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How Nigeria Can Become Richer [video]

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In my study of 2,000 years of gross world product (aggregate of GDPs of nations), I realized a clear correlation between property rights and economic development. Amazingly, no nation has cut-off that trajectory of converting assets to capital, to create more capital, before becoming rich.

On my discovery, I divided the last 2,000 years into three eras: the invention society era, innovation society era and the accelerated society era. For each nation, I looked at what happened when it established a regime of stronger property rights. 

In the United States, the nation changed on July 31, 1790 when Samuel Hopkins was awarded the first United States patent. In my 2009 book – Nanotechnology and Microelectronics: Global Diffusion, Economics and Policy – which received the 2010 IGI Global Book of the Year award, I explained that the patent system with the broad intellectual property rights could be considered one of the greatest policy innovations in economic history. Yes, that IP rights boosted the broad property rights and American GDP rose.

As we approach 2024, I call on the Nigerian government to unlock WEALTH in the nation by turning our assets into capital through the enactment of appropriate laws and regulations. If we do not do that, we cannot develop, irrespective of our efforts!

The Eras In Our World – Invention, Innovation and Accelerated Society Eras <p data-wpview-marker=

Comment on Feed

Comment 1: Another profound comment from our esteemed prof. Every Nigerian decision maker should read at least the last paragraph.

I can point to the Certificate of Occupancy (C of O) as one factor that prevents Nigerians from realizing the value of their landed property. The certificates are the property title. They are issued by state governors who also can and do cancel them capriciously.

With so little security of Title, a Nigerian land owner has little opportunity to use the equity in property to fund a business or lifestyle.

First evidence to me that government is serious about growth will be when they take the C of O out of the hands of politicians

Comment 2: Initial instinct is nice words for deaf ears. Will the government listen when it is full of people mainly looking for ways to display criminal tendencies and exploit the common wealth without common sense?
But then second thought is maybe they will repent and listen or somehow the right people will listen. And it’s good to keep saying because not saying is the problem of the mouth and not hearing is the problem of the ear.
Please keep advising and writing your common sense which is not even common

Comment 3: I believe balancing property rights for economic development is essential. While strong intellectual property rights, exemplified by the United States, drive economic evolution, overly stringent regimes can stifle innovation and fair competition. Achieving the right balance is challenging but crucial for pushing an innovation-friendly environment.

I also believe that addressing economic complexities involves tailored, woven approaches considering regulatory frameworks, education, and inclusive policies.

My take is while property rights play a vital role, a holistic strategy may provide a more comprehensive solution.

The call for the Nigerian government to enact laws for wealth creation is valid but requires a thoughtful, nuanced approach that anticipates challenges and prioritizes inclusive growth. We will continue to engage in a dialogue embracing diverse perspectives to craft lasting solutions.

Comment4: Seminal thinking . But it’s understanding, adoption and implementation require the availability of like-minded people, who would appreciate what Ndubuisi Ekekwe is saying. The truth is that we have a paucity of such people here. We like to argue that we don’t, but the reality is that we do. That is even fundamentally why we are where we are, and why we are how we are. The cargo-cult mentality is still reigning supreme in our waltenchaung.

People are still grumpy about Inflation

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Inflation is a topic that affects everyone, from consumers to businesses, from workers to investors. It is the general increase in the prices of goods and services over time, which reduces the purchasing power of money. Inflation can have both positive and negative effects on the economy, depending on its level, causes and duration.

However, in recent months, inflation has become a source of frustration and anxiety for many people around the world. According to the International Monetary Fund (IMF), global inflation rose to 3.9% in October 2021, the highest rate since 2008. The main drivers of this surge were the disruptions in supply chains caused by the COVID-19 pandemic, the rising energy and commodity prices, and the expansionary fiscal and monetary policies adopted by many governments to support the recovery.

Many people are feeling the pinch of inflation in their daily lives, as they have to pay more for food, gas, rent, utilities, health care and other essential items. Some people are also worried about the impact of inflation on their savings, investments, wages and pensions. Inflation can erode the value of money over time, making it harder to plan for the future and achieve financial goals.

