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Nairaland Forum / Nairaland / General / Politics / Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg (43724 Views)
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omonnakoda: 10:50am On Apr 22, 2016 |
SirShymexx:You cannot pick and choose which facts you like. If YOU are the arbiter of which facts are good or bad then we have a problem and there is no point to further discussion. The onus then falls on you to provide alternative facts. I find your argument about facts lame and churlish. You pronounce with strange authority what seems good to you e.g Nollywood is worth nothing but junk,Really ? But there are dozens of Nollywood Millionaires buying property etc and creating jobs. You really need to come off your high horse and stop these grandiose assertions Manufacturing which you harp on so much about is not really relevant . Why must countries "Manufacture" to have a trade surplus .What kind of logic is that What do Saudi Arabia,Kuwait Qatar and so on manufacture The bottomline is to import less than you export. That manufacturing argument is rather irrelevant and your style of argument is to lump together incoherent points to arrive at a conclusion. The problem with that is you will be right sometimes by luck and often wrong but fail to see the problem with your line of argument. The "reality " and logic you refer to is quite simply what you wish to believe. Balance of trade payments between countries are in the public domain they are not arcane by any means. The evidence will be found in foreign reserves and sundry related places so quit the emotive pontificating and deal with the public "facts" Google is free check the Nigeria balance of trade going back as many years as you like 5 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NavierStokes(m): 10:50am On Apr 22, 2016 |
SirShymexx: http://www.dailytrust.com.ng/news/business/forex-scarcity-pushes-nigeria-toward-trade-deficit/143586.html#ru6kDy2F3416eMzW.99 Cc omonnakoda |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by clintwine(m): 10:50am On Apr 22, 2016 |
When Someone with some form of intelligence writes, I read and listen, but experience have taught me that some people wield this wrongly to cause chaos, just like some do with Religon. Now the Beauty of IT and science is that we know now, that we can piece out who a person is, their motive, their possible next moves from their internet activities --- (That would be for another day or you can google these researches ). Now Below is what Tuniski advised -- favouring devaluing the Naira Now check after this quote, his previous posts, then you would get the picture tuniski: ********************************************His previous Posts************************************************** tuniski: tuniski: tuniski: tuniski: tuniski: ****************** MY SUMMARY ****************** You have always been a PDP faithful, even when you knew it was a heavily corrupt government You disliked Buhari right from the election period and continually showed this after he won Your posts have always been anti-APC, Anti-ThisGovernment. Infact your previous posts adduce to the fact that you want this government gone even before next election and PDP back in 2019 Now why would Buhari take advice from someone like you How would devaluing the Naira benefit the Masses we have been doing this, how has it benefited us You believe that Fayose's module of giving money in the street is good governance, now how does that tally with you being an expert in economy You and I know that governance is about delivering Infrastructures to give anyone in the society ability to thrive We need to Wakeup, I am not an APC fan (Infact I am hoping to see Thief-nubu in chains) Neither am I a PDP fan, I am firstly a Nigerian. If Nigeria fails, we all fail. Lets work together and give constructive criticism that will build our nation. Devaluing your currency has no big effect on the Masses, but it makes your fellow Country Men, third citizens in the world. Imagine trying to book a holiday flight and you are asked to pay £1000, which would be around 445,000 Naira -- this is just for flight alone, now how will your country men be able to have a bigger picture of the world Holidays is what the common man do regularly 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 11:55am On Apr 22, 2016 |
omonnakoda: Before haranguing and claiming that I can't pick and choose the "facts" to believe, how about post anywhere I've ever believed figures released by naij? Even a re.tard knows that whatever figures come of naij is fraudulent cos the country doesn't keep records of the smallest things and if you don't keep records, how can you collate the right figures? In cases such as Nigeria's you just have to use the eye test and logic...and once you do that, you would see that nothing adds up. Common logic. So you mean the same nollywood where 99.9999% of its movies are straight DVDs, especially in a country where piracy is rife, and quality is piss poor, with almost zero budget based on the movies look, is worth billions of dollars, no? The same one that needed one billion naira bailout from GEJ is worth billions of dollars? Common logic should tell you that the figures are fictitious. Err, I can gather a few folks with a camera and make nollywood movies and most YouTube series have better quality than nollywood. It's just like saying cos channel used to make cheap quality music videos just for about anyone back in the day for £200 with saturated quantity, it's worth millions of pounds lol. Saudi Arabia: 27 million in population and 10million bpd in oil export. Qatar: 2.2 million in population and 2.3 million bpd in oil export Kuwait: 3.8 million in population and 2.50 million bpd in oil export Nigeria: 180 million in population and 2.4 million bpd Once you do ya eye test and use logic, you'd see that it isn't rocket science why these countries have trade surplus due to small population and huge oil production. They consume less than what they sell, hence they have huge foreign reserves. However, once you look at naij's huge population and what they consume, especially in a country where everything is imported vis-a-vis its oil production, you would see that you can't compare naij with those countries and the trade surplus tosh is utter bolex. Logic again. Use ya eye test not dubious figures folks make up in their heads and reality doesn't support. Logic is free as long as the cerebrum is intact and an eye test is easy. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by vereniken: 11:56am On Apr 22, 2016 |
