CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
I strongly say CBN Governor Sanusi is creating more unemployment in the country with his bank reforms/ cashless society. The most recent now is acquizition of Oceanic Bank by Eco-Bank with Over 100 staffs losing their jobs. Intercontinental Bank done same same previously sacking more than 100 staffs. Where is this country heading to please?
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
Nigeria always luv to copy wat other nations are doing. But one thing they dont know is dat we are not only at a different level of development as those countries, the stucture of our economy and population is different from theirs. Hence, what works for them may not work for us. Its high time we start adopting policies that are suited to our the structure of our economy and population. Sanusi policies though good but are not suitable cos we have not attained the level of development needed to practice them. Hence the reason for so much job loss resulting there from.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
And the most disturbing fact is "Nobody is checking Him". He does, implements it and gets away with it even while the negative impacts are being felt!
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
Have U guys heard of credit risk,do U know d consequence of big banks failing? Please,be objective n long sighted.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
Had it not been for his reforms do you guys know how many banks that would have failed? Do you also know how many people would have lost their hard earned money as a result? One bad thing about us, so called educated Nigerian youths, is that we don't care to find out or do research on the pros and cons or should I say the benefits of a reform or policy before we come up to castigate because we are too, intellectually, lazy! If i may ask, how many of us read economic/finance/business journals, newspapers and listen to news? ... very few! You guys should just keep quite because you don't know anything; you don't know what is happening in the financial/banking sector of our economy. Sanusi is doing a good job.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
I wonder how most people think. Had it not been for his reforms do you guys know how many banks that would have failed? Do you also know how many people would have lost their hard earned money as a result? One bad thing about us, so called educated Nigerian youths, is that we don't care to find out or do research on the pros and cons or should I say the benefits of a reform or policy before we come up to castigate because we are too, intellectually, lazy! If i may ask, how many of us read economic/finance/business journals, newspapers and listen to news? ... very few! You guys should just keep quite because you don't know anything; you don't know what is happening in the financial/banking sector of our economy. Sanusi is doing a good job. It is better for 1000 people to lose their jobs as a result of a reform than 10,000 or more people losing their jobs as a result of an entire bank failing. Imagine a big bank like UBA or FirstBank failing. Do you know how jobs would go? 'Guys make una use una head here oh.'
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
I'm puzzled by d arguments of all and sundry,as regards CBN banking reforms.Ironically,you are all right to an extent.Altough am an advocate of Keynesian thoery,ders no hard and fast rule to economic policies.on one hand tackling youth unemployment is crucial to overcoming poverty, restoring political and social stability, and for fuelling sustainable economic development in Nigeria.The reform programme advocated by Sanusi on the other hand,rests on four cardinal point: enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution, and ensuring the financial section contributes to the real economy.But,taking u down on memory lane,macroeconomic instability caused by large and sudden capital inflows, major failures in corporate governance at banks, lack of investor and consumer sophistication, inadequate disclosure and transparency about the financial position of banks, critical gaps in regulatory frameworks and regulations, uneven supervision and enforcement, unstructured governance and weaknesses within the CBN, and weaknesses in the business environment,were the root cause of the banking crisis.The big question now is,should AMCON be public funded?is one size fit all requirement d best for the banking industry? In summary,In my own perspective,the Government rather than Sanusi reform should be balme for unemployment in Nigeria,bcos ders neither a condusive environment nor demand-managemnt policies in dis part of d world.what we av is corruption!!!coruption!!!coruption!!.May God help us all.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
I wonder why nigerians are never tired of importation.
We started with the importation of used vehicles, appliances, equipment. Now we are at the level of importation of ideas/policies.
Good as the CBN economic policies sound, they are not ideal for our stage of economic development. The same govt that gives the CBN governor the powers to implement policies at will is expected to be proactive enough to know that unemployment is one of the many results of those policies, thereby providing a softlanding for those that would be affected. This idea of 'one caps fits all' being practised in Nigeria can't get us anywhere.
My position is that if we must imbibe/import economic policies of the western world, let us do it to the latter and stop implementing only policies that seem inimical to the interest of the populace.
Eg. why is our power supply not based on a tripod platform (ie sourced from coal, solar energy, and gas)to ensure that our industries are running thus creating jobs? or is that not what is practised in the western world?
The govt should have a rethink and curb this alarming rate of unemployment.
@davo, I think it is wrong for u to tell ur fellow forumites to keep quiet. We all have our rights to express ourselves.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
I wonder why nigerians are never tired of importation.
We started with the importation of used vehicles, appliances, equipment. Now we are at the level of importation of ideas/policies.
Good as the CBN economic policies sound, they are not ideal for our stage of economic development. The same govt that gives the CBN governor the powers to implement policies at will is expected to be proactive enough to know that unemployment is one of the many results of those policies, thereby providing a softlanding for those that would be affected. This idea of 'one cap fits all' being practised in Nigeria can't get us anywhere.
My position is that if we must imbibe/import economic policies of the western world, let us do it to the latter and stop implementing only policies that seem inimical to the interest of the populace.
Eg. why is our power supply not based on a tripod platform (ie sourced from coal, solar energy, and gas)to ensure that our industries are running thus creating jobs? or is that not what is practised in the western world?
The govt should have a rethink and curb this alarming rate of unemployment.
@davo, I think it is wrong for u to tell ur fellow forumites to keep quiet. We all have our rights to express ourselves.
Re: CBN Governor Sanusi is Simply creating Unemployment with his Banking Reforms
There are strong debates among renowned Economists as to which policies suited for emerging economies & they came out with DEVELOPMENT ECONOMICS which i'm totally in support. In summary, they came out with policies dat developin countries lyk Nigeria sud adopt 2 attain dvlpt rather than classical theory dat wil neva work 4 us which Sanusi is using. We ned 2 structure our own policies for our condition.
