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Nairaland Forum / Nairaland / General / Politics / Tinubu's Solution To Nigeria's Economic Problems (33342 Views)
The Solution For Nigeria's Economic Problems Found / Only PDP Can Solve Nigeria’s Economic Problems- Gov. Emmanuel / Buhari Managed Economic Problems Well - Wikipedia (2) (3) (4)
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Re: Tinubu's Solution To Nigeria's Economic Problems by PassingShot(m): 6:48pm On May 18, 2015 |
Curvinus: If you read the piece you will surely note that Tinubu cleared advised against using such monies on foreign goods. The intervention of printing money is to help internal productivity. |
Re: Tinubu's Solution To Nigeria's Economic Problems by major466(m): 6:50pm On May 18, 2015 |
Sweetguy25:Printing money to finance a nation's developmental needs is a one-way ticket to economic collapse. |
Re: Tinubu's Solution To Nigeria's Economic Problems by Jk210(f): 6:56pm On May 18, 2015 |
While Tinubu's heart might be in the right place- staving off the pains of austerity, the idea is a terribly bad one. Hyperinflation calling. For an import dependent country with zero production value and lacking in critical infrastructure, printing more naira to finance same would just not work but serve to depreciate further the value of the naira. We certainly don't want our naira to have junk value status do we? A more realistic approach is to prune down the cost of governance, create an enabling environment for FDI and reduce recurrent expenditure in our budget while creating more for capital expenditure. That's a good way to start 3 Likes |
Re: Tinubu's Solution To Nigeria's Economic Problems by emmatok(m): 7:07pm On May 18, 2015 |
Jk210: It will not bring inflation if the funds are channeled directly and strictly to manufacturing and infrastructure for a limited period of time. |
Re: Tinubu's Solution To Nigeria's Economic Problems by G3n3sis: 7:10pm On May 18, 2015 |
I don't trust this western godfather |
Re: Tinubu's Solution To Nigeria's Economic Problems by emmatok(m): 7:13pm On May 18, 2015 |
major466: Nope, if the money goes into export oriented manufacturing the economy won't collapse. Instead the economic will gain, while the CBN mop up excess liquidity. |
Re: Tinubu's Solution To Nigeria's Economic Problems by Jossyroyal1: 7:17pm On May 18, 2015 |
Realdeals:sauss, sauce or SOURCE? which one do u mean? |
Re: Tinubu's Solution To Nigeria's Economic Problems by major466(m): 7:32pm On May 18, 2015 |
emmatok:There's a limit to which government can give out credits to manufacturers to stimulate export. Government intervention on what to produce is not without it's risk unless there's a favourable economic climate, otherwise Nigeria's economy will end up like former USSR. However, printing of currency can only be done based on market forces. It works best with Capitalism. The United states prints its currencies not becase of local developmental needs but because market conditions backed by high productivity made it possible. Nigeria at the moment operate an economic model that does not encourage productivity. 1 Like |
Re: Tinubu's Solution To Nigeria's Economic Problems by 4Play(m): 7:33pm On May 18, 2015 |
Printing money only makes sense in a deflationary environment. If you artificially increase the supply of Naira, you reduce its value. This devalues the currency and increases inflation. Just because money printing is going on in the West does not mean Nigeria can cope with money printing. 2 Likes 1 Share |
Re: Tinubu's Solution To Nigeria's Economic Problems by gebest: 7:36pm On May 18, 2015 |
baybeeboi:states has no money to print currency. |
Re: Tinubu's Solution To Nigeria's Economic Problems by gebest: 7:37pm On May 18, 2015 |
synergycom19:NGOZI OKOJO IWEALLA na coconut brain she get. |
Re: Tinubu's Solution To Nigeria's Economic Problems by Badb0y4lyf(m): 7:38pm On May 18, 2015 |
i would like for the 2 zero be removed from the naira we simply dnt need one thousand naira note 50naira shud be our highest note lower denomination wit higer puchasing power. |
Re: Tinubu's Solution To Nigeria's Economic Problems by Gorimakpa1: 7:43pm On May 18, 2015 |
Badb0y4lyf:you mean Soludo`s naira redomination Yaràdua govt did not allow to materialize? |
Re: Tinubu's Solution To Nigeria's Economic Problems by JustCalMeDBoss(m): 7:44pm On May 18, 2015 |