While some economists argue that inflation is a temporary phenomenon that will subside as the pandemic eases and the supply-demand imbalances are resolved, others warn that inflation could become more persistent and entrenched if not addressed properly. They urge policymakers to act swiftly and decisively to rein in inflationary pressures and anchor inflation expectations.

One of the strategies to cope with inflation is to adjust your spending habits and budget accordingly. You can try to reduce your expenses on non-essential items, look for cheaper alternatives or discounts, and avoid impulse buying. You can also save money by using coupons, cashback programs, loyalty cards or apps that offer rewards or discounts. You can also plan your purchases ahead of time and buy in bulk when possible.

Another strategy is to increase your income or sources of income. You can ask for a raise or a bonus from your employer, look for a better-paying job or a side hustle, or sell some of your unwanted items online or at a garage sale. You can also invest in yourself by learning new skills or upgrading your qualifications that can boost your earning potential.

A third strategy is to invest your money wisely and diversify your portfolio. You can look for investments that offer higher returns than inflation, such as stocks, bonds, real estate, commodities or cryptocurrencies. However, you should also be aware of the risks involved and do your research before investing. You should also diversify your portfolio across different asset classes, sectors and regions to reduce your exposure to market volatility and inflation shocks.

A fourth strategy is to hedge against inflation using financial instruments or products that are designed to protect your purchasing power. For example, you can buy inflation-linked bonds or securities that adjust their interest payments or principal value according to changes in inflation rates. You can also buy gold or other precious metals that tend to increase in value when inflation rises. You can also use derivatives such as futures or options contracts that allow you to lock in prices or profits in advance.

These are some of the strategies that you can use to cope with inflation. However, you should also consult a financial advisor or planner who can help you tailor a plan that suits your specific needs and goals.

Libya’s Biosafety and Biosecurity Standards Need Global attention, As Iraq Enter’s Unaccountable State

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Libya is a country that has been plagued by instability and violence since the 2011 uprising that toppled Muammar Gaddafi. One of the most critical challenges facing the Libyan authorities and the international community is how to reform and rebuild the security sector, which is fragmented, politicized and under-resourced. The security sector includes not only the armed forces, police and intelligence services, but also the various militias, armed groups and paramilitary forces that operate in the country.

One of the key aspects of security sector reform is the control and management of weapons and ammunition, especially those of mass destruction or proliferation concern. Libya possesses a large stockpile of chemical weapons, which were declared to the Organization for the Prohibition of Chemical Weapons (OPCW) in 2004. The OPCW has been overseeing the destruction of these weapons since 2012, but the process has been hampered by technical difficulties, security threats and political turmoil.

Another issue is the security of biological materials and facilities, which could pose a serious risk if they fall into the wrong hands or are misused. Libya has a history of pursuing a biological weapons program, which was reportedly dismantled in 2003. However, there are still concerns about the fate and whereabouts of some of the biological agents and equipment that were involved in the program.

One of the most alarming incidents occurred in 2019, when a breach was detected at a laboratory in Tripoli that housed dangerous pathogens, such as anthrax, brucella and plague. The laboratory was part of the National Center for Disease Control (NCDC), which is responsible for public health surveillance and response. The breach was discovered by a team of UN experts who visited the laboratory as part of a project to enhance Libya’s biosafety and biosecurity capabilities.

The UN team found that the laboratory had been looted and vandalized, and that some of the pathogens were missing or unaccounted for. The team also reported that the laboratory had poor security measures, such as inadequate locks, alarms and cameras, and that it was located in a volatile area near a military base. The team warned that the breach could have serious consequences for public health and security, both in Libya and beyond.

