GreatSage:

You think further devaluation of naira will help u? When you start paying N200 for something that was initially N120 then you will understand that this life is cyclical.

Huncle, it doesn't matter

CodeTemplar:
Must you attribute success to our past failing leaders in order to highlight the flaws of the current one failing us? We never made any 30 years of progress but stagnated/slowly regressed for over half a century.

I meant we have lost 30 years worth of potential growth , meaning it will take Nigeria 30 years plus to recover from the Economic and Security damage Buhari has caused

SoNature:
I don hammer oh!

They should make it #500

When we pleaded with the Buhari fanatics not to vote for the dullard, they said their minds were made up.

Buhari is a blessing in disguise.

Freelancing is fun!

Too short sighted

SanusiGworo:
A wise man once said:
"When Dullards govern, the poor suffers"

Everybody should just forget about Naira and focus on Dollars. 1 dollar will soon be 2 bottles of beer and you can easily make 30$ a day online if you search. God help us, as we commot mind for Nigeria matter.

salbis:
My hustle is paying gradually, i must save to leave this country by God's grace.

Bro hurry up. May God grant your heart desires.
The zoo has fallen!

This is really a bad prediction for Nigerians as inflation will skyrocket again and it would be worse for for people who trade internationally business people but the consumers and the poor masses will be the ones to eventually bear the brunt I can recollect when the dollar shot up against the Naira in 2015/16 most imported goods had bout 100% increment in prices....one people who earn money in foreign currencies would be able to cushion the effect....salary earners civil and public servants would so much feel the heat Nigeria is a consumer nation we survive so much on imports....the crazy inflation that would follow this devaluation would make the purchasing power of the Naira near useless.

Good news for yahoo boyz

If you're living in Nigeria, and not earning foreign currency, you need to re-strategize.

Affiliate marketing, Google adsense, Merch by Amazon, Shopify, fiverr, etc.

Pick a niche
Buy a domain
Drive traffic
Build a list
Repeat.

Our problem has always been the Dutch disease.

frugal:
If you're living in Nigeria, and not earning foreign currency, you need to re-strategize.

Affiliate marketing, Google adsense, Merch by Amazon, Shopify, fiverr, etc.

Pick a niche
Buy a domain
Drive traffic
Build a list
Repeat.

Thanks for this info.
I will appreciate your guide on this. thank you.

Devaluation is not the answer, not now and never. When we devalue our currency; it leads to high inflation, high interest rate, low Naira purchasing power, reduced per capital income, economic instability, ... The results of these are;

1. The poor will get poorer based on reduced purchasing power of Nigerian earners and also due to inflationary repercussions.
2. Nigerians will continue to lose brick and mortar foreign direct investment, will only attract short term portfolios investment that's not in the best interest of our economy. Foreign companies will invest in countries with increasing per capital income.
3. Nigeria will pay more for dollar denominated debt. Currently, Nigeria spends more than 20% of the budget to service debt annually. Devaluation will increase this number northward of 30 - 40% of our budget overnight.
4. Devaluation will continue to de-industrialize Nigeria. Manufacturing economy will remain only a mirage. High cost of funding, high inflation and overall unpredictable economic environment threatens general viability of all long term investments.
5. Nigerians will pay more for general trade; overseas trip, medical tourism, international students,
6. Devaluation of naira will continue to weaken our voice on a global scale. African Countries with better currency, higher per capital income and better economic viability will always attract investments and other opportunities over Nigeria. Hence, they will continue to be the voice based on their economic advantages. Reason why South Africa is the voice of Africa and not Nigeria.

I know some people; countries, hedge funds, unscrupulous Nigerians, are hell bent on crippling Nigerian economy and devaluation has always been the go to script to achieve that. The same script keeps playing out over and over since 1986 when Babangida instituted Structural Adjustment Programs (SAP). It always start with "low tone" local media propaganda such as this: to gain support locally, to encourage people to circulate their propaganda, to force panic attack on naira. Followed by "loud" international media propaganda where IMF, World Bank, CNN, Bloomberg, Forbes and others push for this sinister coup to force the hand of our government to devalue.

