The only solution now to Nigeria's economic woes is to raise interest rates across the board to curb inflation and then later bring it down in 2-3 years time. So Dangote and other billionaires must be taxed at like 40-50%+ rate. The government should find a balance at which it's not chasing away investors but still capable of surviving. Bank lending rate should be increased by the CBN so they can charge people trading in dollars more. Naira-dollar rate should be pegged and the costs for that should be borne by people holding currencies in dollars at all banks. BDCs and Dom's should be charged fees for withdrawal of dollars that will discourage dollar withdrawals. The solution is not restricting Dom accounts to naira, else you kill the economy further as you have less Forex. And employ people who are economically sound to key policy positions like the CBN. The trial and error system of running govt needs to stop.

Long term solution is to revert the money gained from subsidizing petrol to subsiding farming and improving security. Create awareness on ACGFS and other programs to make farming attractive (if interest rates can be 4-5% more people will go into farming). And revive state-managed agricultural programs in partnership with organizations like Bill and Melinda gates and other private organisations that fund agricultural and research project. Then reduce unnecessary government expenses.

If you can understand economics, you'll see why Goldman Sachs discouraged Tinubu's hasty moves when he came into power. Obviously, we have a president that has no understanding of economics.

https://www.arise.tv/goldman-sachs-naira-devaluation-not-sufficient-condition-for-exchange-rates-unification-wants-clarity-on-fx-restrictions/

Textbook demons. Lol

CodeTemplar:
Textbook demons. Lol

You don't have to be abusive, you know. You can offer your alterantive view, and heaven knows, it might be better than what he is saying.

But the raised interest rate thing has been proposed here by other Nairalanders, and it is an interesting idea.

Look forward to hearing your alternative view on the matter.

JimD:
The only solution now to Nigeria's economic woes is to raise interest rates across the board to curb inflation and then later bring it down in 2-3 years time. So Dangote and other billionaires must be taxed at like 40-50%+ rate. The government should find a balance at which it's not chasing away investors but still capable of surviving. Bank lending rate should be increased by the CBN so they can charge people trading in dollars more. Naira-dollar rate should be pegged and the costs for that should be borne by people holding currencies in dollars at all banks. BDCs and Dom's should be charged fees for withdrawal of dollars that will discourage dollar withdrawals. The solution is not restricting Dom accounts to naira, else you kill the economy further as you have less Forex. And employ people who are economically sound to key policy positions like the CBN. The trial and error system of running govt needs to stop.

Long term solution is to revert the money gained from subsidizing petrol to subsiding farming and improving security. Create awareness on ACGFS and other programs to make farming attractive (if interest rates can be 4-5% more people will go into farming). And revive state-managed agricultural programs in partnership with organizations like Bill and Melinda gates and other private organisations that fund agricultural and research project. Then reduce unnecessary government expenses.

If you can understand economics, you'll see why Goldman Sachs discouraged Tinubu's hasty moves when he came into power. Obviously, we have a president that has no understanding of economics.

https://www.arise.tv/goldman-sachs-naira-devaluation-not-sufficient-condition-for-exchange-rates-unification-wants-clarity-on-fx-restrictions/

HMm, you are the 4th Nairalander that has suggested raising interest rates...though you gave a timeline, unlike the others.

Your comment is interesting.