dip in second quarter? That is the highest in years, our manufacturing sector is also struggling, to now add poor FDI to it, with increase in our expenditure because cost of servicing debt will surge once the removal is completed. So the economic outlook for the second half of the year will be worst than expected and if nothing is done, it might extend to 2016 when Iran oil finally hit the market.

Timoleon:
people like you just like to hate...,did you bother researching on the man? the professors abroad, do u know their works off heart? either ways, try googling Erik Demaine who became professor at miit aged 20....as i speak, i stil dont know what he researched on or who has published him and i can bet u probably dont know either, yet it does not make him less of a professor than the 65yearold man that thought you.

I don't know what is wrong with you, Erik Demaine is a genius and graduated from University at the age of 14, became a PhD holder by age 20. His PhD thesis was awarded the Canadian Governor General's Gold Medal from the University of Waterloo and the NSERC Doctoral Prize (2003) for the best PhD thesis and research in Canada. Google computational Origami, Mathematical origami, etc. you will understand his work better.

He joined MIT in 2001 when he was 20 because of his various academic achievements. Even at that he wasn't made a full professor until 2011. That was 10 years later.

This ABU guy, has no known contribution to his immediate environment or accomplishment. The whole world know Erik Demaine, do you know what it means to be awarded a MacArthur Fellowship, the so-called "genius award"

Timoleon:
that he got his phd in 2007 does not mean he was away for d whole 7 years...it takes a year to get a masters, in d uk, it takes 24-30months to get a phd. he must have had time in between hus masters and phd to get d needed experience.

It is not stated in the resume posted, why do you have to assume to justify your point? The time he spent abroad was clearly stated in the publication. He came back in 2007 and became a HOD in 2008!

Timoleon:
my brother its not too short...in more developed countries people get professorships in shorter periods, in the southwest, its victimisation and politics that ensures you hav grey hair b4 u get professorship.

Can you please mention one person in developed countries that got his/her professorship without experience and well published research papers?

phyllosilicate:
Bros read the news well he became a lecturer in 2000 and was an HOD in 2008.

He was assistant lecturer for just a year and he traveled in 2001 up till 2007. He became HOD in 2008, based on his resume, he does not have the required experience and leadership needed to manage such post. HOD is not only about academics, its involve delegation, administration, etc. which he clearly didn't have as at 2008.

kingdompropty:
With a 2.3% sharp drop in economic growth, 69% unemployment in 90day distorted economic agenda, I don't know how his team Will defend this.

The 69.9% drop in new job creation, is not the same as total unemployment.

The economy grew by 2.35% in second quarter, not drop oga, which is a reasonable growth rate and better than first quarter when the then administration had better exports without this much drop in global oil prices. Even U.S with all their economic policies rose 3.7% while U.K 0.7%.

Setaje:
Truth234.......i told u but u said it's not happening.

Lol..and you believe it ? The story is FAKE, I mean very fake. No credible source, only the business man (name withheld by Pulse) . Again Malaysia is in South East Asia not Middle East if a news media couldn't figure that out, I wonder how they get to check people's stomach for kidney.

Royals1st:
This story na fake if u live in malay u must know say malay is Asia not. Middle east 2nd u lie say u dey do car wash business where and who empy u wash business 4 malay u 9ja guy abi na India or bangila u be b4 u go get work for malay leave fake story go and get busy

Thank you, you live in Malaysia

walexy30:
Naira stregthened to the highest level in 2 months after hitting N196.68 surpassing the previous high of N197.45 recorded last month (Official).

surprisingly, the Naira achieved this amidst a free fall in brent crude. Brent fell to its lowest in 2 years after hitting $42.53.

Traditionally, when brent falls in price, Naira depreciates since it accounts for over 80% of Nigeria's foreign exchange earners.

If this new trend continues, King Naira is destined to stregthen further.

How can Naira fall below its pegged rate of N197 to a U.S dollar?

