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Home Blog Page 5271

It’s Time To Make Another Choice In Nigeria

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The last time I checked, May 29 annually remained a very remarkable and memorable day in the political history of Nigeria, the acclaimed giant of Africa.

The aforementioned day remains a moment every sane and rational individual or entity domiciled in the country wouldn’t like to miss, because it refreshes the mindset of the good memories of the past.

It’s, however, noteworthy that the interregnum in question can never come to pass if elections aren’t aptly conducted by the Independent National Electoral Commission (INEC).

Hence, it’s only through such national ritual as mentioned above, the overall people can duly elect who to be sworn in by the country’s Chief Judge, particularly in the case of the Presidency.

It’s equally worth noting that the elections that would herald yet another transition or interregnum in the Nigeria’s leadership sphere are to be held in less than a year from now, as scheduled by the INEC who has the sole statutory right to conduct the said polls as enshrined in the country’s Constitution.

As Nigerians in their number swiftly and impatiently ride to the awaited 2023 towards making another choice, it’s understandable that a choice can only be made when options are readily available.

In view of this, the electorate are meant to choose among many who they believe could effectively and efficiently govern the Nigerian State for the next dispensation. It ought to be noted that this can only be done when they are aware of how best to differentiate the chaff from the grain.

This phenomenon is synonymous with those days while in school when we usually found ourselves in the examination hall and were presented with an ‘Objective’ question paper where each of us was separately expected to make a choice among the given options for the entire numbers ranging from one to fifty, or thereabouts.

Aside institutional exams, virtually on a daily basis, we are all faced with life examination, whereby we would be required to decisively make a choice among the available options nature often brings in our day-to-day activity in a particular field of endeavour.

It suffices to assert that making a choice is invariably expected of us from time-to-time wherever we may individually find ourselves. In other words, it’s not solely in the political sphere or during the electioneering era we are meant to choose between two or more things, or persons, as might be the case.

Since we are already well experienced concerning choice making and what it entirely entails, no sane individual ought to be referred to as a novice whenever such a term is mentioned or being debated. This is the reason we are all seen as experts in any event that concerns elections.

In view of the above facts, as we are all variously prepared to make another choice at the polls in a matter of a few hours, we do not need anyone to tutor us on the severe consequences that await any person or group that makes a wrong choice in life irrespective of his/its status.

One pertinent and key factor to consider when making any choice is the essence of doing so. We must fully take into cognizance the core reason we are making the choice. So, in summary, you can’t make a choice without telling yourself what you stand to gain from the choice to make among the provided options.

The truth of the matter is that it pays to make a good and sound choice. One who made an apt choice will surely live to enjoy its dividend. There are no two ways about it.

Just like someone who intends to settle down, if he/she ends up making a wrong choice in choosing a life partner, they would definitely live to regret it the rest of their lives. This is why proper thinking is needed when it calls for choice making.

The teeming Nigerians – both home and abroad – are conspicuously here and ready once again to make another choice with a view to choosing who would be in charge of the country’s helm of affairs for the coming 2023.

It’s boldly enshrined in Nigeria’s 1999 Constitution, as amended, that only those who have attained the age of eighteen are eligible to vote or be voted for. This implies that only Nigerians from 18 and above are constitutionally allowed to make this long awaited choice. This is so, to enable only those who are mature in mind and otherwise to participate in such a national ritual.

Hence, since only adults are permitted to be involved in this choice-making, it’s presumed that they already know what they really want. These recognized participants or choice makers, therefore, are required to conduct themselves in such a manner that the outcome of the impending exercise would be unanimously applauded by all and sundry. They mustn’t display any habit or attitude that’s detrimental to the country’s well-being.

Most importantly, as this choice is being made, Nigerians are urged to have the interest of the country at heart. Thus, the country’s desire ought to be allowed to override their individual wishes. This would enable them to make a choice that could stand the test of time.

So, as it’s obviously time to collectively make another choice, Nigerians are enjoined to do so with a true sense of maturity, so that they won’t live to regret it.

Beyond Ukraine, Why Iran Could Shape US Policy on Russia

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As we watch images from Ukraine, do not forget to pay attention to Vienna and the new nuclear deal negotiations with Iran. The US government under Obama along with Russia and other countries signed a landmark nuclear deal with Iran in 2015. The main goal was to get Iran to limit its nuclear ambitions in exchange for sanctions relief.  President Trump later punted the deal, restored the sanctions, but did not put a replacement; Iran also exited the deal and threatened to continue its uranium enrichment.

President Biden now wants to revive the deal,  and that means bringing Iran back to the table. Russia was among the countries working on that. But because of the Russia’s invasion of Ukraine, Russia has been massively sanctioned by US and Europe. Many implications here on this new nuclear deal.

