Pat Utomi, professor of political economy and management expert, says Nigerians may start queuing to buy salt if the government fails to deal with the fundamentals of the economy. Speaking on Sunrise Daily, a breakfast programme on Channels Television, on Thursday, Utomi said the government needs to deal with the fundamentals of a producing economy. He said Nigeria should “learn from history” to fix the problem facing our economy. A similar economic crisis in the early 1980s saw Nigerians queue up to buy essential commodities such as milk and rice because the foreign reserves were down and importers could no longer access forex. “If you go back, it is good to go back, there is nothing new about what we are experiencing, it has been experienced in history. So if we can draw lesson even from our own history and what is going on elsewhere,” he said. “I came home from grad school to Nigeria in 1980 and people were pouring Champaign into bucket of water and washing their hands in it. “I mean that kind of madness needed ultimately to be reined in and when supply crashed and reality was beginning to settle, we said we don’t devalue, that time our currency was a block currency was just determined from the Central Bank, it was a block currency. “So central bank will say this is our currency and we continue to say this is our exchange rate we will not devalue, we were not changing the fundamentals of our economy, we were still mono-product, we were still dependent, were not selling. “And one day Central Bank of Nigeria could not pay due credit from all those who have supply arrangement with Nigeria and they stop supplying Nigeria and a few month later what were we doing, we were queuing up to buy sugar. It was called essential commodities, we were queuing up to buy salt. “If we don’t deal with the fundamentals we will queue again. It is not a matter of exchange rate. We are talking about symptoms; let’s deal with the fundamentals of a producing economy, diversifying the base of our economy which is not a light bob that you can switch on and off. “We need to be working on critical issues, the fundamentals of our economy; right now Nigeria economy to be very fair is a lot more diversify than people realize, most of it has happened without any serious incentives, plans or anything. “I mean we base our GDP and nollywood and co came into big play, nobody worked a strategy for that industry, just out of work fellows in television and whatever picked up their cameras and began to shoot this things, people laughed at first and it became an industry. “How do you creative incentives for those kinds of things to become real industry? Those are the issues that are really at stake. We must continue this conversation so that the incentives that are coming will be clear to people, because it is all about incentives.”

Read more at: https://www.thecable.ng/.VtAemzx8-PA.twitter

The sad reality is that Nigeria is having an exact repeat of 1983- currency controls, a rapidly dwindling economy and a Buhari presidency.
History seems to be replaying itself in the exact same mode. If that means Buhari gets sacked after one and half year, then hmmmnm.....

I pray Nigerians don't curse the day they voted for this man.

PapaBrowne:
The sad reality is that Nigeria is having an exact repeat of 1983- currency controls, a rapidly dwindling economy and a Buhari presidency.
History seems to be replaying itself in the exact same mode. If that means Buhari gets sacked after one and half year, then hmmmnm.....

I pray Nigerians don't curse the day they voted for this man.

too late bro. i already cursed the day i voted the dullard and curse the dullard join.

my business is suffering, clients are delaying payments due to lack of money etc...

i just wish 2019 will come on time so i can correct my mistake

we go queue to buy sugar sef lol

Gbam re-play 1983-1984 . Told ya all you Indomie generation but you continued to say Sai Buhari.

erunz:
Pat Utomi, professor of political economy and management expert, says Nigerians may start queuing to buy salt if the government fails to deal with the fundamentals of the economy. Speaking on Sunrise Daily, a breakfast programme on Channels Television, on Thursday, Utomi said the government needs to deal with the fundamentals of a producing economy. He said Nigeria should “learn from history” to fix the problem facing our economy. A similar economic crisis in the early 1980s saw Nigerians queue up to buy essential commodities such as milk and rice because the foreign reserves were down and importers could no longer access forex. “If you go back, it is good to go back, there is nothing new about what we are experiencing, it has been experienced in history. So if we can draw lesson even from our own history and what is going on elsewhere,” he said. “I came home from grad school to Nigeria in 1980 and people were pouring Champaign into bucket of water and washing their hands in it. “I mean that kind of madness needed ultimately to be reined in and when supply crashed and reality was beginning to settle, we said we don’t devalue, that time our currency was a block currency was just determined from the Central Bank, it was a block currency. “So central bank will say this is our currency and we continue to say this is our exchange rate we will not devalue, we were not changing the fundamentals of our economy, we were still mono-product, we were still dependent, were not selling. “And one day Central Bank of Nigeria could not pay due credit from all those who have supply arrangement with Nigeria and they stop supplying Nigeria and a few month later what were we doing, we were queuing up to buy sugar. It was called essential commodities, we were queuing up to buy salt. “If we don’t deal with the fundamentals we will queue again. It is not a matter of exchange rate. We are talking about symptoms; let’s deal with the fundamentals of a producing economy, diversifying the base of our economy which is not a light bob that you can switch on and off. “We need to be working on critical issues, the fundamentals of our economy; right now Nigeria economy to be very fair is a lot more diversify than people realize, most of it has happened without any serious incentives, plans or anything. “I mean we base our GDP and nollywood and co came into big play, nobody worked a strategy for that industry, just out of work fellows in television and whatever picked up their cameras and began to shoot this things, people laughed at first and it became an industry. “How do you creative incentives for those kinds of things to become real industry? Those are the issues that are really at stake. We must continue this conversation so that the incentives that are coming will be clear to people, because it is all about incentives.”

