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Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane - Politics - Nairaland

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Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Morbeta11(m): 3:36pm On Sep 26, 2023
Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane


He said the naira will appreciate again but added that the appreciation might not happen until early parts of 2024.


Renowned economist, Bismark Rewane, says for the Nigerian economy to bounce back with a strong currency, the government must free it from the interest of a few rich people.

He said the naira would be appreciated again but added that this might not happen until the early parts of 2024.

Rewane, who was a guest on Channels Television’s Politics Today on Monday, said that the government must allow the market to determine pricing.

He noted that the palliatives introduced by the Federal Government in the wake of the removal of fuel subsidy won’t address the fundamental issues affecting the economy but only a temporary measure.

“You got to believe in the reform economics, if you don’t believe in it then you can’t do anything about it. Secondly, you got to stop state capture, you can’t have oligarchs and barriers to entry. So, this economy must be freed from the oligarch’s interest. An oligarch interest means state capture, shifting state resources to private pockets and leading to inefficiencies.

“You must allow the market to determine pricing. By reducing subsidy on petroleum products, and reducing subsidy in exchange rates, those monies shift to the government. So, how is the government spending the money coming their way?

“In all fairness, the word subsidy means temporally relieve, it doesn’t address the fundamental issue, the fundamental issue is that there must be growth and there must be increase in productivity,” Rewane said.

According to the economist, Nigeria needs to spend big on projects that increase productivity, block leakages, encourage people to invest, and ensure that the interest rate is close to the rate of inflation so that there will be equilibrium.

He sees signs of the economy bouncing back but maintains that the government also needs to come clean and be straightforward with the true position of things at the moment.


https://www.channelstv.com/2023/09/25/nigerias-economy-must-be-freed-from-oligarchs-interest-says-rewane/

18 Likes 3 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by festacman(m): 3:38pm On Sep 26, 2023
This is the only useful thing Bismark Rewane said in that interview: "Nigeria needs to spend big on projects that increase productivity, block leakages, encourage people to invest, and ensure that the interest rate is close to the rate of inflation so that there will be equilibrium".

And I had expected him to come loud and clear on the need for President Tinubu to roll out his economic roadmap for reviving the economy of Nigeria. There is confusion at the moment and the economy is sinking deeper. These are worrying times for our dear country.

By the way for record purpose, Tinubu is an big oligarch and Lagos State is one his pies. Just saying ...

60 Likes 7 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by NzogbuNzogbu: 3:39pm On Sep 26, 2023
Unless it's freed from Tinubu incompetent hands

undecided How would an economy grow when the minister of defense wants it's citizens to negotiate with kidnappers.

But na you dey find investors when be food for kidnappers

60 Likes 2 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by RepoMan007: 3:48pm On Sep 26, 2023
The possibility is there for Naira to bounce back to around N700 a dollar but I believe it is tied to Dangote refinery firing.

That's the only major import substitution we are about to witness that can spur the Naira on. No other means in sight. Harvest has come and for the first time in history, food prices barely crashed. Too much money in the system means people are using the new found wealth to stock up from hinterlands and selling at massive profit that hides the crash in prices.

Before our N100 a post agents arrive to blame emefiele for printing money, remember, Tinubu once suggested to Buhari we print money during the covid crisis.

12 Likes 2 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Burob: 3:51pm On Sep 26, 2023
NzogbuNzogbu:
Unless it's freed from Tinubu incompetent hands

undecided How would an economy grow when the minister of defense wants it's citizens to negotiate with kidnappers.

But na you dey find investors when be food for kidnappers
Because it is not you & your people that spoilt Nigeria, it is Tinubu you are blaming?

9 Likes 2 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by accordadoga30(f): 3:52pm On Sep 26, 2023
"He said the naira will appreciate again but added that the appreciation might not happen until early parts of 2024".

We are confident naira will appreciate.

It's just a matter of time.

This is a bad news for the enemies of Nigeroa from one region.

6 Likes 3 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by RepoMan007: 3:53pm On Sep 26, 2023
Burob:
Because it is not you & your people that spoilt Nigeria, it is Tinubu you are blaming.
The economist spoke in principle, don't introduce tribal division in order to derail and take away the heat from your principal.

30 Likes 1 Share

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by leaner2023: 3:59pm On Sep 26, 2023
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Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by ivolt: 3:59pm On Sep 26, 2023
Who are the oligarchs?
Aren't they the same people funding Rewane's business?

