Katsumoto:

SAP is a requirement of creditors placed on debtors nations. If you don’t want any one to dictate how you run your country, then don’t borrow. SAP is required when you are spending more than you are earning and can’t find another revenue source to plug the difference. It’s a no brainer. The UK went to the IMF cap in hand to request a £2.3 in 1976.

In any case, Nigeria had no business going to borrow from the IMF other than IBB and other dictators like him wanted to embezzle borrowed funds. Which foreign investors took advantage of SAP? What govt assets were sold to foreign investors? The first wave of foreign investors to invest in Nigeria arrived during OBJ’s tenure. I won’t refer to oil companies as investors. Nigeria is the wrong country to use as an example anyway.

Katsumoto:

There are approximately 30 million people of working age in the UK and approximately 3 million are long term benefit recipients. The total unemployment figure for the UK is 5.4 million. More than half of those unemployed are not looking for work. That is not a minority.

The number of Black folks in white collar jobs has been increasing since the early 90s. What you also have to put into consideration is that minorities make up less than 8% of the UK population. It is to be expected that most of the jobs in the city will go to Caucasians. Most countries open up their borders to immigrants so as to fill positions that their citizens don’t want. Many black folks went to the UK to do low paying jobs (these jobs paid more than non-existent jobs in their home countries and provided better working conditions as well) but their kids are going to university and getting white collar jobs. Unless the numbers of minorities increases drastically, Caucasians will take up most of the well paying jobs.

Black folks, especially Nigerians, also need to change their mindset. The UK is a society that values work experience more than academic qualifications. Many Nigerians go to Universities acquiring multiple degrees and then finding out later that they are often qualified and lacking in actual work experience. Anyone with multiple degrees is positioned for opportunities in the academic sector but you find these individuals keep on looking for work in the industry and getting frustrated at not being hired. They usually blame racism for their inabilities to find work.

Vergil:

No offence. But you sound like you don't really have a clue about the Scandinavian model.

cap28:

I really do wonder about you, you need to broaden your reading scope and learn to do more indepth research.

How did nigeria end up being entangled with SAP?

Did the nigerian govt set out to create the conditions that enabled the IMF to come in and exploit Nigeria?

For your information the nigerian economy was growing steadily in the 1970s as a direct result of the increase in oil prices on the international markets, it was only when the price of oil collapsed that Nigeria found itself in a dillemma.

Prior to this period Nigeria was generating huge revenue and most of this money was deposited in foreign banks who were then lending this money out to poorer countries with huge interest rates attached, in other words nigeria's propserity directly benefitted western banks.

Western banks also encouraged oil rich nigeria to borrow more than they were generating from oil exports m in order to finance infrastructure projects. At the time oil prices were high enough to finance the repayment of these loans, however when oil prices fell, nigeria fell into arrears and were advised by these same western banks to borrow from the IMF. The loans were granted but with conditions attached to them such as: currency devaluation, selling off of govt owned assets to foreigners and cuts in public spending. In other words western creditor nations were now trying to covertly hijack Nigeria's economic sovereignty as a result of the debts we had accumulated base on the advice that they had given to us.

The western banks were determined to ensure that we would remain trapped in our indebtedness to them and decided to hike the interest rates on these loans making it virtually impossible for nigeria to ever get out of the debt trap.

Buhari attempted to find alternative ways to pay off this debt without plunging the nigerian populace into abject poverty but his tenure was abruptly brought to a halt by a military coup masterminded by the CIA which installed the notorious drug baron and CIA asset Ibrahim Babangida.

Babangida obediently went on to implement the draconian economic policies demanded by the IMF which resulted in the complete destruction of the nigerian health and education system the baton was subsequently passed to another CIA lackey Olusegun Obasanjo who began the mass privatisation of nigerian assets and their handover to foreign investors. OBJ then went on to prepare the nigerian economy for its eventual takeover by foreign investors.

Yur attempt to exonerate the western powers from their objective of keeping nigeria economically enslaved indicates to me how little you understand about how the western powers operate.
The UK's decision to go to the IMF was based on the fact that they were completely bankrupt as they had previously tried to grow their economy by spending more than they were actually generating - this resulted in inflation and massivley high unemployment. Nigeria on the other hand was not bankrupt, as an oil rich nation it did not need "help" from the IMF and Buhari made this very clear to the western powers.

I am amazed at how little you know about your own country! Nigeria's economic sovereignty has been hijacked by foreign investors courtesy of Babangida and Obasanjo and the world bank puppet aka Okonjo Iweala is putting the finishing touches to the complete economic take over of the nigerian economy by her western capitalist masters in washington and yet you remain completely oblivious to this glaring fact - wow!

Katsumoto:

If the Cuban model was such a successful model, many nations and individuals would have voted for it. Besides, Cubans didn’t vote for communism, it was forced upon them. Nigeria is not a Capitalist nation. Capitalism encourages and stimulates private investment. There is nothing about Nigeria that is conducive for business. You need to either understand the definition of Capitalism or understand the Nigerian environment better. The Nigerian environment stifles innovation, reduces productivity and profitability, and promotes mediocrity, which is completely antithetic to the ideals of pure capitalism.

Katsumoto:

We agree that Nigeria had no business going to the IMF. The difference in our positions relates to your conspiracy theory. While that theory is plausible, it is not a widely accepted fact. I will guess that most people will agree it was corruption.

I wasn't exonerating anyone. Whilst external bodies may not have your best interest at heart, sovereign nations must protect themselves from external influence. Its like a man running his household. Corporations will seek to sink their fangs into you but you have to decide what is best for your family. Who do you blame? The man who took a loan with an interest of 29% or the shark who gave him the loan?

cap28:

Im not sure what you mean by "many nations would have voted for it" voted for it how and where?

Do you not understand that cuba is regarded as an enemy nation to western nations who are unable to exploit it?

Cuba went through a revolution where they succeeded in kicking out a corrupt pro american govt.

This corrupt govt which was run by CAstro's predecessor Batista had opened up cuba to exploitation by the US govt and the american mafia who were basically running Cuba as if it was one giant Casino.

RAcism was rife in Cuba at that time and black cubans were persecuted and denied the same rights as other cubans.

As a black man in cubas before the revolution you would not have been allowed to get an education. When Castro overthrew Batista the american backed puppet, laws were enacted making discrimination against cuba's black population illegal.

If nigeria is not a capitalist country why did it enact The Privatisation and Commercialisation Act 1988?

How about the Bureau of Public Enterprise Act 1993 and the Public Enterrpises Act of 1999?

Why did it set up the Bureau for Public Enterprise to implement privatisation policies?

cap28:

Britain is a class based society - the elite have a vested interest in keeping the working classes and the underclasses poor and uneducated. Why? because they need to have a reserve of poorly educated low paid labour they can draw on to do the low paid jobs. That is why they have a two tier education system which ensures that the poor will never have access to the type of jobs that the elite have access to. They give the poor just enough to get by. What is the point of criticising people who you have condemned to a life of poverty? If britain were serious about creating an egalitarian society it wouldnt have a two tier education system - one for the poor and one for the rich. This position is glaringly clear with the tories and liberal democrats decisions to increase tuition fees for university students it is now so obvious that they want higher education to only be available to the rich.



Look, the situation is going to get a lot worse for english people let alone nigerian immigrants - if they havent provided jobs for their own people why would you think they would provide jobs for nigerian immigrants irrespective of their qualifications or work experience? The tories are not interested in elevating anyone other than members of their own class (and race), you obviously dont understand them.

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