How can Nigeria revive its economy?

The Federal Government should pump money into infrastruture development, which will create more jobs and boost liquidity, economists and private sector players said yesterday.

The Nigerian Bureau of Statistics (NBS), in its Second Quarter Report released on Wednesday, said the economy contracted by 2.06 per cent to record its lowest growth rate in three decades.

The report said the economy shrank by 0.36 per cent in the first quarter of 2016 to hit its lowest point in 25 years. Unemployment grew from 12.1 per cent in the first quarter of 2016 to a record high of 13.3 percent in the second.

Finance Minister Mrs Kemi Adeosun said: “It’s the worst time possible for us”. She, however, assured all that things will get better.

President Muhammadu Buhari said yesterday that Nigeria will be prosperous again. He spoke in Osogbo the Osun State capital, at the inauguration of a mega school built by the Rauf Aregbesola administration.

A development economist and financial Expert, Odilim Enwegbara, who is the Chairman/CEO at Pan Africa Development Corporate Company (PADCC), said the government should leverage on its expansive revenue base and spend its way out of the recession.

He said: ”To help our economy, the government needs to pump trillions of naira into infrastructure projects and trillions of naira into social intervention policies so as to make more money available to the citizens to boost their purchasing power, which will make these cash-strapped citizens start consuming, not imported goods and services, but mostly locally made goods.”
By consuming locally made goods, Enwegbara said, more money will get into the hands of local people and artisans. This, he said, will kick-start the once excluded grassroots economy.

In his view, President Buhari needs to inject a minimum of N3 trillion annually into the economy.

”Buhari’s social interventionist policies too should, besides making the school feeding programme a priority, monthly stipends of not less than N10,000 (instead of N5,000) should be given to millions of our poor families, widows, elderly, mentally and physically- challenged Nigerians. This should be promoted with the rigour it requires.

Lagos Chamber of Commerce and Industry (LCCI) Director-General Muda Yusuf spoke of an urgent need to inspire investor confidence by ensuring that policies are not only credible and sustainable, but also consistent.

He described this measure as critical in building the confidence of investors, adding that there is the need for the injection of private capital by domestic and foreign investors to turn things around.

Yusuf called for government’s stimulus spending to fast-track the growth of the economy, including the speedy implementation of the 2016 budget.

He said this could have very clear positive impact in pulling the economy out of the woods.

According to the LCCI chief, the energy issue has remained a sore point as a result of the poor supply and the high cost of gas, which in most cases is not available.

He said: “Economic empowerment of majority of our citizens by increasing the purchasing power of the economically excluded is the magic wand which increasing their consumer power should increase production and new jobs. In other words, if by empowering the marginalised and excluded millions deep-seated economic malaise will finally be resolved.”

The Vice President (North West Zone), Manufacturers Association of Nigeria (MAN), Ibrahim Usman, said to move away from recession, the government must embark on infrastructure development to attract money into the system.

He said in other climes, the government drives the economy, giving it direction, but he admitted that there is no quick fix to get out of the recession.

Usman, who is also the Executive Chairman, Powerseal Nigeria Limited, called on the government to quickly end the Niger Delta militancy issue.

The economic think tank of Financial Derivatives Company Limited, led by Bismark Rewane, expressed optimism that “the lower-than-expected figures for July signal a possible tapering in the rate of increase in consumer prices which might improve market sentiment.”

Usman added that market players “are expected to react accordingly”.

http://thenationonlineng.net/experts-buhari-pump-cash-save-economy/

Feel free to add your own suggestions

As an economist I know what the real issues are and it's not PMB making that we are in this situation but he must deal with the situation.. .. That's what makes great leaders.. . Here are few policy options for him

Its only Nigeria that votes for an illiterate & expect him to perform like Obama - Robert Mugabe

Pumping in cash into the economy will only lead to Hyper-inflation because the purchasing power of naira is as bad as the situation German Currency found itself during Hitler's era. Almost everything used by we Nigerian is imported, up to even cutlaries. The first government needs to do is find an everlasting solution to this dollar palava because it's one really affecting the economy in every way. I still feel we should have come to a bargain with the Chinese about the use of Chinese Yuan by importers since almost everything used in this country is imported from China, then a license will be given to other who import from Europe to use dollars at their own peril. Then before government can think of pumping money into the economy to enhance productivity. My thoughts though

It's so simple. We only need to look inwards & we will discover that the answers we seek lies within our powers.


#pBBOG = projectBringBackOurGEJ!!!



#pBBOG..........tell your neighbours.


.

Stelvin101:
Pumping in cash will only lead to Hyper-inflation because

It won't my brother... That's typical Keynesian Economics. Massive Government expenditure and interventions to salvage the economy.

kahal29:


It won't my brother... That's typical Keynesian Economics. Massive Government expenditure and interventions to salvage the economy.

It will bro because the purchasing power of naira to the outside world is very weak. If government should pump in money right now and we all start living in short-time happiness then it will be like subsidizing the entire nation which is a very terrible risk to take. Naira needs to get some strength on her own and that's what government should focus on by increasing Agricultural productivity and other sector which will enable Nigeria become an exporting economy rather than importing. Pumping in money into the economy at this present state will only reduce the value of Naira more, trust me i know what I am saying. Is it that we don't have economist at Federal in this country or what

All these plans you pointed are happening right now but it's going to take year or 2 to start seeing the results.

Impeach that man 1st. I wonder y that is impossible in this country, just yesterday a new Brazilian president was sworn in after the other was impeached.

BoleynDynaSTY:
Impeach that man 1st.

Impeachment will not solve anything my dear, instead it will open the patched hole for more looting

Stelvin101:


Impeachment will not solve anything my dear, instead it will open the patched hole for more looting

What makes you think looting stopped?

