Ask4Info:
THE CURRENT ECONOMY: A Fight Back or A Fall of Nature?

I have never been a good student of Economics so i should be forgiven if my assumptions on the causes of the poor state of economy are totally wrong, but one thing i have always banked on and hardly ever go wrong are my intuitions. So here are my thoughts.

Having thought so deep what might be the possible cause of the falling Naira against the dollar and other currencies, i have come to the conclusion that the possible real brains behind all these are not far from the CBN governor, Bank MDs as well as top Financial decision makers cut across all board.

Yes! I watch financial channels enough to keep myself abreast with the world economy, Even though countries like China, Russia, Japan, Australia and others are equally having it really tough at the moment due to the drop in oil prices, offloading of portfolios by investors in those countries, way more supplies been tossed out than the demand for various products thereby causing a loss and shut downs of factories, i think Nigeria's own situation is more political than mere economical.

After the presidency tried to restrict the movement of Forex, strict adherence to the Treasury Single Account, Full scale monitoring of corporate and individual accounts of those on the watch list of the EFCC (with the help of BVN) and recently the outright ban of sales of Forex to the Burea de Change, I have come to the conclusion that these so called financial cabals are hell bent on fighting back and making the Nigeria economy fall to its knees.

I equally do not see the CBN governor having his loyalty to the current president, bearing in mind that the immediate past president was the one who appointed him with the help of his former boss (Jim Ovia). We are all aware on whose support Jim Ovia. AIG Imoukhuede, Tony Elumelu, and others have their allegiance with. Also knowing the presidency doesn't have the sole power to fire the CBN governor without the approval of the senate, the damage to the Nigerian economy by these so called "Mafias" are likely to continue until the presidency is ready to take a very bold stepand damn all consequences and backlash for calling for the sack of the current CBN governor.

I think this is the time President Muhameed Buhari and the APC need to drop all political differences as well as ego and call for a National Economy Emergency Forum. We have world class economist (both home and abroad) who can proffer a lasting solution to this economic cancer currently being witnessed in the country. I am more than certain that a forum that has the likes of Charles Soludo, Pat Utomi, HRH Lamido Sanusai Lamido, Adeshina and others, we will get a solution in less than a few days

With the astronomical way the dollar keeps shooting up, i am more than scared that the dollar is likely to equate N1,000 against $1 before the end of March. This is disastrous as it is a well know fact that Nigeria is more of a consumer country which imports basically every single thing into the country.

Businesses are packing up and the few that are still operating are running almost at a loss as a lot of them can not even pay vendors and staff, while those who are not facing such critical situations are not making as much profit as expected.

While the EFCC is busy fighting corruption, i think the presidency should pay more emphasis on job creation. I have thought of this deeply and done a few research and i think instead of the government channeling all its energy and focus on curbing unemployment through Agriculture and Solid Minerals, more emphasis should be on immediate investments which will yield instant results in solving the unemployment situation that is threatening the country and equally help grow the economy.

With $350, 000, 000 (Three hundred and fifty million dollars) invested in the Aviation sector, Nigeria will be able to have up to 15 fleet of airplanes which will directly employ between 5,000 - 10, 000 unemployed youths. It is a shame that the so called "giant" of Africa doesn't have a National Carrier. The aviation sector amounts for Ethiopia's main economic contribution to their country.

Also, with an additional investment of about $5, 000, 000 (Five million dollars) into the purchase of ferries for the inter-water transportation as well as fishing vessels more than 7,000 people will be employed in the water transport and fishing sector as well.

The above are just very few areas that immediate results can been seen to help reduce the unemployment situation in the country.

President Buhari equally needs to have map out plans to attract investors into the country rather than stiff conditions to scare them away. There should be plans to cut down tax rate of some companies that employ a certain large number of employees and introduction of at least 2years tax waivers for new businesses in certain sectors that can employ a reasonable large number of people.

We need to encourage more local patronages in the Furniture making business, Security gadgets and Appliances, Fashion,Building / Construction materials, Food process and storage, and others.

With the current economic melt down the nation is currently facing, i strongly believe this threat will pass in no distance time and Nigeria and Nigerians will rise stronger and better.

God Bless the Federal Republic Of Nigeria, God Bless Nigerians and God bless all those willing to sacrifice to make this Nation better.

oduastates:
We all know that Nigerian banks are it fit for purpose and they tow the path of least resistance. But the idea of a cabal being the cause of the crisis is nothing but rubbish.
I have written many comments on this matter .
Let me ask you a question .
How many landing strips were in Nigeria under abacha and how many do we have today .

Answer : under abacha , over 100 private landing strips were discovered . SHOCKING?
Today , I have no clue .