10 Likes 1 Share

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Karemarealty288(m): 4:16pm On Sep 26, 2023
ivolt:
Who are the oligarchs?
Aren't they the same people funding Rewane's business?


Chaugory Chaugory , Dangota, bla bla bla bla...

2 Likes

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by ivolt: 4:17pm On Sep 26, 2023
Karemarealty288:

Chaugory Chaugory , Dangota, bla bla bla bla...
You have no idea.

1 Like

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Burob: 4:17pm On Sep 26, 2023
RepoMan007:
The economist spoke in principle, don't introduce tribal division in order to derail and take away the heat from your principal.
Ok tribalist, it is because of Bola Ahmed Tinubu in Abuja, that a Lazy Almijiri like you is wailing?

You never start yet.

8 Likes 1 Share

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Karemarealty288(m): 4:19pm On Sep 26, 2023
ivolt:

You have no idea.
share...
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by ivolt: 4:27pm On Sep 26, 2023
Karemarealty288:
share...
Think of Elon Musk vs Zuckerberg's rivalry and a Zuckerberg money manager accusing Musk
of being an Oligarch.

100% of Rewane's clients are "Oligarchs".
Those who understand his business know that everything he says is PR
to promote is client's interests.

4 Likes

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by SmartPolician: 4:51pm On Sep 26, 2023
I thought that Tinubu would make Bismarck Rewane his CBN governor or Minister of Finance.

That man has a rich economics/banking background and speaks like someone who knows his stuff.

3 Likes

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by femisplash: 5:52pm On Sep 26, 2023
Sensible Nigerians know we must do things differently to achieve a better result, but wailers must wail.

63 Likes

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by OkCornel(m): 6:11pm On Sep 26, 2023
APC crashed the naira from 216 to almost 1k per dollar.

Fuel price is over 700 naira per litre. I’m proud of APC. Nigeria is a land flowing with milk and honey. Long live Tinubu.

Long live the elites raping the impoverished masses since independence.

On tribalism we stand! 👏

6 Likes 1 Share

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by bjdon: 6:39pm On Sep 26, 2023
RepoMan007:
The possibility is there for Naira to bounce back to around N700 a dollar but I believe it is tied to Dangote refinery firing.

That's the only major import substitution we are about to witness that can spur the Naira on. No other mean in sight. Harvest has come and for the first time in history, food prices barely crashed. Too much money in the system means people are using the new found wealth to stock up from hinterlands and selling at massive profit that hides the crash in prices.

Before our N100 a post agents arrive to blame emefiele for printing money, remember, Tinubu once suggested to Buhari we print money during the covid crisis.
Dangote is going to sell refined products in Dollars, so his refinery will not do anything to improve the strength of the niara

5 Likes 1 Share

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Reelmii: 6:53pm On Sep 26, 2023
grin
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Funkyswagzz(m): 6:54pm On Sep 26, 2023
Burob:
Because it is not you & your people that spoilt Nigeria, it is Tinubu you are blaming?

Everybody is to be blamed including you

1 Like

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by ATEAMS: 6:55pm On Sep 26, 2023
Indeed
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Ensa777(f): 6:55pm On Sep 26, 2023
Unfortunately it'd be a long time coming.
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Eriokanmi: 6:55pm On Sep 26, 2023
This man talks at times, just likena businessman who wants to protect his interest,.so the government of the day doesn't come for him. I hope he's not complicit in the fx woes. The way he was talking last night on channelstv suggests so.

1 Like

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Ife774: 6:55pm On Sep 26, 2023
There's an ongoing investment that is paying 5% daily compounding interest, known as Abr trading platform..
If you are interested, check my signature and chat me up on whatsap
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by Infobase101: 6:56pm On Sep 26, 2023
This man own don too much!
Always claiming he knows or has all the economic policies to solve any economic situation.

All the economic committees abi economic think tank has served none has moved the economy forward.

He should go and rest abeg, make we hear word .

2 Likes

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by BluntCrazeMan: 6:57pm On Sep 26, 2023
Ok oo
Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by altteemy: 6:58pm On Sep 26, 2023
Simply start the Yuan swap and instantly, half of dollar demands will reduce. What's the delay 🤷

4 Likes 2 Shares

Re: Nigeria’s Economy Must Be Freed From Oligarch’s Interest, Says Rewane by MANNABBQGRILLS: 6:59pm On Sep 26, 2023
SECONDED.

60 Likes 4 Shares

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