Multilateral Capitalist System: An Enemy in Disguise

The Multilateral capitalist system will do anything to achieve their objectives which is the total exploitation of the peripheral of its raw materials and economy to the benefit of the core.

Propagandas, campaigns are just few of the methods used by these powerful organisations to bring down any foreseen obstacle to their objectives.

The refusal of President Buhari to devalue Naira has sprung many foreign campaign and propagandas on his decision.

I support Buhari's decision not to succor to the external pressure by the Multilateral capitalist organisations to devalue Naira.

It has been a vain hope earlier on whether Nigerian leaders will ever stand up against consistent and continuous dictation and control of our economy by the Multilateral capitalist organisations.

It is however encouraging that finally President Buhari has joined President Mugabe of Zimbabwe in the war against the Multilateral capitalist organisations on their continuous interference and influence in African economy.

Both the IMF and World Bank are weapons of neocolonialism used by world powers to exploit the peripheral of their raw materials and economy by giving out loans with high interest.

This finally result to the impoverishment of the African economy cos over 80% of their annual income is used to service the debt.

At the end when the government is unable to meet up with the specified conditions, such governments like Nigeria will be forced to embark on structural adjustment programmes like devaluation of Naira which will finally result to poor living conditions, paralysed economy, poverty e.t.c.

The refusal of President Buhari to engage in both devaluation of Naira and other Structural adjustment programmes is a bold step which I applaud.

Enough is enough with the world powers' interference in our economic and political system even after independence in form of neocolonialism.

Both the Foreign aid, loans, foreign direct investment by the Multilateral capitalist organisations foster debts and over dependence on d West.

It is time we look inward and facilitate food crop production which has been neglected for a very long time. Why import Rice, matches n so on when we can produce them here.

Resuscitation of the refineries will also help in the processing of raw materials to finished goods. This will help in reducing the billions of dollars spent on importation of food crops annually.

With a large production of cash crops like Cocoa in Nigeria, it will provide a very good alternative to Oil in the World Market.

However, if the government can turn this raw materials to finished goods in the country, she will be able to make more profit from the exportation of such finished goods. This is because finished goods have more value in the world market compared to raw materials.

Moreover, we need to understand that continuous loans from IMF will do more damage than good on Nigerian economic and political system. This is because Nigeria will be reduced to a borrowing country with massive debts to service.

This will result to spending over 80% of her annual income on servicing the debts and at the end she will only b able to pay the interest n not the debts.

Her inability to pay the debts at the agreed specific time will lead to increment in the interest rate.

Eventually, she will be forced to embark on structural economic programmes which will reduce Nigeria to a situation of servitude both politically and economically.

This is because massive debts do not give room for development in any country.

In conclusion, if we desire development and change in our economy, we should look inward to manufacture food crops to replace imported food crops for the good of Nigeria.