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My fellow Nigerians, think about this for a moment.
If Dangote can lose one third of his wealth in one year due to bad Forex and economic policies, imagine how much other businesses and investors have lost as well.
If nothing is done quickly, Nigerian economy would soon slip from coma to death.
The current condition has absolutely nothing to do with corruption, PDP or Jonathan.
We had all those three things when the economy was striving two years ago.
This is a situation where you can’t execute what you don’t know.
Ask Mr. President the meaning of comparative advantage and why it is important in a growing economy such as Nigeria.
Ask him why it is necessary to allow monetary policy and the market to determine the currency exchange rate and an aggressive fiscal policy to grow the economy.
It is very difficult to lead an economy; yes a country is an economy when you don’t know a damn thing about economics.
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When investors lose money in the stock market, they stop investing and when exchange rate becomes erratic, they would stop depositing money in the bank.
When there is scarcity of cash, interest rate goes up, when interest rate goes up, prices goes up and when prices goes up demand goes down because people can’t afford to buy.
When this happens, the economy goes into a recession and when you have four consecutive quarters of recession, the economy goes into a depression.
Nigeria is on a verge of going into a depression.
In a depressed economy, suicides, murders, kidnappings, robberies and civil unrest reins.
Nigeria is one quarter away from going into a depression.
If nothing is done before Christmas to reverse the current economic down sparrow, 2017 would be a heck of a year for Nigerians.
Akib Abiola, US Based Nigerian Economist and Politician
