engrsyer:
look at this indomie baby that parents are still breast feeding is spewing this trash.

Small go and hustle and leave your parents/guardian alone and face reality

nawa ooo... U left the main talk and digress into unnecessary talk. Cos u realised ur error

Maski87:

The US prints dollars, it is their money and the can print as many as they like,so their money can ever fall

That's not the economics behind it.

I have already forecasted this since last year December..I and my team are already benefiting lol I pray it should get to 450 .. in this world we are living, information and data is key .. it’s no rocket science

Tianamen1:
You identified the problem correctly but your solution is too simplistic to be workable. Allowing market rates on electricity and petroleum would not by itself lead Nigeria to industrialization but will impoverish the common man and worsen our long term economic growth.


There are two groups of Nigerians impacted differently by government's economic policies: the civil servants (public servants too) and the private sector( corporations and SME's). The civil service accounts for less than 25 percent of workers be it federal or state so a larger proportion of Nigerians work in the private sector.

Removing price controls in the petroleum and electricity sectors will obviously lead to inflation but not necessarily increase wages specifically in the private sector. For example, Tailors, Barbers and Carpenters may not be able to increase the price for their services even though their input cost have gone up making them poorer. In Kaduna, I have been cutting my hair at the same price for the last 10 years even though fuel prices have gone up. My barber has gotten poorer.

Secondly, it is wishful thinking that by simply removing price controls investors from nowhere would just pop up. Our telecoms sector is regulated and there are also price controls but this did not stop investment.

A primary cause of inflation is too much money chasing too few goods. This is why food prices would rise even though the Tailor, the Barber and the Plumber cannot increase their incomes. This abnormality occurs because Nigeria has an unproductive civil service whose incomes increase by decree or by theft.

Not only do subsidies need to be removed, but also governments across Nigeria must streamline their workforce (fire workers), increase taxation in a progressive manner, and shift their developmental focus to the provision of quality public basic education and healthcare to all Nigerian citizens. The world bank, IMF, PWC, even El-Rufai have all suggested Nigeria tows this path. This would improve Nigeria's security situation, increase our competent labor force and should attract much needed foreign direct investments.

Very informed opinion

Thumbs up


Will be looking out for your comments

who cares the country was already in a mess in fact i pray the country burns.....rubbish

kikero:


1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5

2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.

3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.

4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.

5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.

6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.

Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)

Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue

7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.

Modified

To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.

There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.

The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients.

how I wish at least 40% of Nigerians had the ability to understand basic economics and finance like you do. Nigeria has to be productive and be able to generate income from other sources totally independent of petroleum.



for a nation of 200 million+ people we need more than the sales return of our 2.5 million barrels per day of crude oil OPEC quota (even if it's at $200 per barrel) to run our economy


while Nigeria can be considered as potentially rich considering our population and natural resources but we are actually a poor nation in reality for now


our China Exim Bank loan that caused a big rift and is still a pending issue is just a fraction of Italian Corona virus welfare package


we have a long way to go and we are barely moving.


the economy of most advanced democratic nations are driven by the private sector. they fund almost everything and the tax they pay is what the government relies on to run its affairs. the government itself is just a regulator & referee


befor criticizing our Government (obviously full of evil people) we should ask ourselves how have we created wealth as citizens in technology, services, healthcare, etc like the pioneers of the enviable American, French, Japanese and German science, technology, Economics and medicine (people like Faraday, Louis Pasteur, Archibald McIndoe, Einstein, Nikola Tesla, Honda, Toyoda, Ford, Pascal Blaise, Bernoulli, Hideki Yukawa, Euler, Newton, Van Der Waals, Hertz, Marie Curie, James Blundell, Adam Smith , Jean-Baptiste Say , David Ricardo , Thomas Robert Malthus etc) mind you some of these pioneers died poor and indebted because they funded research by borrowing from private individuals and institutions a lot never had the support of the government either in their time.



