Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms - Politics (2) - Nairaland
Nairaland Forum › Nairaland General › Politics › Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms (8111 Views)
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by luckydion(m): 4:28pm On Jul 30 |
Really I will not argue the analysis of an expert. Nigeria is experiencing a mixed reality: macroeconomic indicators like foreign reserves and GDP growth show signs of improvement, BUT everyday living conditions and high poverty levels make life worse for many citizens. From citizen life structures you will realize structural fixes have yet to ease daily hardships. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Judemarco31(m): 4:30pm On Jul 30 |
APC will use this one as headline news in all the newspapers in the next one month, very funny people. APC and their supporters are just behaving like an infant that is drawing something meaningless on a board and the mother commended her that she is doing well knowing fully well that she don't know what she is doing but just to make her feel belonged, you will see the child jumping up happily as if she is getting it right  . That's how APC and their supporters behaves, they always wait to see any prominent personality that will glorify their failed policies, boooooom all the news channels will be filled up |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by anonimi: 4:32pm On Jul 30 |
Olofofo247ng:The prosperity that was achieved by PDP presidents before Tinubu begged Buhari to make Jonathan a one term president  |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Dennisochampa: 4:32pm On Jul 30 |
Obi supporters will say she's lying and then they will ask you how much is a bag of rice and how much is a plate of food because na only food them know 4 Likes 1 Share |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by ElSudani: 4:34pm On Jul 30 |
A real economist with a real grasp of what is going on. There was a guy with animal husbandry certificate on TV the other day crying over his own ignorance. 1 Like |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by ElSudani: 4:47pm On Jul 30 |
anonimi:What prosperity? Subsidized prosperity with no connection to real production like more industries, more jobs, more infrastructure etc. With Subsidized dollars and Subsidized petroleum products etc. What exactly was driving the economy? It was a house of cards. Thank God Tinubu had the courage to put a stop to it and start building a real economy with a real foundation. 2 Likes |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Sophocles5050: 4:50pm On Jul 30 |
Madam Iweala is not doing enough for our trade. She is not bending the rules to aggressively improve our trade. That's what you do for your country when you are heading a global organisation. That we missed that opportunity at the world bank, do we also miss it at WTO? |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by anonimi: 4:55pm On Jul 30 |
luckydion:Are debt and GDP numbers not also macroeconomic indicators? How is Tinubu and his Cardoso doing in these areas? What is the point of borrowing money at high interest rates to put it in reserves that earn little or no interest? https://www.youtube.com/watch?v=7WzbBqAWPfI Aug 29, 2023 Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the end of the inaugural Federal Executive Council meeting in Abuja. Mr. Edun said that the benefit of the subsidy removal will be plough back into various sectors to improve business environment for local and foreign investment. He added that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis. https://www.youtube.com/watch?v=Bn29b0SkCWU?si=s_-vTlCqSlykI0BX Ofunaofu:
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| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Vision101(m): 4:58pm On Jul 30 |
omonwayaro:Who taught this accounting. Go and collect your school fees back. Accountant with no practical knowledge worked in Exxon Mobil up to the level of treasurer. Worked in one of the big global auditing and consulting firms. Guy try another stick 🏒 3 Likes |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Petrzoom: 5:02pm On Jul 30 |
He's trying his best but he still needs to work harder. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by israelmao(m): 5:11pm On Jul 30 |
If a free and fair election is held today winning the second term would be like a camel passing through the eye of a needle for Emilokan. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by DeltaBachelor(m): 5:11pm On Jul 30 |
Okay. A very good one from both of them |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Goldensword: 5:11pm On Jul 30 |
[quote author=yarimo post=140189757]And someone from agulu village who is good at fake drugs trading was busy lying to his supporters about Nigeria economy , as if he know anything about economy of Nigeria [/quotes You forgot so soon, that same Man you call Agulu trader first commended Same CBN governor few weeks ago for his policy that have saved Nigeria economy, he only took a swipe at the government reckless spending. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Afamed: 5:19pm On Jul 30 |
The bitter children of frustration go cry blood today. Don't be surprised, they might go to Madam Okonjo social media page to begin to attack her 1 Like |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by sacajawea(m): 5:20pm On Jul 30 |
aahhhhhh!! |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Sirrules: 5:30pm On Jul 30 |