TonyeBarcanista: 1 Like
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omonnakoda: 12:11pm On Apr 22, 2016 |
SirShymexx:Balance of trade figures are not Nigerian figures . Every country has a thing called a current account ..These things are in the international domain>Shouting loud does not change reality. We import a lot but we do not import everything as you claim. Also you are now shifting the goalpost first you said SirShymexx:Now you are saying it is possible if such a country has a small population. Have a look at this http://data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS Saudi depends even more on imports than we do. Your assertion that we manufacture nothing is nonsense really . Nigeria is top or one of top producers of yam cassava,groundnuts and so on. It is not high value yes but the vast majority of our population consume stuff made in Nigeria and not imports as you would have us believe. Many people do not eat corn flakes or use toothpicks and so on. The real Nigerians largely consume made in Nigeria stuff. We produce beef cattle palm oil fish beans wood and lots more not as much as we could but compared to our population size our imports are small. Importation per se is not the problem. Our productivity should increase and that is what needs attention. Everyone has opinions many of which are useless no matter how tenaciously they are held Even if every single Nollywood movie sold is pirated it still remains in the economy and on an aggregate basis is part of GDP Somehow you managed to bring in Taiye Taiwo into the debate. Your argument is all over the place,heavy on opinion but light on analysis. If we were not having a positive balance of trade how did we build up foreign reserves? You know a lot less than you think you do and lack the humility to redress this YOUR logic is not "common" at all it is very unique indeed!! 7 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by ibietela2(m): 12:40pm On Apr 22, 2016 |
obailala: So have only 2 part in Nigeria |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 1:18pm On Apr 22, 2016 |
omonnakoda: You're a vacuous and obtuse clown, hence every time you stray around quoting me stupidly, you always get ya arse whooped and disgraced - then you log out of one handle and start running around with a next one. Who keeps a country's balance of trade figures if not the country's bureau of statistics? Who keeps records of goods going in and out of the country...international agencies? I bet the next thing you would tell me is that Nigeria's population figures, literacy rate et al, used by international agencies aren't Nigerian figures and these agencies go over to Nigeria to get these figures themselves. You're a gift that keeps on giving and a clown lol. Common logic alone should tell you that a country with trade surplus won't have an economy as messed up as Nigeria's and eye test would show you that countries like Saudi Arabia, Qatar, and Kuwait which you cited as reference points have absolutely nothing in common with naij (apart being oil producers and having oil as their primary foreign exchange earner) when it comes to export earnings from oil vis-a-vis population and consumption and the obvious differences are evident in how huge their foreign reserves are compared to naij's. Oil export makes up about 70/80% naij's foreign exchange earnings/export and with a huge population of 180 million that consumes mostly imported goods - where did the trade surplus wriggle out from, smart arse? You have got no brain, yo. Saudi Arabia might depend heavily on imported goods but the huge 10million bpd it exports can easily offset that with more than enough left based on the consumption by its significantly small population. Can the same be said about a Nigeria that exports a quarter of Saudi's oil production, yet has a population almost five times Saudi's? If you can't see the correlation in the context in which I used Nigerian football age and dubious figures that don't represent reality - then you are much more vacuous and obtuse than I initially thought. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by obailala(m): 1:40pm On Apr 22, 2016 |
ibietela2:What do you mean by 2 part? |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omonnakoda: 1:42pm On Apr 22, 2016 |
SirShymexx:When you run out of things to say you start abusing your family. Like I said balance of trade payments are in the public domain. Nations have current accounts with international drawing bodies and that is how balance of payments are settled through international clearing protocols. Name calling is the territory best suited to you but reality is what it is. When nations trade they have to pay and they pay through banks ,through CBN letters of credit and settlement procedures . Educate yourself and stop the bluster . Little chance of that happening though since rabble rousing is your area of unique expertise. Your logic is a very special and distinct kind, everything but common........... 4 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 1:55pm On Apr 22, 2016 |
