I agree with all you have said, Jude! However, we need to ask ourselves why we are only oil dependent to raise dollars? Why are other African economies not dependent on large demand for dollar? Why aren't foreigners (expertriates, tourists and international conglomerates) coming to Nigeria to spend and invest dollars? It boils down to one thing, "CORRUPTION" at all level of the economy. From the moment a foreigner arrives at the airport to when they are about to return. We need reorientation of our mindset. Why would a foreigner rather invest or tour in countries like Ghana, Rwanda, Botswana, South Africa and not Nigeria? But we can take our hard earned Naira, converting them to dollars, spending and investing in foreign markets (US, UK, Dubai). We are the ones creating problems for ourselves.
Nigerian are not angry enough... Not angry enough because we are ignorant of the situation of things, we lack knowledge. I pray we get knowledge. Thank you Jude for enlightenment. ✌️
@@realjudebela @realjudebela please make me understand something. When someone sends money in USD to Nigeria you collect the amount in dollar or the dollar equivalent in naira?
Thank you Jude for this sad but very true and alarming expository post. We are indeed in trouble. Imagine Tinubu saying we do not need to worry cos salaries are paid in Naira. How did we get here please? I doubt if they ever ask for advice from knowledgeable people. Once they benefit, it's business as usual. How will ever bell the cat in this country? Toughest times ahead. I think that land God told Abraham to leave is Nigeria 😢😢😢
If you must bring religion into the matter you should do it in context. Ur, the land of which Abraham was a resident was a thriving, advanced prosperous land. This has been confirmed by archeological finds. They have even found homes with early central heating technology. Nigeria is not thriving or advanced & struggles to provide it's population with electricity a technology from the late 18th century.
Feels good after my morning devotion to meet a new clip from you, Jude. Always on point with your current affairs analysis. Please keep up with the good job!
When we stop importing refined petroleum products that is when we will have dollars available and hopefully maximize export.... Just maybe we'll get there.
@@saiduabdul4635 with current politicians we will never get their... how does a country who naturally has oil, at the same time hav oil shortages for its own people??
@@tosin0911 that wont be possible without basic infrastructure... how will they produce things without reliable electricity?? Nigeria is not addressing the root.. POWER INFRSTRUCTURE.. cant hav a factory without electricity.. Last time I was in Abuja, the wastewater facility was running on generators all day... HOW CAN A COUNTRY FUNCTION LIKE THIS
Great content, Jude Bela! What a great, simplified and relatable analysis it is! Great job, bro! Kudos!👍 But then, the future of Nigeria is bleak, with this trajectory of economic and political administrations, successive! This is so pathetic and inauspicious! Nigeria is being keeled over by the devastating torpedo of corruption and impunity! Who takes responsibility for these man-made disasters? God save us!
Great video, Jude. Well, I make some USD from Nigeria too and have to always transfer to my BDC for them to pay me in naira. The downside is that they often try to rip me off. For instance, instead of giving me $1 for #750, they will insist on #700. Guess what, many of them do that. As for the solution to the problem you beautifully and creatively analyzed, I think Nigeria should fix her infrastructure to stimulate the real sector. For instance, fix power. How can a country of 200 million people be generating less than 5000 megawatts of electricity? How will industries run? Also, fix roads and improve security. I feel bad when I heard that bandits tax farmers in the north before they are allowed to can farm. Why are we paying the military, police, civil defence, etc.? Fix security and encourage farmers to export cash crops. Finally, Nigeria should invite foreign investors to tap into our gas reserves if NLNG lacks the capacity to do it. We have plenty of gas reserves and countries are making a lot of money from gas. By and large, you created a great video. Keep up the good work! 👍
My brother, let the Government not concentrate on oil minerals only. There seems to be this unhealthy obsession about oil/gas assets in the country when we also have substantial solid mineral deposits in the North! When will FG start concessioning it properly to major Global solid mineral mining companies? When will Nigeria start getting substantial and complimentary forex from solid minerals in the North? The model of allowing and encouraging artisinal mining for solid mineral deposit is criminal and unfair to the country. This problem jude highlighted has been in the making for 8 years now. Buhari finance minister was warned amongst other remediation measures to stop the abusive borrowing, her reply was that our debt to gdp ratio was low. Every attempt to make her see beyond a metric was rebuffed. The politicians tagged it an attack against buhari and his people/region. Once political interpretation was introduced into the informed criticism, I knew we were in for it. Cause something will eventually give. And here we are. 😢
