OgbeifunErom:
ok

Rubbish

When will GEJ and his supporters explain this?

benpedro:
The foreign investors will just come, look at the fixed official rate and the parallel price of a dollar to naira and shake their head.what an unserious bunch of black asses.And please all these politicians here including the president himself should abstain from discussing the economy because most of them have little or no clue about basic economics.The VALUE of a currency DOES NOT depend on your emotions or your dreams of an industrialised nigeria but on the DEMAND of the naira in the money market!The true VALUE of the naira is what is obtainable in the parallel market and not the fixed CBN official rate.There are so many people especially those nigerians living in the diaspora who have lots of foreign currencies(of course their host countries must have devalued their own currency to the dollst)to send but sees the cbn official rate as funny and unserious,hence they will keep [b]their money waiting until the naira is OFFICIALLY devalued which is BOUND to happen sooner or later![/b]I am still waiting to see some of you here supporting this policy that are importers of anything including raw materials or cars who have gotten the dollars easily at the official rate.The price of everything has skyrocketed in the market and the president is saying he don't want to suffer the poor masses smh

Progressive01:
#Clears throat..

Goodluck Jonathan was an Ineffectual Buffoon - The Economist (2016).

TippyTop:

Same Nwobodo is now a chieftain of the APC.

benpedro:
The foreign investors will just come, look at the fixed official rate and the parallel price of a dollar to naira and shake their head.what an unserious bunch of black asses.And please all these politicians here including the president himself should abstain from discussing the economy because most of them have little or no clue about basic economics.The VALUE of a currency DOES NOT depend on your emotions or your dreams of an industrialised nigeria but on the DEMAND of the naira in the money market!The true VALUE of the naira is what is obtainable in the parallel market and not the fixed CBN official rate.There are so many people especially those nigerians living in the diaspora who have lots of foreign currencies(of course their host countries must have devalued their own currency to the dollst)to send but sees the cbn official rate as funny and unserious,hence they will keep their money waiting until the naira is OFFICIALLY devalued which is BOUND to happen sooner or later!I am still waiting to see some of you here supporting this policy that are importers of anything including raw materials or cars who have gotten the dollars easily at the official rate.The price of everything has skyrocketed in the market and the president is saying he don't want to suffer the poor masses smh

NavierStokes:


That is exactly the point, because a lot of foreign investors can't bring in the much needed forex until after the devaluation, which will definitely occur.

benpedro:
bro relax,what Buhari and his economic team are doing is initial gra gra anf the smart investors knows what is the reality in cases like this.Nigeria is BROKE!no dollars,oil is now almost useless.They export crude oil yes but at lost,they get the dollars yes but they spend almost all the dollars refining it outside the country.You get it?.....It's just a matter of time,the dollars in the foreign reserves will exhaust and et voila reality will set in.My advice to anybody in Nigeria is to invest in landed properties and those in diaspora to jejely keep their money in the bank of whatever country they resides or even invest it their until the inevitable happens

NavierStokes:


Just when Buhari and his supporters give a timeframe on this.
www.nairaland.com/attachments/3344937_unnamed_jpegeb81ef0de119b1bcb59ef5b3f061480c

Bevista:
Poor title of article. The Economist did not accuse PMB of worsening Nigeria's economy. They merely criticized the administration's FX and Imports Policy.
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They spoke glowingly about his efforts to plug leakages to shore up government revenue. They also credited the expansionary budget aimed at infrastructural development and diversification of government revenue.

Hengineer:
...And who told you it is not possible to stabilise oil prices?? What do you think is the essence of OPEC??

Below is a link to a highly educated, qualified and experienced Diezani making EXACTLY the same statement in 2014
http://www.frontiersnews.com/opec-presidency-ill-push-to-stabilise-oil-price-%E2%80%8E-diezani-alison-madueke/

arresa:



Investors have no choice but to return and they have to on our terms and not theirs. We have to look out for our own interests and do what's best for us. They are looking out for their own interests and not Nigeria's interest.

We are not going back to the same old system where the very few drained our FOREX. The best thing fr us is what the government is doing by cleaning the system.

Investors can not overlook over 150 million people and unlimited untapped opportunities do they'll be back, just on sanitized terms and in our favor.

TippyTop:


Buhari have been doing everything possible to kill the Nigerian economy since 1983.

Bevista:
The budget is fraught with disturbing allocations, but it doesn't preclude the fact most of the funds have been allocated to Capital Projects.
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I will excuse the administration on this budget, since the cabinet had less than 2 months to get it ready. I will draw my conclusions by the 2017 budget. Remember, the APC is operating in Aso Rock for the first time, so one should expect some Inexperience to show.

airsaylongcon:


What do you mean they had less than two months to prepare it? They resumed office in May 2015. Did they present the budget I'm August? or didn't they know that a budget was due in December when they were sworn in May? Wasn't it this same government that said as early as September that they will not pay is #our5k because they didn't write the then existing budget and #our5k wasn't part of that budget? So what do you mean they had two months? Oh so because the cow charmer spent his time looking for so-called angels to become noise makers (ministers) we should excuse his delay? Abeg e

he refused to let the market set the value of the currency. Instead he shut out imports, causing the legal import trade to fall by almost 50% and killing much of Nigeria’s nascent industry in the process. Between 1980 and 1990, carmaking fell by almost 90%. Today, as in the 1980s, the president is making a bad situation worse.

benpedro:
like I said before, the VALUE of the naira does not depend on your emotions or dreams and aspiration for a self sufficient industrialized Nigeria but on the demand!!! And as I can see from your second statement about Jonathan, you are a politician and not an economist.And who are you to tell investors who have their money how to invest it?lol you have 150,000, 000 consumers of which more than half are broke ass nig44s whose conditions will worsen in the coming months. And remember that the argument is devaluing the naira OFFICIALLY this time because it has already been devalued to its REAL VALUE in the parallel market hence the skyrocketing of the price of goods in Nigeria today

arresa:



And like I said, it's up to us to clean up our house and formulate the best economic and financial policies for us, not the portfolio investors with zero care for us and our welfare..

Portfolio investors crying all over the place because they want to make a quick buck, but who cares, physical investors are still entering Nigeria and setting up shops daily and creating jobs.


Procter and gamble, the world's largest manufacturer of consumer products just expanded into Lagos with another huge manufacturing plant, this is there 3 plant after Ogun and Oyo state plants and many more are making the same moves. This is the economic power of 150 million people. This is what we need, not portfolio investors and currency speculators.


We are not under any kind of illusion that things are going to be rosy within a year or even 2 after the rot, pillage and decay we just suffered in the last 16 years and in particular, the last 5 years..

We survive when oil was selling for less so what's your point.

Bevista:
I would beg to disagree that the expansionary budget is "wrongly praised". It is exactly what is needed to invest in infrastructure and other parts of the economy with a view to diversifying government revenue. How else do you want government to plan for future revenue in the face of falling oil prices.
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But, yes, the administration FX Policy is so out of sync with economic realities. Extremely poor from Emefiele & PMB.