Yyeske:
This is exactly what those illiterates don't understand. Imagine floating the naira with the attendant huge inflation, how are we sure that foreign investors are coming in? A dollar could be going for 1000 naira and nobody coming in to invest and what do we do?

femiti:
Most naija politicians just say anything without truly weighing their words before speaking.

How can you say you want to float the naira when you have not done the needful( boosting real gdp which will in turn increase export) ?

It is has been argued that supply side policies bring about increase in economic growth with little inflation.

Why cant our politicians use this supply side policy that is the hard and self sustaining route instead of the usual attraction of fdi, fpi, increase in mpr...subsidy ?

Any aspirant that is not pro supply side policy will just be another scam

kingkakaone:

Let me answer your Mtn and DStv issue.
Both of them built a system before the present uncertainty.
They were pioneers in their own sector when the economy looks promising.

No investor will engage in business after looking at the economy in the last 10years.

Foreign investors are very careful when investing in Africa. There are indices that defines their momens in deciding whether to spend or not.

Of they cannot see a 10years economic growth, they won't invest.

Concerning refineries, most investors won't rush into it even though the PIB is passed. Reason is because crude oil is getting unstable and the determinant factors are unpredictable.

bigpicture001:
...that's why I wrote a rather neglected article that dangote hold the hope of Nigeria he is the only Nigerian fighting foot and nail to get naija's supply side of foreign exchange to increase..


Now u might want to ask how he does it...dangote has been able to rack up massive foreign exchange through his massive investment abroad,but the sorry thing is that his huge foreign revenue are kept abroad..if there continue to be a good return in investment, coupled with stable exchange rate,he could be encouraged to lodge his monies at home....

Infact,wd all should pray that he finishes that refinery. That is the main hope of nigeria eceonomy

feddis:
LMAO
The fact that he intends to implement same strategy doesn't mean he's going to incorporate same inadequate strategies used by Buhari admin.

That's why he has a sharp minded economic strategist on his side to make sure he makes accurate decisions towards the growth of Nigerian economic team.

revolt:
like his monopoly in cement and sugar crashed the prices and helped us right. Pls we don't need a monopoly . Floating the naira will ensure massive Fdi. Dangote you're talking about was given dollars by our fg ie given preferential treatment. The refinery woth am that support is still not significantly built. We need competition not a monopoly.

SarkinYarki:
There is no need to even risk inflation to immediately improve FDI, ousting Buhari alone will improve FDI prospect by over 100 percent in 2 weeks

SarkinYarki:
There is no need to even risk inflation to immediately improve FDI, ousting Buhari alone will improve FDI prospect by over 100 percent in 2 weeks

femiti:
Most naija politicians just say anything without truly weighing their words before speaking.

How can you say you want to float the naira when you have not done the needful( boosting real gdp which will in turn increase export) ?

It is has been argued that supply side policies bring about increase in economic growth with little inflation.

Why cant our politicians use this supply side policy that is the hard and self sustaining route instead of the usual attraction of fdi, fpi, increase in mpr...subsidy ?

Any aspirant that is not pro supply side policy will just be another scam

LordAdam16:
Read through 6 pages and it's evident Nigeria barely has any future.

All I find is political grandstanding and economic illiteracy.

The I&E window has been given a free float since 2017. Current exchange rate on that window is circa 364/$. As at June this year, that window had brought in $50b in FDI within 13 months. So it's either the doom sayers about floating don't have access to the FMDQ figures or are just been st*pid. I know it's the latter.

The level of ignorance of the average Nigerian is pathologic. And one senseless economist is saying the mopeds at CBN are the cause of high inflation. Yet the interest rate tightening is the primary reason why inflation rate has been dropping for the last 18 months.

Float the damn naira and let's use the current oil upswing for something productive. And while you're at it, eliminate that N500b unproductive, corrupt socialist nonsense. You can't pay N1.2t for subsidy, N2t for salaries, then still talk about spending N0.5t on social programs every year. Later you'd say there are no funds for projects.

-Lord

MeanChris:
See all the complex analysis Atiku is making, showing someone with a knowledge of economics.

The only thing Buhari knows and thinks is corruption this, corruption that..

Oya fight the corruption na, He's telling us that a consensus corrupt individual is responsible.

Oga Buhari is done.. he should go and rest, let capable hands handle the country.

Kai to Lifeless FC

olatunji0607:
Dear Mr Atiku, I personally have a contrary opinion with your risk of floating niara, this will definitely take us back. Will still largely depend on oil and before any country can float currency, the country need to diversify economy. Our major problem started during the regime of you and Obasanjo, some people taught we are making progress as a country then, but no is the answer. Our highest naira denomination before you and obasanjo step into power was 50naira. Your greediness make you guys (Atiku and obasanjo) print 100, 200, 500 and 1000 naira notes within 8years. If not the intervention of God and some Nigerians, you guys intend to print 2000 naira note. Quote me all nairalanders, Atiku will print 2000 and 5000 naira note when he become president of this country.

kahal29:


I just pity non economist who would not see what you are seeing.

