Basic problem with NIgeria is simple. We rely on one source of income..oil. And we need that oil to be above 100 dollars per barrel on a consistent basis before we can see some economic improvement.

The solution is simple...remove subsides, improve tax to gdp ratio and become an manufacturer of goods and services. Export those goods and services at prices you set and voila...you are a rich nation. That is how South korea and china, whose GDP In 1963 was less than that of most African nations per capita went to super industrial development.

It is that simple. But the palava is, governments past and present don't want to do that. And that is why since I have been around, the headline 'NIgerian economy is in crisis' is always a permanent thing. The economy has always been bad. The only people who defend it are those who are related to those in power.

It does not matter who takes over, and the sad thing is the current government and the oppositon are the same thing...yes. That is why people like me don't rate APC, PDP or LP. Because as I have seen, no one is willing to tell Nigerians the truth.....that we have to get rid of our national cake sharing mentality and go to a production of manufactured goods and export and industrialization mentality.

We want a government that would equitably share a non exitent national cake, not a government that is productive. Well, we have the latest incarnation of such a government, and Obi is not better, nor is Atiku. Enjoy your government.

InlandTaipan84:
Obviously, Tinubu economic policies have failed.
He should swallow his pride and resign for someone that has the capacity to takeover.

On his mandate we stand.

So you will be asking why are the local manufacturers complaining now and you will ask why it's common local Rice costly since is been produced in Nigeria why is it costly now the government has opened door for foreign goods to come in watch as Rice and Beans will fall mostly local one's

Any small manufacturing company is currently downsizing because the indices are not looking good at all

ChatGpt 4

Nigeria could theoretically abandon the Naira in favor of cryptocurrencies like Bitcoin or XRP as a medium of exchange, but such a move would face significant challenges and implications.

Challenges and Implications:

Regulatory and Legal Issues:

Legal Framework:

The Nigerian government would need to create a robust legal framework to regulate the use of cryptocurrencies. This includes defining their legal status, taxation, and consumer protection.

Compliance with International Standards:
Nigeria would have to ensure compliance with international financial regulations and anti-money laundering (AML) laws.
Economic Stability:

Volatility: Cryptocurrencies, especially Bitcoin, are known for their high volatility. This could lead to economic instability and unpredictability in prices and wages.

Monetary Policy:
The Central Bank of Nigeria would lose control over monetary policy, as it cannot regulate the supply of decentralized cryptocurrencies. This could impact its ability to manage inflation and economic growth.
Infrastructure and Accessibility:

Digital Infrastructure:
Widespread adoption of cryptocurrencies would require significant improvements in digital infrastructure, including internet access and cybersecurity.

Financial Inclusion: Many Nigerians lack access to digital technology and the internet. Ensuring financial inclusion would be a major hurdle.

Public Acceptance and Trust:

Education and Awareness:
The public would need to be educated about cryptocurrencies to build trust and ensure widespread adoption.

Risk of Scams:
The prevalence of scams and fraudulent schemes in the cryptocurrency space could erode public trust.

International Trade:

Exchange Rates and Trade:
Trade with other countries that do not use cryptocurrencies would require constant exchange rate management, adding complexity to international trade.

Potential Benefits:

Financial Inclusion: Cryptocurrencies could potentially provide financial services to the unbanked population.

Reduced Transaction Costs: Lower transaction fees for cross-border payments and remittances.

Innovation and Growth: Encouraging innovation in financial technology and potentially attracting investment in the tech sector.

Precedents and Examples:

El Salvador: The country adopted Bitcoin as legal tender alongside the US Dollar. While it faced significant challenges, it provides a case study for the potential benefits and pitfalls.

Central African Republic: It also adopted Bitcoin as legal tender, but faced issues with infrastructure and regulatory concerns.

Conclusion:

While adopting Bitcoin or XRP as a national currency is theoretically possible, it is fraught with challenges that could outweigh the benefits. Nigeria would need to carefully consider the economic, regulatory, and social implications before making such a move. A more feasible approach might involve integrating cryptocurrencies within the existing financial system, providing options for digital transactions without completely abandoning the Naira.

helinues:
Toh

You go soon die from this your toh one day

Racoon:
“Nigerian manufacturers are saddled with high production costs, which ultimately push up the prices of manufactured goods. All these things are based on competitive advantages. The export base should be good enough to support the floating exchange rate, but we need to have a good economic base to do that.

they were all there before Dangote. Had he not produced his own electricity. Win de de look since

Brendaniel:
But we warned them about Tinubu, they thought we were just being political or tribal, it was supposed to be a collective effort to stop him from getting there, he was the worst candidate among the entire candidates for presidency, it was like choosing Fred Ajidua or Yahaya Bello to come and run Dangote refinery as MD just because they made money fraudulently ...

Some people didn't know why I made this statement last year just after Tinubu was sworn in... They chose tribalism and religion over competence and character and some of them are already talking about 2027 election for the same Tinubu...

notice it's only you that is wailing.

