Former President Olusegun Obasanjo on Thursday pitched his tent with ordinary Nigerians to condemn the introduction of a new N5,000 note into the economy, saying the introduction of the N5,000 note would kill production and affect small businesses negatively.

Obasanjo, who spoke at a roundtable advocacy forum organised by the Institute of Directors, Nigeria, in Lagos, condemned the approach of the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi.

Olufamous.com gathered that Obasanjo insisted that the manner in which Sanusi is fighting inflation by removing money from circulation was improper.

While speaking on the cost of doing business in the country, Obasanjo called on stakeholders and government agencies to rise up to the challenge.

He said some observers had suggested that the Vision 2020 blueprint was somewhat of an ambitious agenda, which was unrealisable considering the daunting challenges confronting businesses in the country.

Obasanjo said the 2012 annual report of the International Finance Corporation and the World Bank showed that a record number of African countries took decisive steps to encourage more local entrepreneurs to come into the formal economy over the past 12 years but Nigeria was nowhere to be found.

He said, “Across the continent, 15 countries lowered barriers to entry for new businesses, 23 facilitated access to credit, and seven made it easier to pay taxes. Nigeria is not in any of these leagues.

“In its 2008 report, Nigeria ranked 108 out of 178 countries and in the space of four years, we rank 137 out of 183 countries measured. This is a damning report on our business environment and, therefore, calls for more concerted efforts by various stakeholders on how to ensure that this trend is reversed and the Nigeria business environment is made more conducive for investments and less costly for businesses to thrive," he said.

"We cannot aim for 2020 if we do not halt the downward spiral,” Obasanjo stressed.


https://www.youtube.com/watch?v=e_FyVqdDl3Q

http://www.channelstv.com/home/2012/09/07/n5000-note-will-kill-production-says-obasanjo/

Baba the only concerted effort viable at this material time is for you to call ur shoeless son to order, because that fucking aristocrat will not litsen to anybody.

BABA DON TALK............................

He speaks hypocritically but truthfully

rash47: Baba the only concerted effort viable at this material time is for you to call ur shoeless son to order, because that fucking aristocrat will not litsen to anybody.

And why did you think Baba Iyabo has not done that already or don't you get it?, the shoeless son said he doesn't give a damn about what anybody else think

rash47: Baba the only concerted effort viable at this material time is for you to call ur shoeless son to order, because that fucking aristocrat will not litsen to anybody.

LMHO

For God's sake is it a must that whenever a CBN GOVERNOR'S tenure is rounding up new currency must come in.

Thank God the Godfather has spoken and he has spoken well. The interest rate in the country is just so high and I don't understand why. Banks are not lending and businesses don't want to borrow because of the rate. What is the CBN doing to boost local investment (IWIN....?). The CBN is not fighting inflation, nor is it boosting local investment, it is only printing cash, shutting down banks, holding and facilitating payment on or behalf the Federal Govt. The CBN governor is receiving awards and he only thinking is to reduce CBN administrative cost (rubbish)

Even obasanjo dat didn't go to a university is sharper than sanusi, sanusi should go and ask harvard to return his school fees, he obviously wasted his time going to school.5000 naira note indeed

Baba i support u jawe. Even those calling u names, knows that u were sensible during ur time,unlike this clueless jonathan.

Reality is dawning on u all.Posterity has a way of catching up with u and your offsprings.you have r.aped and ripped up the future of million.i certainly know your grandchildren and generations to come will bear a bigger pain than all what you let us into.

Baba is making lots of sense. NO to N5000 note!!!!!!!!!!!!!!!!!!!!

nneh1: For God's sake is it a must that whenever a CBN GOVERNOR'S tenure is rounding up new currency must come in.

Spot on and on point.

I just had to post a comment on this thread...

Key points:

1. "He said some observers had suggested that the Vision 2020 blueprint was somewhat of an ambitious agenda, which was unrealisable considering the daunting challenges confronting businesses in the country."

2. "Obasanjo said the 2012 annual report of the International Finance Corporation and the World Bank showed that a record number of African countries took decisive steps to encourage more local entrepreneurs to come into the formal economy over the past 12 years but Nigeria was nowhere to be found."

He said, “Across the continent, 15 countries lowered barriers to entry for new businesses, 23 facilitated access to credit, and seven made it easier to pay taxes. Nigeria is not in any of these leagues."


3. "We cannot aim for 2020 if we do not halt the downward spiral,”


Most of the decision makers in Nigeria are semi-illiterates - crawl before you walk dammit!!

[quote author=omosexy1]. The interest rate in the country is just so high and I don't understand why. Banks are not lending and businesses don't want to borrow because of the rate. What is the CBN doing to boost local investment (IWIN....?). The CBN is not fighting inflation, nor is it boosting local investment, it is only printing cash, shutting down banks, holding and facilitating payment on or behalf the Federal Govt. The CBN governor is receiving awards and he only thinking is to reduce CBN administrative cost. I wonder how we will live when 5, 10, 20 and 50 are made in coins.

who enforce on us the regime that produce Sanusi Lamido Sanusi?
was it not thesame Obasanjo?
Everything that goes around will surely come around.

