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Nairaland Forum / Nairaland / General / Business / Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN (15733 Views)
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Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by waice6571: 7:18am On Jul 03 |
Odotech: I think they know the truth about the economy and the right solution per time, but they are under strict obligation to dance to the tune IMF, World Bank and other lenders whom they have signed a memorandum of understanding with at one time or the other. https://www.thecable.ng/nigerias-low-tax-revenue-to-gdp-is-problematic-says-imf/amp/ |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ibabz(m): 7:19am On Jul 03 |
This is another laudable policy from the useless government. When this backfire, they will quick to transfer the blame to Buhari, Binance Jonathan and everyone and everything they can think of. The most annoying part is the dead brains zombies crying like a bereaved defending this nonsense. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 7:20am On Jul 03 |
Lithiumite: Dude you're being ignorant. Inflation in the Nigerian scenario is not caused by Money supply but by other factors like insecurity, corruption and fall in crude oil earnings. The corruption part ensures that CBN doesn't have control over money supply making so much money to he outside the financial system like in politicians septic tanks and hidden in their houses. According to what you said in theory inflation can be curbed by increasing exchange rates only if your economy is driven by credit. Because once rates are increased, credit reduces and it impacts on demand which leads to a fall in price. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 7:22am On Jul 03 |
SmartyPants: Dude have some shame and be silent. We are suffering from serious inflation and the only thing you think is sensible is to attack Obi. Even the man has said it before, even Dangote is repeating the obvious statement from Obi. Once again have shame and be silent, it is not by force to talk especially if what you want to say ain't sensible. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 7:23am On Jul 03 |
Standing5: Exactly that is why I am wondering why they keep repeating this lie desperately. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ibabz(m): 7:23am On Jul 03 |
Risingblue008: The most annoying thing is when they start blaming everything and everyone for their own foolish policies. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ogaontop(m): 7:30am On Jul 03 |
englishmart:You said facts, but who com be Edwin? |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lifestone(m): 7:34am On Jul 03 |
dragunov:How does his poor knowledge of business and economics make the comment best. You guys should spare us from your pure emotions Dangote remains the highest employer in Nigeria outside of Government 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lithiumite: 7:35am On Jul 03 |
Realtruth2023: Did lack of control over money supply in Nigeria start today.....the CBN to the best of their ability is trying to control that.....Nigerians borrow money for the most useless things....importing and claiming they are manufacturing politicians don't go to borrow money from banks,they rather steal them.....with this rate increase, credit can be properly channelled to the sectors that needs them most and there would be increase in investment in govt securities. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ogaontop(m): 7:37am On Jul 03 |
grandstar:So the only way to reduce inflation is by increasing the interest rates? You're taming inflation while businesses that will employ jobs are closing down and even sacking the little employees they have? Now I know that CBN guy is a torso!! 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lithiumite: 7:40am On Jul 03 |
waice6571: No business man would like rate increase but to an economist,it makes sense...... Nigerian companies are one of the most inefficiently run in the world due majorly to bad corporate governance.....you are trying to curb inflation and you want to flood the economy with excess liquidity .....I still don't understand how that makes any sense to you. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lithiumite: 7:42am On Jul 03 |
TheArrowhead: Not everything is politics,common sense is obviously not common as you always make obvious with your ludicrous assertions.....come up with a superior argument before I bother to engage you any further. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by FuckOsuPigs: 7:43am On Jul 03 |
englishmart: Thank you👍 |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by 4Play(m): 7:47am On Jul 03 |
Realtruth2023: FG budgeted spending was N5 trillion in 2015, N21 trillion in Buhari's last budget and N28 trillion in Tinubu's first budget. Absolutely, the growth in naira spending is a major fuel of inflation. This is why CBN money printing ("ways and means" took off under Emefiele to enable FG to continue spending. When you combine an injection of naira supply into an economy already witnessing a reduction in dollar inflow from oil exports, you have a recipe for naira collapse and further inflation. Stabilising inflation requires monetary tightening through raising rates otherwise it becomes lucrative to borrow in naira to buy dollars. Of course, all this would be futile if government spending isn't reined in. But a combined fiscal and monetary tightening is needed in Nigeria. https://www.dataphyte.com/latest-reports/economy/chartoftheday-proposed-vs-approved-budgets-of-nigeria/ |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by wallrichy: 7:50am On Jul 03 |
If the richest black man can voice out about this nonsense policies of the government, implying that he's not immune to the policies targeted at the masses. Come to think of it, if the masses inflow is reduced or rather render valueless, the masses wouldn't be able to buy goods from the markets, causing havoc to the producers because the producers would have to reduce supplies and production, reduce labours leading to unemployment and unemployment leading to frustration and depression and this leading to society menace in form of armed robbery, insurgencies, kidnapping, raping etc....... |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 7:51am On Jul 03 |
