theoldpretender:


Bubu is left wing when it comes to power, the downstream oil sector and education.

All those sectors are heavily subsidized. Yes, petrol inclusive.

If Buhari was a capitalist, he would have completely removed all subsidies meaning that power bills would be as high as 30000 for a single room apartment on meter, fuel would be costing as high as 300 naira per liter, and universities fees would be as high as 2million naira. And sold NNPC.

Even Trader moni and NPower are typical socialist ideas. Provide cash for the poor.

And by the way, doing all the above would have generated investment and jobs, but would have been resisted by most Nigerians as people unfriendly .Invest looted funds instead of doing tradermoni? Not people oriented

Nigerian governments have typically practiced a mixed economy. It keeps both the capitalist elite and the socialist poor happy

priceaction:
They have started with their doom saying again. They talked about this 4 years ago, and they were proved wrong. At least we were able to survive and manage it well.This would have happened assuming ND avengers keep causing havoc but it was also well managed.The structures of Nigeria and Venezuela are different. venezuela is under sanction, nigeria, no. Venezuela has post unrest situations, not in nigeria, there is fractional supports of opposition government from surrounding countries including america but in nigeria, no opposition or parallel government as at now, and everyone has moved on except atiku and pdp that likely go to court. The structures on ground are not the same.

Yes, poor economic policies by buhari led government may allow some foreign investors to be skeptical about investing in nigeria but is not as bad as they foresee. The main problem is that many free and stolen money that many advanced countries like UK see from Nigerian government in the past has drastically reduced. They depend on those money to grow their own economy and now no free corrupt money while the one they are protecting are been put under pressure to be recovered. They should face their brexit wahala and leave us alone until things stabilize.

grandstar:


Please learn to accept constructive criticism.

I wrote off this government within a month of his ascendency to power once he pegged the exchange rate. I knew the country was in the hands of someone with a lamentable understanding of economics.

Utomi, Soludo and especially Lamido Sanusi condemned his economic pilicies. Lamido said there's nowhere in the world these policies have worked!

Please Google Sanusi condemns Buhari's policies. Also do the same for Soludo and Utomi.

Buhari brought this upon himself. Growth in the next 4years will average at most 3.5% a year compared to the 6% prior to that.

claycares:
A simple Google search. Human beings lie but data don't lie. About 50 million compared to about 200 million people. What a shame.

JeromeBlack:
Did you miss where 2 leading economists were quoted or the fact that they used metrics such as GDP, income per head and strenght of currency to reach their verdict on Nigeria?

Telegraph might have their bias but Nigeria is rushing towards doom. If the economic recession and the devaluing of our currency in Nigeria are not enough for you to see the impending doom, then nothing will.

grandstar:


Please learn to accept constructive criticism.

I wrote off this government within a month of his ascendency to power once he pegged the exchange rate. I knew the country was in the hands of someone with a lamentable understanding of economics.

Utomi, Soludo and especially Lamido Sanusi condemned his economic pilicies. Lamido said there's nowhere in the world these policies have worked!

Please Google Sanusi condemns Buhari's policies. Also do the same for Soludo and Utomi.

Buhari brought this upon himself. Growth in the next 4years will average at most 3.5% a year compared to the 6% prior to that.

kannymoore:
I dunno what you think but I personally believe that Nigeria doesn't have 200 million people!

wirinet:
All you wrote is predicated on false economics


Pegging the exchange rate was a gamble that paid in the long run. If Buhari had not insisted on pegging the naira, I am sure the dollar would have been selling close to 1000 to the dollar by now.

Crude prices which our dollar supply almost exclusively depended on plummeted to $30, so dollars was in serious scarcity. In this environment, what do you think would have happened if the narrative was floated? Remember that at a time the dollar rose to N500 on the parallel market.
Luckily crude prices partially recovered and the government was able to manage the exchange rate again.
At that time the whole world was telling Nigeria to float the narrative (the IMF has always demanded we devalue the naira), but luckily Buhari stood firm. Countries that floated their currencies lived to regret it as they have not recovered from the 2015 oil crash till date.

wirinet:


Give me links where Utomi, Soludo and Lamido Sanusi advised Buhari to float the naira. Did Soludo or Lamido Sanusi float the naira when they were CBN governor?

GrossPrice:


Telegraph like Amnesty International will only generate content that makes them money.

Nigeria is currently second largest economy in Africa , and Lagos the sixth. Telegraph claims S.A is ahead of Nigeria.

Telegraph cites a "political blogger", in the U.K would the Telegraph ask a political blogger or a professor for an opinion?

But, Nigerians in Nigeria don't read or use their brains. We like asking a plumber how to fix an electrical fault.

Same way we need a western newspaper to tell us we are going to die, and fool's like you start clapping.

Foolish Nigerian Youth.

Ovamboland:


What is Social security in USA, and benefits for unemployment in UK , Canada, France?

Why must it be a bad thing when only Africans are benefiting? And suddenly becomes a wonderful thing when the same is done by a white country? Why are are African immigrants collecting this benefits in Western countries and even refuse to come back home to zero benefits?

9jaRealist:


Nigeria attracts by far the highest tech dollars in Africa (and btw, Google and Facebook have significant operations here).

