Sunday April 20th, 2014
Sunday April 20th, 2014
Latest

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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PDP public functionaries past and present, stop making Nigeria a laughing stock

  /   in Broken Links 12:05 am   /   Comments

Information Minister, Mr. Labaran Maku flanked by the Senior Special Assistant on Public Affairs to the President, Dr. Doyin Okupe and the Special Adviser to the President, Projects Monitoring and Evaluation, Prof. Sylvester Monye during the briefing on the nation's external reserves at the National Press Centre, Radio House, Abuja. Photo: Abayomi Adeshida.

Nigeria is fast becoming a laughing stock. No thanks to the Peoples Democratic Party members who have held top political positions in the past and now. They have a way of passing the buck to pull the wool over the eyes of Nigerians to divert attention from the way and manner they pillage the resources of the country.

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

  /   in Broken Links 12:14 am   /   Comments

Oil-Report

Nigerians whose pastime is bickering over oil resources may soon find out that what they consider as the goose that lays the golden eggs will no longer give them the resources to steal from. Oil may soon be selling for far below the 1982 price level. No thanks to President Barack Obama who, during his first term inauguration urged Americans to find a solution to the country’s continued dependence on external oil. Five years down the line, America is almost self- sufficient in oil production and is now turning down offers from traditional suppliers.

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Public-private partnership the new way to infrastructural provision

  /   in Broken Links 12:10 am   /   Comments

Lagos - Ibadan Expressway

Recently, the media was awash with the news of the revocation of the concession granted to Bi-Courtney to reconstruct the Lagos-Ibadan road which has been in a deplorable state. The decision to revoke the concession sparked off a lot of debate as to the seriousness of government to the whole idea of Public-Private Partnership.

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Cement producers should develop export strategy

  /   in Broken Links 12:05 am   /   Comments

cement

Two weeks ago when I wrote about the cement manufacturers in the country and the need to encourage them, one of the responses was in the form of a question. The reader asked how to tackle the glut in the industry as of today. It is rather unfortunate that both the government and the private sector in Nigeria are not forward looking. At the moment the construction and housing sector of the economy which make use of cement are depressed.

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Reactions to “Dangote, the face of genuine local investor”

  /   in Broken Links 12:05 am   /   Comments

*Alhaji Aliko Dangote

Thank you for the hatchet job you did on behalf of Dangote and the other cement cartels. Personally, I do not believe Dangote is an ideal business man to look up to. He is a monopolist and believes he alone can meet the needs of all Nigerians in terms of the product he produces.

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Dangote, the face of genuine local investor

  /   in Broken Links 12:10 am   /   Comments

*Alhaji Aliko Dangote

I was going through the famous Harvard Business review of November 28 on my ipad on a British Airways flight from London. In one of the articles written by Jonathan Berman, titled “American CEOs should Stop Complaining about Uncertainty” one thing struck me. It was the writer’s mention of how uncertainty has not deterred Dangote from investing in Nigeria and across Africa.

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FG, create a business friendly environment, investors will rush

  /   in Broken Links 12:16 am   /   Comments

Minister of Trade & Investment, Olusegun Aganga

Access to credit by investors is a critical factor for economic development of any nation. A country like Nigeria that says it is in a hurry to catch up with others can not but make policies that gives local, as well as foreign investors access to credit. President Goodluck Jonathan’s core economic policy is transformation of the Nigerian economy. Transformation agenda is critically dependent on the quality of investment climate.

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Public Private Partnership: The new way to infrastructural provision

  /   in Broken Links 12:15 am   /   Comments

Jonathan and Okonjo-Iweala

Recently the media was awash with the news of the revocation of the concession granted to Bi-Courtney to reconstruct the Lagos/Ibadan road which has been in a deplorable state. The decision to revoke the concession sparked off a lot of debate as to the seriousness of government to the whole idea of Public Private Partnership.

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Latest

PIB: FG and oil companies, who holds the ace?

  /   in Broken Links 12:03 am   /   Comments

Subsidy-Incorporated

Nigeria is a difficult country to understand. It is a country where leaders’ actions are based on greed and personal interest than that of the nation at large. The Petroleum Industry Bill has been in the National Assembly for a while now begging for passage. Legislators are reluctant to pass the bill because most of the oil companies do not favour the legislation as if laws made in the country are to be determined by those who operate in the sector for which the laws are made.

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Dollarisation of the Nigerian Economy: Who is to blame?

  /   in Broken Links 8:01 pm   /   Comments

naira-Dollar

Recently while in Tokyo at the conclusion of the 2012 IMF/World Bank Group Annual meetings, the CBN Governor, Sanusi Lamido Sanusi, decried the dollarisation of the Nigeria economy. He said the President, the CBN and everybody is worried about the development. In Economics parlance, dollarisation of an economy occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency as a store of value, unit of account, and/or medium of exchange within the domestic economy.

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Is governance about food and drinks?

  /   in Broken Links 12:10 am   /   Comments

food

Aso Rock, the seat of federal government,has become a fortress of all sorts. There, you have political power, position, influence and dishing out of largess to the favoured. One of the easiest ways of dishing out largess in Nigeria is through contract award. Food for instance can be supplied by anybody; so to help the girls who are close to the power that be, fruits and other food ingredients are supplied on contract.

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The blame games again in the oil sector

  /   in Broken Links 12:00 am   /   Comments

President Goodluck Jonathan and Mallam Nuhu Ribadu

Blame games either in a family, corporate world or community is a sign of failure of leadership. Leadership is about taking responsibility and action where necessary no matter who is involved. In situations where people are not ready to accept responsibility for their actions or inactions, they blame their failures on subordinates or opponents.

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Latest

What is the Nigerian dream, hope and future

  /   in Broken Links 12:10 am   /   Comments

File photo: United States President Barack Obama and President Goodluck Jonathan

Every American knows there is an American dream. Party affiliations are made along this dream. Every so often the America Presidents remind the people of the American dream. The dream is people centered and people oriented. This over the years has fired every American to hope for the best and be assured that the government is there to cater for his best interest.

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