₦airaland Forum

...

Apt.

Good attempt at analysing the problem facing Naija and proffering possible solutions. I agree with you on most of your discourse and provisions - isn't this exactly what PO has being saying even before the elections?

However, out of sentiments we let this country to be grabbed by clueless lots. Imagine one Kashim Shetima saying that this government implemented exactly what PO and Atiku have said they will do when they become president? See how dull these guys are? You copied what you don't understand and the result is where we are today. There are steps i will take before floating the rates and removing fuel subsidy, but these clueless copy copy masters are only driven by freeing money to looth, and are intellectually shallow, therefore unable to think through a grievous policy before making declarations.

Back to your points, yes, we have to be self sustainable to reduce the demands for fx, a key step is have farmers able to go back to farms and wheels turning again in out industries - this is what PO advocates as Production. Insurgencies is a key hindrance to achieving this.

Secondly, we have to discourage demand for FX, be it legitimate need for educational purposes, medical flight, food and equipment but most importantly demands to fuel corruption and money laundry - this is another PO's sermons.

Is the government making efforts in this direction? Unfortunately no! They are busy chasing shadows and opening up avenues for extravagant impunities, hence further sinking us deeper into muds as a nation

IAmHim1:
This is also the reason why increasing the minimum wage as a solution to solve Nigeria Economic crisis will never work.

Nice analysis, You tried a lot. Insecurity has to end for any tangible progress to happen. On the issue of people buying dollars and not other countries currencies, those countries won't accept naira or most other local currencies. You have to purchase dollars first, before purchasing those currencies. That is why dollars and euros are like international currencies, They are trusted.

On inflation, insecurity is not the only factor driving up inflation in Nigeria. Unregulated overprinting of naira is also a big factor and it also affects the exchange rate. Majority of African countries don't have strong regulations and institutions to prevent such abnormalities and decay. Solution: Regions in Africa, West Africa for example should create a general currency like the euro, the countries will regulate it together. This way no corrupt or incompetent president or central bank governor can easily usurp it or do as they want with it.
Transition to parliamentary democracy will also strengthen the rule of law and institutions, since nobody will be too powerful. This way the country also doesn't have to tolerate incompetent heads of government till the end of their fixed tenure.

...