In sumarry baba is talking about the Keynesian economics principle. But don't forget since we do not produce anything our demand is basically importation. And we would need dollars to balance our exchange. The only realway to get these dollars I'd from oil and once the ND boys starts their trouble which for certain they will. The value of the naira would slide into oblivion, More like a zimbabwe type currency. It worked for the obama administration because the Dollar was the number one currency in the world coupled with advanced manufacturing. We have non. These ppl just don't get it, what ever plans they have, no matter how genius minded, a country divided can neva stand. They need all the luck they can get. Before I go wen okonjo iwela was borrowing in safe mode idots here called for her head. Now ur dear jagaban wants to print money like idi- amin. 3 Likes 2 Shares |
Re: Tinubu's Solution To Nigeria's Economic Problems by 4Play(m): 7:48pm On May 18, 2015 |
It's such an imbecilic idea, I thought it was written by a PDP propagandist to discredit Tinubu. It's funny money printing is being suggested when we have been led to believe that $20bn was stolen in 18 month period. If it is true that such a level of theft is being undertaken, one would think that a change of regime would make this hitherto stolen money available for the Govt. Why is it being suggested we go the Zimbabwe route and print money? 1 Like |
Re: Tinubu's Solution To Nigeria's Economic Problems by AgentOfAllah: 8:17pm On May 18, 2015 |
mikolo80: I'm astounded you seem to think gold has some inherent value |
Re: Tinubu's Solution To Nigeria's Economic Problems by major466(m): 8:21pm On May 18, 2015 |
cocoduck:You just made a very important point. Going through his write up, i was expecting a mention of something like Restructuring of the Nigerian economy to reflect the principles of true Federalism but found nothing. Funy enough, the austerity measure or Nairalization Tinubu is talking about works best in an atmosphere of high productivity or capitalism. Not centralism as is the case with Nigeria today. |
Re: Tinubu's Solution To Nigeria's Economic Problems by omokab: 8:23pm On May 18, 2015 |
I so much like reading a write up like this.Tinibu is a very brilliant man and somebody who want development for the nation.He loves and cater for the masses because he knew that masses have suffered a lot from he hands of PDP,Obasanjo inclusive.If we are panning on our national especially how to combat inflation. We should not forget investing on agriculture because most of farmers have left villages.printing of more money from the federal government is a welcome idea but at the same time we should not also forget that when too much money is in circulation it can also cause inflation.Whe too much money is chasing few. Goods in the economy and this hyper inflation.But a good government and non corrupt can manage this system very by using the money to invest on agriculture,technology,education etc when the economy is balance he will use system to stop the supply of money to the people so that the economy will not fall in the hands of moey mongers.Is just like allowing this outgoing govenment to print money as they like and the likes of maduke diazini,Bode jorge and co get opportunity to pack the money. This is not what we will be saying.Borrowing should also be encourage to allow free flow of money,so that investment can grow.To my believe I know INSHA ALLAH Nigeria will be a good country. |
Re: Tinubu's Solution To Nigeria's Economic Problems by atlwireles: 8:27pm On May 18, 2015 |
Oh dear oh dear, it has come to this. Please print, you will need a lorry load of the useless money to buy a loaf of bread. What balance sheet are you people trying to leverage here. |
Re: Tinubu's Solution To Nigeria's Economic Problems by philipobiz: 8:33pm On May 18, 2015 |
xandy84: What you have just contributed to this thread is economic theory(All things been equal) Tinubu is talking about the real world. |
Re: Tinubu's Solution To Nigeria's Economic Problems by atlwireles: 8:37pm On May 18, 2015 |
Sweetguy25: What productivity are you going to spur? All you have done is drive up the cost of production in Nigeria and inflation will give the economy a very pretty haircut. You can as well use the Naria as toilet paper, becos, that's the end result. 1 Like |
Re: Tinubu's Solution To Nigeria's Economic Problems by major466(m): 8:42pm On May 18, 2015 |
Meiji:Excellent! |
Re: Tinubu's Solution To Nigeria's Economic Problems by CHANCEMAN: 8:53pm On May 18, 2015 |
