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HAPPY INDEPENDENCE ANNIVERSARY TO NIGERIA AND NIGERIANS AND A TAKE ON THE ECONOMY

Hello everyone,
let me start by congratulating Nigerians on this 56th independence anniversary. We have come a long way whether we choose to believe it or not. Nigerians might think there is not much to celebrate especially with the state of things in the country i.e the recession, inflation, unemployment, Biafra agitations, Fulani herdsmen killings etc. But we still have a lot to celebrate.

On the state of the economy, I would like to shift my stand. Yes, a wise man changes his mind sometimes. I believe a devaluation of the naira is possible at this time to curb the excesses of foreign exchange speculators and to check the mad swing of the naira against the dollar, having tried all other avenues to stabilize the naira without it working.
A possible devaluation would end the hoarding in the system, boost Investors confidence as so many people are willing to invest, they just need to see a plan from the federal government.

It could also take us out of recession as it would be easier for the government to borrow money to finance the budget  as former president Olusegun Obasanjo has advised. The minister of finance having said countries were willing to lend us, they just need us to fix our exchange rate first.

Finally, I think the economic team should borrow a leaf from the ministry of petroleum resources on how they deregulated the downstream sector despite protests from the Nigerian citizenry. Today we buy fuel at N145 to a litre and we are not suffering fuel scarcity again. In fact cost of transportation has remained the same. Thanks to the deregulation, we can do the same with our forex market by way of devaluing the naira. And lets see if it will not take us out of the woods.

PHOTOCREDIT:INTERNET

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