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What Measures Can Be Taken To Stop The Naira From Depreciating - Politics - Nairaland

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What Measures Can Be Taken To Stop The Naira From Depreciating by Saskay44: 5:56am On Oct 20, 2023
As it's stand tinubu policies aren't working, If the refinery he promised in December becomes reality can the Naira appreciate?
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by SmartPolician: 6:11am On Oct 20, 2023
First, maintain the status quo; don't float the naira yet. After all, he has already removed the petrol subsidy and the burden is now on the people now.

Short term

Flag off a massive buy made-in-Nigeria-product campaign across the country. However, you must practice what you preach. Ban all MDAs from using imported vehicles - they should patronise only vehicles made in Nigeria. It will save this country a lot of FX.

Those who can access FX from banks must only be for business purposes. People who are not known to be genuine importers should go to the black market. Airline operators and parents paying school fees abroad can also access it because for the airlines, you are subsidizing the industry. For the parents, it's an investment that will pay in the future because those kids will form a buck of Nigerians who live abroad and send remittances to their families in Nigeria. See, leadership na common sense.

If other arms of government see the executive taking this step, their conscience will keep pricking them until they follow suit. If they don't, visit the national assembly. Engage them and tell them to do the same. Do the same whenever the judiciary has major events and invite you. When Buhari started his buy made-in-Nigeria-product campaign, Saraki started wearing clothes made in Aba. Our military was ordering shoes made from Aba. See, leadership at the top is everything. They stopped when they realised that Buhari wasn't serious; he was not leading the campaign by example.

Engage the media, fund national orientation agency and ministry of information. They should go to the markets, malls, schools, churches, mosques, etc to enlighten people about why they should start patronising products made in Nigeria.

Long term plan

Boost Nigeria's power generation capacity and transmission capacity. Invest massively in road infrastructure. Grant 5-year tax breaks to startups. Fund Bank of Industry so they can support SMEs across the country.

Visit major gas companies around the world and invite them to come and harness Nigeria's gas reserves. Nigeria can make billions of dollars per annum from this.

Find out why Nigeria isn't meeting her OPEC quota in crude oil export and make sure the challenge is fixed. Lobby OPEC to increase Nigeria's crude oil sales and bring in more USD into the country.

Invest in cash crops and ensure that the agencies that make them meet international requirements for exportation enlightens local farmers to meet these requirements. Deploy the military in the north and declare state of emergency in LGAs where terrorists don't let people farm in northern Nigeria. Dead or alive, you must be in charge of your country. That's why you are paying a bunch of security operatives. Everyone must justify their pay.

Get a vibrant minister of information. He should engage the people through the media so they know what steps the government is taking to improve the country because many people are not enlightened. There's a reason the White House Press Secretary always holds media briefing. People need to know what the government is doing.

Bros, in four years, these bold steps will start yielding results. When you win your reelection, float the naira that time.

I can go on and on. Believe it or not, it's either Bola Tinubu has no leadership ideas or he is just here for business as usual. Either way, I am not convinced he knows what he is doing.

Nairaland should start paying me for sharing my ideas here. Nigeria will experience a massive transformation when someone like me gets the opportunity to lead. We elect the worst among us to lead

4 Likes 1 Share

Re: What Measures Can Be Taken To Stop The Naira From Depreciating by mightyhaze: 6:12am On Oct 20, 2023
Bat fall my hand...


With all that desperation I thought dude had a secret magic wand he was so eager and determined to unleash to make the necessary changes...


But alas...
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by emmanuelbrown26: 6:17am On Oct 20, 2023
mightyhaze:
Bat fall my hand
Not only ur hand, ur dick, ur head and all ur body parts put together. Tinubu doesn't hv any business sense to govern, he's only good in settling loyalist and he's good in gathering loyalty.
See, politics of totally different from leadership/management. I know a good politicians that does not know much about business and leadership while I hv come across a very sound good leader/business Wiseman but not too good in politics.
Nigeria needed a sensible businessman to push d economy forward but Tinubu snatched d power now he cant run away wit d power bcs d power is way bigger than him right now.
Then, d supporters painted tinubu as master of all not knowing that he's just too dull to even lead a local govt.

3 Likes

Re: What Measures Can Be Taken To Stop The Naira From Depreciating by mightyhaze: 6:21am On Oct 20, 2023
emmanuelbrown26:

Not only ur hand, ur dick, ur head and all ur body parts put together. Tinubu doesn't hv any business sense to govern, he's only good in settling loyalist and he's good in gathering loyalty.
See, politics of totally different from leadership/management. I know a good politicians that does not know much about business and leadership while I hv come across a very sound good leader/business Wiseman but not too good in politics.
Nigeria needed a sensible businessman to push d economy forward but Tinubu snatched d power now he cant run away wit d power bcs d power is way bigger than him right now.
Then, d supporters painted tinubu as master of all not knowing that he's just too dull to even lead a local govt.
True talk

I shock walai.. all that desperation and absolutely nothing to show


Well except for an overdose of Shege
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by ruggedtimi(m): 6:21am On Oct 20, 2023
Govt should inaugurate an economic/financial committee made up of 6 members with a minimum requirement of PhD/Prof in economics and banking. Not a politician member bt scholars and confirmed economic researchers. The committee should brainstorm on the best of how Nigeria can come out from this mess....
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by mycar: 6:26am On Oct 20, 2023
The only measure is to stop bribing everybody with our few available dollar to legitimize illegitimates in this country.
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by Ms202309: 6:26am On Oct 20, 2023
Delay in completion of West Africa biggest refinery by Dangote is the major cause that forex for regular importation goes to Oil importers
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by Couldntfigurean: 6:56am On Oct 20, 2023
First Start by removing the cursed Man as President
If he is still there,Tinubu has a bad omen and it will keep affecting the Country
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by Treadway: 7:53am On Oct 20, 2023
SmartPolician:
First, maintain the status quo; don't float the naira yet. After all, he has already removed the petrol subsidy and the burden is now on the people now.