88 PerfectView:I'll please, implore you to stop, mentioning the repackaged Agulu fraud in same sentence with PBAT cuz, it's an insult to the ever intelligent and competent PBAT. Only Atiku is the presidential contestant, who's worthy of being , mentioned politically, when, talking about PBAT. 2 Likes |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Sirrules: 5:32pm On Jul 30 |
MamaFryo:truly, you don't know anything. You're one of those gullible people,whose only view of good governance is, by comparing the price of rice&beans 1 Like |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Teymanhenry(m): 5:33pm On Jul 30 |
PerfectView:What's Nigeria's biggest challenge at the moment? Hope you kno it's not the economy ? |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by CharlesCNG: 5:38pm On Jul 30 |
MamaFryo:You speak as though Nigeria's economic problems began on 29 May 2023. Who created the fuel subsidy regime that bled the treasury for decades? Who maintained multiple exchange rates that rewarded arbitrage instead of production? Who borrowed heavily to finance consumption while postponing difficult reforms? Blaming Tinubu for all of Nigeria's accumulated economic distortions is like blaming the ambulance for an accident simply because it arrived at the crash scene. Nigeria is like a patient who spent decades drinking sugared water while refusing proper treatment. The sugar tasted good, but beneath the surface diabetes was quietly destroying the body. When the patient finally reaches the hospital, the physician prescribes painful treatment instead of more sugar. The injections hurt. The recovery is slow. But that does not mean the doctor caused the disease. That is the challenge President Tinubu inherited: an economy that looked stable on the surface but was being sustained by fuel subsidies, exchange-rate distortions and borrowing that could not continue indefinitely. Is there still pain? Absolutely. Should government continue working to reduce that pain? Without question. But there is a difference between pain from an illness and[b] pain from treatment[/b]. Confusing the two is like demanding that a surgeon stop operating because the patient feels pain. For years, Nigeria lived beyond its means. Today, the medicine is bitter, but the patient is showing signs of stabilisation. Revenue has improved, foreign reserves are stronger, fuel queues have disappeared, states receive significantly higher FAAC allocations, and investors are gradually regaining confidence. Criticise the implementation where necessary—that is democracy. But don't rewrite history by pretending the physician created the disease. The sickness was decades in the making. The real debate is whether anyone proposing to replace THIS doctor has a better diagnosis, a better treatment plan and a credible way to pay for it. Until then, demanding a return to the sugared water that nearly killed the patient is not compassion—it is malpractice. Finally, madam policewoman, before you arrest the doctor, kindly produce the medical report and introduce the replacement physician. Nigeria has suffered enough from miracle healers. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by AlphaTaikun: 5:50pm On Jul 30 |
Olofofo247ng: |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by mukthar2000(m): 5:51pm On Jul 30 |
Were is brother obinna to withness the accolades him sister gave cadoso. Disobidents childrens we be like 1 Like
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| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Benwallt(m): 5:52pm On Jul 30 |
MamaFryo:Do you need buckets or handkerchief. You and your people come out do your own. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by CharlesCNG: 5:57pm On Jul 30 |
Olofofo247ng:THE CUP IS NO LONGER HALF EMPTY: CARDOSO, OKONJO-IWEALA AND THE QUIET RETURN OF ECONOMIC CONFIDENCE. By CharlesCNG, "We are not where we want to be, but thank God we are no longer where we used to be." That old saying perfectly captures the message that emerged from the fireside conversation between WTO Director-General Dr. Ngozi Okonjo-Iweala and Central Bank of Nigeria Governor Olayemi Cardoso. For perhaps the first time in years, Nigeria's economic conversation is gradually shifting from survival to opportunity. Neither economist pretended that Nigeria's problems have disappeared. Neither suggested that inflation has vanished or that Nigerians are not still feeling economic pain. Instead, they argued that the difficult reforms of the last two years have begun restoring something every successful economy requires before prosperity can return—confidence. Governor Cardoso recalled inheriting an economy marked by depleted reserves, weakened confidence, policy inconsistency and severe distortions in the foreign exchange market. His response, he explained, was to restore credibility through transparent processes, orthodox monetary policy, clearer communication and difficult but necessary reforms. "The figures speak for themselves," he said. What made the conversation particularly significant was that these remarks were immediately reinforced—not by politicians—but by one of the world's most respected development economists. Dr. Ngozi Okonjo-Iweala openly acknowledged that the Central Bank had built "an island of excellence" and commended its efforts to restore credibility and discipline to monetary policy. But she also delivered an important reminder. Macroeconomic stability alone is not enough. The benefits must now flow into the real economy where ordinary Nigerians can feel them through jobs, investment, lower