For anybody reading this, I have one advice for you. Do not hold Naira and run out of Nigeria if you can. I am a well trained and seasoned Economist. You see, the current predicament of the country, it cannot be solved by this administration and will only get worse for the next 8 years. Find my reasons below; 1. Your president said the exchange rate is not important, because Nigerians earn in Naira. This statement exposes the lack of understanding of fundamental economics which will be translated into economic decision making at the highest level of government, meaning the real poverty has not started yet, there is 7 years more to go. 2. Changing the economic situation of Nigeria today, will not happen by magic. At the most basic level it is people that will drive it. Think about your LGA, Governors, Civil Servants. If the mentally competent people are not selected across the board to head these institutions nothing will flinch. 3. This government seeking for foreign investment makes me laugh. In case they are not aware, FDI which they should be targeting is one of the most difficult kind of capital to attract because of the difficulty of exiting if you have made a wrong decision, hence investors in these categories scrutinise to the last letter before leaping and that's why you see countries offering money upfront + special tax incentives to win these kind of investment. I was shocked to hear that the N500Bn intervention was not for FDI investors who want to invest in critical sectors of our economy we have identified that we possess a comparative advantage for export. This is the best way to spend this money, as the multiplier effect will be longer lasting, PAYE benefits than this free money we like that fuels inflation. The first segment of foreign investors to court are Nigerians abroad who have the experience to setup productive enterprises in the country, provide them with the funding to show that you are ready to change from business as usual 4. The moment you see Ministerial appointments and senior government appointments tilting towards political patronage of who helped who enter office, just know that your exchange rate, economy and everything will continue to suffer for it, which I predict as well. 5. Skilled individuals with a high IQ will be the bane of any development, if Nigeria does not see skilled workers leaving the country as a problem, I wonder who will drive the wealth creation and economic development. Attracting and retaining talent now is more important than anything else, but they should good luck with this. 6. I have extensive experience in Nigeria's business environment and today I happen to court some people who seek my opinion about investing there. I always end up telling them my experience which I will share with you. In 2016, I had a plan to end importation of wheat into Nigeria by starting small, then we imported $10bn worth every year. We had and still have everything to compete in the global wheat value chain. Arable land of which is widely available specifically in Obudu in Cross River state. The topic of land is especially important because to maximise yield with High yielding varieties, you have to take advantage of natural environmental factors to produce at low cost to compete globally. I had spoken to John Deere in the US extensively about agricultural equipment for a completely mechanised farm, my business plan was arranged and I had obtained funding for the first phase which was a simple feasibility study to confirm that everything in the business plan is actually possible on the ground. I took my time to travel to Cross River Basin Development Authority a government agency as they were in charge of the area for development, after a tedious presentation on what I was trying to do and partners involved and the goal. The only question these people had was whether there was no land in my village. That was my first face to face experience with government ineptitude and the penalty of hiring based on man know man. They had no clue about the value of assets they controlled and had no idea of what an opportunity looked like if it came across them. They were all collecting salaries for adding 0 zero from their area of responsibility. This is the Nigeria of today as we still speak because I have not heard of any mass sacking. Another was Police telling me to settle a thug that there is nothing they can do, that the thug worked for the Governor to win the election. No investor I know is willing to risk their capital in such an environment. The work is too much for only Tinubu to do, hence I do not see anything changing, Nigerians are as condemned to poverty as the sun is sure to rise every morning. It's coming, it's just a matter of time.
@@ugwuanyicollins6136 there are two ways to acquire a resource. You either build it yourself or you get it from someone else who has built it. I don't want to dive too deep into it. If Nigerian government needs my advice let them pay my rates I'll tell them where to start.
