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Good day, everyone! Thank you for joining us on this Facebook page and YouTube channel. I want to take this opportunity to discuss a pressing issue facing Nigeria. Without further ado, let’s delve into the video of a man who is not prepared to address the challenges that Nigeria is facing. The current situation calls for us to reject the prescriptions of the IMF and the World Bank, remove fuel subsidy, and float our currency, among other necessary measures. These are steps that have not been effective in helping any country develop. Additionally, the government seems to be skirting around the root problems. The recent circular issued by the central bank will not resolve the crisis in the Forex Market.

One major issue that needs to be addressed is the fact that there are countries in the world, such as Brazil, India, Russia, China, and South Africa, that are insisting on trading among themselves in their own currencies, rather than being tied to the American dollar. It is puzzling that Nigeria is not part of this group, especially when even countries like Saudi Arabia, UAE, Ethiopia, and Egypt have joined them. To add to this, in 2018, Nigeria and China entered into a currency swap agreement for five years. However, there is a significant trade imbalance, with Nigeria importing goods worth $22 billion from China while only exporting goods worth $1.6 billion. This agreement needs to be renegotiated to ensure it benefits Nigeria.

Another issue that needs to be addressed is the handling of remittances, worth about $25 billion. The current approach is flawed, as it keeps the dollar component abroad. We need to ensure that remittances come into Nigeria in order to benefit the economy. It is essential to have a more radical policy that promotes the use of the Nigerian currency in transactions, rather than relying on the dollar for everything.

It is evident that the current approach is not benefiting Nigeria, and a change is needed. It is important for the Nigerian government to consider the impact of their decisions on the country and its citizens, rather than focusing on their own self-interests. The issue of using the dollar instead of the Nigerian naira needs to be addressed, as it is contributing to the economic imbalance. It is time for Nigeria to take a stand and enter into agreements that promote the use of its own currency, as other countries are doing.

In conclusion, it is imperative that the Nigerian government takes action to address these pressing issues and prioritize the welfare of the country over personal gains. It is time to put an end to policies and agreements that do not benefit Nigeria and its citizens. Let us work towards a more sustainable and balanced economy for the future of Nigeria.

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