OboOlora:
Pple abroad are enjoying it, small £20k, we don buy big house from hungry Nigerians.

This administration really favour us lol

ṣe You're mouth. Idà cement the same price? Have abroad ppl built small house before.? Talk with sense

InlandTaipan84:
Obviously, Tinubu economic policies have failed.
He should swallow his pride and resign for someone that has the capacity to takeover.

Why would winner resign for loser who c couldn't win ordinary election?

Ngwamankillyou2:
It won't be well with all evil supporters.

Of course
That's why you're suffering

It is high time this I-wana-be-president old thing wake up and do the work YAKUBU rigged him into.
Thunder destroyed any hard that will comment against this. Read and pass.

The nonsense constitution doesn't give allowance for just an outsider to replace a president that resign his seat. If such happen in Nigeria, the next person to automatically take over is another disaster Shettima. In case Shettima is incapacitated, then Akpabio take over.....You can see that on the line up are disasters all over. The only option which can be deadly but will eventually bring progress is revolution, a real revolution that will unseat all the leadership seats and bring in a decisive interim leadership .....only possible if military coup doesn't take over...... Nigeria is a long way to progress......please if you are young and smart and have the means to travel out with or without your family, please do.....a time will soon come that to travel will be highly impossible or so difficult......make yourself viable now to be able to work abroad. Learn handwork, learn something especially IT works, Mechanical Engrs, Electrical etc....Learn and learn so that you can do something meaningful.....even plumbing work is viable....

InlandTaipan84:
Obviously, Tinubu economic policies have failed.
He should swallow his pride and resign for someone that has the capacity to takeover.

Cromagnon:
notice it's only you that is wailing.

Oh and your Obas and elders are doing what?

See the president una stand under the sun vote for .. kikikikikiki Tinubu till 2098.

helinues:
Toh

That's ofcus the least You gat to say.

Standing with same evil political structure that is the worst pain to befall the survival of Nigerians makes You the true enemy of Nigeria. Yet You are confused to belief You love the Country😁.

Zombies will surely zombie to their graves😁.

nwirinedu:


On his mandate we stand.

They are tired of standing on his mandate already, na him manhood them wan stand ontop to crush remain😁

Cromagnon:

Of course
That's why you're suffering

I'm far better than your entire family you are the one protesting...you never started yet.

Omooba77:


https://www.vanguardngr.com/2024/07/naira-depreciation-escalates-manufactured-goods-imports-139-to-n5-74trn/

I saw this coming. You rule Lagos no mean say you fit rule Nigeria

REGINALD001:




MY SISTER NO WE CAUSE AM NAA, NA YOUR UNCLE WEY DEY ASO ROCK AND WITH HIS TEAM OF INCOMPETENT SYCOPHANTS........... AS WE SPEAK NOW POUND STERLING IS N2,010 TO £1.

IT SO SHAMEFUL.

Dey play ooooooooooooooo

Elsueno:


I don't know bro, They could also u know cut down on government spending, cut down politicians salaries and allowances at all levels by like 70%.....Stop burying luxurious yatchs, SUVs, Mansions etc....before they think of the bolded?

or

E no go work for Ur masters? ....U always make sense but your problem is, you only want the masses alone to sacrifice for the elite

The fact is, government MUST and SHOULD cut government spending, but it still does not make us earn more money. Kind of my point. Because the cold fact is, it is a disgrace that we have a budget below 30 trillion, whereas countries half our size in population have three times that.

NIgeria needs a higher amount of money than we have right now. 30 trillion is not enough for us...with a debt that surpasses 50 trillion naira. That is why we need to earn more money. And what I have listed above would help us. You don't like the message of taxes and subsidy removal...which is why you call me slave, and you don't see the other points I made.


That is why I am yarning about all the stuff. NIgeria needs to fight corruption well well. This government has failed us well well, and so has the past ones. At the end, however, the fact is that if we fight corruptuon successfully today, we would still meet the problem of low earnings tomorrow.

Maybe if we earn more, we can fund things like better welfare, better cheaper health and so forth, at global standard.


Or we can follow your way, and keep taking loans.

Good morning.

nairalanda1:




The fact is, government MUST and SHOULD cut government spending, but it still does not make us earn more money. Kind of my point. Because the cold fact is, it is a disgrace that we have a budget below 30 trillion, whereas countries half our size in population have three times that.

NIgeria needs a higher amount of money than we have right now. 30 trillion is not enough for us...with a debt that surpasses 50 trillion naira. That is why we need to earn more money. And what I have listed above would help us. You don't like the message of taxes and subsidy removal...which is why you call me slave, and you don't see the other points I made.


That is why I am yarning about all the stuff. NIgeria needs to fight corruption well well. This government has failed us well well, and so has the past ones. At the end, however, the fact is that if we fight corruptuon successfully today, we would still meet the problem of low earnings tomorrow.

Maybe if we earn more, we can fund things like better welfare, better cheaper health and so forth, at global standard.


Or we can follow your way, and keep taking loans.

Good morning.

Well said, I absolutely agree with this take