Economicwatch
 

Welcome to the economicwatch forum where we would discuss the Nigerian economy.

Inflation
 

originally posted by Babs O.

For those Nigeria based, if there is any expense like buying a car, building a house or need for some good things of life. This is time to rush and buy before prices creep up. However that is if you have the extra cash.

For those with the heart and long time view. This is time to continue extended bargain shopping in small bits on the NSE. Especially if there is no outstanding asset that is pressing or nice to acquire before NGN prices of things creep up.

For those holding hard currencies I have no idea. If it is me the tendency will be to hold doing anything and continue watching. The direction is very unpredictable. Will USD prices of goods fall. Will GBP prices of goods rise. Who can really predict.

However pray the plan by Saudi to cut its Oil production below its OPEC quota will keep Oil prices above $45 bench mark of our budget. And pray make the new Y'Ad... economic team get whatever it needs to perform and make Nigeria attractive for investments and make the economy boom even from this 2009.

Re: Inflation
 

Indeed during inflation, it is best to buy physical assets rather than keep cash.

I have been mulling over building up a plot i have for quite some time. In view of the anticipated inflation, i decided to quickly start building. The plan was approved in 2007 so it was just a question of mobilizing to site. Work has actually commenced. I have released cash for all the fittings to be bought within the next one week (bathroom fittings, electric etc).

Although late last year i said i was going to build up some cash in money market, it makes sense now to change that strategy. I will still keep some cash but it will be just 6 months worth of expenses. No more until the economic situation improves.

Inflation
 

Find attached an article i found on CBN website on Inflation.

Monetary Policy Circular
 

Find attached the latest monetary policy circular issued by CBN.

Re: Inflation
 

Seems like a reasonable decision to make. I however suggest you still hold some cash in hand. In case this coutry gets out of hand. I don't know wht Nigerians in Diaspora are coming back to do here. If you can't survive in The developed world. Forget here, your doomed!

I find it hard to believe that major Inflation as is warranted by economic indices will occur in this country without a breakdown somewhere.

I maintain sidon look position

Re: Inflation
 

am really maintaining a sidon look kind of position myself.
while i also support zainabusman decision to commence her property building/investment

Re: Inflation
 

Can Prices rof goods rise when people cannot afford to buy them? I suspect Deflation rather than Inflation, or gradual disapperance of certain essentials and non-essentials of life. This is what scares me.

Re: Inflation
 

inflation will come first follow by deflation:D

Re: Economicwatch
 

G8t job mrs,i wonder u always here,do u sleep at all?

Re: Economicwatch
 

pls mrs zainab can i get past inflation and gdp data for nigeria,tnx i will appreciate it.

Re: Economicwatch
 

I am a late bird! I tend to be more productive in the middle of the night. Unfortunately, PHCN frustrates my efforts. My laptop battery will last another 2 hours and then i must retire.

Re: Economicwatch
 

Unfortunately, i dont have such data. However, i suggest u check the CBN website. U can also do a google search. Another source could be the world bank.

If i find any, i will post it here.

Re: Economicwatch
 

thanks Zain,u know i lik to work at nite 2 but sleep will not allow me,but tonite i just had to finish up some things.

Re: Inflation
 

God forbid that Nigeria gets out of hand. Where will i go to?

All the same i get ur point. I sincerely hope all the gloomy predictions dont come true.

I also dont understand why Nigerians in diaspora want to come back. Not now anyway. The oil boom is over.

Between worrying about electricity, school fees for kids and security one is fully occupied. Frankly i cant remember when last i had 10 hours of PHCN in any given day. On friday night i had no PHCN as usual and my Genset could not start. So it was darkness all round. At some point i had to use a candle as my rechargeable lamp went off.

Living in Nigeria is tough to say the least.

Re: Economicwatch
 

Re: Inflation
 

The most obvious reason that a "Diasporean" (is there a word like that? :D) may want to move back home is financial. If you get a job that pays you substantially more, why not? Yes, there's no light, security, bad roads etc, but I look at it in terms of the higher the reward, the higher the risk. Why do expats go to Nigeria? I know several people that have moved back home and earning significantly more in Nigeria now. In fact, the current Minister of Aviation used to work for a PE firm in Chicago before he got a job at the African Finance Corporation in 2007.

Re: Economicwatch
 

Re: Economicwatch
 

Re: Economicwatch
 

You definitely bought your Laptop batteries in the U.K, Keep doing so. The One I bought in Nigeria for my Toshiba could not last 1 hour 30 minutes on Long life when it was brand new. Who knows what the importers told the guys in sinapore prior to ordering it.

Secondly, what exactly is the function of the Standards Organization of Nigeria (SON) and other duplicitiously like named organization.


I need to check that word in the dictionary