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Reinserting Nigerian economy on world map – DON


Dr. M.A Ayeni, speaking on the topic, ‘Establishing Nigeria as a Hub for Financial Services in Africa’, affirmed Nigeria has what it takes to become the financial services hub of Africa, given its widely acknowledged economic potentials and human resources.  He said that with the right vision, it is possible to engineer the country’s evolution into the financial nerve centre of Africa, and develop the financial sector into a growth catalyst that will enable Nigeria’s transformation into one of the 20 largest economies in the world.

According to him, a country cannot be an industrial hub without being a maritime hub within its region. He commended the Nigerian Ports Authority (NPA) for the giant stride adopted to eliminate the poor cargo handling and dock labour crises at Lagos Port.

He said that the NPA is spearheading the development of deep seaports in Akwa Ibom State, and in Lekki, Lagos State. The idea, he maintained, is to prevent diversion of big ships from Nigeria to its neighbouring West African countries as a result of low draught to berth. This, he said, will in turn bring about a multiplier effect in improving the nation’s economy.

He blamed the politicians for the rot saying asking that why do we need so many senators and house of representative members from each state with the retinue of “assistants, special assistants, special to special”. “Who says that our literary icon Professor Wole Soyinka would not perform extremely better if he solely represents Ogun State in the Senate than ten docile non-contributing senators put together?

On the planned  introduction  N5,000 (Five thousand naira) by the Central Bank of Nigeria (CBN), he rejected it saying that the highest currency denomination in America which is over 200 years, is just $100 {One hundred dollar bill} and Britain; our colonial master do not have currency denomination higher than E50 (Fifty pounds) .Nigeria, he continued,  moved from  N10 to N20, N20 to N50, N50 to N100 and so on to N1,000 unfettered, and  “as we were moving up unwisely, we kept on debasing the fulcrum of the economic chain which is the coins. Now our egg heads, the legendary economic planners are planning to introduce a unit of N5, 000 (Five thousand naira), I know that this will assist

some people to phase out the carriage of “Ghana must go bags” because a one million naira lobby fee will only be in two bundles of N5, 000 notes, small enough to fit into the inner pocket of a jacket. What a reckless economic policy, how do we reconcile the policy of cashless economy with this; a paradox of a house divided against itself.


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