Nigeria Needs $50bn To $60bn To Stabilise Exchange Rate - Chinwe Egwim
ฝัง
- เผยแพร่เมื่อ 20 พ.ค. 2024
- Chinwe Egwim, Chief Economist at Coronation Merchant Bank, and Damilola Olupona, Senior Research Analyst, Africa, Stonex, spoke to the Global Business Report about the CBN MPC’s latest rate hike to 26.25%
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Diversify the economy, reduce dependency of crude oil export, and most importantly, reduce government spending and cut wastage (responsibile policies). Tackling corruption, amongst others, will see a significant change in Nigeria's economic fortune. It isn't rocket science, but the willpower to govern responsibly.
Treating symptoms instead of treating the disease
Attract foreign investors with these unstable policies in a lawless country 🤣😂🤣🤣.
Who is that foolish investor.
You're right 👍
All our lazy governments rely on oil/gas🛢️No Nigerian politician wants to work hard to expand manufacturing industries for export revenue
It's called "diversification" and the powers that be aren't interested in that. They would rather wait for disaster to strike first rather than diversify.
No sane country is willing to invest in Nigeria not now and not in the near future.
They don't have the logical mental capacity to figure even the simplest economic policies.
Trust in the government , power and energy, security and infrastructure.
None of that is there, so why would anyone put their money in the country while big and small companies are exiting?
Can someone explain it?
Naira 90 Billion had been used for Haji To Saudi Arabia., Nigeria Hypocrite...
Nigeria economists. Belly no dey understand statistics and long grammar.
Support Agriculture financially and security wise .
Stop replying on crude oil for everything.
Thank you lord for the answered prayer 🙏
Didn’t the Country just set aside $90bn????😮
Sell the whole of Nigeria and you won't get $90. This year's budget is roughly $30bn and yet Nigeria had to borrow to make it up. Kindly think again what $90bn is. Nigeria doesn't have that kind of money.
Everyone in Nigeria is ‘the common man’
There is fuel subsidy removal and and # 90 bn Naira throw away for Hajj pilgrimage to see Allah in person hopefully.
Nigerian politicians definitely need periodic brain massage and reset button pressed.
Absolutely
Oh lord Jesus let the Naira appreciate more and more from June as she said and ever depreciate Amen 🙏
Glory be to God who work mightily in me through christ Jesus Amen 🙏
We need to start producing to offset import.
Nigerian politicians are NOT interested in manufacturing industry growth since 1960 to 2024🏭Our lazy FGN always focus on oil & gas forever
Lol Peter Obi's talking point...please tell me how we would produce without forex to import machines or without Nigerians willing to invest. It's not like you can force people to start businesses or should Govt start their own businesses..aka more civil servants lol
Additionally, learning to live with less imports.
Hmm, conversations like this only demo the individual intelligence of these analysts/economists, but hardly, hardly ever address the problem. One question - dear Nigeria, what do you sell? What do you sell? Can we cut out all the intelligent speak and just answer that question? What do you sell? How do you sell, where? (If I might add). (And, how do you account for the proceeds of what you sell?) Not dumb enough? I see.
🎓📚Nigeria is full of all these TV show talk panel of big grammar speaking individuals who have huge only theoretical TEXTBOOK knowledge from plenty educational certificates BUT have ZERO practical skill and experience of solving national economic problems in any country.
📚🎓They have NEVER taken part in fiscal or monetary policy operations of any nation, its only Nigerian Government that is depending on them by promoting them into FGN economic committee in Abuja.
According to London based Economic Intelligence Unit (EUI) report, Nigeria does NOT have any human being that matches the current global standard of advanced experience, special skill, and unique modern knowledge to successfully manage a national fiscal/monetary policy system that will work well in this modern world.
🤡🇳🇬🎭 We simply DON'T produce those calibre of capable experts in Nigeria. We only produce privileged ones who have godfather connections to get good jobs and invitations to come blow plenty of grammar on the news media for shine shine purposes.
