₦airaland Forum

Instead of trying to run industries in a corrupt and shrinking economy, why not empower people to emigrate and be remitting money back into the country.

Corruption won't allow industries and businesses grow. Look at what farmers are passing through in the hands of bandits alone. Which sane industrialist will want to build big farm that will be targeted?
Instead, give skilled youths loans of between N25m and N40m to relocate to other countries and be remitting forex that oil can never give.

The official rates had to bow to the black market rates because the black market was bigger and more open. If oil can't give you enough dollars again, allow the black market supply source(remittances) grow until it crashes the price of forex.

What do you guys think?

RepoMan007:
Instead of trying to run industries in a corrupt and shrinking economy, why not empower people to emigrate and be remitting money back into the country.

Corruption won't allow industries and businesses grow. Look at what farmers are passing through in the hands of bandits alone. Which sane industrialist will want to build big farm that will be targeted?
Instead, give skilled youths loans of between N25m and N40m to relocate to other countries and be remitting forex that oil can never give.

The official rates had to bow to the black market rates because the black market was bigger and more open. If oil can't give you enough dollars again, allow the black market supply source(remittances) grow until it crashes the price of forex.

What do you guys think?

Thank you for this suggestion.

I was discussing with someone about this few days ago.

The govt can really make good fx by sponsoring Nigerians abroad.

Especially those in the health sector and tech. Even plumbers and Carpenters too.

Sign an agreement with every beneficiary

According to world bank:

The top five remittance recipient countries in 2023 are India ($125 billion), Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion).

Their local population figures.

Mexico - 127m
Philippines - 117m
India - 1.4B
China - 1.4B
Egypt - 110m

Imagine if the stranded Nigerian students in the UK are loaned the money needed to finish their studies and become employed over there. They will be productive to mankind, prosper themselves, and probably remit forex home. That's better than many projects our govt is doing.