The incident highlighted the need for urgent action to improve Libya’s biosafety and biosecurity standards, as well as to strengthen its oversight and accountability mechanisms. The UN team recommended that the NCDC should conduct a comprehensive inventory of all its biological materials and facilities, and that it should implement a robust system of physical protection, access control and personnel reliability. The team also suggested that the NCDC should collaborate with international partners, such as the OPCW, the World Health Organization and Interpol, to enhance its capacity and to share information.

The breach also underscored the importance of addressing the broader challenges of security sector reform in Libya, which is essential for achieving lasting peace and stability. The security sector reform should aim to establish a unified, professional and accountable security apparatus that can protect the Libyan people and their institutions from internal and external threats. The security sector reform should also involve disarmament, demobilization and reintegration of former combatants, as well as reconciliation and justice for victims of human rights violations.

Libya’s security sector reform is a complex and long-term process that requires political will, national ownership and international support. It is also a vital precondition for advancing other aspects of Libya’s transition, such as constitutional drafting, elections and economic recovery. Only by addressing its security sector challenges can Libya hope to overcome its legacy of violence and build a more secure and prosperous future.

These laboratories are potential sources of biological and chemical weapons, as well as infectious diseases that could pose a threat to public health and security. Libya has a history of pursuing weapons of mass destruction (WMD) programs, and although it renounced them in 2003 and dismantled most of its WMD facilities, some of its laboratories remain operational and poorly secured.

According to a recent report by the James Martin Center for Nonproliferation Studies, Libya has at least 10 biological and chemical laboratories that are located in different parts of the country, some of them in conflict zones or under the control of armed groups. The report warns that these laboratories are vulnerable to theft, sabotage, diversion or misuse by actors who may seek to acquire or use biological or chemical agents for malicious purposes. The report also highlights the lack of transparency, accountability and regulation of these laboratories, as well as the insufficient training and awareness of their staff.

The report recommends several measures to enhance the security and safety of Libya’s laboratories, such as:

  • Conducting a comprehensive inventory and assessment of all biological and chemical laboratories in Libya, including their location, ownership, purpose, equipment, materials, personnel and security measures.
  • Developing and implementing national standards and guidelines for biosafety and biosecurity, as well as a legal framework for the oversight and regulation of biological and chemical activities.
  • Providing technical assistance and training to laboratory staff on biosafety and biosecurity practices, as well as on how to detect, report and respond to potential breaches or incidents.
  • Establishing a national authority or agency responsible for coordinating and monitoring biological and chemical activities, as well as for facilitating cooperation and information sharing among relevant stakeholders.
  • Enhancing regional and international cooperation on biosafety and biosecurity issues, especially with neighboring countries and organizations such as the African Union, the Arab League, the European Union and the United Nations.

The report concludes that improving the security and safety of Libya’s laboratories is not only a matter of preventing the proliferation or use of WMDs, but also a matter of protecting public health and human security in Libya and beyond. It urges the Libyan authorities and the international community to take urgent action to address this issue before it is too late.

Iraq’s unaccountable state

Iraq is a country that has been plagued by violence, corruption and instability for decades. The recent protests that erupted in October 2019 have exposed the deep dissatisfaction and anger of the Iraqi people towards their political system, which they perceive as unaccountable, ineffective and sectarian.

The protesters demand basic services, jobs, justice and dignity, as well as an end to foreign interference and political quotas. They also call for a complete overhaul of the constitution and the electoral law, which they blame for entrenching the power of the ruling elite and marginalizing the majority of the population.

The Iraqi state is unaccountable in many ways. First, it lacks transparency and accountability mechanisms that would ensure the proper management of public funds and resources and prevent corruption and embezzlement. According to Transparency International, Iraq ranks 162 out of 180 countries in the Corruption Perceptions Index 2020, making it one of the most corrupt countries in the world.

The Iraqi people have little access to information about how their government spends their money, or how it makes decisions that affect their lives. The parliament, which is supposed to represent and oversee the executive branch, is often dysfunctional and divided along sectarian and ethnic lines. The judiciary, which is supposed to uphold the rule of law and protect human rights, is often politicized and influenced by external actors.

