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Nairaland Forum / Nairaland / General / Politics / Financial Times calls Nigeria's economic approach the height of foolishness (35662 Views)
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Re: Financial Times calls Nigeria's economic approach the height of foolishness by mikolo80: 12:31pm On Jan 23, 2016 |
omohayek:you're trying to reason with imbeciles. you better just leave them in their stupidity 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by mikolo80: 12:34pm On Jan 23, 2016 |
Tochaigh:rule of law unfortunately. I don't know why Jonathan bequeathed us this nonentity. how e take become oga for zenith |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ferhyntorlah(f): 12:36pm On Jan 23, 2016 |
The brouhaha you guys are engaged in is none of my business. All I'm after is for Nigeria into diversify her economy and not depend on oil. We need to encourage local production of goods, thus increasing exports! The era of free money from oil is OVER! The masses are on PANASHARP! The era of Panadol is OVER! 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by grandstar(m): 12:38pm On Jan 23, 2016 |
Kikero112:You say you don't want to devalue but its 300 to one. You don't devalue because you want to but because you have to. Its not a matter of whether you like that 1+1 = 2 but you simply have to do it. The currency has devalued to 300 or don't you know this? Why are people digging their heads in the sand. If he had devalued it officially ,the rate would have converged between 230-250 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by light004: 12:39pm On Jan 23, 2016 |
sdindan: It's so painful, when you have insulted the former office holder calling him all sorts of names and promising Nigerians that you are coming to deliver them from your self-created doom. Now, you are in power, you lose steam and keep blaming everybody but yourself. The nation today is worse off than you met it rather then admit your failings you are busy dealing with perceived enemy who are bold enough to look you in the face and speak the truth. Now, the world is laughing at us wondering how in the hell in the 21st century we elected a dictator to power. Today, majority of Nigerians are suffering like never before, freedom to speak freely is being restricted, people are harassed and intimated when perceived as opposition. Just in 2014, Nigerians took all this for granted and call the man who gave them all these liberty as clueless and incompetence. I believe now, the mean of these words are coming home. So sad!!! 2 Likes 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by umehmj(m): 12:39pm On Jan 23, 2016 |
well, as for me and my household, we are enjoying heaven's economy. he has given me and my family peace, joy and progress round and about. BTW!.... ....what happened to buhari's campaign promises of equating the naira to a dollar? oh i remember. blame the last administration. 2 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by InvertedHammer: 12:39pm On Jan 23, 2016 |
/ He is right. Anything that doesn't involve perpetual servitude to IMF and World Bank is "height of foolishness". Believe any agent of economic hitmen at your own peril Failure to save for the rainy days got Nigeria where she is today. Middle East nations developed their countries and built up huge reserves. Nigerians partied and looted their revenues. Other countries with huge reserves tapped into it to balance their budget pending the normalization of the oil market. Nigeria? Well, one cannot eat his cake and has it. They resort to what they know best - borrowing. / |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Dee60: 12:40pm On Jan 23, 2016 |
Financial Times may have their arguments but they also just exhibited the HEIGHT OF INTELLECTUAL ARROGANCE. In the matters of Economics no one knows it all. China made their own plan, and India too, in spite of the FT, and they have been able to bail themselves out. FT knows nothing about the environment here and cannot have answers to Nigeria's problems. Britian and AMerica are so advanced that you may leave its market to market forces. Not Nigeria! Have they ever seen an economy where the governor of a state can pocket the income of that state? Or where a security adviser can pocket/share budgetteary allocations that should have been used to equip the Army? What market forces? FT should just admit its ignorance and come down from their lofty heights and high horses. Devaluation is risky at the moment because it will translate immediately into rise in Petrol prices. Remember we still import Petrol, and you need dollars to fund its import. Imagine that a devalued Naira will mean that Petrol will sell for N150 pump price. Will that not lead to crisis? CBN has only just said that excessive importation for just anything from toothpicks to human hair is the reason for the pressure on the naira. So, they have curtailed the quest for just anything. Dangote is smarter than all of FT put together and he once said that restricting import with the list of 41 items is the best economic drive he has seen in Nigeria. Now, we have to make our own ceramic tiles, put on our own Ankara, eat local eggs instead of cheese! Why cant we consume what we can produce? Nigerians have to change our unbridled taste and appetite for products simply because they are made in 'Other Countries'! When whites come to Africa/Nigeria, they come to make cheap money to take back home. When Nigerians go to their lands, we take boroowed dollars to go and shop for just anything. Devaluation has only a short term benefit to any economy that is largely consumptive and not productive. If Naira sells for 300 at the official market today, the so called 'smart investors' will rush in funds, scoop the market and walk away to pile pressure for further devaluation! The average Indian puts on clothes made in India. Why cant we wear Ankara, even to work? Imagine the millions of jobs that will create, and imagine the savings on forex! True, we cannot isolate our market, but the fact remains also that we cannot contine with unbridled appetite for anything made by 'Uncle Sam'! 4 Likes 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ferhyntorlah(f): 12:40pm On Jan 23, 2016 |