we just like China don't have to go through that phase of discovery, intensive research and we can just copy and paste



instead we prioritize temporary pleasures and gadgets that go out of fashion in a short while, celebrate wealthy politicians and associates whom we clearly can prove have enriched themselves dishonestly frm our national commonwealth, immortalise material women on TV shows and immoral young men/musicians that only sing and celebrate the use of voodoo to defraud foreigners.


we consume our Forex from crude oil sales that we ought to use in importing machinery & industrial equipments, training our people in new technology, improving security by equipping our military, paramilitary and police with advanced weapons, gadgets and boosting agriculture on imported cosmetic products, used luxury cars etc.



we need to sit up as citizens and contribute.

webizone:

As in eh, you got me. But picture it this way, your provision store is a better savings account than your regular savings account in terms of returns. Even provisions sellers can inflate their prices during scarcity. That you can't do with a savings account. But, it shouldn't be your main business that keeps food on your table. No no no. In this day and age, your main business should be online, generating foreign exchange for you. So even, news like this won't make you angry. Infact, you would be happy that you're in Nigeria, which has determined that their currency will keep dropping thereby allowing you to enjoy your life cheaper and cheaper.

Dats just de secret in it. Increase de price during scarcity. If not I for don leave de business since. N de good part of it u don't depend on one or two customers. Whether de come or not u go sell

webizone:

As in eh, you got me. But picture it this way, your provision store is a better savings account than your regular savings account in terms of returns. Even provisions sellers can inflate their prices during scarcity. That you can't do with a savings account. But, it shouldn't be your main business that keeps food on your table. No no no. In this day and age, your main business should be online, generating foreign exchange for you. So even, news like this won't make you angry. Infact, you would be happy that you're in Nigeria, which has determined that their currency will keep dropping thereby allowing you to enjoy your life cheaper and cheaper.

I'm scared of investing in forex. Buh I need a good guider

hillsway:
I've got some dollars to sell at 400...halla at me if you are interested.
About 3000$ up for grab.

can we deal on Monday?

tomakint:


Buhari had the singular honour of bringing Nigeria into multiple strings of economic recession. The truth is under this useles government of no direction and proudly supported by useful idiots and sophisticated morons, Nigeria had never exited recession. This is the truth.

Let's keep it real.... if you can. Why not Jonathan? Let's reason. Nigeria depends almost entirely on oil. Jonathan came in office with oil price at $75 and the Naira at 150. Except for the last few months of his presidency.... the price of oil was more than 90% of his time above $75... with long runs in the 90s and stretches above $100. The last few months in office..... oil price was on the decline... down to $59.... that's when he left office...oil at $59 and the naira at 199.
Buhari took office with the price of oil slumping..... down to $22. Under him.... oil price maybe just for a few days.... never went up to $75. Today or is running at $22. Second time oil price is under production cost under Buhari. He did very well in managing the Naira when he first took office... and it has been pretty much stable. Do you really think if Jonathan had remained in office the Naira would have this value? Today it is low oil prices and the world economies are in trouble.... double wahala for Nigeria. This devaluation is just the beginning. What measures would you suggest he follow?

Emily22:
I wish to comment but all the comments wey them Don comment for nairaland no change the price of sugar sev....

So I need any AEROBIC MACHINE (treadmill, body rider e.t.c ) for exercise incase anyone want to dispose it...

Commenting on Nigeria wahala is a waste of time bc, as we speak now, I heard the Abba kyari is in Cuba chilling..

Checkout this new bicycle trainer, its a magnetic resistance bicycle trainer from US. Its unboxed but not used, you will like it

vickydevoka:

I'm scared of investing in forex. Buh I need a good guider

1. There's no better guide than yourself.

2. Research all the ways all the ways you can
make money online. I say this because what may work for me may not work for you. For instance, my thing is numbers and calculation so I am well suited to things like investing but I have a website and YouTube channel to try marketing but I don't get paid from it, even though I am not giving up on it because there are people earning huge from it and I will once I find my edge.

