Skip to main content

American News Giant CNBC Takes A Micky Out Of Missing President Buhari & His Voodoo Nigeria's Economy.

This is what United States news giant CNBC said about Nigeria and her missing president in an article published on their website. Have a good read! 

"Who's running Nigeria?" blared a headline in this week's The Economist, aptly summarizing the state of affairs in beleaguered Nigeria — a major oil producer and African economic powerhouse whose economy appears to be as stricken as its ailing leader.

With Nigerian President Muhammadu Buhari in absentia suffering from an undisclosed illness, the country's National Bureau of Statistics reported this week that the economy contracted 1.5 percent last year for the first time in nearly 25 years. Although Vice President Yemi Osinbajo is handling day-to-day management of the country, analysts say Nigeria's mounting woes require steady leadership.

Like most OPEC member states, the former emerging market standout has found itself on the wrong side of oil prices that remain far too low to bolster an economy heavily reliant upon crude production.
The troubles of Africa's largest economy have been exacerbated by a debilitating currency shortage. The International Monetary Fund forecasts Nigeria will only see "modest growth" of less than 1 percent this year, and inflation is running in the double digits. It all suggests relief for the beleaguered country appears far off.

"Shortage of foreign exchange is very severe," explained Win Thin, global head of emerging market currency research at Brown Brothers Harriman. "Foreign investors today face very long delays in repatriating funds out of Nigeria."

The shortages were first caused by lower oil prices, but policymakers ultimately made the situation worse by pegging the Nigerian naira [its official currency] at a rate analysts say was overvalued. "As such, markets are not clearing and there are shortages of FX," he added.

Meanwhile, the scarcity and overinflated value of Nigeria's currency is creating liquidity pressures in the financial system. Recently, the Central Bank of Nigeria took measures to ease the situation.
Oil, which has frequently rescued Nigeria from economic decline and provided a buffer in tough times, may not be enough to salvage the country's economy this time. Brent crude has traded around $55 — a far cry from levels above $100 that once kept OPEC members flush with revenue.

Nigeria, which produces 1.8 million barrels a day of crude, was excluded from a recent deal between cartel members that restricts output in order to boost sagging oil prices. Analysts don't see that exemption helping in the near term.

"Exhibiting 'Dutch disease' type symptoms, Nigeria's economy has been buoyed by oil-related inflows during the oil price boom," Phyllis Papadavid, an analyst with the Overseas Development Institute, wrote in a recent report.

"Subsequent naira strength has coincided with a stagnant non-oil sector, which has been at the expense of a largely undiversified manufacturing sector. Looking ahead, CBN naira support at the current rate is consistent with overvaluation," she said, adding that Nigeria needs to diversify its economy and allow its currency to float freely.

"I think Nigeria can manage with oil around $50-55, but the key is getting actual output up to capacity," said BBH's Thin, adding that Nigeria may need to act on stabilizing its currency before seeing any relief. "The situation is unsustainable, in my view, and Nigeria will likely eventually float the naira," said Thin. "Egypt faced a similar situation last year and eventually floated its official currency, the Egyptian pound."

The new central bank policy should help increase availability of FX on the retail side of the market; it remains to be seen to what extent this will ease the backlog. "The authorities do not seem keen to bite the bullet and let the naira find its own level as driven by market forces, and we see this continuing to put a damper on [foreign investment] and inward portfolio flows," said Frank Kahumba, a Johannesburg-based senior analyst with Momentum SP Reid Securities, in a research note last month.


Most Read

Our Photo Of The Day, As Muhammadu Buhari Orders Police To Kill Protesters In Port Harcourt

This is what Muhammadu Buhari and his untrained police did to protesters today in Ph. These are  unarmed protesters shoot by the Nigerian police today.

