I was shocked by not surprised to read that Nigeria’s richest man, Aliko Dangote lost one third of his wealth in 2016.
Before now it was our second richest man, Femi Otedola losing one third of his wealth in months. It confirms what I have been saying, that the rich are getting poorer together with the poor in today’s Nigeria. Before they used to say, ‘ the rich are getting richer while the poor are getting poorer’. Now everybody is in the same basket.
The political class caused this, by not infusing a culture of savings as our country got rich during the oil boom years. Look at Norway, they had a rule not to spend more than 4% of their oil profit each year.
They only broke that rule this year, and now they have about $800 billion to fall back on. We are here struggling with $25 billion for 170 million people.
Its jus like having a family of 11 manage a one-room apartment, or 2 cups of rice for lunch. So clustrophobic.
As the price of crude oil seems to be making a slow but steady climb upwards, the government ought to be putting finishing touches on a sovereign wealth fund to savevsome money for the nation. The sovereign wealth fund should be our big savings account as a nation, some savings from which we can only withdraw a tiny percentage, as we await any rainy day.
Zikists, I leave you to discuss whether I am making any sense or not.