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Monday, 28 November 2016

Buhari’s rigid leadership style is making Nigeria's economic problems harder to solve- Bloomberg

In an article titled "Nigeria's Economy needs Visionary Leadership", International business website, Bloomberg, said President Buhari’s rigid leadership style is making Nigeria's economic problems harder to solve. Read the article which was published today below.

Africa and the world cannot afford a failing economy in the continent’s most populous nation. Yet that is exactly what Nigeria might be getting: Its economy is on track to shrink by1.7 percent this year, the official unemployment rate has more than doubled over the last two years, and inflation is at an 11-year high.

One concrete step President Muhammadu Buhari could take to address the crisis would be to eliminate the country’s disastrous foreign exchange controls. Instead, Buhari has made no secret of his desire to defend Nigeria's currency.

And the central bank has mostly gone along. Despite allowingthe devaluation of the naira in June, it is continuing to manipulate the exchange rate -- discouraging foreign investors, creating a crippling shortage of dollars for businesses that need to import, and feeding a currency black market. To keep down the street price of vanishing dollars, Buhari’s government hasarrested informal money-changers. More capital controls are in the works.

Dismantling Nigeria’s foreign exchange controls will doubtless cause at least a short-term rise in inflation. Yet doing so will not only draw foreign investment and make the economy more productive and competitive, but also cut off a conduit for corruption. Buhari can cushion the blow for Nigeria’s poor through targeted cash payments -- an approach Nigeria has used in electronically delivering subsidies to poor farmers. That same mechanism could also shield the poor from the regressive impact of an increase in Nigeria’s value-added tax -- which is relatively low but a potentially valuable source of additional government revenue.

There are other ways to stimulate the economy, of course. But Nigeria’s Senate rejected Buhari’s three-year spending blueprint and an ambitious campaign to borrow $30 billion abroad because they lacked details. Meanwhile, his reluctance to sell off state-owned assets has undermined other efforts to raise revenue.

To be sure, Buhari faced ugly circumstances when he took office in May 2015. The plunge in oil prices had left the economy reeling and government coffers bare, and attacks by Boko Haram were ravaging the country. Yet while some progress has been made fighting both terrorism and corruption, Buhari’s rigid leadership style has made the country's economic problems harder to solve.

Buhari’s election and pledges of good governance rightfully raised expectations across Africa. To fulfill those hopes, however, he will have to demonstrate more flexibility.

32 comments:

Chizzy Liz said...

********************************#LongHiss#******* Old gist !!!!

Chizzy Liz said...

********************************#LongHiss#******* Old gist !!!!

GALORE said...

@Sadbaba has done nothing since he became president

Economy is zero


One stupid person will now tell me to leave MMM


God go kill all of Una



@Galore

Juliet Iwuno said...

Onye ju kwanu fa??? Linda take note!

Iphie Abraham said...

He needs more than flexibility for good governance,he needs to leave that office so that nigeria can be better











Lib addict#just passing#

freeborn bamislam suani ahmad zinalima said...

Thanks to boomberg for saying this. Tell Nigerians o.HOW DO U EXPECT A MAN WHO DIDN'T BUILD A BLOCK HOUSE IN HIS HOME WITH HIS SALARY TO SAVE NIGERIA ECONOMY HUH? how do u expect a man who cannot manage his people or house to save Nigeria economy huh? How do u expect a man who appoint only his primary 1 class mates to save Nigeria economy huh? HOW DO U EXCEPT A CERITIFICATELESS MAN TO SAVE NIGERIA ECONOMY HUH? NIGERIA IS TOO BIG FOR A DRY MAN LIKE TERRORIST BUHARI TO RULE. nigeria is now importing fuel,why under Jonathan Nigeria is the largest economy with Jonathan vibrant intelligent team. This is what Nigeria want so they should BE READY TO EAT THEM SELF NEXT YEAR APC FAMINE THAT IS ABOUT TO COME. terrorist buhari resign oooooooo resign oo an be a hero than wasting ur time as president of hell. TERRORIST BUHARI AIM IS TO ANSWER MR PRESIDENT NOTING MORE SO FREEBORN ADVICE HIM TO STEP DOWN IN SHAME SINCE HE DON ANSWER AM.
shameless dry president of doom.























#sad indeed

christie benjamin said...

And that's the brutal truth.

freeborn bamislam suani ahmad zinalima said...

