Vanillaskin:
Please tell us something we don't know, like maybe when 200 naira = 1 dollar for a start

I don't see that happening anytime soon. That's a news in history now ma'am

InvertedHammer:

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There is no appropriate time for devaluation of naira. Devaluation without a manufacturing and exporting base is idiotic. Countries like China, Japan, etc that play currency manipulation games do it to favour their exports. The only thing naira relies on is oil which price Nigeria cannot control. Devaluation leads to inflation. But in an import dependent economy like Nigeria, it has led to stagflation-- inflation on top of stagnant economy. Let me see Nigeria wriggle out of it. Every policy should be tailored to the interests of a nation.

As I stated, the textbook economists in Nigeria like to vomit crammed thesis without critical analysis of the underlying principles. Not only in economics, Nigeria is a country full of first class students in various fields that cannot stand the test of time because they lack the basic grasp of the applications of learned subjects. Remarkably, those empty barrels are the ones that are quick to show off the long list of useless certificates.

Take a closer look at China. How did China become an economic giant? They bypassed R& D, copied prototypes and produce/manufacture with minimal overhead. What do Nigerians copy? Sagging, ear-rings, plaiting of hair. While the Chinese are building factories, Nigerians are building hotels.

Do you want to know how shameless Nigeria is? Think about Rio Olympics.
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Nigeria before the recession was a country importing around $80 Billion Annually,

Of that Crude Oil Sale provide about $35 Billion of that, the rest is sourced from Remittances from the diaspora and Foreign Investment.

What i am saying here is that Nigeria NEEDs foreign investments to thrive. Simple

You take away the Foreign Investment and add Low Crude Oil Revenue, you get a receding economy.

Even if Oil Sells at $100, you still need foreign investment in form of stocks, bonds etc providing Foreign currency to sustain Imports

The point i was making earlier is that foreign investments come in when the investor is guaranteed returns amidst manageable risks.

The Biggest of such risk is the Exchange Rate risk. Taking money from a US Institution at 3 Percent to put in our economy at 12 Percent makes no sense when the exchange rate is going against you 200 Percent!!

Hence no right thinking person will invest money knowing that the Naira is still in free fall.

They know because the foreign reserves tell everybody so.

$25 Billion USD is far from Safe and a bit too close for comfort.

The CBN will NEVER let the reserve get to $22 Billion. The Results are catastrophic and i would not go into them now

So everyone knows from the figures that the CBN does not simply have the resources to support the Nigerian Economy.

The only alternative is to get about $15 to $20 Billion in order to bolster confidence and stabilize the naira.

Everybody saying we is should look inward at the point is just a JOKER!

Looking inward is a Long Term Plan which is not realizable in the next 5 years if you start getting it right now

How can you look inward when you don't have simple electricity

No need to look inward, inside is very dark

Fix the Electricity, the rest will fall in place gradually.

I'm Out!!

chloride6:


Nigeria before the recession was a country importing around $80 Billion Annually,

Of that Crude Oil Sale provide about $35 Billion of that, the rest is sourced from Remittances from the diaspora and Foreign Investment.

What i am saying here is that Nigeria NEEDs foreign investments to thrive. Simple

You take away the Foreign Investment and add Low Crude Oil Revenue, you get a receding economy.

Even if Oil Sells at $100, you still need foreign investment in form of stocks, bonds etc providing Foreign currency to sustain Imports

The point i was making earlier is that foreign investments come in when the investor is guaranteed returns amidst manageable risks.

The Biggest of such risk is the Exchange Rate risk. Taking money from a US Institution at 3 Percent to put in our economy at 12 Percent makes no sense when the exchange rate is going against you 200 Percent!!

Hence no right thinking person will invest money knowing that the Naira is still in free fall.

They know because the foreign reserves tell everybody so.

$25 Billion USD is far from Safe and a bit too close for comfort.

The CBN will NEVER let the reserve get to $22 Billion. The Results are catastrophic and i would not go into them now

So everyone knows from the figures that the CBN does not simply have the resources to support the Nigerian Economy.

The only alternative is to get about $15 to $20 Billion in order to bolster confidence and stabilize the naira.

Everybody saying we is should look inward at the point is just a JOKER!

Looking inward is a Long Term Plan which is not realizable in the next 5 years if you start getting it right now

How can you look inward when you don't have simple electricity

No need to look inward, inside is very dark

Fix the Electricity, the rest will fall in place gradually.

I'm Out!!

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Nice!

You listed the symptoms.

But what is the diagnosis?

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