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Information Minister, Professor Jerry Gana says many forces are behind the debacle of the Naira. Who is fooling who? Na dem dem o.
The Guardian Online - http://ngrguardiannews.com Monday, April 30, 2001 How Nigerians harm the naira, by Gana
From Jane Ezereonwu, Abuja
WHAT was meant to be a solemn sermon by Information Minister, Professor Jerry Gana at the weekend metamorphosed into a lamentation over the many forces militating against the naira. In a nutshell, Gana blamed unwholesome activities of private sector operators for the currency's woe.
He was delivering a sermon titled, "The secret of being overcomers" at the Cathedral of The Good Shepherd Anglican Church in Enugu at the weekend when he veered into the state of the nation.
He said: "I tell you, it is really very difficult to govern Nigeria because, there are all kinds of forces at work. The manipulation of the economy by those from the private sector is not really helping matters, Nigerians are doing things that are putting a lot of pressure on the government and they are blaming government for it. Instead of putting in their money to produce here, to create income here, do you know what they do? They immediately take the money and go to the money market and buy dollars and head to Dubai and import all sorts of things. Can you imagine that in Nigeria alone, we have 92 brands of tooth pastes? To stop them, we raised the tariffs of all non-made in Nigeria goods, but they have not stopped. They have resorted to under-invoicing. The Nigeria Customs have been given a new order and very soon, you will hear some good news".
The minister lamented that the naira was crashing because Nigerians were not investing in the production sector, which, according to him, is the base of any economy.
"The best way to expand the economy is to invest in the real sector because that is the best way to create jobs, he said: That is what is ruining the naira. Let us change our consumption rate of foreign goods to encourage Nigerian industries". Gana spoke while fielding questions from journalists, saying his visit to Enugu was to present the constitution to the representatives of the South East comprising the five Igbo speaking states: Imo, Enugu, Anambra, Abia and Ebonyi.
"This presentation is important because before people can comment on the said 1999 Constitution, they have to examine it and know what is actually there. So that your comments thereafter can be taken into consideration. The zonal conferences are really just to receive comments to clarify issues because some of the people do not even know what the constitution is all about. This is not time to discuss but to receive the draft report so that in the next six months, people can make their submissions."
On the choice of the East first, he said: "It is a kind of favouritism. It means the Easterners will have a month ahead of other zones. You are aware some of the best constitutional buyers are from here, and Nigerians will take your views seriously."
He also announced that the hardest assignment he had ever been given to execute was to explain the concept of deregulation to Nigerians.
"One of the most difficult things I have been given to explain is the concept of deregulation. We want to break the corrupt monopoly of the NNPC," he stressed.
Posts: 481 | From: Buffalo, New York USA | Registered: Mar 2001
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when you have an economy that is not manufactoring anything and your only sources of revenue is the oil. How then can your currency be strong? more over when you continue to print money like there is no tomorrow. Obasanjo came in and open the flood gate of money to buy his political cronies the money supply then went to the roof. How then wouldn't the currency continue to fall. Jerry Gana is naive, the only thing holding Nigeria economy is not the Oil is the Billions of Naira many Nigerians in diasporah pump into that economy every year.
Take for example if some of us stop sending money to our families in Nigeria today and check the impact. Or Better many of us have all kinds of capital projects going on in that country today. Projects like building our country homes or buying land, Houses, or Building on lands some of us here buy in many Nigeria cities. Then Imagine how many contractors and construction workers such project have given jobs. Recently a friend of mine completed his house in the village after all the tabulation my friend found out that the house cost $95,000.00 to build the house. So in todays rate that is about N12,825,000.00 N12.8 million naira pumped into Nigeria economy. So for Dr Gana to blaming Nigeria apetite for foreign goods is a hogwash and burying ones head in the sand. What that further tells us is that Obasanjo and his people doesn't understand modern global economy. How can obasanjo understand modern global economy when he appointed a 72 years old history major as his finance minister. No offense to all History majors but todays sofistcated global economy needs more than just having a college degree to understand.
You are very correct, what we are seeing is the net effect of printing more money.I already talked about the man Adamu Ciroma, he admitted that he knew nothing when he was made the central bank governor and still Obasanjo in his infinite knowledge made him the finance minister at a time when the economy needed a complete overhaul.
All this talk about sabotage is simply ludicrous and very childish, it is only a poor workman that quarrels with his tools. The central bank is controlled by the government, the customs and all other agencies involved with importation and foreign currency matters are at the governments beck and call so why can government not control these agencies?After firing Malu,we are being reminded that Obasanjo can fire anybody he likes,so what will it take for him to fire Ciroma and the central bank governor?
It is a pity that our people are suffering so much under this kind of blind leadership, it does not take a nuclear scientist to see the futility of status quo in Biafra/Nigeria.
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Obasanjo, Jerry Gana, Ciroma, et al, can lament all they can about their naira and its lack of value. Its a currency introduced by lazy, incompetent leeches and managed by same. They have no clue as to what drives and thrives economies and as such increases the value/worth of any currency. I laugh hard at these murderous blind neanderthal leaders/ministers bumping into each other while groping in the dark wandering out loud why their economy, fuel refining/distribution capacity, and currency value keep taking a nose-dive.
Its heartening that Biafrans are gradually circulating the Biafran currency as a legitimate and superior tender. Pretty soon, we'd totally shove aside that worthless naira managed by worthless parasites...among other things.
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It amazes me that you guys cannot make the connection. This guy was at Enugu, the capital of Biafra telling nigerians that it is the Igbo traders that are responsilbe for the slide of the naira and all you guys are doing is calling him names. What will that accomplish? We need to be more constuctive as we attack this so called leaders. This is war guys. I will be back later.
___________________ Feel me? Ofu onye ana asi unu abia go. - Ednut Igbo-American . www.airamericaradio.com visit her. Posts: 2447 | From: Mother Earth | Registered: Mar 2001
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Ednut, By the time the Biafrans finish with these backward leeches, Igbo traders will be responsible for a lot more. These lazy buffons will be asking Biafra for aid to sustain their famine-ravished lazy bones.
These are 419 paper-beaurocrats who has no inklings as how to move their country forward, stabilize their sliding naira and make it valuable. Istead of questing for an education on how to propel forward, they have the nerve to bring their ignorant behind to the Biafran enclave, talking trash. Rightfully, we saw it as an affront and responded accordingly. Next time, they won't be too lucky.
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