pluto09:



Some of what you highlighted here are reasons the country is where it is today.
Why I don't believe that devaluation will solve all our problems, I think it is wrong to ascribe devaluation to IMF and white people.
What options do we have when we don't produce anything that can be sold for us to earn dollars. Devaluation is an economic issue and not a sentimental one. It is not the west that made us to rely solely on oil for our fx earnings..
OBJ privatised refineries before he left but it was cancelled by his successor.
How much have we wasted on those refineries since then? And why are they still not working? Is it IMF that is not making it to work?

The same issues that plague our refineries also affects other government parastatals and the civil service in general. In the private sector most times "job security" depends on an individuals productivity - if you can't deliver you will get fired very fast.

Government needs to start firing people at will, right from the top down. If your section is not putting out results and you get warned a couple of times then you get fired irrespective of how long you have been at the job. This is the only way to incentivize a work force.

ositadima1:


The same issues that plague our refineries also affects other government parastatals and the civil service in general. In the private sector most times "job security" depends on an individuals productivity - if you can't deliver you will get fired very fast.

Government needs to start firing people at will, right from the top down. If your section is not putting out results and you get warned a couple of times then you get fired irrespective of how long you have been at the job. This is the only way to incentivize a work force.

We have a bloated, unproductive, wasteful and corrupt civil service. Until we are bold enough to streamline and restructure the civil service, Nigeria might not move forward. Politicians are not the only problem, the civil service is a big mess.
Unfortunately, this is one of the things that SAP talked about.

ahiboilandgas:
Treasury bills 4 percents vs unity bank fixed 8.5 percent....i rather take risk with unity bank than a micro finance bank ....

Some microfinance banks are healthier than unity bank.

pluto09:



Some microfinance banks are healthier than unity bank.

ositadima1:


This is someone advocating for buy made in Nigeria, why don't you sit on that your couch and eat a bowl of garden eggs and oseoji, lol

Ignore that guy.

OYENIYIJK:

Make I join you then
abi you go send me to page one

Noooo. This one na Learn as you go.
Anything wey person no understand he fit asked the elders if Google no give answer. Na just to dey improve person financial literacy.

pluto09:



Some of what you highlighted here are reasons the country is where it is today.
Why I don't believe that devaluation will solve all our problems, I think it is wrong to ascribe devaluation to IMF and white people.
What options do we have when we don't produce anything that can be sold for us to earn dollars. Devaluation is an economic issue and not a sentimental one. It is not the west that made us to rely solely on oil for our fx earnings..
OBJ privatised refineries before he left but it was cancelled by his successor.
How much have we wasted on those refineries since then? And why are they still not working? Is it IMF that is not making it to work?

Are you sure we don't produce anything that can be sold to earn dollars? I would give an example with agriculture. Africa accounts for 75% of global cocoa production but only gains 2% of a 100 billion dollar market for chocolate.

Quick questions, why does the price of cocoa keep dropping, but the price of chocolate never drops? Why would the price of cotton fall, but the price of textiles never fall? Why would the price of coffee beans fall but the price of brewed coffee never fall? Africa is projected to spend over 110 billion dollars importing food from the West by 2025, majority of these foodstuff are what we can produce here in Africa.

Akinwumi Adesina recently proposed to invest 25 billion dollars of Africa's money to improve our value chain in agriculture in order to address this and all of a sudden, he isn't good enough for the United States?

I am not laying all Nigeria's or Africa's problems solely at the feet of the "White Man" but to pretend not to see how foreign policies like devaluation are detrimental to Africa in an already skewed global system would be very preposterous.

ositadima1:


This is someone advocating for buy made in Nigeria, why don't you sit on that your couch and eat a bowl of garden eggs and oseoji, lol

I never said imports are bad or that I don't use them.
But we should stop subsidising imports at the expense of our future.
It's like eating your one week pocket allowance in a 2 days just because you want to eat and satisfy every craving you have,forgetting the future.
If you want to buy imported products,pay the real price for it.That's all.

