₦airaland Forum

4th October, 2016

A LAYMANS GUIDE OUT OF THE RECESSION

This is a guide or road map by a man, whose knowledge of such “esoteric” science like Economics was learnt on the streets of the world; so calling me streetwise could be quite descriptive; lets go at how I think Nigeria can get out of the present economic quagmire and degraded Naira.

First; lets rescue the Naira;

CHANGE THE CURRENCY

No, not all the denominations but the ₦500 and ₦1000. We read the gory tales of how one of our former Military Chiefs would order his military accountant/pay master to exchange more than ₦800 million for dollars and other currencies every month end; we have heard about the soakaways and water tanks filled with Naira; we have heard about how the security details of one high ranking politician carted away more than ₦300 Million cash in one fell swoop; all our money that is stolen at the Local Governments Level, embezzled at the State Governments, parastatals and all the MDA’s; All the pillaging and purloining, diverting and misappropriating at various Government houses; State Houses, Legislative Houses, Business Houses and Kickbacks and Kickfronts all of them are stocked and warehoused in cash in private safes; underground bunkers, store rooms etc. They are mostly not in the banks.

At every opportunity the owners invade the black market to exchange the Naira for Dollars, Pounds and other foreign currencies. These “owners” are prepared to buy the foreign currency at any price. Any price; because they have excess naira. These are the ones whose demand for forex devastates our naira.

Traders; real; business people and manufacturers who need forex to sustain their productivity are wary of replacement value and are fearful of the capacity of their customers and off takers to afford the new prices which the high cost of forex will impose; they are not going to buy forex at any price because their businesses and customers will not be able to afford the increases; so they close shop, retrench, or change their line of business. They are victims; they keep hoping their banks will help them secure forex at bank rates.

So, if the Government announces tomorrow that the currency will be changed in two months; we will experience a complete battery of the Naira; it could exchange for as much as ₦2000 to the $1 as most of these crookedly acquired Naira is outside the banking system and the owners of the Naira might not be able to return the money into the banking system because of the restriction on how much cash can be deposited in one transaction and the requirement of the Law that any deposit above a particular amount must be recorded and reported to the authorities. If you have ₦5 Billion cash; even if you employ your whole village; you will leave a trail, so to the black market to chase dollars all the “illegal” Naira will go.

The Government must change our ₦500 and ₦1000 currency before the end of 1st quarter 2017, if we want to attract all the huge money into the banking system. This will help the economy as all the banks will be aflush with cash and the liquidity crunch will vamoose; the banks will become liquid and awash with cash. They will immediately survive the Treasury Single Account (TSA) cash crunch and the banking economy will begin to look brighter with less pressure on the staff to go get deposits, because the only way those with all these moneys can exchange it for the new currency is to get it into the banking system.

REVIVE THE CAPITAL MARKET

I must confess that this idea unlike the first is not originally mine, I will give credit to our former President General Obasanjo; who while in support of the sale of some National Assets, prescribed that it be done through the Stock Exchange.

If you want a riot which no police force; JTF or any force can stop attempt to sell our stake in NLNG to any corporate or cabal or person or institution of whatever colour; But if like Obasanjo suggested, the government brings 5% of its stake in NLNG into the Stock Market through an Initial Public Offering with clear instruction that no entity can buy more than a particular allotment; we would have used one stone to kill so many birds as our Capital Market will get some badly needed oxygen; the government will get needed liquidity to fund the budget or whatever and the people of Nigeria will also have a personal stake in the goose that lays the golden eggs. The revival of the Capital Market will add fillip to economic activity.
In addition; NCC can “persuade” the big telcos, viz: MTN; Glo; Airtel and Etisalat to sell maybe 10% of their shares in the capital market.

UNBAN ANYTHING THAT IS NOT NARCOTICS OR GLOBALLY PROHIBITED

The irony of the Nigerian experience is the hypocrisy which all our governments practice when they prohibit or ban goods which all the authors of the ban use; take imported fabrics and furniture for example.

The only people who benefit from these bans and prohibitions are smugglers and corrupt customs Officials; the Government loses revenue and income.

It is not true that Nigerians prefer foreign goods to Nigerian goods; what I know to be true is that Nigerians prefer quality goods; that is why Nigeria is the only place where you have even grades of inferior or fake goods; yes there are grades of “Taiwan” products and “Tokunboh” products and even grades of “fairly used” products; in the fairly used category the highest grade is called “follow come” while the new products are simply called “tear rubber”, I love this country. Nigerians prefer Nigerian made cables and wires because they are the best quality; when cars used to use tubes, Nigerian made tubes were the best.

