Many Nigerians do not seem to understand the role of the CBN in an economy. Some believe that the CBN is an authority in itself and does not take instruction from government. Yes, it is true that the CBN enjoys some autonomy; that is as far as its management is concerned. The CBN is the banker to the Federal Government and its economic and financial adviser. It is in the final analysis responsible to the president.Read More
There is usually the belief that investors avoid Nigeria due to lack of infrastructure. This has led government and many well meaning Nigerians to always focus their thoughts on building infrastructure. While it is true that infrastructure facilitate investment, it also aids economic development. The greatest challenge facing the country in terms of foreign direct investment is the obsolete nature of Nigerian laws that do not conform to 21st Century economy.Read More
Your federal government is making billions of naira from fuel importation that ends up in private pockets, they destroyed the refineries themselves. Let no one deceive you, Nigeria have the capacity to build 10 refineries in one year.Read More
Last week I talked about the technological opportunity the so-called illegal refineries is offering the nation that is being thrown away. There were many Nigerians who felt the same way. But one particular reader suggested a part 2 that should focus on the danger the destruction of tons of illegally refined products is having on the coastal, as well as the entire Niger- Delta region. Federal government law enforcement agents have engaged in an endless battle with crude oil thieves.Read More
Every so often, the Nigerian nation is hard hit with petrol scarcity. This is because the nation has no refining capacity. Ironically, Nigeria is about the fourth largest exporter of crude and the largest importer of refined products. The nation’s four refineries have long ceased to function making importation of petrol what the country cannot do without.Read More
Since the Nigerian economy emerged as the largest economy in Africa as a result of the rebasing exercise, the attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and now the European Union and the United States of America. The new move arose when the CBN out of the desire to protect the nation’s foreign reserve restricted some 41 items that can be produced locally from access to official foreign exchange. These items are not banned but can only now be imported with the importer’s own sourced foreign exchange.Read More
Nigeria from historical perspective, is always playing the catch up game. It has always adopted a fire brigade approach to issues of management. In fact, crisis management has been the style of leadership in Nigeria. It is when situations get out of hand that Nigerian leaders begin to adopt panic measures at solving problems. There were warnings in the past that crude oil prices will crash and Nigeria needed to build buffer, but it was ignored and today, the economy is facing challenges because early warnings were not acted upon.Read More
Kudos to the author of this article as it really makes sense to someone like me that lived in the United States for almost three decades. Providing credit facilities will certainly discourage corruption to a large extent and stimulate the economy. However, the practical approach for actualising this strategy is still missing as banks have no way to track borrowers. The BVN that is ongoing may help in that direction, including the National ID that some selfish Nigerians have been suppressing for political reasons up till now.Read More
In the late 1980s and early 90s, one Frank Olize, now late, of NTA Newsline on Sunday set out in search of the common man in Nigeria. The search took him to several towns across the country in search of that one man who is a common man. But to his dismay, every Nigerian on the street saw himself as a common man. In the end, Frank returned to his base with the conclusion that the search will continue. He never found the Nigerian common man.Read More
Working in Nigeria is quite interesting and as well, very challenging. Public sector workers have to use their meagre salaries to fend for themselves, their immediate and extended families. In a country where the minimum wage is N18, 000 per month and the rate of inflation runs sky high, the average Nigerian public sector worker finds it challenging and begins to cut corners to meet up with his daily expenses. There is no efficient and subsidised transport system, no functional housing scheme to guarantee the workers’ welfare.Read More
When President Muhmamadu Buhari was elected in April 2015, the expectation of Nigerians was that he was well prepared for the task ahead having attempted to occupy the high office three times and failed but succeeded at the fourth attempt. But to the surprise of many after taking office, it took the President and his party almost five solid months to nominate ministers for senate confirmation. The list expected was kind that will get the nod of majority of Nigerians.Read More
AYOBAMIBA wrote and said “If Buhari is keen and sincere about fighting corruption, he should stop this unnecessary media hype of motion without movement and develop a solid anti corruption framework and bill and send it to the NASS on the brutal war against corruption. To me what APC and Buhari had been doing is akin to what I will call fondling and romancing corruption. APC and Buhari are rather in my opinion fondling and romancing corruption, praising and exalting corruption instead of engaging it in a brutal war.Read More
Investors across the world are losing their investments in stock and property owners are also suffering losses as a result of depreciation in currencies. With deepening gloom over demand growth from the world’s second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this year, most oil traders are unwilling to stabilize crude oil prices. The market seems to be stuck in a relentless downward trend.Read More
Nigeria is a country of ironies. Issues are not treated on merit. Every leader follows his fancy and Nigerians just tag along. There is no clear cut national policy or direction. Today, it is President Muhammed Buhari’s fancy that Nigerians are just kicking one another for. Buhari’s body and vocal language is war on corruption. As it now seems the APC and the President are making it look like everything about Nigeria is corruption.Read More
There has been pressure in recent times from within and outside the country for Nigeria to devalue the Naira for the third time this year.
The call is in every sense of the word self-seeking for investors who want to take advantage of Nigeria. The most recent is that coming from JP Morgan which from the look of it, is outright blackmail.