ken4jj:


Bros,you keep muddling issues up. How can we truly get our economy free from oil if we don't practice true federalism. Do you think that these governors will think when they have free money coming from Abuja every month? Since we have been talking of economy diversification for the past 2 decades, why have we not been able to achieve that? Think about it.
It is only possible on paper to diversify the economy in this present structure.

Quakertellicus1:


Problem I have with true federalisim is that it amounts to ''North and West do agric, SE ad SS do oil''. In other words......we end up with at least three regions....that are still resource dependent.

By diversification.....I mean that we completely move away from reliance on revenues from selling raw materials like oil , groundnut, cotton, etc...and use our brains and minds to develop an innovation based economy.

What use is your agric and oil if at the end of the day....you are just still sending billions of dollars out of the country in the name of importation?

P.S...This is the article that changed my thinking:https://mindofmalaka.com/2012/01/18/you-lazy-intellectual-african-scum/

cckris:

Regional Economic development was VERY STABLE, before 1970, when Awolowo & Gowon invented the idea of CONFISCATING ALL resources for distribution by the Federal Govt, in order to achieve EVEN development throughout Nigeria. And that hasn't happened in nearly 50 years, while things degenerated from bad to worse.

Quakertellicus1:


So....what should we be doing differently, chief economist.?

Nigeria needs to get off oil....that is my solution.

Quakertellicus1:


Back in the 60's....the regions were dependent on agriculture and oil....and remitted less than 50% to the government.

As the events of the 1970's proved...when we lost the guaranteed market in the UK for our agric products....and when agric prices began to fall....that foundation was flimsy.Of course....we had oil to save us (but that turned out to be fake).

Simply put....Nigeria does not control the prices of what we produce....agriculture, or crude oil. Which is why any economic development under the regions was fake. (Sorry....but that is the truth). Same goes for the oil boom of the 1970's Economic prosperity that was built on the fake promise of sustained high oil prices.(Which the minute they crashed in 1982....sent us back to square one. ).


As I explained earlier.....whether true federalism or no true federalism....you cannot build a sustainable economy based on revenues from selling crude oil, agric products....even mining. ESPECIALLY....as the price is out of our control. (Even oil....with the way things are going....I doubt that oil is going to go back above $100 per barrel.).Strong economies are ALWAYS industrial economies. (Yes...the Saudis look strong...but the drop in oil price is making their economy look shaky).

And I expect our political class to see this....and to do the needful.But they won't.

Ugosample:



I am not defending him, and you do not hate Buhari more than I do, but the fact is that you as CBN governor can do what you think is best for the country without presidential approval.
The president cannot sack him..

Ugosample:



I am not defending him, and you do not hate Buhari more than I do, but the fact is that you as CBN governor can do what you think is best for the country without presidential approval.
The president cannot sack him..

onatisi:

Stop blaming the cbn governor. There is nothing he can do without the presidential approval most especially on a crucial matter like this and unfortunately the president is sick and and has travelled out of the country(as usual anyway) and noone knows when he will be back.
This is the change Nigerians wanted and they will get it in full dose

Adesiji77:


I am not blaming him. He announced the proposed forex regime; he should simply release the operating modalities.

The uncertainty is fueling unbridled speculation in the parallel market.

Pavore9:

The destination determines a lot of things.