Second, the Iraqi state is unaccountable to its citizens, who have little say in choosing their leaders or holding them accountable for their performance. The current electoral system, based on proportional representation and closed lists, allows political parties to dominate the political scene and distribute seats among themselves according to a power-sharing formula that reflects their sectarian and ethnic affiliations. This system reduces the accountability of individual candidates to their constituents and encourages patronage and clientelism.

Moreover, the electoral commission, which is supposed to organize free and fair elections, is not independent or impartial, but rather appointed by the parliament according to the same quota system. The next parliamentary elections, scheduled for October 2021, are unlikely to bring any meaningful change or reform, unless the electoral law and the electoral commission are reformed.

Third, the Iraqi state is unaccountable to its own laws and obligations, both domestic and international. The constitution of 2005, which was drafted under US occupation and approved by a controversial referendum, contains many contradictions and ambiguities that undermine its legitimacy and coherence. For instance, it recognizes Iraq as a federal state, but does not define the powers and responsibilities of the federal government and the regions.

It also guarantees a wide range of rights and freedoms for all Iraqis but does not provide effective mechanisms for their implementation or protection. Furthermore, the Iraqi state has failed to comply with many of its international commitments, such as the UN Convention against Torture, the International Covenant on Civil and Political Rights, or the Rome Statute of the International Criminal Court.

The lack of accountability of the Iraqi state has serious consequences for the stability and prosperity of the country. It erodes public trust and confidence in state institutions, fuels social discontent and unrest, undermines economic development and growth, exacerbates sectarian and ethnic divisions and violence, and enables external interference and intervention.

To address these challenges, Iraq needs a comprehensive reform process that would enhance the accountability of its state at all levels: fiscal, political, legal and moral. Such a process would require a genuine dialogue among all stakeholders: political parties, civil society groups, religious authorities, tribal leaders, regional actors and international partners. It would also require a strong political will from all sides to overcome their narrow interests and work for the common good of Iraq.

3 Major U.S. Stock Indices Climbing More Than 1% and the Dow Jones Industrial Average topping 37,000

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The U.S. stock market had a remarkable rally on Monday, as investors cheered the positive news on the Omicron variant and the progress on the debt ceiling deal. All three major U.S. stock indexes climbed more than 1% and the Dow Jones Industrial Average topped 37,000 for the first time, closing at a record high of 37,068.29. The S&P 500 and the Nasdaq Composite also reached new all-time highs, gaining 1.13% and 1.42%, respectively.

What drove this impressive performance? Several factors contributed to the bullish sentiment, including:

  • The Omicron variant appears to be less severe than initially feared, according to some preliminary studies and reports from South Africa, where it was first detected. While the variant is still highly contagious and poses a risk to the unvaccinated population, the market seems to have priced in the worst-case scenario and is now adjusting to a more optimistic outlook.
  • The U.S. Senate passed a bill on Thursday to raise the debt ceiling by $2.5 trillion, averting a potential default that could have triggered a financial crisis. The bill now heads to the House of Representatives, where it is expected to pass easily. This removes a major source of uncertainty and anxiety for the market, as well as for the economy and the government.
  • The U.S. economy continues to show resilience and strength, despite the challenges posed by the pandemic and supply chain disruptions. The latest jobs report, released on Friday, showed that the U.S. added 210,000 jobs in November, below expectations but still indicating a solid recovery. The unemployment rate fell to 4.2%, the lowest since February 2020, and the labor force participation rate rose to 61.8%, the highest since March 2020.
  • The corporate earnings season has been largely positive, with most companies beating analysts’ estimates and reporting strong growth in revenues and profits. According to FactSet, as of December 3, 97% of the S&P 500 companies have reported their third-quarter results, with 82% of them surpassing earnings expectations and 72% of them exceeding revenue expectations. The blended earnings growth rate for the third quarter is 39.8%, well above the historical average of 7.3%.

