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Nairaland Forum / Nairaland / General / Politics / Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff (18498 Views)
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Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by KGREAT(m): 2:23pm On Sep 12, 2020 |
There is nothing new in what this bukuru man said that i have not heard from Sanusi Lamido sanusi in 2012. I wish APC allowed Jonathan to implement those reform in 2012 Nigeria will not be in this mess today. Vote Sanusi Lamido for president in 2023. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Dee60: 2:23pm On Sep 12, 2020 |
AmigoDeDon: No doubt that will spell the end of the Naira. This is asking Nigeria to go the way of Zimbabwe. The currency will just become useless. For the avoidance of doubt, Naira is actually currently under-valued! What kills the value is not just over-reliance on imports but the fact that looters prefer to store their money in hard currency, as they wait for an election that is 3 years away. It was discovered at a time that any time FAAC was shared price of dollar will instantly go up. Why? - The answer should be obvious. There is a demand for USD as a store of LOOT. The economy has not been factoring this in. There was this ex-NNPC chief who had close to 10 million dollars in a village house! There was the other 144million USD cash found in a house in Ikoyi. Do we know how many other such 'dollar stores' are not found? Oga Kingsley, with all due respect, your suggestion will destroy the economy. There is no sane country where you buy forex on the street without documentation. The politicians will not make a law to prohibit holding dollars outside the banking sector, because that law will affect them the most. As a country, we are yet to start - and right now we are a laughing stock, to the extent that a British leader once said that our country is fantastically corrupt. 7 Likes 2 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by dacool1(m): 2:24pm On Sep 12, 2020 |
iyke4:You seem to understand economics, most people supporting the free float of the naira are not facing the reality on ground. Just check the price of kerosene and diesel then you will understand even the so called premium gas is not as expensive as those two listed up there just because regulations have been removed, there are economic whales that would control the exchange rate in a country like ours. I think what should first happen is that the regime of multiple exchange rates in the country should be abolished it favors only the elites. The truth is as long as we import most things there will always be excess demand. Thus the price will continue to go up. Let them first put in place mechanisms that would absorb the events that will result to excess demand for forex. Asides that most developing nations don't float their currencies that's just the blunt truth, some developed countries too such as UAE, Saudi, Hong Kong, even almighty China didn't float her currency. Las Las na the rich people e go favor, abegi make dem no float anything, even when dem dey defend am na up e dey go. 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by eedriyz(m): 2:25pm On Sep 12, 2020 |
yungpowers: If he wasn't voted because of tribalism, then why was Sowore or Fela not voted? He just has to work on his approach. Power is not given; it's taken. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Nobody: 2:27pm On Sep 12, 2020 |
you will get to the point where they cannot defend it because there is no $$ to. it will be worse then than if they did it by themselves. that was what happened Sudan and Zimbabwe. they had no choice so their currencies went free fall. quote author=Yankee101 post=93845514]If nigeria still imports prices will sky rocket and people will overthrow the government if you don't defend the naira See Sudan (flood), Zimbabwe (sanctions) etc Until we begin to export substantially then we can benefit from a weak naira, not before then [/quote] |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Dee60: 2:28pm On Sep 12, 2020 |
dacool1: Thank you. Some economists always want to compare us with countries where systems work. In Nigeria, it is not the same. here, people loot so much and store their loot in dollars. If you free-float the naira, they will not mind. The few dollars we earn will end up in their roofs and they will have 24x7x365 Police protection. Business will suffer as a result and poverty will multiply. 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Reference(m): 2:32pm On Sep 12, 2020 |
KGREAT: The dream pairing will be Sanusi and Peter Obi to handle monetary and fiscal problems in Nigeria respectively as a couple who deeply believe in these things and are comoetent enough to implement them. We need to have technocrats in goverment at the highest levels for a season. Let us try something different for once. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Reference(m): 2:39pm On Sep 12, 2020 |
