NIGERIA'S FOREX SUPPLY 86.2% SHORT OF DEMAND? GREAT. TIME TO TARGET SEPT 2017.

The governor of the Central Bank of Nigeria Godwin Emefiele, recently told the nation that in September this year, Nigeria was only able to meet about 13.8% or $660m of its $4.8bn demand for foreign exchange.

Great. Now we know exactly how wide the gap between demand and supply of forex is in Nigeria. So It is time to focus on how to turn the table one year hence, that is by September 2017.

It is not the time to recall how the CBN under Sanusi Sanusi showered bureaux de change with thousands of dollars to round trip.

Neither is it the time to even recall that the CBN under Emefiele knew how chronic the supply demand situation was and still proceeded to introduce free trading of forex in Nigeria in place of judicious allocation as all nations resort to in times of war for survival.

It is also not the time to recall that Obasanjo's military response to the Niger Delta did not work even though he was an ex general or that it was Umaru YarAdua' political dose that offered some recipe until some people decided to make Nigeria ungovernable through Boko haram.

It is also not the time to recall how president Buhari frittered away the tremendous goodwill he got to office with and how, after months of self counsel, he came up with round pegs in square holes as his ministers or as political bones stuck in his throat he could neither vomit or swallow.

It is time to forget all that, accept what we now have on the ground and target September 2017 for real change and turnaround in Nigeria.

Here are some ways we can do this in spite of the past and because of the realities starring Nigeria in the face presently.

Step 1: Find political solution to Boko Haram; the Niger Delta militancy and recurrent call for the republic of Biafra. The military option or muscle flexing can not lead to the September target if it remains option A as it is today in the mind of the president.

We will only end still spending millions of scarce dollars to arm the military and paramilitary without getting out of the quicksand.

Step 2:  Find immediate ways to reduce forex demand. Such ways should include:

Checking all governments appetite for foreign goods to wit let all use local made cars; local computers and softwares; serve local drinks and foods at official occasions; use locally made materials for uniforms; patronise only local health care facilities because the truth is that the disease that will kill you has nothing to do with care; healthcare is for relief and not cure. Cure is always in the hands of God and available when your end has not come.

Reduce forex demand by introducing policies and incentives to reduce the average Nigerian's demand for foreign goods;  industrial demand for foreign raw materials and to encourage the fast development of local capacity and innovation.

Cut off the fat in public pay and perks including handshake arrangements for ex's if only to reduce their capacity to patronise foreign goods and services while turning political office from being gold mines for greedy miners, and not public spirited patriots, to hustle for.

Step 3: Find ways to increase forex inflow and that should include ways to encourage more remittances home by Nigerians in diaspora and deliberate encouragement of exports of goods and service Nigeria is endowed enough to produce more than for local demand.

Step 4: Fix the nations energy bottlenecks particularly as it pertains to refining capacity for petroleum products; power generation and distribution through policies and incentives that truly encourage investment, local or foreign.

Step five: Tackle corruption in the nation not by focussing on those who stole in the past, but by focussing on blocking all loopholes for corruption and dealing with any one caught from now.

As for past thieves and corrupt persons, resort more to investigative and intelligence efforts as against petitions origination and follow up in public glare.

True war against corruption can not be fought with the aim of proving one's righteousness but as a way of effectively reducing the menace and its impact on public decision making now and in the future.

By the way, corruption does not include just stealing money or receiving gratification to bend existing rules, any attempt by an individual or persons to bend the rules for whatever reason without first changing the rules, corrupts the system as well.

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