These factors combined to create a favorable environment for stocks, especially for those sectors that benefit from economic reopening and growth, such as energy, financials, industrials and consumer discretionary. The market also shrugged off some negative news, such as the new travel restrictions imposed by several countries to contain the Omicron variant, and the rising inflation pressures that could prompt the Federal Reserve to tighten its monetary policy sooner than expected.

The question now is whether this rally can be sustained in the coming weeks and months, or whether it is just a temporary bounce that will fade away as new challenges emerge. Some analysts warn that the market is overvalued and vulnerable to a correction, especially if the Omicron variant proves to be more dangerous than anticipated, or if the Fed signals a faster pace of tapering and rate hikes. Others argue that the market has room to run higher, as long as the economy maintains its momentum and corporate earnings continue to surprise on the upside.

As always, investors should be prepared for volatility and uncertainty in the market and diversify their portfolios according to their risk tolerance and time horizon. The U.S. stock market has shown remarkable resilience and adaptability in the face of unprecedented challenges in the past two years, and it may continue to do so in the future.

FIFA announces new NFT drop amid Ankex Winding off Operations

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The world’s governing body of football, FIFA, has announced a new NFT drop that will give fans a chance to win tickets to the 2026 World Cup in North America. The NFTs, which will be minted on the Ethereum blockchain, will feature digital collectibles of some of the most iconic moments and players in World Cup history, as well as exclusive artwork and animations.

The NFT drop will start on December 18, 2023, and will last for 10 days. Each day, a limited number of NFTs will be released for sale on FIFA’s official website and partner platforms. The price of each NFT will vary depending on the rarity and demand. Fans who purchase the NFTs will also receive a digital certificate of authenticity and ownership.

But that’s not all. Each NFT will also come with a unique code that can be entered into a lottery draw for a chance to win one of 100 pairs of tickets to the 2026 World Cup final, which will be held at the MetLife Stadium in New Jersey, USA. The lottery draw will take place on January 1, 2024, and the winners will be announced on FIFA’s social media channels.

FIFA’s president, Gianni Infantino, said that the NFT drop is a way to celebrate the history and future of football, as well as to connect with fans in a new and innovative way. He said: “We are very excited to launch this NFT drop, which is a first for FIFA and for football. We want to offer our fans a unique opportunity to own a piece of World Cup history and to have a chance to witness the biggest sporting event in the world live. We believe that NFTs are a great way to showcase the beauty and diversity of football, as well as to support its development around the world.”

The NFT drop is part of FIFA’s digital strategy, which aims to leverage emerging technologies and platforms to enhance the fan experience and engagement. FIFA has also partnered with several leading companies in the blockchain and NFT space, such as ConsenSys, OpenSea, and Dapper Labs, to ensure the quality and security of the NFTs.

FIFA’s NFT drop is expected to attract millions of fans from all over the world, who will be eager to get their hands on these exclusive digital assets and to have a shot at winning the ultimate prize: tickets to the 2026 World Cup final. Don’t miss this chance to be part of football history and join the NFT revolution.

Qredo, a leading provider of crypto custody solutions, has announced that its crypto exchange platform Ankex has ceased operations. The decision was made after a thorough review of the market conditions and the regulatory environment. Qredo stated that Ankex was unable to achieve the level of growth and profitability that it had envisioned, and that it was facing increasing challenges from competitors and regulators.

CEO Michael Moro, formerly of Genesis Trading, has already moved on. Ankex sought to combine a non-custodial DeFi approach with elements familiar to professional traders such as a central limit order book, earlier this year, but its “development has been paused,” the exchange said in a message to its community.

“As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage.” Ankex may have just been a victim of unfortunate timing as the crypto industry gradually emerges from a prolonged bear market.

Qredo thanked its Ankex customers for their support and loyalty and assured them that their funds are safe and secure in Qredo’s custody system. Qredo also said that it will continue to focus on its core business of offering institutional-grade crypto custody services, and that it will explore new opportunities to innovate and expand its product portfolio. Qredo expressed its confidence in the future of the crypto industry, and its commitment to providing the best solutions for its clients.