A lecturer of economics has given reasons why prices of commodities are still high even when the naira is appreciating against the dollar. In an interview with our reporters, Dr. Peter Medee explained that the naira is appreciating because of the interventionist policy of the federal government. He explained that the naira has dropped from 2000 to 1250 and it is not going to trickle down to the economy automatically, reason being that it is more of an interventionist policy to an investment policy. He said it is sustainable but the effect may trickle down in a medium term of the economy.
The lecturer of economics at the University of Port Harcourt, Dr. Peter Medee asked the Federal Government to go beyond interventionist policy and invest in sectors that would bring sustainability to the naira, and government should quickly look at what they can do in the area of investment. He said government should be able to relax some polices that would be able to attract foreign investors so that some of those goods and services we buy from other countries we will be able to produce them in our country in a shorter time or in a medium term. Then this can continue for a period of time, to be complemented with efforts and harvest from investment that will not only boost supply but will also create jobs.
An elder statesman, Chibuike Chikere said that one would expect that following the strength of Naira over Dollars, the prices of goods and services would drastically come down even to the reach of the poor masses, but rather the prices are going up every day. According to him, the government should open avenues for foreign investors and stop coming up with such policies that frustrate them, stressing that the Federal Government should know that with more foreign investors, more foreign currencies will flow and with better exchange rate. Accordingly, it would create employment opportunities for our youths. Chibuike opined that what is needed from the Government is providing enabling environment for them to operate. This will equally boost the Nigerian economy at long run
