Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.

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.

decatalyst:
Chineke!


And they still have government?

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

uridadole:
All mono cultural oil exporters are in deep crises. We must give kudos to Nigeria economic team and buhari for prudent economic management and diversification efforts.

BluntBoy:


Buhari never scored cheap points with this.

The only thing I wrote was that he managed a crisis well. It is not easy to manage such a crisis in Nigeria where the structure is built in a way that it is hard to save. The president deserves some praise for that.

You said the masses are suffering? Then, go to Venezuela and see those worse than us. That is my point.

Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.

BluntBoy:


It is the structure, not the leadership per se.

I will repeat, bring all the past presidents of America to govern Nigeria and they will fail.

I am sure that some of our past presidents had noble intentions until they got there and saw the reality of things. We must first begin with the structures that slow down decision making and we must work toward pressuring the reviewing of huge, unnecessary expenditures, especially the salaries that public office holders earn. I heard that a local government chairman in Nigeria goes home with a total of at least a million naira every month. These are things we should work on.

blowjohn:
j

Must u call him/her idiot to pass ur message? What the hell is wrong with you? If u have issues to trash with buhari why not take a trip to Abuja. Its not like u have provided a solution to Nigeria's problems. Haba!

udemzyudex:


Oga shut up if you have nothing reasonable to say.

Useless opinion.

Abdul315:
Uncle Sam nd imf played a big part in this!!!after making sure Hugo chavez is 6ft below one couldn't expect less,look at what they turned Libya into[color=#990000][/color]

Azmodan:




APC propaganda army hired by Red Media
I am sure you are part of the 67 million youth movement?

So quick to jump on any news and blame past government all in .move to distract from the brazen incompetence of the current APC government.

Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.

BluntBoy:


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

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.

majekdom2:
This is a country with one of the largest reserve of the world's most wanted resource but yet, it's an empty country void of Global impact. You can have all the treasures in the world but still be valueless.

kolaaderin:


Shot up, GEJ and Ngozi were already on that path. Thank God for the prompt intervention of Nigerians in installing this present administration, we would have dived soo deep into he pit of recession without return.

June 9, 2013 1:32 pm by Benedict Mander in Caracas

Hyperinflation is looming in Venezuela, with prices suffering their highest monthly rise on record in May, while the economy slides into recession and the popularity of Nicolas Maduro, the new president, wanes.

Iamgrey5:
Why should we be far better off?

The late Hugo chavez implemented socialist programs that significantly backfired after the unexpected crash in the global oil prices.

Nonetheless, Venezuela has better infrastructural facilities than Nigeria. Venezuela refines its own crude oil for domestic use unlike Nigerian. The only similarities between Nigeria and Venezuela is the Dependant on imported items.



These key issues i have raised above accounts for most of the problems we face in Nigeria today. it also a testament to the mismanagement of the previous governments before Buhari.


If Buhari didn't implemented important economic policies and austerity measures when he became the president of Nigeria and continued with the waste like experienced under Jonathan and those before him, Nigeria will have been worse off..

Aystarz:


Why should we compare ourselves with Venezuela? We are more blessed with natural and human resources, hence we should be doing much better. The comparison here is at best mediocre, my friend.



And sorry, but the Nigerian people do not deserve to suffer like the Venezuelans. We are Nigeria, supposed giants of Africa! How come smaller nations like Rwanda, Ghana and South Africa are have it way better?


We deserve to suffer. And this is just the beginning. All our leaders are they not Nigerians? We need to take the bull by the horns. And stop all this God nonsense.

Reference:


Back to my posts four or so years ago when the late Hugo Chavez started the mess. We warned severely then. Incidentally some folks on this forum were hailing him as standing up against the west. See the disaser now.

Iamgrey5:
Why should we be far better off?

The late Hugo chavez implemented socialist programs that significantly backfired after the unexpected crash in the global oil prices.

Nonetheless, Venezuela has better infrastructural facilities than Nigeria. Venezuela refines its own crude oil for domestic use unlike Nigerian. The only similarities between Nigeria and Venezuela is the Dependant on imported items.



These key issues i have raised above accounts for most of the problems we face in Nigeria today. it also a testament to the mismanagement of the previous governments before Buhari.


If Buhari didn't implemented important economic policies and austerity measures when he became the president of Nigeria and continued with the waste like experienced under Jonathan and those before him, Nigeria will have been worse off..

Admin401:


Their unjust hatred for the west usually blinds them. Now they can enjoy the miracle of Socialism.

On a plus side; you can literally bang on of this hotties for $1 a day. All thanks to Socialism.

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)

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.

theoldpretender:


Possibly, BUT, that would be because we are not diversified enough to buffer the effect.

See China and Japan... two countries who focused on industry and technology. Result, even if the EU or US sanctions them, they will be strong enough to ride it out.

Venezuela was in the same mess in the 1980s and the government then was friends with the US., so even sans sanctions the same issues happen.

Economic diversification is not just for growth, it is for security too.

BedLam:
What happened when Buhari was the head of state. Same recession? Was that oil slump too ? The people are the problem of this country.