This about the plunging of Naira against the dollar and Fayose's recent interview claiming to understand economics and his army of less informed still looking for a miraculous change from Buhari.
So, just before you blame Buhari and Emefiele, take a look at yourself and the rogues that you still support.

It is either I do not understand economics and how exchange rates works or a vast majority of Nigerians still don’t get how they have wrecked their country with their own curious choices.
I was listening to a radio talk show this morning from Enugu here in England via the internet radio and a lady on air went on and on about how she thought CBN governor Godwin Emefiele was incompetent and should be sacked and Buhari doesn't know anything about governance and was quoting Fayose because the naira was now exchanging at 309 or so to the USD.

That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually thinks there are some magic policy that can make the naira strong in the near term. If my economics and my understanding of the way the world works are right, then they are more deluded than those following miracle selling pastors.

The simple fact of the matter is that apart from oil that accounts for over 90% of your revenues, you really don’t have much of an economy. Nigeria hardly produce anything, they import even toothpicks. So exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Where are your Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, Hollywood, ExxonMobils, NBAs, Super Bowls , Florida, New York, and Texas tourism industry etc?

Let me bring that closer to you and please read slowly and carefully. There was a time, long ago when Nigeria had a truly strong economy and the naira was one to the dollar - even exchanged for higher than the USD. But that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria if you don’t believe in the nonsensical imperialist conspiracies like me was fueled by the Awolowo's ethnic inspired Indigenisation decree policy after the civil war as your minister of finance. Before then, you had a booming economy.

You were either the top, or among the top exporters, of timbre, cocoa, peanuts, rubber, palm oil, animal hide etc, in the world. Nigerians not only holidayed in their villages, but holidays in fantastic places like Yankari Games Reserve,, Obudu Cattle Ranch, Oguta Lake, Ogbunike cave resort, Rogeny village Oba, Ikogosi springs, Gurara Falls, Mambilla Platueau, etc. Nigerians Snack only on Cabin and Nasco biscuits and not on exotic Belgium chocolate. You attracted international tourists in huge numbers, who brought in loads of foreign exchange.

Even Nigerian schools like Unilag, UNN and federal government colleges were foreign exchange earners because they attracted foreign Africa students. You had different car assembly plants - Peugeot, Volkswagen, Anamco in Enugu etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars.
You had a thriving sports industry. You were not Man United, Arsenal, Barcelona, Real Madrid or Chelsea fans, you were Rangers, Spartans, Bendel Insurance, Racca Rovers or IICC shooting stars fans and spend your cash to watch them. You had the Nduka Odizor to support and not Novak Djokovic and people made real money from sports within Nigeria.
You also had companies like Lennards, Gordon Shoes Onitsha and Bata producing school shoes in their thousands. You had the thriving Nigerian Airways and the Aviation School in Zaria that produced some of the best pilots in the world.

In those days if you were academically brilliant like Njoku Obi, Awojobi, Soyinka or Chike Obi etc you were respected much more than the crass money-miss-road contractors like Danjuma of today. Most of the good guys I knew had fathers who were university dons. Back then it meant something to ‘know book’.

Your textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV New China. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957.

Today however, no thanks to you and your parents combined, you destroyed everything. Today for instance Nigerian football which comes easy to me obviously doesn’t appeal to you. You have to fly across thousands of miles to watch ‘your’ adopted clubs play. Despite growing up in London I never till today see the need to support any team other than my childhood club Enugu Rangers.
Every year you collectively burn billions in foreign exchange being fans of clubs that give nothing back to you but some few minutes of ‘entertainment value.

Well people, payback time is here. Even with that you all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc. You and your rulers all want to drive foreign assembled Toyota Prado 4x4 with American specs costing billions in foreign exchange, your children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind.
Who holidays in Nigeria anymore, is there Disneyland there they will ask? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella imprint on them. You are no longer top exporters of anything and the demise of oil means you have zilch... zero.
A country of 170m fashion-conscious people has no textile industry any you are blaming Buhari for miracle change. You take delight in showing how your made-in-Switzerland Aso Ebi is different class to everyone else’s.

When you helped your musicians like Duncan Mighty, Olamide, Tiwa Savage, 2Face, Flavour etc to grow and pay them millions, they repay you back by immediately shipping their earning overseas to produce their new”music videos in London, Jamaica and Florida. They will use Zulu dancers for a Nigerian highlife music. To be equated as a stars, they will also wed and holiday in Dubai with the money made in Nigeria to impress you all.
All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their money given to them by you overseas.

