Thursday July 31st, 2014
Thursday July 31st, 2014
Latest

What is the Nigerian dream, hope and future

  /   in Broken Links 8:31 pm   /   Comments

Jonathan and Okonjo-Iweala

This article was first published last November. As Nigerians prepare for a national dialogue the hopes and wishes of Nigerians is that the conferees come up with a Nigerian dream that give every Nigerian a sense of hope and inspire patriotism.

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Who should be at the national dialogue

  /   in Broken Links 12:03 am   /   Comments

National-Dialogue

President Goodluck Ebele Jonathan has yielded to the desire of many for a national dialogue.
Many who in the past fanned the embers of tribalism, nepotism and disunity in Nigeria have already prepared for a showdown at the national meeting. The meeting should essentially be how to remove the nation’s economy from the hands of politicians.

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Nigeria will survive without oil, can we please think?

  /   in Broken Links 12:52 am   /   Comments

Jonathan and Okonjo-Iweala

In the last three months, local governments, states and federal government officials have been at each others’ neck over short falls in revenue allocation from the federation account. The war of words is as a result of panic by state governments that they may not be able to meet their obligations to their workers if the federation account allocation continues to dwindle. The current panic stems from the fact that if the revenue shortfall from the federation allocation committee to states falls below some levels, it will result in many of the states not being able to pay their employees.

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Let every company source its own foreign exchange

  /   in Broken Links 5:24 am   /   Comments

naira-Dollar

Last week, I wrote on this column that Nigerians’ penchant for foreign goods has continued to put pressure on the nation’s external reserves and the exchange rate. In the article, I asked for how long the CBN will continue to defend the naira. Some readers wrote in to say that the article was more of a question and did not suggest solution.

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For how long will CBN continue to defend the naira?

  /   in Broken Links 12:25 am   /   Comments

CBN Governor

Nigerians’ penchant for foreign goods has continued to put pressure on the nation’s external reserves and the exchange rate. In the last four months – April to August- a total of $14.95 billion left the shores of Nigeria as payments made by Central Bank of Nigeria on behalf of the public. Of this amount, cash sales to Bureaux de Change, where those who purchase foreign exchange in small quantity buy from, amounted to $2.2 billion while letters of credit for direct importation amounted to $157.5 million.

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Is interest rate another ghost hunting Nigeria?

  /   in Broken Links 12:15 am   /   Comments

sanusi1

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, while inspecting a cold rolling mill facility in Ilorin last week was reported to have said that the current regime of interest rates in the country was too high for the productive sector of the economy. She described the 20 percent lending rate being charged by commercial banks on loans obtained by industries as outrageous.

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What is wrong with Nigeria and its leaders?

  /   in Broken Links 12:10 am   /   Comments

cartoon-leaders

Nigerians’ taste for foreign goods has been the bane of the economy. Many prefer goods and services made abroad to locally produced goods even when such goods are of lower quality. This has had a serious effect on the nation’s reserve. The continued depletion of the external reserves of the nation and the ever growing army of unemployed youths is as a result of this trend that has bedeviled our economy.

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Poverty is no excuse for not buying insurance – Adetimehin

  /   in Broken Links, Finance   /   Comments

File photo: Victims of Oko Baba watching haplessly as fire destroys their abode

Nigerians have been told to stop using poverty as an excuse for not having any form of insurance cover because the poor are more vulnerable to huge loss in the event of disaster.

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Pooling wools over Nigerians’ eyes

  /   in Broken Links 12:11 am   /   Comments

Oil-Thief-cartoon

In recent times, some incoherent and discordant tunes have been coming out from government quarters for Nigerians to dance to. One of such many tunes is the oil theft and oil production figure. While the Minister of Finance and Coordinating Minister of the Economy wants us to believe that oil production is down, so much as to affect the 2013 budget to the point that government may not be able to function properly, her counterpart in the Ministry of Petroleum Resources is saying though there is crude oil theft going on, production has not fallen far below the budget target of 2.52 million barrel per day though it could be better.

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Okonjo-Iweala or Jonathan, who is fooling Nigerians?

  /   in Broken Links 12:20 am   /   Comments

Jonathan and Okonjo-Iweala

When the current economic management team of the Jonathan administration took office to manage the Nigerian economy, they vowed to check presidential arbitrariness and impunity with which waivers and concessions were being dished out to party faithful.

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Nigeria’s politics of zero-sum game

  /   in Broken Links 12:16 am   /   Comments

sanusi1

What makes economics an interesting science of behaviour is its attempt to predict the behaviour of economic agents. In the attempt to predict how certain economic actors will behave in a given situation, economic statisticians introduced the theory of probability. Using probability and permutations, the concept of zero-sum game emerged. In the game of zero-sum, the winner takes all.

