On the way forward, he said that the government needs to focus on policy changes that will steer Nigeria towards economic resilience in 2024.

According to him, the imperative policy changes include debt rescheduling, increasing interest rates, a more efficient money supply, and an efficient foreign exchange market.

Others are cost-reflective electricity tariffs, reductions in petrol subsidy, and wage reviews.

FreeStuffsNG:
His words, “The naira is undervalued by 33.58 percent at the parallel market rate of N1,285 per dollar and 4.16 percent at the NAFEM rate of N890.54 percent.”


He shut down the opinion of some analysts that the country needs to spend less, arguing that what the nation needs to do is to spend efficiently and not less.

Brilliant economic analysis by Mr Bismarck Rewane that many will still fail or struggle to comprehend. Smh.

Keep your naira! Naira is currently undervalued. If you exchange your naira for a USD, you are actually exchanging your wealth for poverty by overpaying for the overvalued US dollar.

Expect a boon in the economy and a massive leap in our national aggregate output. Subsidy removal alone will fetch us about N4 Trillion while free float of the naira fetches Nigeria another N4 trillion, this total N8 trillion would have been converted to US dollars and exported overseas but for the brilliant and patriotic leadership of President Bola Ahmed Tinubu.
May God bless Nigeria for ever! Check my signature for free stuffs!

GboyegaD:
Can the government just allow the naira flow itself irrespective of the induatry and not try control the rate? Yes, naira will fall more however, it will help know its actual value and we can take it up from there.

mrvitalis:
I don't know what metrics he is using but for me naira is over valued at 1300

If I were president I would devalue to #1700 then aggressively defend it there as I would have the liquidity to do so

Key thing is we need to identify key areas we have global comparative advantage.. ( what we can produce cheaper than most part of the world or what we have the potential to produce cheaper than most of the world) and heavily provide credit facility to this sectors

Driving export, increasing for example earnings

If we remove the subsidy on electricity and invest 700bn as loans to bank at 3% interest rate to be given to only players in the cassavacassava/ sweet potato to ethanol industry... I believe we can catapult that industry to a multi billion dollars industry creating millions of jobs and getting our investment in 10 years max

FreeStuffsNG:


https://www.vanguardngr.com/2024/01/naira-under-valued-in-official-parallel-forex-markets-rewane/

RingRoadCartel:
What this APC guy does is.. he brings some potentially controversial threads here and makes sure to comment first in order to control the discourse. He's doing it before another person will do it so that people don't get to express their views freely without first corrupting them with his own.

Notice how he didn't mention where he got those stats he was just pulling out of his ass? Notice how he said that we will save trillions in naira, but declined to mention how his oga uses billions of our money to buy dollars that he will use in lodging in luxury hotels + other miscellaneous? Its only you and I that are told to make sacrifices, no part of Tinubus governments involvement in that sacrifice was mentioned.

When you see the way he throws around numbers, you'd think that that is actually how it'll play out. What Nigerians should understand is that spin doctors are just that. They're not economists. Their job is to control public perception. They know they're quoting jargons, but if you know the truth, they won't get paid. They get paid to convince you that you're privileged to suffer.

hisexcellency34:
All these nonsense analysts. Buhari invited this man but he couldn't do anything. Tinubu has invited another analyst Tope Fasua but naira keeps falling

salbis:
Make una continue to dey speak grammar while naira continue the free fall.

omowolewa:
So what happened to forces of demand and supplies. If Government tries keep Exchange rate at a ceiling opportunist would take undue advantage of the window

Trade and Speculation drives the values. By trade, I will agree with Rwane but by speculations, I will not agree.

Average Nigerian want to save in foreign currencies, the rich has families abroad who would need forex soon. Your prove of fund is demanded in forex, so saving in Naira is not an option.

To improve Forex liquidity, FG kept borrowing but this got to wrong hands who either kept it safe in private vaults or ship it back to country of origin for save keep. This achieved no production or returns, we w
still have to pay with Naira. Kill corruption


We have booming music industry, how many musicians has our embassies got shows for.

We have countries exporting to Nigeria, how many have nigerian embassies in their countries of origin did convince to bring plants to Nigeria.

We flaring gas away, how best have we captured it and pipe it to African countries using under water pipeline.

Do you know how much Nigerian used to subscribe on Software, who has approached the big fintech to establish in Nigeria with little repatriation options but reinvestments.. Make business easier


#SavetheNGNfall

LegendHero:


The excerpt from the link that claim some of the borrowers are not farmers is normal as with most loan disbursed by the Nigerian government and even private enterprise. That is not negating my fact here that genuine farmers also got the money.

Even for my MFB I co-own, you have people that genuinely come to us as traders who lie to borrow loan only to use the loan on something else. It is a Nigerian problem. Even with all the vetting, people will still go ahead and do them either ways.

Below screenshots are genuine farmers that got it from the premium times report.

That is the crux of our argument. Even within those links, you can see some genuine farmer still got it and some of them wasted it.

You are the one that initially came here to say genuine farmers only got 45k and what I simply asked is for you to provide evidence of that. You said you were with some farmers in Edozhigi Niger right? Can you provide the proof that they got 45k?

