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CBN Governor Should Focus On Boosting Local Production And Reducing Imports - Politics - Nairaland

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CBN Governor Should Focus On Boosting Local Production And Reducing Imports by creativehubb: 9:07am On Oct 16, 2023
The CBN governor should focus on reducing our volume of imports, even a secondary school economic student knows that the more we import, the more our currency naira devalues, due to balance of trade settlements.

Tinubu administration will loose my support if they don't do what he promised

1) Reducing dollar rate to naira.
2) True federalism and resource control to boost competition, and make lazy governors get to work, stop feeding Nigeria with Niger Delta oil, there are resources in each state, the lazy governors must get to work, not just live like kings, and use state funds for luxury cars and lifestyle.
3) State police to check the insecurity across the country.
4) Reduction of overheads and recurrent expenditure of politicians, political offices, especially in poor nations like Nigeria is a call to service not a call to enrichment.
5) Ensuring criminal politicians serve lenghty jail sentences, the laws should be amended. Plea bargain is nonsense, if a political office holder steals, seize all the properties and wealth he owns, force him to vomit all he stole and jail them, minimum of 20 years imprisonment.
(6) Buying luxury cars for house of representatives members is a slap on the face and great evil on Nigerians, especially at this time of hardship among majority of Nigerians...our laws must be amended, the house of representatives can not be appropriating exorbitant amount to itself while Nigerians are suffering.

I was one of the supporters of president Tinubu to come into power, I leveraged on social media and my numbers and reach to fight the detractors on his behalf, I did these because I believed he has vision, but I must say am disappointed in some appointments, like the Senate president, and some charlatans I see around him, we need people that love to work, people that perform not money hungry people in positions. It will be a shame if president Tinubu does not effect change. We are watching.
Re: CBN Governor Should Focus On Boosting Local Production And Reducing Imports by creativehubb: 9:09am On Oct 16, 2023
I was surprised when they were removing dollar restrictions on imports like toothpicks etc...absurd at this stage of our national life.
Re: CBN Governor Should Focus On Boosting Local Production And Reducing Imports by benuejosh: 9:09am On Oct 16, 2023
Central bank controls only the monetary aspect of the economy and not the fiscal economy. Majority of what you mentioned lies with the Fiscal policies of the government.
Re: CBN Governor Should Focus On Boosting Local Production And Reducing Imports by creativehubb: 9:12am On Oct 16, 2023
benuejosh:
Central bank controls only the monetary aspect of the economy and not the fiscal economy. Majority of what you mentioned lies with the Fiscal policies of the government.
It advises government on fiscal policy, working with the finance minister...the issue of reducing dollar rates is based on both fiscal and monetary policy workings... monetary policy determines how funds are channeled in society this has to do with CBN using the banks, this also affect our import/export ratio, if more funds are channeled to real manufacturers, local production is boosted...other indices too, like lifestyle of Nigerians etc are a factor...we have also seen government officials on camera spending dollars in Nigeria, this is also bad for the value of the naira, as the more dollars we use the more the value increases...this is a fiscal policy problem.
Re: CBN Governor Should Focus On Boosting Local Production And Reducing Imports by tolue42(m): 9:19am On Oct 16, 2023
Buhari restricted those 43 items for good 8 years, what did we gain from it? Local products are even competing with imported goods prices, syo local goods are even expensive more than the imported ones.

So I don't see a reason why we don't want to face reality.
Re: CBN Governor Should Focus On Boosting Local Production And Reducing Imports by CodeTemplar: 11:13am On Oct 16, 2023
He can only come up with policies to encourage or discourage such but cannot stop or start businesses. He cannot provide them security nor provide them cheap & reliable power. That's the jib of the govt elected to the system and not the job of any single appointee.

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