₦airaland Forum

A lot of people here think they can run this country with the theories they were taught in school .

Free market economy 😄

Free market can work marginally in Nigeria when proper regulations are in place.

Antimonopoly laws
Fair competition laws
Proper registration and indexing
SEC doing its job

Nonetheless, Nigeria at this level is in need of massive social investment (not palliatives, subsidize healthcare for extreme of ages, school and housing), most of our MSMEs and SME can’t support economic growth, POS, recharge card/data bundle sales, isn’t a real business, tailoring, printing, etc the tech sector is thriving but still needs support.
I once watched the documentary of a small cosmetic company that has become a major player in the global cosmetic industry, I believe the origin to be lithuanian, the ability to refine and source local ingredients enabled the business.

A tailor for example, the cotton or linen, buttons, zippers, hook etc used to work are all imported, so are they really helping the economy?


The government needs to encourage investment into manufacturing that improves the local value chain.

Remman:
I don't get, what exactly is he trying to say? Is it that the price of maggi and onions is determined by the government? Or what drove him to say this? Or i'm the one confused here, can someone help me out?

read, read and read oga is the reason why you are confused, stop being intellectually lazy and go and find out the differences between macro and micro economics, wetin concern maggi with fashola big picture analysis of market systems

EmperorCaesar:
And how many countries can successfully copy that model...you even have to travel to the Middle East to reference one

You don't have to always oppose those you don't fancy...iit hinders your ability to think freely

Government can actually find a way to introduce subsidies in some aspect, especially if the overall telling effect would inject life into the economy and maybe the Naira

No one would wanna advocate for a total free economy no matter what...for developing countries,it's gonna be suicidal

Oh really!! When did zombie learn this "new" concept? Is it after the catastrophic effects of the emilocorn experiments or before. Cause last I checked you're still spreading propaganda about how the reforms are necessary for a great future.
Meanwhile, did Fashola also come to this realisation before or after emilocorn economic crisis?

helinues:
Fashola is right. There should be price control by government .

Reasonable number of the associations are the one causing some of the ridiculous high price of goods and services.

When did fashola mention price control? Stop typing off point. Go back to Toh. 👉🧟‍♂️

LadyExcellency:
Free Economy[it's free market] has a different definition and has nothing to do with cessation of social welfare and subsidies.

Bibi Netanyahu has proved that it exists.

Read how he successfully liberated Israel’s economy, which helped turn it into a global powerhouse of technological innovation.

Talking rubbish with confidence. What is the so-called different definition of a free market (not free economy)? Not expecting a reasonable answer because you obviously have no clue.

EmperorCaesar:
You sure say u understand wetin Dem dey talk?

The Pres wants a pure free market economy to operate in Nigeria.

If free mkt economy is allowed in Nigeria, before we know what is happening the price of one satchet of pure water will hit 10,000 naira. And salary will be kept in the same level he met it.

Imagine what other goods and services prices will be like if a satchet of pure water is 10k!

Fashola stressed that the thoughts of allowing market forces to determine the economy have consequential effects which would eventually lead to the government stepping in.

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Fashola stressed that the thoughts of allowing market forces to determine the economy have consequential effects which would eventually lead to the government stepping in.

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Remman:
I don't get, what exactly is he trying to say? Is it that the price of maggi and onions is determined by the government? Or what drove him to say this? Or i'm the one confused here, can someone help me out?

Actually, yes. Though not directly, they do it by subsidising certain sectors of the economy as required. China does it, France does it, in fact the whole world (Including the USA) does it.

What the nation is experiencing today is a result of the government experimenting with handing off and allowing for the forces of demand and supply to dictate prices as advised by the IMF. It has obviously backfired and they're only trying to tack back control. Same thing happened under Buhari and the dollar rose from about N180 to over N600 to a dollar before the man stepped back in.

Britishpea:
Go back to secondary school. This time don’t jump out of the Windows’

As a good citizen,you must educate the ignorant and correct them in love . Somebody didn't understand a comment ,the best thing to do is to educate him not to be abusing his intelligence ..

Because they're now in power. SMH.

When Jonathan was president, there was nothing that these useless people didn't use to attempt to humiliate him and his government. They entertained no excuses or explanations until they succeeded in removing him.
Now they're in the seat of power and looting to their heart's content, they're bringing different stories and tales to feed Nigerians who have gullible, short-term memories.

No country in the world practices a fully free economy not to mention of developing country

The technocrat is trying to educate the Govt on the need to take caution in the enforcement of their capitalistic economic policy that has impoverished our citizens . Any economic policy that has no human face is bound to fail as it won't benefit the majority . The federal Govt must task her economic advisers to come up with sound domestic solution to our present economic brouhaha . There must be way out

It breeds greed

OlujobaSamuel:
Exactly what I was telling someone here that is an advocate of zero subsidy economy, it doesn't exist anywhere in the world, govt will definitely have one or two things to subsidize for the people

People that preach that Nonsense don't know what they are saying. All governments of the world always step in to protect their economies at all times. The US still pays more subsidies than most countries of the world. Even the Europeans do it but yet they advice our foolish and criminal minded leaders to remove subsidies and free up more money they can steal and they quickly implement it like the fools they are

What is the need for these association if not to extort and increase prices without reasoning

helinues:
Fashola is right. There should be price control by government .