You raise interest rates and get FX. Then you use the FX to buy goods and commodities and continue the cycle.
Local businesses struggle and cannot even borrow or collect loans or will get only loans at their peril.
The point here is that you are not producing anything, you strangle local businesses. How is this helping us.
I don't understand the economy of this policies.
These old men don't have the nation at heart, nothing to expect
Most Nigerians don't borrow to fund their businesses...it's a fallacy. It's those that have no intent to pay back that are always borrowing...clearly inflation is an issue...and the steps taken are best practices everywhere
I call this long story. Inflation is a scam. There is no reason why any sensible person should think that people having more disposable income is bad. Demand and supply isn't the cause of price hike if there is an incorrupt governance. Increase the country's exports and that will stabilize the naira. Sadly Nigeria economy is not developing or growing. It's just expanding by residential and hospitality structures. Fix the economy so we can stop this Oyibo wey we dey talk up and down
Why do we always chase for foreign direct investment. Our image as Nigeria has been marred by corruption and mismanagement. Foreign Direct Investment will always come to places where there is trust. So, the fiscal policies should focus on developing guaranteed environments for foreign investors.
I also think that fiscal policy should focus inwardly on the African continent first for FDIs rather than the global economy.
🗣️💬 Simply because its easier for Nigerian government officials and politicians to chase after overseas FDI so that foreigners can come like fools to build our dark country for us, than for same FGN Abuja fat elites in bulletproof Lexus SUV to work/sweat and develop domestic manufacturing industries industries in Nigeria.
🕺🏿🚙💃🏿From 1960-2024 all our elite leaders always choose the easiest option even if its the worst choice. They are still waiting for Europe, America, China, Japan to come here like Oyinbo fools to come and industrialize Nigeria for us as if Oyinbo is our house boy
Nigeria doesn’t need $50b to stabilize the Naira,the problem is Nigeria and Nigerians doesn’t want to commit to the discipline of not exchanging for dollars to go abroad for enjoyment and vacations.There should be a moratorium for a certain length of time for most Nigerians especially those in Government.What have they ever brought back from the travel abroad.If you can’t generate dollars abroad,no vacation for you Mr Tinubu and Co.
🕋⛪Hajj & Jerusalem pilgrimage consumes billions of dollars in Nigeria EVERY year 🇳🇬 We dey craze small 🤪
Amen 🙏
Where did Tinubu get the #90Billion to subsidize Haji????
One year in office and access to farms remains unaddressed. 🤔
The excessive focus on fx rate stabilization is an exercise in futility. All we need to do is to focus on PRODUCTION
Absolutely!!!
What of selling NNPC to generate cash?
@@billynnaji7300Replace the staff and retain control of a state asset.
Make NNPC transparent and accountable. Tighten up on leaks, theft etc.
The question is _how_ to "focus on production." Unless you're a bank or a monopoly (e.g., Dangote), you'd struggle to make a real return on investments.
What of selling NNPC to generate cash??? Hello
Improve corruption perception and rule of law FDI will come in.
Engage in meaningful production.
The reason why the inflation keep rising despite MPR hiking is because of the fiscal aspect. By fiscal side, I mean the monthly disbursement of Statutory Allocations. You tightened liquidity, a week later, Ministry of Finance dole out trillions Naira out to FG, State and LG, so how do we expect inflation to contract?
The current economic team is a band of gamblers and zacchaeuses
No be only $60bn mugu. The country produces nothing plus the insecurity menace ravaging the country.
Well,you have to produce and export.you will not be sleeping and money will come and meet you.invest on things that is worth explorting.like clothing , food ,car , electronics. don't be a baby country.
Does anyone believe these numbers under jagaban?
Many people I know certainly do NOT!
Ha, ha lying is instinctive to the man.
Did Chinwe have a stroke? Why is she talking without moving one side of her lips? If there's no medical issue, it doesn't look nice.
Stroke isn't the only cause of that condition.