If you were a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria across Africa today supporting a massive agriculture industry among others, but rather, today you have the SPAR, Shoprite, dominating the retail industry while Kingsway is dead. Even traditional Igbo traders are been run out by this new comers.
And you Nigerians make it a special point to shop from the Oyibos. And for your personal pleasure you don’t mind them dominating you in your own backyard and shipping proceeds overseas and you had the audacity to moan about exchange rate?

I could go on and on, but I am tired. Even as you are reading this, stop for a moment and look around you. What you see will probably explain why you are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there. Just continue to wear your Armani gear and Swiss-made lace, continue to spend your money on Man United, Arsenal, Chelsea and Barcelona and encourage your children to do the same.

Look at Nigerian champions Enyimba FC. Nigeria’s most successful club at the moment not having a sponsor. Yet Nigerian brands paid over N600m to Man United and Arsenal for sponsorship to impress you.

No problem, continue to tell me that the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, forgetting that you signed up to DSTV sinking billions of foreign exchanges that goes into the pocket of European clubs. Don’t curtail your interest in choice wines. You take pride as the number one champagne consumers in the world in 2015.

Stock up on your Italian, American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England to wipe your butt, while Nnanna Kalu's toilet roll plant in Aba went out of business due to low patronage.

Don’t even consider holidaying in Nigeria, it’s too dangerous - you have to fulfill your dream of being Nigeria’s Henry Ford. Don’t listen to people like me who actually owes Nigeria nothing, having being taught, employed in foreign land and still send huge part of our earning home, while you and your political mentors ship yours outside.
Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly. Finally keep letting corrupt leaders who have looted your commonwealth and shipped all the money overseas get away because to attack them does not fit your political narrative and amount to dictatorship, witch hunt or selective.
But don’t forget that there is payback time and Emefiele is not your problem and Buhari is not a miracle worker. Time for Fayose and all of you to look in the mirror and take responsibility for the strength of the your Naira against the dollar.
Ka Chineke Mezie Okwu.

I always feel like giving that fayose two dirty slaps.

Hmmm......

How does one begin to argue with this write up?

Its obvious we are under a second era of colonialism....

I wonder how we'll fight off these shackles because we willingly walked into the manacles ourselves...

SMH

What else can I say

.........

Pa Eziachi, did you consider the following undisputable facts before coming up with these submissions?

1. Buhari actually knew that the oil price is taking a turn and that exchange rate wasn't acceptable at N210 (parallel market) before asking for the job

2. In order to get Nigerians to give him a chance, he promised to stabilise oil price at a comfortable rate above what it was then.

3. He also promised to improve the exchange rate better than it was.

4. Buhari promised to reduce our debt profile.

My question then becomes, if Buhari wasn't sure of how to handle these challenges, why apply for the job and at the same time making false promises?

It is unfair to make excuses for him without his apology and secondly every government in Nigeria is meant to generate it's own income and not rely on fantom inheritance like spoilt brats.

IsraeliAIRFORCE:
Pa Eziachi, did you consider the following undisputable facts before coming up with these submissions?

1. Buhari actually knew that the oil price is taking a turn and that exchange rate wasn't acceptable at N210 (parallel market) before asking for the job

2. In order to get Nigerians to give him a chance, he promised to stabilise oil price at a comfortable rate above what it was then.

3. He also promised to improve the exchange rate better than it was.

4. Buhari promised to reduce our debt profile.

My question then becomes, if Buhari wasn't sure of how to handle these challenges, why apply for the job and at the same time making false promises?

It is unfair to make excuses for him without his apology and secondly every government in Nigeria is meant to generate it's own income and not rely on fantom inheritance like spoilt brats.

It is better to state facts than to conjure up statements that was never made just to make a point. If I remember correctly, Buhari never said in any forum that he will make naira one to one as no human being determines the exchange rate but rather by economic indexes. What he said was that the last time he was in power,the exchange rate was one against one. Until people like you started making up stories that was never said. Another is the oil price.
Due to the oil theft, Binaries claimed during the election that his government will stop oil theft and stabilize oil production in order to acheive optimum production level. Then people like decided to throw in stabilizing oil price into the quote.
People like you should hide your heads in shame that despite every thing we knew today about Jonathan and his government of ATM you are still drowning in denial. Nobody, including Buhari, myself and you knew the extent of looting by this time last year and this is just the Dasuki gate only. I wonder what will happen the day NDDC account is opened.
Like all Nigeria politicians, Buhari surely has his shortcomings but what he is doing is what no leadership in Nigeria has ever done, asking serious questions to individual about their role in stealing public money while they are still alive irrespective of their tribe and religious beliefs. You don't have to like him but support him to get your stolen money back and punish the offenders to set a future trends. If that is the only thing he successfully achieved in 4 years, he has done enough.

IsraeliAIRFORCE:
Pa Eziachi,
My question then becomes, if Buhari wasn't sure of how to handle these challenges, why apply for the job and at the same time making false promises?