Retrography:
Anything that comes from the West is the real deal... And that's how Africans have been enslaved in their thought process. *I remember when the US during Jonathan predicted that Nigeria will break up in 2015.*
Same way they refused to give us Ebola drugs. But we triumphed.

dheaven:
If Buhari can assemble good economic team in this new administration it wont happen.

kannymoore:


I dunno what you think but I personally believe that Nigeria doesn't have 200 million people!

priceaction:

Is not as bad as how they portrait it bro. 4 years ago was terrible than this, that's when I thought things would have gone uncontrollable, but here we are, the truth is that they are also fighting for their own interest. Countries may have thousands of grade A foreign investors but still, not be able to survive if economic crises happens.

frosbel2:
Facebook has no office in Nigeria - their operations in Nigeria are managed from South Africa
Google has no office in Nigeria - their operations in Nigeria are managed from South Africa

They are not providing any employment opportunities for the Nigeria youth.

I recently asked a senior manager at Amazon why they had no offices in Africa , he said due to poor infrastructure. They only very recently opened one office in Cape Town, South Africa.

theoldpretender:
Nigeria is not going to be Venezuela

1.Goverment here does not subsidze everything.

2.Our savings are at 40bn USD. Venezuela is down to its last 10bn.

3.We don't print money to solve economic issues.

4.We actually still manufacture stuff we consume here. Things like toilet roll, soap, some processed food, etc. Venezuela imports everything.

5.We. actually removed fuel subsidies when it was sustainable. Venezuela until recently subsidized fuel as low as 45 naira. At the expense of its forex.

6.Venezuela took over all its private companies. Nigeria? No way. We even sold off government shares in most private companies over the last 3 decades.

7.Nigeria has a more diversified economy than Venezuela.

Where Nigeria can become like Venezuela

1.Subsidies are still in place. This is costing us jobs in the oil sector as well as investment.

2.Power is worse than in Venezuela due to lack of deregulation. Discos are charging for power at a price lower than the cost of production. You see why we don't have light.

3.Corruption is still a problem, despite Buhari being there.

4.Bloated civil service, bloated National Assembly

5.Our education system is severely underfunded. Made worse by the fact that fees are too low to make up funding gaps.

6.Insecurity.Just as bad as Venezuela

Uglymugg:


800million people migrated from war torn syria and afghan to Europe. Where is the global problem? Point at it.

Esseite:


800million people and they didn't take over the country?..

onez:
This country is irredeemable with the tyrant in charge. A govt that glorifies poverty and demonizes wealth and prosperity. Ghana with a tiny population is attracting more wealth. By the time the Failure finishes with us, severe extreme poverty will find home in both south and north of Niger. Who will save us?

Uglymugg:


Hmm strange. I don't remember making that post. I guess I should quit this taking acid before I fry my brains.

grandstar:


Please learn to accept constructive criticism.

I wrote off this government within a month of his ascendency to power once he pegged the exchange rate. I knew the country was in the hands of someone with a lamentable understanding of economics.

Utomi, Soludo and especially Lamido Sanusi condemned his economic pilicies. Lamido said there's nowhere in the world these policies have worked!

Please Google Sanusi condemns Buhari's policies. Also do the same for Soludo and Utomi.

Buhari brought this upon himself. Growth in the next 4years will average at most 3.5% a year compared to the 6% prior to May 29, 2015

grandstar:


https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

Noting that the president had been dealt an extraordinarily difficult hand, he added: “There are no easy options and devaluation is a bitter pill. ” During his own tenure as governor he had also resisted it but added that “I had reserves of over $40bn and an oil price at over $110,” he said.

urahara:


But @grandstar , how come the devaluation of the Russian ruble caused a recession swiftly. Doesn't that mean whether the currency was devalued or not , Nigeria economy was headed to collapse.

grandstar:



Russia was overly dependent on it's commodities especially crude oil for it's economic growth and also overly dependent on imports of almost everything else. This signaled that Russia needed to liberalise and deregulate more of it's economy.

Russia has one of the highest rates of highly educated people in the world. It should be a scientific powerhouse for instance but it's far from that. It could leverage on it's defence industry like Israel and become a respectable technological hub.

The crash of the oil price was the primary cause of the recession and not the devaluation. Had it not allowed the Rouble to float, the foreign reserves would have been wiped clean. They had learnt their lesson in 2019 when oil price crashed to $35 and their Central Bank blew $200b defending the currency because it left it at an overvalued rate. They were better prepared for a price fall this time.

The Economist magazine way way before the crash lamented that Russia's economic growth was simply fuelled by the price of crude oil. We're it to crash as it finally did, it would take the economy with it.

For real growth to restart, Russia needs to liberalise it's economy, set up business incubators, get rid of Putin, get sanctions on it lifted, give back Crimea to Ukraine, improve it's Ease of Doing Business and most importantly entrench the Rule of Law

grandstar:



Russia was overly dependent on it's commodities especially crude oil for it's economic growth and also overly dependent on imports of almost everything else. This signaled that Russia needed to liberalise and deregulate more of it's economy.

Russia has one of the highest rates of highly educated people in the world. It should be a scientific powerhouse for instance but it's far from that. It could leverage on it's defence industry like Israel and become a respectable technological hub.

The crash of the oil price was the primary cause of the recession and not the devaluation. Had it not allowed the Rouble to float, the foreign reserves would have been wiped clean. They had learnt their lesson in 2019 when oil price crashed to $35 and their Central Bank blew $200b defending the currency because it left it at an overvalued rate. They were better prepared for a price fall this time.

The Economist magazine way way before the crash lamented that Russia's economic growth was simply fuelled by the price of crude oil. We're it to crash as it finally did, it would take the economy with it.

For real growth to restart, Russia needs to liberalise it's economy, set up business incubators, get rid of Putin, get sanctions on it lifted, give back Crimea to Ukraine, improve it's Ease of Doing Business and most importantly entrench the Rule of Law