You and I both agree on these issues more than we disagree...so we should both quit while we are ahead....
But on economic patriotism, let me say that all countries need it to succeed, advance and survive. But it requires discipline and realism, and the willingness to suffer some temporary discomfort, and to ignore many wailing wailers still smarting from recent duscombubulations....
When Obama gave a target of internal energy sufficiency to the U.S., was that not economic patriotism? When aid is given by foreign countries, and they require you to use a certain percentage of contractors and consultants from donor country, is that not EP? When you cannot fly for US government work on non-US airlines, is that not EP?
It is only when developing countries do EP that it is termed EE - economic emotionalism?
And there you have it.....
Bolaji Aluko
On Wednesday, December 2, 2015, Joe Attueyi <topcrestt@yahoo.com> wrote:
Prof AlukoIn your speed to respond to 'Joe Attueyi' you have uncharacteristically failed to fully understand the logic of what you were responding to.I think basic logic would show that there is a significant difference between:1. Bureaucratic allocation of economic resources generates fraud and corruption.and2. fraud and corruption" as being due to "bureaucratic allocation of resources"plasmodium parasite causes sickness is a valid statement.Sickness is due to plasmodium parasite would not be a valid statement. While a particular sickness maybe caused by plasmodium parasite, there are many other causes of sickness other than plasmodium parasite.There are many causes of corruption. My statement is specific that Bureaucratic allocation of economic resources is definitely a cause of corruption. If you don't agree with that assertion then say so and we can debate it.You wrote:Yes, Segun Sanni is right that Foreign Direct Investment FDIs and Foreign Portfolio Investment FPIs are two sides of the same coinSo where is the disagreement? Abi you are on auto- oppose mode? Hehehehe!You wrote:My point is that we should be more concerned with the quality and diversity of both FDI and FPI, as well as LDI and NDI, because no nation develops purely on the strength of the former pair
I agree with yours above--- with the proviso no nation develops without both foreign and local investors. The debate was about Obi Nwakanma's assertion that autarky is the only way we can make economic progress and Imperial's interjection that we need only FDIs not FPIs.You wrote:participants of which may have completely different Shylockian aims, and are around only to take advantage of the weak institutions and regulations in the host country. Then when they read of new and stronger regulations, they flee or withhold investment, which on the long run other participants from elsewhere in the world may take their place.All these 'economic patriotism ' may sound good to the ears but it is just emotionalism. We need local and foreign investors. In fact the extent to which foreigners invest in your economy is an external validation of your success in putting in place 'good security, reliable infrastructure, transparent and enforceable trade laws and a skilled workforce'. These are the reasons the iPhone in my hand is made in China not in NigeriaJoe
Sent from my iPhoneJoe Attueyi:You are, o, so conventional and starchy about your "economic" policy....see how you rationalize "fraud and corruption" as being due to "bureaucratic allocation of resources", without knowing that that it is equivalent to your own "yam and goat" policy, or a variation of "low salary equals stealing" rationalization which finance Minister Kemi firmly railed against.Yes, Segun Sanni is right that Foreign Direct Investment FDIs and Foreign Portfolio Investment FPIs are two sides of the same coin....in fact they may be the same side if you look closely at their identities. But granted that there at at least 192 nations in the world, and that it is not only our country that wants FDIs and FPIs, has it ever bothered us to find out(1). The time trajectory (say over the past ten years) and current value in Nigeria, of n.FDI/n.LDI, and n.FPI/n.LPI, where L stands for Local, and n stands for number.(2). The same information for $,FDI/$.LDI and $.FPI/$.LPI, ratio of dollar values of investment?