iwaeda:


https://punchng.com/wbank-warns-cbn-against-fx-control-direct-lending-subsidy-programmes/

wittywriter:


World bank hardly warn or suggest to Scandinavian countries! Y.

...find out ask your internet friendly Google.

Wittyness.

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

McLizbae:
Previously, the world bank wanted Naira devalued and subsidy removed, now it has all been achieved, and hardship-suited Nigerians have been pushed below the least global standard of living.

Now that the dummies in government have been constantly kept under pressure by the hunger and angry Nigerians to merely provide some relief, the world bank has showed up again!

World bank warned about:
FX control = leave the naira to keep loosing value
Direct lending = make funding and momentary aid difficult to access.

Subsidy program = stop all of that!

Lols... In short, the world bank is always concerned and bordered whenever the poor and constantly impoverished African Nation takes any baby step to merely improve the life and living standard of its people towards the world's least standards.

RepoMan007:
The advise is not entirely bad if not for our deeprooted lack of production. With excess production, export would have earned us dollars to strengthen the naira. With local production of petrol and power, the need to import will be greatly reduced, and therefore the naira will be stronger making goods cheaper. They gave us half advise and left our lazy thinking leaders to figure out the rest but can they?

RepoMan007:
The advise is not entirely bad if not for our deeprooted lack of production. With excess production, export would have earned us dollars to strengthen the naira. With local production of petrol and power, the need to import will be greatly reduced, and therefore the naira will be stronger making goods cheaper. They gave us half advise and left our lazy thinking leaders to figure out the rest but can they?

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

Algold:
Before the middle of next year, if we don't stop hoarding dollar in Nigeria. It will hit N2000 to $1.
The way forward is simple. Eliminate middlemen in the sector (bereau de change), close all accounts in dollars.
Let source from Dollar only from commercial Banks.
Let all Commercial banks give report to CBN on dollar daily activities.
Dollar should not be allowed or seen with anyone within Nigeria territory (not our official currency) . On arrival convert it to Naira at that point. There should severe punishment for defaulters.
Within weeks you will see dollar drop like a fallen olympus

Cantonese:


Production, production, production. Everyone harps on production, leaving the basics.

What are the basics:

1. Security and safety of citizens
2. Food
3. End corruption
4. Put a permanent end to crude stealing and then
———
5. Meet oil production quota
5. Put an end to meaningless borrowing
6. Infrastructures, industries and export

All the Jargons that they use to confuse gullible Nigerians, simply put, revolve around all the above. Put them all in place and see the country heal speedily on all fronts.

Unfortunately they will not be done. For tne technicalities as a way to capture state resources must continue to be the order of the day.

Tobilani:
Will we adhere to the warning? Because this is not the first time

RepoMan007:
The advise is not entirely bad if not for our deeprooted lack of production. With excess production, export would have earned us dollars to strengthen the naira. With local production of petrol and power, the need to import will be greatly reduced, and therefore the naira will be stronger making goods cheaper. They gave us half advise and left our lazy thinking leaders to figure out the rest but can they?

spiSeyi:
World Bank should stay off our economy if not for see finish can they control Morocco monetary policies like ours .
1 The same World Bank discouraged GEJ from fixing the old refineries, they are the ones who led Yaradua to reverse the decision of selling out the oil refineries and Ajaokuta steels. If Yaradua or GEJ had gone about their initial bidding on the refineries Nigeria would have been economically stable by now.
2 This same evil prevented PMB from partnering with ARAMCO (Saudi Oil conglomerate) to buy off NNPC, they went ahead to confuse PMB to halt the Nuclear power plant project by Russia in Nigeria.
3 They discouraged the government of PMB by implementing the bilateral currency swap between Nigeria & China whereby Nigeria can trade the Chinese Yuan directly with the Naira. If this had been fully implemented Naira wouldn't be in a free fall against the USD, and the Naira would have competed favorably with CNY because China consumes more of our raw materials and we could have earned more Yuan from Palm Oil, Cassava and iron ore.
4 The World Bank brought Nigeria's economy to its knees by instructing the PMB lead administration to unconditional and unplanned removal of fuel subsidies.
It is clear that the World Bank is after its elfish interest
PBAT should not repeat the mistakes of Yaradua, GEJ, and PMB. He should discard their nonsensical and selfish advice and should act strategically with every stakeholder within the Nation to revive the economy.

inoki247:
Lol World Bank is on Colos is dere advice really working they advised on Subsidy removal and FX Floating all na Disaster now.....

grandstar:


You referred to IMF policies as discredited, yet it is rejection of many of these policies that has left the country bankrupt and its foreign reserves empty. That means you fully support Buhari's policies.

