Renowned economist Bismark Rewane emphasized the need to liberate Nigeria’s economy from the influence of wealthy elites in order to restore its strength and currency value. He stated that although the naira’s appreciation is expected, it may not occur until early 2024. During an appearance on Channels Television’s Politics Today on September 25, 2023, Rewane stressed the importance of allowing market forces to determine pricing.Thank you for reading this post, don't forget to subscribe!
He pointed out that the government’s palliative measures following the removal of fuel subsidies only offer a temporary solution and won’t address the underlying economic issues. He advocated for faith in reform economics and the elimination of state capture, referring to oligarchs’ influence over government resources.
Rewane urged the government to redirect funds saved from reducing petroleum and exchange rate subsidies towards projects that boost productivity, plug financial leaks, promote investment, and maintain interest rates close to inflation rates for economic equilibrium. While he saw positive signs of economic recovery, he called for transparency from the government in disclosing the true state of affairs.