₦airaland Forum

Agbegbaorogboye:
Cocoa, Palm oil, rubber
South West was the richest region.
It was not a mistake it had the first secondary school, first university, first skyscraper, first TV station, first radio station etc

That was then,it has fadded into oblivion.it has never been sustainable.

The government doesn't have interest in these (cocoa,palm oil and rubber) crops anymore since the discovery of crude oil in commercial quantity in the Niger Delta region of the country

It has been the crude oil, which Nigeria has been a major exporter, that has been sustaining nigeria all this while and those cash crops you mentioned up there.

ejike714:
Obafemi Awolowo and Okonjo Iweala are the two best finance ministers in the history of this country.Awolowo leads, Okonjo Iweala follows.Obafemi Awolowo and Okonjo Iweala are the two best finance ministers in the history of this country.Awolowo leads, Okonjo Iweala follows....

Awolowo is a genius, nobody has been able to wear his shoes in Nigeria.

chiagozien:
Through policy of stealing Easterners money to settle his people?

If you decide to grow potuding teeth, you should also develop big lips to cover them or else the teeth will be broken

Agbegbaorogboye:
Lol. Easterners money indeed.

The SW was the richest region in the country both pre and post-independence. That's a fact.

What reasources does the south west has and have contributed towards nigeria development

Globad:
As at the first quarter of 2015 when Okonjo Iweala was the Minister of Finance, she was borrowing to pay recurrent expenditure

Okonjo under Obasanjo was able to clear Nigeria external debt,saved over 50billion from the sales of crude and also stabilized the economy from how Abacha damaged it

LoveLeadsLand:
Lol, will the government read this thread?

Yes, many stakeholders visit this forum as guest

It seems the government has ran out of ideas to stabilize the naira from having a free fall against the dollar.

In saner climes, the government would have brought together renowned economist to form an economic team to find a lasting solution to this economic embarrassment

It can also be thrown into the public space to buy sound economic ideas to help her

Please drop any solution you know that can help the government out of the woods

Armaggedon:
you are the one to read my comment properly and show me where I mentioned president.

Awolowo's singular indigenization policy what what crashed pre war economy till today.
Handing out the financial sector to incompetent hands and Using economics and finance to settle ethnic scores.

He used it to solve nigeria political problem at that materials time,the gains outweigh the losses

Armaggedon:
like awolowo, Tinubu was the best also, until he was tested. Ebi mpawa people are full of propaganda, noisemaking and criticism of others. They always like fronting themselves as intellectuals when others are in a position of authority. Give the power you'll see that they are incredibly incompetent and very irritating and arrogant loudmouths.

This is their government, and we must all watch them sink the ship.

it is not wise to sink with a ship you can salvage

Nigeria still have top economist in the country that can help the government if invited like

Oby Ezekwesili
Tony Elumelu
Nike Akande
Alex Oti
Charles Soludo
Tomulayo Adekanye
Sarah Alade
Chinvwe Egwin

They should be invited by the government to form an economic team

ExudeLoveToAll:
Won't they still tilt to another currency? if yes what then is the essence of fighting one master to get another master?

I wonder, African mentality

mrvitalis:
Who ever thought you economics did you dirty

What's wrong with the sound economic solutions up there.

Work with those smarter than you.

bennjaminne:
Egypt has decisively severed its reliance on the US dollar, aligning itself with the BRICS bloc’s strategic move towards de-dollarization. This bold maneuver signals a broader geopolitical realignment. By joining forces with BRICS, Egypt is charting a new course that deviates from the traditional economic paradigms dominated by the dollar.

The Winds of Change in Global Trade
The recent expansion of the BRICS alliance, welcoming Egypt among other nations, was a significant moment in global economics. This expansion is a bold statement against the hegemony of the US dollar in international trade. Egypt has taken a proactive move towards reducing the economic burden created by its reliance on the dollar by quickly adapting to trade in local currencies.
The transition is based on the worldwide economic upheavals and changes that have occurred throughout the last four years. Because of these challenges, there is now a pressing need to find a stable alternative to the dollar’s erratic control. As a result of the threat of Western sanctions, which are similar to those Russia endured, the BRICS countries are moving closer to economic independence and self-sufficiency.

Even though Egypt enjoys numerous advantages, its economy has been on the verge of collapse, easily affected by outside events like pandemics and political battles. Over 70% of the value of the Egyptian pound has been lost since the beginning of 2022. This shows how unstable the country’s finances are.

The economic slowdown has led to the growth of a black market where the value of the Egyptian pound has dropped dramatically, making the country’s economic problems even worse. A big drop has happened in the central bank’s funds, which went from $44.6 billion in 2019 to $32 billion by the end of 2022.

SOURCE: Microsoft news

My input:

Nigeria should be courageous and make these kind of moves, in these hard times.

The Dollar is not the problem but reliance on foreign currencies for imports

Nigeria, Delta born, Havard trained, renowned economist Dr.mrs.Okonjo Iweala should be invited by the Nigerian government to help solve the current economic problems in the country.

She's the current vice president of world bank for African region,she's also the head of world trade organization and member of board of many top notch word institutions.

