As at December 2014, just before election year, Nigeria was number one destination of foreign investment in Nigeria. Predictions of war and election violence, all predicated on how CPC behaved post 2011 as well as President Mohammadu Buhari’s “blood of Dogs and baboons” had the whole world hold back and watch. Nigeria thus at May 29th no longer number one. However, there was an immediate bump when Dr. Goodluck Jonathan magnanimously handed over and ended any court case that would distract the new administration and so allow them focus on administering the country.
That bump was soon to go flat. Buhari began the dollar policy that made JP Morgan, the investment insurance company, to leave Nigeria. This led to many companies leaving as well.
Now many argue it is the price of crude. Ask these people if Ethiopia, Cote D’Ivoire and other countries who have overtaken us even have crude oil in the first place. They do not. Cote D’Ivoire and Ethipia are not so much safer than Nigeria. Islamic fundamentalists still bomb in these places. So what is the reason if it is neither the fall of the price of crude or Boko Haram?
The point is simply BUHARI’S ASININE DOLLAR GAMES is what is messing the country up. Let me explain
There is JP Morgan of America and there is EXIM Bank of China. These finance houses insure businesses that come to invest in Nigeria. If they refuse to back an investment, that is bye-bye to the money/foreign investment. With JP Morgan gone, it was clear any traveling to the West (America, UK) was waste of fuel. I mentioned endlessly that Obama cannot unilaterally ask investors to come to Nigeria. These countries are structured. JP Morgan must ratify your investment and back it else any CEO that invests in Nigeria and loses money, he will be fired by his board IMMEDIATELY. In fact, they will not even approve the investment in the first place.
Now China’s EXIM Bank on the other hand has continued to back investments in Nigeria. Perhaps it is because they are investing in infrastructure and not really looking to change naira to dollar at the end of the year. Their loans will be paid in Dollars. So I guess that is a huge difference. So while China’s EXIM Bank continues to back investments in Nigeria, its American equivalent has placed a ban on Nigeria. Unless and until Buhari stops his DOLLAR GAMES, we must not look to America for investments. Even EXIM bank of China will concentrate on backing infrastructural development as opposed to manufacture.
Again, please tell Buhari that he should stop using the word HELP. No country HELPS another country. Goodluck Jonathan and Adesina, the erstwhile minister of agriculture always replaced the word HELP with INVEST. Countries only INVEST and hardly HELP, except you are some kind of strategic ally, which is interpreted as “America can bomb an enemy from your country” eg Israel, Saudi Arabia and Egypt.
Ngozi Okonjo-Iwealla and Kalu Aja
will easily tell you this and even tell it better. Kemi, the present minister seems not to have listened in her economics class or most likely…I believe MOST LIKELY, Buhari does not listen to her.
Change the dollar policy and watch how the economy will at least go near to the baseline set by PDP .
Again, we offer solution. CHANGE THE DOLLAR POLICY and have Nigerian business and foreign investment working for us again. Let us go back to the baseline left by PDP. This plummeting and suffering is too hard and too fast
