Good People, do not accuse me of insensitivity by telling the hard working members of Nigeria’s labour unions what to do right now, as Nigeria experiences immense economic pressure, due partly to evolving policies in the nation. But the fact is this: strikes will compound Nigeria’s problems when you see that we have lost capacity to control/influence inflation, our fuel price, currency exchange rate, etc. If we do not show up at work, a vicious circle could be activated and that could be dangerous.
Here is my suggestion: the government should move fast with solutions since it moved really fast with policy changes. And this is not really about sharing money, but making it clear that Nigeria needs foreign investments to stabilize the exchange rate (the export driven path will take years, not months).
A huge incentive could bring in $billions from the diaspora provided the funds are coming to stimulate production, and not accelerate consumerism. We can explore the Israeli model.
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Can we pay 13th month to Labour so that the government can have a few more weeks to architect what it wants to do, now that some ministers are hopefully going to start?
(Remember, I am against the removal of fuel subsidies; I want Nigeria to fight what makes fuel subsidies look bad: corruption. I am also against floating or swimming Naira; I want Nigeria to use data to run its forex so that only productive ventures are pushed into “official” rates – and that means fight the corruption in forex. Yes, Nigeria’s imbalance in the balance of payment makes floating Naira hopeless.)
Comment on Feed
Comment: Well ND, I know you are trying so hard to be neutral and avoid talking about politics but the truth is that what Nigeria needs is good leader(s) not all these your economic theories. The current leaders we have now care nothing about these your theories.
My Response: You see why people like you are the reasons Nigeria is collapsing. You have your name as “Advocacy” and yet you do not want a debate because you have already made up your mind. You do not want a professor to share his ideas because you have made up your mind. But yet, you are advocating – advocating what?
Let me tell you – there used to be a time when to be hired as a CBN governor in Nigeria, you must have published many papers on economics. And when you arrive, you have tested many indicators. Today, we hire bankers with no fundamental element of economics. Yes, theories work because from theory you move to practice.
More so, what is good leadership? It comes from knowledge and awareness. Some people you call bad leaders are offering the best they have. The problem is YOU who cannot understand that their best will not be good.
So, do not diminish the world by using the Nigerian standards to define how things work. Oliver De Coque wrote “egwu oma si na chukwu” [good music comes from God]. Good leaders come from when people like you act well by voting competence over tribe, money, etc and advocating with open hearts and not closed mindsets.
Comment 2: Unfortunately, your solution focus is the removal or the taming of corruption in both fuel subsidies and forex. That makes it already impossible to implement in Nigeria at the moment as corruption in both the public and private sector remains the biggest single problem the country faces.
It will be wishful thinking for anyone to imagine that they can fix corruption in Nigeria to a point that allows policy, institutions and laws to work as intended for the good of all(within the short period of 4 years).
As painful as it may be, the option that may succeed is to take away the bait and hope that a more productive economy will evolve.
Comment 3: I completely agree Ndubuisi Ekekwe with your suggestion of attracting foreign direct investment (FDI) to stabilize Nigeria’s exchange rates and strengthen the economy. To achieve this, it is crucial for the government to focus on creating an investor-friendly environment through policy changes and frameworks. Streamlining bureaucratic processes and creating a transparent regulatory environment will undoubtedly make Nigeria more attractive to foreign investors. By reducing red tape and providing clear guidelines, the government can encourage both large companies and SMEs to invest in the country, leading to economic growth and job creation. Investing in infrastructure is vital to attract FDI. Developing reliable transportation networks, power supply, and efficient ports will not only benefit large industries but also provide a solid foundation for SMEs to operate more efficiently and access local and international markets. This, in turn, will bolster economic activities and create opportunities for SMEs to thrive.
Comment 4: What is happening to Nigeria and every other country is what we have said before. Virtually, all African countries are cut off guard by the challenges of the digital economy. We did not build the required infrastructure to thrive in it and the economists we have are not willing to gather new knowledge to play catch-up. Africa is growing so fast that its manual system cannot deal with new challenges of a new context. We hope all African countries will wake up to this reality and build the required digital infrastructure to manage and thrive in a new context. This could also happen at state level if we build this infrastructure in one state to show case what it is and how nations can leverage it.
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The ground started running when nothing was chasing it, and now the sky is about to join…
The truth of the matter is that there was never a plan, it was just about making unguarded pronouncements and hoping that they would translate to substance; it is not difficult to see through the emptiness. N8k proposal came, it got a backlash and was abandoned and a new batch of experiments got announced two days ago. This can’t be a strategic plan from a prepared team, everything was made up as they go, nothing was ever thought through.
People who arrogantly boast and brag about their experience and knowhow never acknowledge their defects and limitations, rather they will still arrogantly tell you that there’s no other way to do it, and you can see for yourself how these things always end.
The rice to be eaten in December is planted in August, but if you think you can wake up in December and declare that we must eat rice, and when the people cannot get the rice, only for you to announce in February that we are going to farm rice; but we were to start eating the rice since December…
A policy plan must precede any action or changes, don’t come here to make loud statements first, and when the blowback starts, you ask for patience.