3. Never pay anybody to teach you. Whatever they want to teach you can be gotten free online.

4. Majority of information you can get are trash. The internet or educational resources like books are good at telling you "what" exists but don't tell you "how" to use it. E.g. Because everybody's using a blog to run Google AdSense, books will tell you that's the way to do it, but it's wrong because, instead of writing blog posts you know nothing about, you could get a video that will explain better and use it to drive ads with better results.

kikero:


3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.

4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.





.

You need to spend more time study Nigeria history and economic.

1. Nigeria had a diversified economy in 1960s crude oil export was a small part of the country external export. Most country move from exporting raw agriculture and mineral products to manufacturing products.

2. Buhari didn't heed Iweala warning when he decided to take 6 months before he appointed his cabinet ministers that was his first mistake, his second mistake was the failure to restructure the country and economy that would have led to economic diversification

3. Because of our large population, we need to stop depending on a mono-product such as crude oil export.

4. The way forward eventually...the president MUST resign as minister of petroleum, disband NNPC and withdraw from OPEC, then Nigeria economy will start the process of real economic reform.

Gbelomo:



how I wish at least 40% of Nigerians had the ability to understand basic economics and finance like you do. Nigeria has to be productive and be able to generate income from other sources totally independent of petroleum.



for a nation of 200 million+ people we need more than the sales return of our 2.5 million barrels per day of crude oil OPEC quota (even if it's at $200 per barrel) to run our economy


while Nigeria can be considered as potentially rich considering our population and natural resources but we are actually a poor nation in reality for now


our China Exim Bank loan that caused a big rift and is still a pending issue is just a fraction of Italian Corona virus welfare package


we have a long way to go and we are barely moving.


the economy of most advanced democratic nations are driven by the private sector. they fund almost everything and the tax they pay is what the government relies on to run its affairs. the government itself is just a regulator & referee


befor criticizing our Government (obviously full of evil people) we should ask ourselves how have we created wealth as citizens in technology, services, healthcare, etc like the pioneers of the enviable American, French, Japanese and German science, technology, Economics and medicine (people like Faraday, Louis Pasteur, Archibald McIndoe, Einstein, Nikola Tesla, Honda, Toyoda, Ford, Pascal Blaise, Bernoulli, Hideki Yukawa, Euler, Newton, Van Der Waals, Hertz, Marie Curie, James Blundell, Adam Smith , Jean-Baptiste Say , David Ricardo , Thomas Robert Malthus etc) mind you some of these pioneers died poor and indebted because they funded research by borrowing from private individuals and institutions a lot never had the support of the government either in their time.



we just like China don't have to go through that phase of discovery, intensive research and we can just copy and paste



instead we prioritize temporary pleasures and gadgets that go out of fashion in a short while, celebrate wealthy politicians and associates whom we clearly can prove have enriched themselves dishonestly frm our national commonwealth, immortalise material women on TV shows and immoral young men/musicians that only sing and celebrate the use of voodoo to defraud foreigners.


we consume our Forex from crude oil sales that we ought to use in importing machinery & industrial equipments, training our people in new technology, improving security by equipping our military, paramilitary and police with advanced weapons, gadgets and boosting agriculture on imported cosmetic products, used luxury cars etc.



we need to sit up as citizens and contribute.

Two of you are brilliant. I'm impressed.

I wish more of your types will speak up but you don't.

Far too quiet .. the silly ones are the loudest.


The mentality has always been the issue. Excessive consumerism when you have an unproductive population which is by design, since the leaders don't prioritize education.


To solve the issue.

We need a unified exchange rate that can be accessed through the banks. Cancel bdc

Progressive tax.( Database needed)

Mechanised farming .. fronted by states.. (Forex should be deployed to buy machines)

Education and health schemes .. obvious


Credit for income earners. Credit reporting agencies.


Housing ./ Cars . Lower MPC.. if you earn you can buy at low rates on credit .and pay later.

Small Business friendly policies..

Determine the competitive advantages of each state and restructure to facilitate the growth in those sectors. .. exports ... Earn more Forex.

This cycle will create jobs which leads to more tax revenues and growth...

It's the simple things that matter.. affordable housing , ability to buy and pay later, food , educated and healthy population.

Not one big sky scrappers, mansions or d few Bentley's they spend money on.

