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Nairaland Forum / Nairaland / General / Politics / Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff (18500 Views)
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Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Nobody: 4:25pm On Sep 12, 2020 |
yungpowers:If u elect him he'll definitely gag u with theory oriented policies and complete removal of subsidies. Business men and women will decide price of products. Such people are intelligent but dangerous to African culture. 2 Likes 2 Shares |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:31pm On Sep 12, 2020 |
This is the real starboy |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:32pm On Sep 12, 2020 |
Coronabirus:Dangerous to african culture? You are high 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by GavelSlam: 4:35pm On Sep 12, 2020 |
Efizzi: We don't need sound government just the one you support. But you see, one day you would realise we would not all support the same government but we MUST all work in the interest of the nation. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by afube: 4:37pm On Sep 12, 2020 |
ivandragon: he never said imports should be banned ,he advocates for hefty import tariffs and taxes on imported luxury items. 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:39pm On Sep 12, 2020 |
Dee60:Wrong With sound economic policies, it is even better for Nigeria. $1=44,000 vietnam won $1= south korean 840000 Nigeria is not in the class of any of those countriez either in prosperity or maufacturing capacity Get proper education, so that people like you would stop voting for basic politicians with basic mentality. 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:41pm On Sep 12, 2020 |
Modified |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Nobody: 4:44pm On Sep 12, 2020 |
RTSC:with poverty, underdevelopment, greed for wealth and poor leadership capitalism isn't suitable for us. 2 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by GavelSlam: 4:45pm On Sep 12, 2020 |
Reference: I don't agree with this statement. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by VULCAN(m): 4:45pm On Sep 12, 2020 |
Kingsley has been an academic and civil servant most of his career. He has no successful business that i know of. Thank God he lost woefully at the polls because a man with theories always falls beaten at the feet of a opponent with real world experience. The same way he ran for President without a clear cut strategy or any form of tactics beyond attending town hall meetings. When asked to merge forces with Fela and Sowore he refused claiming he had the numbers. What delusion ![]() He should go teach in Oxford or somewhere prestigious where expounding sweet sounding economic theories will not lead to the destruction of millions of lives. We have an illiterate as President, trying to fix that by handing it over to a highly educated theoretician will lead to another disastrous tenure. ivandragon: 4 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Misterone: 4:49pm On Sep 12, 2020 |
Ventura1:yeah. you guys will agree to it since it is one of you. Subsidy was removed on petrol you shouted blue murder, tariff was increased on power, you rained curses, now it is devaluation. Soon you would be shouting buhari ! These policies are one and the same. support one you support all. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:52pm On Sep 12, 2020 |
If you look at all the best candidates the apc and pdp can offer, none of them is in moghalu class. The best of them will do a bit of structural reforms, build a few roads, repair a few infrastructure, share money to entrepreneurs and that is all. And that is the best the apc and pdp will offer at best scenario. What Nigeria needs is radical. Huge millions are in poverty and rising Unemployment is soaring to the stratosphere We need people that can produce bold ideas that can even be replicated else where. Nigeria is too far decayed for above average performance, which is what the most capable person in the apc or pdp will give. We need excellence to change anything. 3 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by gnykelly(m): 4:54pm On Sep 12, 2020 |
as sometimes I wonder if our elites are maad this same thing happened during babangida era. which killed a lot of companies then. this is a standard textbook solution 2 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 4:56pm On Sep 12, 2020 |
Coronabirus:You have not practiced capitalism the way it ought to be. Nigeria is not more traditional than asia, and it is capitalism that brought that continent from underdevelopment. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by alizma: 5:23pm On Sep 12, 2020 |
GamalNasser:What have achieved? You don't even know who you are talking to. Those who have achieved something reasonable don't do advert. Their achievement speak for them. Unfortunate nairaland has provide cover for people like you to hide your face, else you won't dare mention achievement while discussing with some people on this platform |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by pacespot(m): 5:24pm On Sep 12, 2020 |
But I thought the fed govt has depreciated naira to 386 per dollar. The problem is nothing but the scarcity of dollars in the economy due to continuous slump in oil price. Even if the government completely deregulated the forex market, the forces of demand and supply would eventually crumble the naira against dollars. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Kubernetes: 5:32pm On Sep 12, 2020 |
For those wondering,Floating the naira or any other currency for that matter means the government is no longer controlling the value of the naira compared to other currencies. For years, it had been pegged to the US dollar, which meant that its value would only go up or down in tandem with the relatively stable dollar. But if floated, its value would fluctuate freely, so it can rise or fall on a daily basis. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by saniby: 5:36pm On Sep 12, 2020 |
