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Nigerian economy after the elections of 2019

IT is not just in politics that seven days can become a long time. Even in national  economies, seven days can alter the fate of a nation for a long time to come. Most oil-producing nations of the world experienced the most rapid surge, in percentage terms within the first week after the Yom Kippur War between Arab countries and Israel in 1973. Suddenly, crude oil which fetched thirty cents a barrel skyrocketed to $3 (1000%), $4 (1333%) and $5 (1667%) on account of drastic supply reduction imposed by the Arab countries. Nigeria earned more oil revenue in a week than the aggregate revenue of oil and non-oil exports in the previous year. So sudden was the bonanza Gowon’s government did not know what to do with it. What they eventually did is still affecting our economy till today.

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As Dangote goes so does the Nigerian economy

FOR almost twenty years General Motors, GM, was the largest company, not only in America, but in the entire world. GM sat on top of the Fortune 500 companies for so long during which there was “no vacancy” at the top. All the other contestants were vying only for second place. Today GM is no longer the company presidents fear to offend. Others have taken the coveted top spot.

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Surviving the sinking ship

AS at the dawn of the current millennium, if there was any prediction that Nigeria will become the poverty capital of the world in less than 20 years away, such prediction would have been dismissed as arrant nonsense. That is obviously because, according to statistics, Nigeria’s poverty rate was on the decline   during the transition from the last millennium to the current. Presenting a report by the National Bureau of Statistics,   last year, the head of the NBS bureau, Yemi Kale said: “Despite the fact that the Nigerian economy is growing, the proportion of Nigerians living in poverty is increasing every year, although it declined between 1985 and 1992, and between 1996 and 2004.”

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Delivery on SMEs to develop economy

One of the easiest ways of developing any economy is to develop SMEs because of its roles especially on developing economies of Africa. Developed economies of the world never reluctant in promoting SMEs, with the understanding that SMEs create jobs in an economic system and reduces unemployment insecurity.

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2019 ECONOMY: Manufacturers see bleak outlook for budgetary process, inflation

The Manufacturers Association of Nigeria, MAN, has expressed fears that worse fate awaits the economy on the heels of a likely late passage of the 2019 budget. They also projected that developments in the global economy, especially in the area of interest rates and tightening commodity markets, would likely contract investment inflow to the country.

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Danger ahead as economy is now on auto pilot

HORACE, 65-8 BC. VANGUARD BOOK OF QUOTATIONS, VBQ, p 61. That the people perish for lack of good leadership has been one of the abiding verdicts of history. The Nigerian situation today is proving Horace right. In the last three months, I have found myself in several states, east, north, south and west – Sokoto, Kebbi, Zamfara, Kogi, Abia, Akwa Ibom, Kaduna, Niger, Ed,. Imo, Kwara, Oyo, Ogun, and of course Lagos. There is a common thread linking all of us in this country today.

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