yahoodotcom:
Socialism

dyadeleye:
Imagine all exporter country like Nigeria.
We better be guided
Nothing last forever.

BiafranDel:
It does not change the fact that nigeria under buhari the terrorist as president is the poorest and worst country in the world. The terrorist drained the life out of nigeria.

#backtodaura issa goal

Hector09:
Remind me of zimbabwe when one million zimbabwe dollar can not buy u bread its well, same here in Nigeria cus we are geting there soon razor blade is now 30 naira

BluntBoy:
That is what I keep on telling people. Buhari has tried well in managing the oil crisis. Some people think it is not an achievement but they forget that Nigeria is a third world country and for her to have survived the crisis, then the president deserves praise.

Alapafaari:
Thank God Buhari came to the rescue in 2015, probably ours wldv been worse, Jonathan led PDP was borrowing money to pay workers when crude oil was selling at $65 per barrel. Many Nigerians will argue this point instead of them Googling it. The only Delta in Buhari's reign is d stupid killing in middle- B

theoldpretender:


Zimbabwe problem is that they handed over white farms, a major hard currency earner to untrained black farmers.

Of course economic collapse results.

If we want a Zimbabwe type economy, that means we sack all oil workers and hand over their jobs to people without the training.

BluntBoy:


But when oil prices dropped sharply in 2014, the government was suddenly faced with a gaping hole in its finances and had to cut back on some of its most popular programmes.

https://www.bbc.com/news/world-latin-america-36319877

olujastro:
Not surprised at this; a combination that happens when a country relies on revenue from commodities like oil and it crashes, and bad governance/corruption/mismanagement is the order of the day.

I always tell people that Nigeria has done very well economically compared to its colleagues that were victims of the same oil price slump; Angola and Venezuela. CNN's Amanpour specifically mentioned these 3 countries in 2014.

Before the 2014/15 oil prices crash:

1 USD = 100 Angolan Kwanza. Today it's = 255. (155% loss of value)
1 USD = N200. Today it's N360. (80% loss of value)
1 USD = 10 Vef. Today it's 120,000 Vef. (1.200,000% loss of value)

It’s easy to see where our currency would have headed if the massive looting was not halted in 2015.

It's time to grow a productive economy built on quality infrastructure and subsequently industrial boom rather than an economic growth that was tied to high oil prices under PDP governments.

BedLam:
That was the best approach but did Buhari cut anything?instead we are still borrowing, importing grasses from Brazil, planning to build ranches for fulani marauders that adds no dime to the Govt coffers, foreign trips abroad and unlimited number of advisers for their wives. Let's not even talk of failed feeding programs used for siphoning money. All of these are crystal clear boondoggle!
But the question is, why didn't the currency ballooned Mike we have now. Suddenly 360 is now the new stable.

theoldpretender:


Zimbabwe problem is that they handed over white farms, a major hard currency earner to untrained black farmers.

Of course economic collapse results.

If we want a Zimbabwe type economy, that means we sack all oil workers and hand over their jobs to people without the training.

sotall:
With a weird combination of Buhari serving as the president without a waec certificate and aunty Kemi serving as finance minister with oluwole Nysc certificate , Nigeria's naira was definitely heading this way of worthlessness.

Thanks to Nigerians who didn't let it happen.

udoka55555:
oops

I dreamt that I was a billionaire last night....maybe this is the interpretation..

I will pack my 10000naira to Venezuela and change it to Bolivar..

that will be like 1000000000 Venezuela currency!!!!!

off to Venezuela I go!!

BedLam:
Idiot. Venezuela woes aren't from oil slump but bad leadership and the fact that they run a tight system of socialism. Get sense for once! What did Buhari managed ? Was that the first time oil prices went south ? Now that we have oil bounced back, why is the exchange rate not going back to previous bracket ?
One more time, get sense!

BluntBoy:


But we are doing better than Venezuela, so what is your problem?

theoldpretender:


Sanctions yes, but made worse by the fact Venezuela is not diversified at all.

When you are importing even toilet paper (here in Nigeria we make most of the toilet paper we use here in Nigeria)

BedLam:
South Africa might be heading this way soon.

theoldpretender:


Nigeria.under Buhari did several things differently from Venezuela

1.Restricted imports.

