At the recently held 2024 Vanguard Economic Discourse, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, was the Guest Speaker, where he attributed the current crises in Nigeria to botched economic policies of the government, such as the currency redesign, removal of fuel...
At the recently held 2024 Vanguard Economic Discourse, the President of the Nigeria n Association of Chambers of Commerce, Industry, Mines and Agriculture , Dele Oye, was the Guest Speaker, where he attributed the current crises in Nigeria to botched economic policies of the government, such as the currency redesign, removal of fuel subsidy, and the floating of the Naira.
So, no problem, he was quite courageous on the removal of the fuel subsidy which was the first thing he did. In fact the president confessed that they did not put it in his speech, that he had to put it by himself, so that when they say don't say it and he did it.Nigeria is in crisis due to botched economic reforms including a currency redesign, removal of fuel subsidies, and a currency float.
So, immediately we changed our currency, they immediately had to dump the naira and go for CFA or dollar.If we search all of us in this room together, we may not have N500,000, but the PoS merchant outside can give you N2 million. But nobody has asked, how did we get here? Even the banks don't have cash since they gave the contract for their ATMs to private businesses. So nobody has cash. If you go to collect N5 million, they cannot give you, but the PoS person has.
So, what I'm saying is this, this thing is not by textbook, you have to look at your peculiar situation, and do what you have to do. And I can tell you whoever is asking them to do this, they are not doing it in their country.Every country defends her currency. You can see what America is doing to China to slow them down, so that America can continue to prevail. You can see the way they protect their industries. Look at what they did with Huawei.
Based on the forex policies, there has been significant inflation or hyperinflation. The figures from the National Bureau of Statistics are not in tune with realities on ground. There is no doubt that inflation in Nigeria is more than 100 percent. But I understand, we should have something which we can use to negotiate with others.
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