I am waiting.

mrvitalis:
I don't know what metrics he is using but for me naira is over valued at 1300

If I were president I would devalue to #1700 then aggressively defend it there as I would have the liquidity to do so

Key thing is we need to identify key areas we have global comparative advantage.. ( what we can produce cheaper than most part of the world or what we have the potential to produce cheaper than most of the world) and heavily provide credit facility to this sectors

Driving export, increasing for example earnings

If we remove the subsidy on electricity and invest 700bn as loans to bank at 3% interest rate to be given to only players in the cassavacassava/ sweet potato to ethanol industry... I believe we can catapult that industry to a multi billion dollars industry creating millions of jobs and getting our investment in 10 years max

mrvitalis:
I don't know what metrics he is using but for me naira is over valued at 1300

If I were president I would devalue to #1700 then aggressively defend it there as I would have the liquidity to do so

Key thing is we need to identify key areas we have global comparative advantage.. ( what we can produce cheaper than most part of the world or what we have the potential to produce cheaper than most of the world) and heavily provide credit facility to this sectors

Driving export, increasing for example earnings

If we remove the subsidy on electricity and invest 700bn as loans to bank at 3% interest rate to be given to only players in the cassavacassava/ sweet potato to ethanol industry... I believe we can catapult that industry to a multi billion dollars industry creating millions of jobs and getting our investment in 10 years max

Mansa6:


What do you produce as an individual that contributes to reduce our capital flight ultimately

99.98% of Nigerians are "docile" upstairs...spewing what they know nothing about...

Look around you and point to 10 items that are produced and exported in Nigeria and I will mention 100 items we import and use in this country..

mrvitalis:


If you continue like this naira would get to #2500 before 2027

Currency is all about confidence, it really doesn't matter what you exchange at... Let just be stable

If I keep 50000 naira in a bank for 6 months and come back and it's worth 30000 naira worth of dollars... I would not want to save in naira again... I would look for dollars to save this drives deman in dollars which in turns makes the naira more unstable ... The circle keeps repeating itself


But if 50000 is worth 50000 with of dollars after 6 months... I can trust naira to save with it, which reduces the demand for dollars with stabilize the naira

So pick a point u can defend and defend it well for 18 months

Artscollection:


There are variables that should be taken care of before a currency can be stable and find it's position so when we are ready, the naira will chill at it's spot.

mrvitalis:

America can print dollars because there is demand for it .... Naira is a secondary money to start with

You obviously don't know economics

We should throw away policies that made the biggest economies in the world

FreeStuffsNG:

Since you made it about your own view against his expert view with the @bolded, please which school of study did you attend? What did you study? What data do you have to counter the empirical and factual analysis by the renowned Economist, Mr Bismarck Rewane?

While it's not impossible to challenge the expert opinion of Rewane, It will be more rewarding to everyone reading your comment if you provide your own contrary views intellectually to counter him.

mrvitalis:

Name them

Artscollection:


Wait oo, after devaluing to 1700 then you will start defending it again what exactly will you be depending.

ogawisdom:


Don't mind the Agbado Economist

mrvitalis:
I don't know what metrics he is using but for me naira is over valued at 1300

If I were president I would devalue to #1700 then aggressively defend it there as I would have the liquidity to do so

Key thing is we need to identify key areas we have global comparative advantage.. ( what we can produce cheaper than most part of the world or what we have the potential to produce cheaper than most of the world) and heavily provide credit facility to this sectors

Driving export, increasing for example earnings

If we remove the subsidy on electricity and invest 700bn as loans to bank at 3% interest rate to be given to only players in the cassavacassava/ sweet potato to ethanol industry... I believe we can catapult that industry to a multi billion dollars industry creating millions of jobs and getting our investment in 10 years max

Artscollection:


*Trade deficit should be taken care of
* they should kill corruption in that banking system and come up with adequate policies on how to manage of forex inflow n outflow.
These are 2 basics that covers alot of variables

COMPAQ:


Easier said than done. Your plan would unleash definite poverty and inflation in the country by way of increased price for petrol, diesel, electricity, medicines, food and everything else we import. However your plan to drive export is not guaranteed to succeed. So you would have given Nigerians 100% poverty, with 25% probability of success in your export drive.

Also you wrongly assume that the people you give 3% loans to will use it for the purpose given. You should know that Nigerians outside government are just as crafty as those in government.

If I receive N100mln at 3% to farm cassava that has some risk - the crop yield might not be as expected, there might be disease that ravages the crops, herdsmen could mutilate my farm etc. I might as well invest it in FGN bonds of 16% that have zero risk.

All in all, its very unlikely that the gains from just cassava/ethanol will make up for the poverty unleashed on Nigerian by $/NGN rate officially going to 1700!!

Overall, I agree with the principle that we need to identify key sectors of advantage for export focused industry. But your road map to getting there is where I have an issue.

RealEzee:
ur family na dem docile upstairs n downstairs

RealEzee:
My family na dem docile upstairs n downstairs pass sef..