onyekabe:
Cameroon Niger and some west African countries don't export anything and yet Thier currency is stable. Why is it so

The World Slavery Bank and International Slavery Fund use population to decide the stability of African economies.

Those countries have smaller populations than Nigeria and they use a currency that's created by their colonial thieves.

Every year the World Slavery Bank and International Slavery Fund keeps over inflating Nigeria's population figures and this affects the economy of Nigeria badly.

Anyone that says anything else from this is telling you rubbish because Nigeria produces locally more than what 90% of other African countries produce locally.

indigenous234:
He's a clown. Nigerian elites are unpatriotic and selfish. Notice the solution he preferred?.. "empowering technocrats". Is Kingsley Moghalu a technocrat?. Yes.

Absolutely right.

Nigeria will continue to fail because no one wants to do the right thing.

ppogba:


Just to add to your point is the fact that Dollar is now almost our medium of exchange. Some high profile schools are demanding fees in dollars while some apartments are paid for in dollars.

The major problem seems to be, we all claim to love this country but the opposite is clearly the true position

Love?! Lol!

An average Nigerian will burn the nation to the ground without a second thought if it will make him wealthier.

We have become a group of people more concerned about personal wealth growth than the collective and corporate growth of the nation.

We don't even go to election grounds with Patriotism and love for the country in mind.

Look at sports... Our Super Eagles are not after their nation's honor. Compare that to Senegal, Morocco, Cape Verde, etc.

That's why some of those nations are faring better economically too.


Imagine the amount of Dollars being hoarded by Politicians alone, including Mr. President and his Vice.

These people are not interested in the collective progress of this nation except it benefits them alone.

Nigeria and Nigerians have exalted Money to ridiculous heights... It is shocking.

BreconHills:


Correct. People don't want to admit we've been part of the problem. Government and political officials don't want to lead by example. Citizens want to keep their little pleasures.

Nigeria's economic problem is largely a human / mentality sized problem.

What pleasure though?

The government/politicians keep taking and taking, till there's nothing left to take from the citizens.
What more is left?

The people never thought it could get any worse after Buhari, until Tinubu forced himself on the people.

ohk

EreluRoz:
Ajaokuta steel is lying there abandoned and not active, that alone can solve a whole lot of mess in Nigeria but it must be only oil.

Youth of the country are still sleeping, the few ones in position to make a solid statement are worse than the old corrupt leaders.

When we are all ready for revolution, you can call on me for support.

Meanwhile we should keep praying for asiwaju to succeed because he obviously has good intentions for Nigeria.

Nigeria's problems will not be solved by prayers. If Asiwaju wants to succeed, he must urgently restructure Nigeria. Otherwise he will just waste another 4 or 8 years, just like his useless predecessors Jonathan and Buhari.

EreluRoz:
Ajaokuta steel is lying there abandoned and not active, that alone can solve a whole lot of mess in Nigeria but it must be only oil.

Youth of the country are still sleeping, the few ones in position to make a solid statement are worse than the old corrupt leaders.

When we are all ready for revolution, you can call on me for support.

Meanwhile we should keep praying for asiwaju to succeed because he obviously has good intentions for Nigeria.

Keep whining yourself.

Una go support nonsense finish, come dey cap later.
Get mind dey gaslight the citizens ontop. You dey whine? Make nobody annoy me this morning!

Angelfrost:


Love?! Lol!

An average Nigerian will burn the nation to the ground without a second thought if it will make him wealthier.

We have become a group of people more concerned about personal wealth growth than the collective and corporate growth of the nation.

We don't even go to election grounds with Patriotism and love for the country in mind.

Look at sports... Our Super Eagles are not after their nation's honor. Compare that to Senegal, Morocco, Cape Verde, etc.

That's why some of those nations are faring better economically too.


Imagine the amount of Dollars being hoarded by Politicians alone, including Mr. President and his Vice.

These people are not interested in the collective progress of this nation except it benefits them alone.

Nigeria and Nigerians have exalted Money to ridiculous heights... It is shocking.

Well said.

mariahAngel:


Keep whining yourself.

Una go support nonsense finish, come dey cap later.
Get mind dey gaslight the citizens ontop. You dey whine?

Was there a better candidate to support?

Like I said when we've all agreed to revolution then I promise my 100% support but till then we can continue to selfishly support the recycled politicians that brought the country to where it is.

SIXFEETUNDER:
Nigeria should start producing missiles and nuclear war heads



Watch and see how naira will deflate

So you expect a country that does not have the technical capacity to produce electricity, to start producing missiles and nuclear warheads??
I hope it is sarcasm.

itumafriday:
Quick action needed not speaking empty grammar

He is not your President. It is your President that should take quick action.

poseidon12:


Nigeria's problems will not be solved by prayers. If Asiwaju wants to succeed, he must urgently restructure Nigeria. Otherwise he will just waste another 4 or 8 years, just like his useless predecessors Jonathan and Buhari.

