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Nairaland Forum / Nairaland / General / Politics / Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff (18497 Views)
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Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by stephanie11: 1:02pm On Sep 12, 2020 |
The naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead of relying on oil revenues, a dependency that has plunged our country and our citizens deeper and deeper into fiscal bankruptcy and individual poverty. Ending the elusive quest for a “strong” currency when the economic fundamentals do not support it will be painful in the short run (we have already undergone several years of devaluations forced by these fundamentals, so what’s new?) but will be beneficial in the longer term. https://politicsnigeria.com/subsidizing-the-naira-blocks-nigerias-economic-takeoff/ 52 Likes 6 Shares
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Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by GamalNasser: 1:07pm On Sep 12, 2020 |
Freely floating the Naira under the current govt would be quite Dangerous..The stability of a countrys currency is directly tied to the quality bof leadership 34 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by slivertongue: 1:22pm On Sep 12, 2020 |
sounding academic but true |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by yungpowers(m): 1:22pm On Sep 12, 2020 |
Tribalism will never allow our youths vote for such a product. They'll rather vote for vegetables who'll mortgage their future. Nigerians deserve Buhari. ![]() ![]() 88 Likes 7 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Ventura1: 1:23pm On Sep 12, 2020 |
More reason Nigeria needs a Revolution, a reset is needed to fix the country. I perfectly agree with Moghalu on the fact If CBN devalues the naira decisively rather than tentatively, or allows it find its value in the market, this will create an incentive to manufacture locally and EXPORT in order to earn forex. Because imports become more expensive. 26 Likes 3 Shares
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Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by armadeo(m): 1:24pm On Sep 12, 2020 |
Really |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by dokie: 1:24pm On Sep 12, 2020 |
good |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by laosy(m): 1:24pm On Sep 12, 2020 |
Abegi, I didn't read all those okoto up there but I knew they're talking about one useless currency spoiled by our useless leaders. 3 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by sholatech(m): 1:25pm On Sep 12, 2020 |
I totally agree with all points Moghalu highlighted. We need to float the naira. Let imports get expensive & we look inwards to meet our needs. Our foreign items & services consumption patterns are not in tandem with Nigerian economic blues 16 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by AmigoDeDon(m): 1:25pm On Sep 12, 2020 |
End of Naira |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Jafar1: 1:25pm On Sep 12, 2020 |
One doesn't need a soothsayer to know to know this government mean no good to the masses.. 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by jericco1(m): 1:25pm On Sep 12, 2020 |
All these things are just theories. Easier said than done ![]() 18 Likes 3 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by AFULA(m): 1:26pm On Sep 12, 2020 |
okay |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Efizzi: 1:26pm On Sep 12, 2020 |
Nigeria Economy is not straight line. Doing this under the current administration will be a disaster amidst the current economic hardship. It will be a total Disaster. We need to have a sound government with good economic team in place before we can reason this. 13 Likes 2 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Dangrace01: 1:26pm On Sep 12, 2020 |
Great. I don't know who has noticed many companies in Nigeria are selling their machinery as scrap. Many companies are closing down check scrap market and you'll be shocked I have seen a clean private jet sold as scrap 7 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Finnese001: 1:26pm On Sep 12, 2020 |
Okay |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by AbijaJ: 1:26pm On Sep 12, 2020 |
If FG try am, Nigerians go vex and the overthrow govt. Even Moghalu himself wouldn't dare try it as a sitting president. 23 Likes 2 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by MoxxxxO123(m): 1:27pm On Sep 12, 2020 |
It will be risky floating the currency in the present situations of the country and the current administration have got alot of clueless individuals in some sensitive positions.maybe next time but a welcome idea. 6 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by ivandragon: 1:28pm On Sep 12, 2020 |
The presentation is idealistic & eco-financial centric, & therein lies its flaws. Economic growth more often than not, cannot be divorced from political leadership. Political leadership drives economic growth & it is that political leadership that ensures that the necessary structures & processes needed to drive economic growth are present. On the issue of being import dependent on food, it's a misnomer & gives a false reading. Some of the biggest food importers are also some of the largest economies... So it is not the amount of food being imported that is the problem, it is that the government has not created that enabling structure to encourage local production beyond mere rhetorics. Loans meant for farmers often end up as largesse for the political elites. The lands that would have been used by sincere farmers are being bought up by those in power & used for less productive purposes. The mind set that imports have to stop is flawed... What government needs to do is provide the structures fro local products to compete favourably with foreign imports & also get these foreign imports to invest in local production... 8 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by dalass(f): 1:28pm On Sep 12, 2020 |
Subsidizing naira.... We subsidize fuel, phcn tariff, biw naira? ![]() Ayam not understanding ![]() ![]() |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Ogaemmii: 1:29pm On Sep 12, 2020 |
Subsidizing naira by defending it is a sound economic policy for its current predicament. Floating our currency at this junction will be a recipe for disaster. If we float Naira, It means there is a possibility for Naira to trade at 1000 naira/$1. What would be the economic ramifications of this possibility? |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by PureGoldh(m): 1:29pm On Sep 12, 2020 |
Dx country matter no be here The people handling various essential portfolio in dx country are too selfish that they have engulfed the country's economy indirectly 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by rottennaija(m): 1:29pm On Sep 12, 2020 |
Ventura1: What sort of revolution? Thee Libya King? Where is Libya now after the revolution with the hope and promise of a better society? Sometime, we need to calm down. 15 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Ekejoestar(m): 1:30pm On Sep 12, 2020 |
Its not a matter of letting the naira float but i think that the govt should encourage local production. BTW. do you know that the cost of the production of the #50 note is worth more than the #50 note itself but to make matters worse all nigerian note is produced abroad. So my point is that this corntree is bleeding profusely. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by surgical: 1:30pm On Sep 12, 2020 |
So this guy is not different from other copy and paste economist,just regurgitating text book theories,without original thought or consideration for the peculiarity of the nation,his suggestions is a recipe for disaster 20 Likes 3 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Vyzz: 1:30pm On Sep 12, 2020 |
rottennaija: Ogam Nigeria needs revolution... It can't get worse 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Equity15(m): 1:30pm On Sep 12, 2020 |
This man sef..whatever they want to do.now is not the right time abeg |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Freesingle(m): 1:31pm On Sep 12, 2020 |
The Japanese and Chinese currencies are relatively low compared to the united States dollar but they have a strong and competitive economy. Industrialization is the way forward 14 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by dalass(f): 1:32pm On Sep 12, 2020 |
rottennaija: Libyan money and economy is still better than Nigeria's..... Many Nigerians are still going there! Even under our democracy, poor economy, hralth, education, insecurity still endemic... We can't surely continue this way ![]() 5 Likes |
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