The National Bureau of Statistics (NBS) report released on Friday shows a decrease of 69.9 percent or 327,702 in the number of new jobs created in the second quarter (2Q) of the year when compared with preceding quarter and 45.5 percent short of the total number of jobs created in the same quarter last year.

According to the report formal sector of the economy created 51,070 new jobs, which account for 36.1 percent of the total jobs created in the second quarter (2Q) of 2015. The formal sector recorded a decline of 61.6 percent or 79,871 jobs when compared to the number of jobs created in the first quarter (1Q) quarter of 2015 and a 35.2 percent decline to that of jobs created in the same quarter in 2014.

In the public sector, total of 6,395 jobs were created in the 2Q, beating same quarter last year with an increase of 11.7 percent or 669 jobs. This sector represents 4.5 percent of the total jobs created during the period under review.

The informal sector of the economy which consists of jobs generated by individuals or businesses employing less than 10 employees or businesses with little or no formal structures, created 83,903 new jobs. However, when compared with 1st quarter of the year when 332,403 new jobs were created, an alarming 74.8 percent decrease in jobs was recorded.

The report shows that informal and formal sectors are the most affected which correlate with the effect of current economic policy of the Central Bank of Nigeria (CBN) to restrict importers of certain items from accessing forex at CBN rate. This means that formal and informal businesses have reduced the number of jobs they create in order to cut cost and devise alternative business model to sustain their businesses.

http://investorsking.com/nigerias-new-job-creation-decreased-by-69-9-percent/

Truckpusher:
But You can agree with me that most of them do not understand the implications of this kind of economic policies in a nation that totally depends on oil .

I understand what the FG is trying to do and it's nothing than saving their ass for today put fake smiles on the faces of gullible uneducated people but everyone's ass can burn tomorrow after all they already have enough resources to play with....Smh.
Pray ,tell me how is this a sign of growth as being percieved by some misguided olodos in this forum ?

The truth is economic policies are some times too hard to understand for people who are not inclined to it, imagine the currency trader that was quoted even said global dollar devaluation, whereas its just a case of demand and supply.

Anyways there are some key adjustments this administration has made in terms of economic policies that if follow through will help the economy in long term, there are still more to be done if we want to move at the same pace with global economics.

Truckpusher:
It is called Bubariconomics.

Omo! Most of these Buhari supporters are dumber than I had thought.
Damn! How can a people be so gullible ?

Make I go play PS jare , uncle Bubu has done it again o.
Choi! It's quite sad to come from a nation where 70% of her youths are blind,deaf and dumb .

Lol..I am one of Buhari supporters Truckpusher

simseg01:
The Naira, on Friday, regained its strength and appreciated to N208 to the Dollar in the parallel market, compared with the N212 it traded for on Thursday.
The British Pound Sterling and the Euro also traded at N330 and N230, respectively, at the parallel market on Friday.
The official interbank exchange rate, however, remained at N197 to the Dollar.
Olufukeje Adegbeye, a currency trader, attributed the fluctuation of the Naira to the global devaluation of the dollar and recent monetary policies of the Central Bank of Nigeria (CBN); adding that the intervention of the CBN had stifled the forces of demand and supply in the nation’s currency market.
“The businessman on the street should be taken into consideration,” he said. “Some of our manufacturers still depend on the importation of raw materials for their operations. The policy
on foreign exchange restriction has made life extremely difficult for manufacturers.”
He also said that the CBN, through its policies, has created avenues for the cross border smuggling of foreign currencies, especially the dollar.

http://dailytimes.com.ng/naira-rallies-against-the-dollar/

Daily rubbish, there is nothing like global devaluation of dollar, dollar is currently the most appreciated major currency with over 20 percent appreciation this year alone. Naira simply appreciate because of reduce in the demand for dollar at the parallel market, since banks are not accepting it.