The number one way to fix this is to statt selling our products internationally with naira like china and Indian does and kenya is planning to We have enough raw materials sold internationally to pull it off
@@razstar4787 we are there... if kenya can do it why cant we Its bot a one day thing obviously which is why chaina still uses dollars considering that they have a lot of it stored somewhere unlike us But it's a matter of starting... you wouldn't make any progress if you dont start your never get there
U are spot on broda The new Nigerian gov unpegging from the dollar and unlimited borrowing is the prelude to a currency devaluation. Great work From west Africa 🦅
Great job as always....... In my opinion, such occurrences should be the catalyst which should have this nation running back to the drawing board. Its a bad situation, but from it we must find a solution for today and a plan for tomorrow. Africa will have to come together to agree on a more favourable approach to economics and public financing by skidding off the Dollar trap. And before trying to shut me up, let me say "yes" we have so much value that could serve to provide us bargaining power... HUMAN & NATURAL RESOURCES..... anyway, this is story for another day. In the short run, to fix this issue, we need to improve our earnings by swiftly dealing with the dead refineries as well as negotiations of favourable deal with the world's largest refinery *dangote'.. This will have us earn more in exports and spend less or nothing in importing oil products. Then again we have discovered various minerals like lithium, and should jump on a lucrative short term plan on earnings........ we have rhe resources, the skill and manpower, so much can change in 365 days I assure you...but who am I kidding? They want it this way......to change things, we need to change our minds, and a great place to start is in kicking out the recircled old minds .......
@@victoremmanuel567 no, it’s not bad leadership… these fools know exactly what they’re doing for them to steal. They deserve to be replaced and thrown in jail till they die.
Our rulers and elites live in a bubble where access to foreign currency, foreign education, health services, travel make them remote from the average Nigerian. We are poverty capital of the world yet your average Nigerian is on TikTok claiming how rich & great Nigeria is. We are a deluded ignorant people obsessed with empty boasting.
We already know that these leaders are our problems as a country. These leaders them selves dont even need to hide anymore, i mean one of tinubu speech was whether they lime it or not i will be the next president. That statement alone carries enough weight to disqualify any candidate in a civilised society. They even went as far as changing the currency just before the election in order to sabotage other Labour and PDP changes. They are well aware of their competitions strategies which is withdrawing a lot of money for bribery during campaigns. Imagine a candidate spending hundreds of millions of dollars to get elected on a job. Ofcourse their main priority will be to recoup the money spend then as much more as possible. Such a sad Reality
Nice one jude bela ❤❤❤. I have watched these topics several times on foreign channels and seeing one of us doing it makes me happy. And also I would love for you to do a video on brics and their challenge to the dollar and if it is possible and the advantages of Nigeria joining and china debt's trap in africa. Have a nice day.
@@Omojoy4suresomebody criticized a political party and you are criticizing a tribe... Your heart is filled with hate. Pray to God to remove that heavy burden from you.
@@stanleynwosu5830 Hate on the people that dwell in hatred for others. Gaslighting pro max. Stop hating others, present your ideas on national development, if not accepted by the majority. Don't be bittered , it's called democracy.
It's time for me to subscribe to this channel cause i would not like to miss the next video... Too much source man... A subscriber gained. Thanks Jude for breaking things down for us.
Thanks for the content.... Federal Government should make policies for Nigeria abroad to be able to invest in Nigeria,protect their investment from corrupt institution by ensuring they don't employ people with questionable character into such financial institutions..with this you will have more diaspora remittance and investment thereby increasing the availability of dollar in the country.... Well this is just another comment that will pass because federal government isn't on UA-cam
Did you make use of those so-called IMTOs like Western Union, SendWave, RIA etc? Why didn't you consider a dom account or use Payoneer or Grey? Edit: The Airlines are ripping Nigerians off if you look at the fares they charge Nigerians and compare it to fares on similar routes in other African countries.
Are you also comparing the value of currency? Even Ghana cedes is better than the Nigerian naira, so it's bound to look cheaper from the naira point of view, besides there's other influences like tax, power supply etc
The answer you provided is not entirely true, the Nigerians abroad sent more than total income from oil back to Nigeria, but not documented. Another reason for the scarcity is that, Nigerians keep USD at home as an hedge against naira depreciation.
Too much straight line thinking here. Are you telling me that the reasoning behind why there is a 10bn deficit between our foreign income and foreign spend is because we actually ‘need’ 10bn more than we make??? Look, if we are ever going to get this ship back on track, now is our best chance. Let’s hope the saboteurs of precious governments don’t find a way to topple the current ongoing efforts.
Hello Jude, is it possible to get the naira equivalent of the dollar value at the bank? Because you will still have to change it to purchase anything in-country
Not going to talk about Nigeria... Africa has a long way to go... By now we should not need to trade in any foreign currency... But here we go in circles...