Originalsly:


Let's keep it real.... if you can. Why not Jonathan? Let's reason. Nigeria depends almost entirely on oil. Jonathan came in office with oil price at $75 and the Naira at 150. Except for the last few months of his presidency.... the price of oil was more than 90% of his time above $75... with long runs in the 90s and stretches above $100. The last few months in office..... oil price was on the decline... down to $59.... that's when he left office...oil at $59 and the naira at 199.
Buhari took office with the price of oil slumping..... down to $22. Under him.... oil price maybe just for a few days.... never went up to $75. Today or is running at $22. Second time oil price is under production cost under Buhari. He did very well in managing the Naira when he first took office... and it has been pretty much stable. Do you really think if Jonathan had remained in office the Naira would have this value? Today it is low oil prices and the world economies are in trouble.... double wahala for Nigeria. This devaluation is just the beginning. What measures would you suggest he follow?

"He did very well in managing the naira "

This pseudo illegal immigrant must be stuck on stupid

topsquino:


No be audio money.

I've been on Nairaland for since 2005, and this platform has transformed my life financially, psychologically and emotionally.

It's just a way to give back to the community.

I don't need you to believe me, but people wey go win am go win am

I will win.. thanks for your kindness

Nigerians should set their minds, the Naira is going to get to over 500 against the US Dollar and there is nothing anyone can do about it. Our major commodity 'OIL' is almost worthless, by the end of the year it might be sold for less than $15 per barrel. We don't produce anything else and our lawmakers are busy buying exotic cars. Buhari and CBN are running out of dollars to pump into the economy hence the deception since inception is over. Breeze don blow now everybody can see how worthless our economic policies have been.

Why do I remain in this country??

vickydevoka:

I'm scared of investing in forex. Buh I need a good guider

I forgot to add, that the reason why no one can teach you Forex ( I am using this because I have a stake in it) is because there's always change everyday. Only the talented can spot the moves they bring. I can show you some moves but you must know, it can change before next week. Same goes for marketing.

Nigsrdumb:


Two of you are brilliant. I'm impressed.

I wish more of your types will speak up but you don't.

Far too quiet .. the silly ones are the loudest.


The mentality has always been the issue. Excessive consumerism when you have an unproductive population which is by design, since the leaders don't prioritize education.


To solve the issue.

We need a unified exchange rate that can be accessed through the banks. Cancel bdc

Progressive tax.( Database needed)

Mechanised farming .. fronted by states.. (Forex should be deployed to buy machines)

Education and health schemes .. obvious


Credit for income earners. Credit reporting agencies.


Housing ./ Cars . Lower MPC.. if you earn you can buy at low rates on credit .and pay later.

Small Business friendly policies..

Determine the competitive advantages of each state and restructure to facilitate the growth in those sectors. .. exports ... Earn more Forex.

This cycle will create jobs which leads to more tax revenues and growth...

It's the simple things that matter.. affordable housing , ability to buy and pay later, food , educated and healthy population.

Not one big sky scrappers, mansions or d few Bentley's they spend money on.

We need to do this, we need to do that.
We have heard that a million times before.

We are not lacking in simple ideas to make Nigeria a better place. We have been trying since independence.
It hasn't worked, and may never work.
Nigeria's complex array of problems cannot be solved in one day or in one regime.
Development requires a series of sincere and concrete steps over a long period of time
I don't know how old you are , but it you look back at our not too distant past, you will see that each time Nigeria had taken a few steps forward, a Buhari or a Buhari-like character comes along to take 10 steps backward.
The politics and tribe and religion has will continue keep Nigeria unworkable. Tribe and Religion can never allow for a unified vision for the country.
Just imagine how we ended up with a Buhari, after 16 years of progressive leadership of Obasanjo and Jonathan. Both did not solve all of Nigeria's problems, but both united Nigeria on trajectory of growth and progress, and laid foundations that could have taken us higher one step at a time . But as usual, politics of tribe and religion got in the way. Today the politics of tribe and religion takes center stage in every aspect of governance.
As long as there are Buharis at the center of leadership, there is no hope for a united nor progressive Nigeria.