While I am not absolving our government of complicity. The high spate of insecurity, profligacy, nepotism, political risks, and other factors contribute to our position. But, these same factors and problems exist in Britain currently due to "Brexit". Why is the "pound sterling" waxing stronger everyday?


Say no to naira devaluation. It is not good for our economy, not good for our citizens and it is not good for our upcoming generations.

GamalNasser:
Nigeria just lost not 8 years but 30 years worth of progress to the ineptitude of the very failed and hyper incompetent Buhari who has absolutely nothing offer than his state sponsored 3 prong Jihad war and the empowerment poverty .... Yesterday Dangote released it profit and loss reports which shows Dangotes profits down by 50 percent and exports down by 41 percent due to self harming Buhari border closure

Aswear

GamalNasser:
Nigeria just lost not 8 years but 30 years worth of progress to the ineptitude of the very failed and hyper incompetent Buhari who has absolutely nothing offer than his state sponsored 3 prong Jihad war and the empowerment poverty .... Yesterday Dangote released it profit and loss reports which shows Dangotes profits down by 50 percent and exports down by 41 percent due to self harming Buhari border closure

We must be skeptical when criticizing. your comment is indicating the past administration has been perfect putting all the blames on Buhari. Let's be sincere for once without being partisan. If you squander all the money you're meant to use to Carter for your household eventually time will tell when the repercussion of your carelessness will come. How do you think the looting that has been going on since 1960 till date won't affect the Economy? Other countries with vision are switching or expanding her means of making profit while we relied on oil and still yet squandered the money for selfish use without investing it in something meaningful .


I'm in support of the border closure that's what made China what's it today building your local industries first before you open them for competition right now despite the closure we still find it difficult to consume local Rice. Talk less of when we open it.

What the APC government is doing on the issues of border closure is what Nigeria should have done in 30 years back the result would have been different today.
Read the thread very well the fall of the oil price is not controlled by Buhari or the APC it's a Global Market how can you blame him when the price fall? I'm not a lover of any political party but I must say the truth. Oil prices was booming during the PDP Government but the thieves in charge used the money to sponsor Election both in pdp And Apc. I blame Buhari for insecurity he's not doing enough but on this fall in oil price I can't blame him.

Whatever PMB is suffering today is what GEJ did in his time and the next president that will take over from PMB will also suffer all the things PMB did in his reign until we start electing president based on competence Nigeria will be on a decline train till Heaven comes keep on voting for political party and your ethnic group.

Gnaeusmagnus:


PDP won't have done differently.

And no, APC has failed too. But your side won't do better.

The issue is Nigeria is dependent on oil. And until we stop being dependent on oil, the economy will keep on falling.

PDP and its mirror APC have no idea on how to get us off oil. All they want is to share money

So,if PDP won what would they have done?

then let us toe the way of true federalism and allow states develop. Even if it is gradual we can all competitively arrive at financial stability for all states..Nigeria, its large number of voters and the leaders are all fools who have brought the nation to its knees.. let's all suffer the consequences.. I cant believe that after 5 years we are still where we are or even worse of.

# the next evil just begun!

No thanks to the dumbest ever ruleth!....the shithole is on a cliff edge!

SanusiGworo:
Bunch of economy novices running a multi million dollar economy.

Check the facts below.
www.nairaland.com/attachments/11111944_screenshot20200226105918twitter_jpeg6c96ef82c164ae3aa22d75356c7b4bd4

my utmost respect for DORA!!

bayelsaowei:
then let us toe the way of true federalism and allow states develop. Even if it is gradual we can all competitively arrive at financial stability for all states..Nigeria, its large number of voters and the leaders are all fools who have brought the nation to its knees.. let's all suffer the consequences.. I cant believe that after 5 years we are still where we are or even worse of.

