The Federal Government of Nigeria is doing a wonderful job fighting corruption. The last time this monster was tackled, head-on in this country, was in 1984, by the same Head of State Buhari. Then as now, the price of crude oil created the havoc. Then, as now, there were discordant views about whether or not the government should devalue the currency or not. Those on the left wing of Nigerian politics, the Nigerian Labour Congress and socialists who arrogated to themselves the love of the masses, were against devaluation of the currency.

The crisis rocking the financial sector has deepened as exchange rate rose to over N370 per dollar. The foreign reserve also declined by $1.14billion. Non-Performing Loans (NPLs) in commercial banks, according to statistics averaged 4.7 percent last year and may increase to 10 percent in the medium term by 2016, due to the banks exposure to oil and gas sector. At present, NPLs in 17 banks are estimated at over N9.9trillion, even as the World Bank’s loan to Nigeria stands at over $6.29billion.

In what is becoming increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hangs in the balance as it continues its downward slide. This report will show why the Muhammadu Buhari administration’s misplaced belief that hope is best served for dinner, at a time when there may be no one at the table because the prognoses for the Naira and the economy, do not inspire confidence and growth.

With oil not able to sustain the economy anymore, attention is shifting to agriculture which, decades ago, was the propeller of the then buoyant economy. This is one of the reasons the President of Dangote Group, Alhaji Aliko Dangote, made a foray into productive agriculture. Last week, he launched his Dangote Rice Outgrowers Scheme in Hadejia, Kafin-Hausa local government area of Jigawa State.

Governor Akinwunmi Ambode of Lagos State yesterday said arrangements had been concluded to set up a Microfinance Bank to aid artisans and small business operators.

THE Minister of Industry, Trade and Investment (MITI) Dr. Okechukwu Enelamah, said yesterday, that over two million micro traders, farmers and artisans across the country will benefit from the Federal Government’s N500 billion Social Protection programme (SPP) Fund for 2016.

Against the dwindling Nigerian economy, Ernst and Young, EY, has advised the Federal Government to encourage entrepreneurship in order to grow the economy.

An indigenous company, Integrated Oil and Gas Ltd., has been given initial license to commence preliminary work for a 20,000 capacity modular refinery in one of the islands on the coast of Lagos.

Ghana has prohibited some items from entry into its domain, following Nigeria’s foot steps that restricted 41 items from access to foreign exchange.

Charles Darwin of Origin of Species fame once said that ‘it is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.’ This seems to be the driving force behind Procter & Gamble (P&G) Nigeria, a fast-moving consumer goods company. To underscore this point, P&G, at the weekend, held a two-day annual symposium tagged: Chemical Sciences and Technology Enabling Growth in Africa, in partnership with the Royal Society of Chemistry (RSC).