...let me tell you what the IMF is actually saying...NIGERIA'S ECONOMY WILL COLLAPSE BEYOND REDEMPTION...if the right people are not quickly put in place to steer it out of this mess of recession.

Can they go to hell with IMF?

epistle and story aname

The Nigerian economy will continue to go worse so long as the Northern Ruling Class supported by some of their yoruba friends refuse to accept restructuring.

The north want to continue to depend on the south especially the Niger delta region for money to run their affairs. They just want to empty the resources of the Niger delta and then tell them bye! bye! and they will now go and exploit their agriculture in the north.

They take IMF Loan they want to pay the loan with money from the Niger delta region.

We need true federalism in Nigeria. We must go back to the post 1960 political system where the three main region were paying taxes to run the central government while fully controlling the resources in their domain.

Hausa most especially must take their long throat from Niger delta oil money. They must take their long throat from VAT coming from Lagos state.

Each of the 36 states or 6 geo-political zones must be generating money to fund the federal government.

The days of our federal system is numbered.

Restructuring of our political system is definately inevitable.

Here we go again

Dottore:


Wait ooo, this people have been in talks with World Bank for over a year now just to borrow 1billion whereas Sanusi talk say some people chop 20billion and Dasuki chop times10 of that. Make them collect the money from Diezani's or Dasuki's account joor.

No vex I couldn't read the whole article but na so I take understand am and this is my humble opinion. Gbam

so were is all the money recovered?

I just posted on the other thread the world Bank and IMF are our worst nightmare now that the Naira is gradually recovering. Obviously, they don't like the good news coming out of Nigeria now. They expected it worse.

Earth2Metahuman:
Imf and devaluation

Dem use devaluation do those people.
That's the only policy they know

Devaluation this devaluation that.

Since we have been devaluing, what has it add to our lives?

no mind them. its because it favours them since they hold a stronger currency.
devaluation adds no value to an import dependent country.
when we devalue, they will now come with thier dollars and be claiming foreign portfolio investors.
God punish them

Why is it that the only solution IMF are always after is in the devaluation of the currency?

Prescribing same drug for all ailment is the only thing IMF is known for.

9jakohai:
Hmmmm



In other words

1.We have to let the naira float. No more obsession with making the naira strong
2.We have to improve govt revenues...meaning raised taxes and agressive taxation regimen.(Already happening where I live).
3.We have to stop relying too much on oil, and so on
4.We have to unify the exchange rates....something that we used to do until 1986/87.

The First thing is not to take anything coming from the IMF as relevant to Nigeria.
The IMF Has been giving developing countries advice for ever and I cannot think of any where it has helped.

No doubt we have problems which we can discern by ourselves without any inferiority complex.

We must forget the phrase "HAVE TO" . We do not have to do anything prescribed by outsiders if the focus is not on PEOPLE .
None of those 4 things you have listed will translate into anything for the poor and average Nigerian.
How do we stop relying so much on oil in the next 2 years by doing WHAT EXACTLY. Who is it that relies on oil. Government or people?
The Naira ,in reality Floats and never stopped doing so. There is a segment that has access to disproportionate access to artificially low prices thus engendering corrruption and arbitrage. It is a problem but that is not the problem with our economy. The truth is we have a manufacturing problem and an infrastructure problem but none of those "solutions" addresses the real problem. How do we develop our manufacturing sector. How do we raise the average productivity of our people. Whether in the medium or long term.
The exchange rate has very little to do with that.Those things come and go. Our people are poorly educated and lack entrepreneurial awareness and that is why Indians come in to package fruit juice and so on.
You mention taxes,yes taxes helps the government but how does that create jobs or give people spending power?

I really do not understand what you mean by unify exchange rates or the claim that we used to do so previously. This is absolutely inaccurate.
In fact the opposite is the case. We use to have Travel allowance and all kinds of protected allowances for Hajj (BTA and such like in the 70s and 80s until Babangida came in and under the influence of the IMF introduced SAP. Since then our currencey has floated but there is alway a difference between official rates and rates on the streets. This is true in virtually every country. If you live in the UK and need Forex your options are BDCs e.g Travelex or you use your cards abroad and there is a spread betwen what you pay and the official rate and this is determined by the bank issuer with little transparency. To get the Central Bank rate or favorable you ust be a big player or well connected or use instruments like futures

So all this Have to this and have to that is the wrong medicine for the wrong problem.

How do we create jobs and businesses in our country for our teeming population. None of these macro ideas addresses the real issue which is our low value human capital. Our people do not have education or skills that translates into jobs and wealth. As I write we import palm oil and petrol.

In Nigeria Human beings are used liked donkeys to carry loads in market places and warehouses ,so called alabaru. That is a very good reflection of our Human capital quality


We are turning out thousands of graduates every year without any skill or knowledge of economic value that is the problem. Once again: We need to upgrade our Human Capital bearing in mind that we live in a competitive world. We must focus on Home grown economic policies that are focussed on job creation and not Macro indices that do not affect the common man.

"The report said Nigeria should also tackle its overdependence on oil, low government revenues, a large infrastructure deficit, a rising debt service and double-digit inflation."

Now this got my attention coupled with exchange market flaws in Nigeria.

What are we really doing in order to stop overdependence on oil? We have human, natural and land resources but they are not well utilised because capital resources is facing corruption threat in the country. We have a long way to go.

Devaluation is very vital for improvement in local productivity. The recent moves that has seen the Naira continuously appreciate against international currencies is not supported by me. Naira should be devalued to at least 1000 to a Dollar.