True federalisim is not going to work for Nigeria development wise.

Because all of you will go and sell raw materials and use the money to import. The South South will go and use its new found oil wealth to import and import.

Yes, things will appear good...but at the end of the day when the price of cocoa, cotton, palmoil, crude oil and groundnut as well as beninseed crashes below the level needed to sustain each region, the same problems we are experiencing now, will come and disturb us again.(Note that we do not control the price of all the commodities each region wants to sell)

For Nigeria to develop, our economy needs to be based on manufacturing and exporting manufactured products. That is how China went from being a broke nation behind Sierra Leone in GDP per capita in 1973 to the lender of the world. That is how South Korea went from being far behind Senegal in 1963 to a first world nation now.

That's why I don't support true federalism, regionalism, etc. Not because they are bad ideas, but because at the end of the day, each region will become like Nigeria now under Buhari when the price of their raw material crashes. Poor, resource dependent nations. Because if you guys think that selling oil, cocoa, cotton, palm oil and so on and sharing the money is development, then I'm sorry...you are just exposing yourself to being kicked again and again by the developed world economically.

It is also one of the many reasons why I don't back Biafra. Biafra will end up being even more dependent on oil than Nigeria. And when oil crashes to $40 and below.9as it would)..Biafra would be broke. Most Biafrans hope their country will be like Dubai...forgetting that if oil crashes low, Dubai would end up being as broke as Nigeria. No money to import all the fancy stuff they use to pose as a big nation. Same for most oil producers.

Infact one thing APC, PDP, Norhterners, Fulanis, IPOB, Amotekunites, Afenifere, Yorubas, Ijaws, etc...is that our idea of development is selling raw materials and sharing the money. That's not development, that's cheating yourself and the future generations.

SanusiGworo:
Bunch of economy novices running a multi million dollar economy.

Check the facts below.
www.nairaland.com/attachments/11111944_screenshot20200226105918twitter_jpeg6c96ef82c164ae3aa22d75356c7b4bd4

But Igbos wanted to kill Akunyili na abi no bi Igbo again ni

anonymous1759:






We must be skeptical when criticizing. your comment is indicating the past administration has been perfect putting all the blames on Buhari. Let's be sincere for once without being partisan. If you squander all the money you're meant to use to Carter for your household eventually time will tell when the repercussion of your carelessness will come. How do you think the looting that has been going on since 1960 till date won't affect the Economy? Other countries with vision are switching or expanding her means of making profit while we relied on oil and still yet squandered the money for selfish use without investing it in something meaningful .


I'm in support of the border closure that's what made China what's it today building your local industries first before you open them for competition right now despite the closure we still find it difficult to consume local Rice. Talk less of when we open it.

What the APC government is doing on the issues of border closure is what Nigeria should have done in 30 years back the result would have been different today.
Read the thread very well the fall of the oil price is not controlled by Buhari or the APC it's a Global Market how can you blame him when the price fall? I'm not a lover of any political party but I must say the truth. Oil prices was booming during the PDP Government but the thieves in charge used the money to sponsor Election both in pdp And Apc. I blame Buhari for insecurity he's not doing enough but on this fall in oil price I can't blame him.

Whatever PMB is suffering today is what GEJ did in his time and the next president that will take over from PMB will also suffer all the things PMB did in his reign until we start electing president based on competence Nigeria will be on a decline train till Heaven comes keep on voting for political party and your ethnic group.

