Daily, we talk of oil in Nigeria. But in the real scheme of things, crude oil is a small part of our existence. Yes, oil and gas sector brings in less than 5% to our GDP composition:  “The non-oil sector contributed approximately 95.30% to Nigeria’s GDP in the last three months of the year. Key industries such as finance, telecommunications, agriculture, trade, construction, manufacturing, and real estate have been instrumental in driving this growth.”

Of course, when it comes to foreign earnings, oil & gas flips things, hitting excess of 80%. It is like this, using villages to illustrate:

Village A: 1000 employable people live here, but only 10 people have good oil & gas jobs and are paid very well. Another 30 have yoyo kind of jobs and barely make progress. However, at the end of the month, the village has $10 million in their bank account, largely generated by the 10 people. That fund is mismanaged by 5 people who serve as village managers. With limited economic activity, GDP (aggregate of economic activities towards production of finished goods over a period of time) is $100m as most people do not have jobs.

Village B: 950 out of 1000 employable people have average jobs and can generate just $1m monthly in the bank. Most people here are involved in many sectors with massive economic activities; GDP is $300m and employment is full.

Nigeria mirrors Village A where the magic of oil earnings triggers many economic optical illusions. It is key to note that agriculture remains the LARGEST contributor to Nigeria’s GDP, and the most important sector to anchor improved welfare and prosperity to most communities!

(Of course, oil & gas is invaluable; Nigeria just needs to get deeper into petroleum, chemicals, refining, etc to deepen the GDP contribution of the broad sector)

Daily, we talk of oil in Nigeria. But in the real scheme of things, crude oil is a small part of our existence. Yes, oil and gas sector brings in less than 5% to our GDP composition:  “The non-oil sector contributed approximately 95.30% to Nigeria’s GDP in the last three months… pic.twitter.com/eN43PneHdx

— Ndubuisi Ekekwe (@ndekekwe) February 23, 2024

Drawing Parallel with Saudi Arabia on economic diversification, as non-oil sector contributes 95.30% to Nigeria’s GDP

A product whitepaper is a document that provides detailed information about a product, its features, benefits, and use cases. It is usually written for a technical audience, such as developers, engineers, or IT professionals, who want to learn more about how the product works and how it can solve their problems.

Crypto whitepaper is crucial for anyone interested in investing in cryptocurrency projects. These documents provide essential insights into the fundamentals of crypto or blockchain-based projects, helping readers make informed decisions. Let’s break down the key components of a crypto whitepaper:

A well-structured product whitepaper should have the following elements:

A catchy title that summarizes the main value proposition of the product and attracts the reader’s attention. An introduction that explains the purpose and scope of the whitepaper, the target audience, and the main problem or challenge that the product addresses.

A background section that provides relevant context and background information about the problem or challenge, such as industry trends, market research, customer pain points, or existing solutions. Here, the project outlines the specific issue or issues it plans to address. It’s essential to understand what problem the project aims to solve and why it matters.

A solution section that describes how the product solves the problem or challenge, highlighting its key features, advantages, and differentiators. This section should also include diagrams, screenshots, or examples to illustrate how the product works and how it can be integrated or deployed.

The heart of the whitepaper lies in its proposed solution. This section explains how the project intends to address the identified problem. It covers technical details, architecture, and innovative features.

Understanding how tokens will be distributed and allocated is crucial for investors. Whitepapers should provide clear details on token distribution, vesting periods, lock-up periods, and any other relevant information.

A well-structured whitepaper includes a roadmap that outlines key milestones and development phases. Investors can evaluate whether the project has a clear plan for execution. Information about the team behind the project is essential. Whitepapers typically introduce key team members, their expertise, and their roles in achieving project goals. While not always explicitly stated in every whitepaper, legal considerations are crucial.

Crypto whitepapers often contain technical information about the project, including underlying blockchain architecture, consensus algorithms (such as Proof of Work or Proof of Stake), data structures, and cryptographic protocols. These aspects help readers assess feasibility, scalability, security, and innovation.