tsdarkside: Nigeria needs to learn from Malaysia, China, Singapore, India and other countries classified with her in the 60s how they turned their economy around, esp China and India since we share similar population size. 2 Likes 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by MrSegunAdewole: 12:43pm On Jan 23, 2016 |
[s] Gbawe:[/s] Rubbish 3 Likes 2 Shares |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ferhyntorlah(f): 12:43pm On Jan 23, 2016 |
Kikero112: So true. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ojuu4u(m): 12:44pm On Jan 23, 2016 |
Briefly, wats hapning to u knw i biliv u knw its product of wat u did yesteryear and wat u are doing today the result wl be coming years to come, so for now u cant blame adeosun, 2. U said its frm souce. Those economists are outsiders hence they based theories on asumptions, dnt take them hook, line and sinker 03. CBN is autonomy agency, it contros monentry policy of govt while finiance ministry contro fiscal policy of govt and the ansrable to president, meanwhile their perfomances reflect on NSE. 1.Making a reference to him as "my brother" has got nothing to do with ethnic affiliations but rather as one human to another. 2. The economic policies being brandished by this administration has all been synonymous with cluelessness. 3. I am afraid your responses are coming The message was delivered exactly "as is" from the source. PS: note that the CBN is inder the ministry of finance, and also the NSE thoigh private |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by chinchum(m): 12:45pm On Jan 23, 2016 |
Kikero112:Crude Oil price at 28usd/barrel is not at 6 year low, it is actually at 13 year low, year 2003 to be precise, somedays ago it was at 26usd actually. The differential of imports value and the export value is widening putting a strain on the Nations Naira. cbn governor is managing the situation, IMO, Emefiele's only sin is changing his cbn policies like a flash light in a short space of time, causing speculators to have a field day with the price of naira to a usd at the back market. For those canvassing for devaluation of naira to from the current 197 to 230, i can bet the price at the parallel market will also slide from 300 to range of 330 at such news. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by linearity: 12:46pm On Jan 23, 2016 |
DelGardo:Nigeria does not have the international cloth to artificially hold the value of Naira and at the same time attract investments. Also, keeping a two tier currency exchange is the worst policy, where only the exclusive rich have access to the juicy rate to make them richer as government subsidizes that rate, and the rest of us and the masses are again left with the worst rate making it nearly difficult to export anything and God crying out loud, if you Nigeria to start producing stuff, make is economically viable for them to export same. Lastly, like you must have learned in secondary school economy class, the forces of demand and supply set prices in a free market and not some government policy. Naira will not continue to slide if left to the demand/supply, there is always an equilibrium point that, it will start attracting investors. In fact, US too the opposite approach and devalued their currency for almost 7 years from the start of the current recession. At a point the Canadian dollar was stronger that the US dollar and the Euro was almost twice in value compare to the dollar...now the Canadian dollar is half as valuable as the US dollar and euro is trading at per with the US dollar. Yes, there were pains when the dollar was made cheap, but it was done to attract investors, once investors were fully confident and fully invested, the currency was inflated and they are now happy and reaping the benefit of the risks they took. By artificially holding the price of the naira, the government hopes that, they can hold out longer for Nigeria to improve again. Am sorry, nothing is attractive again, the oil have lost its lustral, I hear people shouting 'Agriculture! Agriculture!! Agriculture!!!' as the answer, as much as we must start investing in agriculture, we should understand that, it is not a miracle pile...it will take time to ramp up output to international commercial standards and that too needs mechanism farming, which is lacking in most of Nigeria, where manual labor is the bane of the trade. Also, after getting outputs to international levels, you have to start negotiating and looking buyers and signing deals...yes, it will happen one day, but because we have neglected Agriculture for so long, it will not be readily available as a cushion. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:58pm On Jan 23, 2016 |