For you to even say border closure made China what it is today shows you know nothing about China and it's success , let me let you know and I beg you go and research China's breakthrough came only after it was forced to open its borders by Bill Clinton in 1992 and ushered into the WTO ( world trade org)..you Buharist should stop all these myths you people spread around please , this is how one of you is very convinced corruption is the cause of of Corona virus .... Take it from sir Buharis border closure will not yield any positive result it will on worsen things all round

Time to buy dollars

You get this when you keep a dullardhiho in power for eight years

anonymous1759:






We must be skeptical when criticizing. your comment is indicating the past administration has been perfect putting all the blames on Buhari. Let's be sincere for once without being partisan. If you squander all the money you're meant to use to Carter for your household eventually time will tell when the repercussion of your carelessness will come. How do you think the looting that has been going on since 1960 till date won't affect the Economy? Other countries with vision are switching or expanding her means of making profit while we relied on oil and still yet squandered the money for selfish use without investing it in something meaningful .


I'm in support of the border closure that's what made China what's it today building your local industries first before you open them for competition right now despite the closure we still find it difficult to consume local Rice. Talk less of when we open it.

What the APC government is doing on the issues of border closure is what Nigeria should have done in 30 years back the result would have been different today.
Read the thread very well the fall of the oil price is not controlled by Buhari or the APC it's a Global Market how can you blame him when the price fall? I'm not a lover of any political party but I must say the truth. Oil prices was booming during the PDP Government but the thieves in charge used the money to sponsor Election both in pdp And Apc. I blame Buhari for insecurity he's not doing enough but on this fall in oil price I can't blame him.

Whatever PMB is suffering today is what GEJ did in his time and the next president that will take over from PMB will also suffer all the things PMB did in his reign until we start electing president based on competence Nigeria will be on a decline train till Heaven comes keep on voting for political party and your ethnic group.

do your research before commenting on any forum.

Gnaeusmagnus:


True federalisim is not going to work for Nigeria development wise.

Because all of you will go and sell raw materials and use the money to import. The South South will go and use its new found oil wealth to import and import.

Yes, things will appear good...but at the end of the day when the price of cocoa, cotton, palmoil, crude oil and groundnut as well as beninseed crashes below the level needed to sustain each region, the same problems we are experiencing now, will come and disturb us again.(Note that we do not control the price of all the commodities each region wants to sell)

For Nigeria to develop, our economy needs to be based on manufacturing and exporting manufactured products. That is how China went from being a broke nation behind Sierra Leone in GDP per capita in 1973 to the lender of the world. That is how South Korea went from being far behind Senegal in 1963 to a first world nation now.

That's why I don't support true federalism, regionalism, etc. Not because they are bad ideas, but because at the end of the day, each region will become like Nigeria now under Buhari when the price of their raw material crashes. Poor, resource dependent nations. Because if you guys think that selling oil, cocoa, cotton, palm oil and so on and sharing the money is development, then I'm sorry...you are just exposing yourself to being kicked again and again by the developed world economically.

It is also one of the many reasons why I don't back Biafra. Biafra will end up being even more dependent on oil than Nigeria. And when oil crashes to $40 and below.9as it would)..Biafra would be broke. Most Biafrans hope their country will be like Dubai...forgetting that if oil crashes low, Dubai would end up being as broke as Nigeria. No money to import all the fancy stuff they use to pose as a big nation. Same for most oil producers.

Infact one thing APC, PDP, Norhterners, Fulanis, IPOB, Amotekunites, Afenifere, Yorubas, Ijaws, etc...is that our idea of development is selling raw materials and sharing the money. That's not development, that's cheating yourself and the future generations.

You made a lot of sense but you are wrong about oil being a major source of income for Dubai

Dbiz1111:
Oboy it seems Buhari is for G boys oh. No be make person go start learn work? . Wetin the Yahooate sef

Check my video..

https://www.youtube.com/watch?v=DV1n3qrnSoo

Which way out

NigeriaIsDoomed:
Bro hurry up. May God grant your heart desires.
The zoo has fallen!

Amen bro.

Kingpele:
I reject it in Jesus name

Keep praying while they continue doing the same thing.... I wonder the god that answers such prayer.