She should be invited to work with some sound economist back home to find a lasting solution to the present economic imbroglio nigeria finds herself

Chicagograduate:
It is not only importation.Those japaing needs it.Politicians who always travel abroad to hold secret meetings needs the dollar.The elites whose children are having their education or live abroad needs the dollar to purchase their needs.Some Nigeria private institutions ask their students to pay in dollars too.

The dollar is the life wire of the nigerian economy

ogawisdom:
Yes at least they will conduct a better election in three years time.

Does votes count in Nigeria, Another incompetent person will still enter as your president

Ykc2:
I just sent my 1000 euros to naija from Austria through flutterwave 1.68million naira

The naira is really messed up

Chicagograduate:
Is there going to be an end to this dollar challenge?The banks have device a dubious way of making money like they do with POS system

Capital NO, because we cannot survive, since we imports all our needs not with naira but the dollar.

seborrhic:
Nation,propaganda arm of failed Emilokan doing overdrive propaganda.
Banks are inducing customers,yet dollar has moved from ₦1600 just yesterday to ₦1618 today,from ₦1500 less than a week ago

The naira will continue falling until the right thing is done

This is never a solution to the current economic imbroglio,after converting the dollar to naira,There will now be excess liquidity in the system, which will further worsen the value of the naira

Mopping up excess money in circulation, which the next plan of the CBN,it is an achaic monetary economic system,it doesn't have effects anymore .

Government should focus on the oil industry, that's where the issues are and also Nigeria debt profile is neck breaking, which is being serviced with crude.

WantsandMore:
importing food never solves a problem. If it did. We wouldn't be in this situation

It is a short term solution, many countries import food to augment the ones that they have comparative advantage.

Nigeria government should open the borders and also embark on mass importation of grains

Idaytesj29:
The International Monetary Fools (IMF)

They are not fools, they run Africa economies

Ykc2:
during covid 19 me as a person total money i got from Austrian government is 1800 euros in as much our factory was working and am not yet a citizen of austria ooh,tell me what you as a nigerian is benefiting from your government? 3.5billion dollars was sold to dangote at rate 380naira while others were buying at rate of 7800 naira did that made him to lower the price of his cement?in western countries dangote will be serving 20 years imprisonment his a fraud

Dangote holdings is where the collective loots of Nigeria politicians are invested.

He is given concessions in all his business activities for optimal profit for investors and not for the growth of the economy

gaby:
Na this Dangote refinery go cause the next civil war for Nogeria.

Westside Vs Northside.

how

DeLaRue:
It is a good strategy for the government.

Part of the reasons for the current high inflation is that Mr Buhari's government printed way too much naira.

The current government has been trying to get some of the excess naira liquidity out of the system.

One smart way of doing it is through the issuance of long term bonds. The money that individuals, companies, financial institutions, pension companies and foreign investors use to buy the bonds will be taken out of their bank accounts, thus reducing the amount of naira in the system.

As more of that liquidity is taken out of the system, it will help to bring down the rate of inflation.

The government has to use several tools to combat inflation. Issuance of long term bonds is one of them.

Nigeria present hyper inflation is not borne out of excess liquidity in the system.

It is the too much reliance on the dollar used for importation of goods and machineries, which the country largely depends on and cannot do without.

We should embrace a home grown economy,but unfortunately this is not possible because nigeria is not technologically inclined, so importation cannot be stopped,it can only be reduced

nairalanda1:
Well, we are here , because we did not diversify, diversify.

If you want to know why we are here, this article is for you. (It was published in 2004 by the way, so not an apologia for APC..Lol. It is also strangely prophetic).



Sauce: Managing the dutch disease in Nigeria by
Dr. Emmanuel Ojameruaye

What we experienced from 1982 , we are experiencing now, since 2014.

The economy cannot be diversified in one day,it should be a continued policy trust handed over any incoming government.

The outright neglect over the years by successive government has lead the country into the current quagmire.

It was only ignited by the fuel subsidy removal even when none of the country's refinery is working.

optimusprime2:
The moment they floated the currency, the government lost the last bit of control they had over the Economy... right now, Nigeria's Economy is at the mercy of the open market and it is definitely not helping matters that fuel is an imported commodity.

I regret to tell you that as long as fuel is being imported, as long as there are no significant exports, as long as Nigeria depends fully on a consumption demand... The Naira is doomed.

Nigeria has been import dependant since the time of Adam,and the economy has not been so bad as it is now.

nairalanda1:
Actually, thanks to years of low oil prices, and massive borrowing , brought about in part by subsides, we don't have enough money, and debt servicing was taking 90% of our loans at one point.

Ironically, taking more loans is a result

Nigeria is neck deep in debt right now, expecially the Buhari government,he borrowed to stupour and was even paying and servicing the loans with crude.

His successor has continued in the same stead, without anything to show

TheAlchemist:
JAGABAN now is the time to read the riot act to the CBN governor

To do magic

nairalanda1:
Reversing fuel subsidy would only make us spend more government income on subsidy, make us borrow to fill in the deficit related gap, and then we would reach a point where there is no more money.

The thing is, we should diversify our economy and raise income from taxes to pay for subsides.

It's the fuel subsidy removal that ignite the hyper inflation in the country.

Does the removal of fuel subsidy stop the government from taking loans

Nigeria has the reasources to fix all her refineries and make them running.