Virgin Atlantic Airways Exits Nigerian Market, Sacks All Nigerian Cabin Crew, Close Down Call Centre

According to news reports, Virgin Atlantic Airways has laid off all their Nigerian cabin crew. They were only given three weeks notice and no severance package regardless of length of service will be paid. The air-hostesses they sacked were about 20 in number. The company closed down their Nigerian call centre last year and let go of all the Nigerian staffers. The Owner, you would recall had said sometime in 2012, he was weary of doing business in Nigeria. Here is an extract from a statement Richard Branson issued in 2012 after the ill-fated footsteps he took by setting up a new airline in conjunction with the Nigerian government; “We fought daily battle against government agents who wanted to daily make fortune from us, politicians who saw the government 49% as a meal to seek for all kinds of favour…watchdogs (regulatory body) that didn’t know what to do and persistently asking for bribes at any point…Nigeria people are generally nice but the politicians are very insane…that may …

The Semen-Drinking Sambian Tribe Of Papua New Guinea!

To become a man in this primitive Sambian tribe in Papua New Guinea, boys are removed from the presence of all females at the age of seven, living with other males for ten years. The idea here is to convince everyone in the village that he can live without women.The isolation they encounter not only prevent the boys from having any sexual activities with women, but also from seducing, or being seduced by married women. During the ten years, the skin is pierced to remove any contamination brought upon by women. For the same reason, a sharp stick is inserted into the child’s nostrils until he bleeds profusely. They also regularly incur vomiting caused by consuming large amounts of sugarcane.
Older men now tell the boys that the bachelors (warriors) are going to copulate with them orally in order to make them grow. Throughout the six stages of the tribe’s rite of passage, the boy will perform fellatio (blowjob) to these warriors to, ironically, prove he is a real man. Because shoving manh…

Donald Trump Blasts President Buhari, Says His Priority Is The Full Introduction Of Islam, The Annihilation Of His Political Opponents And Absolute Extermination Of The People Of The Old Eastern Nigeria.

I Trust the US Republican presidential hopeful for being blunt! He said; ''no sensible president continuously travels round the globe while his country is in terrible hardship and economic mess.''
He continued; ''It can only happen in Nigeria where all that matters to the President is the full introduction of Islam, annihilation of his political opponents and absolute extermination of the people of the old Eastern Nigeria
Buhari, prior to his questionable victory at the polls as the President of Nigeria made lots of promises which he has obviously failed to keep and in most cases denied.
As a matter of fact, change could either be ‘positive’ OR ‘negative. To the earlier misconception of Nigerians and current state of the economy as a result of initiation of impracticable economic policies, it wouldn’t be wrong to assert that what president Muhammadu Buhari and his All Progressives Congress promised Nigerians was a NEGATIVE CHANGE.
If Nigeria is a country made up of…

#Former President Shehu Shagari Breaks His Silence And Spoke Out For GEJ!

The first Executive president of Nigeria, Alhaji Shehu Usman Aliyu Shagari has broken his silence after 32years of overthrown by General Mohammadu Buhari

This is what he said to AIT news reporter in Sokoto state yesterday;
"Jonathan may not be the best, but I can mention 3 to 4 breakthrough in Nigeria that occurred under his regime.''

''Under this administration, train is now back in Nigeria after about 30yrs of neglect (infact, my 27years old grandchild boarded train for the first time in his life in 2014)'' First Government to construct modern Amajiri schools & 12 Universities.
First Government to construct cargo Airports & ensure all zone in Nigeria has an Int'l airport.

First Government to eradicate the high level corruption in the distribution of fertiliser.
And the very first Government to start diversifying Nigeria economy back to agric after Nigeria lost its agricultural glory in the 70s.

Now I ask, what are Buhari DEVELOPMENTAL…

Couple Show Moment Of Split: Liverpool Boss Brendan Rodgers Said To Have Left His Wife!

Since taking over as Liverpool manager, Brendan Rodgers has undergone an image makeover to match the glamour of one of the top jobs in football. The 41-year-old has apparently had his teeth whitened and lost a noticeable amount of weight, as well as moving from the family home into a £1.2million flat. And he is also reported to have now started seeing a 31-year-old former employee of the club who has been seen at his new property.
The manager, who grew up in Northern Ireland and previously held the top job at Watford and Reading, has adopted a new and more fashionable image in recent months. He has spent thousands of pounds on having his teeth whitened and lost weight after regularly exercising at the club's Melwood training ground. Mr Rodgers has also moved out of the house he shared with wife Susan, according to The Sun's Guy Patrick, and bought a luxury flat in an upmarket suburb of the city for £1.2million. Neighbours told The Sun he has since been visited at the home by …