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How The Naira’s Fall Turned "Detty December" Into Nigeria’s Economic Flex - Business (3) - Nairaland t5z2e

How The Naira’s Fall Turned "Detty December" Into Nigeria’s Economic Flex (20410 Views)

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hotseat: 8:03am On Dec 29, 2024
The topmost priority should be the elimination of insecurity or at least, reducing it to the barest minimum.



Nigeria is a beautiful country but has been plagued with too many stories of violence, destruction and wanton killings over the years.



This is a serious flaw and an impediment to our growth as a people as we are portrayed before the international community as a no-go area.


Traveling around the country is more like a suicide mission as one is most likely to fall prey to kidnappers.



Lagos State has a very reduced rate of criminality and unbridled violence as being experienced in other parts of the country.



Kudos must go to the Lagos State Government for its proactive steps in reducing crime rate in the state.


There would have been nothing like Detty December if the IJGBs aren't assured of their safety.



The need for enhanced security cannot be overemphasized as the Lagos example has clearly shown.




@hotseat

1 Like

obaidan: 8:17am On Dec 29, 2024
Imagine make person budget 5k, naija girls go just dey nack u for their dream
Walai(m): 8:25am On Dec 29, 2024
Bro small street fight na e you dey carry ballistic missile launcher?
This is too fatal avv merci





Osariemen12:



Spits.


The beauty of the Calabar carnival is the pulchritudinous nature of their women: something you don't have in southwest. Yoruba ladies don't have the sleeky body that can match beautiful cultural costumes. Having them in such an event will amount to environmental eyesore.

1 Like

tommy589(m): 8:35am On Dec 29, 2024
sparko1:


They said Lagos, at least read first, don't let your hatred and anger guide you.🙄🙄

You can not take a joke. Sorry for finding it offensive
Blazetrailer: 8:39am On Dec 29, 2024
Lol...again, you should have kept quiet. You keep giving me more ammunition to finish you, press your neck harder..

If increased trade surplus never equated improved economy and welfare, why did you then bring it up at all? If it was not necessary why did you point it to my attention?. How was it needed on the discussion to press home your point? Another pointer to the conjectures of a confused that happen in your brian.

You need to go back to secondary school to learn economics again. Kenya and Ethiopia have economic issues but that of Nigeria is deemed worse hence the projection that Nigerian economy will contract faster than those two before end of 2026. Your point is akin to saying that because and UK are currently experiencing economic downturn as such that of Italy should not be any news, even when Italy is currently degenerating at a higher rate....mumu reasoning typical of BATidiots..

Like I said, learn to know when your thinking capacity have been found to be limited ans restrict the damage further by keeping quiet.




Justdare:


For someone quoting Abraham Lincoln about silence and wisdom, you seem quite eager to showcase your own misunderstandings. The irony is delicious.

First, I never said trade surplus automatically equals economic prosperity - that's your interpretation. What's truly amusing is how you've written an essay mansplaining basic economics while missing the point entirely about structural reforms and transition periods.

Since you enjoy citing reports, perhaps you've also read about Ethiopia and Kenya's own economic challenges? Or does your expertise only extend to copying and pasting selective statistics? It's fascinating how you can simultaneously lecture about GDP metrics while ignoring the complexities of economic transition in developing economies.

The real 'buffoonery' (since we're using such ) is reducing complex economic policy to partisan attacks. But hey, at least I can spell 'temporary' and 'buffoon' correctly in my economic analyses. 😉
dreamxhaser: 8:41am On Dec 29, 2024
PulaPower:

So, we wey dey live for naija nko?

I always wonder what makes you people believe naija civil servant no dey chop life. Nah dem dey chop life … Make I no just talk much cuz most of them are married men!

How naija civil servants Dey chop life? Aside those working in big places like CBN, nnpc, thieves, or the big directors (which are mostly married). The rest Dey collect wotowoto

I’ve never been to a club or flexing t and see a naija civil servants spending lavishly.

Do you know what chop life means?

