The battle for investment opportunities in the world of cryptocurrencies rages on. Today, we dive into the market to explore the success stories of three notable coins: DogeMiyagi (MIYAGI), Tron (TRON), and Ripple (XRP). These coins have made waves in the cryptosphere and are worthy contenders for your investment considerations in the second half of 2023.
So grab your digital wallets and join us as we uncover the unique strengths and potential of each of these captivating cryptocurrencies!
DogeMiyagi: The Memetic Marvel
DogeMiyagi (MIYAGI) bursts onto the scene with its charming and lighthearted nature. Inspired by the iconic Dogecoin and the wise teachings of Mr. Miyagi, this meme-driven cryptocurrency has captured the attention of investors seeking both entertainment and profit. DogeMiyagi’s success lies in its ability to tap into the power of memes and leverage the vibrant online communities they attract.
As we step into the second half of 2023, DogeMiyagi continues to gain popularity, making it a worthy investment choice for those looking to ride the wave of meme-driven enthusiasm and potentially reap substantial returns. With its humorous and engaging approach, DogeMiyagi brings an element of fun to the market while offering investment opportunities that should not be overlooked.
Tron: Empowering Decentralized Entertainment
Tron (TRX) enters the stage as a trailblazer in the realm of decentralized entertainment. As a blockchain-based platform, Tron aims to revolutionize the entertainment industry by eliminating intermediaries and connecting content creators directly with consumers.
With its fast and scalable network, Tron enables seamless transactions, and a rich ecosystem of decentralized applications (dApps) centered around gaming, streaming, and digital content distribution. As the year unfolds, Tron’s success is likely to continue as more developers and users embrace its platform.
Promising partnerships and strategic collaborations further solidify Tron’s position as a worthy investment choice. So, if you seek to be part of the decentralized entertainment revolution, Tron is a coin to keep on your radar.
XRP: Aiming For Cross-Border Dominance
XRP, the native cryptocurrency of Ripple, sets its sights on revolutionizing cross-border transactions. With its lightning-fast settlement times and low fees, XRP aims to reshape the way money moves across borders, making it an attractive option for banks and financial institutions worldwide.
Despite its legal struggles, Ripple’s partnerships with major players in the financial industry continue to grow, bolstering the potential adoption of XRP. As 2023 rolls around, XRP’s success story is expected to unfold further, driven by its focus on solving real-world challenges in the global financial landscape.
For investors looking to dive into the world of cross-border payments and banking integration, XRP offers an enticing opportunity to be part of this transformative journey.
In the ever-evolving world of cryptocurrencies, DogeMiyagi, Tron, and XRP shine as worthy investment choices for 2023. DogeMiyagi harnesses the power of memes to captivate investors seeking entertainment and profit. Tron empowers decentralized entertainment with its innovative platform, creating new possibilities for content creators and consumers alike.
XRP aims to dominate cross-border transactions, revolutionizing the financial industry with its fast and cost-effective solutions. As you navigate the crypto market, consider these coins’ unique strengths and potential for growth in the coming year.
The 17-point agenda presented by the Nigerian government under the leadership of President Bola Ahmed Tinubu in response to food insecurity demonstrates a comprehensive approach to address food insecurity. Our analyst examines each point and discusses their implications on food sufficiency in the country.
Inclusion of food and water availability and affordability issues within the purview of the National Security Council
This recognition of food and water security as national security concerns highlights the gravity of the issue. By involving the National Security Council, the government aims to prioritize and coordinate efforts to address these challenges effectively.
Deployment of initiatives to reverse the inflationary trend and ensure future supplies of affordable foods
Addressing inflation is crucial for ensuring food affordability and accessibility. By implementing initiatives to reverse the inflationary trend, the government aims to stabilize prices and make food more affordable for the population.
Short-term strategy to use savings from fuel subsidy removal to revamp the agricultural sector
Redirecting savings from fuel subsidy removal towards the agricultural sector demonstrates a commitment to invest in agriculture. This strategy can provide the necessary resources to improve infrastructure, research, and development in the sector, leading to increased food production and self-sufficiency.
