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Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives - Politics - Nairaland

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Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Biodun556(m): 2:22pm On Feb 22
“We should realise that the naira is tumbling because we have not been producing for years.”



Nigerian politician and professor of political economy, Pat Utomi, has said that the loans that are being taken by the Nigerian government are ‘meaningless’ and are not a solution to the current economic problem in Nigeria.

Utomi said this while discussing Nigeria’s economic issues and food shortage problem in an interview with ARISE NEWS on Thursday.

The professor said, “There’s no surprise at all about where we are, I saw it coming. We just kept going the wrong way and seriously pursued what will get us into the ditch.”

He said that those who were qualified to lead the different sectors of this country were not in power as meritocracy became a joke in Nigeria, and people who manned positions did so not out of competence, but out of nepotistic influence.

Utomi then said that the loans being taken to shore up the naira are ‘meaningless,’ as the loans will only be able to hold the naira for a matter of days before the currency dips again.

He said, “We should not be panicking and rushing and borrowing 1.3 billion here, 3 billion there to shore up the naira. We should realise that the naira is tumbling because we have not been producing for years, it’s been looking at us. Now, we have the capacity, again, like an army on the march, to really move into production.

“We have to have a strategy. Take our factor endowments- okay, this part of the country is strong here in terms of endowments, that part of the country is strong there, and literally organise with industry clusters, young people moving there, the incentives, and try and take on specific value chains. Use limited industrial policy.


“Clearly, I am not suggesting what some people are rushing into- return to import substitution type, general tariff protection, those don’t work. You will create permanent infant industries. You must take our latent comparative advantage on particular value chains and really aim to dominate those value chains, beginning from education of people around there.”

Utomi then addresses the issue of food security in the nation as he explained, “The reason that food prices are the way they are is significantly because we are not producing food. The farms have been abandoned by farmers who feel insecure, that’s a critical reason. How do you deal with that? There’s short term, there’s medium term, and long term. Immediate short term, if you want to call it that, is to ensure that whatever they are, grain reserves, all of those, shore up immediate supply. But immediately you begin to deal with that, we must mobilise every kind of security force available.”

He said that the idea of state police that is being sought to be implemented should cascade further down, and that the FG should strengthen local militia to protect the farmlands and assure farmers that they are safe.

“Let the country know that we are in the moral equivalence of a war. Let all hands literally get on deck in an organized manner, almost like an army on the march, and we will get food out. Example effect will lead to prices beginning to calm,” he said.

Utomi was then questioned concerning the upcoming Monetary Policy Committee (MPC) meeting and how the discussions there could ease Nigeria’s economic problems, to which he answered, “Where we are right now, we shouldn’t focus too much on monetary policy. We need to go beyond monetary policy. But of course, we must work monetary policy well.”

The professor then said, “I sometimes think that what we are going through is good for Nigeria, because we need something to make us recalibrate. We have a total misconception of what economic growth is about because we have had this windfall with which we used to create big government.”

He then gave his suggestions on how to stabilise the economy saying, “My first suggestion is that we stay away from panicking, because what happens in this kind of circumstance is that they panic. They throw all kinds of policies that won’t work, and then you will go into a downward spiral. You must calm down, look at the fundamentals- why do we have this problem. Don’t get rushed into a push from outside who don’t feel the pressure, but don’t get cornered into people who just react. Just calmly look at what your national strategy should be, and systematically implement.”

https://www.arise.tv/utomi-loans-nigeria-taking-to-shore-up-naira-are-meaningless/

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Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Biodun556(m): 2:23pm On Feb 22
Shoring up the naira simply means defending the naira by subsidizing the dollar while at the same time paying fuel subsidies

Tinubu is right but people won't understand

We have been operating pseudo economy for long

19 Likes 3 Shares

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by inoki247: 2:55pm On Feb 22
Lol wetin people want if dem defend the Naira una go complain as dem no defend Naira again we can see the disaster....

To the extent that Dollar is affecting Garri and Groundnut wey we no import...

7 Likes 2 Shares

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by englishmart(m): 2:55pm On Feb 22
Taking loans to improve the Naira is counterproductive. It's just like drinking alcohol to forget your sorrows. The sorrows didn't leave, they were just suppressed. When you sober up, you return to facing the problems you're cowardly evading.
Nigeria needs a permanent solution. Until we start being productive, the Naira will keep Venezuelaing.

Emilokan has been clueless since his alleged days in Chicago. Someone who graduated from a school before it was founded.
Don't be surprised, Pablo Ecowas could be from a village in Togo.

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Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Watianoengineer(m): 2:55pm On Feb 22
Yet they keep blaming president Tinubu as if he is the cause of the current hardship. A country that imports common toothpick and produces nothing should not be surprised when hunger comes knocking. This is why we all have to support the renewed Hope Agenda of our president in turning things around for the greater good. It won't be easy but we will all smile at the end. Let's forget that inexperienced man called Peter Obi and his shenanigans and concentrate on our repositioning our country

26 Likes 5 Shares

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Neduzze5(m): 2:55pm On Feb 22
That's what you get when we have an incompetent President in the helm of affairs of the country.

21 Likes 1 Share

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by EbolaTinubu: 2:56pm On Feb 22
grin
Tinubu is a disgrace and a disaster

Is he the best 'sufferscated' ronus can produce?

