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Stats: 2,315,629 members, 5,102,616 topics. Date: Sunday, 18 August 2019 at 08:59 PM

Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari - Politics (5) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari (13920 Views)

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Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by EngrXrix(m): 4:34pm On Aug 14
I support this. We have enough food in Nigeria. Why import?
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by grandstar(m): 3:07am On Aug 15
Moghalu said the plain truth.

However, with a lame duck governor at the CBN, he will obey a president, with.probably the worst grasps of economics since independence.

Expect next level suffering


Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Tianamen1: 1:29pm On Aug 15
Lionel Robbins
"Economics is the science which studies Human Behaviour as a relationship between ends and scarce means which have alternative uses."

What most people with no background in economics fail to understand is that economics is not a pure science where H2O always equals water but a complex social science that studies how humans react to policies which affect their welfare.

We are quite unpredictable and expecting people to farm just because food is scarce is foolish.

What currently fascinates me is how all markets behave similarly be it forex or even rice. You have to be greedy when others are fearful and fearful when they are greedy.

Look at rice importation ban. The first year, a lot of northerners went into cultivation as prices where outrageously high. The more experienced farmers knew the increase in prices were abnormally high and a correction was bound to happen, so they started shifting to other crops. The JJC's on the other hand invested a lot of their money in farms without much knowledge on the operations and the full cost required to break even. Unfortunately, many lost their money and hoped that the next year with more experience now in farming, they were sure to make a profit.

As expected by the professional farmers, prices fell as a result of too many producers and many ended up making losses again for a second time. Today, the dreams of quick riches from rice cultivation has vanished leaving space for the professional farmers to go back into cultivation.

Economics is no joking matter so simple solutions to complex problems do not exist.

I am willing to bet that increased investment in public primary and secondary education would have a much bigger impact on agricultural growth than this simplistic idea. How, by increase the disposable income of poorer Nigerians enabling them to but more food thus increasing demand and prices which will in turn attract increased production.

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