Kukutenla:

I'm sure you're experienced enough to know those are short term effects that hardly make any difference in the long run. You can't be seriously telling me that the plan to rally the economy back into shape is to simply appoint a technocrat. If that's the case then one wonders why the delay in appointing the magic wand. The stock market has been posting positive figures since Tinubu took the oath but in real terms, it's been doom and gloom.


I believe you mean Bismarck and not Alfred. I don't think Pat and Bismarck can have a bigger influence than NOI, Soludo and Ezeks had. If that's the big pan then we're in bigger tribute than I thought.


Like i said, you're picky and choosy. When it works, the policy is faultless, when it fails, it's those who implemented it. First of all, your claim that GEJ's minimum wage increase was a factor that led to failure falls flat on the face when you realise that OBJ actually took minimum wage from 750 to 7500 in four years. That's 1000% increase compared to GEJ who actually took it from 7500 to 18,000 which is just over 200%.
Another point I'll like you to note is that NOI who marshalled OBJ'S economic policy in his second term was also in charge under GEJ with more power and influence. Under IBB, devaluation of the naira was a central theme and he also opened up the economy to importation to create the "free market" you all croon and that ultimately led to the demise of our local industries instead of competition making them better as was then claimed. With increase in free market came increase in corruption and corrupt tendencies. As for Buhari, I'm surprised at your narrative!! The claim in 2015 for the impending recession was that global fall in oil price and economic mismanagement under GEJ
This narrative continued until 2020 when covid became the new whipping boy. 2022 came with Russian War as the excuse and when oil price rose, crude oil theft became the new song. So I'm surprised any economic observer is coming round to blaming Buhari when while he was on seat, we were fed with so many excuses and no economist of note came out to counter the narratives. It's part of why I don't agree with your assertion on free market.
Let me also put it out that the US is the biggest govt interventionist in the world followed by China. Yet their economy is what we want to be while we preach against intervention. China is interventionist as well as UK. Which big economy is not interventionist if I may ask?
Our problem is more of control than free market. We always drift towards the extreme and then we start blaming people.



Maybe you don't understand that comparative advantage is more interventionist than free market. Buhari used to ask that we grow what we eat. OBJ said we should buy naija then. Look, it is v free market that made Nigeria rely only on crude while cocoa, oil palm, cotton and other produces we survived on before oil were left to rot away. The market oeuvre for oil and the demand in the 70s made other commodities unattractive. We followed the trend. By the early 80s when the price and demand burst, we were left stranded. And that's how we have been since then. So to take us back to that era of multiple income streams demand targeted intervention in such sectors. Our mining sector has been well documented in terms of potential. But why will anyone go into it when we are still fixated on oil? We must begin to make deliberate moves in our economy instead of waiting for so- called market miracles.
Soludo is fond of over-gloss. 5% of FDI for Nigeria is $50bn approx. Who is going to push $50bn into Nigeria every year? Must be either angel Gabriel or mother Theresa. It will not happen. Most FDIs come in to take profit not improve your economy.
China's economy was not built on FDI. Rather, it was built on SMEs who were incrementally grown by the govt. It was the boom in exports that attracted the FDIs. If the foreign coys leave China today, are you telling me their economy will crash? The West left Russia. Has their economy tanked? Instead they got new customers and left Europe worse off because they control their economic fundamentals unlike we do are at the mercy of the "market".
So, my point is if we don't control our fundamentals, we will always find ourselves at this juncture were we will have no choice but to push our people into poverty to make economic headway

It is best we go our separate ways. We can never see eye to eye.

I am a firm believer in the round peg in the round hole. I prefer to get my education from economists, economic and financial related magazines and publications. I know you're not an economist

An economist even shared my response to you.

grandstar:


It is best we go our separate ways. We can never see eye to eye.

I am a firm believer in the round peg in the round hole. I prefer to get my education from economists, economic and financial related magazines and publications. I know you're not an economist

An economist even shared my response to you.

I'm a business administrator and a qualified one.
But all the same. I certainly don't agree with your ideas. I don't believe market economics alone or interventionist alone can build a strong, virile economy and this is due to years of study and observation of our local economy and similar ones.
Cheers

P.S. Tinubu is planning to give 8k to poorest people. Do you think that's a good idea? I hope not. We can't say we stop subsidy then start start dashing out chop money to cronies. It didn't work in 2019 and certainly won't work now

Kukutenla:

I'm a business administrator and a qualified one.
But all the same. I certainly don't agree with your ideas. I don't believe market economics alone or interventionist alone can build a strong, virile economy and this is due to years of study and observation of our local economy and similar ones.
Cheers

P.S. Tinubu is planning to give 8k to poorest people. Do you think that's a good idea? I hope not. We can't say we stop subsidy then start start dashing out chop money to cronies. It didn't work in 2019 and certainly won't work now

I don't support it at all. But, unfortunately, government is more about what you can do and what the people want than doing the right thing.

I would support the lifting of the ban on poultry imports and replacing it with a low duty like 20%. You can buy poultry wholesale in Europe for 350/kg. I am sure after landing cost and all, it can be sold to the end consumers at around 1,800/kg in the country. This would not only reduce the price of poultry, but also boost government revenue.

You won't like some of my ideas, so won't mention them.

grandstar:


I don't support it at all. But, unfortunately, government is more about what you can do and what the people want than doing the right thing.

I would support the lifting of the ban on poultry imports and replacing it with a low duty like 20%. You can buy poultry wholesale in Europe for 350/kg. I am sure after landing cost and all, it can be sold to the end consumers at around 1,800/kg in the country. This would not only reduce the price of poultry, but also boost government revenue.

You won't like some of my ideas, so won't mention them.

But Nigeria is self-sufficient in poultry na
You want to kill poultry sellers because you love chicken meat and you want it cheap ba?