Reasonable number of the associations are the one causing some of the ridiculous high price of goods and services.

OlujobaSamuel:
Exactly what I was telling someone here that is an advocate of zero subsidy economy, it doesn't exist anywhere in the world, govt will definitely have one or two things to subsidize for the people

So what if u don't have revenue to subsidies? Should u borrow to? When debt servicing is already eating nearly 100% of revenue?

The Nigerian traders have form a union to fix their own price.No trader is selling at his or her own price.They sell at the price the union told them.And it is enforceable

Minister of Darkness has spoken 🤣🤣

mrvitalis:
So what if u don't have revenue to subsidies? Should u borrow to? When debt servicing is already eating nearly 100% of revenue?

The debts in most cases wasn't as a result of subsidy but utilisation of debt for unworthy ventures.
As at date, the major subsidy that benefits the populace are; Power, Fuel, Agriculture and Education.
Govt is handing off power and fuel, agriculture is poorly managed as the right people are not getting it or have to pay through bribes, tips, etc to get it. Education that is left is about to be yanked off with the advent of students loan, it means that cost of goods and services will jump out through the roof and not windows.
4pcs of small tomatoes that each is not bigger than bitter cola or date is now #200

This is right. This is the mistake of Tinubu. Allowing floating of naira is the biggest mistake of Mr President

OlujobaSamuel:
The debts in most cases wasn't as a result of subsidy but utilisation of debt for unworthy ventures.
As at date, the major subsidy that benefits the populace are; Power, Fuel, Agriculture and Education.
Govt is handing off power and fuel, agriculture is poorly managed as the right people are not getting it or have to pay through bribes, tips, etc to get it. Education that is left is about to be yanked off with the advent of students loan, it means that cost of goods and services will jump out through the roof and not windows.
4pcs of small tomatoes that each is not bigger than bitter cola or date is now #200

Answer my question na

You guys act like government have infinit money u don't know it's like a business

Government should even subsidies first home buyers cars, marriage, them plenty but when revenue can't even service debt what do you do

SoNature:
Fashola is right. Once in a while, the government will intervene in the market and stabilise things. If not, things will go wrong.

The speech I consider most interesting was that of Oluseun Onigbide, I just came across the name today. He encouraged everyone to show interest and get involved in governance.

Prof Soludo did well, but I don't think being in government and not borrowing to invest in ventures that will yield more money for the state is something to celebrate.

Fashola and co should at least start an open market and stop being socialists.

They keep practicing open protectionist ideas and you are hailing them. Sometimes we deserve the leaders we have

Fash Baba

Free market economy only benefits the developed industrialized nations. Growing economies like that of third world economies needs a lot of checks if not they can't compete and is swallowed by big economies hence industries collapse in these developing countries. An example is Nigeria. In the 70s and 80s, our industries was thriving but since this free economy things, industrial warehouses have turned to churches
We should stop taking advise from IMF and other organisations that works for the west.

We've known all this......
How has this country been successful in the face of sanctions and dwindling economic successes.....?!
Your Poor peopled APC are deaf on either side of the ear that your message is better off with the marines

mrvitalis:
Answer my question na

You guys act like government have infinit money u don't know it's like a business

Government should even subsidies first home buyers cars, marriage, them plenty but when revenue can't even service debt what do you do

Is the govt not increasing taxes already? Should low revenue prompt removal of all subsidy? What prompted the debt ab initio?
I don't understand the logic between home, cars, marriage, etc against power, food, fuel and education, the comparison is absurd

OlujobaSamuel:
Is the govt not increasing taxes already? Should low revenue prompt removal of all subsidy? What prompted the debt ab initio?
I don't understand the logic between home, cars, marriage, etc against power, food, fuel and education, the comparison is absurd

They have increased tax and yet revenue can't meet up debt servicing what should be done then

LadyExcellency:
That's not a negation of the free economy. Investors are being driven to offload the yen due to a yawning gulf in interest rates between Japan and the United States. The US Central Bank cut interest rates thereby affecting the Japanese market.
Saving jobs and keeping the financial system and banks' credit rantings is the economic and monetary decision of their central bank, not the political echelon

thank you, finally someone that understand economics not our beer parlor economic analyst.

mrvitalis:
They have increased tax and yet revenue can't meet up debt servicing what should be done then

So the only available option is pulling the plugs on all forms of subsidy to the populace?
If that is your take, we can see the results of the partial pulling out, let's see what will happen if all is eventually taken away

lauzun:
Because they're now in power. SMH.

When Jonathan was president, there was nothing that these useless people didn't use to attempt to humiliate him and his government. They entertained no excuses or explanations until they succeeded in removing him.
Now they're in the seat of power and looting to their heart's content, they're bringing different stories and tales to feed Nigerians who have gullible, short-term memories.

Jonathan has moved on; brother try and do same