Expecting some GEJ a5s lickers to bash OBJ on this thread.

Baba Iyabo, ur existence has already killed Nigeria.

There will be nothing else in this country once the proposed currency is introduced. There will no longer be N10 naira biscuit for our children, no longer N5 or N10 naira pure water, no longer N20 Naira Garri(oh! It will sure affect the price of our precious Garri!!) In this Lagos, there are some distance you can go by bus for N20 or N30 Naira, but now, bus operators would demand N50 Naira flat for such distance. Pure water will rise to N50 Naira (chei! Poor man no go drink water?) God of Elijah in the book of 2Kings, I ask thru this medium (God is online, damn it) for you to come down by fire and Kill Sanusi and his evil cohorts managing this economy (amen). I mean, their evil plan for our Naira shall not manifest in Jesus Name! Amen!

N5000 : an avenue for politicians to embezzle more money.

we have dealers in this nation and not leaders... the only thing this dealers know how to do is to embezzle money... such a pity.. shame on them all of them

[quote author=shymexx]

Key points:

1. "He said some observers had suggested that the Vision 2020 blueprint was somewhat of an ambitious agenda, which was unrealisable considering the daunting challenges confronting businesses in the country."
tell them.
2. "Obasanjo said the 2012 annual report of the International Finance Corporation and the World Bank showed that a record number of African countries took decisive steps to encourage more local entrepreneurs to come into the formal economy over the past 12 years but Nigeria was nowhere to be found."
sanusi is ignorant of this.

3. "We cannot aim for 2020 if we do not halt the downward spiral,”
next time they will aim for 2030.

Most of the decision makers in Nigeria are semi-illiterates - crawl before you walk dammit!!
Hahaha.

Obasanjo does no longer have control over GEJ hence he resigned as the chairman of pdp's BOT.

@topic

I wonder what's wrong with CBN,they can't even sell their product well,I have never seen such a useless governor in my life. They did not even inform stakeholders before running to a conclusion,the media was kept out from it and to make it worse,the families of the 3 women to appear on the notes where not also consulted.

The deputy director of cuurency stated yesterday that the main reason of its introduction is as a store value and not for transaction since nigerians prefer storing the dollars,she also pointed out that the one thousand naira note has been counterfeited because we get it from the ATM,can u beat that....

To add more salt to injuries,my presido has approved it.

we have a president who is totally at lost as to what he is doing in that office and what is expected of him

Let him shut his trap! He started it, from 50 to 1000, what does he want to say.....Hush!!! thieves!

I strongly believe that its time for we the Nigerian youths to arise and shine... we cannot allow some unscrupulous elements to damage our future.... we all have to think of how to handle such things with great actions. enough is just more than enough.

You do not need an Obasanjo to tell you the new currency policy [5k note and 10,20,50 naira coins] will kill production
Ebele lacks intelligence and comportment so he laps up any harebrained economic ideas thrown at him e.g. fuel subsidy removal, non viability of pubilc owned refineries
But there's something called common sense
Common sense dictates you retrace your steps when ordinary people openly voice dissent and disapproval without been stirred up by your 'enemies', 'failed politicians' propaganda and the press
But as it is said, he whom the gods want to destroy, they first make mad
No one needs to tell you Ebele has long been mad to reason & superior viewpoints

Hypocrite or not I respect what he's saying because it's true.
Though I don't see the harm in the 5000 naira bill, Nigeria has done next to nothing to bring the informal economy into the real economy to boost tax revenue, regulate products, quality and services and most importantly give the informal economy access to credit. Backwards country with backwards priorities. There's no country in the world with more informal companies not paying taxes and running unregulated than Nigeria.

ochukoccna: You do not need an Obasanjo to tell you the new currency policy [5k note and 10,20,50 naira coins] will kill production
Ebele lacks intelligence and comportment so he laps up any harebrained economic ideas thrown at him e.g. fuel subsidy removal, non viability of pubilc owned refineries
But there's something called common sense
Common sense dictates you retrace your steps when ordinary people openly voice dissent and disapproval without been stirred up by your 'enemies', 'failed politicians' propaganda and the press
But as it is said, he whom the gods want to destroy, they first make mad
No one needs to tell you Ebele has long been mad to reason & superior viewpoints

In as much as I may agree with you that the president was just too quick to approv of this does not make you call him names ok? For ur info,its not all policies u withdraw simply because the masses are against it,for instance the removal of fuel subsidy was a good one but the timing was wrong. Get over that.

Hope they listen and abort their planned introduction of the N5000 mote .