2.Saved forex. Between 2015 and now, our reserves went from 28bn to 41bn $. Venezuela is down to less than $12bn.

3.Exchange rate won't go back to previous rate till oil goes above $140 per barrel, which is what we need it to be to balance the books.

4.When oil prices crash, oil countries take.heavy loans to stay afloat. When prices go up, we need to pay those loans back. Another reason why we don't have forex to buffer the naira.

5.Bubu is making one mistake though, subsidy. Yes, Bubu pretends there is no subsidy, but the truth is we have a subsidy that is keeping fuel below 145naira. And no deregulation means no investment, no new jobs,.no. added economic benefit.

6.One way we are not like Venezuela, we still have a lot of manufacturing at home, plus many of our manufacturers have learned to source raw materials locally. Example, we make toilet paper and beer in Nigeria, Venezuela has closed.down most of its beer and toilet roll factories(the last ones.closed a year ago)

olujastro:
Not surprised at this; a combination that happens when a country relies on revenue from commodities like oil and it crashes, and bad governance/corruption/mismanagement is the order of the day.

I always tell people that Nigeria has done very well economically compared to its colleagues that were victims of the same oil price slump; Angola and Venezuela. CNN's Amanpour specifically mentioned these 3 countries in 2014.

Before the 2014/15 oil prices crash:

1 USD = 100 Angolan Kwanza. Today it's = 255. (155% loss of value)
1 USD = N200. Today it's N360. (80% loss of value)
1 USD = 10 Vef. Today it's 120,000 Vef. (1.200,000% loss of value)

It’s easy to see where our currency would have headed if the massive looting was not halted in 2015.

It's time to grow a productive economy built on quality infrastructure and subsequently industrial boom rather than an economic growth that was tied to high oil prices under PDP governments.

BedLam:
You giving credit to something so bad and horrible is my problem and the fact that you think we are doing better than Venezuela and that's okay. I strive for excellence and I will never compare myself to Venezuela even if we are 10 times better than them. We should be far off! But you think Buhari is doing good just because we are better than Venezuela.
It's okay that you ignored the last point I raised and I understand that subtle message too.
Good luck with mediocrity.

olujastro:
Not surprised at this; a combination that happens when a country relies on revenue from commodities like oil and it crashes, and bad governance/corruption/mismanagement is the order of the day.

I always tell people that Nigeria has done very well economically compared to its colleagues that were victims of the same oil price slump; Angola and Venezuela. CNN's Amanpour specifically mentioned these 3 countries in 2014.

Before the 2014/15 oil prices crash:

1 USD = 100 Angolan Kwanza. Today it's = 255. (155% loss of value)
1 USD = N200. Today it's N360. (80% loss of value)
1 USD = 10 Vef. Today it's 120,000 Vef. (1.200,000% loss of value)

It’s easy to see where our currency would have headed if the massive looting was not halted in 2015.

It's time to grow a productive economy built on quality infrastructure and subsequently industrial boom rather than an economic growth that was tied to high oil prices under PDP governments.

theoldpretender:


Yeah, I just hope Ramaphosa does.not carry out his land expropriation plans.

Yes, whites have stolen most of the land, but the same white farmers earn lots of forex for the nation. And there aren't enough qualified black farmers to replace them(and I say this with sadness, and as a Pan Africanist)

metroid:


Similar thing would have happened to if Nigerian government got same sanctions true or false?

BluntBoy:


The problem is that you don't ever want to see anything good in the president. That is just your problem. Supposing we got that low, you would readily heap curses on the president. You think it is easy to manage oil crisis in an overly corrupt country like Nigeria?

BluntBoy:


But when oil prices dropped sharply in 2014, the government was suddenly faced with a gaping hole in its finances and had to cut back on some of its most popular programmes.

https://www.bbc.com/news/world-latin-america-36319877

BedLam:
my strategy should have been tax them. It's not their fault that they inherited the land. Apartheid land tax should have been better. Some of the Whites are now moving to Russia where Putin is ready to welcome them.