(3). These same figures for US, UK, Japan, China, India and Brazil, and throw in South Africa?My point is that we should be more concerned with the quality and diversity of both FDI and FPI, as well as LDI and NDI, because no nation develops purely on the strength of the former pair, participants of which may have completely different Shylockian aims, and are around only to take advantage of the weak institutions and regulations in the host country. Then when they read of new and stronger regulations, they flee or withhold investment, which on the long run other participants from elsewhere in the world may take their place.Some of the stock exchange pains our country currently faces may linger. By the way, thus is not the first time in Nigerian history that our stocks have been "lowest in three years;" and eventually climbed out...Joe Attueyi knows that I have been displaying Nigerian stock graphs for years under Soludo until I got tired, but he accused me of doing so because Soludo was Igbo! That fever will come and go, wailing wailers!What the nation should concentrate on are what increase both the quantity and quality of both local and direct investment of all types:(1). Security(2). Infrastructure reliability (power, water, transportation)(3). Stable, transparent and enforced trade laws(4). Skilled workforceAny other ways of manipulating stocks is casino kalokalo economics...we should return to basics, even if it will hurt us for a while. Again, remember that a nation cannot develop only on foreign investment.And there you have it.Bolaji Aluko--
On Wednesday, December 2, 2015, 'Joe Attueyi' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:--Thank you Segun. Like the old Santana advert 'nothing more to add'.I am still waiting for Prof Obi Nwakanma's lecture / examples of autarky as a successful model of building a modern economyWe need to learn to do the simple things that have shown to work. Market competition underpinned by governmental regulation works. Not perfect. But it works.Bureaucratic allocation of economic resources generates fraud and corruption. Always. This stuff is not rocket scienceJoe
Sent from my iPhone
On Dec 2, 2015, at 9:41 AM, 'Segun Sanni' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:I thought you understood the linkages and inter-dependences better. Please note the following:1. Foreigners who brought in their funds to set up and run businesses in Nigeria are Foreign Direct Investors (FDIs) while foreigners who buy shares in businesses run in Nigeria are the Foreign Portfolio Investors (FPIs).Both classes of investments/investors (FDIs and FPIs) are good for us and are indispensable to our economic growth. While FDIs like PZ, Unilever, Cadbury, etc, run their businesses here, they get cheap long term capital/financing from the stock market in which the FPIs are heavily invested.2. Many of the FDIs are multinationals who are quoted on foreign stock exchanges (London Stock Exchange, New York Stock Exchanges, etc). Much of the money they invest in Nigeria is raised from the foreign stock exchanges and owned by the same FPIs who also invest in London, New York, etc. Therefore the FPIs who bought shares in London contributed to the company which brought FDI to Nigeria.2. The FDIs are themselves directly affected by the economic policies of the government, same policies driving away the FPIs. The FX rationing of the CBN (on which the FPIs are uncomfortable) is impacting heavily on the ability of the manufacturing companies (FDIs) to source for Foreign Exchange.4. Nigeria could do better in attracting FDIs and FPIs if only we could address the problems of power, transportation and wrong government policies. Remember the departure from Nigeria of Michelin, Dunlop, etc.From the above, you'll agree that FDIs and FPIs are equally important and that's why all progressive countries of the world court the investors and compete to have them. You can't have an inflow of FDIs if your policies are driving away FPIs.Shikena.Sent from my BlackBerry 10 smartphone.
On 1 Dec 2015, at 21:42, Joe Attueyi topcrestt@yahoo.com [YanArewa] <YanArewa@yahoogroups.com> wrote:Everybody, except the diehard Buharideens, seems to have given up!Let us prayJoe
Sent from my iPhone
On Dec 1, 2015, at 8:33 PM, 'Segun Sanni' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:Sent from my BlackBerry 10 smartphone.
Hmmm
1Nigeria's stocks fell to their lowest level in almost three years as foreigners exited the market amid fading hopes that President Muhammadu Buhari's government can revive an economy growing at its slowest pace this century.The Nigerian Stock Exchange All Share Index dropped 0.8 percent to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012. The gauge declined on all but three trading days in November for a monthly drop of 6.2 percent."The government has not come up with a definitive policy for the economy," Pabina Yinkere, an analyst at Vetiva Capital Management Ltd., said by phone from Lagos. "The continued lack of clarity is affecting the stock market."While Buhari, a 72-year-old former general who came to power in May, has prioritized stamping out corruption in Africa's biggest economy and oil producer, investors were irked by a delay of more than five months in forming a cabinet, which he swore in Nov. 11. There's also concern that his support for the central bank's currency-trading restrictions are choking businesses of the dollars they need to pay foreign suppliers.