Dee60: What is 'we' earn. Who is the 'we'. I earn foreign exchange and have to give it to the CBN by law at a loss (because buying it back is at their discretion). Float the naira and it won't matter who owns the forex and it will certainly encourage everyone to quest for external trade, external investment and decrease the desire for foreign accounts and dollar hoarding. 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Xscape1993(m): 2:40pm On Sep 12, 2020 |
I have learnt so much from this. God bless you richly sir. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Javierleon(m): 2:40pm On Sep 12, 2020 |
please one pandemic at a time 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Advocate500: 2:41pm On Sep 12, 2020 |
surgical:what suggestion? Mr know it all , he has given his own opinion without any insult why don't you tell us ur own suggestions? You criticise, zombie will say ur criticism lack objectivity, you come up with solutions they say u are a mere paper economist, my question is what do people want in this country? 2 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Dee60: 2:52pm On Sep 12, 2020 |
Reference: In what areas do we have comparative advantage? Even with primary produce like Cocoa, Cashew, Ginger, Nigeria is seen as a last resort. I know that for a fact. Buyers will mop up Cashew from small Guinea, Ivory Coast, before they touch Nigeria. Quality, processes, etc are not trusted. On finished products it is next to ZERO. Now, people are exporting KuliKuli, Milo, Maltina, garri. Apart from Nigerians outside, who will buy these? All the value is what - less than 1million dollars. Serious countries do not call that export! Nigeria's earnings go far beyond some of those things you thought I was referring to. The billions remitted by Nigerians living abroad. The billions collected as dues on ships entering Nigeria. The billions earned from sale of crude. Those are the 'we'. I can go on. The fact is that a free-fall will not necessarily improve our earnings in these sectors. Imports will drop, so will the earnings on trade related forex. Remittances may not increase, because the supply side has not changed. Crude oil revenues may not go up because supply is capped by OPEC. How will a free fall suddenly improve export? I am glad you mentioned that you export. Are the processes encouraging to you? Try to scale up and see how the system will charge against you! By the way, the major exporters in Nigeria today are Asian companies. They have their own use of forex and may not really mind a really bad Naira. I totally agree with you that if you earn dollars, you should not be forced to sell to CBN. Its your earning. It should just sit in your dollar account. Closing, until the country blocks the holes and leakages (and we dont even know how big they are), toying with free-float could lead to an uncontrollable regime like they had in Sudan and Zimbabwe. 4 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Spidermon: 3:16pm On Sep 12, 2020 |
Eriksson: Gbam! |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by idtwo: 3:19pm On Sep 12, 2020 |
He has made his points, difficult as they may be. Instead of saying they are just theories, can you bring up your own suggestions/ideas? jericco1: |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Saig: 3:21pm On Sep 12, 2020 |
I'm not Igbo but I don de talk this thing since. make we make this man Kingsley Moghalu president of this country. He is an economist, he will know better. let's stop recycling these old featherheads |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by BigBashiru: 3:22pm On Sep 12, 2020 |
Freesingle: Nigeria cannot industrialize because the ppl hv a bad attitude to work.... the factory employees will tell u why should I stress my self "it's not my father's business" or "I cannot come and kee myself".. China will not be industrialized today if workers had that attitude. 5 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by membranus: 3:35pm On Sep 12, 2020 |
Jafar1: Hmmm Out of all the fine economic grammar and analysis Moghalu said came up with, na only "govt means no good for the masses" u fit comment. U no do well at all. Oga go back and re-read the article and come back with better comment. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Jafar1: 3:37pm On Sep 12, 2020 |
membranus: U wey read, wetin be ur comment on the matter? |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by alizma: 3:38pm On Sep 12, 2020 |
GamalNasser:Lol, from which school did you learn this? And this is one of the self acclaim leaders of tomorrow. Is alright. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by VeeVeeMyLuv(m): 3:47pm On Sep 12, 2020 |
membranus:Yes na, If govt implement what Prof Moghalu is proposing it will be a disaster. Govt closing borders to curb importation could not succeed in raising productivity, industrialization and exports so is it floating the naira that will work? 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by membranus: 3:48pm On Sep 12, 2020 |