Jesus

4Play:


If you believe the NBS's stats, Nigeria went into recession in 2016. Not in the second half of 2014 when much of the oil price collapse happened or in 2015. I know there was a further temporary dip in oil prices in 2016 but there were other issues affecting economic confidence such as the fixed exchange rate regime and the lack of liberalisation policies (privatisation and deregulation) to attract foreign investment which could have partly offset a transitory dip in oil prices by lifting economic confidence and attracting forex inflows.

A significant fall in oil prices shouldn't necessarily lead to recession if we had allowed the currency to depreciate instead of maintaining multiple exchange rates which led to forex scarcity. The economy was bound to slow down significantly but it wasn't bound to experience contraction in output.

I suppose your point is that Buhari is no more to blame than other Nigerian presidents who have maintained a suite of policies that have led to dependency on oil. But a president who fails to change direction in response to a fall in that commodity his nation depends on, who actually increases that dependency by insisting on maintaining an unrealistically high exchange rate value bears a great deal of responsibility for the collapse in business confidence and contraction in economic output that results.

I completely concur with this. Nigeria would have escaped that recession if the flexible exchange rate policy Buhari inherited had been maintained and if Emefiele had simply shown PMB the door, instead of allowing political meddling in setting forex policies.

Fantasist dream of a fixed exchange rate or a strong exchange rate policy which will run the country aground and fail to diversify the economy.

GboyegaD:
It is well. There CBN should hands off the foreign exchange completely. Their actions seems to distort the market more.

Nigeria doesn't export enough to get forex for all its imports, if the CBN lets the Naira float freely, the currency will face massive devaluation.

plaetton:

We need to do this, we need to do that.
We have heard that a million times before.

We are not lacking in simple ideas to make Nigeria a better place. We have been trying since independence.
It hasn't worked, and may never work.
Nigeria's complex array of problems cannot be solved in one day or in one regime.
Development requires a series of sincere and concrete steps over a long period of time
I don't know how old you are , but it you look back at our not too distant past, you will see that each time Nigeria had taken a few steps forward, a Buhari or a Buhari-like character comes along to take 10 steps backward.
The politics and tribe and religion has will continue keep Nigeria unworkable. Tribe and Religion can never allow for a unified vision for the country.
Just imagine how we ended up with a Buhari, after 16 years of progressive leadership of Obasanjo and Jonathan. Both did not solve all of Nigeria's problems, but both united Nigeria on trajectory of growth and progress, and laid foundations that could have taken us higher one step at a time . But as usual, politics of tribe and religion got in the way. Today the politics of tribe and religion takes center stage in every aspect of governance.
As long as there are Buharis at the center of leadership, there is no hope for a united nor progressive Nigeria.

I'm going to say something that contradicts general opinion.

Political, religious and tribal divide does not exist in Nigeria.

What exists are bruts who use those divisions to grab power in other to loot.

It's up to the masses to wake up.

The question is how do you wake up a people that are grossly uneducated.

Originalsly:


Let's keep it real.... if you can. Why not Jonathan? Let's reason. Nigeria depends almost entirely on oil. Jonathan came in office with oil price at $75 and the Naira at 150. Except for the last few months of his presidency.... the price of oil was more than 90% of his time above $75... with long runs in the 90s and stretches above $100. The last few months in office..... oil price was on the decline... down to $59.... that's when he left office...oil at $59 and the naira at 199.
Buhari took office with the price of oil slumping..... down to $22. Under him.... oil price maybe just for a few days.... never went up to $75. Today or is running at $22. Second time oil price is under production cost under Buhari. He did very well in managing the Naira when he first took office... and it has been pretty much stable. Do you really think if Jonathan had remained in office the Naira would have this value? Today it is low oil prices and the world economies are in trouble.... double wahala for Nigeria. This devaluation is just the beginning. What measures would you suggest he follow?

What I hate about Nigerians like you is that you tell half truths. To start with, oil production when Jonathan took over was significantly down, he increased minimum wage to 18,000. That had an effect of government finances, high oil prices also meant higher subsidy payments. Under Jonathan we tripled electricity generation.

