You have been rather patient with this thread
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Are you some kind of raging socialist or is your life submitted to the ‘Nigerian’ government?
If you think oil revenue is the problem, remember that in 1999 oil was $9/barrel and we were producing less.
And for progress over the years, compare power supply today and 1999.
Compare infrastructure
Compare potable water supply. Abia state achieved 82% under the last dispensation.
In summary, look at the MDGs between 1999 and today.
Use world bank and IMF info if you don’t trust NBS.
Also If your state does not generate money, don’t expect it to look like Akwa Ibom because bridges and coal tar cost money.
You cannot expect your hospitals to look like the ones in France when France spends more that your entire annual budget on health care annually.
And why does France have more money than you? It’s a long story, but they take 80million tourists annually while you only do 2million which will become less with your poor global PR.
So, let us be realistic in our demands.
And then we be realistic in our political expectations. Everything happening now to our economy was foreseeable.
GBP closed at 402 today.
We need to endure and ride it out.
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When will CBN realize we are not a f**king socialist country. You CANNOT ration how people spend money. Doing this just creates panic, and even MORE people will withdraw your precious dollars.
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This is the kind of talk that got us here in the first place. Gibberish words masquerading as sage intelligence. The only sad part is as we continue experimenting with these half baked and frankly, guaranteed to fail economic policies, the economy and more importantly people suffer.
In any case, @Uduak in your opinion (since you seem to see sense in govt actions), where do you think these will all end (apart from sorrows and tears)?
And while you’re at it, please recommend some books (not dubious links), so I can understand these strange mesh of economic policies the govt is implementing. Thx
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He mentioned earlier that he’s PDP guy, which is rather upsetting bringing party affiliations into this discussion. I’m not sure what anyone stands to gain by watching everything crash and burn just so they can say “I told you so” years later.
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Disagree with Facts. Nigeria government is going to borrow:
www.bloomberg.com/news/articles/2015-12-16/nigeria-may-sell-eurobond-early-2016-to-support-record-budget
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@PapaOlabode Please be clear that I do not agree with the economic or political ideology of the Presidency or Governing Party.
However, I do believe in productivity and I am sure that ranting here or at home will not change anything.
What exactly can you do other than adjust and ride it out?
However, there is a lot to gain from protecting capital flight.
Eg. Now you can buy local stuff on konga because Amazon and Asos are subject to international credit card limits.
And yes, you will use quickairtime.com when you want to load your intl lines because it is not subject to intl spending limits if you pay with interswitch.
And you wont jump to Miami for vacation next year because of the high cost of forex. So the money will end up being spent on something else around here. maybe you will buy a plot of land and some locals will benefit from the construction work.
So even though I dont agree with the government, I still see that every economic policy can be justified.
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Yes there is but thats not what the Buhari administration is doing. They are protecting an overvalued exchange rate. If you want capital to stay in Nigeria let the naira fall to 260. Lets see how many frivolous trips people will take.
Tough times are coming but great companies usually start then. MTN came to Nigeria in 2002 when there was no money in the economy. They paid 260 million usd for a Telcom license which none of our banks could finance. See where they are today.
Buhari should just spend his three years fixing infrastructure, education and health. Then in four years nigeria will be better off.
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Honestly, this sums up what should be done. @Uduak just so you know, interjecting Konga and Amazon is not how to fix deep infrastructural issues. All that ban this, ban that nonsense doesn’t work (I of course love how we’re told to say no to imported rice but exotic cars for senators is good).
I’m sure you’re oblivious of the fact, but no nation on earth has achieved anything without fixing it’s core infrastructural issues. But here we are debating how magic/miracles will alleviate our problems. Ban and all the problems will go away.
This movie has no good ending.
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Considering that I posted the original image on social media, this thread is hilarious!! I am causing capital flight??
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http://www.punchng.com/us-lifts-40-year-old-ban-on-crude-oil-exports/
Winter is coming!
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Winter has come ooo, with this 2016 crude oil price may be as low as $10 per barrel, God help us…CBN go soon ban spending of Naira in Nigeria.
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There’s talk that all this dollar scarcity will boost domestic production. I’d agree, if only we didn’t also need to buy machines (and the generators to power them) with forex…
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This has been an interesting read. But I think someone has earlier mentioned one of our major problems, which is the inability of the government to resolve economic issues with nothing other than unjustifiable financial policies. They simply create chaos with no alternatives for alleviation. God help us!
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CBN cannot sustain this iron-fisted socialist monetary policies for long, we can deplete our fx reserves defending a weak Naira. The best thing is to devalue Naira (I’d suggest to 250 to $1), remove fuel subsidy, focus on building infrastructures, ensure accountability in government and reduce waste (reduce recurrent expenditure).
We need to stimulate local production.
We can ride the storm.
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