Release of fertilizers and grains to farmers and households (free) as immediate intervention
By providing fertilizers and grains free of charge to farmers and households, the government aims to alleviate immediate food shortages. This intervention can help address the immediate needs of vulnerable populations and support agricultural production.
Urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation and all-year-round farming
Ensuring synergy between the Ministry of Agriculture and the Ministry of Water Resources is vital for sustainable agriculture. Adequate irrigation and all-year-round farming can enhance crop productivity, reduce dependence on rainfed agriculture, and contribute to long-term food sufficiency.
Creation of a National Commodity Board to review food prices and maintain a strategic food reserve
Establishing a National Commodity Board can facilitate monitoring and regulation of food prices. This measure aims to prevent excessive price fluctuations and stabilize the market. Additionally, maintaining a strategic food reserve can act as a buffer during times of scarcity or emergencies.
Engagement of security architecture to protect farms and farmers
Protecting farms and farmers from security threats is crucial for ensuring food production and agricultural activities. By engaging security architecture, the government aims to create a safe environment for farmers, which can boost agricultural productivity.
Role of the Central Bank in funding the agricultural value chain
Involving the Central Bank in funding the agricultural value chain highlights the importance of financial support for the sector. Adequate funding can promote investment in agriculture, including research, technology adoption, infrastructure development, and access to credit for farmers.
Activation of land banks and increase of available arable land for farming
Activating land banks and increasing available arable land can expand the agricultural production capacity. This measure can address the issue of limited land for farming and enable the cultivation of more crops, leading to increased food production and food sufficiency.
Collaboration with mechanization companies to clear more forests and make them available for farming
Collaboration with mechanization companies can enhance land clearance processes, making more land available for farming. By clearing forests efficiently, the government aims to open up new areas for cultivation, which can contribute to increased food production.
Usage of river basins for irrigation to ensure continuous farming
Utilizing river basins for irrigation purposes is a sustainable approach to ensure continuous farming. This measure can mitigate the impacts of climate variability and enhance water availability for agriculture, promoting year-round production and food sufficiency.
Deployment of concessionary capital/funding to the sector, especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labor, etc.
Providing concessionary capital and funding to various components of the agricultural sector is essential for its development. Investments in fertilizer production, processing facilities, mechanization, seed development, and other inputs can enhance productivity and contribute to food sufficiency.
Improvement of transportation and storage methods for agricultural products to reduce costs and food prices
Improving transportation and storage infrastructure for agricultural products can reduce post-harvest losses, minimize spoilage, and decrease transportation costs. This measure can contribute to lower food prices and enhance market efficiency, ultimately benefiting consumers.
Increase in revenue from food and agricultural exports
Boosting revenue from food and agricultural exports can have positive effects on the overall economy and agricultural sector. It can incentivize farmers and agribusinesses, promote investment, and contribute to the availability of foreign exchange, which can be used for importing necessary inputs.
Improvement of trade facilitation by working with Nigerian Customs to remove bottlenecks
Streamlining trade facilitation and working with Nigerian Customs to remove bottlenecks can enhance the efficiency of agricultural trade. This measure can promote export opportunities, attract foreign investment, and ensure timely access to imported agricultural inputs, benefiting the overall food system.
Massive boost in employment and job creation in the agricultural sector
Increasing employment and job creation in the agricultural sector can have multiple benefits. It can alleviate poverty, reduce rural-urban migration, and enhance the livelihoods of rural communities. Additionally, a well-supported agricultural workforce can contribute to increased food production.
Target to double the percentage of employment in agriculture to about 70% in the long term
Setting a target to increase the percentage of employment in agriculture demonstrates a long-term commitment to the sector. This goal signifies the recognition of agriculture as a vital source of employment and economic development. Achieving this target can help drive agricultural productivity and enhance food sufficiency.
By focusing on various aspects, including affordability, infrastructure, investment, security, and employment, the government aims to enhance food sufficiency in the country. However, the successful implementation of these measures will require effective coordination, adequate funding, and continuous monitoring and evaluation to ensure their impact on the ground.