GIVE MONTHLY ALLOCATIONS TO THE STATES AND LOCAL GOVERNMENTS IN DOLLARS

My recommendation that the Monthly allocation to the three (3) tiers of government by FAAC where all the States Commissioners of Finance and their Accountants General go for the monthly ritual of our “Feeding Bottle Federalism” apologies Senator Ike Ekweremadu be made in Dollars. My reason; most of the money shared is revenue from our Oil and Gas Exports and this is in forex; the Naira components must be distributed in Naira (These are largely VAT; Custom Duties and FIR Sources). Since all the moneys are paid through the Banks; the forex should be paid into the State and Local Governments Accounts in their nominated banks; the Legal tender in Nigeria is Naira, when the Governments want to draw their money, the Banks will pay them the Naira equivalent as the Dollars would have been exchanged for the Naira payments of Business People and other genuine consumers of forex like students school fees approved by the Central Bank of Nigeria (CBN), on no account would the Banks pay dollar/forex cash under this very well monitored regime to the states and their Governors.

It is a notorious fact that once the monthly allocation is received the corrupt government officials head straight to the black market to buy dollars on behalf of their principals; but with our proposal, if they want to go to the black market after collecting Naira from the banks no problem; as the legitimate genuine users with letters of credit and CBN approved invoices can purchase dollars from the banks;

In addition to this, the Federal Government must abolish the dual exchange rate practice where some favoured interests are allocated forex at “an official rate”, different from what others can get from the banking system. The Emir of Kano and former Governor of Central Bank of Nigeria Alhaji Sanusi Lamido Sanisi, sometime ago informed the whole world that a new generation of millionaires have emerged from those who receive such favourable allocations. These rent takers who clearly have considerable influence in very high places will fight to ensure the current policy continues as they are gratuitous beneficiaries of a policy that will keep us in recession and keep them awash with cash via arbitrage.

If all these measures which are not difficult to execute are implemented we shall witness a recovery of the Naira; a recovery of our Capital Market; a recovery of our Manufacturing and Real Sectors, a rejuvenation of our Banks with liquidity; a leash on corrupt Government Officials access to unlimited cash as even the Governors must return ALL the Security Votes they have stashed in Government Houses and sundry Safes into the banking system to exchange for the new currency. The recovery of the Naira will happen before our eyes by the second Quarter of 2017; if our recommendations are religiously implemented.

Finally; the government must get rid of senior government officials whose conducts are inimical to getting the Nation out of recession; a Minister who is hostile to investors by failing to do what needs to be done to improve the ease of doing business in Nigeria or clearly undermining due process like refusing to table before the Federal Executive Council a transaction that has passed all the regulatory approvals by Ministries of Justice, Finance, ICRC and even the mother ministries management; Thus if a jaundiced minister fails to pass a project or transaction that is viable to the FEC such a minister is an economic saboteur. A government that wants to get out of recession must insure that its ease of doing business regime meets international best practices from the airport to the boardrooms. A scandalous story in the newspapers about a minister’s obstruction of a ₦68 Billion cash investment to turn the National Theatre and fallow grounds around it into a mini Disney World will not help us get out of recession. Such misfits must leave the decision and policy implementation process

Nigeria go survive.


Chief Chibuzo N.Ziggy Azike,Ksc.
Member of the Honourable Body of Benchers

cc lalasticlala

Baba

This one na Asa beke

The iconic SL500

Irrelevant

majoh163:
Dangote wants to buy NLNG

You saw it

menxer:
Is Egbin the only power plant in Nigeria, how can he make such statement?

It's our base plant

lofty900:
Very educative, especially for porn lovers. Imagine how embarrassing it will be if your father check ur browser history and see porn downloads

Once

DRealGeesam:
Please give me the details of what u intend to use the borehole for, is it home use, community use or industrial use?
If it is home use, there is absolutely NO WAY U WILL USE 2,000 liters a day talkless of 15000 liters
Anyway to answer your question,
the average depth of borehole in osogbo is 140feet to 250feet.
ONLY use compressor rigs else those regular rigs that they drag along would just waste ur time and money they are so limited in power and they cant drill through rocks on time (they will spend weeks doing a job that only takes 3hrs max)
For osogbo and Ilesha, drillers charge 450k-650k (from my experience with them) you can ask around for their latest prices. (Remember only go for good air compression rigs for efficiency)

For the solar pump that would give you your 15,000 liters (pls verify cos this looks industrial it could be too much or too little)
For that capacity, buy a grundfos sqflex 2.5 or a Lorenzo solar pump, or a sun pump (cos of the amount of water you need and reliability)
These pumps range from 265k to 300k in the market (NOT SOLD IN OSOGBO, cos i am from osogbo ) so go to ibadan or lagos

You will need at least 8 solar modules of 80watts each to guarantee good current even at low sun shine. Depending on the brand you are buying
Common chinese products cost 15,000 and less (some are even very cheap)

Top brand chinese products cost about 20,000 (very reliable)

Top brands such as BP, Seimens, sharp, grundfos cost between 25,000 to 35,000
The choice is yours( they dont all have the same lifespan and efficiency)

Always buy monocrystalline not polycystalline solar modules

The price of the panels depends on the suppler, many sell at inflated prices and rebrand the panel (ask alaba boys)

Then u buy pipes, marine ripe and 4mm 4 core flex wire for the installations

Hope this helps
All the best

I hail your good work
Why not polycrystalline SP

emmaak2:
OP YOU DID NOT FRY THE TOMATO PASTE?