Remman:.. what did you expect from a president like Tinubu that the only thing he could tell nigerians during his presidential campaign that..it's my turn |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 7:52am On Jul 03 |
Tinubu and APC their harsh economic policies just destroying the economy and bussinesses..it's a pity |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ibabz(m): 7:53am On Jul 03 |
Vision101: Pls where did you learn this from? Are you sure the increase in foreign exchange is caused by the excess liquidity? Really? You guys can defend nonsense just to justify your monthly stipend as keyboard warriors. Pls what’s the relationship between the floating of Naira and the increase in the xchange rate? Perhaps you can educate us. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 7:56am On Jul 03 |
Risingblue008:.. renewed hope to renewed shege 🙄 |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by oshiokpu(m): 7:56am On Jul 03 |
Who does not Know that? |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 7:57am On Jul 03 |
Brendaniel:..abi... the Tinubu renewed shege economy is also hitting Dangote and his bussinesses |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 8:02am On Jul 03 |
higgs:..the removal of fuel subsidy, the high costs of fuel, disel also costs the high inflation |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by blueAgent(m): 8:12am On Jul 03 |
FireUpNow: Useless comment. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by waice6571: 8:13am On Jul 03 |
Lithiumite: Practical experience in direct business dealings is crucial and supercedes any economic policies in Nigeria. I got a business loan @28% per annum. Just about the time that the loan was disbursed, there was industrial crises and scarcity of raw materials for months, which negatively impacted the costs, then a national crises. We couldn't start production until the loan because useless yet the bank interest rate keeps going on. No business can survive harsh business environment. Nigeria business environment is too toxic with serious instability. Your business projections will always suffer a fatal defeat with these kinds of unstable policies. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ufotunang: 8:17am On Jul 03 |
grandstar:.,if the price of fuel, disel is reduced and goes down..and the naira appreciates and have value against the dollars inflation will slide down .... because of the high costs of fuel, disel which has made the costs of transportation of these foodstuffs, goods to the market to be high and also the services to be high which this has made price of foodstuffs,goods to be expensive...also the costs of production of thes goods, products to be high by companies running their bussinesses on generator on expensive fuel, disel due to lack of constant power supply white all lead to increased in price of foodstuffs goods and services |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by ibabz(m): 8:18am On Jul 03 |
4Play: Converting these figures to dollar: $33b, $36b and $18b respectively. The $28Trillion under Tinubu is reduced to $18b under Jonathan in 2015. Are we truly progressive or retrogressive? 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by wallrichy: 8:19am On Jul 03 |
You know that with all these hard stance on Nigeria economics geometry. The commercial banks are still turning out large profits, declaring profits in a dying economy. Production companies are dying every second, inflation is killing the masses rendering the little they have to be valueless, savings ain't yielding profit any longer and interest rate on loan has been jerked up to almost 30%. How do you even expect to payback if eventually you are granted the loan at such a ridiculous rate together with the bribing of Banks Managers etc .to effect your being granted the loan. I am so tired, very very tired. This country is killing people. waice6571: 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Lithiumite: 8:29am On Jul 03 |
waice6571: I agree with you on the lacuna of an economy we have here..... however,back to topic,we need to curb inflation as best as we can and rates increase is one way but there are other complimenting moves and policies we need to make. 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by SmartyPants(m): 8:31am On Jul 03 |
Realtruth2023: You are insane if you think you can silence others for the sake of pushing your narrative. There is no correlation between the issue of inflation and the question I answered. But then that is how you uneducated clowns reason. The same ridiculous tactic that took you nowhere during the elections is what you want to persist with afterwards, showing that you have no sense! 1 Like |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 9:01am On Jul 03 |
SmartyPants: Why are you so peeved by the truth? I am not pushing any narrative, it is the facts that there is problems in the country caused by your Emi Lo Kan crooner. Instead of you to admit, you want to play politics. There comes a time where you need to abandon politics and speak the truth to power, so that you don't invite curses on yourself. This is what you have failed to do. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 9:02am On Jul 03 |
4Play: Government spending truly is not the cause, it is corruption because the bulk of the money being used whether by ways and means or via budgetary provisions ends up outside the financial system. So until we reduce corruption you ate going to have inflation. |
Re: Interest Rate At 30% Will Stifle Growth, Hinder Job Creation - Dangote Warns CBN by Realtruth2023: 9:07am On Jul 03 |
Lithiumite: Bros you are lying through your teeth. The whole unprecedented stealing started with APC members in the last govt cornering and diverting the way and means printed money into their vaults that is why rate increase will not work because the bulk of our supply is outside the financial system. It will only hurt genuine importers and manufacturers who need credit. You cannot use a small subset of people who import the mundane things to generalise Nigerians. 98% of our imports are for essential things. |
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