₦airaland Forum

Leading international business publication, The Financial Times UK has described the economic policies of the Buhari administration as the ‘height of foolishness’.

Steve Johnson, Deputy editor of the FT’s EM Squared section wrote

Copying Venezuela’s exchange rate policy and China’s failed equity market strategy might seen the height of foolishness.

The entire article is reproduced here:

Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession.

Copying Venezuela’s exchange rate policy and China’s failed equity market strategy might seem the height of foolishness.

But, at least in the opinion of John Ashbourne, Africa economist at Capital Economics, that is precisely what Nigeria, the continent’s largest economy, has just done.

“Low oil prices are battering Nigeria’s export-dependent economy, but it’s the government’s market-distorting response that risks pushing the country into a Venezuela-style crisis,” Mr Ashbourne says.

“Nigeria is sliding towards a Venezuela-style FX regime and adopting a Chinese-style stock market circuit breaker. Neither will reassure foreign investors, many of whom seem to be eyeing the exits.”

Both measures were announced after markets closed on Friday, January 15.

The circuit breaker on the Nigerian stock exchange, one of the worst performing in the world this year with a fall of 17.7 per cent, will pause trading for 30 minutes if stock prices fall 5 per cent. Trading will cease for the day if it is triggered twice in a session, or after 1.45pm.

This month, Beijing abandoned a similar policy after just four days, concluding that in a falling market the existence of the circuit breaker encouraged more selling as traders rushed to exit while they could.


Read more at http://www.theheraldng.com/financial-times-uk-calls-buharinomics-the-height-of-foolishness/#iVyEi4Rykz5yEFLc.99

Nonsense writeup

- What solutions have they rendered through their agenda setting?

- Oil is the mainstay for Nigeria and she has to do anything to survive the period.

- Focus is on security, economy and anti-corruption. Don't they understand?

- Whether to adopt North Korea's economic and Chinese social systems should not bother any sane mind. The government is new and of Change.

Nonsense remarks....Jonathan sef

The PDP sycophants will soon flood this page.

Meanwhile one APC sycophant done mark him anger register over the post which is, of course, the reality.


The head of APC sycophants right now thinking of what to say to the post.

Em wailers don get new terminology oo

The essence of the entire article is: Buhari should devalue the Naira. I dont know what these people stand to gain from a poor Naira.
Read the article, thats just the point. And these were the same people praise NOI...they were probably thanking her for killing the economy before handling it to the new government.

On the face value his economic policies lacks clear direction if critically analyzed outside. however the president might have other residual info and plans best known to his team hence we have to support him at least for now as we got no reasons not to believe him.
When economic policies are made several parameters must be considered without detailing it to the masses.

Keneking:
Nonsense writeup

- What solutions have they rendered through their agenda setting?

- Oil is the mainstay for Nigeria and she has to do anything to survive the period.

- Focus is on security, economy and anti-corruption. Don't they understand?

- Whether to adopt North Korea's economic and Chinese social systems should not bother any sane mind. The government is new and of Change.

Nonsense remarks....Jonathan sef

The problem is everyone else but buhariconomics

They've blamed Jonathan
They've blamed PDP
They've blamed Iweala


And Just when I thought the blame game is over, they blame God too

I bet Amadioha won't be spared

Corruption is fighting back through financial times-Lai mohammed.
This govt has only one agenda...fight corruption among your enemies. whether Nigeria and its economy collapses in the process is irrelevant but from what i heard, vast majority of Nigerians are happy with the vendetta. so, let us continue to fund our budget will metuh's arbitrary bail bond. This is the budget of change

Booharinomics is finishing this country but dey will come and defend him with hungry stomach...

our APC e-psycophants wont just learn to live in reality and start speaking truth to power. these problems we found ourselves in currently could have been largely watered down if and only if the APC government on assuming power had gotten down to the serious business of economic revitalisation. Lemme explain

