The Punch published a brilliant new year editorial titled “2024: Reset Nigeria and avert the storm”, and partly wrote: “The PUNCH strongly recommends that while not neglecting others, Tinubu should attach utmost priority and give his full attention to four areas namely; the economy, security, corruption, and restructuring, the last being the most crucial for Nigeria’s survival

[….]

“Until like the defunct regions, the states become self-sustaining, productive units each with autonomous economic plans with sector-specific, job-creating targets and robust taxation and investment policies, poverty, unemployment, hunger, and insecurity will linger.

“They must be unshackled to participate fully in mining, power, railways, and ports; the template of only one government (the centre) with implementable comprehensive economic plans negates the federalism principle. It is the aggregate of the production of the central and sub-national governments that drive the economies of the United States, India, Brazil, Malaysia, Australia, and other federal countries.”

Yes, restructuring is very fundamental and the benefits are self-evident. Yet, I noted in 2017 that it may not be the magic strike to save Nigeria: “Why restructuring looks good on paper, there is nothing that says it will work. Most of the former governors are in courts fighting corruption cases. In short, restructuring will simply make it easier for them to have more to steal. In Nigeria, I am yet to see any evidence that more money will lead to more economic development. When the Paris Club money was released, some governors just got bigger cars. Their teachers were on strike, they did not care. One governor used the money to buy a mansion in excess of N500 million for a traditional ruler. Are these same governors the people that will run the post-restructured states?

“Technically, the only consolation for most people will be that their tribal men are the ones stealing their commonwealth, instead of someone from another tribe. That is the only consolation: the money belongs here and the son of the soil is the one stealing it, so be it. Except that, mere restructuring has marginal benefits.”

Nonetheless, I do support restructuring because it has a clear path to push Nigeria to evolve into a merit-based pragmatic society where honest leaders will run the show. For that to work, you will restructure with state police, state electoral systems, state banking charters, state CAC (corporate affairs commission), etc. If not, nothing will change.

The Punch published a brilliant new year editorial titled "2024: Reset Nigeria and avert the storm", and partly wrote: "The PUNCH strongly recommends that while not neglecting others, Tinubu should attach utmost priority and give his full attention to four areas namely; the… pic.twitter.com/IW30rzbySn

— Ndubuisi Ekekwe (@ndekekwe) January 4, 2024

Beyond Restructuring, How To Make Nigeria Great

The year 2024 is expected to be a pivotal one for the crypto industry, as several factors could shape its future direction and growth. Here are some of the key trends and developments that investors, traders, and enthusiasts should watch out for in the next three years.

Regulatory clarity: One of the biggest challenges facing the crypto sector is the lack of clear and consistent regulations across different jurisdictions. This creates uncertainty and risk for both users and businesses, as well as hindering innovation and adoption.

However, there are signs that regulators are becoming more aware and supportive of the potential benefits of crypto, as well as the need to protect consumers and prevent illicit activities. For example, the US Securities and Exchange Commission (SEC) has recently approved the first Bitcoin exchange-traded fund (ETF), which could pave the way for more institutional investment and mainstream acceptance of crypto.

Moreover, the European Union (EU) has proposed a comprehensive framework for regulating crypto assets, called Markets in Crypto-Assets (MiCA), which aims to harmonize the rules and standards across the bloc. These initiatives could provide more clarity and certainty for the crypto industry, as well as foster trust and confidence among users and investors.

Innovation and competition: Another factor that could drive the growth and evolution of the crypto industry is the continuous innovation and competition among different projects and platforms. The crypto space is constantly evolving, as new technologies, features, and solutions are being developed and launched.

For instance, the emergence of decentralized finance (DeFi) has opened up new possibilities for lending, borrowing, trading, and earning interest on crypto assets, without intermediaries or centralized control. DeFi has also enabled the creation of new types of tokens, such as stablecoins, which are pegged to fiat currencies or other assets, and non-fungible tokens (NFTs), which represent unique digital items such as art, music, or collectibles. These innovations have expanded the use cases and value propositions of crypto, as well as attracted more users and capital to the sector.

Adoption and integration: A third factor that could influence the future of the crypto industry is the level of adoption and integration of crypto in various sectors and domains. As more people become aware and interested in crypto, the demand for easy and convenient ways to access and use it will increase. This could lead to more integration of crypto services and solutions in existing platforms and applications, such as social media, e-commerce, gaming, entertainment, etc. For example, Twitter has recently enabled users to tip each other with Bitcoin using the Lightning Network, a layer-2 solution that enables fast and cheap transactions on top of Bitcoin.

Similarly, Facebook has announced its plans to launch its own digital currency, called Diem (formerly Libra), which aims to provide a global payment system that is accessible to billions of people. These examples show how crypto could become more mainstream and ubiquitous in various aspects of life.

The crypto industry is poised for significant growth and change in the next three years, as regulatory clarity, innovation and competition, and adoption and integration could shape its direction and development. The year 2024 could be a turning point for crypto, as it could reach new heights of popularity, legitimacy, and value.