Are Collapsed Oil Prices About To Make Nigerians Even Poorer?

I read this analysis about what the collapse of the crude oil might mean to Nigeria. And I must tell you; it is scary. Read it because to be forewarned is to be forearmed.


Covid-19: Sina Peller Wishes Month Of May Will Be Better Than April

Quilox Club boss, Sina Peller may be stinkingly rich, but with his entertainment empire affected by the necessary lockdown of businesses, he shares the hard times millions of Nigerians are currently facing.

Reflecting on the hard month of April that was filled with lockdowns of to reduce coronavirus, he expressed the hope that May will not be like that he wrote:

To his prayer, we can only say, ‘Amen!’

Crime Economy Health Video

Lockdown: Buhari Planning Help For Daily Wage Workers – Osinbajo

With ‘hungervirus’ threatening to kill people like coronavirus, Vice President Yemi Osinbajo has come out on video to reveal that he and Buhari are thinking of ways to help daily wage workers that are now forced to stay at home in states that have been locked down. Watch video below. (Sir, seriously consider helping people through BVN. Pay the money saved from subsidy removal into people’s accounts and share lots of impounded imported rice, e.t.c., to the hungry masses.)

While briefing journalists on his meeting with President Buhari, Prof. Osinbajo said (video loading…):

That succour needs to happen very fast. In Ogun State, people don’t sleep anymore. News reports say robbers now move in their hundreds with okada to rob and steal even food. Lockdown MUST be accompanied with adequate food supply.

Some Ogun State residents are complaining that after being robbed of their food and money, they have no more food to eat or money to buy more. And they cannot go out to work or do business because of the lockdown.

Federal Government, send down help fast!

Economy Health

Lockdown Versus The Economy (Photo)

I just saw this poster below about the lockdown versus the economy. It appears lockdowns save lives but affect livelihoods, while not observing lockdowns in pandemic situations does the opposite. I guess the solution is to find a balance somewhere in between.

For instance, if you lockdown, make sure the people have access to relief materials or airdrop cash into the thinnest accounts using their BVN.

Otherwise how will they pay their rent after locking down their business for so long?


4 Reasons Why Nigerians Shouldn’t Celebrate Yet As Its Economy Overtakes South Africa’s

Bloomberg has reported that Nigeria’s economy has overtaken that of South Africa.

That’s good news from Nigeria’s perspective. But if you compare Nigeria’s current economy to that of Rwanda, you will find large sad gaps.

1. Insecurity Of Life And Property

Nigeria’s economy is plagued by insecurity. Violence has forced farmers out of their farms; has displaced many from their homes; has made people avoid important business trips that would have oiled the cogs of the economy; has made property rights a joke in many parts of the country.

Compare that to Kigali, capital of Rwanda, where women can walk safely on the streets even at night. Government needs to do more to make the country more secure. The buck stops clearly in front of Government.

2. Over-dependence on crude oil

This means that the next slump in the price of oil could send the economy crashing back down to the debts of recession. The Government needs to induce economic expansion through areas like export of beef and dairy products, cars, Aba-made apparels, solid minerals and other exportables. Otherwise, Nigeria’s economic fortunes will remain at the mercy of the price of one commodity.

3. Corruption

Corruption is another bottleneck. Take the housing deficit in the country for instance: often when Government attempts to solve it by building cheap housing, the scheme is hijacked by rich politicians who buy up the cheap houses and then sell same to people at break neck prices. Their needs to be stricter enforcement of anti-corruption laws.

4. Not Enough Social Welfare Packages

The monies collected from successful anti-corruption efforts are not being used to stimulate the economy in the areas of social welfare. Unless that is done, the money held by the average Nigerian may remain just enough to eat the next meal, and not to build capital needed for opening and expanding business enterprises.

Nigeria, might be Africa’s biggest economy. But most Nigerians are not feeling the impact, and the economy remains terribly stunted.