I am thrilled to announce that I will deliver the 2020 Africa Business Conference keynote at the Lagos Business School, of Pan-Atlantic University. LBS, as we all know, is a leader when it comes to business education in Nigeria. Nigeria will rise in markets before it can improve its public sector since the taxes and fees from markets would be needed to make those public institutions better. (GTBank’s profit before tax, in 2 months, is more than the whole annual budget of Abia state).
Guaranty Trust Bank Plc (GTBank) has returned the unaudited numbers for Q3 2020: they look really good. Profit before tax is N167.4 billion. Yes, GTBank made more than the 2020 budget of Abia state in 9 months as profit; in 2020, Abia State has planned to spend N137. 419 billion but of course the actual expenditure would be off by billions due to revenue issues. Update: the state revised the budget to N102 billion.
Of course, while we desire for a more efficient use of our factors of production, in governments, the wealth of modern Nigeria lies in our capabilities to build new constructs in business systems which can fix market frictions, unlock value, and deliver shared prosperity for ALL citizens. So, going to a business school to speak takes that message to the mountaintop because the future high priests of markets, to make use of them, are there. It would be a great one.
This conference is an initiative of the Africa Business Club student-led activity. Date is Nov 28, 2020; more details are coming.