Short term

Flag off a massive buy made-in-Nigeria-product campaign across the country. However, you must practice what you preach. Ban all MDAs from using imported vehicles - they should patronise only vehicles made in Nigeria. It will save this country a lot of FX.

Those who can access FX from banks must only be for business purposes. People who are not known to be genuine importers should go to the black market. Airline operators and parents paying school fees abroad can also access it because for the airlines, you are subsidizing the industry. For the parents, it's an investment that will pay in the future because those kids will form a buck of Nigerians who live abroad and send remittances to their families in Nigeria. See, leadership na common sense.

If other arms of government see the executive taking this step, their conscience will keep pricking them until they follow suit. If they don't, visit the national assembly. Engage them and tell them to do the same. Do the same whenever the judiciary has major events and invite you. When Buhari started his buy made-in-Nigeria-product campaign, Saraki started wearing clothes made in Aba. Our military was ordering shoes made from Aba. See, leadership at the top is everything. They stopped when they realised that Buhari wasn't serious; he was not leading the campaign by example.

Engage the media, fund national orientation agency and ministry of information. They should go to the markets, malls, schools, churches, mosques, etc to enlighten people about why they should start patronising products made in Nigeria.

Long term plan

Boost Nigeria's power generation capacity and transmission capacity. Invest massively in road infrastructure. Grant 5-year tax breaks to startups. Fund Bank of Industry so they can support SMEs across the country.

Visit major gas companies around the world and invite them to come and harness Nigeria's gas reserves. Nigeria can make billions of dollars per annum from this.

Find out why Nigeria isn't meeting her OPEC quota in crude oil export and make sure the challenge is fixed. Lobby OPEC to increase Nigeria's crude oil sales and bring in more USD into the country.

Invest in cash crops and ensure that the agencies that make them meet international requirements for exportation enlightens local farmers to meet these requirements. Deploy the military in the north and declare state of emergency in LGAs where terrorists don't let people farm in northern Nigeria. Dead or alive, you must be in charge of your country. That's why you are paying a bunch of security operatives. Everyone must justify their pay.

Get a vibrant minister of information. He should engage the people through the media so they know what steps the government is taking to improve the country because many people are not enlightened. There's a reason the White House Press Secretary always holds media briefing. People need to know what the government is doing.

Bros, in four years, these bold steps will start yielding results. When you win your reelection, float the naira that time.

I can go on and on. Believe it or not, it's either Bola Tinubu has no leadership ideas or he is just here for business as usual. Either way, I am not convinced he knows what he is doing.

Nairaland should start paying me for sharing my ideas here. Nigeria will experience a massive transformation when someone like me gets the opportunity to lead. We elect the worst among us to lead
your first solution is what I want to comment on. The bastards egging this dud president on and defending his every move, have been talking trash about how we are not exporting things and how we should use made in Nigeria goods, but the batstards forget so quickly that we werent exporting either during the PDP years and that just recently their legislooters still performed their yearly rituals of buying and sharing 100m+ naira SUVs that are clearly also foreign and imported goods/brands. Talk about OD-ing and going mad on the hypocrisy pill.

1 Like

Re: What Measures Can Be Taken To Stop The Naira From Depreciating by mrvitalis(m): 7:57am On Oct 20, 2023
mightyhaze:
True talk

I shock walai.. all that desperation and absolutely nothing to show


Well except for an overdose of Shege
Only in Africa would you elect someone who has built nothing and expect them to build something

With all the government connections what business has he built that can stand?

His airlines how far? The ones surviving are government backed

Bath knows nothing, his team is below average

They have no idea what to do just try and error...

Trust me they are looking for foreign consultants as we speak
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by Christistruth00: 8:47am On Oct 20, 2023
Help Everyone who needs help
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by heed101(m): 8:59am On Oct 20, 2023
I like the suggestions. However, my own recommendation is govt should declare black market activities illegal and punitive measure should be put in place to discourage it. Investigate organisation accessing fx at official rate and selling for exchange gain.

BDC operation should be highly regulated just like banks.

I am coming
Re: What Measures Can Be Taken To Stop The Naira From Depreciating by Ckonnet: 9:23am On Oct 20, 2023
ruggedtimi:
Govt should inaugurate an economic/financial committee made up of 6 members with a minimum requirement of PhD/Prof in economics and banking. Not a politician member bt scholars and confirmed economic researchers. The committee should brainstorm on the best of how Nigeria can come out from this mess....

Grammar will not uplift the economy.
All we need people will business acumen.

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