omonnakoda: Nah, you started the subliminal name calling and I returned the favour based on the venom you applied to it and the more vicious you got, I doubled the dose. Don't play the blame game now. So all international import in a country as dysfunctional as naij is done by its central bank, no? Your case is irredeemable. Also, common sense should tell you that a country with trade surplus for 30 years like you claimed would have a strong currency. But we all know the naira is more or less worthless. So where did the surplus go? |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omonnakoda: 2:22pm On Apr 22, 2016 |
SirShymexx:according to your logic a country with a trade deficit like the USA should have a weak currency. The reality is many factors determine exchange rate and by the way exchange rate is not the same as "strength". Political factors are just as if not more important By a similar token China should have a very high exchange rate please explain why this is not so Clearly you have a chip on your shoulder and very low self esteem hence your need t see invisible enemies and compensate . Does you aggression strengthen your argument? No your position is bereft of coherence or even analysis. It is either we measure stuff or we don't and if we do we measure that which is official by looking at a Central Bank's position in foreign reserves. That is what foreign reserves are for.They are not government funds or savings. Huffing and puffing can only mask what you lack to the undiscerning. You have little to offer but bluster ,bluff and bombast 6 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by ibietela2(m): 2:28pm On Apr 22, 2016 |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by obailala(m): 2:38pm On Apr 22, 2016 |
ibietela2:The answer to your question should be obvious to you. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 2:40pm On Apr 22, 2016 |
omonnakoda: Loooool. You are more ret.arded than a sewage rat. The US is strong despite trade deficit due to Fiat, petrodollar, and gold standard (the US has the biggest gold reserve on the planet). As for China, everyone including a first year economics student knows that if the yen is allowed to float, it might end up as the strongest currency in the world. But China manipulates its currency and it keeps it low lol. Does naij have the luxuries the two countries enjoy? I'm done with you. You ain't got no brain, yo lol. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Olumyco(m): 2:48pm On Apr 22, 2016 |
Omonnakonda and SirShy.... well done To come into dis..... As regards the issue of trade balance I can say but d issue is dat our exportation of non oil products/services has really increased in d last 3 to 5 yr. And even according to d statistics of our exportation by d finance minister last yr or last two yrs d country revenue from non oil product is like greater/equal to d revenue generated from oil. I cannot remember vividly d figure but I am damn sure dat oil revenue is not up to 70%/80% of d GDP as claimed by SirShy.... I think is around 40%+ or 50% Now concerning d issue of importation, I want to say we Import a lot in dis country but we seems not 2 understand hw we do it. Let us know dat d issue of Importation is directly tied to outflow of dollar. And I am telling U dat d problem at hand in dis country is d depletion of our dollar reserve. Rate at which dollar is moving out is higher Dan d way it is moving in. The following activities trasform to Dollar outflow and dat is our problem in dis country 1. Hosting of website outside d country: Most big sites in Nigeria are hosted abroad. 2. Domain name for website too are bought by big websites outside d country 3. Nigeria is busy sending pple on scholarship abroad without taking a decision of building our institutions to b like dat of abroad. U could imagine d outflow of dollars on d amnesty - abroad training 4 Niger delta militants. 4. I heard some pple in Nigeria receives their monthly salary in dollars. This is against Nigeria law. Dollar is bin siphon 5. During d last election many dollars were squandered.... It is wrong 2 do dis.... I heard atiku gave out dollars during is lobbying ^ . 6. Bringing into d country goods dat r cheap to comeby like toothpick, paper etc. 7. Academicians going abroad to conduct an experiment because there r no equipment to carry it out in Nigeria. 8. And other online stuffz I think d country needs 2 help reduce our importation which siphons our dollar by making and enforcing some policies and also taking some industrial action. like 1. No one working within d territory of dis country shud earn dollar as salary or wages 2. Nobody shud distribute dollar 4 campaign 3. PayPal shud not only b open 4 payment but to receive also. 4.There shud b reduction in d way government send pple abroad 4 studying. The government shud try and build capacity in our institutions 5. Research labs adequately equipped shud be set up in d country. 6. Industries dat can produce toothpick, paper and so on shud b set up In d country and privatised later 7. Our ICT companies need 2 develop and av capacity like dat of d abroad so as 2 host different types of websites 8. I don't know how possible dis is; the government/international community shud allow us 2 take naira in cash out of dis country and exchange it to dollar when we get 2 our destinations just like d US guys would do. Nigerians Side We as Nigerians need 2 change our mentalities and patronise made in Nigeria goods. We shud stop proving class We shud try and b enterprising by engaging in exportation biz. And for those dat travels to bring goods into d country, dey can take some goods along as exports May God help Nigeria. Amen Thanks. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by adconline(m): 2:51pm On Apr 22, 2016 |
SirShymexx:False equivalence! US is a$16tn economy with AAA govt bond rating. It's a destination for FDI investment. Just Apple cash_$450bn in the bank is close to Naija total GDP 3 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by omonnakoda: 2:56pm On Apr 22, 2016 |