If Naira was 150 when he took over and after 5 years it was 199. It shows inflationary pressures are stronger in Buhari's 5 years in charge.

The slide in oil price started in 2014. The question any discerning mind should ask is why did recession start in 2016?

The answer is simple, Buhari mismanaged Nigeria both economically and politically since he took office. His utterances and actions scared investors and potential investors, emboldened groups like the Niger Delta Avengers and created room for cronies to round trip on the Naira/USD.

The reason Russia is not vulnerable now is that they used the last glut to reform and build their reserves.

Even Saudi Arabia has embarked on modest reforms. What reforms has the Buhari government embarked on? To the best of my knowledge, none.

Stop misleading people! All you posted are half truths that will not help Nigerians learn the lessons they need to learn in a bid to push for a better society.

fr3do:



Nigeria doesn't export enough to get forex for all its imports, if the CBN lets the Naira float freely, the currency will face massive devaluation.

At least determined by the market forces. It might face initial devaluation however, with time, the market might make it better as we have many small and medium size businesses who are into exportation and other users if FX.

PHijo:


The slide in oil price started in 2014. The question any discerning mind should ask is why did recession start in 2016?

Buhari took over in 2015..... with oil price slumping and continuing to slump until it got to below production cost. Didn't you expect a recession to follow? The same is happening now.... and even worse because it is world wide..... regardless of who is running the country... a recession is coming. A recession doesn't happen overnight.... neither a recovery. How was Saudi Arabia doing in 2016?....with all their reserves? ...how was Venezuela doing then? ... both went thru recessions. Countries that depended on oil suffered recession in 2016. Nigeria was no different... nor was the worse hit.

GboyegaD:


At least determined by the market forces. It might face initial devaluation however, with time, the market might make it better as we have many small and medium size businesses who are into exportation and other users if FX.

This is true, according to textbook economics

BUT

Nigerians do not have drive to sufficiently export anything other than crude oil.

How non oil exports are infinitesimal compared to oil.

We mostly export raw materials or semi-finished goods, missing out from getting full value of the production chain.

We need to import capital goods and machinery to standardize our exports, a devalued currency discourages this.

In conclusion, floating the Naira will not stimulate any substantial increase in exports, it will just create hardship for people of this imports dependent economy.

Originalsly:


Buhari took over in 2015..... with oil price slumping and continuing to slump until it got to below production cost. Didn't you expect a recession to follow? The same is happening now.... and even worse because it is world wide..... regardless of who is running the country... a recession is coming. A recession doesn't happen overnight.... neither a recovery. How was Saudi Arabia doing in 2016?....with all their reserves? ...how was Venezuela doing then? ... both went thru recessions. Countries that depended on oil suffered recession in 2016. Nigeria was no different... nor was the worse hit.

The recession was Buhari's fault! Recessions could be averted. Who would you blame for a weak growth of 2 percent?
The problem with Buhari is that he doesn't understand geopolitics, diplomacy, international trade or how economies function. With such people in charge progress is an illusion.

fr3do:


This is true, according to textbook economics

BUT

Nigerians do not have drive to sufficiently export anything other than crude oil.

How non oil exports are infinitesimal compared to oil.

We mostly export raw materials or semi-finished goods, missing out from getting full value of the production chain.

We need to import capital goods and machinery to standardize our exports, a devalued currency discourages this.

In conclusion, floating the Naira will not stimulate any substantial increase in exports, it will just create hardship for people of this imports dependent economy.

I do not agree with you however, I wouldn't want to over emphasize on it as I am not a macroeconomist. While it seems we do not have the drive, the bureaucracy in place makes it difficult to reach a very good condition without better empirics. Nigerian export sector has boasted of substantial growth in both raw commodities and finished produce, however, the policies in place have not helped improve exports as much. Holding/controlling inflation, exchange rate, and interest rate by the CBN is not possible either if we are truly aiming for growth.

cucumbar:
can we deal on Monday?

Sure.