In simple terms, it means 9ja should stop leaving in denial and falsehood and put it's axe right.

Are we still trying 2 borrow dis huge amount upon all d funds dey say dey hav bin recovering? APC & Buhari pple plz tell us something we dont know o

Oyiboman69:

has there been any 'good Nigeria' since I was born?

Where you born between 2009 - 2015. I understand Nigeria economy collapsed within that period.

IMF should stop being sarcastic, they mean to say NIGERIA ECONOMY WILL COLLAPSE IF BUHARI REMAINS THE PRESIDENT

These IMPERIALISTS are our problems. Hypothesis !

These IMPERIALISTS are our problems. Hypothesis !...

The fallacy continue, let it collapse, it would rise again, after all it happened to China.. today nko?

Abagworo:
Devaluation is very vital for improvement in local productivity. The recent moves that has seen the Naira continuously appreciate against international currencies is not supported by me. Naira should be devalued to at least 1000 to a Dollar.

What nonsense is this one saying. What is the nexus between devaluation and productivity.

Productivity comes down to
Human Capital( The quality of your people e.g How many Dangotes, Bill Gates and such like do you have in your premiership. In your second division how many Richar Bransons and Donald Trumps do you have and so on). In terms of your workforce how skilled are they. All you need to do is look at the picture of your ministers inspectingg theiir so called projects.The Engineers are always Oyinbo ,that should tell you what you need to know about your people. It is the quality of your people that determines whether you have containers and trucks falling off bridges or not . It is that which determines responses to accidents and disaster and whic facilitates long term planning

Energy utilization. In simple terms electricity production and use. There is a very direct correlation between this and the wealth or productivity of nations

Infrastructure. Particular Rail and roads facilitates the efficient distribution of goods and services

Rule of Law and due process allows investor to plan and removes capricious arbitrariness like the CG of Customs waking up one day and deciding all cars everywhere ust pay duty

These are the thing that bring about productivity. If it was devaluation how come after 50000%( yes you read that right) devaluation in 33 years we are no ore productive now that during Buhari's first tenure

This peopel just want to be controling someone's country from abroad. See instructions.like we are their gateman. Does it mean we lack sound economist whom can tell us our problem and the solution out of it. I tire o!

0b10010011:
IMF has never wished Nigeria well



Ever since there implant, Okonjo Iweala, left our financial corridors, it's been a blow they re yet to recover from

Stupid comment. Ignorant.

....if the dullard without a school certificate continues to steal our money with his blood sucking cabal people.

aribisala0:
What nonsense is this one saying. What is the nexus between devaluation and productivity.

Productivity comes down to
Human Capital( The quality of your people e.g How many Dangotes, Bill Gates and such like do you have in your premiership. In your second division how many Richar Bransons and Donald Trumps do you have and so on). In terms of your workforce how skilled are they. All you need to do is look at the picture of your ministers inspectingg theiir so called projects.The Engineers are always Oyinbo ,that should tell you what you need to know about your people. It is the quality of your people that determines whether you have containers and trucks falling off bridges or not . It is that which determines responses to accidents and disaster and whic facilitates long term planning

Energy utilization. In simple terms electricity production and use. There is a very direct correlation between this and the wealth or productivity of nations

Infrastructure. Particular Rail and roads facilitates the efficient distribution of goods and services

Rule of Law and due process allows investor to plan and removes capricious arbitrariness like the CG of Customs waking up one day and deciding all cars everywhere ust pay duty

These are the thing that bring about productivity. If it was devaluation how come after 50000%( yes you read that right) devaluation in 33 years we are no ore productive now that during Buhari's first tenure

I am believing that this sound like the authentic Aribisala with sound analysis.

This government lead by Buhari is without a direction. And they kept lying about how much corruption money they have recovered without no impact on the country economy or her people.

They wanted to borrow $1.4 billion when they just shared paris club refund of $6.9 billions

That my friends is the definition of corruption and ineptitude.

Champele:
This peopel just want to be controling someone's country from abroad. See instructions.like we are their gateman. Does it mean we lack sound economist whom can tell us our problem and the solution out of it. I tire o!

Look around you and identify how many things you find indispensable are created, made and improved by Nigerians in our country?
Maybe you will realise that we are controlled already by our own mental laziness.

This one that has been collapsing is called recession, what would the next one name?

Slowly the dollar war is lost
I told them they won't listen
They were dancing like headless chickens
Let's see how far they will continue to pump in more dollars
If you are wise
U better begin to buy cheap dollars with your spare money
Devaluation is coming if you must get IMF loan

vigasimple:


I am believing that this sound like the authentic Aribisala with sound analysis.

This government lead by Buhari is without a direction. And they kept lying about how much corruption money they have recovered without no impact on the country economy or her people.

They wanted to borrow $1.4 billion when they just shared paris club refund of $6.9 billions

That my friends is the definition of corruption and ineptitude.

Authentic ? What are you on about?.

Let us focus on economics and not politics.In that regard the problem predates Buhari. Do you have any suggestions in terms of practical policies?

deflover:
Slowly the dollar war is lost
I told them they won't listen
They were dancing like headless chickens
Let's see how far they will continue to pump in more dollars
If you are wise
U better begin to buy cheap dollars with your spare money
Devaluation is coming if you must get IMF loan

@ NubiLove come and see

Borrower is a servant to a lender.You borrow money on the terms and conditions of your lender not the other way round.It's obvious that IMF can make much profit in interest if the loan is given in the face of dwindling fortune of dollar as against naria.