Read more at: https://www.thecable.ng/.VtAemzx8-PA.twitter

This idiot called Bat abi Rat utomi should just shut he's dirty mouth up

Is he not among the people who supported and brought in this present terrorist Government into power

Now he is here talking crap about 1980 nonsense

Double speaking turn coat people are the worst set of human beings any one can have around them

Rubbish!

Job seekers everywhere...before e reach dat level I go don port

stillchris:


too late bro. i already cursed the day i voted the dullard and curse the dullard join.

my business is suffering, clients are delaying payments due to lack of money etc...

i just wish 2019 will come on time so i can correct my mistake

Many of you wont read before commenting.
Did you see where he said in 1980 people were washing their hands with champagne?
Oil price crashed in 1983 and Nigeria didn't have enough foreign reserve to import things.
He is only advising we take diversification of the economy very seriously.
Nigeria inherited by Buhari is a mono economy.
It is for Buhari to diversify it.
But utomi also made it clear that diversification is not a switch you turn on and off. it takes time and proper planning.

I don't want to Judge, but Pat Utomi always sounds like a hypocrite.

I attended a conference where Utomi was talking about Tinubu in good light, referring to him as "Asiwaju" bla bla bla. . . Maybe he's saying all these now because he didn't get any public office from APC.

It is left for the masses to take their destinies in their own hands or endure all manner of suffering thrown their way.

tuale4u:

Many of you wont read before commenting.
Did you see where he said in 1980 people were washing their hands with champagne?
Oil price crashed in 1983 and Nigeria didn't have enough foreign reserve to import things.
He is only advising we take diversification of the economy very seriously.
Nigeria inherited by Buhari is a mono economy.
It is for Buhari to diversify it.
But utomi also made it clear that diversification is not a switch you turn on and off. it takes time and proper planning.

I was wondering if it's same article I read that those people were commenting on.

PapaBrowne:
The sad reality is that Nigeria is having an exact repeat of 1983- currency controls, a rapidly dwindling economy and a Buhari presidency.
History seems to be replaying itself in the exact same mode. If that means Buhari gets sacked after one and half year, then hmmmnm.....

I pray Nigerians don't curse the day they voted for this man.

Where are the currency controls sir?
Did you even do any research before posting this? The dollar was not available at all in 1983 for the common man. They were using form M to import everything in 1983. Buhari ensured that Nigeria was cut off from the international finacial system in 1983. All these are not happening now. In fact the opposite is happening. The only difference is that they want to protect the local manufacturers by giving them priority for forex. If you cannot research issues and make fair deductions you are not qualified to comment on economic matters

All these narrow , local and parochial Ibo standpoint that is informing your world view is not getting you anywhere. Buhari was cheered throughout the 80s for his actions then which everyone agrees now wont work in the current context so this new revision that you people are writing is very annoying.

The way things are going, it seems there is a possibility.

theDEVILisHERE:


This idiot called Bat abi Rat utomi should just shut he's dirty mouth up

Is he not among the people who supported and brought in this present terrorist Government into power

Now he is here talking crap about 1980 nonsense

Double speaking turn coat people are the worst set of human beings any one can have around them

Rubbish!

I tell you. The Man has no shame.

He was one of the people that sang Buhari praises to high heavens and turned his back on GEJ.

Now thing, are going rough for Buhari, and like a fair weather friend, he wants to bolt.

Nansense!

the zombies wont agree with prof Pat's view of the current administration instead they will call a wailer or ipob man.

blackberlin:
I don't want to Judge, but Pat Utomi always sounds like a hypocrite.

I attended a conference where Utomi was talking about Tinubu in good light, referring to him as "Asiwaju" bla bla bla. . . Maybe he's saying all these now because he didn't get any public office from APC.

Is that what you think?

Marcelini:


I tell you. The Man has no shame.

He was one of the people that sang Buhari praises to high heavens and turned his back on GEJ.

Now thing, are going rough for Buhari, and like a fair weather friend, he wants to bolt.

Nansense!

Men without Honor and dignity are not worth more than tissue paper

If you are not sure of what you're doing don't take a stand

Make sure you understand what you are getting into

And when you do
You take a stand and stand by your position

Any man who cannot do this should not be taken seriously

blackberlin:
I don't want to Judge, but Pat Utomi always sounds like a hypocrite.

I attended a conference where Utomi was talking about Tinubu in good light, referring to him as "Asiwaju" bla bla bla. . . Maybe he's saying all these now because he didn't get any public office from APC.

He doesn't sound like a hypocrite

HE IS A HYPOCRITE

chanx:


Is that what you think?

Since I was the one who wrote it, then you should have known that it was from my thought process. . .