AMINDA:


Are you sure we don't produce anything that can be sold to earn dollars? I would give an example with agriculture. Africa accounts for 75% of global cocoa production but only gains 2% of a 100 billion dollar market for chocolate.

Quick questions, why does the price of cocoa keep dropping, but the price of chocolate never drops? Why would the price of cotton fall, but the price of textiles never fall? Why would the price of coffee beans fall but the price of brewed coffee never fall? Africa is projected to spend over 110 billion dollars importing food from the West by 2025, majority of these foodstuff are what we can produce here in Africa.

Akinwumi Adesina recently proposed to invest 25 billion dollars of Africa's money to improve our value chain in agriculture in order to address this and all of a sudden, he isn't good enough for the United States?

I am not laying all Nigeria's or Africa's problems solely at the feet of the "White Man" but to pretend not to see how foreign policies like devaluation are detrimental to Africa in an already skewed global system would be very preposterous.

In Nigeria, the oil sector contributes about 95% of foreign exchange earnings.
This is the major reason why the country is always in trouble whenever the price of oil falls at the international market.

Yes, Africa accounts for a good percentage of global cocoa production.
However we all know that the money is in the value you can add to the raw materials.
The question is this, who is stopping us from adding value to what we are producing?

pluto09:



Some microfinance banks are healthier than unity bank.

which will cbn bail out first zzzzmicro finance bank or a unity bank?

islamics:

Noooo. This one na Learn as you go.
Anything wey person no understand he fit asked the elders if Google no give answer. Na just to dey improve person financial literacy.

okay brother
Thanks sir

ahiboilandgas:
which will cbn bail out first zzzzmicro finance bank or a unity bank?

A healthy bank doesn't need a bail out.
CBN will only bail out a sick bank and we can always know those who are sick if we care to do our due diligence.
Unity bank is sick and is on a life support.

Theconglomerate:
I never said imports are bad or that I don't use them.
But we should stop subsidising imports at the expense of our future.
It's like eating your one week pocket allowance in a 2 days just because you want to eat and satisfy every craving you have,forgetting the future.
If you want to buy imported products,pay the real price for it.That's all.

You have got to open ur eyes and mind too, think a little deeper.

Even if Naira is devalued a hundred times over it will make no substantial difference.
Why is this so?

a.) Government mismanagement in the form of looting and corruption.

b.) Unproductive work force.

c.) Nepotism and Ethnicism.

d.) Weak analysis and vision in the form of misplaced priorities.

These are like dead weights, you will never be able to stand straight while strapped.

ositadima1:


You have got to open ur eyes and mind too, think a little deeper.

Even if Naira is devalued a hundred times over it will make no substantial difference.
Why is this so?

a.) Government mismanagement in the form of looting and corruption.

b.) Unproductive work force.

c.) Nepotism and Ethnicism.

d.) Weak analysis and vision in the form of misplaced priorities.

These are like dead weights, you will never be able to stand straight while strapped.

Why do you say Nigeria has an unproductive workforce?
Also,why does a lot of you say Nigeria don't produce?
Can you tell me that thing we import that we don't have at home?
Asides fuel,complex electicals,machinery,some special medicine and automobiles.

Theconglomerate:
Why do you say Nigeria has an unproductive workforce?
Also,why does a lot of you say Nigeria don't produce?
Can you tell me that thing we import that we don't have at home?
Asides fuel,complex electicals,machinery,some special medicine and automobiles.

Pringles for sure.

AMINDA:

Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christine Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

Who told you devaluation crippled Venezuela?
It's like a lot of you can't differentiate devaluation from depreciation and it's very shameful.
Venezuela prior 2015 had already started having problems in producing oil due to poor maintenance of oil facilities and no new investments in that sector for them.
So their oil production capacity was on a decline and then low oil prices in 2015 tore it to pieces.
They lost almost all their fx earning capacity and their currency depreciated out of control.Was that caused by devaluation?
Also Zimbabwe is a poor country that survives on foreign aid.
The sanctions the US put on them and IMF too made their currency also depreciate and economy tumble.
So how did you come up with the whole "devaluation killed them" talk?
Devaluation is a controlled process,strategically put in place and controlled not that tou go and fold your hands because you have devalued

ositadima1:



Pringles for sure.