With all due respect for your opinion, talking about restructuring to me is just like someone trying to hide behind a finger.
Let us not deceive ourselves, the people on whose laps and tables the restructuring falls will be out of job immediately. Will they be ready to be jobless? I doubt that.
Any form of restructuring will have to pass through the legislative arm. Will it sail through? Never.

emkz:
Do we not also need funds to diversify the economy?

There is nothing wrong with having oil and mineral revenues. What we need is to utilize them efficiently.

We were all here when Donald Duke did Tinapa, Obudu Cattle Ranch and even brought Miss World hosting to Nigeria. But religious extremists made a mess of the hosting of Miss World. In addition, Duke's successors refused to build and consolidate on the foundation of Duke.

We see how Lagos earns revenue from service industry. What are the other state governments doing to earn revenue for their states?

Mostly nothing. Tinubu is expected to solve all the problems.
Some state governments destroy alcohol but still collect the money earned from VAT charged on alcohol sold in other states. Development is also elusive when you live with people who are retrogressive in their thinking. At this stage of our national life, Senator Ali Ndume and his co-travellers are insisting that some departments of CBN and the headquarters of FAAN must stay in Abuja without advancing sensible arguments to even show they are competent in thinking.

Instead of developing mining resources, state governments seemingly cooperate with illegal miners to steal from their own people, and even kill them.

Look at insecurity. Instead of setting up local vigilante to solve the problem, state governments want the President to come and solve their problems for them.

The problem of the naira is that state governments are mostly unproductive. Hold them to account.

How can you hold state governments to account when you are running a unitary system of government? To hold them to account, you have to first restructure the country.

senm117:
We would get there

Ever thought why the Israelites doubted Moses after all they'd seen...?
The same phrase you spat..........the question they asked ....
...When...?!

nairavsdollars:
This basketmouth

The fools are coming out.

1Alex:
I did not vote for Tinubu but truth be told, he seems to have good intentions. I am 100% obidient but since court has decided, I have to support him, if he succeeds, it's for the good of all of us. I have entirely nothing to gain if he fails.

After six months, you still think he or his government has good intentions, the joke is on you.

With the thievery and profligacy that this administration has inflicted on Nigeria in six months alone, not to talk of the almost zero security, you still talk about good intentions. The only intention Tinubu had and still do is was to become president and it ends there.

You can pray for him to succeed which is a noble thing. However, those prayers will not do anything. You don't have to pray for someone that has good intentions to succeed especially the president of Nigeria. In terms of "Political Power" the Nigeria president may be among the top ten most powerful in the world as he can virtually act without restraint. Tinubu has the National Assembly and the Judiciary on his palm so what are you praying for him to succeed again. He already has everything he needs to succeed

We don't need revelations without solutions

EreluRoz:
Ajaokuta steel is lying there abandoned and not active, that alone can solve a whole lot of mess in Nigeria but it must be only oil.

Youth of the country are still sleeping, the few ones in position to make a solid statement are worse than the old corrupt leaders.

When we are all ready for revolution, you can call on me for support.

Meanwhile we should keep praying for asiwaju to succeed because he obviously has good intentions for Nigeria.

..ajaokuta steel company can create jobs for the youths and nigerians , boost the economy, earn revenue in dollars for the country and appreciate and strengthen the naira against the dollars..but our politcians do not care about the ajaokuta steel company

Chinese people are killing themselves in order to create value added manufacturing.
Nobody can beat them in this world to produce cheap goods.
Their goods are so cheap that everybody will always be buying their products.
US former president Trump was so pissed off about this and that has been his main goal.
To bring back manufacturing to US soil whether Chinese goods are cheaper or not.
Yet in Nigeria we have no plan to do this and continue flooding our markets with cheap Chinese goods.
Destroying all our factories.

Ok, we don hear

I have said it...it's nigeria to be a producing economy and country...more of exportation of goods and less Importation of goods...and valuing and patronizing what we have in nigeria... It's not everytime we should be patronizing foreign goods and foreign things, foreign universities, foreign medical treatment, trip...this puts pressure on the demand for dollars in a country where dollars is scarce....so nigeria been a producing economy and country .. it will appreciate the naira and add more value to the naira and strengthen the naira against the dollars ..

At a deeper level, true but the economy will not be so bad if we were not following IMF instructions to destroy Nigerian economy.

poseidon12:


So you expect a country that does not have the technical capacity to produce electricity, to start producing missiles and nuclear warheads??
I hope it is sarcasm.

