I too know is killing some people here...blind argument is what I can read here...Up to the year 1985, the Naira was the equivalent of the Pound Sterling and stronger than the Dollar. Yes, the almighty Dollar.

IMF and world bank gave fake advice to Nigeria government to devalue her currency. The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange reserves, curbing the central bank's ability to support the currency. ... Brent crude prices have plummeted about 45% this year to around $36 a barrel.Mar 9, 2020.


Nigeria government should stop listen to IMF or world bank on any economic issues this organization have no good plan for Africa than rapping them. Those years that our dollar stronger than dollar we dont produce anything we imported everything we used them yet the money still strong.

My own Advise for Nigeria government is to freeze the account of politician there is no need to take them to one stupid court any politician that have more than two house and still keep like 1million dollar in his/her bank account is a thief . If government can confiscate the politician property and collaborate with other country to help us recover what our politicians hide in their country that will really help us.

I don't support printing of money Because that will cause inflation on our economy.

Tinubu mentioned this...
Any way make dem sha bring money come out.

Lipscomb:
I too know is killing some people here...blind argument is what I can read here...Up to the year 1985, the Naira was the equivalent of the Pound Sterling and stronger than the Dollar. Yes, the almighty Dollar.

IMF and world bank gave fake advice to Nigeria government to devalue her currency. The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange reserves, curbing the central bank's ability to support the currency. ... Brent crude prices have plummeted about 45% this year to around $36 a barrel.Mar 9, 2020.


Nigeria government should stop listen to IMF or world bank on any economic issues this organization have no good plan for Africa than rapping them. Those years that our dollar stronger than dollar we dont produce anything we imported everything we used them yet the money still strong
.

My own Advise for Nigeria government is to freeze the account of politician there is no need to take them to one stupid court any politician that have more than two house and still keep like 1million dollar in his/her bank account is a thief . If government can confiscate the politician property and collaborate with other country to help us recover what our politicians hide in their country that will really help us.

I don't support printing of money Because that will cause inflation on our economy.

If buhari does this people will still accuse him of being a tyrannical dictator and witch hunting...

Left for the man he might love this... But the backlash from our people gan will make him reconsider...
So that suggestion in Nigeria if today is not feasible esp with this slow pace of judiciary.

grandstar:


You want Nigeria with inflation rates in double digits to print money? Don't even think it.

You seem to have ignored the fact that inflation is comatose in these countries.

These countries have been hawkish about inflation for decades. They have an inflation target of 2% maximum yearly. If inflation was to exceed these figures, the Central Banks will immediately increase interest rates in order to reduce the money in circulation. This action may slow down the economy or even tilt it into a recession but it usually effective in bringing inflation below the 2% mark.

It is because inflation is now either dead or in deflationary territory, they can now print money. Even if inflation stirs its ugly head, it may not rise beyond 2%. Were it to do so, the Central Banks may be forced to bring it down again below 2%.

Does this printing of currency have a negative side? Of course, it does. The dollar lost value against most major currencies when it introduced quantitative easing. Yes, it does have its downside.

Inflation is 'comatose' in those countries (as you put it) because they write/make and bend their rules at will, so you will probably never live to witness otherwise because they are always ready to rig their economic performance indices to always never get to that tipping point that would ordinarily threaten or collapse the economies of '3rd world countries', even though we all know they have flouted every rule in their sacred 'economics notebook'! Who will hold America accountable for it's unmanageable and staggering debt levels? The same World Bank that is its puppet? Oh please.

Nigeria and Africa need to come up with a more localized developmental model that won't be dependent on the 'dos and don'ts' of the IMF and World bank, the same rules and institutions that keep us perpetually going about begging for bailout (and later debt forgiveness) from them since we just can't ever seem to do anything right by them or in accordance with their lofty standards of economic management.

Now look at how China was able to seize the initiative by coming up with the Asian Infrastructure Investment Bank (AIIB), as an alternative to the WorldBank/IMF. They didn't grow the balls to do that by doing bambiala to IMF or WorldBank. They had to assert their independence over their own economy, and the West had no choice than to leave them be.

Of course Buhari can't do it Because it will affect him drastically... Although Buhari might not have 1million dollar in his bank account but what about his family?

And secondly There's no how he will do that, that he will not offend those who help him to the seat.

The only person that thought can fight for us when he/she become president is someone that get to aso rock by mistake.

KunleyY19:


If buhari does this people will still accuse him of being a tyrannical dictator and witch hunting...

Left for the man he might love this... But the backlash from our people gan will make him reconsider...
So that suggestion in Nigeria if today is not feasible esp with this slow pace of judiciary.

AtikuNetwork:


I like the direction of Kagame's suggestion. Though I don't know how workable it would be under a democratic dispensation due to the wrangling and divisive nature of democratic systems and politics. In my opinion, the likes of China and Singapore couldn't have developed as quickly as they did under a liberal democratic setting. Even Hitler had to appropriate dictatorial and authoritarian powers to achieve everything he was able to economically during his time. Dubai that everyone touts as a model of development today is also a product of a dictatorship. It just seems like the Caucasians are the only ones that tend to attain commendable development under democratic systems. At least that is my personal observation.

I think development can only come in a restructured Nigeria, and under a 'benevolent dictatorship' setting And if our economic fortunes continues to dim with he whole COVID-19 situation, I see Nigeria restructuring by choice (or by force on the near future) even.