It was a great tradition and never a luxury for every family in Ovim, Abia State: in the morning, give the boy/girl a FULL loaf of 15 kobo Ezioma bread with Peak milk, 2 cubes of St. Louis sugar, and Lipton, to blend. It was so affordable that it did not require a lot of prayers because those prayers have already been answered!
Then every big Oriendu Market day, Our Society Bread, produced by a legendary Ovim businessman, Chief Umunna, in far away Enugu, would also be available. He made the bread in Enugu, transported it to Ovim, but it was still cheaper in Ovim than what he was selling in Enugu! You begin with Ezioma, you upgrade to Our Society!
But those days have disappeared. Ezioma and Our Society Bread brands had since folded along with many other things. But today, we are reading that Nigeria wants to return to the old path – abundance of food on family tables:
“Nigeria’s Bola Tinubu has declared a state of emergency on food security, following soaring prices of food items in the country. The move follows increasing outcry by Nigerians over the rising cost of living that has made life in the country unaffordable for many.”
This is a good policy and Nigeria must make sure it works. The #7 “Engagement of security architecture to protect farms and farmers” in the 17-point plan is right on the money. Good Luck, Nigeria.
Inclusion of food and water availability and affordability issues within the purview of the National Security Council.
Deployment of initiatives to reverse the inflationary trend and ensure future supplies of affordable foods.
Short-term strategy to use savings from fuel subsidy removal to revamp the agricultural sector.
Release of fertilizers and grains to farmers and households (free) as immediate intervention.
Urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation and all-year-round farming.
Creation of a National Commodity Board to review food prices and maintain a strategic food reserve.
Engagement of security architecture to protect farms and farmers.
Role of the Central Bank in funding the agricultural value chain.
Activation of land banks and increase of available arable land for farming.
Collaboration with mechanization companies to clear more forests and make them available for farming.
Usage of river basins for irrigation to ensure continuous farming.
Deployment of concessionary capital/funding to the sector especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labor, etc.
Improvement of transportation and storage methods for agricultural products to reduce costs and food prices.
Increase in revenue from food and agricultural exports.
Improvement of trade facilitation by working with Nigerian Customs to remove bottlenecks.
Massive boost in employment and job creation in the agricultural sector.
Target to double the percentage of employment in agriculture to about 70% in the long term.
Comment 1: One of the reasons why “religious ignorance” thrives in Nigeria is because of bad leadership. In fact, most of the religious gatherings in Nigeria are organised for seeking the created than the creator. When there is an abundance of food, a lot of our religious jamboree and unnecessary prayers would stop.
Similarly, it’s not enough to declare a state of emergency on food. I wish to see words aligned with actions. Declaring a state emergency when farmers cannot transport their products to the city because of bad roads, a lot of tomatoes are spoiling because of the bad preservation process is like a roar of a toothless Lion.
We should move from vivid imagination to engaging in active and proactive measures. Till then, all political speech will be tagged propaganda and manifesto.
My Response: Sure – I did not write that in the context that it was praying for expectation. I wrote in the context that it had been given. In other words, those prayers were answered that “asking” moved to “thanking”.
Your statement “One of the reasons why “religious ignorance” thrives in Nigeria is because of bad leadership.” may not be correct. The most prosperous and most dynamic era in England was when it prayed most and was exceedingly religious. At the peak of the industrial revolution, England was the global leader in prayers, from John Wesley to all. In other words, they prayed and they had great leadership and they believed. Your statement is not factual.
Nigeria’s problem is not prayers. Our problem is that we do not practice the tenets of even what we pray for.
Comment 2: The news about Bola Tinubu declaring a state of emergency on food security in Nigeria is indeed a positive step. China did this years ago to revive the nerves of her economy. The rising cost of living and the struggles faced by many Nigerians make it crucial to address the issue promptly.
Please Dr, can you explain this to me, item 9. Federal ministry of housing has land banks in over 26 locations in Nigeria. Lands are in the purview of state governors. Reason grazing path died. How is this going to end. States will reject releasing lands and money gone. pic.twitter.com/lA82WP7nqm
My Response: It depends on the way the program is implemented. You can still do that and put that under the domains of LGAs and states. It must not be by the federal government. I do not see any issue there.
