Nigeria’s economy on track — American city Mayor
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The Mayor of the City of Blanco, Texas, USA, Mike Arnold, has said that the Nigerian economy is well on track.
Arnold, who is also the founder of Africa Arise USA, Arise Academy IDP Camp Schools, and the #IDPjustice campaign, in an article made available to Vanguard, said “I have been to Nigeria many times, the nation is going places and will even get there even faster when it begins implementing policies that make her more self-sufficient and less dependent on others, thereby unleashing her pent-up entrepreneurial potential.”
According to him, there used to be a tendency among Nigerians to think that foreign is better. “Now, that fallacious mindset is gradually dying out. Nigerians are beginning to understand and accept that they can achieve greatness, too – without foreign inspiration, leadership or funds. This is why Nigerian music and movies are rising in prominence globally.
“It’s not just entertainment. Nigeria’s entrepreneurs are catching on, and the biggest of all black nations wants to move beyond song and dance to real industry. The new administration’s decision to end fuel subsidies and float the Naira is a step in the right direction towards unleashing their potential. Here in the U.S., now Fitch and Standard & Poors have upgraded Nigeria’s economy. Things are taking shape,” he added.
Arnold however conceded that the country still has to work on its internal governance issues, adding that the nation’s regulatory systems are weak.
His words: “Nigeria was borrowing money from European and Chinese institutions to artificially inflate the value of its currency. Now, it is doing the commonsensical thing by floating its currency. While this may bring some short-run instability, offers enormous, long-term rewards and economic freedom for the nation. People in Nigeria would be naive to think those they took loans from will be happy with them. “
“No doubt Nigeria has to work on its internal governance issues. Its regulatory systems are weak, especially in the telecoms sector. And the telecoms sector is where you have the largest corporations in Nigeria by market capitalisation.
“Strengthening regulatory institutions would lead to an infusion of fresh foreign direct investment into the country, especially as the Nigerian Stock Exchange just registered a stunning 100,000 basis point growth in its all-share index, placing it ahead of Argentina.”