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Consumer credit and mortgage financing can help fight corruption

  /   in Broken Links 12:12 am   /   Comments

*CBN Governor, Sanusi Lamido

Working in Nigeria is quite interesting and as well, very challenging. Public sector workers have to use their meager salaries to fend for themselves, their immediate family and extended family. In a country where the minimum wage is 18, 000 naira and the rate of inflation runs sky high, the average public sector worker finds it challenging and begins to cut corners to meet up with his daily expenses.

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No to NNPC’s exemption from remitting operating surplus request

  /   in Broken Links 12:17 am   /   Comments

nnpc-cartoon

The Nigerian National Petroleum Corporation’s (NNPC) request to the National Assembly for it to be exempted from remitting its operating surplus to the consolidated revenue fund is to say the least, absurd and unthinkable. The rationale for the request smacks of disrespect to the nation and to say the least, a cover up for the ever increasing level of corruption in the country. If all agencies of government come up with one excuse or the other for them to be exempted, who then will foot the bill of the nation?

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Naira redenomination is now

  /   in Broken Links 12:15 am   /   Comments

naira-Dollar

In 1986, Nigeria was cash-strapped and could not pay for import; It embarked on import licensing. Foreign exchange rationing was the order of the day. It bred favouritism and there was need to change the system. Western economists came in to advise the country. Their prescription for Nigeria was to adopt the ill-fated Structural Adjustment Programme. They immediately saw the naira as an over valued currency. Then the naira was about the same value with the dollar.

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We can stop corruption

  /   in Broken Links 12:00 am   /   Comments

Corruption

When the founding fathers of Western civilization adopted the capitalist philosophy, they realised that a free market economy is not efficient in resources allocation. They put in place social and economic measures to provide for those who may be left out of market provisions. Economics, generally, is of philosophical interest in three main regards.

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Look inward for solution to poverty in Nigeria

  /   in Broken Links 12:10 am   /   Comments

President Jonathan; Senate President, David Mark and Speaker, House of Reps, Hon Aminu Tambuwal

Nigerian leaders and policymakers have often looked outside for solutions to the nation’s ever rising poverty. They have not engaged themselves in out- of-the-box thinking. How to position themselves and members of their families is what concerns them the most. They engage Western trained economists to examine the Nigerian situation with theories based on Western culture and find it difficult to explain the situation in the country.

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Where is Nigeria’s industrial policy Mr. President?

  /   in Broken Links 12:08 am   /   Comments

Jonathan: Battle ready?

A productive economy is one that is based on solid manufacturing. A well planned industrial policy enables nations to focus on areas they have a comparative advantage and develop the value chain along that line. Nigeria has not had a comprehensive industrial policy. In fact, in several aspects, the nation in its quest for development has no sectoral policy direction.

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Dark cloud over 2013 budget as Nigeria loses US crude oil market

  /   in Broken Links 12:11 am   /   Comments

budget-2013

Last week at the OPEC meeting in Vienna, the Minister of Petroleum resources was reported as expressing concern over China and America sourcing energy from shale oil. Early in the year this column raised alarm over the development. We reproduce this article first published in January 2013 as a reminder that Nigeria should diversify its economy as fast as possible.

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Nigerian economy on a debt cliff

  /   in Broken Links 12:11 am   /   Comments

sanusi1

Nigerian economy is on the stranglehold of debt. At the national, sub-national, corporate and individual levels, debts owed to banks have held the economy to a stranglehold, impeding real economic growth though policymakers are not admitting same. Since the financial crisis of 2008, corporate indebtedness has almost wiped out the assets of companies in the country.

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Low interest rate or high inflation: Which is better for the economy?

  /   in Broken Links 12:09 am   /   Comments

Xmas-shopping-oshodi

Economics is a science of choice. Decision making involves making a choice. Among competing wants, preference has to be put on scale and selection made on the best alternative. Every being on earth makes economic decisions. Housewives in particular make several choices based on available resources.

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Nigeria: Too many ideas

  /   in Broken Links 12:12 am   /   Comments

crowd of people

Nigeria is a country of 167 million people by the current population estimate. Just as the population is fast growing, so are the ideas of how to grow the economy. Just as every Nigerian is a football coach, so is every Nigerian a development economist. Each person has his/her own idea and whether they are motor park economists or classroom economists, whichever group gets the ears of the powers-that-be has its way.

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Will Nigeria fail again in 2030 to reduce extreme poverty?

  /   in Broken Links 12:06 am   /   Comments

cartoon-subsidy

At the end of the 2013 Spring Meetings of World Bank Group/IMF, world financial leaders avowed to two specific global agenda. First, a historic opportunity to end extreme poverty within a generation, the global target of reducing extreme poverty rate, the number of people living on less than $1.25 a day to three per cent by 2030.

