NIGERIA HAS NO BUSINESS BEING POOR.

-



This may not be believed by many even within Nigeria, but Nigeria is rich.

The vast mineral resources that the nation is blessed with is a good reason for this. Now, what about the people. Despite the various ethnic nationalities within this federation, the massive population of 182.2 million as at 2015 estimates of the World Bank is quite impressive with the league of youths Nigerian earned 481.1 billion USD in GDP for the same period.

A good factor to note is the depth and wealth of entrepreneurs in the country. According to Forbes individuals like Folorunsho Alakija with a total net of 1.72B USD, Mike Adenuga worth 6B USD and Aliko Dangote valued at 12.1 billion USD can reinvest in many spheres of the nation to boost more manufacturing productivity. In 2012, Nigeria's external debt was an estimated 5.9 billion USD and 5.6 trillion domestic naira - putting total debt at 44 billion USD.  And in April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club. So why do we have a 57,391.53USD in total debt at the end of 2016.

Many will blame the 2015 election for its “dollar rain” campaign to ensure then President Goodluck Jonathan to ensure he remains in power. Others will point accusing finger at the demon called corruption. But in all it falls back on the table of the leaders of the land.  At the local, state and federal level policies and procedure must be focused on development. With these developments, mostly of infrastructures then industries and more entrepreneurs will spring up across the nation. A cascade effect of boost earnings which leads to ease of paying tax and government borrowing reduced or even eliminated outright.

This reality is applicable to Kenya, Ghana,D.R. Congo, Egypt and most nations in Africa.

The politicians must have the will to ensure andenforce developmental policies while business source for materials within to boostlocal content. A practical win-win situation but who will start this process?And when?

Comments

Post a Comment

Popular posts from this blog

NextGen Konnect 3.0: Anchoring Success on Fundamentals, Inclusion, & Integrity

-
Image
It's not new that the world is in an ever evolving era where technology is rapidly reshaping industries and career landscapes, one truth remains constant: fundamentals matter. That was the central message at the NextGen Konnect 3.0 forum, where thought leaders, professionals, mentors and students gathered to discuss the future of work, the role of technology, and the values that must guide young people as they chart their paths. According to the keynote speaker, Emmanuel Tarfa , management consultant and CEO of Enzo Krypton , the lack of fundamentals in many spheres is the limiting factor behind many people not achieving greatness or even fulfilment. He gave a number of real-world examples based on the theme, “using fundamentals to make money.” This effectively framed the day’s conversations, reminding participants that no matter how fast the world evolves, success is built on mastering the basics before layering or chasing shadows. The Panel Session 1: Evolving with Change and Ear...
Read more

39 New Lassa Fever Cases Across 3 States - NCDC

-
Image
The Nigeria Centre for Disease Control (NCDC) has confirmed 39 new cases of Lassa fever, recorded between February 25 and March 3 in six states.  Source :  allAfrica.com NCDC’s Chief Executive Officer (CEO), Dr Chikwe Ihekweazu, made this known in a statement on Friday in Abuja. Ihekweazu adds that 1,447 suspected cases had been reported from 33 states and the Federal Capital Territory (FCT) from January 1 to March 3. He said that 420 of the figure were confirmed positive, 15 probable and 939 negative. According to him, from the onset of the 2019 outbreak, there have been 93 deaths in confirmed cases. Case fatality ratio in confirmed cases is 22.1per cent. Problem Areas The NCDC boss said that Edo, Ondo, Bauchi, Nasarawa, Ebonyi, Plateau, Taraba, Adamawa, Gombe, Kaduna, Kwara, Benue, Rivers, Kogi, Enugu, Imo, Delta, Oyo, Kebbi, Cross River states and FCT, had recorded at least one confirmed case in 66 Local Government Areas. He, however, noted that in repor...
Read more

Central Bank of Nigeria Clarifies Status of Old Naira Banknotes, says No Deadline for Circulation

-
Image
 The Central Bank of Nigeria (CBN) has issued a clarification regarding discussions circulating in various forums that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The CBN categorically states that such claims are false and appear to be aimed at disrupting the country’s payment system. In a statement, signed by Sidi Ali, Hakama acting Director, Corporate Communications Central Bank of Nigeria, the regulator emphasized that the order from the Supreme Court of Nigeria, issued on November 29, 2023, grants the Attorney-General of the Federation and Minister of Justice the authority to extend the use of old Naira banknotes indefinitely. As a result, the CBN’s directive remains in effect, instructing all its branches to continue issuing and accepting both old and redesigned Naira banknotes for transactions with deposit money banks (DMBs). The Supreme Court has mandated that the old N200, N500, and N1,000 notes will conti...
Read more