Chike Obi

Chike Obi (April 17, 1921 – March 13, 2008) was a Nigerian politician, mathematician and professor. Quotes “The $1tn economy is a good target but unachievable within seven years for us to aim at. We will not get there. I can say that with a hundred percent confidence. “It requires a GDP growth rate of over 15% a year, which we have never accomplished and no nation has accomplished a 15% GDP growth in a seven-year period. China is the closest to that but didn’t get there. “If I am advising the government, I would say, let us do it in 10 years which requires a 7% growth. 7% for 10 years will double your GDP. So, that’s more achievable and more sustainable. Trying to go for 15% GDP will require things that are not sustainable. It is a good plan and I applaud them for the slogan, but they should not make plans based on the slogan but on a more realistic step.” “The exchange rate is the result of economic policies and not an economic policy. So, the focus on the exchange rate must be underpinned by what you want your economy to do. We want the economy to grow, we want employment and we want more productivity. All of us will agree on that. So, what exchange rate regime will support those three goals, is what we should be looking at. Not starting from the exchange rate. I prefer stability in the exchange rate rather than the absolute amount. “If the CBN tells us tomorrow that we are going to be between 1000 and 1500 in the next five years, I think that the economy will accept that, adjust to that and people can plan. But it is the volatility of the exchange rate that is creating the problem. We should have a very stable and sustainable exchange rate and we will adjust to it. You will be surprised at how much investment will come in if the exchange rate is stable”. External links Category:1921 births Category:2008 deaths Category:Politicians from Nigeria Category:Mathematicians from Nigeria