handie:
Obasanjo, just shut up! Remember you were a president for 8 years? Why didn't you make it the Nigeria of your dream then? Or is the Nigeria of your dream one where the president uses anticorruption agencies to carry out his personal vendetta against perceived political enemies? A Nigeria where billions of dollars were expended on power without any result? A Nigeria where there's no independence of the Legislature? worst part of it all is the type of individuals u imposed on us after ur 8 years. Obasanjo, u're directly responsible for the dark years of Goodluck Jonathan's rule. Sorry to disappoint you if you think Buhari will follow ur footsteps. Get ready to write long epistles/letters again cause the Nigeria of your dream is different from the Nigeria of Buhari's dream

Numbers don't lie my friend, the same man cleared $18 billion out of our $30 billion debt, paid $12 billion and left just $3.3 billion. Our foreign reserve was $3.7 billion in 1999 when he became president and he left $45 billion in 2007. Economically, his administration is way better.

chukingchuks:
I tot GEJ was clueless when he wanted to remove the subsidy? APC are simply power hungers, no two ways about it

He wanted to remove subsidy without local refineries at current capacity, what is the point if the majority of what is been supplied to consumers are imported and unaffordable? If you are removing subsidy you have to ensure that cost of production is minimal so that consumers can afford it.

By increasing the capacity of our refineries we would be able to control cost throughout the production chain and compensate for the remaining via importation until our refineries reached optimal production level.

dre11:
Until the government decides to deregulate this sector and allow for market forces to fix the prices of petroleum products......



We still be having this problem
All what government needs to do is to protect the consumers and check the actions of the downstream sector and not fix prices


Because with the fall in oil prices.... The finances of the government have dwindles and the Economy can't sustain susbidy which is running to billions.

Thank you for your insight, fixing prices while compensating deficit with government stimulus will merely drag us behind global growth. It is high time will allow market to dictate prices including our forex, its only Nigeria and Egypt that are currently fixing exchange rates, how long can we sustain it when China, second largest economy failed after many years?

kennygee:
Our Celebs and their fake and exorbitant life style.

Idris Elba is way richer than Dbanj and you don't see him in all those mumu chains and Glasses.

You'll never find Bill Gates, Aliko Dangote and Femi Otedola looking like this. They look simple.

The bank balance and Forbes does the talking.

Are they in the same industry? How is Idris Elba way richer than Dbanj?

arsetalks:
It is funny how you people keep quoting rubbish figures. There is a decline yes, but despite the decline, whats generated is just 0.5% less than what GEJ who operated under $100+ a barrel operated in. It then means the real figures should have been higher under GEJ.

Lol..why you come quote me? Read what you quoted again

sammhi:
my point is that GEJ was in power for 2(april and May) out of the 3 months for the second quarter report . so why are you guys misleading the nation. I like Buhari as a person but I hate those his blind followers who feel everything wrong with Nigeria starts and end with GEJ.
in any case government is a continuum and the truth is |PMB has not done anything specific on our economy in terms of polixies and direction. normally when we make enough money from oil everyone goes to sleep...but when oil prices are down , you begin to do other things to make money. That is why those results are like that....simple logic.. for instance if you earn 1m as salary..you wont bother so much but if your salary reduces to 400k per month, you need to do something else to maintain your status ....normal human reaction!
again my point is : second quarter report has nothing to do with PMB ...period...

You know nothing about economics

sammhi:
I guess your problem is blindness....mental blindness....who was in power in second quarter of 2015? when you open your eyes and know then am sure your tone will change....blind followers

You are the one blinded by sentiment, the period under review (April to June), PMB became president on May 29, he is responsible for 30 days out of 90 days. Are you sure you are not the blind follower. Educate yourself

4Play:
What relevance is the oil price in August 2015 when discussing a report about oil revenue in the months of April, May and June 2015? In those 3 months, average oil prices were $60 so your contrast of the $105 per barrel price with today's price of $40 was an attempt to mislead because the contrast should be with $60.

