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RE: Nigeria's economy is still facing a dip.

3 years ago

I will guess and say that the economists and others in charge of monetary policy there practice some form of Keynsesian economics.

Although this is the dominant form of economics practiced by governments worldwide, that doesn't necessarily make it the best; it just means that it is well-suited for "the state" rather than "the nation" (government rather than The People).

It's a flawed school of economics, but it's so entrenched in societies worldwide that it doesn't occur to most people that other schools of economics exist.

Combine Keynesian economics with some form of leftist politics, and the end result will be misery. Even the US is afflicted with this school of economics.

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@kenechukwu9774

3 years ago

You are spot-on with the observation. A really good example is that the new idea our Central Bank governor and his cohort are cooking up is to rebrand the currency. Just to change the design and graphics of the banknotes. Stuff like that.

The new brand we are using is not even upto 15 years old because I can still recall when it was redesigned. The currency is already losing the Naira vs Dollar war. The value is becoming valueless in international market. Yet, the only thing the government are trying to do is redesign the banknotes as if that will make it more attractive to players in foreign exchange.

This particular idea of theirs is a recipe for disaster.