₦airaland Forum

Kingchineme6:
Please I really need an advice here,I have an uncle who really want to help me and I'm really confused here.

He asked me to go and learn a trade that he will help me establish it but deep in my mind I want to travel out of this country..

So due to pandemic all over the world some countries in my mind are not issuing visa for now, countries like Canada, Japan and South Korea.

So I really need your advice because he said that he will give me a week to think about the business I want to venture into.

Bro start the trade oh, you can travel later, have your money first

FatherOfJesus:
Who’s the wife of Cain and where did she come from?

Please kindly back it up with bible verses.

what concern you with Cain wife, do you want to woo her?

chidera201:
This is urgent....

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omonnakoda:
Productivity is measured by GDP

You are the one "MIXING" or MINCING my words

National GDP measures National productivity
GDP per capita measures individual productivity

on that measure Nigeria is 136 in the world

It has NOTHING TO DO WITH COMPETITIVENESS

Ok you are right about the GDP

If you carefully read what I wrote you will realize that my exasperation is that we focus on the GDP before the HDI.

The people are not the problem, they did not create the problem, it is the political elites that are to blame. The borrowing is making us weaker

omonnakoda:
Very productive? Really?
Productivity is measurable
In this case where we are talking of repaying dollar loans

How many dollars does each Nigerian generate in one year

That is the real measure of productivity

What do we produce that other countries buy IN DOLLARS


VERY SIMPLE QUESTION

if you are not productive don't conclude that others are not.
It seems you are not different from the GCFR who said Nigerian youths are lazy.
I repeat it again Nigerians are productive. It is the government that is making their productivity a waste

omonnakoda:
Very productive? Really?
Productivity is measurable
In this case where we are talking of repaying dollar loans

How many dollars does each Nigerian generate in one year

That is the real measure of productivity

What do we produce that other countries buy IN DOLLARS


VERY SIMPLE QUESTION

you seem to be mincing productivity together with international competitiveness.

It is not the people that are borrowing the money, it is the government putting us into debt, yet we are the one to pay it and our unborn children is that clear to you.

Moreover Nigerians are not lazy and unproductive it is the government that are lazy and not visionary

omonnakoda:
You are just waffling.

You are not answering the questions
You really do not have anything meaningful to say

Answer the questions

You said government is not paying off a loan. Explain
You mentioned $697 million again that is just nonsense.

Nigeria External Debt is $36 billion.

How will it be repaid that is the
question

Ok since you don't understand what I put up at the starting of my post.

First, I said the borrowing of money to finance long term infrastructural projects is wrong, it is not viable.
Second, I said our focus should be on reducing the rate of poverty by deregulating the sectors that they are borrowing money to fund the infrastructural project just as was done with Telecommunications.

Third, I said the easiest way to grow a nation and economy is to push more money into Human Development and Human Capital Development for productivity and wealth creation.

Don't ask me how Government will pay the debts when I am complaining about the debts.

Mind you the debts we owe includes the money the likes of Dangote and some other big businesses borrowed, the state government and the Federal.

From my posts, all I said is our Economic and governance model are not viable.

Go and ask Buhari about debt payments and not me

omonnakoda:
There is no generalisation
Productivity is measured by GDP per capita.

By that measure our people are not productive.

What is it that we produce and sell to the world to earn the dollars to repay the loans

What do we actually ADD VALUE to.


I am no enemy of progress but the truth is bitter. We must , I emphasize MUST borrow with the ability to pay back as the number one consideration. NOT what we think we need.

Some might put forward the idea that our capacity to repay will expand when these projects come online. That is fantasy

Human capital is what enhances capacity to pay back

Let us even start by making furniture(anything) that other countries want to buy.
Not commodities
We are collectively an unproductive people. Ranked 136 on GDP per capita

136

Nigerians are very productive, even in the north our problems are our political elites they make life miserable for the people through their lazy Economic models and self-centered approach to governance. The last time I checked Nigerians export Furnitures

omonnakoda:
Government not paying loan? Please explain.
I do not need links just tell me what your point is

Are you saying government made $697 million from furniture ? Yes or no

it is your tax paying and the accrued revenue that is paying the loan borrowed and not the government.
For them they are even having cuts from the loans

omonnakoda:
Government not paying loan? Please explain.
I do not need links just tell me what your point is

Are you saying government made $697 million from furniture ? Yes or no

There are lots of revenue generating sectors and sub sectors that they won't tell you, from different aspects of agriculture to mining, to forestry, to tourism, oil and gas among others.