As a Nigerian who lives abroad (Germany) instead of asking your bank for the money in dollars just take it in naira. I know the exchange rate is higher in the black market than what a normal bank would give but it’s not by much. Last time i visited Nigeria was 2019 so maybe I’m just being ignorant
You did a good job here but just like most Nigerians, did not address a way out or possible solution. The question other countries like Russia, India, China , South Africa and even Kenya have asked is "why are you looking for dollars to buy goods from China?" You should have displayed a chart of Nigeria's import origin countries so that Nigerians can begin to ask the proper questions, "why are you looking for dollars to buy goods from Egypt or China or Vietnam?" when these countries will gladly allow you to source for their local currencies to pay for their goods. Africans need to eventually wake up, it only takes the US govt one order to crush your economies as they routinely do by just denying your banks 'dollars"
One thing I know is that Nigeria is a comedy channel in heaven or in the other side. We elect leaders out of tribalism not as a result of proven knowledge of the happenings in the world. I think as you have said I need to open a dormiciliary Account ASAP. But nothing beats the actual cash Same thing happened during the change of naira. Someone stole all our money and someone was playing with our lives but no one is getting jailed for that anyway. CBN is broke...so I dey CBN level be that oooooo because am also broke 😂😂😂😂😂
Tinubu that merged both Fx rates from black market and bank Fx fucked up. There is more dollar in black market than banks and watch the price still goes up
I agree with all you have said, Jude! However, we need to ask ourselves why we are only oil dependent to raise dollars? Why are other African economies not dependent on large demand for dollar? Why aren't foreigners (expertriates, tourists and international conglomerates) coming to Nigeria to spend and invest dollars?
It boils down to one thing, "CORRUPTION" at all level of the economy. From the moment a foreigner arrives at the airport to when they are about to return.
We need reorientation of our mindset.
Why would a foreigner rather invest or tour in countries like Ghana, Rwanda, Botswana, South Africa and not Nigeria?
But we can take our hard earned Naira, converting them to dollars, spending and investing in foreign markets (US, UK, Dubai).
We are the ones creating problems for ourselves.
Nigerian are not angry enough...
Not angry enough because we are ignorant of the situation of things, we lack knowledge.
I pray we get knowledge. Thank you Jude for enlightenment. ✌️
My favorite investigative journalist
❤️
Yep! Indeed
Can you teach me how to work from home online please @judebela
Thanks for the feedback, I already included the sources in the description as always, it was an oversight from me, thanks for pointing it out.
@@realjudebela @realjudebela please make me understand something. When someone sends money in USD to Nigeria you collect the amount in dollar or the dollar equivalent in naira?
Thanks Jude for always doing a good job. For someone who says he isn't really good with figures, you did great, and it's so simplified and relatable.
Thank you, I’m glad you like it.
Absolutely
This is the only Nigerian news channel that i listen to. Thanks for the update
Thank you Jude for this sad but very true and alarming expository post. We are indeed in trouble. Imagine Tinubu saying we do not need to worry cos salaries are paid in Naira. How did we get here please? I doubt if they ever ask for advice from knowledgeable people. Once they benefit, it's business as usual. How will ever bell the cat in this country? Toughest times ahead. I think that land God told Abraham to leave is Nigeria 😢😢😢
hmmmmmn........i feel you
If you must bring religion into the matter you should do it in context. Ur, the land of which Abraham was a resident was a thriving, advanced prosperous land. This has been confirmed by archeological finds. They have even found homes with early central heating technology. Nigeria is not thriving or advanced & struggles to provide it's population with electricity a technology from the late 18th century.
@@ifeifesiyou could clearly tell he was only being sarcastic, not meaning Abraham truly lived in nigeria at some point
Abraham should better obey God and japa
@@bigshoga the one that have japa Tey, Tey, we just dey here dey suffer ourselves
Thank you for this, sir.
Thank you so much for your awesome analysis 👏👏
Thanks Jude. I will always follow you.
Feels good after my morning devotion to meet a new clip from you, Jude. Always on point with your current affairs analysis. Please keep up with the good job!
Thank you. ❤️
Good bless you. You have opend Our eyes today. Every Nigerian should listen to you. Then the real Nierian will konw what is going on.
With all that oil revenue, Nigeria should not hav the high of debt.. the issue is when Nigeria borrows, the politicians steal it all...
When we stop importing refined petroleum products that is when we will have dollars available and hopefully maximize export.... Just maybe we'll get there.