What I see to happen is this: Russia will pull out of this new negotiation, frustrating the US and Europe. And if Russia pulls out, this deal could be weakened. And if that happens, Iran can change course, deciding to work with Russia to get nuclear weapons.

So, the real question is this: would US/Europe prefer to keep sanctions on Russia and risk having Iran to posses nuclear weapons? I do not think so. Also, I do not expect the US/Europe to attack Iran if it decides to work with Russia to develop nuclear weapons. Doing that would be a big irony considering the root cause of the current Russian invasion of Ukraine.

As the negotiations continue in Vienna, it is evident that Europe wants this deal fast. The International Atomic Energy Agency has noted that Iran has hit 60% on its uranium enrichment, a threshold close to weapons-grade level. 

A totally sanctioned Russia is not possible since Europe needs energy at least for months before it finds an alternative.

Will sanctions on Russia buy Iran more time OR will US/Europe in the next few months remove sanctions to get Russia to join back in the deal? What do you think? I do think that at the end, US will modulate on Russia to get its help to keep Iran under control. This is part of the reason why I think Ukraine needs to make a decision

Comment on LinkedIn Feed

Comment: Interesting scenario but I think the supreme leader of Iran, Ali Khamenei, will not align himself and his state with another that has been drastically weakened.

Through the sanctions imposed by many countries, many major companies pulling out of Russia, and road blocks to the international monetary systems, Russia will be weakened and damaged for years, if not decades, to come – and that’s without future punishment inflicted upon them. The supreme leader of Iran will not align himself with that.

Instead he will participate in a negotiated settlement and receive financial rewards for not enriching uranium. He will back off and receive financial compensation to do so.

My response: great points. It is a chess game, especially now the world is asking Venezuela if it has fuel to sell. In other words, the next enemy is the main focus. I personally do not think the world will like Russia to become another North Korea. But if that becomes the state, I am not sure Europe will like an alternate world controlled by North Korea and Russia. There is a reason for that: If Russia collapses, Europe will fade because you cannot control all the pieces of terrible weapons that will scatter all over Europe. Keeping Russia in a stable state will become a topic by max 2023 because it is a nuclear power and you will not want it to collapse.

Spoke Today At Reliance Infosystems’ Staff Event on “Blitzscaling and Pursuit of Massive Business Growth”

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Today, I spoke at Reliance Infosystems’ staff event with the broad theme of “Equipping Today’s Talents to Fuel our Global Ambition” on the topic “Blitzscaling and Pursuit of Massive Business Growth”. It was a great audience from a house of technology innovation.

Reliance Infosystems is a category-king player in its sector and has grown rapidly with operations in many African countries. My message was simple: combining factors of production to create services and products at domains that turns customers into fans would be catalytic as it pursues its mission to “provide suitable technology systems to support clients’ business goals.”

I want to thank the CEO Olayemi Popoola and the team for the opportunity. More wins for Reliance.

They were Dancing on duty: a follow-up

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Wrong does not cease to be wrong because the majority share in it ~Leo Nikolayevich Tolstoy (Russian Nobel Prize Writer and Philosopher)

The level of criticisms and bashing I have been getting on my last piece titled “they were dancing on duty”, whereby I openly take a different standpoint from the popular opinions of netizens and majority of Nigeria on the dancing security boys brouhaha which are now called “the happy boys” is the reason for this rejoinder. 

In that piece, I was of the opinion that the two security boys that were fired from the Chicken Republic restaurant for dancing while at work inside the chicken republic eatery deserve what they got; although, outrightly firing them maybe said to too harsh but they definitely deserved to be sanctioned and disciplined for the public display of unprofessionalism, the act of indiscipline, gross professional misconduct, ineptitudes and engaging in frivolities while at work.

I still maintain that standpoint and nothing can change that.

I’m aware of the reaction the whole incident caused on the social media and people were openly rooting for the two security lads, intentionally giving a blind eye to the misdeeds  of the guys and the boys  got attentions of those who chose to help them again and give them a second chance; but let’s learn to say things as it is. The actions of the boys were professionally wrong from every angle you want to look at it, there’s no how anybody can paint it to convince anybody otherwise; for Jesus sake you are employed to be a security in a restaurant and not a dancer, so why engaging in the act of dancing during the working hour at the disturbance of the whole environment.

The way Nigerians have been celebrating the two lads points to the moral decadence of the society, no other country of the world am I aware that wrongs, professional misconduct, lack of discipline and bad work ethics  are celebrated and openly rewarded, only in Nigeria. Little wonder why corrupt politicians, civil servants and well known corrupt individuals in the Nigerian societies are awarded chieftaincy titles.