"Religion is the opium of the masses " the words of Karl Marx.

one day Niger delta will secede from this zoo called Nigeria. the northern part of Nigeria are the major problem of Nigeria. Nigeria is going ten steps backward every second, all our news headlines are centered on Boko Haram, FULANI herdsmen, bandits, ISWAP, child marriage, Islamic terrorist group, no improvement in science and technology, because Muslims in Nigeria believes that western education is a sin.

Carlyboi:
This is really a bad prediction for Nigerians as inflation will skyrocket again and it would be worse for for people who trade internationally business people but the consumers and the poor masses will be the ones to eventually bear the brunt I can recollect when the dollar shot up against the Naira in 2015/16 most imported goods had bout 100% increment in prices....one people who earn money in foreign currencies would be able to cushion the effect....salary earners civil and public servants would so much feel the heat Nigeria is a consumer nation we survive so much on imports....the crazy inflation that would follow this devaluation would make the purchasing power of the Naira near useless.

It wouldnt get any worse for those people who trade internationally ... They will still buy dia goods no matter how much the dollar is, they will add dia expenses both shipping and import duties then add their own profit to sell. It would only tell on the poor masses who must buy the goods.

I remember buying a home theater wen I was in school for #16,500, same home theater is sold at #40,000 now because dollar is becoming over supreme to our naira.

Kez11:



It wouldnt get any worse for those people who trade internationally ... They will still buy dia goods no matter how much the dollar is, they will add dia expenses both shipping and import duties then add their own profit to sell. It would only tell on the poor masses who must buy the goods.

I remember buying a home theater wen I was in school for #16,500, same home theater is sold at #40,000 now because dollar is becoming over supreme to our naira.

I already indicated and explained the international traders part in my post well they’re gonna be affected cos they would struggle for forex and demand will decrease thus affecting their profits!comprendre bro?

Only if FG can cough out money to stabilize our power sector, then you will see that Nigerians can manufacture most of the things we import.


We wouldn't need to panic even if oil price crashes. Just with only stable electricity, we would start saying bye bye to this Hedonistic welfare that has long pledged our country.


Combat insecurity and provide stable power then watch and see how investors will troop into the country.

GamalNasser:


For you to even say border closure made China what it is today shows you know nothing about China and it's success , let me let you know and I beg you go and research China's breakthrough came only after it was forced to open its borders by Bill Clinton in 1992 and ushered into the WTO ( world trade org)..you Buharist should stop all these myths you people spread around please , this is how one of you is very convinced corruption is the cause of of Corona virus .... Take it from sir Buharis border closure will not yield any positive result it will on worsen things all round

From your comment it shows you're obsessed with the hate for Buhari. I'm not a Buharist, do you think our industries can compete with these foreign companies? Go make your research every country you admire today ones build herself before doing free trade with other countries. It's only logical that if you improve yourself you'll be able to face competition and balance trade. No man is an island but you ought to be able to provide some things for yourself at 59 we still don't have a company that produces toothpick and you expect development to fall from the sky. Why do you think Nigeria was doing better when our main source of income wasn't crude oil? I wished Nigeria didn't discover crude oil until now our country would have been developed because of the industries we would have created. Crude oil Made us lazy no doubt we made lots of money but it wasn't used properly. It's high time we start from somewhere. Let ethnicity and religion slide.

On the border closure I support Buhari on insecurity I score him Zero he tried in his first two years but at the moment it's nothing to write home about.

As developed as America is they still promote America's product first despite the tariff they put on foreign goods. In Brazil if you're not buoyant to an extent you can't drive a foreign made car you think these countries don't know what they do? Look at our Senate rejection Innoson cars is that proper? Buhari is using Mercedes instead of Innoson. If they put a high tariff to discourage foreign cars Innoson will excel he'll face competition locally that will lead to employment people can take New cars on credit and live a happy life. There's a lot of advantages on locally made products take it or leave it. one of the reasons politicians frustrate any local industry is to find means of stealing when things are being imported . If we don't have a working refinery at this Age you know something is wrong somewhere.