A conclusion that summarizes the main points of the whitepaper, reiterates the value proposition of the product, and provides a clear call to action for the reader, such as requesting a demo, signing up for a trial, or contacting a sales representative. A reference section that lists the sources of information used in the whitepaper, such as research papers, articles, reports, or testimonials.

A well-structured product whitepaper can help you showcase your product’s capabilities and benefits, educate your potential customers, and generate leads for your business. It can also help you establish your credibility and authority in your industry and differentiate yourself from your competitors.

Therefore, it is important to follow these guidelines and write a clear, concise, and compelling product whitepaper that will engage your readers and persuade them to take action.

In a statement released on Friday, February 23, 2024, the Federal Government of Nigeria disclosed that the country has recorded significant success on its ongoing reforms in the foreign exchange market, highlighting the stabilization of the naira and a surge of inflows into the forex market.

Mohammed Idris, the Minister of Information and National Orientation, reiterated the government’s commitment to tackling speculators and unscrupulous players undermining the naira.

According to Mohammed, the National Bureau of Statistics (NBS) reported a remarkable 66% increase in capital importation into Nigeria during the fourth quarter of 2023 compared to the previous quarter. He also noted that the new reforms had facilitated an inflow of $1.8 billion into the foreign exchange market in the previous week alone.

The minister expressed satisfaction with the initial outcomes of these reforms, highlighting the stabilizing effect on the naira and the substantial inflows into the forex market. He quoted the CBN Governor’s acknowledgment of the $1.8 billion inflow as a direct result of the new reforms.

“The Central Bank of Nigeria (CBN) has been proactive in initiating comprehensive strategies to enhance liquidity in the forex market,” Mohammed stated. “In addition to unifying rates, the CBN has cleared a significant amount of outstanding Forex obligations and outlined new operational mechanisms for commercial banks, Bureau De Change (BDC) operators, and International Money Transfer Operators (IMTOs).”

However, Mohammed also acknowledged the resistance faced by the CBN’s efforts from speculators and other nefarious actors both within and outside the country. He emphasized the government’s determination to address these challenges through the concerted efforts of regulatory and enforcement agencies.

“To tackle this, regulatory and enforcement agencies of government have been working round the clock…to address these efforts at undermining the reforms,” Mohammed stated. “That strategic alliance has led to the intelligence-led identification, investigation, and sanctioning of individuals and organizations involved in illegal activities and sabotage within the forex market.”

Furthermore, he assured Nigerians of the government’s continuous efforts to stabilize the naira and safeguard the economy. He emphasized the need for patience and understanding during these challenging times and reiterated the government’s commitment to bringing relief and prosperity to all citizens.

“Nigerians should rest assured that the government will continue to take further steps to stabilize the naira and safeguard our economy. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome,” he said.

As part of its efforts to stabilize the naira, the government has also announced a clampdown on cryptocurrency exchanges operating in Nigeria. This includes the banning of popular platforms such as Binance and Coinbase. The move comes as part of broader measures aimed at curbing illicit financial activities and ensuring the stability of the Nigerian financial system.

The government cited concerns over the use of cryptocurrencies for illegal activities such as money laundering, fraud, and terrorism financing. Additionally, it expressed reservations about the lack of regulation and oversight in the cryptocurrency market, which could pose risks to investors and the broader economy.

In light of these concerns, the government has directed relevant regulatory bodies to take strict enforcement actions against cryptocurrency exchanges operating in the country. This includes the freezing of assets, the suspension of operations, and the prosecution of individuals involved in facilitating illegal activities through these platforms.

Although economic experts have warned about the potential implication of that move, the clampdown on cryptocurrency exchanges is expected to further bolster the government’s efforts to maintain stability in the forex market and safeguard the integrity of the naira. The government aims to create a more transparent, secure, and resilient financial environment by addressing loopholes in the financial system and cracking down on illicit financial activities.

Mohammed said ‘’The President and his team are and will remain resolutely committed and focused on the task of bringing immediate relief and enduring prosperity to all Nigerians.’’

The naira closed at N1571.31 against the dollar in the official market (NAFEM) on Thursday and traded at N1,750 per dollar during intraday in the parallel market on Friday.