Thanks to boomberg for saying this. Tell Nigerians o.HOW DO U EXPECT A MAN WHO DIDN'T BUILD A BLOCK HOUSE IN HIS HOME WITH HIS SALARY TO SAVE NIGERIA ECONOMY HUH? how do u expect a man who cannot manage his people or house to save Nigeria economy huh? How do u expect a man who appoint only his primary 1 class mates to save Nigeria economy huh? HOW DO U EXCEPT A CERITIFICATELESS MAN TO SAVE NIGERIA ECONOMY HUH? NIGERIA IS TOO BIG FOR A DRY MAN LIKE TERRORIST BUHARI TO RULE. nigeria is now importing fuel,why under Jonathan Nigeria is the largest economy with Jonathan vibrant intelligent team. This is what Nigeria want so they should BE READY TO EAT THEM SELF NEXT YEAR APC FAMINE THAT IS ABOUT TO COME. terrorist buhari resign oooooooo resign oo an be a hero than wasting ur time as president of hell. TERRORIST BUHARI AIM IS TO ANSWER MR PRESIDENT NOTING MORE SO FREEBORN ADVICE HIM TO STEP DOWN IN SHAME SINCE HE DON ANSWER AM.
shameless dry president of doom.























#sad indeed

Anonymous said...

Ear problem dey worry Bubu o.

Uju Phil said...

A country is as good as the leader it gets! When some pertinent issues are taken for granted,recession is bound to happen,Buhariaonodu's led administration came into power with zero plan,nothing to offer,and all these things have economic consequences. If our eceonomy situation has demystified (which i dnt agree)all proposed solutions,the present administration ought to be more responsive and responsible for once! #Sic

ONYX linda ikeji first son GODWIN said...

It's just sad! Even #30 indomie is now #60!!.

daniel ubong said...

U all vote for the illiterate man so be it.

Anonymous said...

Foolish goat. Trashy lady buhari. Nonsense

Abraham Moses said...

We r in d middle of nowhr.... Bad leaders hmmm.. Na God go help us al.

Abraham Moses said...

We r at d middle of nowhr... Bad leaders hmmm.... Na only God go c us thru diz o

Vivian Reginalds said...

Na today
-D great anonymous now as Vivian Reginalds

sholetoga said...

Thank God that the world is watching how clueless and visionless Buhari and his sawdust brain ministers are ruining our economy with their evil rigid policies. I don't even how Nigerians were hoodwinked with propaganda to vote for someone who never made an effort to improve himself educationally or economically. How on earth did we allow someone that has never had a company to his name or any business after leaving the government since 1985......so shameful, we allow this no good destroy our economy to it present fate under this evil scam change government

livingstone chibuike said...

we ar far frm democracy

Bonita Bislam said...

Buhari has disappointed so many of us just like his predecessor. I've lost hope in all these recycled leaders

Anonymous said...

What do you expect from almost 74yrs old farmer ,that grow up in ancient times,live in a straw made HUT, practice sharia, and never had solid education, what do you expect,modern life in Doura is HARAM ,so what do we expect. All the old fool want to do is settle old-score and appear bitter, and as much as he despise excessive-richness ,exception can be made for ZAHRA to marry a billion son who love to flaunt his bank account on face-book,the same thing he despise so much,so what do you expect. Old soldier never die,to him women, even in the modern-time belongs in the kitchen. ask AISHA.

Anonymous said...

Buhari has nothing to offer.

FRESH said...

Yeah right.He should run a loose system of government that allows official corruption & free looting, so your nationals & Indian businessmen can come here as 'investors' do what they like,get our money in millions of dollars,give the first lady her share as before & then run out of the country leaving our economy gasping for air as it is now? Una dey craze

Joyous babe,Linda ikeji first cousin said...

Bokohari has always has this bad luck following him since 1976.

Joyous babe,Linda ikeji first cousin said...

Bokohari has always has this bad luck following him since 1976.

Eddy Ogbunambala said...

Ok

RareSpecie Z said...

Word!!
Horn the Alarm.
Bt Dude no go 'ear' cos of his 'hear' problems.

APPLE said...

See how tinubu put Nigerians in deep mess . May God judge tinubu.

Anonymous said...

His predecessor is a million times a better leader

Anonymous said...

The man should go. He has destroyed this country with his terrible ignorance. He hasn't even got an economic team. See how well the country was doing under Goodluck

Anonymous said...

Slilently listening

Anonymous said...

Very unfortunate that this govt believe they can make any progress without implementing the National Conference report. That collective agreement reached by eminent Nigerians from all the divides is the minimum requirement for any progress in Nigeria both economically and as one nation. Otherwise the country will continue in the downward slide until it becomes impossible to reach the surface again. Is somebody listening?

Anonymous said...

We are expecting too much from this government. We are yet to hit the bottom. After which expect a miracle to lift Nigeria up again.But unfortunately not all Nigerians believe in Jesus Christ the miracle worker. Therefore miracle is ruled out. From where then Will our salvation come? APC answer but no Lies please!

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