“Removal of fuel subsidy (which cost $10 billion in 2022), and the collapse of multiple FX windows into a single I&E window, which caused naira to depreciate by 98 percent between May and December 2023, among other monetary policy efforts, were key programmes executed to spur growth and regain investors’ confidence” – PwC –  ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’.

Good People, the next 6 months will be extremely important for Nigeria. A lost decade is possible if we do not get things right. While I have written that floating the Naira with no strategic plan on USD supply in Naira is a major mistake, I am very optimistic that the Naira will recover if we get to work.

Yes, Nigeria has great tools to recover quickly but we have to change the order of business. Merit-based system, Honesty in leadership, Pragmatism on our policies over political liturgies, and Unlocking the value of rural Nigeria, will deliver a new Nation.

One of the worst economic policies in Nigeria since 1999 is the current floating of the Naira. That decision has a score of “F” from me, because despite what any person could tell you, from the IMF to the Central Bank of Nigeria, economics is “science” played by the people. And science operates on principles.

In the natural philosophy domains like engineering, those principles are self-evident: you cannot throw a beam during construction without supporting systems. In social science like economics, you cannot float a currency without FIRST ensuring that you can create parity on demand and supply.

Yes, if demand continues to rise for US dollars in Nigeria and you have no means to improve the Supply of US dollars, you have disarmed the Naira, because market forces will weaken its positioning. This is economics 101; every WAEC Economics textbook always begins with Prof Lord Robbins definition of economics where he posited on the relationship between the “end and scarce means”.

Question: “Ndubuisi, who is the Richest Man in Abia?”

My Response: It is very unlikely to know the richest person in Abia State because in many Abia communities, tradition is not to recognize you because you are rich in money,  but because you turned boys into men. So, the ideal question should be “ Who has raised more boys to become men, and girls to become women?” With that, you can get answers in communities.

In some communities, before you are allowed to speak in the village square, you must begin by pointing to people you have helped, before elders will yield the floor for you to speak. So, your money means nothing if none has benefitted from it.

In Ovim, one of the “richest men” ever lived remains Dr ENC Ukpabi. He earned a PhD in Geography in the United States before 1960, and was the first indigenous dean in University of Nigeria Nsukka. He was so amazing that his house was basically an Ovim house. 

He supported men and women to the extent that during Church baptism when people were asked by the Reverend to name their “Saviour”, some actually named Dr Ukpabi. Yes, they felt that he was the messiah! Of course, the Bishop will ask them to return to catechism and prepare for another Exam so that they can pass for baptism. And Dr was a very rich man even though he did not have a big bank account.

Scale that mindset across most Igbo communities. Yes, people build companies and break them, awarding market shares to future competitors. I explained that in the Harvard Business Review via the Igbo Apprenticeship System to the global world on stakeholder capitalism.

“Thanks so much for your work here. I like how you’re setting up the idea of stakeholder capitalism at the start while introducing the Igbo IAS…” The online version should be out by next month. The core construct is to present the  Igbo Apprenticeship System  as a thesis for the world as the conversation continues on stakeholder capitalism, not just shareholder capitalism.”

Indeed, the ancestral Igbo worldview was centuries ahead of the global push for stakeholder capitalism, in that view, you could get the idea of the richest person in your world.