What I can assure you is that the misapplication of resources has continued since 1979.
Nigeria spends but does not invest .
The total wealth of a country is not only measured by foreign reserves , sovereign wealth etc . It is the sum total of the wealth of her citizens.
The Nigerian so called elites have not only cornered all the available wealth , the politicians are also misapplying the available wealth.
Yes ,
This is a concept I want you to get used to.
THE MISAPPLICATION OF LIMITED RESOURCES.
All those private jets they buy and maintain is an example of the misappiication.
You would have expected someone on whose lap an oil block ( free money ) fell to use that as launching pad to build a mega corporation spanning all sorts of sectors from aluminium to steel , from mechanical to electrical , from mango to rice etc . But no . instead , they go on shopping sprees and parties .
This is why I will support any effort to strip all oil blocks from all Nigerians and vest those in the Nigerian state.

Ask4Info:
THE CURRENT ECONOMY: A Fight Back or A Fall of Nature?

I have never been a good student of Economics so i should be forgiven if my assumptions on the causes of the poor state of economy are totally wrong, but one thing i have always banked on and hardly ever go wrong are my intuitions. So here are my thoughts.

Having thought so deep what might be the possible cause of the falling Naira against the dollar and other currencies, i have come to the conclusion that the possible real brains behind all these are not far from the CBN governor, Bank MDs as well as top Financial decision makers cut across all board.

Yes! I watch financial channels enough to keep myself abreast with the world economy, Even though countries like China, Russia, Japan, Australia and others are equally having it really tough at the moment due to the drop in oil prices, offloading of portfolios by investors in those countries, way more supplies been tossed out than the demand for various products thereby causing a loss and shut downs of factories, i think Nigeria's own situation is more political than mere economical.

After the presidency tried to restrict the movement of Forex, strict adherence to the Treasury Single Account, Full scale monitoring of corporate and individual accounts of those on the watch list of the EFCC (with the help of BVN) and recently the outright ban of sales of Forex to the Burea de Change, I have come to the conclusion that these so called financial cabals are hell bent on fighting back and making the Nigeria economy fall to its knees.

I equally do not see the CBN governor having his loyalty to the current president, bearing in mind that the immediate past president was the one who appointed him with the help of his former boss (Jim Ovia). We are all aware on whose support Jim Ovia. AIG Imoukhuede, Tony Elumelu, and others have their allegiance with. Also knowing the presidency doesn't have the sole power to fire the CBN governor without the approval of the senate, the damage to the Nigerian economy by these so called "Mafias" are likely to continue until the presidency is ready to take a very bold stepand damn all consequences and backlash for calling for the sack of the current CBN governor.

I think this is the time President Muhameed Buhari and the APC need to drop all political differences as well as ego and call for a National Economy Emergency Forum. We have world class economist (both home and abroad) who can proffer a lasting solution to this economic cancer currently being witnessed in the country. I am more than certain that a forum that has the likes of Charles Soludo, Pat Utomi, HRH Lamido Sanusai Lamido, Adeshina and others, we will get a solution in less than a few days

With the astronomical way the dollar keeps shooting up, i am more than scared that the dollar is likely to equate N1,000 against $1 before the end of March. This is disastrous as it is a well know fact that Nigeria is more of a consumer country which imports basically every single thing into the country.

Businesses are packing up and the few that are still operating are running almost at a loss as a lot of them can not even pay vendors and staff, while those who are not facing such critical situations are not making as much profit as expected.

While the EFCC is busy fighting corruption, i think the presidency should pay more emphasis on job creation. I have thought of this deeply and done a few research and i think instead of the government channeling all its energy and focus on curbing unemployment through Agriculture and Solid Minerals, more emphasis should be on immediate investments which will yield instant results in solving the unemployment situation that is threatening the country and equally help grow the economy.

With $350, 000, 000 (Three hundred and fifty million dollars) invested in the Aviation sector, Nigeria will be able to have up to 15 fleet of airplanes which will directly employ between 5,000 - 10, 000 unemployed youths. It is a shame that the so called "giant" of Africa doesn't have a National Carrier. The aviation sector amounts for Ethiopia's main economic contribution to their country.

Also, with an additional investment of about $5, 000, 000 (Five million dollars) into the purchase of ferries for the inter-water transportation as well as fishing vessels more than 7,000 people will be employed in the water transport and fishing sector as well.

The above are just very few areas that immediate results can been seen to help reduce the unemployment situation in the country.

President Buhari equally needs to have map out plans to attract investors into the country rather than stiff conditions to scare them away. There should be plans to cut down tax rate of some companies that employ a certain large number of employees and introduction of at least 2years tax waivers for new businesses in certain sectors that can employ a reasonable large number of people.

We need to encourage more local patronages in the Furniture making business, Security gadgets and Appliances, Fashion,Building / Construction materials, Food process and storage, and others.

With the current economic melt down the nation is currently facing, i strongly believe this threat will pass in no distance time and Nigeria and Nigerians will rise stronger and better.

God Bless the Federal Republic Of Nigeria, God Bless Nigerians and God bless all those willing to sacrifice to make this Nation better.

Flexherbal:
I don't know what to believe again, in this issue.