@@saiduabdul4635 with current politicians we will never get their... how does a country who naturally has oil, at the same time hav oil shortages for its own people??
Solution is, import less and consume more Nigerian made products.
@@tosin0911 that wont be possible without basic infrastructure... how will they produce things without reliable electricity?? Nigeria is not addressing the root.. POWER INFRSTRUCTURE.. cant hav a factory without electricity.. Last time I was in Abuja, the wastewater facility was running on generators all day... HOW CAN A COUNTRY FUNCTION LIKE THIS
@@macanthony1982 we continue making excuses then and see how far that tales us.
Great content, Jude Bela! What a great, simplified and relatable analysis it is!
Great job, bro! Kudos!👍
But then, the future of Nigeria is bleak, with this trajectory of economic and political administrations, successive!
This is so pathetic and inauspicious! Nigeria is being keeled over by the devastating torpedo of corruption and impunity!
Who takes responsibility for these man-made disasters?
God save us!
The No .1 storyteller in Nigeria.
Great video, Jude.
Well, I make some USD from Nigeria too and have to always transfer to my BDC for them to pay me in naira.
The downside is that they often try to rip me off. For instance, instead of giving me $1 for #750, they will insist on #700. Guess what, many of them do that.
As for the solution to the problem you beautifully and creatively analyzed, I think Nigeria should fix her infrastructure to stimulate the real sector. For instance, fix power. How can a country of 200 million people be generating less than 5000 megawatts of electricity? How will industries run?
Also, fix roads and improve security. I feel bad when I heard that bandits tax farmers in the north before they are allowed to can farm. Why are we paying the military, police, civil defence, etc.? Fix security and encourage farmers to export cash crops.
Finally, Nigeria should invite foreign investors to tap into our gas reserves if NLNG lacks the capacity to do it. We have plenty of gas reserves and countries are making a lot of money from gas.
By and large, you created a great video. Keep up the good work! 👍
My brother, let the Government not concentrate on oil minerals only. There seems to be this unhealthy obsession about oil/gas assets in the country when we also have substantial solid mineral deposits in the North!
When will FG start concessioning it properly to major Global solid mineral mining companies? When will Nigeria start getting substantial and complimentary forex from solid minerals in the North? The model of allowing and encouraging artisinal mining for solid mineral deposit is criminal and unfair to the country.
This problem jude highlighted has been in the making for 8 years now. Buhari finance minister was warned amongst other remediation measures to stop the abusive borrowing, her reply was that our debt to gdp ratio was low. Every attempt to make her see beyond a metric was rebuffed. The politicians tagged it an attack against buhari and his people/region. Once political interpretation was introduced into the informed criticism, I knew we were in for it. Cause something will eventually give. And here we are. 😢
I can help with your exchange 💱
Let me know how I can get in touch with you thanks
For anybody reading this, I have one advice for you. Do not hold Naira and run out of Nigeria if you can. I am a well trained and seasoned Economist. You see, the current predicament of the country, it cannot be solved by this administration and will only get worse for the next 8 years. Find my reasons below;
1. Your president said the exchange rate is not important, because Nigerians earn in Naira. This statement exposes the lack of understanding of fundamental economics which will be translated into economic decision making at the highest level of government, meaning the real poverty has not started yet, there is 7 years more to go.
2. Changing the economic situation of Nigeria today, will not happen by magic. At the most basic level it is people that will drive it. Think about your LGA, Governors, Civil Servants. If the mentally competent people are not selected across the board to head these institutions nothing will flinch.
3. This government seeking for foreign investment makes me laugh. In case they are not aware, FDI which they should be targeting is one of the most difficult kind of capital to attract because of the difficulty of exiting if you have made a wrong decision, hence investors in these categories scrutinise to the last letter before leaping and that's why you see countries offering money upfront + special tax incentives to win these kind of investment. I was shocked to hear that the N500Bn intervention was not for FDI investors who want to invest in critical sectors of our economy we have identified that we possess a comparative advantage for export. This is the best way to spend this money, as the multiplier effect will be longer lasting, PAYE benefits than this free money we like that fuels inflation. The first segment of foreign investors to court are Nigerians abroad who have the experience to setup productive enterprises in the country, provide them with the funding to show that you are ready to change from business as usual
4. The moment you see Ministerial appointments and senior government appointments tilting towards political patronage of who helped who enter office, just know that your exchange rate, economy and everything will continue to suffer for it, which I predict as well.