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Budget 2013 may be frustrated, if crude prices continue to drop

  /   in Broken Links 12:00 am   /   Comments

File photo: PRESIDENT GOODLUCK JONATHAN LAYING THE 2013 BUDGET PROPOSAL BEFORE THE JOINT SESSION OF THE NATIONAL ASSEMBLY IN ABUJA ON WEDNESDAY (10/10/12).  STATE HOUSE PHOTO

In an article on this column on May 30, 2012, titled “The proverbial rains are here,” many Nigerians including the Federal Government, did not take the warning seriously. In Washington DC on Thursday, Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonzo-Iweala, called an emergency press conference to warn the nation of the impending drop in the nation’s finances as a result of falling oil prices and the continued vandalisation of pipelines by oil thieves.

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Nigeria, this is your chance, if … can stop stealing

  /   in Broken Links 12:06 am   /   Comments

cartoonq

William Shakespeare in his book, Julius Caesar wrote centuries ago that “There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat, and we must take the current when it serves, or lose our ventures.”

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How real are Chinese investments in Nigeria?

  /   in Broken Links 12:10 am   /   Comments

Exchange of Notes between H.E. Mr. Toshitsugu Uesawa, Ambassador Extraordinary and Plenipotentiary of Japan to Nigeria, and Dr. Suomi Sakai, UNICEF Representative and the signing of Grant Agreement between Dr. Sakai and Japan International Cooperation Agency (JICA) represented by Mr. Yoshitaka Sumi at the Federal Ministry of Health, Abuja. Looking on is Prof. Christian Chukwu, Minister of Health.

In recent times, there has been growing concern over the genuineness of Chinese involvement in Africa and Nigeria in particular. The concern is borne out of the fact that China in its appetite for oil, in particular, to fuel its growing economy, is busy buying oil blocks and mineral resources from existing investments at any cost.

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The Structure of Nigeria

  /   in Broken Links 12:05 am   /   Comments

Chief Obafemi Awolowo, Dr. Nnamdi Azikiwe and Alhaji Ahmadu Bello

Two weeks ago on this column, I wrote on why Nigerians should not blame the colonial masters for the problems facing the nation, but Nigerian leaders, who have failed the nation because of their class interest. Up till last week, readers were still sending their reactions. One of such is this article below.

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FAAN’s panic ban of bureaux de change will not solve security problem at airports

  /   in Broken Links 12:12 am   /   Comments

naira-Dollar

Last week, the Federal Airports Authority ordered operators of Bureaux de Change out of the premises of the nation’s international airports. The reason is that armed robbers attacked and robbed one of the money changers at the airport.

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Nigeria’s under-development, blame our leaders not colonialists

  /   in Broken Links 12:12 am   /   Comments

Chief Obafemi Awolowo, Dr. Nnamdi Azikiwe and Alhaji Ahmadu Bello

As Nigeria prepares for its centenary celebrations, many are raising issues on the amalgamation of Northern and Southern Protectorate of Nigeria, by Lord Luggard, blaming the country’s woes on that singular act. Many Nigerians are still fatigued with the coming together of Northern and Southern Nigeria to become one Nigeria.

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Crude oil thieves will soon ask for amnesty

  /   in Broken Links 12:06 am   /   Comments

Oil-Thief-cartoon

Nigeria for all intents and purposes is a very funny country. It is a country typified by the famous Animal Farm drama. The pigs were the top rated animals that profess to be equal to all others, but were sleeping on beds while others were outside on ground in the cold. The truth is that whatever any one says, Nigerians are not all equal.

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AMCON, Bi-Courtney, who is fooling Nigerians?

  /   in Broken Links 12:10 am   /   Comments

Wale Babalakin

Last week, Asset Management Corporation of Nigeria, AMCON, came out with a statement that it is working out an out of court settlement between it and Babalakin, whom the corporation had accused of owing it some huge amount of money and was unable to pay. Hence it took over its choice property in Victoria Island. AMCON had told Nigerians that it secured a court injunction on the property. Babalakin had countered that the property in question was not mortgaged as claimed by AMCON and that he did not owe. Rather, it is government that owes him.

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Nigeria, a nation under siege of looters

  /   in Broken Links 12:11 am   /   Comments

Yelwa, told Vanguard that the Federation Accounts Allocation Committee, FAAC, had not been adhering to   provisions of the law.

Last week, the Minister of State for Finance disclosed that the Federal Government uncovered 45,000 ghost workers from 215 Ministries, Departments and Agencies under the Integrated Payroll and Personal Information System (IPPIS).

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CBN: What has become of traveller’s cheque?

  /   in Broken Links 12:11 am   /   Comments

naira

Nigeria is a country of paradoxes and contradictions. These contradictions are being inflicted on the nation by politicians in uniform and those in flowing gowns through half-baked policies. Most of these policies, once they favour the ruling class, become self perpetuating.

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