MMM - Money Mobilization Machine.


Not just as a graduate of economics, but as a bonafide economist I can not afford to keep my hand akimbo on the prevailing default of MMM. The big question that got me mused since the declaration of MMM as frozen is... " Is MMM a blessing or a curse"? As a student that wrote a project on the topic " the determinants of poverty in Ogbagi Akoko" and also once wrote a proposal on "the impact of private domestic savings on Nigeria's economic growth" I want to believe that the Central bank of Nigeria (CBN) has been deceiving us on the notion that savings habit of Nigerians is very bad. Which they said has made the capital mobilization a mediocrity. We all know saving serves as a tool for capital formulation towards financing aggregate investment. However, it has been revealed through MMM haywireness that a myriad number of the country's labour force are into MMM, this report shows that Nigerians have a reasonable saving faculty and habit and can do away with part of their income that is not needed for current consumption for 30 days or 30 months. 3 Million Nigerians will Lose Over N18.765billion if MMM crash... Nigerians can save if the interest is interesting. Thus, having observed the whole predicaments, the need is felt by me to enjoin the government as well as financial institutions to access the viability of domestic savings by providing mouth watering incentives for savings through interest standardization to refine, rebuild, reshape, re-engineer, reconstruct, restructure and revamp the Nigeria economy. According to Machlinion, saving is not determined by income as postulated by Keynes but it is determined by real interest rate, although his thesis is arguable as savings is a function of income as well as interest rate and other variables that are stochastic. As capital formation through savings mobilization is an important factor in economic growth, countries that are able to accumulate high level of capital, tend to achieve faster rates of economic growth and development. However, borrowing from abroad is not a proper strategy for economic growth and sustainable development.... It is a cold war weapon the west is using against our beloved country, as it may not only have adverse effects on the balance of payment as these loans will have to be serviced in the future, but also carries a foreign exchange risk. Borrowing from abroad is a neo-colonialism time bomb. MMM has made it glaringly obvious that Nigerians can save. I Wale Johnson urges the federal government to create a robust interest rate and allow savings to stimulate capital investment as it is a necessary condition for economic growth and development. #WJ

hmmmmm! MMM

MMM is just becoming more popular day by day..... Enough of all these hypocrisy...How is 9ja bet and all other sport betting better than MMM... This country is built on lies

Aren't you guys tired?

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