5. Skilled individuals with a high IQ will be the bane of any development, if Nigeria does not see skilled workers leaving the country as a problem, I wonder who will drive the wealth creation and economic development. Attracting and retaining talent now is more important than anything else, but they should good luck with this.
6. I have extensive experience in Nigeria's business environment and today I happen to court some people who seek my opinion about investing there. I always end up telling them my experience which I will share with you. In 2016, I had a plan to end importation of wheat into Nigeria by starting small, then we imported $10bn worth every year. We had and still have everything to compete in the global wheat value chain. Arable land of which is widely available specifically in Obudu in Cross River state. The topic of land is especially important because to maximise yield with High yielding varieties, you have to take advantage of natural environmental factors to produce at low cost to compete globally. I had spoken to John Deere in the US extensively about agricultural equipment for a completely mechanised farm, my business plan was arranged and I had obtained funding for the first phase which was a simple feasibility study to confirm that everything in the business plan is actually possible on the ground. I took my time to travel to Cross River Basin Development Authority a government agency as they were in charge of the area for development, after a tedious presentation on what I was trying to do and partners involved and the goal. The only question these people had was whether there was no land in my village. That was my first face to face experience with government ineptitude and the penalty of hiring based on man know man. They had no clue about the value of assets they controlled and had no idea of what an opportunity looked like if it came across them. They were all collecting salaries for adding 0 zero from their area of responsibility. This is the Nigeria of today as we still speak because I have not heard of any mass sacking. Another was Police telling me to settle a thug that there is nothing they can do, that the thug worked for the Governor to win the election. No investor I know is willing to risk their capital in such an environment. The work is too much for only Tinubu to do, hence I do not see anything changing, Nigerians are as condemned to poverty as the sun is sure to rise every morning. It's coming, it's just a matter of time.
Spot on
How do we solve brain drain
@@ugwuanyicollins6136 there are two ways to acquire a resource. You either build it yourself or you get it from someone else who has built it. I don't want to dive too deep into it. If Nigerian government needs my advice let them pay my rates I'll tell them where to start.
Or let me know how I can contact you
That is what you see, but I see huge potential. You have not factored other major factors.
Mr Jude Bela, plenty kudos to you. The effort you must have put to edit this video is highly appreciated. The facts are commendable.
Please do a documentary on grants. They seem sketchy
The number one way to fix this is to statt selling our products internationally with naira like china and Indian does and kenya is planning to
We have enough raw materials sold internationally to pull it off
You are right,
If this adjustment can be made, the Naira would be independent of the dollar.
@@baddest23 and also increase our spending power which will improve our ability to manufacture and further improve spending power
Good idea....but we are not there yet. Even China still uses the dollar for significant portions of their massive international trade.
@@razstar4787 we are there... if kenya can do it why cant we
Its bot a one day thing obviously which is why chaina still uses dollars considering that they have a lot of it stored somewhere unlike us
But it's a matter of starting... you wouldn't make any progress if you dont start your never get there
Nice work bro.
But point of correction,
The blocked funds you talked about is 812 million US dollars 💵.
This is one reason I can't come back to Nigeria. Was considering remote work back home but now I've changed my mind. Thanks for the update bro 👍🏾
First to comment 🙌🤸🤸🤸 great job Sir Jude I learn a lot and am a big fan even to all TikTok account that upload your video 🎉🎉
Good storytelling and obviously this video is well researched. Love it!
Awesome video 👍as usual.. however I find the music to loud and somehow distracting especially around @7:30
Sorry about that, will improve on that in the next one. 🙏
Your vast knowledge and analytical prowess amaze me. Blessings dear.
Great one ❤
Great work
U are spot on broda
The new Nigerian gov unpegging from the dollar and unlimited borrowing is the prelude to a currency devaluation.
Great work
From west Africa
🦅
Great job as always.......
In my opinion, such occurrences should be the catalyst which should have this nation running back to the drawing board. Its a bad situation, but from it we must find a solution for today and a plan for tomorrow. Africa will have to come together to agree on a more favourable approach to economics and public financing by skidding off the Dollar trap. And before trying to shut me up, let me say "yes" we have so much value that could serve to provide us bargaining power... HUMAN & NATURAL RESOURCES..... anyway, this is story for another day.