Jafar1: No comment sir. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by alizma: 3:51pm On Sep 12, 2020 |
yungpowers:If Kingsley becomes president today and he allow free float of naira, you will be the first person to Stine him. He said everything so smooth and you are praising, can you find out what will be the likely exchange rate of naira to dollar under free float within one year, have you ask him how long did he think it will take Nigeria to diversify in other to support the naira value from depending on oil price? Perhaps you didn't see in his write up that he has admitted, contrary to you guys believe that oil price and foreign reserve has a lot to do in determining the value of naira. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by NaMeAboki: 3:53pm On Sep 12, 2020 |
surgical: You are spot on. Besides, even if he is correct; it would be political suicide for any govt to try to implement those policies now - ordinary subsidy removal and see how Nigerians are already reacting; talk about devaluing the Naira along with its immediate attendant inflationary consequences on goods and services. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by loswhite(m): 4:04pm On Sep 12, 2020 |
yungpowers:floating the naira now is a disaster... leave all this write up. Nigeria as a nation spend more forex importing petroleum than they spend on rice importation but you will not hear the same government attack fuel importation the way they attack rice importation... it begs the question why? 3 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by membranus: 4:05pm On Sep 12, 2020 |
VeeVeeMyLuv: Yes. If govt free- float the naira, then the poor will further go hungry as purchase of common foods like rice, beans and corns will be out of their reach. Then violence in the land against the govt and its rich officers, then complete anarchy, and finally REVOLUTION and rearrangement of the present political order which favors the rich and the influential. Let them free the Naira to free the nation. Revolution Now!!!! 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by loswhite(m): 4:06pm On Sep 12, 2020 |
Ventura1:stop importation of petroleum products first... I totally disagree with him |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by idtwo: 4:11pm On Sep 12, 2020 |
I doff my heart sir. You truly understand the economic issues at play here. I align with most of your points. We should focus first however on getting rid of or minimizing this issue of having dual exchange rates. It is heavily abused and doing more harm than good. Dee60: |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by GamalNasser: 4:16pm On Sep 12, 2020 |
[b][/b] alizma: Do you know how to comprehend at all..so don't even go where you are going with this ....Allow Buhari with freely floating naira and see where his bad policies won't devalue by over 1000 percent ...Next time before you argue with anyone make sure you have achieved more in life than them ok ..Now Bleep off 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by idtwo: 4:21pm On Sep 12, 2020 |
This is the kind of thread that should get to 30 or 40 pages if we were serious as a people, instead only threads on irrelevancies like bbnaija, entertainment like sports and political threads that encourage tribalism and bad blood that garner such contributions. Moghalu's views initially look good but unfortunately are not well thought out or suited for our situation now. I have read richer and more convincing thoughts and ideas from some of the few contributions so far on this topic. Economic policies should be for the good of the people, not vice versa. I however support scraping the dual exchange rates as presently obtains. It has been a big minus for the nation. 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Kingspin(m): 4:21pm On Sep 12, 2020 |
rottennaija:Calm for nothing? Many peace were gotten through war, protest or revolution, etc. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by simpleseyi: 4:24pm On Sep 12, 2020 |
yungpowers: Vote for this thief? God forbid. Kindlsey Moghalu was one of CBN Deputy Governors when Goatluck Jonaddaft and his gang of 40 thieves were looting. While Sanusi Lamido the pedophile from Kano was screaming thief, thieff, jankoriko, Kingsley remained quiet because Kingsley was also stealing his own from the national treasury. Even while the Kano pedophile Sanusi Lamido was being humiliated and disgraced by Goatluck Jonaddaft for speaking the truth, Kingsley kept quiet and colluded with the treasury looters to continue looting. Or did anyone here heard anything from the CBN Deputy Governors when Sanusil Lamido was screaming thief, thief, jankoriko or when he was being humilaited by the treasury looters? NO. In a place like China, Kingsley, his father Moghalu and his children whould have been executed at the market square. 1 Like |
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