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Nairaland Forum / Nairaland / General / Politics / Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg (43742 Views)
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by benji93: 8:34pm On Apr 21, 2016 |
Mindfulness:ok, perhaps i should have said they have lower trade deficits at least. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Ugosample(m): 8:34pm On Apr 21, 2016 |
NavierStokes: Thank you. IMF loans have helped countries like South Korea in recent past. Why do we vilify them all the time 3 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 8:35pm On Apr 21, 2016 |
benji93: Lower than who? |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by benji93: 8:38pm On Apr 21, 2016 |
but i keep wandering in the land of wonder, if all countries develop, who go serve who? |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Ugosample(m): 8:42pm On Apr 21, 2016 |
We don't really have to officially devalue tho. What we need to do is to remove that peg we have put on the naira, and then let the naira's real value emerge. I lived in a country WHERE the difference vetwwwn black market and official in quote rates was not more than 30 naira. Doesn't something tell you that it is because if this peg that has driven the black market up? 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by diegwu01: 8:42pm On Apr 21, 2016 |
TANTUMERGO007:the Failed Man defeated your god and Hero, Jonathan by a landslide in the last election. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 8:50pm On Apr 21, 2016 |
Ugosample: Loans will only help Nigeria - and other African countries for that matter - if the country is ready to encourage foreign investment simultaneously combined with several structural adjustments. This won't happen as long as the government and the people are unable to provide a sane, save and secure environment. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omohayek: 8:52pm On Apr 21, 2016 |
Ugosample: Because it's easier to blame the IMF and "The West" for allegedly trying to "hold the black man down" than to criticize our own corrupt and inept leaders (and therefore our own foolishness in choosing them). 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Ugosample(m): 8:53pm On Apr 21, 2016 |
AZeD1: See as you just exposed your ignorance on economics Is Coca-Cola the same price globally? is it not the same thing? 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omohayek: 8:59pm On Apr 21, 2016 |
Mindfulness: Exactly! Someone who gets it! This is why artificially pegging the currency, imposing arbitrary import bans, and dismissing the withdrawal of foreign investment as being of a merely "portfolio" nature (and therefore somehow not worthwhile) are all of the worst possible things for the government to be doing. Instead of adopting policies that will reassure foreigners that Nigeria is a safe place to put their money in for the long term, the present government prefers to mouth pretty words while passing measures that seem designed to put the maximum of fear into investors. Who would want to put their money into a country where they can never get their profits out at a realistic exchange rate, or they can be forced to shut down production at any time due to bans on imported inputs they need? To put it bluntly, Buhari's economic policies are insane. 2 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by musicwriter(m): 9:01pm On Apr 21, 2016 |
erico2k2: Your statement is contradictory. If we have loads of exportable materials, it still need be explored, processed, packaged, before export. That process is called manufacturing. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by AZeD1(m): 9:04pm On Apr 21, 2016 |
Ugosample:You do know Coca-Cola is produced under licence by different companies? And if you use the guy I quoted example then the PPP of GBP to the Naira is 1/10 |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by musicwriter(m): 9:05pm On Apr 21, 2016 |
Saintp: I believe that's what the president is figuring out how to do- going back to the drawing board. Time will tell. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:06pm On Apr 21, 2016 |
obailala:as far as Nigeria derives most of its revenue from exporting crude, the best thing to do would be to devalue the Naira to eliminate the discrepancy between its real value and that set by the cbn. I think pmb is trying to forstall doing it while diversifying the economy (which should be a combined effort at all government levels-the can start by rapidly sorting out the 2016 budget mess). the only reason his stance not to devalue hurt us in the first place, is because we are heavily dependent on imports of both goods and skilled labour. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by musicwriter(m): 9:10pm On Apr 21, 2016 |
Mindfulness: You have nothing to offer........absolutely NOTHING!!. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by benji93: 9:12pm On Apr 21, 2016 |
Mindfulness:which classes are we juxtaposing here, developed against developing of course |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by stonemasonn: 9:12pm On Apr 21, 2016 |
Devaluation won't change anything Jare. All Nigeria needs in the short run is for it to produce all its petroleum products needs 100% and provide stable power supply at least 10hrs a day, and some infrastructures here and there like the railway project. And everything will be alright for a while. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Richydos(m): 9:13pm On Apr 21, 2016 |
TonyeBarcanista:Hmmmmmm like seriously Enormous benefits... But u didn't even state @ least 1 of d benefits n besides we have tried dis so called devaluation thing..... What good has it done to d country if not harm.. Guess we all know how d dollar keeps skyrocketing after IBB devalued our currency N we are still wallowing in dt pain n regret up till now.... Are u suggesting we embrace IMF idea again so dt we can sink further ba.....enormous benefits indeed #saynotodevaluation |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:14pm On Apr 21, 2016 |
musicwriter: Guy, educate yourself first before you spew rubbish. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:15pm On Apr 21, 2016 |
benji93: Nigeria's export rate has been MUCH higher than its import rate. The surplus has decreased considerably but the export rate is still higher than the import rate. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NorttGate: 9:15pm On Apr 21, 2016 |
TonyeBarcanista:As if he knows it all,economist of the head rather than the brain |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by erico2k2(m): 9:16pm On Apr 21, 2016 |
musicwriter:With due respect NOT This is the Business definition of manufacturing The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications. Manufacturing commonly employs a man-machine setup with division of labor in a large scale production. Read more: http://www.businessdictionary.com/definition/manufacturing.html#ixzz46Ufz8VXS Good example is I cannot manufacture crude oil but I can manufacture vegetable oil,I cannot manufacture charcoal but i can manufacture chacoal canister.Hope this is a bit clearer. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:22pm On Apr 21, 2016 |
