Breaking News

Buharinomics: The bad, the worse, and the ugly

FOR more than seven months, I have refrained from writing about the Nigerian Loss, sorry, Stock Exchange, NSE, because it had been my experience for nearly thirty years that most Nigerian investors in the capital market are the closest human beings who can be classified as retarded. It is bad enough when millions of individuals presumed to be an intelligent act against their own interests out of ignorance. It is absolutely astonishing when Nigerian investors, like human lemmings, all rush to their own economic destruction.

Read More

Transport, education and the rule of con men

The Minister was on yet another inspection tour of the work being done on the Lagos-Ibadan railway project – which as everybody now knows has missed so many deadlines promised for its launching by the Federal Government. In another example of the con games they play with Nigerians, the Vice President visited the project during the campaigns and after being driven through a hastily prepared portion of the railway line promised Nigerians that the line would be inaugurated before the elections.

Read More

Three reasons why Nigeria will remain under-developed

THREE national newspapers published three reports which individually and collectively reveal why Nigeria will remain economically and socially under-developed for decades to come. The three stories are relevant for their demonstration of how the managers of important segments of the economy often for reasons best known to them mislead the Federal Government and the people of Nigeria. Two of the stories, not surprising, were about the Nigerian National Petroleum Corporation, NNPC. Both of them would have been regarded as good jokes if the announcements were made on April Fool’s day.

Read More

Extending godwin Emefiele’s tenure is vital for economic recovery

Unlike the great French philosopher, I strongly believe that truth must be shown with equal candour to all generations. There should be no dichotomy in placing facts before the public – especially for those privileged to be in the media. It has always been our sacred duty to inform, educate and entertain (also sometimes infuriate) the public on every matter of great importance. In about thirty years on these pages, that has been the principle. It will never change.  Right now there is an issue which has suddenly crept on all of us while the election campaigns were going on. None of the two major candidates mentioned it; and it is doubtful if any of the fringe political parties candidates alluded to it. That is strange.

Read More
Budget 2020: Cut in capital expenditure calls for reform, fiscal discipline

Will the budget become hostage to hostile politics?

The report went on to disclose that Nigeria, which produced 1.792 million barrels per day in January, went down to 1.685 million in February in compliance with the agreement by members of the Organisation of Petroleum Exporting Countries, OPEC to reduce supply and raise crude prices. Unfortunately, OPEC and Nigeria are caught in a no-win situation. Each time they reduce production to push crude prices up, they make it more profitable for American shale oil producers to increase their own supply and grab more of the global market share. Already, the Us has overtaken Nigeria as a supplier of crude to the United Kingdom. Our cutback will certainly open more of that market to the Yankees.

Read More

Nigeria’s economic death toll rises predictably

Those living in extreme poverty anywhere in the world constitute the living dead. Nigerians caught in the poverty trap exist in a hell on earth of their own. There are safety nets in some countries, regular subventions of resources to help the destitute cushion the impact of poverty. Not Nigeria; here, the poor are on their own. Instead of helping them government uses them as smoke screen to fleece the country through fraudulent Social Intervention Programmes, SIPs, and “Tradermoni” given to “party stalwarts”. Despite all the attempts by the Buhari administration to bury the truth, it just keeps popping up all the time.

Read More
Do NOT follow this link or you will be banned from the site!