BreakingNews 4/9/16: How Godwin Emefiele Caused Millions of Nigerians To Lose Their Jobs

[ Masterweb Reports: Dr. Peregrino Brimah reports ] - The direct policies of the central bank of Nigeria, CBN have been and continue to be at the helm of the current economic crisis and recession that is permanently and irreversibly destroying life and hope for the Nigerian masses. We have repeatedly pointed out these cabal-favorable, masses-exterminating policy decisions that have gotten Nigeria to this point. As support is lost, our teachers are resorting to stealing and the weak are taking their own lives. 4.6 million jobs have been lost according to the National Bureau of Statistics. This is catastrophic!

 

In January this year, in my article, "FOREX: Nigeria’s Economic Catastrophe From Godwin Emefiele’s Prison Economics," I warned that due to unreasonable policies suddenly limiting Nigerians' access to dollars, tens of thousands of businesses will fold up. I highlighted that business mogul, Leo-Stan Ekeh predicted the collapse of 99% of Nigerian businesses due to CBN forex policies. In April this year in an interview with the Tribune, I again raised the same concerns.

 

Cabal Favorable, Masses Exterminating Policies

 

The cabal are the smallest employers of labour in Nigeria. The government employs about 10% of labour. Big business employs a paltry 9% of labour while small businesses (Small and Medium Enterprises, SMEs) are the largest employers, employing over 75% of labour. You kill small businesses, you kill the country. It's as simple as that not just in Nigeria but across the world. Godwin Emefiele with the apparent blessing of President Muhammadu Buhari protected and promoted the cabal who continued to declare juicy quarterly profits while they killed SMEs.

 

Small businesses employ over 100 million Nigerians while the cabal industries collectively hire less than a million. Atiku Abubakar recently touted that he is Nigeria's largest employer. "I employ 50,000 Nigerians" he bragged. This is how minuscule the numbers employed by the chronically government-favoured  big corp. are. Those Buhari in his AlJazeera interview promised will get exclusive access to CBN subsidized dollars employ less than 9% of labour. The cabal-protective policies as enforced by the CBN had one predictable outcome as Leo Stan had warned: death of small businesses and mass unemployment. Millions of us small-scale employers who were suffocated, packed up, and threw our employees onto the streets. 4.6 million without jobs and a means of survival in times of hiked fuel prices and inflation were the result.

 

Godwin Was Busy Dashing Dangote $100 Million According to Reuters

 

Reuters in a recent article by Ulf Laessing and Himanshu Ojha, revealed how Godwin dashed Dangote $100 million dollars within a year under Buhari's new government. Dangote got one in nine dollars the central bank sold, at sometimes one in eight, the report stated. Similarly a handful more fellow cabal got the bulk of the rest of the half-price government-subsidized dollars that the masses were deprived of even for importing their petrol (thereby leading to an unbearable price hike). We are talking about hundreds of millions of dollars given to a few dozen Nigerians.

 

At this time small businesses/businessmen were not only limited in amount of dollar they could purchase with prison-like restrictions suddenly imposed by banks on order of the CBN and against the constitution, but they were never allowed the advantage the Dangotes were accorded to even occasionally purchase 197-rate dollars. SMEs were thrown to the blackmarket and even then, tightly limited in what they could transfer for purchasing their goods and raw materials. As former CBN governor Soludo criticized, sudden unreasonable import ban lists by the apex bank before local availability was established put more nails in the coffin. Whereas, promoting small scale local manufacture should have been done by subsidies and other encouragement methods to preserve businesses during a needed foreign-dependence transition.

 

In November last year, Soludo is quoted to have summarized,“For the better part of this year, the external shocks to the economy have been complicated or accentuated by a gamut of the “tried and failed” command and control policy regime: de facto fixed exchange rate, largely fixed CBN monetary policy rate, crude capital controls, veiled form of import bans through a long list of ‘ineligible for foreign exchange’, de facto scrapping of domiciliary account established by law, etc. At first, I thought this was the usual kneejerk response of policymakers to a ‘sudden’ shock. We tried a milder variant of this for a few months during the 2008/2009 unexpected/unprecedented global crisis (with global liquidity squeeze and massive capital flight) but even then, it was communicated as a ‘short-term crisis response’ and it was quickly dismantled. We now know what works and what doesn’t even at a time of crisis."
 

 

 
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