What you people don't realise by clutching on to this oil price red herring is that non-oil exports have also declined. It was 224bn Naira in Q2 2015 according to this article. In Q1 2014, it was 735.9bn Naira: http://www.thisdaylive.com/articles/nigeria-s-foreign-trade-increases-to-n5-51tn-in-first-quarter/186124/

The main reason we remain in surplus is that it is hard to get hold of dollars officially to import goods. The reality is there is an across the board detrerioration in our exports, both oil and non-oil. You can face reality or bury your heads in the sand and keep pretending that something is not seriously wrong with Nigeria.

What relevance is April and may when PMB became president on May 29 and only responsible for June? The past administration failed to sign any trade treaty to protect our interests like every other forward thinking nation.

The 38.5 percent decline was a totalled decline in exports, non-oil and oil export.

For the record, forex restrictions was implemented at the beginning of the current quarter, 3Q, not second quarter that ended June. Its impact would only reflect on subsequent reports. The surplus recorded was not as a result of forex restriction oga.

http://www.thisdaylive.com/articles/cbns-forex-restrictions-and-implications-for-the-economy/213415/

You said non oil sector also decline as if we've not taken into consideration that fact by repeatedly stating that our exports is currently at alarming rate. A decline of 38.5 percent caused by failure of last administration to manage our interests by simply signing a trade agreement preventing our trading partners from abandoning trading with us for other nations.

What you don't understand is that most nations leverage their patronage to forge a stronger allies like Saudi and U.S are currently doing, a country like Nigeria where sales are based on one off transaction does not stand a chance in this complex global economy system. Now South Africa is already making arrangement to resume patronage with Iran when the sanction is finally off, India have $8 billion proposed offer on the table from Iran.

Again for the record, this devaluation was done by Jonathan administration in Feb 2015, 198 to the U.S dollar. This current administration reduced it to 197, so if the effect of currency devaluation means increase in the revenue generated in local currency due to exchange rate, its effect should have been noted in the first quarter since Naira was 198 to a dollar when GEJ was president.

http://www.reuters.com/article/2015/02/18/nigeria-naira-idUSL5N0VS3EM20150218

An economist knows that devaluation is a necessary tool to boost exports, China just devalued yuan, most countries are favouring weaker currency to boost their exports. Our own declined 38.5%, why? Because past administration failed us. Devaluation is a positive economy policy and will most likely increase our 3Q exports under this management.

4Play:
Mea culpa: I goofed in my initial post by equating export income to total merchandise trade in 2014

That being said, there is nothing to celebrate. You attempt to mislead by equating today's oil price to the average oil price in the 2nd quarter of 2015. In the second quarter of 2015, average OPEC prices was $60 per barrel. http://www.opec.org/opec_web/en/data_graphs/40.htm

Bear in mind that this article refers to Naira export income. 2.5 trillion Naira in oil exports equates to $12.7bn at 197 Naira to the dollar. In Q1 2014, we exported 3.23 trillion Naira in oil which equates to $20bn at 160 Naira to the dollar. The point is that there is nothing to celebrate but even bad news is now celebrated.

I didn't see where I stated average when quoting oil price, I simply said as I was typing. On the average oga, oil currently is $51 for 2Q, crude oil was last at $60 price level over 3 months ago.

I still don't understand why you all don't see how bad is a 38.5 percent decline in exports compared with last quarter. That is almost 40 percent and yet this administration was able to record surplus of over 1.4 when last administration recorded 1.9 without exports deficit

sunnyb0b0:
You are being disingenuous here bro but I won't let you hoodwink the gullible masses on Nairaland. The article stated that quarter on quarter, the revenue declined by as much as 38.5% in naira that is. Now, considering that the naira has been devalued so much between the two periods in comparison, a succinct analysis requires that you convert the naira earnings in both periods into dollars (at the prevalent exchange rates in each period) then make a comparison since Nigeria earns dollars from these export transactions.

If you do this, you'd realise that the drop in earning is more than 50% in real terms ie in dollars.