For the record, I have no personal grievances against the lads and I’m personally happy that they got a second chance and some people decided to take another chance on them but if they happen to get another job, maybe a better job, it will still be wrong, morally and professionally wrong if they depart from their job description to engage in some frivolities during working hours.

What is wrong is wrong, no matter how much you paint it, it is and will still be wrong.

https://youtu.be/9rVfQhn_0RA

Nigeria’s borrowing and the global challenges

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A few days ago i read a long article on LinkedIn, supported by some fairly ‘selective’ stats. The conclusion was that Nigeria has such a low relationship between public borrowing and GDP that we all have nothing to worry about.

More borrowing is ‘very ok’.

I completely disagree. The article didn’t lie. It simply reflected facts in a certain manner, and conspicuously left out some certain key ingredients.

Some people do not like to include ‘bitter leaf’. But know if you leave that one out in some things you have to cook, the result will taste fake.

Even ogili sef.

Two stats that figured extensively in the argument was Nigeria’s place as the top country by GDP in the continent of Africa, and it’s relatively low % of GDP, which at the time, was slightly south of 25%

In Nigeria, towards the end of 2021, N2.54 trillion was added within three months.By the end of 2021, debt stood at over N38 trillion.

The  Debt Management Office (DMO) said in December last year that the increase is due to N6.6 trillion in Eurobonds issued by the federal government in September, according to a report by TheCable.

The DMO has also got an agreed planned rise from 25% of GDP to 40% in staggered stages which started 2020 and are intended to end 2023. This is a bit scary.

 

The thing is, everything is about a nations citizens survival. GDP on its own is a fairly superfluous stat until it is combined with the population of the country.

This produces one of the most important statistics that represent citizen welfare – GDP per capita.

Nigeria’s official population figures are probably about as real as the CBN rates of FOREX.

We all know there is a hidden market where dollars and euros are worth more Naira than what CBN says.

In the same way, you will find when major political parties do their homework in preparation for elections, they discover human beings that census data seems to be unaware of… and that is only those eligible to vote.

Extrapolated intelligence driven estimates put the current population at around 270 million.

Current GDP per capita is $2396.04 as compared to $2502 the previous year, but with official stats always underestimating population, the real figure is probably around 25% less than that. In other words somewhere around $1800.

On official stats this puts Nigeria 18th on the continent of Africa but with adjustment for an artificially deflated population, it could be much lower than this.

The other statistic that is really important is the % of average household income that needs to be spent on food. At 58.9%, Nigeria spends more of its household income on food than any other nation in the world.

The lowest in the world, is the US, at 8.6%.

While the US is at a comfortable level, on household food spend, its debt as a % of GDP is alarming, running at 1.25, in other words 125%. This means despite an economy running at a tear away pace, it is dragging itself down into debt more and more with every passing year.

With a need to respond to the war between Russia and Ukraine, following on from having to take a strategic global lead in dealing with COVID, the US is having one set of extraordinary circumstances after another in respect of borrowing challenges.

No country should ever be allowing its borrowing to equal or exceed its GDP, regardless of how successful its economy is.

It is interesting that the SWIFT system hasn’t completely shut out Russia, with quotes from politicians referring to ‘some banks’. While the price of oil related commodities is fixed in dollars, this however does not stop trade actors citing the depressed rouble as an argument to get Russian exports at a discount.

While Biden has announced, ‘We’re banning all imports of Russian oil and gas and energy.
That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.’ – this doesn’t evidence that no company with some level of US ownership will buy Russian product and sell it on somewhere else.

Economic challenge is often lurking in what leaders fail to say, rather than what is on record.

Nevertheless, these challenges are US challenges and Nigeria should take no solace that such difficulties face arguably the strongest economy in the world.

Nigeria has to face difficult questions birthed in Nigeria and no foreign economy can offer lessons learnt.

With both Nigeria’s GDP per capita so depressed, even by African standards, and its income spend per household on food so inflated, it is questionable whether responsible political leadership can advocate any public borrowing at all, far less for a rise.

Time to stop borrowing.

All URLs accessed 10-03-2022

legit.ng/business-economy/economy/1448271-more-borrowing-increased-nigerias-public-debt-n38trn-2021-dmo-says/

premiumtimesng.com/news/top-news/442595-nigeria-raises-borrowing-limit-to-40-of-gdp.html

tradingeconomics.com/nigeria/gdp-per-capita

johnmckeown.tiny.us/9ja-regulate-foodcost-mypush

worldatlas.com/articles/countries-with-the-highest-expenses-on-food-relative-to-household-expenses.html

www.whitehouse.gov/briefing-room/speeches-remarks/2022/03/08/remarks-by-president-biden-announcing-u-s-ban-on-imports-of-russian-oil-liquefied-natural-gas-and-coal/