inflation and expanding opportunities. Perhaps the most encouraging part of the discussion was its optimism about Nigeria's future. While many see global trade tensions as a threat, Okonjo-Iweala sees an opportunity. As global supply chains diversify away from excessive dependence on a few countries, Africa—and Nigeria in particular—can position itself as a manufacturing, logistics and critical minerals hub, provided governance, infrastructure and the investment climate continue to improve. Cardoso echoed the same philosophy. Nigeria, he argued, cannot continue depending primarily on foreign capital. Domestic resource mobilisation, stronger institutions, banking recapitalisation, policy consistency and closer collaboration between fiscal and monetary authorities must become the foundation of sustainable growth. He noted that approximately **75% of the funds raised during the recent banking recapitalisation came from domestic sources**, demonstrating that Nigeria possesses far greater internal financial capacity than many assume. The hardest ECONOMIC decisions are rarely the most popular at the beginning. They become appreciated only after stability begins replacing uncertainty. Nigeria has not crossed the finish line. Inflation remains high. Many families continue to struggle. Businesses still face serious challenges. But the conversation has changed. Not from denial to celebration. From crisis management to long-term rebuilding. Perhaps the glass is no longer almost empty. Perhaps, for the first time in many years, it is becoming more than half full. As another old saying reminds us: We are not yet where we want to be. But thank God we are no longer where we used to be. |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by anonimi: 6:00pm On Jul 30 |
ElSudani:A house of cards that grew the economy to the biggest in Africa? It’s been three years since Tinubu removed subsidy on petrol and dollars, but he is borrowing more than PDP presidents and unemployment is worse. So what is the balablu bulaba clueless clown doing instead of resigning?
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| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by CharlesCNG: 6:09pm On Jul 30 |
jojo1415:Every economy undergoing major structural reforms experiences pain before the gains become widespread. That is why serious analysis and development economists looks beyond emotion and asks: Is the economy stabilising? Is it moving in the right direction? Yes, many Nigerians are still hurting. Nobody denies that. But to claim that "nothing is moving" is simply a doomsday narrative detached from reality. Roads are being built. Refineries are coming back. States are receiving record FAAC allocations. Foreign reserves have strengthened. Private investment is returning. Inflation remains a challenge, but the economy is no longer being propped up by unsustainable fuel subsidies and artificial exchange rates. Saying "everything is on standstill" is like standing in the emergency ward and declaring the patient dead because he has not been discharged. Nigeria's economy is not where we want it to be, but neither is it where it was in May 2023. The real question for the opposition is no longer "Things are hard." Nigerians already know that. The question is: What exactly would you do differently tomorrow morning, and how would you fund it without returning Nigeria to the very policies that created today's problems? Until that question is answered, the doomsday sermons may generate applause—but they do not generate solutions. 1 Like |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Exousiang01(m): 6:26pm On Jul 30 |
MamaFryo:Is this what your father told you or you just imagined it. This woman categorically stated that Nigeria was broke under GEJ. She stated clearly that the countrys treasury was empty. Or where you not born then? Or you let your hate affect your hearing 2 Likes |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by Xboss1: 6:31pm On Jul 30 |
PerfectView:Is Obi the only presidential contender? Are you scared of mentioning Atiku? |
| Re: Okonjo-Iweala Commends CBN Governor Cardoso For Economic Reforms by CharlesCNG: 6:32pm On Jul 30 |
JuanDeDios:Your point is interesting, but it is based on a misunderstanding. NFEM is not a second exchange-rate window—it is the market itself. It is where banks and authorised dealers buy and sell foreign exchange, and the official rate is determined from actual trades. Scrapping NFEM would be like shutting down the Stock Exchange because people also trade shares privately. The other rate you are probably refering to to is the parallel (black) market, not another official CBN window. Even countries with floating currencies can have parallel markets. The real objective is not to eliminate every unofficial rate, but to narrow the gap between the official and parallel markets. The real arbitrage happened under the old system, when government sold dollars at artificially low official rates like 350 while the black market valued them much higher-700 / 750. That encouraged people to buy cheap official dollars and resell them for huge profits. The Cardoso system is a[b] managed float[/b]. The market largely determines the exchange rate, while the CBN occasionally intervenes to reduce excessive volatility—something many central banks around the world also do. The answer is therefore not to scrap NFEM, but to deepen it with more liquidity and transparency until the parallel market becomes largely irrelevant. 1 Like |
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