The loan from Afrexim bank will certainly help.However,increased crude oil production is very important. Security is also very important so that farmers can safely work in their farms as this will reduce food importation.Even if Dangote buys crude oil in USD,there will still be a net reduction in fx demand due to associated freight charges and when his refinery achieves steady state and is producing at close to full capacity, he will start exportation which will still improve the fx situation. The naira will be strong and stable if Nigeria can be self sufficient in food and fuel but that requires good governance. [author=pipnator00 post=127692484]

Hope you are aware crude oil sellers insists they will only sell in USD to Dangote refinery? This increases the pressure on Naira unless Dangote refinery produces excess for export. Nigeria still has backlog of oil futures to fulfill plus, the backlog of USD belonging to foreign companies like Emirate airways and the rest which Nigeria is yet to clear because Nigeria have borrowed heavily against the external reserve and the reserve can't cover the backlog.

***Not an advise but I read somewhere here that AFRI-EXIM bank is gonna lend Nigeria some FX to clear those backlogs. (They will lend us more FX which in turn increases our FX denominated debt (pressure to the naira) and also our overall debt. This is like taking Panadol to suppress a headache that is destined that we MUST suffer) If that happen, it means Naira will gain. Just wait for naira to hit resistance and start loading up Naira sell. Naira will hit NGN2500 before then end of 2024.[/quote]

You are correct about everything You have said except mentioning the PH refinery. Dangote refinery will definitely be productive and contribute to our economic recovery.But You see all those government refineries, they will eventually be sold as scrap.When will Nigerians eventually understand that government cannot manage refineries etc? Hell,even their core responsibility of providing security and infrastructure, they are failing greatly at it.

Faiththatworks:
I believe there's a coordinated attempt to instill fear in the minds of Nigeria concerning 2024.
I read Dr Sobowale column in the Vanguard online edition today and I was really bemused and flabbergasted,his doom day prophecy concerning 2024 is worse than what Isreal faced in the bible during the famine and drought of Prophet Elijah.
He predicted food scarcity, currency scarcity,fuel scarcity,forex scarcity and concluded 2024 will be very difficult year for Nigerians.
Bloomberg has decided to follow the same pattern as the Dr of Doom by predicting the Nigerian currency will perform terribly in 2024 meaning expect more devaluation of the currency next year.
I beg to disagree with all these Messages of Doom being released by these so called experts,even when Baba Buhari with his Buharinomics was using 98% of our earnings to pay off foreign debt,the Naira didn't collapse.
These experts all have something in common,they always try to downplay the significant impact the Dangote Refinery and the port Harcourt refinery will have on the economy of Nigeria.
In the report by Bloomberg,they alluded that things will get better if Nigeria is able to produce more crude oil,I daresay Nigeria is already producing more,with local refining expected to Increase significantly in 2024, Nigeria will definitely produce more.
2024 is the year my country will turn a corner for good,like Dr Rewane said, revenues have increased by 200%,the states and local government have more money to work with.
I can testify to this because my mother's pension in Lagos state was increased by 105% in the month of December.
Naysayers should keep their message of Doom cos things are about to get better in Nigeria.
God bless Nigeria.

Take heart Madam.

Wow.@MariaAngel,did You cook all these?

They should modify the system so that there is a price cap.Or are they saying that during periods of low demand,the price of tickets can also fall without limit?

Disgusting maggot

No,all products are not run in one swoop.Infact,the fraction from the distillation column that can be used as petrol is usuallyof low octane rating.Refineries usually blend it with products from Reforming units and cracking units to get good petrol.

SalamRushdie:


If you know how fractional distillation works you will not say this , all products are run in one swoop

This is great news.New treatments/drugs are usually expensive but with time,the costs will gradually come down.

GOD BLESS YOU.You just said the simple truth. Most Nigerian workers are morally impaired.

ultron12345:
Depends on the perspective of the person speaking.

Employers tend not to like them, but Business owners love them.

I'll speak based on my experience with them, as a business owner.

Several years ago, I had serious difficulties managing various businesses I had set up. The staff dealt with me. Forging of invoices, theft of inventory, inflation of contracts, there's nothing they didn't do.

The Nigerian workers were out to finish me.
Like they say, "where person dey work, na there e dey chop, hence the name, workchop (workshop)".

You sack and replace them, the new ones continue from where the old ones stopped. They will even improve their techniques of stealing so as not be caught like their predecessors.

After trying so many methods to reduce all this, from utilizing tech and automating several processes, to involving relatives, it came to my realization that the only way to stop all this was to run the businesses myself, to be "on ground" always, but that wasn't possible. So I planned to start shutting them down and to focus only on one. I told a friend who was also a businessman about my challenges and plans, hoping he would be able to purchase some of the assets I was hoping to sell from the shutdown businesses. He recommended I hire indian management. I wasn't keen at first, but finally decided to try it.