Nigeria’s Bola Tinubu has declared a state of emergency on food security, following soaring prices of food items in the country. The move follows increasing outcry by Nigerians over the rising cost of living that has made life in the country unaffordable for many.
In a statement issued on Thursday, the President said the state of emergency will tackle the rising cost of food and tame food inflation.
“Today, we declared a state of emergency and unveiled a comprehensive intervention plan on food security, affordability, and sustainability, taking decisive action to tackle food inflation. These are steps towards a more food-secure Nigeria for all.
“Our new initiatives will tackle rising food costs, enhance agriculture, and boost job creation. No one will be left behind in our efforts to ensure affordable, plentiful food for every Nigerian,” the statement said.
Food inflation has risen to 24.82% as of May 2023, compounding the struggle of Nigerians to provide adequate food for their families.
Tinubu said his administration remains committed to ensuring every Nigerian has access to affordable food.
Under his ‘Comprehensive Intervention Plan for Food Security, Affordability, and Sustainability,” Tinubu outlined 17 steps his government will take to ensure food security, having “acknowledged that affordability, not availability, is the key issue for Nigerians.”
The 17 steps are as follows:
Inclusion of food and water availability and affordability issues within the purview of the National Security Council.
Deployment of initiatives to reverse the inflationary trend and ensure future supplies of affordable foods.
Short-term strategy to use savings from fuel subsidy removal to revamp the agricultural sector.
Release of fertilizers and grains to farmers and households (free) as immediate intervention.
Urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation and all-year-round farming.
Creation of a National Commodity Board to review food prices and maintain a strategic food reserve.
Engagement of security architecture to protect farms and farmers.
Role of the Central Bank in funding the agricultural value chain.
Activation of land banks and increase of available arable land for farming.
Collaboration with mechanization companies to clear more forests and make them available for farming.
Usage of river basins for irrigation to ensure continuous farming.
Deployment of concessionary capital/funding to the sector especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labor, etc.
Improvement of transportation and storage methods for agricultural products to reduce costs and food prices.
Increase in revenue from food and agricultural exports.
Improvement of trade facilitation by working with Nigerian Customs to remove bottlenecks.
Massive boost in employment and job creation in the agricultural sector.
Target to double the percentage of employment in agriculture to about 70% in the long term.
Most dictionaries, or AI summaries, will define ‘Financial Inclusion’ as making financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size.
They will claim it aims to remove barriers that exclude people from participating in the financial sector and using these services to improve their lives.
Access to a transaction account can be a first step towards broader financial inclusion.
In 2021, 30% of women in Latin America had no checking accounts, credit cards, or savings, compared to 23% of unbanked men. Boosting financial inclusion requires digital tools and training to help connect women with financial services that meet their needs, aiming to close the gender gap in financial access and foster equitable economic growth around the Caribbean.
Financial inclusion is seen as a key enabler to reducing poverty and boosting prosperity.
Though ‘Financial Inclusion’ can be interpreted differently. Is it just about the access to services, or equity of opportunity among citizenry to generate personal wealth?
The two things are not the same, and there is a moment of inertia that sits at a base level below even the most basic strata of financial tools – below the first rung on the ladder.
Last year, Nigeria overtook India in the list of countries in the world with the largest % of the population living below the poverty line. Even among the employed, it is not uncommon to find people doing jobs that barely cover their commuting expenses.
The component of the Nigerian populous that are unbanked is more acute in the north of the country, where many of the states operate under Shariah Law.
Religious compliance in Shariah states create obstacles to retail banking in the North. Newer ‘Shariah compliant’ services do exist, but leaders aren’t doing enough in Northern Nigeria to educate the masses on difference.
For 10 years+, affordable ‘PoS’ terminals in ‘kiosks’ abound in even small villages in Nigeria, giving the unbanked means of sending money remotely, or paying bills, also Microfinance banks.
I assisted at submission compliance level with the formation of a Microfinance bank in Ikeja, Lagos, almost 15 years ago.