2 Likes

4usng: 8:41am On Dec 29, 2024
Blazetrailer:
According to WTO report in Oct 2024, Nigeria's trade surplus of $1.0bn was as a result of the 20% cumulative decrease in imports attributed to (1).Naira Depreciation, (2) Huge decline in non oil imports, and (3.) FX liquidity bottlenecks (Source: WTO African View report, Oct. 2024)

I ed the WTO Trade Review on Nigeria Oct 2024 but could not locate a reference in the report to back the exact claim above?

Full document - https://www.wto.org/english/tratop_e/tpr_e/s462_e.pdf

So that people won't conclude that you provided an "inaccurate citation", please kindly share the exact page or section where you got the data from?

Thanks.
femi4: 8:50am On Dec 29, 2024
Tochitee:
Our delusional sets will come and tells us now That because they did not vote Pandoro, they are the only one celebrating while the other part that voted tinubu could not buy fowl! Let’s wait for them and laugh!
Dumb
They go to other Countries to invest and make income for months and only come to your Country for 2weeks to spend 1% of it cos of the exchange rate.

They see opportunities to catch fun and pay less and they capitalised on it. There is nothing to celebrate here

2 Likes

jaxxy(m): 9:19am On Dec 29, 2024
People from abroad can't come back in mass and start travelling everywhere in Nigeria cos of insecurity. Do u think they want to get kidnapped travelling to all those different states?

Atleast the Caribbean manage their natural resources very well cos that's all they have. Nigeria its the opposite we mismanaged our natural resources and everything God has blessed us with. Its the youths running the entertainment industry that are self promoting and running the detty December not the government. The government doesn't care about tourism and how take it work cos Nigeria obviously mismanages everything.
planetx: 9:39am On Dec 29, 2024
90% of Nigerian men living abroad are in Nigeria primarily to fvck nothing else, they can fvck the type of girls they cannot smell even their panties in the US, UK or Canada. US where ashawo will charge you $100 to suck your dick with condom, and will not even allow you to touch her breast, to fvck her na $250. And you think the planes are fully booked to Nigeria all year round if it's such a terrible place like you hear from this small boys on NL shouting visa up and down.

So much so that United airlines now increase their slots to daily flights into Lagos from Washington DC, I guess na ghost dey those daily flights, keep shouting about how Nigeria is such a terrible place until you travel and can't wait to be coming back to that same terrible Nigeria you left. All this clowns booking flights into Lagos a year in advance for December probably talked about how terrible Nigeria is and that once they japa they will never come back until reality and oyinbo racism hits them and they realize no where like home.
SolomonGrandi: 9:48am On Dec 29, 2024
10thTenthMan:


Lol,

I fear that the Nigerian predatory system will wreck, tax, extort and kill these soon. One person in government will soon devise a means to extort the opportunities and drive it to the ground.

Especially, if the business is set up by the common man that is not connected to Alausa or Aso Rock.

But if we can have sense and make the best of the opportunity, Nigeria will do wonders. Detty Dec., will hopefully compete with Ibiza and Tomorrowland.

A country where it’s own currency is scarce for its own people every December…

Igbo states with their high visitor turnover of indigenes during holidays really disappoint me.

I’ve read online about many natural sites than can be turned into tourist attractions for even non-Igbo visitors but there’s no visibility.

I really wonder what commissioners with this portfolio do sef … nationwide sef and at Federal level what exactly do they do?

Calabar carnival sef don wash .


Government really lacks creativity
VeeVeeMyLuv(m): 9:53am On Dec 29, 2024
PulaPower:

So, we wey dey live for naija nko?

I always wonder what makes you people believe naija civil servant no dey chop life. Nah dem dey chop life … Make I no just talk much cuz most of them are married men!
mostly from shady deals, sharp practices, corrupting dealings, diversion of funds, mismanagement of funds, without these them no fit dey ball anything! The other group driving 2025 brand new car in the same civil service that you PulaPower think are chopping life are sons and daughters of very corrupt politicians who looted public funds. if you see what these their daddy left in their for some of them, you will cry. don't allow these people deceive you oo

had it been it was only their salary, it wont be able to sustain them (including those working in CBN, FIRS and so on). go and see signs and wonders in CBN offices, see how their staff are requesting for loan and borrowing, loans anyhow! that is to tell you how useless naira has become in value and how Nigerian workers grossly underpaid currently

1 Like

Basicend: 9:58am On Dec 29, 2024
Justdare:

The Chinese have refused to allow the RMB appreciate against the greenback in the last 5 years for a reason, despite frequent cries from Washington. Read my brother, It's all a game.

