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Post by Honorebu on Feb 17, 2016 15:29:53 GMT
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Post by Honorebu on Feb 17, 2016 15:30:37 GMT
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Post by dansoye1 on Feb 17, 2016 15:46:29 GMT
Interesting! I'll get back to it later.
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Post by omohayek on Feb 17, 2016 16:00:27 GMT
The following passage jumps out to me:
So, they know that this setup was "marred with corrupt practices", and yet they still intend to try it again, this time with "strong monitoring mechanisms"? Who doubts that this sort of puffery is exactly the kind of thing they said the first time around?
This is just another nonsensical policy meant to preserve the illusion of a "strong" Naira, while allowing a few elite insiders to benefit from government-subsidized currency. It makes no sense to subsidize a few importers with $8 billion dollars of reserves, when the total amount being budgeted for the single most important budget item - infrastructure - is only $1.5 billion! Talk about messed-up priorities - but the ignorant masses will eat it up though, as Buhari is keeping the Naira "strong" [sic] ...
Until this government abandons the ridiculous peg, and people can bring in and take out as much as they please at market determined rates, foreign direct investment will continue to elude Nigeria. Nobody wants to have the value of any Nigerian assets they buy or bring in slashed in half when the unavoidable devaluation happens.
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Post by Omoluabi on Feb 17, 2016 17:49:38 GMT
Honorebu, pls help us tell Buhari to devalue the Naira na!! Iru agidi wereey wo ni eleyi bayi?
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Post by Honorebu on Feb 17, 2016 18:06:12 GMT
Honorebu , pls help us tell Buhari to devalue the Naira na!! Iru agidi wereey wo ni eleyi bayi?    But dem don devalue am before na and nothing happened |
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Post by Omoluabi on Feb 17, 2016 18:47:47 GMT
Honorebu , pls help us tell Buhari to devalue the Naira na!! Iru agidi wereey wo ni eleyi bayi? But dem don devalue am before na and nothing happened At least FG go make more naira from selling higher instead of speculators chopping all that differential. omohayek, pls come to our rescue na.....ki ni ki a se? |
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Post by omohayek on Feb 17, 2016 19:23:24 GMT
At least FG go make more naira from selling higher instead of speculators chopping all that differential. omohayek , pls come to our rescue na.....ki ni ki a se? Well, if I were magically made dictator, I would: - Devalue and allow the Naira to go down to about 250 to the Dollar - this removes a major reason for potential foreign investors to hesitate.
- Announce that the Naira will no longer be pegged, so that the black market rate rises to match the official rate - no more round-tripping.
- Abolish the special allocation of forex for any particular groups of importers - let them all buy at the same market rate.
- Schedule the rapid privatization of NNPC and the sale of the domestic refineries, to bring in more FDI.
- Completely deregulate the petroleum sector and remove all foreign ownership limits.
- Schedule as many of the parastatals as possible for privatization, to bring in more forex and drastically reduce the FG's wage bill.
- Cancel all of the give-aways in the budget (e.g. 5,000 Naira to youths).
- Double or even triple the capital expenditure budget allocated to Fashola's ministry, to allow him to do more than just patch up the most critical infrastructure.
- Abolish all restrictions on how much DISCOs and GENCOs can invest in their infrastructure, or how much they can charge business customers.
- Sell off the airports to international consortia like Adebayo Ogunlesi's "Global Infrastructure Partners", which currently owns and operates London's Gatwick.
- Set up a federal one-stop shop like the ones Lagos and Ogun have created on a state level: abolish or simplify as many rules and regulations as possible, to make doing business in Nigeria as easy as in Hong Kong or America.
- Let Emefiele finish his term, and then appoint a highly-trained, experienced, independent-minded economist tasked with just one goal - keep inflation at under 4% a year. If necessary, recruit this person from America, Europe or somewhere else with where such people can be found, to establish credibility with international investors.
- Pass a policy that diverts any oil revenue above $35 dollars per barrel into the sovereign wealth fund. This is necessary to prevent Dutch disease from weakening the domestic economy.
Most of the points in my proposed program are focused on two goals: raising the necessary funding to finance critical infrastructure development, and attracting foreign direct investment. The great thing about FDI is that it also kills two stones at once, without incurring debt - by bringing in forex it automatically prevents the Naira from continuing to slide, and at the same time it also helps plug the huge investment gap that has held Nigeria's productivity back. The Federal government simply can't raise all of the necessary funds to fix Nigeria's infrastructure problems by itself. Of course, all of the above assumes that one can somehow abolish all political obstacles and just do the right thing. In reality I think any government would be lucky to pass just two or three of these policies without various groups starting to scream "marginalization" and blocking any further progress. Still, the point remains: the sources of Nigeria's economic problems are well understood, and the remedies are also easy to state. What is lacking is a leadership that understands the real issues, and which has the political will to see the solutions through. It's for this reason that I'm hoping someone like Fashola or El-Rufai takes over in 2019: Buhari simply doesn't have a clue. |
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Post by Honorebu on Feb 17, 2016 19:35:49 GMT
Our professor has spoken Ki le tun fe gbo   |
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Post by Omoluabi on Feb 17, 2016 19:51:25 GMT
Honorebu, you see why I get angry with you for wasting your guns and bullets when we could have used them to shoot omohayek into power?? Anyway I'm coming back for you....let me continue with prof first  omohayek, I looked through your list and discovered the only one Buhari has the power to do is that on exchange rate. The next easy one should be refineries but even that will face prolonged strike from NUPENG/PENGASSAN which will further cripple the economy. Imagine Fashola is being opposed on the issue of tariff when every idiot in the country knows that a 45% increase on tariff is still far cheaper than running your business/house on diesel and PMS. Don't you think simply deregulating the forex market will backfire seriously with the obvious fact that the others you highlighted cannot be done (at least not immediately)?
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Post by Honorebu on Feb 17, 2016 19:55:41 GMT
Honorebu , you see why I get angry with you for wasting your guns and bullets when we could have used them to shoot omohayek into power?? Anyway I'm coming back for you....let me continue with prof first omohayek , I looked through your list and discovered the only one Buhari has the power to do is that on exchange rate. The next easy one should be refineries but even that will face prolonged strike from NUPENG/PENGASSAN which will further cripple the economy. Imagine Fashola is being opposed on the issue of tariff when every idiot in the country knows that a 45% increase on tariff is still far cheaper than running your business/house on diesel and PMS. Don't you think simply deregulating the forex market will backfire seriously with the obvious fact that the others you highlighted cannot be done (at least not immediately)? No be my fault jare my brother  I'll console him with Ondo state Governorship even tho he's from Ogun state I hope he accepts it Professor omohayek abeg message me If you're interested |
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Post by Omoluabi on Feb 17, 2016 20:24:41 GMT
Honorebu , you see why I get angry with you for wasting your guns and bullets when we could have used them to shoot omohayek into power?? Anyway I'm coming back for you....let me continue with prof first omohayek , I looked through your list and discovered the only one Buhari has the power to do is that on exchange rate. The next easy one should be refineries but even that will face prolonged strike from NUPENG/PENGASSAN which will further cripple the economy. Imagine Fashola is being opposed on the issue of tariff when every idiot in the country knows that a 45% increase on tariff is still far cheaper than running your business/house on diesel and PMS. Don't you think simply deregulating the forex market will backfire seriously with the obvious fact that the others you highlighted cannot be done (at least not immediately)? No be my fault jare my brother I'll console him with Ondo state Governorship even tho he's from Ogun state I hope he accepts it Professor omohayek abeg message me If you're interested Hehehehe.....  |
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