Three major points 1)Fiduciary issue 2) Import restriction and 3)devaluation. Will 1) not counterbalance the effectiveness of 2 and 3?.Withour 2 and 3 the economy will not develop save for some unforeseen circumstances(oil price rises again).How will u match determine how much naira to create without causing inflation? The dollar replaced the gold standard because it was widely acceptable and backed by substantial US gold reserves. Can our reserves protect the Naira in the long run? |
Re: Tinubu's Solution To Nigeria's Economic Problems by babadee1(m): 9:07pm On May 18, 2015 |
Mogidi: Did you read through the piece? He talks about banning dollar transactions in the country and simply issuing more naira through the Central Bank. The points he raised can only be implemented by the federal government not states. |
Re: Tinubu's Solution To Nigeria's Economic Problems by VolvoS60(m): 9:14pm On May 18, 2015 |
omokab: ^^^^ |
Re: Tinubu's Solution To Nigeria's Economic Problems by VolvoS60(m): 9:17pm On May 18, 2015 |
PassingShot: ^^^^ |
Re: Tinubu's Solution To Nigeria's Economic Problems by VolvoS60(m): 9:19pm On May 18, 2015 |
Eshinwaju: ^^^^ |
Re: Tinubu's Solution To Nigeria's Economic Problems by deflover(m): 9:21pm On May 18, 2015 |
this man is a joker......we should open the printing press while the wages of the so called elites stay high....how can you print more than you earn....that means we will have monopoly money where it would have little or no value.... QE1 to QE3 has not helped any govt.....even the Fed has not been able to solve its economic woes by these methods......how do you stop inflation as he said....you have more naira chasing less goods and services.....so inflation will work in like a stroll in the park... He like OBJ are trying hard to be relevant without talking about the loot they have in their kitty.... this is jungle economics that makes no sense but will sound nice to the kill the rich crowd...let their be soft loans given to SME and let the electricity be fixed and see the cost of production crash while the funds used for production can be put to better use.. |
Re: Tinubu's Solution To Nigeria's Economic Problems by Jk210(f): 9:21pm On May 18, 2015 |
emmatok:And how do you ensure that? With the antecedent of Nigeria and the history of corruption, its a big gamble. I don't think it would be a good idea. Theoretically it is fantastic but going down to implementation in a complex society like Nigeria, it just might worsen things. Its already been a battle keeping inflation at single digit levels. Quantitative easing works best in a deflation when you already have industries and want to kickstart consumption or expansion. In our own case the manufacturing industries are almost non existent, same with critical infrastructure. At some point we might need to import some components of those infrastructures we don't have comparative advantage in producing as well as source expatriate technical know-how. All these will lead to pressure on the naira. There's a reason why countries borrow. If it were so easy, most governments would just print whatever amount of cash they needed to finance their economies 1 Like |
Re: Tinubu's Solution To Nigeria's Economic Problems by Nobody: 9:22pm On May 18, 2015 |
PassingShot: The whole thing is not a well thought-out formule.. just advise that requires consideration of several economy dynamics - my fear once again is that the necessary homework is not done and an idea is floated, implemented, fails and we start talking about lessons learned, every hour lost on a bad decision at a National Level is a month lost in economic recovery. is Tinubu the only source of economic recovery? |
Re: Tinubu's Solution To Nigeria's Economic Problems by VolvoS60(m): 9:26pm On May 18, 2015 |
Re: Tinubu's Solution To Nigeria's Economic Problems by babadee1(m): 9:28pm On May 18, 2015 |
jaysniggs: That is simply impossible, the gold standard can never work in Nigeria. For one thing, Nigeria cannot access enough physical gold to back the naira. The total size of the Nigerian economy will be limited to the amount of gold it can potentially access which will be small. This will severely limit our economic growth because the total supply of gold is extremely limited and we won't be able to buy up enough gold. Besides, the reason the gold standard was abandoned was because the global economy had outgrown it at the time. Gold is no longer a reliable commodity to use to back any currency because the price fluctuates too much and no country in the world currently relies solely on it. |
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