What's dangerous about Nigeria's new FX scarcity?
Spot on, Mr. Olumuyiwa. The Nigerian Macro-economic indices keeps breaking my heart. Our policy formulation never considers qualitative or quantitative data…it’s always a spur of the moment emotions. It’s unfortunate, because our 200mm+ diverse population should be a blessing, but with very low productivity, over dependence on crude, “unease” of doing business, currency & food inflation, dwindling revenue, high debt burden (I dare to mention, debt for consumption or very poor tracking of expenditure), then our country is a ship taking its time to sink.
We can pray all we want and “believe” all we want, but if consistent National Economic Policies, planning & role out isn’t achieved, reduced cost of governance, initiation of policies that will encourage FDIs, if in 2023 we don’t get it right across board, from the National Assembly, to State Assemblies, Executives, with a robust National Economic Planning team…then it will mean that we haven’t seen the worst of us yet as this will only be a sad beginning.
Thanks again for this Muyi. I know that you highlighted more serious issues here, but the one that really touched me personally was that of the turkey 🦃. Pardon me. I just bought a kilo of turkey for my wife yesterday for 2,800 naira and still remember in 2019 buying it for 1300. I feel like crying. My only consolation is that unfortunately I and my family would soon become that of the great Nigerian diaspora. I know that he wasn't fabulous, but I honestly wish that if the current administration can take us back to the days of the last administration at least in terms of the economy and foreign exchange, if they do not do any other thing, Nigerians would thank them for it.