Ok let us look at the Furniture industry for example.

There are more than 100,000 furniture makers in Nigeria. And internal revenue service collect taxes from them.

Also there are tens of companies that make nothing less than 5 Billion Naira in revenues from Furniture making.

If furniture makers make $697 Million last year and government collected their VAT, Income tax and the rest, let say everything amount to 20% is that not a good source of revenue.
Why don't you give such subsector a boost by pumping more funds into such areas for human capital development and productivity but it is barely impossible because of the debts collected for recurrent expenditure.

The main challenge I have is why are they not borrowing to fund the cash cows

omonnakoda:
Furniture is not the issue here.
You are the one going off key.
That was just an example.
The point is how are we going to pay back the DOLLAR loan by adding value to ANYTHING. Instead of addressing that you are telling how you and furniture makers party together

Two things
1, You say $ 697 million was generated from furniture. Can you provide a source
2. Was this generated for government or the furniture makers

Remember it is government that has to repay the loan not the furniture maker

How will government pay pack the loans

Here is one of the links

https://www.statista.com/outlook/dmo/ecommerce/furniture-appliances/furniture-homeware/nigeria

Mind you, the government is not paying any loan, it is the tax and revenue that pays it.
Don't let anyone deceive you that Government are the one paying the loan. And if they are they pay after collecting from you

Lazycapitalist3:
Well, the newspaper got it wrong in my opinion...plus I have searched online for any recent project in India re rail....and nothing comes up matching your N40 billion naira project. Most of the recent Indian projects cost more than that.

I doubt 40 billion naira would be enough to do a large Indian rail project. Nigeria is corrupt...but not that corrupt as you paint it.

The report from 2012 puts IR cost for 129 NEW LINES at 12500 crore...which equates to nearly 1.25 trillion dollars by the way.

You obviously read another information. Check out the link below, what I calculated as at then amounted to 40 Billion Naira. May be they created another later

https://www.railway-technology.com/news/newsindia-opens-longest-rail-tunnel/

omonnakoda:
Guy stop telling what "you know" as reality

What does furniture making contribute to GDP ?

How much did we earn from tax from furniture making in dollar terms that will

HELP REPAY THE LOAN

That is how to analyse issues. Facts and data .


Not anecdotes

You cannot insist what you "know" is reality.

What does Nigeria sell to the world aside from oil?
How much exactly is it worth.
How much of that accrues to government revenue to help pay the billions of dollars debt?

You keep going off key.
Go back and read what I wrote, already The government has placed a ban on importation of some furnitures. As at last year $697 Million was generated from Furniture so what are you saying.

I repeat again empower the people, make them productive and they will fund our projects that is exactly the same economic model most top Nigerian churches are using

rottennaija:
I thought you had something serious to say. A country with more than 200m people and you think rail service is not urgent?

Rail improves lives of people and promote industries. It helps to reduce cost of transportation and thereby goods and services.

you missed the whole point.
Other Developed nations financed their rail project through Crowd investing and not debt that is the point.
If Government Deregulated airways, waterways and private buses and cars run on roads same should be for rail let the private sector run it. It will foster competition and create jobs for natives

omonnakoda:
There is no generalisation
Productivity is measured by GDP per capita.

By that measure our people are not productive.

What is it that we produce and sell to the world to earn the dollars to repay the loans

What do we actually ADD VALUE to.


I am no enemy of progress but the truth is bitter. We must , I emphasize MUST borrow with the ability to pay back as the number one consideration. NOT what we think we need.

Some might put forward the idea that our capacity to repay will expand when these projects come online. That is fantasy

Human capital is what enhances capacity to pay back

Let us even start by making furniture(anything) that other countries want to buy.
Not commodities
We are collectively an unproductive people. Ranked 136 on GDP per capita

136

it is obvious you are not true with reality. I know lots of furniture makers that make top notch products. It takes it back to what I said, the focus should be on skill development for productivity. When a government spend more money on paying debt when will they have time to finance human capital development

Lazycapitalist3:
You are contradicting yourself here...is it the tunnel alone or the tunnel plus rail project that cost 40 billion naira?

Plus the Indian project in question cost 310 billion naira apporximately..not 40 billion naira.(750 million dollars )..for a underground line running 16.6kms.

That was the value as at that time. That was what I read in the news paper, you brought up another news I read it in an hand held news paper and I know what I am saying,it is not an underwater project.
Do you understand.

rottennaija:
So how do you finance these projects the country needs so urgently?