In the short run, to fix this issue, we need to improve our earnings by swiftly dealing with the dead refineries as well as negotiations of favourable deal with the world's largest refinery *dangote'.. This will have us earn more in exports and spend less or nothing in importing oil products. Then again we have discovered various minerals like lithium, and should jump on a lucrative short term plan on earnings........ we have rhe resources, the skill and manpower, so much can change in 365 days I assure you...but who am I kidding? They want it this way......to change things, we need to change our minds, and a great place to start is in kicking out the recircled old minds .......
Thank you Jude
We need more people like you
May God continue to bless you
How the hell are you not at a million subscribers... especially Nigerian subscribers??? Much love from the United States 🙏🏿
Waw, great enlightenment, Jude.
Thank you for this analysis, it really clarified a lot of things for me. Just subscribed👍
Na loe o Jude, lets put head together and bring solution
😅😅😅😅 I was waiting for the possible solutions at the end and I was left red faced
😄
Sorry about that.
If the government can focus on security, providing 24hrs power supply and good roads, leave the rest to the hardworking masses.
Simple
Great analysis bro
Absolutely ridiculous, an oil rich country with no USD… 🤦 these so called leaders never learn...
Because of bad leadership
@@victoremmanuel567 no, it’s not bad leadership… these fools know exactly what they’re doing for them to steal. They deserve to be replaced and thrown in jail till they die.
what is the solution
Our rulers and elites live in a bubble where access to foreign currency, foreign education, health services, travel make them remote from the average Nigerian. We are poverty capital of the world yet your average Nigerian is on TikTok claiming how rich & great Nigeria is. We are a deluded ignorant people obsessed with empty boasting.
We already know that these leaders are our problems as a country. These leaders them selves dont even need to hide anymore, i mean one of tinubu speech was whether they lime it or not i will be the next president. That statement alone carries enough weight to disqualify any candidate in a civilised society.
They even went as far as changing the currency just before the election in order to sabotage other Labour and PDP changes.
They are well aware of their competitions strategies which is withdrawing a lot of money for bribery during campaigns.
Imagine a candidate spending hundreds of millions of dollars to get elected on a job. Ofcourse their main priority will be to recoup the money spend then as much more as possible.
Such a sad Reality
Thank you for this Sir, I wish our leaders will sit up
Thanks man. I just subscribed.
Thank you Jude brilliant analysis!
Jude
Ur country is an Oyimbo real estate
The sooner u realize it the better
Neocolonialism
Wink, wink
Thank you Jude for this one👍
the background music is the soundtrack of escape from sobibor kinda like it
The crisis never even begin?
Na wow o, hunger dey.
Thanks so much you more success to you 🙏❤️
Nice one jude bela ❤❤❤. I have watched these topics several times on foreign channels and seeing one of us doing it makes me happy. And also I would love for you to do a video on brics and their challenge to the dollar and if it is possible and the advantages of Nigeria joining and china debt's trap in africa. Have a nice day.
Thanks a lot Jude I’ve learned a lot from your channel
sincerely i get to understand the situation more. thanks to you.
Jude Jude... always a delight watching your videos.
Thank you for the education!
Thanks Jude for this explanation.
much appreciate this videos Bela thank God I no dey deposit dollar
My true investigative 🔎 journalist with perfect reportage always 👌 ....!🎉
Thank you little bro you are doing a great work 😎
This political rascals apc have destroyed Nigeria and still don't want to stop 😢
The same people that import all forms of rubbish , without corresponding export are the one always shouting.
Why should they stop, when they have the entire country by the balls
@@Omojoy4suresomebody criticized a political party and you are criticizing a tribe... Your heart is filled with hate. Pray to God to remove that heavy burden from you.
@@stanleynwosu5830 Hate on the people that dwell in hatred for others.
Gaslighting pro max.
Stop hating others, present your ideas on national development, if not accepted by the majority.
Don't be bittered , it's called democracy.
Think is high time I become a subscriber your work is amazing
Nice video. I loved the BAT joke you made😂😂😂😂. It had me rolling on the floor.
😂😂😂
It's time for me to subscribe to this channel cause i would not like to miss the next video... Too much source man... A subscriber gained. Thanks Jude for breaking things down for us.
As always lit video
Thanks alot for educating me.
Good content!
I love this channel... keep up the good work, Jude 💪
Thanks bro keep up the good works
Big Man Jude!!
