Chairman of the Alliance for Africa Economic Development Initiative (AAEDI), Reverend Godwin Bola Shoneken, has urged President Bola Ahmed Tinubu to address Nigeria’s current economic challenges by adopting the model used by the United States during the 1929 Great Depression.
Shoneken argues that Nigeria should strengthen its Capital Market System rather than borrowing money to overcome its economic difficulties.
Shoneken made this call during a press conference held over the weekend in Ibelefun, Ogun State. The event was attended by various dignitaries, including the Onibelefu of Ibelefu, Sagamu, Oba David Odunayo Oyeeoga, Kehinde Olaboye and Taiwo Olaboye of SIB Insurance Brokers, Principal Apostle Emmanuel Waha of CCC Worldwide, and Prince Adebola Adejumobi.
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Shoneken, who has been working on this initiative for the past 44 years and has secured copyright for it from the American government, described the initiative as “unique.”
He emphasized that the Federal Government, under President Tinubu’s leadership, does not need to borrow money from institutions like the World Bank or the International Monetary Fund (IMF).
Instead, Nigeria should adopt a similar economic system to the one currently used by the U.S., which has helped America become a leading global economy.
He noted that this system was instrumental in lifting America out of the 1929 Depression.
However, he expressed frustration about how to effectively communicate this message to the government, recounting his recent unsuccessful attempts to meet with President Tinubu in Abuja.
“I am confident in this system because it is already tested and proven. It’s the same system that helped America recover from the 1929 Depression. The Capital Market System I’ve been working on for 44 years is backed by U.S. copyright, giving me Congressional authorization to implement it here,” Shoneken explained.
Shoneken criticized the current economic structure, highlighting issues such as the parallel market, which he described as illegal and counterproductive.
He pointed out that Nigeria is the only country where dollars are sold on the streets, unlike other countries where currency transactions are regulated through banks.
He criticized the government’s approach to integrating the parallel market with the official market and called for a restructuring of the parallel market system.
Shoneken stressed the need for a regulated and efficient market system to address Nigeria’s economic challenges.
He also pointed out that many people misunderstand what a stimulus economy entails.
According to Shoneken, a true stimulus economy involves the Federal Reserve System and Capital Market System working together to stimulate economic growth, not just donations or temporary fixes.
Reverend Shoneken concluded by urging President Tinubu to collaborate with the National Economic Council (NEC) to develop a blueprint for an economic system that benefits Nigeria.
He emphasized that Nigeria, as a sovereign nation, has the ability to implement its own economic policies without external dictates, drawing parallels with how other countries, like Russia, manage their economies despite international sanctions.
He reiterated his call for dialogue and collaboration to establish a robust Capital Market System in Nigeria, similar to the one used in the United States.
NIGERIAN TRIBUNE