the year 2015 was an election year and this periods have their own economic peculiarities as this are periods when investor speculations are at an all time high,new investments tend to carry a higher risk premium than subsequent years especially in a developing third world economy as fears of political instability are heightened and coupled with weak institutions it is almost impossible to maintain stability in the economy as efforts of government will be geared towards conducting a peaceful and credible election and if peradventure a sitting president is also among the contestants as the case with Nigeria then it is almost likely that economic deliberations will get less attention. investors therefore withhold investible funds pending the conclusion of the electoral process and the inauguration of the new government. The expectations of investors from a new government is to provide its economic roadmap so that investors can key into it and also show some level of zeal in implementing the roadmap.
upon assumption of office this current administration rather than provide a roadmap for the economy decided to start playing blame games and even went further to bash the economy with their words. No investor takes such economies serious which is why the economy is in shambles today even after 8 months of the APC govt.
The whole foreign exchange brouhaha can only be well managed with the right fiscal policy,the CBN has done its best in trying to minimise the fall of the naira using monetary policy but monetary policy has very little impact on foreign exchange. A good Fiscal policy has the greatest impact on exchange rate and the the ministry of finance and the ministry of trade and investment are the key ministry with the powers to fashion out and implement fiscal policy. it took buhari 5 months into his admin b4 appointing ministers to man this ministries and up until now we still dint have a clear roadmap on what fiscal policy direction this government is embarking on.

I'll stop here

my advise to fellow Nigerians is to stop seeing Nigeria as a PDP/APC affair and start speaking truth to power cos from my own personal 'amateurish' economic forecasts i see harder times ahead if we keep supporting this govt to handle economic matters as it is currently doing

@THESHADYEXPRESS

STARGREEN:
On the face value his economic policies lacks clear direction if critically analyzed outside. however the president might have other residual info and plans best known to his team hence we have to support him at least for now as we got no reasons not to believe him.
When economic policies are made several parameters must be considered without detailing it to the masses.

That can be best described as Buhari hidden economic direction.

They call cassava bread genius and call TSA foolishness. Oya clap for ya self oyibo Immigrant.

May it be on record that respected world Economists have cried out over Buhari's Economic policies.
In future,let the sycophants know exactly the direction to point their accusing fingers at.

I could not read this write up...The weather is so cold and I need more rest....
Wake me up when it hit FP...
08031553773....

Keneking:
Nonsense writeup

- What solutions have they rendered through their agenda setting?

- Oil is the mainstay for Nigeria and she has to do anything to survive the period.

- Focus is on security, economy and anti-corruption. Don't they understand?

- Whether to adopt North Korea's economic and Chinese social systems should not bother any sane mind. The government is new and of Change.

Nonsense remarks....Jonathan sef

First of all, stop being defensive when someone points an inconvenient Truth. You might not like it but that doesn't mean it's a "nonsense write up".

Secondly, its the job of the financial times to comment and critique things that have to do with global markets. It's what those guys get paid to do just like you are probably paid to do your job. Their job is not to offer solutions like you think, thats the job of the President's team to do that.

Concerning your third point that the President should focus on security, economy, and anti-corruption; well this entire article is based on the Nigerian economy abi you didn't read it.

At the end of the day, this presidency has a proverbial big mountain to climb to be able to fix Nigeria's problems and I hope for the good of our nation, he finds it.

Will I believe the economic policy that will be genius to the financial times UK is the one where PMB typically sell Nigeria to UK.

They should mind their own business, nobody asks them for their own imperialistic inputs....

Stale gist. We know this already.

...

appini:
That can be best described as Buhari hidden economic direction.

Really? hope it will end well in open market?

Rose2014:
The problem is everyone else but buhariconomics
They've blamed Jonathan They've blamed PDP They've blamed Iweala

And Just when I thought the blame game is over, they blame God too
I bet Amadioha won't be spared

I think the next to be blamed would be Nigerians

lionness:
The essence of the entire article is: Buhari should devalue the Naira. I dont know what these people stand to gain from a poor Naira.
Read the article, thats just the point. And these were the same people praise NOI...they were probably thanking her for killing the economy before handling it to the new government.

Has Buhari not devalued it to 300 or are you living under a rock? If he had allowed CBN to devalue the naira, the rate would have hovered between 230-250 st the black market. Now its over 300. It will hit 400 year ending if this expansionary budget is passed

davidif:
First of all, stop being defensive when someone points an inconvenient Truth. You might not like it but that doesn't mean it's a "nonsense write up".

Secondly, its the job of the financial times to comment and critique things that have to do with global markets. It's what those guys get paid to do just like you are probably paid to do your job. Their job is not to offer solutions like you think, thats the job of the President's team to do that.

Concerning your third point that the President should focus on security, economy, and anti-corruption; well this entire article is based on the Nigerian economy abi you didn't read it.

At the end of the day, this presidency has a proverbial big mountain to climb to be able to fix Nigeria's problems and I hope for the good of our nation, he finds it.

A maths teacher starts his class by teaching them that 1+1=4. Do you need to give sometime to access him?

Buharinomics is hubris snd it was bad from the very beginning with its dollar restrictions.

JP Morgan delisted Nigeria. Soludo snd Sanusi have both condemned these policies