The Chinese pegged their currency against the USD till date basically so as to gain exportation advantage in global markets.

More so, to expand the market share of their exported products.

***** Every serious economy have a clear monetary policy. What is the blueprint for the floating / devaluation of the Naira?

3 Likes 2 Shares

Basicend: 10:03am On Dec 29, 2024
HelipsTech:
Zombies seeing this news will think T-pain is the next best thing after amala. They don't know that dollar still exchange as high as 1700/$.

Zombies are irreparable

Don't mind them. Before you know it, they start saying you are from Anambra or Onitsha since you are objectively not praising "Tpain" and his crippled economic policies.
Wispower: 10:15am On Dec 29, 2024
jazzman7711:


YOU WILL REMAIN FOREVER POOR WITH THIS ATTITUDE.

TELL ME HOW ANYBODY CAN SIMULTANEOUSLY DECRY POVERTY IN NIGERIA, AND THEN LAMBAST AND ATTACK THE IDEA OF MILLIONS OF TOURISTS FLOODING INTO THE COUNTRY?

THE DREAM OF EVERY SINGLE NATION ON THE FACE OF THE EARTH?

A GUARANTOR OF MILLIONS OF JOBS?


EITHER YOU ARE EXTREMELY STUPID WITH A VERY LOW IQ, OR YOU ARE A HATEFUL SABOTEUR AND LOSER WHO WANTS NOTHING GOOD FOR THIS COUNTRY BECAUSE YOUR OWN LIFE IS WORTHLESS.




Tourists don't go to the High Security Challenge counties,no matter how you tongue your millions of tourists in flock to your war zone country,many people in diaspora didn't return home this Christmas in many places.Let the government be serious with the security of the people and country which they swore to do on the day of their swearing in, these newspapers economic growth jargons should stop
bluefilm: 10:25am On Dec 29, 2024
Suffering and smiling idiots

After the IJGBs go back to their bases abroad, what happens to the naira?

Nonsense angry
Ray07(m): 10:52am On Dec 29, 2024
Basicend:


The Chinese pegged their currency against the USD till date basically so as to gain exportation advantage in global markets.

More so, to expand the market share of their exported products.

***** Every serious economy have a clear monetary policy. What is the blueprint for the floating / devaluation of the Naira?

Spot on brother smiley
Tonididdyx: 11:20am On Dec 29, 2024
If LASG especially and other SG's doesn't take advantage of this detty December craze of 2024




....dem fools.
It's time to upgrade our clubs, hotels, resorts, beaches and possibly slash incoming bound flight fares.
This is a tourism opportunity
1£ na urgent 2k oh....it's best spent in a country where the currency is useless!
Sometimes their is profit in stupidity!
Bankowner: 11:20am On Dec 29, 2024
I didn't come to Nigeria for Detty December, but what I do know is that for every CAD I changed, inflation was ready to swallow the Naira equivalent. Everything is expensive in Nigeria. Prices of items have doubled, and in some cases, tripled and sadly, food is involved.
Far as I can tell, Detty December is only inflicting more pain for the poor people because, essentially, things get more costly because a few people are bringing in money and everyone in the chain wants to benefit by driving up prices.
Fabkimzzy1: 11:23am On Dec 29, 2024
Why did you fail to realize that the commodity bought for 5 dollars when the dollar was 750 is the same commodity that 5 dollars will buy at 1600 naira with the current double digits inflation? And the salary increase doesn’t commensurate, thus weakening purchasing power of the people living in Nigeria. So why the fuss?
OkCornel(m): 11:34am On Dec 29, 2024
Osariemen12:



Spits.