Do you realised that 38.5% is the difference between exports of last quarter and this quarter? This is actually in favour of this administration, there was a reduction of 38.5 % in quantities export and yet this administration was able to generate 4.3 trillion with a surplus of over 1.4 trillion.

When you take into account how much was sold the same quarter last year and this year that there was a decline of 38.5 percent in exports because last administration does not have any trade agreement with any of our trading partners, which means they can back-out of any trade when they like. You won't understand now until Iran's oil hits global market.

The issue of currency devaluation does not even hold here at all, because an economist knows that devaluation does not equal export volume or was the currency devalued in 2013 of the same quarter when oil price was $112 a barrel?

4Play:
Can you explain to me why a huge decline in export income is something to be celebrated?

Why would a decline of 1.8 trillion Naira in income by comparison to the same quarter last year be cause for celebration and proof that we are moving in the right direction? I am seriously puzzled and bow to your superior knowledge on this matter.

I am seriously puzzled that you can't fathom the fact that oil price as at the same quarter last year was $106.5 and currently it is $40.79. Don't politicize everything bro, this numbers are actually good when compared to global economics.

sammhi:
did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others

The truth is this 2Q is better than last year when compared, as at the same quarter last year crude oil was $106.5 per barrel and currently as I am typing this it is $40.79 a barrel.

2014 2Q earnings ACCOUNTED for was 6,659 trillion even when the price almost triple this current price, don't forget that we had more trading partners then before China and India reduced their volumes.

2013 2Q was the poorest, our revenue was 5,341 trillion when crude oil peaked at $112 a barrel. Something is actually working now, its either this is the reflection of the leakages this administration has been championing or result of working system.

Asiwaju9ja:
You are very correct here. I went to the Nigerian Embassy in Illovo to renew my passport. Without knowing anyone, without bribing anyone, I was in and out with capturing and all. Despite the fact that the previous capturing Days (tuesday's and Thursday's) crowd was present on d day I went for the capturing. Reason being that PMB was visiting hence, the could not operate for those 2days. Omo the visit worked like magic as Embassy staff was very professional. Same people that would give u hell before o!

Exactly my point, we need someone that understand how government bureaucracy works. This the difference between this current administration and past administration. Ogoni people can attest to this!

biafranqueen:
Are you aware of the dams and other projects that has lead to this? If not I don't mind posting them because we seem to have a lack of knowledge of the projects completed or started by GEJ.

Here are the links that prove what I say so you can give credit where it is due.
http://www.slideshare.net/FMINigeria/power-41942418
http://www.power.gov.ng/Press%20Release/Official%20Commissioning%20Ceremony%20of%20New%20Turbine%20Unit%20at%20Egbin%20Power%20Station.pdf

http://www.power.gov.ng/Press%20Release/NEBO%20COMMISSIONS%20SOLAR%20–%20BASED%20STATION%20AT%20WUSE%20MARKET%20.pdf
http://www.power.gov.ng/Press%20Release/CHINA%20COMPANY%20TO%20ESTABLISH%20ELECTRICITY%20SMART-METER%20ASSEMBLY%20PLANT%20IN%20CALABAR.pdf


I suggest the youth try an focus on reading more information so we don't become dull with propaganda that will allow the new administration to loot and lazy about with impunity.

What you posted was dated November 2014 and the recent was Feb. 2015, how come these changes weren't noticed then? Its simple, the people working with Jonathan administration have no regard for him. Mere presence of Buhari was what re-enforce discipline across all government parastatals, the Port Harcourt refinery has already raised its operational capacity to about 60 per cent of its 210, 000 barrels per day (bpd) capacity, while production at Warri refinery was projected to hit 80 per cent of installed 125,000 bpd capacity.

http://www.premiumtimesng.com/business/oil-and-gas/187477-port-harcourt-warri-refineries-commence-production-says-nnpc.html

We need leader that know what he is doing and Buhari is that person.