No I didn't

Bossmd:
For how long have you been using it? Bear in mind that the trial period for Apple Music is 3 months. So the fact that you have been using it for so long doesn't make it free. After the 3 months trial period, charging commences and if by chance your card has insufficient balance you will be denied access.

Close to 2 yrs

mayorjosh:
But what?

Dara shouldn't be an issue

mayorjosh:
Will it play offline sha

Once you download, it will
But

mayorjosh:
I need an avenue whereby I can download without paying.apple does not even consider exchange rate when deducting their iTunes money

You don't pay na
After that 1 dollar
I've been using if for so long eh

Check to see if the rice is dry
If it is dry congrats
If it isn't
Snapchat something stupid
Like "undone jollof"

Serve yourself

If your food didn't turn out like mine
I'm very sorry but better look next time

Put enough vegetable oil in a dry pot
Allow to get hot
Put all the onion and stir
Put your curry and thyme
When the onions start bringing compliments
Put your already sieved rice in the pot of hot oil
Fry for a short while
Add your grounded pepper
Keep stirring
Once it's all the water has dried
Put enough water
Then add all the other ingredients
In no particular order
Cover the pot
Then go and play FIFA 16
After one match against that guy that makes mouth too much
( or be a normal person and fry the plantain)

Procedure
Chop onions
Dice carrot
Wash rice and sieve ( I don't parboil)
Grind pepper
Open tomatoes
Open sardines
Eat half of the sardines 'yummy'

Ingredients
Rice
Onions
Peppers (Any kind idgaf)
Tin tomatoes
Sardines
Stock cubes
Salt
Oil
Curry
Thyme
And most importantly plantain
And any other stuff you think is necessary like
Carrots etc

This is how I cook my jollof rice when exam is the next day and I'm forming serious
Final year student

Icecomrade:
Learners are gradually showing themselves

The great Micheal Schumacher has spoken
Sorry sir o
It's just that clutch and gas balancing kill
The clutching system fast

mayorjosh:
Please how did you get the Spotify on your iPhone cos I can't find it in the AppStore and does it play offline...am tired of streaming songs

Have tried you Apple Music

Annalise:
Please can you explain this? What if I buy someone's used macbook?

iTunes is synced to specific Apple IDs
To use another iTunes is to lose all data and start from scratch( only for songs, pictures and tones)
But the people here don't do research
You can transfer songs with media monkey
You can exchange apps with iTools
Apple is cool but don't be miserly with data
Ps Siri calls me daddy

greenhulk:
Buy whatever makes u happy. Do u think a busy man with a good paying job has time to be manipulating his phone? Whether it is Android, iPhone or Windows phone just get whatever makes u happy (if u can afford it). I used galaxy s6 for over a year and it is the best phone I have ever used (apart from the very poor battery life). I also have an iPhone 5s which is the most reliable responsive phone I've ever used. I sold my s6 3 days ago and decided to give Chinese phones a try.

Bought an Infinix hot s for 50k still kept some change from the sale of my s6. That is my first Chinese phone and oh boy I don't think I will ever buy a Chinese phone again. Upon all the hype about the camera , the camera is NOTHING TO WRITE HOME ABOUT especially in low light. The phone lags from time to time and the screen resolution is so wack compared to the s6 and iPhone 5s, screen fails to respond from time to time especially when pulling down the notification tray. I am going to use this phone for about a month and sell it get an iPhone 7 or galaxy s7 edge. Really if u can afford a high end phone just buy it and get a rest of mind.

My brother you understand jare
iPhone is the most responsive phone
The interface
The music
The apps
The camera
The apps
The responsiveness
The browser
The everything
I shoot videos and edit,because of the iMovie I
I downloaded mistakenly
I have led Zeppelin and Bon jovi albums abs the best 80's tracks on my phone without scouring the torrents
Or is it xender
Haba of all the phones I've used
(Nokia, bb, techno, htc)
iPhone na boss

Driving manual cars in stop and start traffic is very annoying but it's possible and even interesting but it takes getting used to
I drive Manual in Lagos but when I see go-slow on an ascension,I cry for my clutch

shoyemiayodeji:
Bros you dey yarn nonsense......why would they spend millions of dollars to take care of a website that brings little or no money for them.

Leave that lizard alone

Get your facts straight
This is scrap

Iro

If only your father was dangote

adanny01:
If I understood what you meant correctly, then I would say that's very dangerous.

Earthing/grounding systems should have no connections whatsoever to lightening protection system.

Its better to have one of the systems and not have the other than to connect them together.

Not so,ground/ earthing is connected direct to the electrode
It's very safe and its standard industry for buildings cause the Lightning arrestor copper plate is more or less constant for all building depending on the Lightning tendency of the area
But
The earthing varies with respect to the size of the building