Former Finance Minister: Ngozi Okonjo Iweala Speaks:

Most Nigerians are misguided by lies and propagandas on the present administration.

I still find it funny that most people
don't know why Nigeria economy
went into recession, they love the
incompetent lies about the past government ruining
everything. It's also myopic to think
that if Jonathan were to still be in
power, we would be worse off.

The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.

Firstly, there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.

After the election, the president
created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to
jail. The instability made foreign
investors to liquidate their
investment and change their money
to dollars.

In the process of trying to
flee, they were willing to buy dollars
at any price, which lead to high
exchange dollar rate.

Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.

To make matters worse, the
president came up with another
outrageous policy of rationing dollar
to certain sectors and blocking many
sectors out. That was the nail in the
coffin which facilitated the
emergence of free FALL.

In the end, foreign investors took
over $80B out of the economy within
a short period and everything went
down to free fall.

To those who believe it will be worse
if Jonathan is still there, you are all
wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such
tiny time frame. Even though the
government might have income
shortage, the private sector will
weather the storm by their
confidence in the market.

The fear of the unknown created by
PMB is responsible for the economic
downturn not low oil price. Interest
rate in America is currently at 0.5%
while it is 12% in Nigeria. JP Morgan
Chase will not mind borrowing $50
billion from Feds at 0.5 and put in
Nigeria for return of %2000 profit.
Citi bank will do the same, likewise
US Bank Corp. Chase gave Buhari
warning about the repercussions of
his fixing policy before they pulled
out, but his illiterate cyber warriors
and misseducated e-soldiers said
JPMORGAN can go to hell, they no
longer believe in economic metrics
since their messiah is in charge.

Funny enough they are all suffering
today because of the bad policy,
but they find relief by blaming it on
past administration and Gucci
appetite of average Nigerians.
For your information, if your
president "continues" with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.

Copied

https://www.youtube.com/watch?v=m_BI1LmQrco



Never again. The rise of the 3rd force!!

Adeosun is a learner. So, convincing than all these blame game. Facts are facts.

Its only Nigaeria economy that runs on BODY LANGUAGE . . . . . . . u can see the result.

Least we forget

The illiterate PMB will not know these, people are suffering, hunger everywhere, no money, no food, things are cost the President is not doing anything.

The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.

We told them, but they daid he is a General..

there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.

We told them aswell, they said "Buy Naira to grown Naira, that thise investors are fraudulent..

the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.

Well, we mentioned this aswell, they said it was the result of 16 years PDP.

but his illiterate cyber warriors
and misseducated e-soldiers said
JPMORGAN can go to hell, they no
longer believe in economic metrics
since their messiah is in charge.

Madam, you just can just imagine when okonjo is called and illiterate..

Funny enough they are all suffering
today because of the bad policy,
but they find relief by blaming it on
past administration and Gucci
appetite of average Nigerians.
For your information, if your
president "continues" with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.

Praise God he has stopped talking, he has even stopped on matter that require his urgent attention.

Sunnymatey:
Adeosun is a learner. So, convincing than all these blame game. Facts are facts.

And u bought that horseshit

Ask okonjo to return her loot and all the bribes she collected from importers in exchange for not paying any tax.

If jonathan was d messiah as she claimed, pmb would never have smelled asorock

You can never give what you dont have!.... BMC's over to you... empty heads

Its God that will punish u jonathan and all the pdp and apc looters. Greedy woman. Only morons will believe your heap of lies

Kids everywhere with no functional brains to reason, someone from nowhere just wrote trash and credited it to Mrs Okonjo Iweala without any credible source and they are already jubilating over it.
Leaders of tomorrow indeed.

Yyeske:
Kids everywhere with no functional brains to reason, someone from nowhere just wrote trash and credited it to Mrs Okonjo Iweala without any credible source and they are already jubilating over it.
Leaders of tomorrow indeed.

Well said! A highly qualified economist like Okonjo Iweala would never stoop to such shallow economic "reasoning" as displayed in this ridiculous unattributed rant. I don't know why so many Nairalanders have to add brazen dishonesty to their stupidity by putting their nonsense in the mouths of people who never said them.

T

Shame on APC, shame on Buhari and shame Buhari Media Cows

mama said..mayopic..bcuz apc are failing she has mouth to talk

Please have some respect and don't attribute this rubbish to Okonjo Iweala.

She never made this statement.

8. Don't post false information on Nairaland