Deregulation is the answer open it up to everyone let people pull funds together sourcing it locally or internationally through investment banking and equities just as the MTN, AIRTEL of the Telecommunications Sector did

The painful part of it is that we are making sluggish acceleration in terms of our infrastructural development because the government did not deregulate road and rail construction just as they did to Telecommunications.

The Nigerian Railway Commission is not supposed to be a monopoly instead a regulator. This will create competition and lots of rail routes.



If Bill Gate bought 17 Billion Shares in Canadian Rail Network and Warren Buffett did same also in one of Chinese Local rail project why are we still going as snails depending on debts.

As I conclude, I remembered a lyrical part of one of Fela Anikulapo Kuti songs which goes like this.
Mr Teacher don't teach me nonsense.

Instead of having educated political elites.
In my opinion we only have consciously manipulated educated ones who are running the operational models handed over to them by our former colonial masters. They gave them scholarships, they trained them not for our benefits but for theirs. It seems we are moving forward but in the actual sense we are not doing better than the early part of our independence even though the infrastructures are there.

What is the essence of the infrastructural development when millions of engineering graduates are unemployment or underemployed ending up as primary and secondary school teachers.

What is the Essence when millions of agriculture graduates are not in any way active in promoting food security instead they are teaching Agricultural Science in one private school or the other

Eventually we are yet in the era of neocolonialism.

What shall we do about this matter?

Now let me come to the Crux of the matter, railway construction financing.

Some years ago,that was 2012 I read of India completing the third longest rail project in Asia, a tunnel of several kilometers with just 40 Billion Naira as at then. Just a year or two later I watched the news of Ngozi Okonjo Iweala the then Finance Minister, (one of the Keynesian Economic Model juggernaut trained by Americans) went to China to sign for the debt financing of Abuja Kaduna Rail Project. The amount appended for the project was $300 Million equivalent to about 60 Billion Naira then.
Good Idea it seems then, but I was not happy why can't we finance it through crowd investing or Public Private Participation or Joint Ventures. I picked my calculator and realized that Nigeria was about 180 million people as at then. If the government had placed a development VAT of 100 Naira on 50 Million Nigeria a year earlier, they would have raised 5 Billion Naira monthly and 60 Billion Naira by the end of the year.

This booty traps make us instead of gaining from such decision become losers, making us major on the minor and minor on the major.

The debts makes us unable to take care of core areas like education, health, rural development among others.

Presently out of every 1 Naira Nigeria gets as revenue 85k goes into paying back logs of debts.

Kaduna state government borrowed $350 M, Lagos Borrowed billions of Naira. Federal Ministry of Transportation borrowed billions for rail construction but you hardly see the benefits all because we are in a rat race.

The truth is that infrastructures though good does not make sustainable development. If flourishing economy must be debts must be low, Human Development and Human Capital Development must be very High.

The philosophy behind it is so simple, let the people develop their country instead of trusting an outsider.

If you have read the book titled the confessions of an economic hitman or the wealth and poverty of nations or how an economy grows and why it crashes you will realize that the governance, economic and financial models handed over to third world nations are nothing but scams.

Reading from history your will realize that the Rail and Road infrastructural development of about 100 years ago were by Equity funding and crowd investing not debt financing.

As a matter of fact International infrastructural development banks like IMF, World Bank, Paris Club were created to continue the pattern of colonization and slavery using economic model.

The pattern is that borrow money to finance strategic infrastructures which are important for promoting economic growth and development but over hype the whole econometric so the nation falls into the booty trap of thinking they are on the right track unknown to them that are being deceived.
These debt financing comes with unimaginable clauses that only those who do not agree with Keynesian economic model will easy fathom out.

The painful part of it is that other beneficial economic model that are older than 200 years are not taught in our classroom, instead it was Keynes shabby and quick fix model which is not up to 100 years old that our financial leaders and political elites follow after. Obviously it benefits them and not the people.
The clauses in the debt including that core of the money goes back to the awarding body and country, they selecting the construction companies that will carry out the project. An already planned game as old as 60 years.
They send Economists and Marketers of International Engineering companies to leaders of third world nations to convince them on the need of new infrastructures, telling them of the benefits of having them and stating that they can even borrow the money from World Bank or IMF.

Rossiminku:
This country get money sha.

you mean the money we borrowed from China under stringent condition

Lovelynife:
Location?

Abuja

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