Let me commend your apolitical stance in “THE NAIRA VS JP MORGAN” with right analysis of the ripple effects of JP Morgan’s delisting of Nigeria. It was a departure from your position on Bishop Kukah’s earlier call on President Buhari to concentrate more on the economy which pitched your reaction against him and his religious garb. It takes maturity and right perception of issues to adjust rightly with changes as they occur.
Discerning minds would be touched by your closing paragraph on your prescriptions on what government should do; especially where you recommended thus: “BRING DOWN CORRUPTION TO TOLERABLE LEVEL”, instead of a vow to eradicate it completely, which many would agree as reasonable; given its endemic nature in the system.
Just to comment on JP Morgan’s delisting exercise, taking the statistics you provided of Foreign Direct Investment (FDI) between 2012 when Nigeria was listed and 2015 when delisted into consideration. The increase of FDIS was about 12.6 percent in patronage. But this was not limited to influx from JP MORGAN alone.
The option open to the CBN is to encourage local production of items JP Morgan members were importing into Nigeria or in the interim arrange with other groups to add importation of such products to their present imports; to bridge the gap created by JP Morgan members. This obviously would take some time and carry with it temporary hardship; especially if the products concerned are essential ones.
Fortunately, Nigeria has a good team of professionals in charge of Central Bank who are up to the task. Nigeria should call the bluff of JP Morgan or else, open herself up to other international financial institutions’ bluff too. All necessary steps should be taken by Central Bank to prevent devaluation of the Naira. We cannot afford such a financial alternative now.
Garba, let me thank you once more for your proactive analysis of the issue and list of what President Buhari and his government should concentrate more on, to better the lots of Nigerians.
LAI ASHADELE 9/18/2015 5:49:45 PM
Thank you so much for looking at this salient issue about our Economic Policy!
I do not think that only foreign investors will be able to create much jobs needed in Nigeria now. Just as devaluing our Naira will not create jobs and put food on the tables of over 70% of poor Nigerians. Many Nigerians live below $1.00 per day now!
So, from a layman’s point of view: Firstly, I am sure that steady power-supply will boost our economy. Without steady power-supply, we will continue to be beggarly about investors! It ought to be the other way round.
Secondly, our economy will grow astronomically if all hands in Nigeria are on deck. By this, I mean that the Nigerian populace will be assisted to produce at least 60% of the goods and services we consume! Nigeria must change to a productive nation instead of a consumer nation!
Thirdly, the PMB Administration must invest heavily in human capital development in order to train at least 50% percent of Nigerians to be able to produce goods and services that are easily exportable! Our large population must be given skills which can compete internationally! Our export must be more than our import. Then our economy will be a model for the whole Africa.
We must stop looking down on our capabilities! We are naturally endowed with a very large population, good weather; all the year round, natural resources which we have not even touched!
Summarily, steady power-supply, and harnessing of every talent in Nigeria will give us an enviable buoyant economy! All hands must be on deck!
Rose Obioma Aniagoh – FORMER COMMSSIONER ANSIEC, AWKA Thekingscyberjet@yahoo.com
Re: Kettle and the Pot
Distinguished compatriot, I write to commend you for your great contributions over the years towards creating the Nigeria of our dreams.
I also wish to state that I concur with your submission on the above piece. By all means, the probe of the EFCC should begin; but should not be driven by the leadership of 8th Senate- a leadership that is grossly deficient in Integrity Quotient. The probe should be driven by the Nigerian public. That’s just the absolute truth in the true interest of Nigeria.
An obvious case of clash of interest is established in this matter on the part of the Senate leadership that empowered the committee, especially given the report from dissenting Senator that the George Ughoh ‘petition’ was never subjected to due legislative procedure. It is an established fact that the petition was not laid at plenary as is the tradition. What one can deduce from all of these is that someone is trying to use his powers to hunt down the hunter.
I also specially commend your uncommon humility of mind to publish a dissenting opinion expressed against your opinion, especially relating to previous piece on one of the most prominent public figures of this era from your region. I read the piece and felt that it was a hard one on Kukah given the fact that the highly revered Sultan who is the Supreme Head of his own faith in the country was also on that visiting team, and also the fact that Bishop Matthew Hassan Kukah has been severally celebrated by the Nigerian press for his past roles.
Will you not believe the Sultan? Do we say he has confused his religious role with his political beliefs by accepting to be part of the Committee and been on the visiting team to President Buhari?. Although, he was reported some days after the Committee’s visit to have made a statement that was contrary to Kukah’s pronouncement which was unarguably on behalf of the Committee, especially when the media got awash with disparaging remarks about the Bishop, but all that could be interpreted to mean that he just played a smart one by deciding to stand on a clean and clear distance from a Team member that was been pummeled for been the voice of the Team. All that aside, I see you as a great Nigerian who has great future roles ahead of him in the Nigerian project. May God bless our country. The future is bright!
Amb. Rufus B. Aiyenigba, AFP, Founder,
Ethics Marshals Initiative, 07060732119
Thanks for your masterpiece today (18/09/2015) in the SUN under the caption:”The Naira vs JP Morgan”. The romance of the Western powers and USA with President Muhammadu Buhari has a hidden agenda by the neo-colonialists and economic Hawks. They don’t have the interests of Nigeria at heart. To be honest they want our downfall and their own progress to our detriment. Nigeria is a threat to them with her potentials. Let PMB watch out. I am happy he is a man who can hold his own. Nigeria should embrace Russia too. Our foreign policy should be a mix of pro-west and pro-east with our hands opened to those with good intentions and genuine partnership/friendship, including the Asian countries. For us to progress, we have to take our destiny in our hands. Relying on foreign support will be a mirage. You have addressed those issues corruption etc. Let JP Morgan go to blazes. It’s an agent of Western power with their propaganda against Nigeria.