To put it shortly, I eventually got an Indian manager for one of the businesses and it worked like magic. Business began to be good. Profit began to come in. For the first time, I could be away and still be confident and relaxed that my business is in good hands. Apparently, the business troubles we had been having weren't because of "bad economy", it was because of "bad workers" who were out to build houses on my head.

Today, the businesses are growing from strength to strength. All key positions are occupied by indians. If I'm starting a new business today, all key positions go to indians by default.

I have recommended the "indian solution" to so many business people, at least 5 of which have adopted it this year alone, and it has been good stories since then. Not a single one of them has regretted the decision.

The simple truth is that the average Nigerian is corrupt and is a thief. Those who have not stolen have not done so simply because of lack of opportunity.

And that's why our country is like this, after all, the leadership is a representation of the citizenry. Nigerians are a bad people and have rightly given rise to bad leaders.

Below is a post I made few years ago about this same issue.

Soludo is doing very well

Gay men and HIV is like beans and rice

The write up is very balanced.I agree with what she is saying. Even if You disagree with the Op,be civil about it.No need attacking or insulting her.

It is sad that Nigerians are so easy to deceive.Government should stop spending money on these refineries. Billions of USD have already been spent on them without results. After the rehabilitation, the refinery may work but for how long? Government has no business running refineries and other process plants, especially in a country like Nigeria. Production should be left for the private sector. What government needs to do is to improve security and infrastructure and encourage the private sector to build more refineries so that Dangote will not be a monopoly in the Downstream sector. Portharcourt refinery and other FG refineries should immediately be privatised.

No Igbo man is calling for military rule.Some of You on nairaland will not think straight because of your hatred of the Igbos.Everything on this platform is about tribe.Shameless people.

Fake men of God

Sad.Tinubu wants to become president over the corpses of innocent Nigerians

Labour Party must insist that elections still be held in parts of Lagos where thugs prevented people from voting or snatched ballot boxes.Tinubu lost Lagos by a far wider margin than was declared.

If Nigeria is one,then people are free to do business anywhere they like
Supporting violence makes You an animal. Lets hope this situation does not degenerate.

Yamiriflathead:

Ibos do you know that if u all migrate to the SE to do ur business and play ur politics, them nor born MC oluomo well to kom harass una there? Think about it guys😜

INEC promised us that results will be transmitted online immediately after voting,why have they failed to do this? God help us in this country.

Tinubu and APC are playing with fire.

Sad

Overspeeding kills.While driving at night,your speed should not be greater than visibility.

The price of Bitcoin can suddenly collapse and You lose all your investment.

Charleys:
Buy Bitcoin.

The next governor can revoke your C of O.
Your neighbour can encroach on that land.
In those days when kings give land to their subjects the next king will take it away from them and give it to his own loyal subjects.

No one can take your Bitcoin from you.

You are sick

KingOfTheDamned:
Yorubas tribe of fraudsters
Ibos tribe of drug dealers

But when these people see my Bini people they start to talk anyhow as if we damage Nigeria reputation the way they do.

But men I hate yorubas ... I hate theme ith a passion... I will rather live naked and hostage with a band of rabid extremist Fulani herdsmen than live with Yoruba person.

If I had my way give me an ak47 I will go into any Yoruba mall and open fire endlessly reload and open fire repeatedly relaoad and repeat . Ticking off Yoruba Men women and children...

That tribe is satanic and the problem in Nigeria.

Whenever I am home in Bini and see a Yoruba person.. my lord I feel like splitting their skull open with a machete ..

In not a violent person I just hate the Yoruba tribe sooooo much ... They are the evil we have in southern Ñigeria.

They are satanic and evil

We are watching

Polictical CBN.
Blaming their inefficiency and ineptitude on innocent,overworked commercial bank workers.

So which jail is suitable:male or female?

FRI the drug addict is defending a presidential candidate who is a drug baron. A match made in heaven.

A government institution assembling aircraft? Another avenue to squander public funds.

Peter Obi is the cleanest.
Conflict of interest is child's play compared to narcotics trafficking and massive looting of the public treasury that the other two candidates are obviously guilty of.

Jeez! Nigerians should please stop overspeeding. Most of these accidents are caused by overspeeding. Even if You have an accident at low or moderate speeds,the accident will most likely not be fatal.If You are in a vehicle and the driver is overspeeding,please warn him to reduce his speed unless You just want to risk your life.

Peter Obi will secure the lives of all Nigerians whether they are muslims, christians,atheists or traditionalists.