On this episode of OnTheMoney the Nairametrics guest speakers discussed several economic issues including the central bank’s MPR of 18.75%, Nigeria’s exchange rate pressures, and the latest earnings from FMCGs and Nigerian banks.
One of the speakers suggested we seek $10 billion from Saudi Arabia and increase interest rates to solve FX supply.
In the house today as speakers were Walle Okunrinboye, Victor Aluyi, and Olumide Adesina. This week’s episode was hosted by Ugodre Obi-Chukwu and Uade Ahime.
Follow the link below to listen to the show.
It should not happen otherwise the funds would be stolen. . Instead the fund should be channeled to building a refinery start to.finish as being done in pakistan
Why are you building new refineries?
Meanwhile, if you want to raise $10 billion, sell the 4 government-owned refineries and some of your holdings in any JV arrangements.
Absolutely not.
Rather, invite the same Saudi Arabia to an auction of one of your moribund refineries.
Then sell the refinery to the highest bidder, who must complete rehab and start production within 1 year max.
This is interesting but i support only after the Presidential tribunal pan outcome. This will enable whoever that finally wins to be the one to map out at most a 6 year programme of payment. Moreso nigerians are suffering untold hardship now that need urgent FX from outside not minding if the lender is not a friendly nation as much as condiitionalities are well spelt out. With removal of oil subsidy, fiscal discipline and FX unification , its possible to repay such amount in 5 years
Sell off the Refineries. You not only make some money, you also stop the humongous “bleeding” of resources through recurrent expenditure from these same moribund assets. As the saying goes, if you’re in hole, the first thing you do is: stop digging!!