omohayek: The irony of it all is that he wants to reduce the import rate (even though it is much lower than Nigeria's export rate) but does not want to devalue the currency (which has long been depreciated), which would lead to the reduction of imports, which he intends. He doesn't know what he is doing. Instead of adopting policies that will reassure foreigners that Nigeria is a safe place to put their money in for the long term, the present government prefers to mouth pretty words while passing measures that seem designed to put the maximum of fear into investors. Who would want to put their money into a country where they can never get their profits out at a realistic exchange rate, or they can be forced to shut down production at any time due to bans on imported inputs they need? Exactly BUT BH, corruption and vandalism are stopping foreign investors, so I think it would be fair to give him some credit for fighting BH and corruption with determination. It would be relatively easy to turn things around with foreign investment and it would be a win-win situation but the government can't do it alone. People need to change their mentality and how do you go on about it - especially when there is no proper education system and no press that could enhance people's understanding and shape people's way of thinking? 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omohayek: 9:28pm On Apr 21, 2016 |
Mindfulness: It is precisely the redoubled efforts at fighting Boko Haram and corruption which makes me find Buhari's economic policies such a terrible shame. A whole year has already elapsed without a budget even being passed, let alone any significant measures which might offer a light at the end of the tunnel; if in 3 years the average Nigerian is no better off than he or she was in 2015, won't the majority's conclusion be that fighting corruption is a bad thing that causes economic suffering? As far-fetched as that might seem, it's exactly the same "reasoning" behind why people blame the IMF (whose loan offer Babangida actually rejected) and SAP for Babangida's corrupt and inflationary policies. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:30pm On Apr 21, 2016 |
Richydos: At least you are asking the right questions and you notice when someone gives you an insufficient answer. Keep it up! Here is the best answer to your question: omohayek: Let me just add that devaluation on its own is not enough but defending the currency against all odds is worse. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Olumyco(m): 9:30pm On Apr 21, 2016 |
Nigeria must take d right decision on dis issue at dis critical moment.... #Devaluation Our forex reserve is low and one of d measure to curtail d massive outflow of forex is devaluation. Devaluation favours exportation on a large scale Devaluation discourages importation Devaluation helps "permanent" foreign investors and FDI #Non-devaluation Also d issue of devaluation does not favour an economy dat is too much dependent on importation such that it's import exceeds her exports with a wide margin like nigeria Non-devaluation help strengthen currency (subjective and not objective)...... Now there r tins we can do (My Submission) 1. If it is to reduce the depletion of our forex reserve then devaluation is d answer. Devaluation can help reduce d way dollar is massively going out but may not help to increase d way it flows in if d economy is importation dependent. This is a defensive mechanism 2. If it Is to increase our forex reserve, then increasing our exportation of goods and services is the answer. This is an offensive mechanism 3. If it is to be defensive and to be offensive at d same time.... then I think d naira can b devalued a little and BDC and commercial banks shud be placed under check so dat dey comply with with forex policy (devaluation) and at desame time grow our local industry and make them av capacity to export in large quantities.... Govt can start with fixing of electricity and refineries. Then dey shud provide capital and formulate strong policy against importation of what we produce locally. 4. If is to be offensive and to be defensive in anoda way round we can live d naira as it is now with its dual nature of 197 and 320 and reduce our importation on some cheap tins by producing dose tin by ourselves like paper, toothpick, etc. even if we cannot increase our exportation we shud b able 2 decrease our importation of unecessary goods. Thank God for Dangote, Innoson etc who is helping in dis area. ... 3 is abt little devaluation of naira and increase in exportation ......4 is abt no devaluation for now and decrease in importation # Mind u devaluation can help reduce importation but nigeria case is somehow wit dis....... Our philosophy is different here o..... To the Government Let dis government face d issue of Electricity and Refinery and we will be delivered from dis economy mess. The two stronghold affecting our economy is Electricity and Refineries Let the government face dis two epidemic problem and once they r solved then our problem is solved. Then we need 100% federalism to av capacity to compete with d outside world. Thanks |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by benji93: 9:30pm On Apr 21, 2016 |
Mindfulness:fortunately for me i just realized the trade deficit list is infested by developed countries, diversification among other factors is what defines them. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by hero2000: 9:33pm On Apr 21, 2016 |
engrchykae: Your comment is very insightful. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by musicwriter(m): 9:34pm On Apr 21, 2016 |
erico2k2: In order to make crude oil you must produce it- that process of production is the same as manufacturing. Crude oil doesn't pop up from the ground and start filling ships without doing anything. In order to make charcoal you must produce it- that process of production is same as manufacturing. Charcoals don't fall from sky. It doesn't matter what you call it, you still must produce (manufacture) it. Moreover, some words are used colloquially, so an advanced person doesn't even need that dictionary definition sometimes. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:34pm On Apr 21, 2016 |
NavierStokes:exactly. I don't understand why many Nigerians distrust imf and other western financial agencies while happily applauding the Chinese.The substandard products flooding our markets today and knocking out the little indigenous companies present in naija are mostly Chinese. China is just exploiting US like the British back in the day-which is hardly any cause for euphoria. this is the case of a slave trading masters. it's a given that for those top economies to prevail (China and Europe) , other countries would be underfoot (3rd world countries) but, that doesn't stop us from laying the blame on the appropriate doorstep. if our govt misuses the Chinese loan, we would also end up being dictated to by them because, we can't repay it. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:36pm On Apr 21, 2016 |
omohayek: But the problem here is not that fighting corruption and BH is bad or unnecessary, the problem is that people are not aware why it is essential and urgent. And it is a government's duty to justify their decisions in a way that a simple person can understand it. The issue with the budget is just terrible. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 9:36pm On Apr 21, 2016 |
benji93: |
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