The former Central Bank Governor and current Emir of Kano, HRH Sanusi Lamido Sanusi has outlined solutions to Nigeria’s current economic crisis. Emir Sanusi laid out his solutions in a presentation titled A Plan to Restore Confidence, Direction & Growth at the Savannah Centre for Diplomacy, Democracy & Development – Abuja.
We think his solutions are simple and straightforward and should be adopted by any reasonable government determined too proffer solutions. Critics believe we don’t have such a government at the moment.
Here is a summary of his solutions;
- The years of “Africa Rising” where one tide could lift all boats are behind us: the commodity cycle has turned, and government balance sheets are stretched.
- Sustainable, inclusive growth now depends on investment – and in Nigeria’s case, policy credibility will first need to be restored.
- The role that government can play in this process is defined by: (a) implementing the FX policy it already has; (b) creating the conditions for local manufacturing to develop
More specifically, it can:
- Allow price discovery to occur in the foreign exchange market
- Close the gap between FX policy design and implementation
- Shift the focus of fiscal policy towards reducing debt-servicing costs
- Firmly and unequivocally eliminate fuel subsidies
- Raise more concessional funding from abroad
- Capitalise NBET, so that arrears can be cleared
- Protect infant industry, specifically labour-intensive manufacturing
Also find screen shots of his solutions
Next up;
More on power;
You can get the full presentation below;
Folks nobody is wrong or right.so is the previous governor of the cbn and the presentEg for more than 10 months the vice-president have already said that the govt have proposed to engaged 500,000 unemployed graduates in volutuary postion for some time,and for certain they will access microfinance projected by the cbn in,the money approved by the cbn and some for in small-scale finance or graduate/enterprenuer funds.now many fund have been approved by the cbn that have not been utilized.i am sure some young nigerians will do some research,on the un-used funds in Nigeria.
sometimes early last year,i posted some comment on gradute unemployment,a beautiful young girl in her 20s picked my comment, and expanded on her research it,on enterprenuer and alhamaraji education in northern Nigeria,all bill were approved by national assembly signed by the then president johnathan.i was shocked that previous govt did it.i dicided to widen my horizon by looking at at the fund created by the cbn,name it (1) for power generation and construction(2) micro-financing for small-scale industry (3)artisan small scale mining.e.t.c, e.t.c.
Well I decided, I willchange my style by borrowing the philosophy of metaphysics,which means literally doing things at the right thing and at the right time in the sphere of time an space, and hitting the iron when it’s hot.
The ministry of finance is not wrong to borrow money from china,,obasanjo is not wrong to opposes this foreign debt.national assembly according to news report opposed to this foreign debt in principle,they said provides us with the detailsI TELL YOU WHAT BLOODY HAPPENED,IS THAT SOME MEMBERS OF THE NATIONAL ASSEMBLY HAVE READ IN THE NEWS,THAT NIGERIA CAN PUT TOGETHER A NATIONAL HOME-GROWN DOLLAR-BOND TO THE SUM OF $500 BILLION WITH IN 6 MONTHS OR 1 YEARand the details of Nigeria having a homegrowen dollarbonds already exist in Nigeria.
Politics is about power,the ministry of finance failed in primarily public relation handling (2) they did not convinced the Nigerian public that they meant good for Nigeria(3) I felt this debt will pushed Nigerian gnp by about $100 billion to 500 billion.it will inject new and create new production in Nigeria.it will bring some element in Nigerian economy that have been lacking for more than 40 yrs.it is some for maglev train even from kano through Abuja to lagos( I saw it on some extract of it on nairaland)those train are due to be completed before 2019.now this foreign debt was given 20 yrs for repayment.
It is too long,the national assembly will not approve this foreign debt,regardless of what the executive arms thinkDO THE DIFICULT AND TOUGH THINGS FIRST,THE EASY THINGS WILL FALLS IN LINE.
if the ministry of finance have done this dollarbond about a year ago,there will be passive resistant to this foreign debt,THE MAIN REASON SOME NIGERIAN WILL CALLED FOR THIS DEBT TO BE RESTRUCTURED,REPAID BY ANOTHER MEANS IN A SHORTER TIME.IT IS ABOUT FEAR, THIS FOREIGN DEBT ENDLESS HANGING ON OUR NECK LIKE A MILLING STONE