If they had followed the comments the finance minister made about cutting rates, and had followed it, and cut it back to 12%, they would have created some instability which would have upset some investors. But then this is a double inflation as well because it is a battle between growth and inflation. So of course the high rates right now was causing concerns about the investment because of high debts to pay back but at the same time, price stability is probably what the CBN is trying to do, to cut the inflation rate which is 17.6% and also trying to stabilise the naira.

For good measure, the expert would remind everybody that before the Age of Oil exploded on Nigeria in 1973, the country was a large exporter of several products cocoa, rubber, cotton, palm oil, groundnuts, coal, hides and skins, tin, rubber etc; and when the three Regional Marketing Boards East, North and West had offices in London to handle the export of products from their own particular region.

This article was first published in June 2006, but its content has become increasingly relevant as we mark the 56th anniversary of our independence; it is represented once more as a wakeup call to abort the inevitable dire consequences which will jeopardize our relationship as a nation so that we will forestall an inevitable frustration of the hope of our people for a better life. Please read on.

Our target audience, basically, is the business community, the professional community, governmental organisations, especially the financial institutions, as well as major players in oil and gas, agriculture and maritime sectors. Nigerians need to be heard on all levels.

The Business Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN) has said that a sound insolvency regime and effective dispute resolution process are the key factors for development in any nation.