So we agreed from last time that political power follows economic power. Indeed, I believe that in a true democracy, political power will follow economic power. Because as we have already said, when there is free and fair voting, and the electorate is well informed, the people will vote on the basis of economics, and that's what the politician must pay attention to if he or she is intact representing them. Every Nigerian should understand what it means to have a fast pace of economic growth. All our institutions should teach at least a course in economic development. It should be a part of our strategy to eradicate extreme poverty and spur competitive economic growth. In this strategy we will all be able to apply our knowledge in constructing a critical analysis for any particular issue. We should all be able to use economic data appropriately and understand how policy making ought to be evidence based. Our policy should be based on the available data and good analysis, and not just on emotion and prejudices. If for example, inflation seems to be rising and the Central Bankâ€™s primary mandate is to fight inflation, why would we demand that they lower interest rates that can lead to an increase in the money supply and fuel inflation. If we know that lower interest rates also can promote a weakening of the local currency, say the Nsira, and therefore can lead to an increase in the prices of importable goods, why would we look for a lower monetary policy rate. Let our have a strategy that aligns politics with economics. It will lead to a good thing for our country. I am Magnus Kpakol and that's my view.
Posted: Jan 31st, 2017 @ 07:50:48 AM