For the past 4 years, CBN has been raising interest rate in the name of fighting inflation. We all know that the rate hikes have not been working because price of goods and services have risen significantly as high as 95% averaging 25% annually (4 years).

Let's ask ourselves this question? What really causes inflation in Nigeria? The CBN believes that too much money in circulation is the cause, that's why raising rates.

In my opinion and observations of Nigeria's economy, it's the overdependence on import that causes increase in prices.

The CBN should bring down the interest rate to as low as 5% to spur growth. For God's sake, we are not developed yet and the only way to ensure this is make investing in gilt-edged securities like Treasury bills and Govt bonds less attractive.

How does the CBN do that? It's simple! Just crash the interest you offer the lazy money-bags and opportunist foreign investors.

Guess what happens after the reducion; those with so much money will be forced to invest the real sector; by so doing, jobs will be created, we will depend less on imports and less money will be wasted in defending the Naira (Fyi: Trillions of Naira is being used to defend our currency - imagine using such money to put in place infrastructures).

Conclusion: Unemployment should be tackled first by bringing interest ratedown, which forces high net -worth individuals to establish industries; and banks will stop being lazy too by looking for where to invest their monies other than keeping them with CBN.

If I were the governor, I would even introduce a native interest regime.

My opinion. Share yours too.

Everything is interconnected in one economy. I would agree that too much imports would have negative implications on the economy. It really can impact inflation because government will print money to cover money outflow through imports and this has negative implications on inflation and unemployment