stephanie11:Theories upon theories. Nigeria economy is just beyond mere theory. why? Because theory is based on some assumptions, some ideal parameters which themselves are difficult to achieve in Nigeria. Floating the Naira, with all due respect to Moghalu, is dangrrously suicidal. Do that and see Naira deteriorate to over N1000 to a $ within just 1 year. Take for example areas that are completely unregulated like transport. Transportation cost from Lagos to Ibadan could cost more than than China to Lagos. Some manufacturers will prefer reselling FOREX than going through production and its challenges. By the way, can somebody tell me where in the UK can I exchange $100k in cash? What of Nigeria, can I exchange N1bn to USD cash? The former will be extremely difficult but the later is doable. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Shattuck(m): 5:47pm On Sep 12, 2020 |
rottennaija:calm down for buhari to finish us ? |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Yampotatocarrot(m): 5:47pm On Sep 12, 2020 |
idtwo: I've been hearing posters make mention of "dual exchange rate". I'll like to know, what does it mean, and how does it affect the economy? Thanks |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Shattuck(m): 5:52pm On Sep 12, 2020 |
Sam0:at least you are man enough to criticize buhari, not like the foolish dead meat seller who turns a blind eye to buhari's evil ways |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Shattuck(m): 5:56pm On Sep 12, 2020 |
jericco1:every great nation today was built on a sound policy I don't know more about economics but if he is wrong in any way it can be rectified by other intellectuals, do we just sit and just listen to buhari and his gang who keep lying to the masses that all is well when it is'nt. 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Yampotatocarrot(m): 6:02pm On Sep 12, 2020 |
saniby: But currencies like Won (South Korea) have very low value against the dollar, yet their economy seem alright. I don't think it's about the exchange rate against the dollar, whether high or low, there seem to be other more important factors at play here 1 Like |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by hmohammed(m): 6:03pm On Sep 12, 2020 |
Jafar1: Just be talking rubbish, instead of you to unlearn and learn from this great piece. Mumu like you will be shouting Buhari up and down. No be your mate they make legal money for this same country. Fool |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by passiveincome01: 6:06pm On Sep 12, 2020 |
really hmmmmm |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by jericco1(m): 6:11pm On Sep 12, 2020 |
Shattuck: If you know this man very well, you'd know that he is just talk and no show ![]() |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by courage89(m): 6:46pm On Sep 12, 2020 |
RTSC: Nigeria has been devaluing its currency since 1985, and i would like to believe we've instituted some sound economic policies over the years. Please kindly educate us on how these devaluations has advance Nigerian comparative advantage and industrial development. In a similar fashion as these countries you referenced in your write up. 2 Likes |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by RTSC: 7:21pm On Sep 12, 2020 |
courage89:Nigeria did not devalue its currency. The currency devalued itself despite govt intervention. That intervention is the problem. Investors can't trust the value of the naira. There is a difference between allowing free market economics and failing while trying to prevent free market economics 1 Like 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by idtwo: 7:42pm On Sep 12, 2020 |
A dual exchange rate is a setup created by a government where their currency has a fixed official exchange rate and a separate floating rate applied to specified goods, sectors or trading conditions. The floating rate is often market-determined in parallel to the official exchange rate. (Investopedia). Like the above explanation, dollars can be gotten from the bank at about a rate of $1 to N380 or so. But gotten from bureau de change at rates well above 400 to the same $1. Black market rates may even be worse. But because of the limited supply from the banks, importers often resort to sourcing the dollars they need from the black market which seems to always have. Remember those instances when filling stations gave no fuel but the black market never run short of supply ![]() So you see, that dual exchange rates leave room for fraud. When you know people in positions in banks that can influence your being given dollars at say 380, all you need to do is to resell to the black market at say 390 & make N10 profit per dollar without doing any work. So this system denies genuine entrepreneurs access to needed foreign exchange and encourages currency roundtripping by banks & individuals. It is foolish for govt to give people going for pilgrimage to Mecca and Jerusalem, dollars at official rate when they have not been able to satisfy those that need it for genuine business. So if you source dollars at expensive rates, your imported goods will of course be expensive. Total Free floating of currency especially for economies that hardly export anything substantial is however fraught with own dangers and problems like many contributors have tried to explain. Yampotatocarrot: 2 Likes 1 Share |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Greatzeus(m): 7:51pm On Sep 12, 2020 |
yungpowers:Are you talking about the millions of South East voters who voted a kleptomaniac instead of this man? Their own son for that matter. |
Re: Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff by Shattuck(m): 8:05pm On Sep 12, 2020 |
jericco1:I get your point but at least I feel his idea can't be worse than what we have now |
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