Categories
Economy

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.

Categories
International Content

How Argentina made $33B from simple accounting change

A little-noticed decision by policy makers late last year to change the way they value government bond holdings transformed the central bank’s balance sheet overnight, turning what had been a net worth of negative $2 billion into positive $33 billion.

I know economists and policy makers will be interested in learning how Argentina did this.

Categories
Development Generous Equianoism Generousity

Igwe Nnewi Commissions Road In Nnewi Reconstructed By Chief Christian Obumneme Nwogu

Chief Christian Obumneme Nwogu, the Omekaodimma of Nnewi, has singlehandedly tarred a 1.05 Kilometer-road for his community in Obiofia, Otolo, Nnewi Anambra State.

The community has been known to have bad, impassible roads and during the rainy season, it leads to flooding in the community.

Article continues in link below:

Categories
Economy News

Electricity workers strike bites Lagos

Categories
Economy

Protests In Economic Giant Hong Kong

148 protesters were arrested in Hong Kong earlier this week. They were protesting against a controversial extradition bill.