Nigeria is the hope of Africa. That is what everybody has said for a long time. Clearly, things got really bad, so much the people said they voted for change. Now change has come and it appears some of the people want to change again. But I am not sure they know what to change to. People want to change because they are not used to the activities of the coming of a new normal. Nigerians must learn to exercise patience and apply discipline. However, this has to go across the board. This patience and discipline cannot be expected of just the people. Our leaders must be ready to show the way in what it means to be patient and disciplined. Havoc has hit our primary source of foreign exchange and this has exposed the nationâ€™s horrible and perilous dependence on the discipline and hard work of the people of other countries. Apparently we diversified away somewhat from crude oil and agriculture into services driven by imported goods. Now it is uncertain how these goods can be steadily imported when the accretion rate to our foreign reserves has tended to lag the depletion rate. Folks, it is not the fault of the Central Bank of Nigeria that there is pressure on the Naira. And by the way, no one should try to stampede the CBN and the government into any wild devaluation at this time. There are some structural issues that must first be taken care of for us to be sure of the real degree of overvaluation the Naira has. Yes, I too prefer a flexible exchange rate but we have to be careful, otherwise we jump into grave un-intending consequences. We need the production of exportable goods and services to create jobs and support the Naira. Now, to be sure, it is the fault of policy makers that we are unable to provide an enabling environment for our communities to produce the goods and services that we need. Let me mention some familiar and popular names of cities. New York, Los Angeles, Dallas, London, Birmingham, Manchester, Berlin, Frankfurt, Paris, Tokyo, Beijng, Shenzhen and others. These are names of communities, well, call them cities. It is the ingenuity, creativity and discipline in these cities that make America, The UK, Germany, France, Japan and China attractive places for business men and women and vacationers. We must build character for ourselves and our communities if we are to succeed. There is no other way to do it. I am Magnus Kpakol and that's my view.
Posted: Mar 10th, 2016 @ 02:52:16 AM