Almost two stocks declined for every one that rose. Guaranty Trust Bank Plc, the nation's biggest lender by market capitalization, dropped 2.7 percent to 20 naira ($0.10). The stock is down 21 percent this year, about the same as the overall index. That's the biggest fall in sub-Saharan Africa after the Zimbabwe Industrial Index. Specialist African funds including Alquity Investment Management Ltd. and Duet Asset Management Ltd. have lowered their Nigerian exposure because they think that central bank Governor Godwin Emefiele will be forced to devalue the naira, which would cause losses on holdings in foreign-currency terms. Last week's interest rate cut by the central bank, its first in six years, will heap more pressure on the currency, according to David McIlroy, Alquity's chief investment officer.The naira was unchanged at 199.05 per dollar and has been all but fixed at 198 to 199 since early March. Forward prices suggest it will weaken to 241.25 in a year.Pressure on Currency
"The surprise reduction in rates has probably worried international investors even more," McIlroy said by phone from London. "Given the inflation rate is above the central bank's target, there's pressure on the currency and they need to attract foreign capital, you'd expect interest rates to be rising." Annual inflation was 9.3 percent in October, higher than the central bank's target of 6 percent to 9 percent. Alquity held about seven Nigerian stocks at the beginning of 2015, including Guaranty Trust Bank and Zenith Bank Plc. It now holds only Dangote Cement Plc. Equity funds are more underweight in Nigeria than any other frontier and emerging market, except for Kuwait and Morocco, analysts at Renaissance Capital Ltd. said in a Nov. 23 note to clients."We've increased our positions in Egypt and Kenya at the expense of Nigeria," McIlroy said. Nigeria is reeling from crude prices that have plunged 57 percent since June 2014. Economic growth will slow to 3.2 percent this year from 6.3 percent in 2014, according to a Bloomberg survey of economists. That would be the slowest pace since 1999One can only continue to wish our dear country well.Thanks,Anthony Ayodele
---
You received this message because you are subscribed to the Google Groups "AfricanWorldForum" group.
To unsubscribe from this group and stop receiving emails from it, send an email to africanworldforum+unsubscribe@googlegroups.com.
To post to this group, send email to africanworldforum@googlegroups.com.
Visit this group at http://groups.google.com/group/africanworldforum.
To view this discussion on the web visit https://groups.google.com/d/msgid/africanworldforum/20151201203350.5886030.87462.123658%40yahoo.com.
For more options, visit https://groups.google.com/d/optout.
__._,_.___
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1) 
.
__,_._,___
--
---
You received this message because you are subscribed to the Google Groups "AfricanWorldForum" group.
To unsubscribe from this group and stop receiving emails from it, send an email to africanworldforum+unsubscribe@googlegroups.com.
To post to this group, send email to africanworldforum@googlegroups.com.
Visit this group at http://groups.google.com/group/africanworldforum.
To view this discussion on the web visit https://groups.google.com/d/msgid/africanworldforum/20151202094157.5886033.19153.123862%40yahoo.com.
For more options, visit https://groups.google.com/d/optout.
---
You received this message because you are subscribed to the Google Groups "AfricanWorldForum" group.
To unsubscribe from this group and stop receiving emails from it, send an email to africanworldforum+unsubscribe@googlegroups.com.
To post to this group, send email to africanworldforum@googlegroups.com.
Visit this group at http://groups.google.com/group/africanworldforum.
To view this discussion on the web visit https://groups.google.com/d/msgid/africanworldforum/9B8443D1-9468-4134-B83B-757B5BD1397A%40yahoo.com.
For more options, visit https://groups.google.com/d/optout.
---
You received this message because you are subscribed to the Google Groups "AfricanWorldForum" group.
To unsubscribe from this group and stop receiving emails from it, send an email to africanworldforum+unsubscribe@googlegroups.com.
To post to this group, send email to africanworldforum@googlegroups.com.
Visit this group at http://groups.google.com/group/africanworldforum.
To view this discussion on the web visit https://groups.google.com/d/msgid/africanworldforum/CAORq2DC5YV5h_H_oM5u8%2BGstwr4UCLN_DUvrp88P8qQnkEoxFg%40mail.gmail.com.
For more options, visit https://groups.google.com/d/optout.
Listserv moderated by Toyin Falola, University of Texas at Austin
To post to this group, send an email to USAAfricaDialogue@googlegroups.com
To subscribe to this group, send an email to USAAfricaDialogue+subscribe@googlegroups.com
Current archives at http://groups.google.com/group/USAAfricaDialogue
Early archives at http://www.utexas.edu/conferences/africa/ads/index.html
---
You received this message because you are subscribed to the Google Groups "USA Africa Dialogue Series" group.
To unsubscribe from this group and stop receiving emails from it, send an email to usaafricadialogue+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment