The economic situation in Nigeria today is bad and may even get worse if not handled properly. Naira is among world's worst performing currencies coupled with double-digit inflation rate in Nigeria resulting to this high cost of goods and services we are experiencing today in the country. Mr Chibuike Amaechi was right when he recently highlighted  the docile nature of Nigerians. The citizens aren't doing anything meaningful about the situation while the govt in charge is relax about it, they're not even treating it as an emergency yet.

Truth is, Nigeria has a trade deficit. We're spending more forex than we are getting. We consume a lot of foreign goods as a nation. There is huge gap in our balance of trade and CBN is running out of forex. We need to find local alternatives to the things we import. Any sensible govt experiencing this, should declare emergency in the economy and usher in some austerities to checkmate the situation.

Here are some short-term "severe" emergency measures i think will be necessary to handle this crisis:

1. Govt Should Place At least A 2yrs Moratorium On Multinational Companies Remittances:

Remittances by MTN, Airtel, Multi-Choice, Foreign Airlines Coys, Breweries, Oil Corporations etc are one of the reasons why our forex is depleted. Govt need to place temporary ban on remittances of these big firms back to their parent company abroad. This may slightly affect Foreign direct investment to the country but we're already in crisis, we have little options.

2. Mandating Diaspora Nigerians To Save Some % Of Their Income In Naira:

It may sound ridiculous, but this will help save the situation. America for example places tax on the earnings of it's citizens overseas. Govt should mandate Nigerians abroad to ensure that some percents of their earnings are saved back home or risk passport renewal refusal by our consulate abroad.

3. Foreign Exporters To Nigeria Should Be Mandated To Open Naira Account:

This is strictly for some industries/ companies abroad who relys heavily on export to Nigeria. It will be the duty of policy makers in Nigeria to identify these export companies and mandate them to comply. I think the bulk of them will is in China and South Asia. They should be made to open Naira account of risk losing patronage by Nigerian importers.

4. Checkmating The Japa Syndrome In Nigeria:

Let truth be told, the raise of Japa syndrome among Nigerians especially the youths is one of the major things drying out our forex. Just today, CBN reported that Nigerians spent a whooping $340.84 million on Foreign Universities application fees in 6 months. Nigeria losses billions of dollars yearly to Foreign Universities, Embassy Visa Fees, Airline Companies etc no-thanks to the increasing Japa Syndrome in the country. Govt should identify some Universities abroad especially in the UK benefiting heavily from Nigerian students and mandate them to open Naira account or risk losing our students. Or better still govt should place temporary ban on new passport issuance to curtail the situation for the mean time. Nigeria has one of the laxed laws in the world with less govt control. All over the world, Govts uses policies formulation to direct the country on the path to progress and prosperity. Things will be deteriorating in Nigeria while our policy makers will be clueless on ways to solve problems in the country.

5. Nigeria Entertainment Proceeds Should Be Returned To The Country:

Right now, we are having a trade deficit. Oil sales is low. The little forex gotten are used to service Buhari's loans, so I heard. We ain't exporting much as a country. Fortunately, Afrobeat is the emerging new export of Nigeria. Afrobeat concerts and festivals should be encouraged to be held in Nigeria where tourists can come and spend the much needed forex. If this can't be immediately possible for insecurity or whatever reason, then Govt must make a law mandating returning of some percentage of Nigerian entertainment revenue back to the country. Most Afrobeat's concerts and streaming proceeds are held in foreign accounts abroad. Like I said earlier US and some other countries even tax their citizens overseas earnings but we don't.

6. Banning Of Frivolous Imports:

These are some of the useless imports depleting our forex that we can easily replace or find local alternatives for. It's even unfortunate things like matches, toothpicks etc are on our yearly imported products. Govt should comply list of these frivolous items and place a ban on them. These imports has no business talking away the much needed forex from us.

7. Sale Of All Govt Owned Refineries:

Oil remains our No.1 import and our biggest forex depleter. If we start refining locally, we can save billions of dollars yearly from oil imports. It is looking like Dangote Refinery is all a scam. Govt should sell off all it's refineries because they have over the years proven to be bad managers. They should issue more licences to private investors for more modular refineries. If possible govt should throw open license to every Nigerian who can to start refining. Nigeria's inability to refine it's crude it's making her a disgrace among nations.

These are some of the severe out of the box thinking Govt need to consider right now.

You are making sense

One major problem that causes policy failure is not considering the environment and people such policy is to affect.
These policies cannot be guaranteed not to have a boomerang or negative economic effect if implemented forcefully

Cool analysis of present situation of Nigeria economy, and all your solutions/advise are good but since we have men of underworld as our leaders things will continue to go from bad to worse except there is great reform in our political system. Even we the citizens are not helping matters, politics, tribalism and religion has killed our good conscience.

In Addition to tourism through Afro beat
I think federal government should take over the LAGOS FILM City in Epe, Lagos.
Build International Standard Hotels and Airport
Give the city Visa Autonomy, plus International Security Standard.

In summary, govt has no business being in business of running businesses but should dictate what business owners do with their own money and resources, how they save it, how they spend it, when they spend it, when they save it, where they save it, where they spend it.
To cap it off, they can use the tax paid by businesses to do things businesses richer than Nigeria dare not do. Convoys, lodging in hotels, escorts, partying.

Instead let's just hire Bonfere Jo or Samson Siasia as a president to manage Nigeria like a football team.

2. Mandating Diaspora Nigerians To Save Some % Of Their Income In Naira:

It may sound ridiculous, but this will help save the situation. America for example places tax on the earnings of it's citizens overseas. Govt should mandate Nigerians abroad to ensure that some percents of their earnings are saved back home or risk passport renewal refusal by our consulate abroad.

Why should I convert some of my Pounds to Naira to subsidize government officials wasteful spending, say who die?

Rather, suggest that public funds stolen by public office holders and their cronies should all be saved in Naira or risk not having their passports issued or renewed to travel abroad!

Just forget points 2 and 4.

Everything else makes sense

being:
One major problem that causes policy failure is not considering the environment and people such policy is to affect.
These policies cannot be guaranteed not to have a boomerang or negative economic effect if implemented forcefully

It's doesn't need to be implemented forcefully. Why should it be? These are some of the solutions I came up with after understuding the present economic situation of the country.

I'm not in Govt, the best I can do is to drop it here maybe someone in govt may see it tomorrow and take it up for further evaluations and implementation. Most policy makers running the country are incompetent and it didn't even start from this administration. It has always been status quo.

Princewill1:
The economic situation in Nigeria today is bad and may even get worse if not handled properly. Naira is among world's worst performing currencies coupled with double-digit inflation rate in Nigeria resulting to this high cost of goods and services we are experiencing today in the country. Mr Chibuike Amaechi was right when he recently highlighted  the docile nature of Nigerians. The citizens aren't doing anything meaningful about the situation while the govt in charge is relax about it, they're not even treating it as an emergency yet.

Truth is, Nigeria has a trade deficit. We're spending more forex than we are getting. We consume a lot of foreign goods as a nation. There is huge gap in our balance of trade and CBN is running out of forex. We need to find local alternatives to the things we import. Any sensible govt experiencing this, should declare emergency in the economy and usher in some austerities to checkmate the situation.

Here are some short-term "severe" emergency measures i think will be necessary to handle this crisis:

1. Govt Should Place At least A 2yrs Moratorium On Multinational Companies Remittances:

Remittances by MTN, Airtel, Multi-Choice, Foreign Airlines Coys, Breweries, Oil Corporations etc are one of the reasons why our forex is depleted. Govt need to place temporary ban on remittances of these big firms back to their parent company abroad. This may slightly affect Foreign direct investment to the country but we're already in crisis, we have little options.

2. Mandating Diaspora Nigerians To Save Some % Of Their Income In Naira:

It may sound ridiculous, but this will help save the situation. America for example places tax on the earnings of it's citizens overseas. Govt should mandate Nigerians abroad to ensure that some percents of their earnings are saved back home or risk passport renewal refusal by our consulate abroad.

3. Foreign Exporters To Nigeria Should Be Mandated To Open Naira Account:

This is strictly for some industries/ companies abroad who relys heavily on export to Nigeria. It will be the duty of policy makers in Nigeria to identify these export companies and mandate them to comply. I think the bulk of them will is in China and South Asia. They should be made to open Naira account of risk losing patronage by Nigerian importers.

4. Checkmating The Japa Syndrome In Nigeria:

Let truth be told, the raise of Japa syndrome among Nigerians especially the youths is one of the major things drying out our forex. Just today, CBN reported that Nigerians spent a whooping $340.84 million on Foreign Universities application fees in 6 months. Nigeria losses billions of dollars yearly to Foreign Universities, Embassy Visa Fees, Airline Companies etc no-thanks to the increasing Japa Syndrome in the country. Govt should identify some Universities abroad especially in the UK benefiting heavily from Nigerian students and mandate them to open Naira account or risk losing our students. Or better still govt should place temporary ban on new passport issuance to curtail the situation for the mean time. Nigeria has one of the laxed laws in the world with less govt control. All over the world, Govts uses policies formulation to direct the country on the path to progress and prosperity. Things will be deteriorating in Nigeria while our policy makers will be clueless on ways to solve problems in the country.

5. Nigeria Entertainment Proceeds Should Be Returned To The Country:

Right now, we are having a trade deficit. Oil sales is low. The little forex gotten are used to service Buhari's loans, so I heard. We ain't exporting much as a country. Fortunately, Afrobeat is the emerging new export of Nigeria. Afrobeat concerts and festivals should be encouraged to be held in Nigeria where tourists can come and spend the much needed forex. If this can't be immediately possible for insecurity or whatever reason, then Govt must make a law mandating returning of some percentage of Nigerian entertainment revenue back to the country. Most Afrobeat's concerts and streaming proceeds are held in foreign accounts abroad. Like I said earlier US and some other countries even tax their citizens overseas earnings but we don't.

6. Banning Of Frivolous Imports:

These are some of the useless imports depleting our forex that we can easily replace or find local alternatives for. It's even unfortunate things like matches, toothpicks etc are on our yearly imported products. Govt should comply list of these frivolous items and place a ban on them. These imports has no business talking away the much needed forex from us.

7. Sale Of All Govt Owned Refineries:

Oil remains our No.1 import and our biggest forex depleter. If we start refining locally, we can save billions of dollars yearly from oil imports. It is looking like Dangote Refinery is all a scam. Govt should sell off all it's refineries because they have over the years proven to be bad managers. They should issue more licences to private investors for more modular refineries. If possible govt should throw open license to every Nigerian who can to start refining. Nigeria's inability to refine it's crude it's making her a disgrace among nations.

These are some of the severe out of the box thinking Govt need to consider right now.

When the government is the biggest beggar