SirShymexx:Sewage and rats ......gradually you move into kindred murine territory where no doubt you feel most at home,no surprises there. Hot air does not make a hot argument Well so we agree currencies can be and are manipulated and therefore more than one factor determines exchange rates. The fact in dispute here so we do not forget is Nigeria has in recent years maintained a trade surplus as evidenced in growing Forex reserves and still exchange rates are falling so that tells us that trade balances alone do not determine rates which can be manipulated from within as well as from without 5 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 2:59pm On Apr 22, 2016 |
adconline: So having a debt profile higher than ya GDP is smart economics, no? Most of you are stark illiterates. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Olabestonic001(m): 3:01pm On Apr 22, 2016 |
TonyeBarcanista: But we ain't pragmatic and neither are these masses I encounter daily planning to be sir. To me, this suffering could be all we need to wise up. More devaluation will only push forward our doomsday. 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 3:04pm On Apr 22, 2016 |
Shut up, re.tard. You still haven't told me where the surplus went and why the naira is a toilet paper apart from comparing apples to oranges. You have been utterly flogged again. Log out of this handle and come back under ya 2nd handle next week for another arse whooping in whatever subject matter and topic lol. Sewage rat with the IQ of panda and concentration of a tadpole. I'm ya tutor and I shall keep whooping ya arse till you grow a brain lol. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NDPVF(m): 4:33pm On Apr 22, 2016 |
[s] Rallyman:[/s] i don't do Nizooria thing!. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Olabestonic001(m): 4:44pm On Apr 22, 2016 |
TonyeBarcanista: Then stop buying from Dubai 1 Like |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by adconline(m): 5:41pm On Apr 22, 2016 |
SirShymexx:Even Nigeria with a very low debt to GDP ratio still keeps its money in US currency; still uses JP Morgan Chase to bank and manage its reserve. US is still the ground zero for global investment thru FDI. Your Politrickians all want to invest in the US. You are on a delusional crack powered by patriotic exuberance! 3 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by SirShymexx: 6:23pm On Apr 22, 2016 |
adconline: You're a re.tard and an illiterate, you pea-sized brain having knob. Can you fvcking read, you cu.nt? And what the fecky fvck has my post got to do with useless patriotism? Did I compare Nigeria's economy to the US economy and suggest that the Nigerian economy is better, or did I say that a country (US) with a debt profile that's higher than its GDP shouldn't be in a position to tell anyone about economics? Most of you are stark illiterates and reading/comprehension aren't ya forte. Folks have to always break things down to you in the simplest terms only toddlers can understand before you can grasp anything. Illiterate sod. |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 7:26am On Apr 23, 2016 |
omonnakoda: Lie. try an reason before U post. First Bank,UAC,and many other companies were brought to Nigeria before our independence. Secondly We lack entreprenuers. The PHRC is made up of two refineries, located at Alesa Eleme near Port Harcourt with a jetty (for product import and export). The jetty is located 7.5km away from the refinery complex. In 1983, the Port Harcourt refinery with 60,000 bpsd name plate CDU capacity and the tankage facilities were acquired by NNPC from SHELL. Subsequently, a new 150,000 bpsd exportu refinery was built in 1988 and commissioned in 1989. Therefore, the current combined installed capacity of PHRC is 210,000 bpsd.
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 7:37am On Apr 23, 2016 |
NavierStokes: True. blacks just don't understand cause and effect . just like to blame others for their failure. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 7:40am On Apr 23, 2016 |
adconline: Thank U bro. don't mind the low IQ clowns. imagine all the loots and Abacha's loot. if used properly , how Nigeria could have been better. A Nation is as Successfull as the average IQ of it's Citizens. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NavierStokes(m): 8:36am On Apr 23, 2016 |
blueAgent: Yea never taking responsibility, rather blaming everyone but themselves. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 8:45am On Apr 23, 2016 |
Saintp: Smart guy . Thumbs up. Blacks with low IQ .will always blame the west for their failure. 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 8:56am On Apr 23, 2016 |
musicwriter: Lie .stop writing garbarge. China started developing when they abandoned Communist Ideology for capitalism.go and google economic history of Japan ,South Korea,Singapore ,Taiwan, By 1985 South Korea 's economy was at par with that of Uganda.after 31 years of South Korea obtaining loans from US and Worldbank.and mordernising their economy by adopting capitalist methods contrary to North Korea's comunists. Today their GDP is 4times that of Uganda. blacks really have a problem. 4 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by blueAgent(m): 9:02am On Apr 23, 2016 |
musicwriter: Lie .stop writing garbarge. China started developing when they abandoned Communist Ideology for capitalism.go and google economic history of Japan ,South Korea,Singapore ,Taiwan, By 1985 South Korea 's economy was at par with that of Uganda.after 31 years of South Korea obtaining loans from US and Worldbank.and mordernising their economy by adopting capitalist methods contrary to North Korea's comunists. Today their GDP is 4times that of Uganda. blacks really have a problem. 2 Likes |
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