It is unfair to make excuses for him without his apology and secondly every government in Nigeria is meant to generate it's own income and not rely on fantom inheritance like spoilt brats.

Go and read again what I posted. The only way to handle Nigeria challenges is to export more and bring in more foreign exchange and keep the yam safe from hungry goats. But unfortunately, Nigeria only source of foreign exchange is oil and now oil is as cheap as a bucket of KFC.

You don't have technology to export, arms to sell, factory goods to export. Rather everything is imported which swallowed whatever dollar available, until there are few around and that requires huge amount of naira to get it. It's called surplus demand against relative supply, equals scarcity, high cost and inflation.
What you should thank Buhari for now is that he has stopped the capital flight in some measures but expecting miracle over night with oil hovering over $30, then you know nothing about economy.

Eziachi:

It is better to state facts than to conjure up statements that was never made just to make a point. If I remember correctly, Buhari never said in any forum that he will make naira one to one as no human being determines the exchange rate but rather by economic indexes. What he said was that the last time he was in power,the exchange rate was one against one. Until people like you started making up stories that was never said. Another is the oil price.
Due to the oil theft, Binaries claimed during the election that his government will stop oil theft and stabilize oil production in order to acheive optimum production level. Then people like decided to throw in stabilizing oil price into the quote.
People like you should hide your heads in shame that despite every thing we knew today about Jonathan and his government of ATM you are still drowning in denial. Nobody, including Buhari, myself and you knew the extent of looting by this time last year and this is just the Dasuki gate only. I wonder what will happen the day NDDC account is opened.
Like all Nigeria politicians, Buhari surely has his shortcomings but what he is doing is what no leadership in Nigeria has ever done, asking serious questions to individual about their role in stealing public money while they are still alive irrespective of their tribe and religious beliefs. You don't have to like him but support him to get your stolen money back and punish the offenders to set a future trends. If that is the only thing he successfully achieved in 4 years, he has done enough.

You've out-grown these insults by the way.

Were did you read one naira to one dollar from the comment you quoted?

Didn't Buhari promise to stabilize crude price?

What in my comment got you infuriated?

Can you point to a single comment I made that is a lie?

I don't decieve people neither do I misquote people whenever I analyze politics. Get off the obsession on attacking open minded comments that oppose you views.

NB: I agree with your submissions but it is not acceptable because Buhari won the election on the basis of stabilizing Oil Price and Improving the value of the Naira hence he has no excuses.

IsraeliAIRFORCE:


You've out-grown these insults by the way.

Were did you read one naira to one dollar from the comment you quoted?

[size=13pt]Didn't Buhari promise to stabilize crude price?[/size]

What in my comment got you infuriated?

Can you point to a single comment I made that is a lie?

I don't decieve people neither do I misquote people whenever I analyze politics. Get off the obsession on attacking open minded comments that oppose you views.

NB: I agree with your submissions but it is not acceptable because Buhari won the election on the basis of stabilizing Oil Price and Improving the value of the Naira hence he has no excuses.

A lot of promises made during elections are blatant lies, others are impractical while some others are very well achievable. During the 2015 elections, all sides of the divide had their fair share of unachievable and laughable promises and it is purely the duty of you and I to use our wisdom to filter which promises can be held on to and which ones are to be trashed.

In addition to a lot of laughable promises made in the 2015 elections, a lot of fake and distorted promises were also attributed to Buhari by his opponents purely to ridicule him; one very popular example is the "I will make $1=N1" statement which Buhari never actually made. Nwanne, the elections are now long over and there is now a winner who has since been sworn in. Now is the time for everyone to be serious, put election jingles and propaganda behind and look for ways to move the country forward.

Talking about 'stabilizing oil prices,' Pa Eziachi as you fondly call him, has clarified that the statement attributed to Buhari was false and was intended to ridicule him. I do not know whether that is true or not but may I ask how your holding on tight to an attributed statement which has already been denied can help your political ministry?

Even if Buhari made the popular "I will stabilize global oil prices" statement and a lot of people made fun and jokes with it during the election, on a serious note, do you really think the statement is a dumb one?? do you really think it is impossible to do that?? What do you think is the mandate and objective of OPEC if not to 'stabilize global oil prices'??

Now while you make fun of Buhari of being an illiterate for making such a statement, below is a link to a highly educated, qualified and experienced Diezani making EXACTLY the same statement in 2014. That everyone laughs at a statement made by one person does not mean that the person making the statement is the dull one.
http://www.frontiersnews.com/opec-presidency-ill-push-to-stabilise-oil-price-%E2%80%8E-diezani-alison-madueke/

Hmmm.... Short of words.