The beauty of the Calabar carnival is the pulchritudinous nature of their women: something you don't have in southwest. Yoruba ladies don't have the sleeky body that can match beautiful cultural costumes. Having them in such an event will amount to environmental eyesore.

Ok Reno Omokri, we’ve heard you.
Codes151(m): 12:01pm On Dec 29, 2024
una just like to talk


someone sat down and wrote this rubbish
rinzaugustine: 12:24pm On Dec 29, 2024
malali:


Source: Malali
I did not see Enugu and Owerri in your write up and both cities have airports?
meobizy(f): 12:37pm On Dec 29, 2024
Rubbish. It’s obvious our media just learned the term IJGB and as well Nairaland. I knew it since 2012 when children here still rolled wooden contraptions in the slum called Sango Ota.

The only Nigerians who run back for Detty December are brokeys and those with huge families. What will seeing Wizkid, Davido and Burna do for my life? Rubbish. Utter rubbish.
Padipadi: 12:42pm On Dec 29, 2024
malali:
Oblee oblee oblee oblee oblee oblee oblee
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Janjaweèd you will chop life ban on nairaland
Addme: 12:50pm On Dec 29, 2024
Which detty December ? Dey play
RealityKings1: 1:03pm On Dec 29, 2024
It's obvious naira is being targeted. Because if you look at it, how can the the high inflation be explained.... How is money leaving the Nigerian economic system
affable4(m): 1:23pm On Dec 29, 2024
Tochitee:
Our delusional sets will come and tells us now That because they did not vote Pandoro, they are the only one celebrating while the other part that voted tinubu could not buy fowl! Let’s wait for them and laugh!

All for cheap likes. Pathetic being. Contribute to the discuss. Daftinho!
VeeVeeMyLuv(m): 1:35pm On Dec 29, 2024
Fabkimzzy1:
Why did you fail to realize that the commodity bought for 5 dollars when the dollar was 750 is the same commodity that 5 dollars will buy at 1600 naira with the current double digits inflation? And the salary increase doesn’t commensurate, thus weakening purchasing power of the people living in Nigeria. So why the fuss?
It doesn't affect the person earning foreign currency

Instead the earning goes higher when converted to naira thereby enabling he or she to be able to conveniently afford the inflated prices
lapintoz: 1:41pm On Dec 29, 2024
Whatever illusion it is that you suffer, continue to wallow in your misery. You children of hate always believe that it is only your people that are living the eldorado life.

Again, it's your wishful thinking, continue.

Ofodirinwa:
when i was younger, I used to think these types of economic articles and observations were worth a human being's time. Now I realize that this is a rant about how the ruined currency is helping people from the UK buy more drinks at a club in VI.

Meanwhile the people reading, and sometimes writing (they're often abroad based) this nonsense are suffering.
tpain121: 2:15pm On Dec 29, 2024
Justdare:

Nigeria recorded a trade surplus of N5.81tn in the third quarter of 2024. I trust you know what means. As much as you've chosen to see no growth in your country, the fact remains, the country is moving vertically.
with lie lie statistics flying up and down abi ?

Dey play .

Anyway, you are one of the recruits tasked with propagating fake and useless propaganda only your likes can see, while reality differs.

Idiot!
khalids: 2:16pm On Dec 29, 2024
Buccalcavity2:
Our people are understanding the language gradually. We can create an economic frontier from tourism. First Ojude-oba steeze, Olojo, Ogbomoso carnival, Lagos regatta, now detty December.
You are right! state governments must key into it. Nothing wrong in making visitors party in diff parts of the country before leaving.
We have the population to push the narrative. Let's secure our visitors and give them enjoyable experiences. Let's do it!

What is the point...an economy where only visitors can enjoy the pleasure of the land...but its citizens cannot...

Are we building this economy for ourselves or others......

Detty December ... where a Nigerian bank manager could not even eat rice with chicken....but a UK-based cleaner is buying bottles of Hennessy in the da club...sounds like a destroyed economy to me

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