Buharinomics is Working

I can see why former President Jonathan could oversee the most odious looting of the treasury with the way Nigerians are reacting to the current state of the economy. The Buhari government has made it clear that it is determined to wean us off importation and what this means for a country that imports virtually everything from eggs to toothpicks is that people will feel the pain initially.

However, the Buhari government's economic policy of stifling frivolous imports and not officially sanctioning the devaluation of the naira is working as the manufacturing industry is beginning to grow. There is evidence for this assertion here http://communityvoiceradio.com/chinese-auto-firm-to-set-up-assembly-plant-in-calabar/ and http://nairametrics.com/bua-group-and-this-chinese-company-will-build-a-1-9b-steel-plant-in-nigeria

The same with agriculture https://www.nairaland.com/2904854/anambra-begins-vegetable-export-uk
and http://www.punchng.com/ooni-promises-jobs-for-40000-youths-through-agriculture/.

Yes, there are initial pains but if Nigerians support the government and stop the addiction for imported items, we will be on the way to long-lasting and sustainable economic growth and development.

Despite the problems with the budget which proper scrutiny from the National Assembly can help address, it still has a large focus on infrastructure development that will benefit the economy and citizens in the middle to long term.

Our duty as citizens is to look at ways of helping to make things better as the government fights corruption and implements structural reform of our economy not to whine about not being able to continue our destructive habits of wasteful spending and unnecessary importation for temporary gain.

Source: http://www.coolstuff49ja.com/2016/02/buharinomics-is-working.html

The economy just have to grow

God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

What is this?

Alxmyr:
God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

You dey mind that one.

Buhari is working because Obiano exported Ugu vegetables to UK?
The Chinese are leveraging on GEJ's automobile policy while Buhari continues his loitering.

Nigerians are very impatient, forgetful and shortsighted.
We all want change and are not prepared to make sacrifices and undergo the pains that accompany the change.

But I believe with the present economic policies, even though harsh, Nigeria will in the long run become self reliant. Only then can we begin to feel the CHANGE.

It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

why is it that Nigerian leaders fail to congregate and fashion out a 50-100 years masterplan where successive governments are duty bound to carryout regardless of party affiliations?

Assuming Your current President makes any little headway now, what's the guarantee that the next government would build on it? with the hatred and tribal politics laced with destructive opposition, you guys are doomed and will forever be laughed at internationally.

If we can give him chance,he will change the lots of our dear people..we just need to be patient

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

Kindly look into various allegations about your mod banning people ridiculously.

This attitude is not good for your business. my personal non business account was banned beyond 2099 hence I had to create this as a response which has also made some friends to rethink business with Nairaland. I know you to be a good business person. Act accordingly.

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

Yea don't mind them! Devaluation is working well in Greece and Zimbabwe!

Lubbish!

arewafederation:
Nigerians are very impatient, forgetful and shortsighted.
We all want change and are not prepared to make sacrifices and undergo the pains that accompany the change.

But I believe with the present economic policies, even though harsh, Nigeria will in the long run become self reliant. Only then can we begin to feel the CHANGE.

Which present economic policies are you talking about?

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

You just listed countries going through the same problems with Nigeria who have been bailed out by IMF except Zimbabwe. These countries are still in recess and there is still no end in sight for them. Nigeria has not gotten it right with its economic MGT team because their inputs is far different from what its obtainable today.



Devaluation is the only thing we need now

Buhari should man up and devalue our currency like Ibb did to save the free fall of the naira.

make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

Reyginus:
Which present economic policies are you talking about?

The exchange rate policy.

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

Add China, India and Brazil to your list to sound logical. Greece and Argentina didn't fail because of falling currency value. Sanctions killed Zimbabwe.

China and India discouraged importation of finished goods, that's why they are economic powers today. Nigeria should do same.

Exporters are smiling to the bank with the value of the naira.

drss:
make una o milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.

imported or locally produced?

Buhari-No-Mix is definitely in full force...

Ecoterrorism:
Buhari should man up and devalue our currency like Ibb did to save the free fall of the naira.

who exactly does a devalued naira favour? Nigeria or countries waiting to dump products here

Ecoterrorism:
Buhari should man up and devalue our currency like Ibb did to save the free fall of the naira.

infortunately d dullard does not understand d economic benefits of devaluation. he does not even have any economic policy talkless of implementing dem. nigerians don enta one chance.

The manufacturing sector has suffered with a lack if economic direction from this administration and also banks are skeptical about lending to them

arewafederation:

The exchange rate policy.

So how is it good and our patience key?

IyaIode:

who exactly does a devalued naira favour? Nigeria or countries waiting to dump products here

it will favour us in the long run if we increase tariff to protect our industries here. We need to make imoportaion unfavourable to importers and push for rapid industrialisation

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

Zimbabwe

I heard that you have to arrange your money inside a wheel barrow to buy a loaf of bread there.

IyaIode:

Add China, India and Brazil to your list to sound logical. Greece and Argentina didn't fail because of falling currency value. Sanctions killed Zimbabwe.

China and India discouraged importation of finished goods, that's why they are economic powers today. Nigeria should do same.

Exporters are smiling to the bank with the value of the naira.

Pls speak on what you know. By CBN policy, exporters are only allowed to convert their FX to the Naira using official rate and not parallel market rate. besides, they are not permitted to withdraw cash from their export proceeds accounts so that they cannot go to sell same in the parallel market.

EastanPower:


Pls speak on what you know. By CBN policy, exporters are only allowed to convert they FX to the Naira using official rate and not parallel market rate. besides, they are not permitted to withdraw cash from their export proceeds accounts so that they cannot go to sell same in the parallel market.

That's if you don't know your way.

Ecoterrorism:
it will favour us in the long run if we increase tariff to protect our industries here. We need to make imoportaion unfavourable to importers and push for rapid industrialisation

I support any Government policies that would frustrate importation.

I keep wondering why we import frozen chicken! There are a lot of Nigerians into poultry business and then can provide us with all the chicken we want.

Why are obsessed with eating rice from Asia? Why can't we encourage Abakaliki/Anambra rice farmers to produce more and earn good income for their labour?

Reyginus:
So how is it good and our patience key?

It has discouraged importation. The local manufacturers should be encpuraged to keep up with our demands. This may take time though.

Ecoterrorism:
it will favour us in the long run if we increase tariff to protect our industries here. We need to make imoportaion unfavourable to importers and push for rapid industrialisation

So we devalue to like say 300 naira to $1, who is to say the scarcity of dollar won't drive the black market to 500 naira.

Btw devaluing will drive up landing cost of petrol, are you ready to pay more for petrol?

If you increase tariff, importers will increase local price driving up inflation, you know this things don't work in Nigeria.
E. g if dangote had not set up a sugar factory, importers will not stop importing. How many dangotes do we have

arewafederation:


It has discouraged importation. The local manufacturers should be encpuraged to keep up with our demands. This may take time though.

So how is this an exchange rate policy?

IyaIode:


That's if you don't know your way.

Chai!