gohome:
We have a problem.
1. Weak Fiscal Policy and political structure.
2. Executing good economic policies.


I will only touch on 2 because the ruling party does not have the nerve to dismantle the fiscal structure we have now. Also so unfortunate the last one could not. In the next elections, we should vote for the guy that will stop handouts to states. The gain of just this single decision is too enormous to mention in this thread. Will create another thread highlighting this

I will go ahead with number 2. Solutions to number 2 start with a good plan (budget). Unfortunately we have started off in the wrong foot. The growth rate of a country depends on rate of saving and investment. For this purpose, budgetary policy aims to mobilise sufficient resources for investment in the public sector. Therefore, the government makes various provisions in the budget to raise overall rate of savings and investments in the economy. what I have seen so far in this years budget is not impressive. Hopefully next year will be much better.


Another example as regards to policy is curbing inflation rate. Look around you, you can hardly find anything manufactured in Nigeria. So what it means is that inflation is going to be in double figures because of a devalued Naira at 310 to a dollar. It's a bad policy to fix the Naira and not let market forces work. A good example to explain this bad policy is the way and manner we have handled our forex. Firstly, the entire policy to control our outflow was not carefully thought through. What we are doing is fixing the roof because of bad foundation. Or repainting the car and feeling good when your engine is about to knock. Bad precedence we have laid in the past 50 years. Keeping the right to set the dollar price exclusively to CBN is a recipe for disaster. It's only a matter of time and that time will be when oil is worthless. Do you know that the CBN gathers all our dollars and print Naira equivalents of these dollars. They flood this Naira in the economy and because the GDP growth is not equivalent to the Flooded Naira, inflation starts to kick in, the CBN the go ahead to reduce to cash in circulation by raising interest rate, selling T bills and even borrowing from bank at huge cost. Imagine! The simple solution to this is to let it stand on its feet. Every body source for your dollars and let your customers buy it at any price.

But wait a minute, the decision to do that is not so simple, the dollar will reach 500 Nairas, so politically, it will be suicidal considering the fact that 1 Naira was suppose to be of equal value to the dollar.

A true devalued Naira may be a solution to our problems. It will reignite the real sector. Manufactured good in Nigeria can now compete with foreign goods In Nigeria. Thousand of Jobs will be created. We will get better at it and even start to export. There is hope people.

That's the only way. For you to increase your outflow, you have to be able to sell manufactured products, resources like oil etc can not cut you in. To be able to manufacture competively with China, Germany etc, you will need

1. Technology
2. Fiscal policies, tax cuts import waivers on heavy duties etc
3. Most important, Infractructural development (1 Trillion US at least).This will include power, rail, roads, ports etc. unfortunately, we have squandered billions of hard earn forex that should have been used for this
4 Human Resource - STEM professionals, technicians etc
5. Strong Policing- strong police force, legal framework etc.
6. Strong Foreign policy

What do we do?
1. Can we as citizens reach out to our legislators that the budget should reflect the above and don't be passed until it is changed.

2. Can we also push for a well laid out fiscal policy

3. Can we also push for a policy that will ban all forms of commodities except heavy duty equipment from accessing forex from the CBN

4. Can we set a hard target for the power problem to be fixed. (Milestones included). All projects in the world have targets

5. We consume 40 million liters a day of PMS. Dangote refinery will do 10 million liter max. Can we rigorously push for 4 Dangotes to build refineries especially from the oil majors in country.

6. With just a 10% increase in GDP and 30% increase in manufacturing, 2.2 million barrel a day of oil we produce will not be enough for local consumption.






Came across the link below and I thought it might be interesting.

https://m.youtube.com/watch?sns=fb&v=xex7NAhTR_w

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

gohome:


Can we discuss without name calling? Plus I need solutions not blames. Please let us focus on the solutions to our problems with minimal or no blame

EternalTruths:


When will Buhari stop eyeing the oil wealth of the Freeborns and introduce True Federalism


OP

Anything outside True Federalism won't work

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

tuniski:
you started like u have good grasp but, quickly went off by the over used lame line of 16yrs of waste.[b] So Russia too had 3r0yrs of waste abi? [/b]Stop blame game and come up with solutions. It is actually the problem structurally basing our posterity on oil boom/doom. Apc is here let them solve the part of the problem they can then give way. Govt is a continuum but, apc is an error while the Sai baba chanters today are zombies!

Standing5:
Russia had good savings and invest in technological advancement that they are falling back to now. Nigeria saved and quickly deplete same via frivolous arms purchase, increase recurrent bills. among others.

tuniski:
Nigeria is not federal govt but, all tiers of govt. Until we look at things in a holistic manner we won't get there. That is why fiscal federalism is critical. Those yeye states premise viability as the basis of their creation but, 35/36 of them can't survive without running to abuja for money sharing.


At no time had nigeria the money to take Care of all our developmental needs. it only takes creative thoughts to keep the country going. Our problem is the misfortune of largely having the least amongst us as leaders across board. We have sacrifice competence and innovation for all manners of issues/creed that are slowdown on us like nepotism,regionalism,religious bigotry,class differential and all others.
Let us wake up and do things by merit while encouraging innovation and enterprise instead of a massive dependence on govt. No govt builds a nation rather the citizens do!

tuniski:
you started like u have good grasp but, quickly went off by the over used lame line of 16yrs of waste. So Russia too had 3r0yrs of waste abi? Stop blame game and come up with solutions. It is actually the problem structurally basing our posterity on oil boom/doom. Apc is here let them solve the part of the problem they can then give way. Govt is a continuum but, apc is an error while the Sai baba chanters today are zombies!

Standing5:
I agree on state, fiscal federalisw, and nation building above. We can't just build nation by wishing it. Monies have been stolen and should be recovered

mrvitalis:
Bro the solution is not on grammar we need urgent solutions and I would propose the following
Government should set up a farm company like NNPC allocate unfarmed land to the company
Develop seedlings true the ministry of agriculture... Farm to substitute the things we import simple as a b c
Allocate 200000 hecters for wheat farming
1 million hecters for rice farming
Just like that.. . The ban importation of this farmed goods.. . The importers must buy from government
U create jobs.. . Save our foreign reserves
Generate revenue... . It's not rocket science bro
We just have dummies ruling us

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

tuniski:
no,that will be concentration camp not farming. Moreso, govt doing more aand more Is simply encouraging inefficiency and corruption. Govt is already overwhelmed let citizens be Stimulated and encouraged to do commercial agriculture. Govt must stay off they are a never do good bunch!