Opinion: Nigeria’s Unraveling Economy, and the Need for Cost-Refective Tarrifs, By Cheta Nwanze
…When devaluation happens, exports should become cheaper to foreign customers and imports costlier to those bringing stuff in. We should be seriously working towards drastically improving our export rates. But this devaluation will only make more sense if we have policies in place to encourage businesses to flourish.
Guinness declared loss after tax of ₦12.6 billion for the period ended June 30. The poor results were due to an already struggling economy that also got hit by the impact of the coronavirus. COVID-19 hit harder than Mike Tyson in his prime. Everything from manufacturing, retail, oil and gas, hospitality, aviation, hospitality, retail, oil and gas, and construction got hit really hard.Supply chains were severely compromised.
It is said that President Muhammadu Buhari has backed the implementation of a cost-reflective electricity tariff structure that will kick in tomorrow. Another contentious issue is the government electing to viciously raise the tax burden on the economy. Yes, there has been a devaluation and we must accept that goods and services that have components sourced from abroad would have become more expensive. The price of petrol went from ₦123.5 to ₦143.5. In less than a year, food prices have risen by over 50 per cent. As per the SBM Intelligence Jollof Index, the cost of rice has risen by 78 per cent over the past four years.
The brutal reality is this: We should let the Nigerians who can’t afford satellite TV descend to the terrestrial TV market where they can be productively engaged with by the media sector.
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