I am not an economist by training, but a physicist. I know how to make the Nigerian economy stronger and her Naira powerful. I am ready to give the inept, visionless, mediocre and the corrupt Nigerian government this advice free of charge. Firstly, Nigerian government must fight the cancer of official corruption, state resource mismanagement, money laundering, tax evasion by corporations, over-invoicing of imports, smuggling of goods across our porous borders, oil theft via oil bunkering and the shady import duty waivers to their death.
Secondly, the size of the government and her expenses must be drastically reduced. The government must cut the huge salaries and allowances that are paid to the Nigerian state officials, including their foreign vacations and foreign health care expenses. Thirdly, the government must diversify the Nigerian economy from the present oil-dependent into the agricultural, manufacturing, solid mineral, international tourism, export-dependent economy and tax-based revenue generating economy.
This type of economy will feed the Nigerians without any need for food importation. This type of economy will create millions of good paying jobs for Nigerians that cannot be outsourced abroad. The type of economy will provide the needed raw materials for our local manufacturing sector. This type of economy that is tax based will generate more reliable revenue for the government than the oil-dependent economy that is always subjected to the global demand and supply for oil. Finally, the security of life and properties of all Nigerians will be needed to grow this type of economy that is not from the IMF, World Bank, London Club and Paris Club.#CommonSenseEconomicPolicy
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