Foreign Investment and capital is hot money which is highly volatile and unstable.

GoodGovernance:


[s]Reading through your commentary shows your own economic illiteracy.

Floating your currency in an import dependent economy is suicidal.Nigeria has the population and market to attract FDI. The stumbling block is the environment.

Fix power,security and other infrastructure,FDI will flow naturally.Float your currency on the ocean no investor will come without security ,power,ease of doing business.


The current import restriction policy is okay.

Nigeria needs industralisation and higher productivity towards export oriented manufacturing.

A stop to fuel importation is a must!

The various social and entrepreneurial interventions would stimulate the economy ..

Revenue diversification via agriculture and solid mineral is another policy in the right direction.

Another winner is to fix our refinery and also encourage more of dangote refinery.This will boost our forex reserves being utilised on fuel importation.

Talk to me,I will educate you further.It is simple economics 101.
[/s]

MeanChris:
See all the complex analysis Atiku is making, showing someone with a knowledge of economics.

The only thing Buhari knows and thinks is corruption this, corruption that..

Oya fight the corruption na, He's telling us that a consensus corrupt individual is responsible.

Oga Buhari is done.. he should go and rest, let capable hands handle the country.

Kai to Lifeless FC

benuejosh:
Hahaha.. see ignorance. Let him try it and see if 1 naira won't be equal to 2000 dollar. Buhari did it partially and Dollar rose to 500. You want to float Currency when the economy is import based economy. Who is giving him such advice? And you want to attract FDI through floating. This Atiku is planning on selling Nigeria to the Arabs.

LordAdam16:


I'm not your average Joe so don't come at me with that regurgitated trash sent from your BMC HQ.

There are plenty of import-dependent economies that operate a floating exchange rate. China is an export-dependent economy that loosely pegs its exchange rate. There's no one-size-fits-all policy.

By fixing the rate in an import-dependent economy, you first have to use scarce dollars to sustain the rate, while also subsidizing and encouraging more imports by prodding an artificially low rate.

None of those fancy buzzwords you used are happening anytime soon. It's all brainless ranting from individuals who have no sense of scale of how f*cked up the country's situation is.

We aren't getting steady power in the next 10 years. Security isn't a crippling issue in our most economically viable cities (Lagos, Abuja, PH, Kano, Kaduna, Ibadan, Aba, Onitsha, Warri...). Our infrastructural deficit will not be solved in decades with our current fiscal inefficiency. Ease of doing business is not like a light switch you flip. It's gradual.

I wouldn't even respond to the others. No normal person will be talking about industrialization in a country of 200m people that produces less than 4000 MW. And we certainly do not have the expertise to engage in high-value manufacturing for exports. That's like taking a toddler to the Olympics.

You guys always try to spout untenable rubbish without doing any on-ground assessment like typing "fix power" on social media will somehow generate the $200b we need to actually fix power. You want to stop fuel importation when there are no refineries. You think feeding school children and employing temp teachers will stimulate a $400b economy.

Then you talk about revenue diversification by agriculture and solid minerals when agriculture is already Nigeria's largest employer of labor and solid minerals only reinforces the resource curse.

As you can see, you've typed exactly nothing noteworthy or useful; yet want others to have confidence in the current depraved plan to fix the exchange rate with all its attendant issues. All of Nigeria's high growth period have correlated with practicing a floating rate regime. When the next oil crash comes, you can put a leash on the rate. But don't suffocate the economy during an oil price upswing when it is clear to even the blind that oil will continue to be one of the primary determinant of economic performance.

-Lord

chris51:
I can see that Atiku has no knowledge of economics.
Floating Naira is going to be suicidal.

Babangida floated the Naira and that was the beginning of the end the Naira

There is no guarantee that investors will come into the country. We will end up having hyper inflation. Our so called business men are very fraudulent and will beat the system.

Nigeria will end up like Zimbabwe

Atiku was Vice President for 8 goid years.
Obasanjo gave him free hands for 4 years and Atiku and friends bought almost all Nigerian companies. NAFCON etc.

Atiku's interest is to strengthen his financial empire and not interested in the masses.

kayfra:

While floating the naira makes solid fiscal and economic sense, it will be political suicide on the short run. Most Nigerians don't understand or appreciate the nuance. Their simple benchmark is how much the naira exchanges with the dollar and the cost of goods increasing.

You'll have to first educate the populace or else they'll drive the politician out.

LordAdam16:


We've been through the worst. Informal (black market) exchange rate is 360. Investors bringing in their dollars use 364. Floating the exchange rate will take it to somewhere between 350 and 400 and eliminate these multiple windows and associated shady practices.

Minimum wage is about to be increased. So the economy and the people can absorb the 20-30% devaluation.

-Lord