X

10 ways to Survive Nigeria’s worst recession in 29 years

Nigeria’s worst recession in 29 years

*Generator usage*

It’s bad enough the economy is crumbling faster than a cookie but how many Nigerians can recall a lenghty spell of uninterrupted power supply.

Our standby household generators have for years, been doing what the government cannot do for us.

Now that the situation is getting dire, generator usage should be restricted to specific hours and to take care of necessities.

Comfort can wait till recession is over and we are out of troubled waters.

*Eating out*

Anyone who actually cooks will know that restaurants serve overpriced, often unsatisfying food.

So instead of taking your hard earned money to pay for ‘fancy’ food, go to the market, buy raw food and head to the kitchen.

You’ll save so much money.

*Driving walkable distances*

The cost of fuel is higher than it has ever been in Nigeria’s history, so why not kill two birds with one stone while going for short errands.

Take a walk or go for a run while running your errand. Your body and pockets will thank you.

*Bulk buying of groceries*

Constant grocery shopping can be such a chore so we tend to buy in bulk.

However, a disadvantage of bulk buying is that some goods may expire or spoil before you get around to using them, hence cut your grocery shopping list down to necessities.

Get what you need and not what you think you will need.

*New clothes and shoes*

Your old clothes are perfectly fine!

Oh you think people have noticed you’ve had that shirt for a while? Frankly, it’s nobody’s business.

As long as your clothes are not obviously tattered, there is no use going cloth shopping every week to impress people and depress your bank account.

*Hanging out*

We all love spending quality time with friends and family but instead of going someplace where you’ll spend more than you budgeted for (more often than not), invite them to your house and plan activities everyone can participate in.

You’ll create a stronger bond and more lasting activities while saving money.

*Vacations abroad*

Also known as “the king of excesses”, vacationing abroad is officially a luxury at this point in time.

Why go and spend your hard earned ‘naira’ in a foreign country contributing to the growth of their economy while leaving yours in the backseat.

Stay at home!

*DSTV subscription*

You don’t need to pay for all the channels. It’s not a competition.

You hardly ever watch more than 15 of the channels on the premium package, so why the bother?

The smallest bouquet has news channels for the grown-ups and cartoons for the kids.

*Water as opposed to juice and sodas*

Some people think there is an award for living lavish. News flash: there isn’t.

Most of these processed drinks you desire to gulp down your throat with every meal are not even good for your health and they definitely cost more than water. Drink water, you’ll live longer.

*Unnecessary phone calls*

Restrict your airtime to calls with purpose (work, business).

There’s no need to ask your friend what he/she is eating or staying on a call for an hour discussing what nail polish color to wear to an event.

There are tons of instant messaging services. Embrace them.

How do destroy the economy.... By PMB

buhari is useless

Stelvin101:


Impeachment will not solve anything my dear, instead it will open the patched hole for more looting

Looting never stopped, it still happen in this administration... This is Nigeria man, they are not just load about it.

Reduce salaries of political office holders.
Reduce importation and replace with local goods.
Pay salaries and pensions to workers and pensioners promptly.
Reduce owambe parties.

BoleynDynaSTY:
What makes you think looting stopped?

I didn't say it has stopped but you and I know it has reduced ever since Federal Govt account reduced to a single treasury account were proper accountability can be sustained unlike before when Fed Govt don't even know most of govt accounts. That's not even my point, my point is impeachment is not the best solution. It will only worsen the current state.

How Can Nigeria Revive its Economy?

The leaders should quit stealing public funds and take responsibility.

The person of Buhari is the reason for the recession.

Buhari and his northern criminals are just trading our scarce forex for their pockets and intentionally hiking prices

REVING NIGERIA ECONOMY IS A THING THAT REQUIRE REAL SPIRITUAL BATTLE,REVING THE ECONOMY OF NIGERIA IS LIKE REVING A CHICKEN THAT HAS BEEN KILLED,COOKED,EATING BY A FAMILY,DIGESTED AND EXCRETED TO THE SOAKAWAY,THE FAMILY IS NOW HUNGRY,AND THEY WANT TO REVIVE THE CHICKEN SO THEY CAN EAT




ONLY THE ELDERS WILL UNDERSTAND

We can revive it by impeaching buhari and his cabinets....we need young brains

ok

*Agriculture
*Strong anticorruption drive
*Promote local industries/manufacturing via tax incentives
*Continuos investment in education and healthcare
*Population control - we born pikin too much in this country.

I know nothing about Economics.

I think we need a re-sensitization on the current paradigm shift that has happened to this country. It's no longer like before.

The Nigerian Orientation Ministry or whatever should as a matter of urgency sensitive the populace as what is happening.

You've banned rice importation please re-sensitive, and massively broadcast where new rice is coming from.

For Dollar, at least we all sensitized ourselves the hard way.

For TSA, Bankers helped themselves.

Subsidy and many other things that have changed from the norm of the past 16 years.

A lot of people will come on these boards now and start cursing the present government, as if that will change anything.

God will pull us through.

We need to constantly encourage ourselves here, and stop referring back to the failures and successes of the last government. Most bitter wailings we post here causes both soulquakes, mindquakes and earthquakes.

Listen very well to me!!!

its very simple, all we have to do is kill every fuccking polithieftian. I mean every one of em.
then we can continue with what ever y'all have in mind.

Stelvin101:


I didn't say it has stopped but you and I know it has reduced ever since Federal Govt account reduced to a single treasury account were proper accountability can be sustained unlike before when Fed Govt don't even know most of govt accounts. That's not even my point, my point is impeachment is not the best solution. It will only worsen the current state.

Ok sir

Make we just Reboot this country
Or restore Nigeria back to factory setting.

Revive? Was it even alive??