Buhari's first act upon becoming president was to fix the Naira exchange rate. He ended the flexible exchange rate policy he met. By August 2015, Nigerian Letters of Credit were no longer honoured internationally as they could not be backed by foreign exchange. Severe fx scarcity had begun.

Buhari's refusal to end petrol subsidies very early in his tenure (January 2016) was one of the biggest reasons for the huge debt the country has today. I won't be surprised if 30-50% of the debt hanging over the nation today is due to the fuel subsidies. Buhari was also subsidizing FX by selling it below its market value and short-changing itself.

So, let's assume in May 2023, $1-440 at the official rate while the parallel market was 750.

So, if government earned $1bn in revenue, it would get only N440B rather than N750BN, short-changing itself of N310b in just one month or over 3.6tr in a year! And yet you praise these subsidies?

Government borrows money to pay for these subsidies. It even went as far as compelling the CBN to print money to finance these subsidies through Ways and Means.

When government is borrowing excessively, do you realise it crowds outs the private sector? Banks will prefer to lend to the government than to the private sector. Next, you'll be complaining that banks don't like giving loans.

The truth about the IMF is that if you really implement their policies, they lose you as their candidate.

IMF is run by technocrats. They aren't politicians who tell you what you want to hear. For your information, even developed nations have been its candidate- UK and Ireland. Both paid back their loans as soon as possible so that they could get the IMF off their necks.

What the IMF will tell you is the same thing Okonjo Iweala and Charles Soludo will tell you. There's no difference

1. Float your currency and make the value market reflective at all times.
2. Cut or end subsidies. (they are wasteful, corrupt and very inefficient, create distortions in the economy and many times, discourage investment.)
3. Slash a bloated civil service, cut it too size.
4. Maintain a balanced budget or low budget deficits.
5. Increase taxes if necessary in order to balance the budget or to keep the deficit small.
6. Privatize all public companies or close them down (this will save money)
7. And many more

No country with these policies will ever approach the IMF, and even if they did, they'll not be there for too long.

Now that the world is entering a recession, how many African countries have approached the IMF for a bailout? I can't think of one.

If I have any grouse against the IMF, is that they focus more on austerity than on rapid economic growth. That is where national governments can come in. Appoint competent economist to steer your economy into fast economic growth.

BoldBrainz:
On this, I agree with some of the comments above.

The world bank is notorious for keeping economies of developing countries on an average flow, and where policies of those individual countries are perceived to be gaining upward trajectories, they churn out pretentious advisories which end up being to their own advantage.

They and the IMF were the chief proponents of the removal of our petrol subsidy and the liberalisation of their own major currency in our economy. And their brown toothed stooge in Aso rock was all too willing to dance to their beats the moment he entered the villa. See where we are today?!

When have you ever heard them giving advice to Rwanda or Ethiopia? Cause leaders of those countries don't listen to them. But as big as we are, we keep having puppets as leaders who'll easily bend over for the west to fvck us to stupor.

Kukutente23:

Half- advice kill them there!!
They were the same fools who asked IBB to liberalise the economy by opening up for imports. That's what killed our local ihdustries including our refineries and turned Nigeria to an import dependent economy.

israelmao:
Tinubu on his first address as a selected president and said subsidy was gone without concrete and well-thought-out plan.

Bruisecruise:
The unprecedented shame and failure that Nigeria is about to witness as a nation is going to look like something out of a movie.

You have an illegitimate President thinking legitimacy can be bought. Talking about “he built Lagos” is just insanity. Lagos is a shithole when you compare it as a city with any other major city in Africa. Lagos, a den of touts and Agbero? I’ll give more credit to El-Rufai for what is known as Abuja today than I’ll give to this drug lord called Thubv or Tinubu.

World bank warning or not, this government is just an assembly of crooks whose only mission is to sink the nation further than they’ve done in the past years till nothing is left.