My proposition would be that the geopolitical units of the country draw up developmental plans that will be hinged on mass education in STEM, and human capital development. And begin increasing local capacity so that there would be less dependence on foreigners for the simplest of tasks and projects. An aggressive project of modernization based on local capacity should be embarked upon. We already have very educated and capable Nigerians that can be called upon, that have enough expertise to make this happen if the will is there. Just like the Chinese, we need to become more self-reliant.

We have well educated Nigerians but no critical mass of such. Look at this site: while a lot of folks on here are educated, they sure don't sound like it. As for dictatorship being the better method, it's gains can disappear quickly. For example, in China, they cannot use the internet like you do even in Nigeria. At some point the are going to have to and all the gains can unravel. And China is not self-sufficient, they need massive capital investment from the West. As a matter of fact they are nervous right now, as the West might start to change it's supply chain. If China goes into a deep recession, the whole country can unravel in months. Democracy, if well implemented, reflects the combined will of the people; dictatorship is usually one man's or groups will on the ALL. Please pick holes in my arguments.

AtikuNetwork:


Did China ask the permission of the West before becoming a 'producer economy'? When China started taking its economic destiny in its hands, didn't the Western institutions such as the IMF and World bank expect them to fail in the process?

When China embarked on ambitious developmental projects to multiply its GDP and productivity, did the Europeans and Americans give them the go-ahead? No. They just damned them and did what they had to do to get their people working and productive, thereby dramatically increasing their GDP in the process and creating value, and all the while the West was predicting their doom and shaking their heads from afar based on their own invented standards contained in their 'economic notebooks'.

Isn't the same China a respected country today? How do you think China would have fared if it had put its destiny in the hands of the IMF and World Bank? I bet you they would be nowhere near where they are today!

You because a Producer economy by having a critical mass of knowledgeable people; Africa does not have that. No one gives anyone permissions for ambitious projects, but what if you don't have the capital. A lot of factories in China are financed by Westerners. When Westerners design products and they figure it's too expensive to produce in the West, the call a producer in China and finance it entirely. Plus, China is not as rich as you think when it come to per capita income; the West is far ahead. China needs the West more than the West needs it. Production can easily shift to South Korea, Vietnam or Indonesia. Until Westerners start going to China to find work, China is still far behind. There are Chinese people flooding to yankee daily -- that is not a sign of seniority or peership.

AtikuNetwork:


Inflation is 'comatose' in those countries (as you put it) because they write/make and bend their rules at will, so you will probably never live to witness otherwise because they are always ready to rig their economic performance indices to always never get to that tipping point that would ordinarily threaten or collapse the economies of '3rd world countries', even though we all know they have flouted every rule in their sacred 'economics notebook'! Who will hold America accountable for it's unmanageable and staggering debt levels? The same World Bank that is its puppet? Oh please.

Nigeria and Africa need to come up with a more localized developmental model that won't be dependent on the 'dos and don'ts' of the IMF and World bank, the same rules and institutions that keep us perpetually going about begging for bailout (and later debt forgiveness) from them since we just can't ever seem to do anything right by them or in accordance with their lofty standards of economic management.

Now look at how China was able to seize the initiative by coming up with the Asian Infrastructure Investment Bank (AIIB), as an alternative to the WorldBank/IMF. They didn't grow the balls to do that by doing bambiala to IMF or WorldBank. They had to assert their independence over their own economy, and the West had no choice than to leave them be.

Stop blaming the West for your economic failures. In 2020, it is now very lame. Take responsibility.

The debt crisis of the 80s and 90s is long gone with the debt forgiveness policies of the 90s and early 2000s. Even Nigeria was able to reduce its foreign debt from $35b to $5b by buying back its debt with $12b.

To sweeten things for African countries, China's rise has been a blessing, China's booming economy lifted up the price of commodities which boosted the economies of several Africajn countries.

In addition, many African economies have implemented policies that have enabled them to grow and weather storms better than in the past.

Many of the fastest growing economies of the world in 2018 and 2019 were Africa countries

Look at this NASDAQ article. I think it was written in 2018 . There are also other articles.

https://www.nasdaq.com/articles/the-5-fastest-growing-economies-in-the-world-2019-06-27

https://qz.com/africa/1522126/african-economies-to-watch-in-2019-and-looming-debt/

https://www.gfmag.com/global-data/economic-data/countries-highest-gdp-growth

If African countries want to grow very fast, let them implement policies that will bring fast growth they want. It is as simple as that.

In Guinea Bissau, it takes 266 days to register a company. In America, it takes less than 24 hours. Is that the fault of the world bank

Look at Nigeria. Only God knows how many foreign investors were turned off by the difficulty of registering a company during Jonathan's time in office. Are you going to blame the West?

The bloated civil service that gulps over 80% of the budget, is that the fault of the IMF? Nigeria's refusal to deregulate the price of fuel means it is spending over $1b a year on subsidies. How's that the West fault?

The Americans and the EU have opened their markets to you. Are African countries exporting with gusto there? China grabbed that opportunity with both hands and see where it is today.

African countries are in much better shape than they were in the 80s and 90s. In many countries, there's room for improvement. Rwanda's massive improvement over the years shows that the problems and solutions lie largely at home.

Keep government spending in control. This will prevent you from going on a borrowing spree and blaming your creditors for your woes in life.. Make your country a haven for investment, both local and international. (Rwanda is no.30 in the Ease of Doing Business). This will encourage massive investments in your country which will boost economic growth and create lots of jobs.

Stop blaming the West. Even some policies you call voodoo economics such as quantitative easing benefits African countries as it lifts commodity prices and boosts foreign investments.