Stand alone rechargeable payment cards also exist. These work similarly to a retail bank debit card. They however do not have the extended services of a retail bank account appended to them. Operators simply have a ‘ledger’ integrated with settlement systems, and cash deposits can be made to the card at any shop or retail outlet acting as the operators agent.
Blockchain and Financial Inclusion in Nigeria.
Every once in a while, someone comes along with a new article about what ‘Blockchain’ can bring to Nigeria regarding ‘Financial Inclusion’.
It is important to understand Blockchains on their own, only offer better security but do not make the availability of many services easier. In the ‘Closed Naira’ market, blockchain cannot offer a ‘game changer’ over the ‘ease of movement’ of funds INSIDE Federal Nigeria, already been served by a mix of PoS outlets, Microfinance Banks, payment cards, and other free-market non-blockchain digital services.
In 2021 Nigeria tightened banking regulations, deeming crypto-trading services illegal, not by saying crypto-trading is illegal per se, but by interpreting existing law to deduce that locally based CEXs are in effect, operating as a retail bank, without the licence and charter from CBN to do so. CBN then also sent circulars to existing retail banks, instructing them not to offer services to CEXs.
Hot on the trail of this, Nigeria became the second country globally (after China) to have a CBDC – (Central Bank Digital Currency).
Challenges of businesses.
Many businesses, particularly FMCG manufacturers, were FOREX starved, inhibiting their manufacturing productivity.
In a mirror of the ‘cryptoban by legal interpretation’, CBN had previously banned many raw materials that needed to be imported from abroad. This was not through an outright ban, but by declaring those materials ineligible for the issuance of FOREX. As manufacturers only earnt in Naira, the result was the same.
The ‘Tech’ instead of the Purpose and Fit.
CBDC bears many of the hallmarks of a blockchain product, but its’ important to understand the product is not in any way similar to a free-market coin or token. Nigeria’s ‘e-Naira’ is worth the same as a regular Naira and exhibited the same challenges in being exchanged for FOREX.
The popularity of Bitcoin and its ilk, was twofold –
A hedge for liquidity against the constantly fall in value of the Naira.
A FOREX proxy to facilitate imports of goods on CBNs’ FOREX exclusion list.
Nigerians were not ‘speculating’ on cryptocurrencies to appreciate against hard currencies like the US Dollar, because they could not get US Dollars!
CBDC could not help to do any of these things. It was the ‘tech’ but lacking the Purpose and the Fit. In the words of Ndubuisi Ekekwe – it was failing to ‘Fix the Friction’.
If we go on much of the detailed information and videos online, a world full of CDBCs is something we should not look forward to.
When did the solution arrive?
On 15 June, Nigeria ‘floated’ the Naira, which now takes its place next to the South African Rand as the only two ‘freely convertible’ currencies on the continent according to the provisions of IMF Article IV.
This ended a longstanding ‘grey market’ or ‘parallel market’ practice unofficially trading the local Naira at a discount to international currencies. This took place outside of the retail banking network being supported by those who were desperate.
This doesn’t mean there won’t be still hiccups with FOREX, as the stranglehold of decades of restricted currency dynamics unravels –
Samuel Nwite for Tekedia Institute only five days ago reported that Dangote Cement and Ethiopian Airlines swapped USD $100m of trapped revenue between Ethiopia and Nigeria. We can still expect these challenges to persist in the medium term.
Given recent meeting around the Pan African Payment and Settlement System, the development positions Nigeria extremely well for establishing itself as ‘the USD$ of Africa’, especially given Nigeria has a GDP of 1.7x and a population more than 3x the home of the only other ‘freely convertible’ currency – South Africa.
It does beg the question though – Why didn’t Nigeria just float the Naira two years ago, instead of wasting massive investment on a CBDC that nobody wanted, needed, and for the large part, do not use?
Nigeria is inching very marginally in the direction of the Financial Inclusion people can still barely dream of… but taking the step two years late, with much wasted effort and investment.
Following from the decision to ‘float’ the Naira as of 15 June, CBN sends a further circular allowing diaspora remittances to be resumed in Naira, a reversal of a decision taken in 2020 to only allow those remittances to be sent to Nigeria in USD$
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