Nonsense ronu miscreants

14 Likes 1 Share

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by EdiskyHarry: 2:56pm On Feb 22
Rubbish government,
Fake president,
Wack CBN governor,
Shitty sanators,
Crappy leaders
Tell me how things will go well

21 Likes 1 Share

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by casualobserver: 2:56pm On Feb 22
This is exactly what I have been saying. We have developed bad habits over the years. It is only through pain that people change bad habits.

The reforms are doing exactly what they are meant to do. To encourage exports, unfortunately the initial pain is severe because for now the only thing we have to export is food.

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Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by EbolaTinubu: 2:56pm On Feb 22
inoki247:
Lol
Tinubu is useless

2 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by bigdammyj: 2:57pm On Feb 22
You all know what you are doing,
Your approval or disapproval of the policy is never benefiting to the ordinary man on the street.
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Racoon(m): 2:57pm On Feb 22
Of course. However, all these senseless borrowings and loans of the disastrous Buhari government were supported by all of them

6 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by NaijaCover(m): 2:57pm On Feb 22
Hmmmmmm
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by yuzjet(m): 2:58pm On Feb 22
Hmm
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by emerged01(m): 2:59pm On Feb 22
Very meaningless. I have thought it. What is the point of borrowing money to solve problem that wont go away?

3 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by onez: 2:59pm On Feb 22
The mandate thief ruined the fortunes of the country with the brash and shameful way he rigged the election. The populace lost faith in project Nigeria. What we are witnessing is a direct fallout of feb 25th election.

4 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by RepoMan007: 3:00pm On Feb 22
Lol. Industry cluster, production, food import.
What I have been saying. Govt loves cosmetic approach. They like to parade useless textbook jargons that are out of context.
If your have a thing, you won't go out looking for it and so won't need dollar for that thing. We lack so many things we desire.

1 Like

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by grandstar(m): 3:00pm On Feb 22
kk
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by descarado: 3:01pm On Feb 22
Is tinubu actually in charge?
Till date, yet to see him engage with media live.
During campain, he was so incoherent.
Like they used buhari, they are using this one.
Guy is voiceless and out of touch.


Even Biden still talk to the American people with all his mistakes.

So, who is running the Nigerian govt cause its definitely not that senile old man.

2 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by englishmart(m): 3:01pm On Feb 22
Watianoengineer:

Yet they keep blaming president Tinubu as if he is the cause of the current hardship. A country that imports common toothpick and produces nothing should not be surprised when hunger comes knocking. This is why we all have to support the renewed Hope Agenda of our president in turning things around for the greater good. It won't be easy but we will all smile at the end. Let's forget that inexperienced man called Peter Obi and his shenanigans and concentrate on our repositioning our country
It's pure talent to sound daft without realising it. I wish I could be this talented

23 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Phred1717: 3:03pm On Feb 22
From the Labour stand please give the brainless n clueless some sense

3 Likes 1 Share

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Akwamkpuruamu: 3:03pm On Feb 22
When you have a useless economic team, taking of loans is their only way of survival rather than financial Prudence and cost cutting measures

1 Like

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by goldenwingz(m): 3:03pm On Feb 22
Hmm.....
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by NairalandForumo: 3:04pm On Feb 22
We warned them about Tinubu, they did not listen

1 Like

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by omenka1: 3:04pm On Feb 22
Master strategist won't listen to you

1 Like

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by RepoMan007: 3:04pm On Feb 22
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Olaideolayemi(m): 3:04pm On Feb 22
I think, God almighty will guide Nigerian on best ways of solving economic,social,and Political problems facing this country..There are so many policy to implement and also so many bad eggs to change in governance..
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by tctrills: 3:08pm On Feb 22
Watianoengineer:
Yet they keep blaming president Tinubu as if he is the cause of the current hardship. A country that imports common toothpick and produces nothing should not be surprised when hunger comes knocking. This is why we all have to support the renewed Hope Agenda of our president in turning things around for the greater good. It won't be easy but we will all smile at the end. Let's forget that inexperienced man called Peter Obi and his shenanigans and concentrate on our repositioning our country
You guys keep trying to deceive but the people are getting wiser. This is the 9th year of the APC and things are only getting worse. People like you said the same about Buhari 8 years ago so why should anyone in their right senses take you seriously? Do you even take yourself seriously?

15 Likes 2 Shares

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by RepoMan007: 3:10pm On Feb 22
Watianoengineer:
Yet they keep blaming president Tinubu as if he is the cause of the current hardship. A country that imports common toothpick and produces nothing should not be surprised when hunger comes knocking. This is why we all have to support the renewed Hope Agenda of our president in turning things around for the greater good. It won't be easy but we will all smile at the end. Let's forget that inexperienced man called Peter Obi and his shenanigans and concentrate on our repositioning our country
Tinubu that allowed agbero finish Lagos?

4 Likes

Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Timmi: 3:10pm On Feb 22
Biodun556:

“We should realise that the naira is tumbling because we have not been producing for years.”





https://www.arise.tv/utomi-loans-nigeria-taking-to-shore-up-naira-are-meaningless/


This arm chair economist need to go and sit down and shut his mouth up.
Re: Utomi: Loans Nigeria Taking To Shore Up Naira Are ‘meaningless’ Arise Exclusives by Basicend: 3:11pm On Feb 22
So what is the solution Mr Man?

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