..and there was A COUNTRY

chuksey1:
pls re you saying if i am to do my phd which is for a period of 3years, that with a minimum of 15000 NZD living stipend for a year i would be qualified for a student visa?

Yes but after paying your school fess.

chuksey1:
hello house. i know i am not suppose to post this here, but becos the new zealand thread has been inactive for some time and new zealand and australia have a lot of similarities i believe this is d next best place where i will get answers to my questions.

i want to apply for a new zealand student visa. i will b studying for a phd program with a duration of 3years and the requirement is that i have a minimum of 15000NZD as annual living stipend. so i will like to know the minimum amount i could have in my account for my student visa to be granted.

That 15,000 NZD equivalent in naira

The growing rate of internet users in Africa has mandate its proper implementation towards the betterment of African people, while countries like Egypt, South Africa, Morocco, Kenya, etc. are taking advantage of internet opportunities, Nigeria with over 70 million (internetwordstats.com) internet users is yet to fully utilize its population and growing market to its advantage.

There are two main reasons why Nigeria is a key factor in actualizing African entrepreneurial dream: one, Nigeria is the second fastest growing key emerging market in the world (Euromonitor.com) and on track for 7 percent growth rate in 2015 after a successful second quarter report.

Two, in a research conducted by British Council, Nigeria tertiary age (18-22 years old) population will lead the world through 2024 and grow from 16.1 million in 2013 to 22.5 million by 2024 which is equivalent to an average growth rate of 3.1 percent, far ahead of projected annual growth rate for Indonesia (1.3 percent), a country forecasted to be the next fastest growing country. Equally, overall tertiary enrolment is projected to double from 2.3 million students in 2013 to 4.8 million by 2024.

However, Nigeria unemployment rate is expected to increase proportionally from 7.5 percent to 24.33 percent by 2020 (http://ieconomics.com). This implies that there would be more unemployed graduates by 2020 if nothing is done now.

According to a research quoted by Facebook CEO, Mark Zuckerberg, for every 10 people who gain access to internet 1 is raised out of poverty. Another research shows that on the average small and medium enterprises (SMEs) employ between 2 to 100 employees. This is an important figure necessary to fill the void in the labour market and subsequently reduce unemployment, increase export revenue and empower the youths.

Sadly Nigerian internet sphere is limited by negative public perception due to series of scams emanating from the region, which has hindered foreign investors from helping the youth with viable startup to access funds. Institutions like Paypal, Amazon, etc offer limited services to Nigerians as a measure to curb possible fraud. So is some financial institutions in U.S and other countries won’t allow Nigerians to trade (forex) or transact on their platforms.

From all indications the internet has created more opportunities now than there was in the past, but the inability of the youth to access pool of resources have forced many to conform to the seemingly blogging business like Linda Ikeji and the likes. Now, the issue is blogging is currently reduced to entertainment or propaganda as a means to generate traffic, statistically it is less likely that the nation can create more jobs and reduce unemployment like Google Inc., Amazon, Bloomberg, etc. that way.

As the most populous black nation that accounted for 23.6 percent of African internet users. Not only that entrepreneurs can create jobs by thinking creatively but also because participation of more talented individuals can help solve vital societal issues and subdue negative perception, and as more start-ups strive to attain global standard using the power of technology, global accessibility becomes better, hence, global attention on the region would increase positively.

In June, Facebook Inc., announced the appointment of Nunu Ntshingila to manage over 120 million Facebook users in Africa, over 6.6 million of this population are Nigerians. This move further affirmed Africa as the next global target for future businesses and failure to emerge with the next phase of African/global entrepreneurs by creating sustainable businesses, would leave vacuum for more foreign businesses to fill at the expense of the people’s interest.

http://investorsking.com/why-nigeria-needs-more-interpreneur/

Ayesa:
Good day, please I would like to know how to go about a PhD in civil engineering admission with respect to composite materials as earlier mentioned in this forum. Thanks

Contact the guy that posted it, its been awhile he visited this thread but send him an email.