We have chips,minimie and all sorts of variety
Devaluation wouldn't make pringles disappear,no.
You will still see it in shopping marts,just more expensive.
So if one can't afford pringles,buy minimie na.
Person weh no chop pringles dey die?

Theconglomerate:
We have chips,minimie and all sorts of variety
Devaluation wouldn't make pringles disappear,no.
You will still see it in shopping marts,just more expensive.
So if one can't afford pringles,buy minimie na.
Person weh no chop pringles dey die?

Do u just argue for the sake of it? Since the 1980s, Naira has been devalued several times, are we better now? You argue that it is because it was done very slowly, so according to ur rants it all should have been done at a go, like 41900% in one go abi?

If we have done it several times in the past and it did not work out, why should it work today? Why? Are we now less corrupt than yesteryear? Are we smarter now? If you keep doing the same old stuff that never worked is that not dumb?

ositadima1:


Do u just argue for the sake of it? Since the 1980, Naira has been devalued several times, are we better now? You argue that it is because it was done very slowly, so according to ur rants it all should have been done at a go, like 41900% in one go abi?

If we have done it several times in the past and it is not working, why should it work today? Why? Are we now less corrupt than yesterday? Are we smarter now? If you keep doing the same old stuff that never worked for is that not dumb?

Why do you say it never worked?
There is now the existence of "corporate society" now in Nigeria because of what?
In the past,all the people having white collar jobs were civil servants(government employees).
Now a lot of these people are making a good living from private enterprise and you say it has not been working?
All those houses in Lekki where people are paying 3m rent and those mini duplex and giant estates they keep building,isn't it for the bubbling middle class,most of who are bankers,private firm employees,etc...
Is everyone close to you jobless that you say it has not been working?

A perfect case study of the damages an artificial naira can cause is the dissaperance of textile industry in Nigeria.
It is clear to everyone the damages smuggling can cause and the ineffectiveness of bans and high tariffs.

Theconglomerate:
Why do you say it never worked?
There is now the existence of "corporate society" now in Nigeria because of what?
In the past,all the people having white collar jobs were civil servants(government employees).
Now a lot of these people are making a good living from private enterprise and you say it has not been working?
All those houses in Lekki where people are paying 3m rent and those mini duplex and giant estates they keep building,isn't it for the bubbling middle class,most of who are bankers,private firm employees,etc...
Is everyone close to you jobless that you say it has not been working?

There was no corporate society in the 70s and 80s, really? People were not building in the 50s and 60s abi?

Theconglomerate:
A perfect case study of the damages an artificial naira can cause is the dissaperance of textile industry in Nigeria.
It is clear to everyone the damages smuggling can cause and the ineffectiveness of bans and high tariffs.

My question to u is why is the imported version cheaper? Could it be that their is no sufficient power to run machinery and so the need to spend extra on fuel? Could it be that the necessary infrastructure to ease businesses are not available? I am pretty sure labour is cheaper in Nigeria.

ositadima1:


There was no corporate society in the 70s and 80s, really? People were not building in the 50s and 60s abi?

Would you compare corporate society of the 70s and that of today?
Asides 1004 and festac that were built by government,show me another estate built by private sector na.
But today you have real estate developers everywhere building and selling estates all over because there is the demand for it,not some beautification project.
All this people that are buying 18m naira flats,don't that yell you these are the Nigeria lower middle class buying these houses?
Where did they make the money from if not private corporate employment.

Theconglomerate:
A perfect case study of the damages an artificial naira can cause is the dissaperance of textile industry in Nigeria.
It is clear to everyone the damages smuggling can cause and the ineffectiveness of bans and high tariffs.

Does it occur to u that maybe you are not seeing the real issues?

ositadima1:


My question to u is why is the imported version cheaper? Could it be that their is no sufficient power to run machinery and so the need to spend extra on fuel? Could it be that the necessary infrastructure to ease businesses are not available? I am pretty sure labour is cheaper in Nigeria.

