Nigeria economy is in sorry-state. If Nigerians' suffering continues till December, the Change slogan would turn to another thing on the lips of Nigerians.
The cost of common products is crazily higher everyday, even bag of sachet pure water. Dollar to naira comparison is unimaginable. Two dichotomy we had were; to devalue the naira or not, those two defenders prove their defence on the two opposing sides. By and large, if we are not to devalue naira, some experts opined that we must increase our exportation while some experts said we can still increase our exportation with devaluation of Naira. I think I will go with this devaluation of Naira.
We can build our micro economy with the devaluation of Naira, no doubt the money will be in circulation. Those rich men who are holding money would be able to release money to employ people for their businesses and their houses. The funds will be available with banks to release for those that need it. Experience had shown in the last six months, with government stringent measures to curb dollars, it keeps increasing in value; simply because Nigerians will go at any length to buy dollars anywhere at any amount. Placement of high tax/tariff on a bag of rice will not scare our people from importation since this is the common foods Nigerians eat everyday.
President Muhammadu Buhari should not look dollars with the way of 1983/84; things had tremendously changed now. When Akabueze, with his wealth of his experience in nothing less than 8 commercial banks and finance houses; who had been commissioner for Budget in Lagos was appointed this week for S.A. on planning, I am of the firm belief that our president had realized that there's real wahala in the country, it is now left for PMB to allow his financial experts in his government to freely work on the economy to ascertain the desirable and favourable economic conditions. There's nothing like Ofada rice, it is just the way we are unable to process it to be like Thailand rice that turned it to local rice. There's no difference between the Thailand rice and Ofada rice; and our Ofada rice is still three times costly to foreign rice. Do we have alternatives if we ban importation of some goods we use or consume daily?
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