Nigeria can produce a lot of electricity if it want to but technically it's not worth it as it doesn't generate revenue for the political menaces

Nigerians leaders are more interested in following the lead of oppressive Western economic institutions than caring for the welfare of the citizens. They are being remote controlled. IMF is always advising us to commit gradual economic suicide and we have been following that for the last 35 years.

nlfpmod:


Kingsley Moghalu

Pretty much exactly what I said on X!


The reality is that Nigeria is suffering from the poor economic decisions of almost 20-30 years!! We have put off the pain for decades and continued riding our luck! That luck seems to have run out now and this generation will unfortunately have to bear the brunt of this mismanagement, which came to a head under President Buhari.

The FX rate is simply the result of the demand and supply fundamentals. Demand continues to increase unabated. Everything around us is imported. In fact everything on us right now is probably imported. clothes, watch, shoes, phone, tablet, laptop etc. Added to traditional demand for USD is now the masses of those migrating permanently or for school.

Supply on the other hand continues to dwindle due to oil production way below Nigeria's historical production levels. To make matters worse, the Emefiele CBN of the last 5years seems to have mortgaged our future USD earnings already. And the Tinubu government has also securitized future NLNG dividends. Funny enough, the same NLNG has already issued profit warnings due to insufficient supply of gas for existing trains 1-6, how much more train 7 under construction. So we are likely to be in a deep dollar supply mess for the foreseeable future.

And as for oil production reaching 2mln barrels again on a consistent basis in the near future, that's a tall order. The onshore oil production assets and infrastructure has been almost totally lost to bandits and criminals. You produce 200k barrels, only 100k barrels gets to the terminal. Aging oil fields need new investment, but who will invest in the midst of all that madness! Even in the offshore where its relatively safe, Nigeria is no longer the oil magnet it once was. With many other countries in Africa and beyond finding oil and gas reserves in the last decade, Nigeria with its legal, infrastructure, political, regulatory issues is one of the last places anyone wants to bring his money. And a $10bln investment in a new field would improve supply in the short term (FDI) and also in the long term (production).

So if we have no USD supply as a country, how can we defend the Naira!? The only option was to allow it to find its market value.

And funny enough, the expectation is that a depreciated Naira will force demand to slow down and spur exports. That's the text book impact. But Nigeria has such a poor industrial base that if NGN were to become $/5000, it wouldn't even spur exports, because we really have nothing to export in the short term. And because almost all our inputs into production are imported, it actually just increases the cost of said production, so we lose any advantage a devalued Naira might have provided for cheap exports!

And because Nigerian's feel we have no options to medicals and schooling abroad, we will continue to demand the dollar at whatever price. I am not sure there are that many people with kids in school abroad 1 year ago when dollar was N750, that have brought the kids back home because dollar is now N1400. Somehow the parents always seem to find a way to get more Naira to buy the dollar at whatever price. And the cycle just continues!!

it is such a vicious cycle that is extremely difficult to break.

https://twitter.com/oyeolsakin11538/status/1750805925697364222

Angelfrost:
This is precisely what I have been talking about on the other thread.

This was my comment/response to @Datedoboy in that thread below:

You think say you smart to talk something wey children in primary school know? Yamayama fall on that your bald head there

1Alex:
I did not vote for Tinubu but truth be told, he seems to have good intentions. I am 100% obidient but since court has decided, I have to support him, if he succeeds, it's for the good of all of us. I have entirely nothing to gain if he fails.

This is ridiculous can you tell one president that came with bad intentions since Nigeria independent?

Everybody has good intentions but intentions do not cut it. It is either you have what it takes to move the country forward or you do not have it. So please stop foolish yourself.

Piroty:
Just start to learn trading so u can benefits from dollar increase and ur trading skills

Big lie !!every trader is on pause now bv you don't know where the werey naira go put head.

EreluRoz:
Was there a better candidate to support?

Like I said when we've all agreed to revolution then I promise my 100% support but till then we can continue to selfishly support the recycled politicians that brought the country to where it is.

Madam don't you have conscience. Is this how hatred has eaten so deep into you that you can't see how your almighty Tinubu has destroyed our economy within months of assuming office?

What is wrong with Nigerians. I never supported Tinubu but if he was performing, I would have applauded him. For you to still be defending him amidst all the killings, kidnappings, looting...etc shows how wicked and heartless you are.

Asiwaju was not informed properly hence those hasty decisions. Power can be grabbed but managing the economy no be moi moi. Every average economist or informed person knows what this man is saying just implementation is where the problem lies.

Tranquility2345:


You think say you smart to talk something wey children in primary school know? Yamayama fall on that your bald head there

Okay... Did I claim to have propounded a 'rock science' solution?!! Does the truth always have to be far-fetched and complicated?

I really don't understand the thrust of your rant or response.

Okay, bring forth your own 'something' wey only Ph.D. holders know... We are all here to learn.