Yes import is cheaper because they have infrastructure that we lack.
But what do you want us to do since it is taking eternity for us to have infrastructure?
Is it not better we devalue more and suffer the masses for 10 years than to wait till eternity and probably never have this infrastructure the west has?
Because if we keep subsidising fx to please the masses,we will never build that much funds needed to fix infrastructure.
Power alone would gulp $50B.
Now you see.

Theconglomerate:
Would you compare corporate society of the 70s and that of today?
Asides 1004 and festac that were built by government,show me another estate built by private sector na.
But today you have real estate developers everywhere building and selling estates all over because there is the demand for it,not some beautification project.
All this people that are buying 18m naira flats,don't that yell you these are the Nigeria lower middle class buying these houses?
Where did they make the money from if not private corporate employment.

So you devalue ur currency to raise your middle class according to you, yet all other countries have middle class and upper class without devaluing their currency. Funny thing is in those countries their lower class, I mean an entry level worker, earns far more that your so called middle class. Oya continue na.

Theconglomerate:
Yes import is cheaper because they have infrastructure that we lack.
But what do you want us to do since it is taking eternity for us to have infrastructure?
Is it not better we devalue more and suffer the masses for 10 years than to wait till eternity and probably never have this infrastructure the west has?
Because if we keep subsidising fx to please the masses,we will never build that much funds needed to fix infrastructure.
Power alone would gulp $50B.
Now you see.

Yet again u miss the point. Our lack of infrastructure is not because we lack funds, rather, the monies that were supposed to be used to setup these infrastructure have been systematically squandered. Subjecting people to even more hardships will not make corruption and looting disappear.

ositadima1:


So you devalue ur currency to raise your middle class according to you, yet all other countries have middle class and upper class without devaluing their currency. Funny thing is in those countries their lower class, I mean an entry level worker, earns far more that your so called middle class. Oya continue na.

Money is not defined by nominal value but purchasing power.
That is why someone in Nigeria making 10m naira a year will live an equivalent lifestyle with some other guy making $60k a year in the U.S
A toyota sedan that cost $40k in the US might cost $100k in Singapore.
These are the reasons you shouldn't compare money by nominal value.
Classic mistake a lot of you keep making.

ositadima1:


Yet again u miss the point. Our lack of infrastructure is not because we lack funds, rather, the monies that were supposed to be used to setup these infrastructure have been systematically squandered. Subjecting people to even more hardships will not make corruption and looting disappear.

Squandered indeed.
Who says Nigeria don't lack funds?
Go and look at what Nigeria needs to be sound infrastructure wise,get its value in hard currency and compare it to what Nigeria have made from oil so far and see for yourself.
Yes there has been looting,but it isn't the major reason Nigeria is still backwards.
We don't make enough money to keep 200m people afloat and take care of infrastructure too.

Theconglomerate:
Money is not defined by nominal value but purchasing power.
That is why someone in Nigeria making 10m naira a year will live an equivalent lifestyle with some other guy making $60k a year in the U.S
A toyota sedan that cost $40k in the US might cost $100k in Singapore.
These are the reasons you shouldn't compare money by nominal value.
Classic mistake a lot of you keep making.

A Toyota sedan will be valued about the same anywhere in the world. A cleaner in the USA will comfortably buy a new toyota sedan after one or two years, while ur office worker will not be able to even after 15 years of savings. Why is tokunbo prevalent, like 95 percent of the market?

ositadima1:


A Toyota sedan will be valued about the same anywhere in the world. A cleaner in the USA will comfortably buy a new toyota sedan after one or two years, while ur office worker will not be able to even after 15 years of savings. Why is tokunbo prevalent, like 95 percent of the market?

A cleaner will buy brand new toyota in the US in his dreams I guess.
You sure say you don go US so?
People that I know don't buy 15 years tokunbo.
I don't drive one so I wouldn't know about that statistic.