Omooooo i can see the work of the new editor or am I dreaming 😂
Great Video! Very Informative.
My Guy can you tell us made ur video editing skills so good...pls help me...am ur no 1 fan
Thanks for the content.... Federal Government should make policies for Nigeria abroad to be able to invest in Nigeria,protect their investment from corrupt institution by ensuring they don't employ people with questionable character into such financial institutions..with this you will have more diaspora remittance and investment thereby increasing the availability of dollar in the country....
Well this is just another comment that will pass because federal government isn't on UA-cam
Nigeria is running at loss and debt, this is unsustainable.
brilliant as always
Good content, very educative.
Did you make use of those so-called IMTOs like Western Union, SendWave, RIA etc? Why didn't you consider a dom account or use Payoneer or Grey?
Edit:
The Airlines are ripping Nigerians off if you look at the fares they charge Nigerians and compare it to fares on similar routes in other African countries.
Foreign airlines are not responsible for our woes, we are.
Are you also comparing the value of currency? Even Ghana cedes is better than the Nigerian naira, so it's bound to look cheaper from the naira point of view, besides there's other influences like tax, power supply etc
Thank u for this video..
Kudos mate
Keep doing the lord's work.
Thanks guy 😂. We are doomed. Your maths skills not Bad 😅
Guy,. U are wonderful
Interesting.
You are the best.
On Thursday I was at my aboki to buy USD, not alot, just 300usd, and he doesn't have!!
I happened to one guy I saw at a bank few weeks ago
We did this to our selves.😢
All of us go chop am wotowoto..
Both hailers and wailer.😢
The answer you provided is not entirely true, the Nigerians abroad sent more than total income from oil back to Nigeria, but not documented. Another reason for the scarcity is that, Nigerians keep USD at home as an hedge against naira depreciation.
Nice one
Brilliant
Too much straight line thinking here. Are you telling me that the reasoning behind why there is a 10bn deficit between our foreign income and foreign spend is because we actually ‘need’ 10bn more than we make??? Look, if we are ever going to get this ship back on track, now is our best chance. Let’s hope the saboteurs of precious governments don’t find a way to topple the current ongoing efforts.
Hello Jude, is it possible to get the naira equivalent of the dollar value at the bank?
Because you will still have to change it to purchase anything in-country
No. The banks don’t buy. They’ll ask you to withdraw and take it to bureau de change
I'm still opening to produce an OST for your show
How come @arisenews have not invited this guy for an interview yet ?
How come arisenews have not invited this guy for an interview yet ?
Please whats the hopr of the Naira? Hope the exchange rate will get better soon and Naira gain ground?
Not going to talk about Nigeria... Africa has a long way to go... By now we should not need to trade in any foreign currency... But here we go in circles...
😏😏 really...my mum was able to cash from her domiciliary account as at Monday without any delay 🤷
As a Nigerian who lives abroad (Germany) instead of asking your bank for the money in dollars just take it in naira.
I know the exchange rate is higher in the black market than what a normal bank would give but it’s not by much.
Last time i visited Nigeria was 2019 so maybe I’m just being ignorant
It's not called account deficit but trade deficit
Every countries doesn't owe
UAE countries doesn't owe
You did a good job here but just like most Nigerians, did not address a way out or possible solution. The question other countries like Russia, India, China , South Africa and even Kenya have asked is "why are you looking for dollars to buy goods from China?" You should have displayed a chart of Nigeria's import origin countries so that Nigerians can begin to ask the proper questions, "why are you looking for dollars to buy goods from Egypt or China or Vietnam?" when these countries will gladly allow you to source for their local currencies to pay for their goods. Africans need to eventually wake up, it only takes the US govt one order to crush your economies as they routinely do by just denying your banks 'dollars"
One thing I know is that Nigeria is a comedy channel in heaven or in the other side.
We elect leaders out of tribalism not as a result of proven knowledge of the happenings in the world.
I think as you have said I need to open a dormiciliary Account ASAP.
But nothing beats the actual cash
Same thing happened during the change of naira.
Someone stole all our money and someone was playing with our lives but no one is getting jailed for that anyway.
CBN is broke...so I dey CBN level be that oooooo because am also broke 😂😂😂😂😂
Tinubu that merged both Fx rates from black market and bank Fx fucked up. There is more dollar in black market than banks and watch the price still goes up
How them take go broke after all taxes dem Dey slap us with