omohayek: You are a dullard o, please elaborate on the duties of a Finance Minister. Once you have done, then you go apologise for your dumb thinking. 2 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by frankyychiji(f): 1:05pm On Jan 23, 2016 |
OkutaNla:See wailing...they warned you but you wouldn't listen. When you point an accusing finger at someone, the remaining four fingers point at you. Karma is a biatch mehn! 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by frankyychiji(f): 1:15pm On Jan 23, 2016 |
Chubhie:...EdCure and Dropshot too ![]() They are at daggers drawn in the other thread. EdCure is now a wailing wailer, Bubu's high-handedness has crippled his business, dropshot and OrlandoOwoh says he must be a beneficiary of Dasukigate ![]() ![]() ![]() ![]() ![]() Kai! Walahi the roforofo fight no be here ooo 4 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by pasol4real(m): 1:16pm On Jan 23, 2016 |
Since i was born i have been looking for the true definition of CLUELESSNESS . Now i have found it boldly engraved in this APC GOVERNMENT. What a sweet discovery ![]() EUREKA!!!! |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 1:16pm On Jan 23, 2016 |
APCLyingBastard: I am actually from an oil producing state....and not from the SW. And good afternoon to you too. Abeg leave your flat chest beating when you discuss among your fellow roaches The above comment was unnecessary and uncalled for. Be decent and respectful when discussing here please. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by emmykk(m): 1:18pm On Jan 23, 2016 |
omohayek: she also has no hand in unchecked budget...abi so what does she has hand in? 1 Like 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by seunt4ut(m): 1:27pm On Jan 23, 2016 |
omohayek: Education is good. Majority of them repeat what they told them. They can't differentiate btwn Financial role and monetary role. When you see them running mouth just watch cause folks like these like to advertise their foolishness. And when they do you don't have to talk. 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by kaboninc(m): 1:28pm On Jan 23, 2016 |
NavierStokes: No brother, The CBN is a body on its own and supervised (their accounts only) by the Financial Reporting Council of Nigeria. The SEC is also a body on its own too. 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ahaika23: 1:28pm On Jan 23, 2016 |
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Re: Financial Times calls Nigeria's economic approach the height of foolishness by Chubhie: 1:29pm On Jan 23, 2016 |
frankyychiji:SubhanAllah for sheik Edcure has seen the light. Never in our recent history has brothers been turned against each other the way Buhari and Apc has done. Give me the link of this roforofo fight.LOL. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by holaralph(m): 1:30pm On Jan 23, 2016 |
In 2008 the great recession hit america and it affects the world. Before the recession american Unemployment rate was 5% but rose to 10 late 2009 while the recession lasted for almost 2years, since Obama became president of american there as been a lot of economic measure put in place to avert the recession gradually america was able to survive the great recession gradually the employment rate start reducing from 10% to 5% presently. Can you people guess what, the people that are in the republican camp are never happy with the success of obama administrationyet they complain so much about the economic measures. That's America still complaining about economic measures if people in america that as a very structures economy plans can complain then am not surprise seeing people wailing. America as a democracy than spanned thru generations with great efficient plans for the selfless individuals. We can never compare nigeria to USA or other western world. Finally, I figure this out that any economic measure that an African country intend to put in place that doesn't favour any western country they will be the first to shout about it. Sooo am not surprise if financial times and other media wail......... PDP and APC will still continue to try their best as regards economic plans and measures.....My View once more 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 1:31pm On Jan 23, 2016 |
kaboninc: Bro, please reply my last PM. Thanks. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Alezy(m): 1:35pm On Jan 23, 2016 |
dearpreye: 1 Like 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by seunt4ut(m): 1:35pm On Jan 23, 2016 |
Closedoor: You Brilliant mind. Tell us who did the senate summon for weaken of Naira? Duty of finance minister. Its main duties and functions are to: Prepare the annual fiscal budget and issue adequate regulations for its execution. Digest it and put it at the back of your flat head. 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 1:37pm On Jan 23, 2016 |
[quote author=Alezy post=42251384][/quote] I don wait for your own oooo |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by onatisi(m): 1:38pm On Jan 23, 2016 |
chukwudi44:don't blame Kemi adeosun , buhari never listens. What do you want Kemi adeosun to do ,if she advises the dullard and he tells her to shut up ![]() When buhari nominated his ministers I raised this point that it is a different issue to appoint qualified intelligent brains into your cabinet and another issue allowing them to perform and do their job perfectly. All the ministers appointed so far have done virtually nothing because they don't and can't go beyond certain restrictions imposed on them by buhari and which is curtailing their actions |
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