Join me to wish Nnamdi Odumody a great birthday celebration. Nnamdi has managed our strategic partnership at Tekedia Institute excellently. The Covenant University graduate has been supremely impactful, closing most of the important linkages we have. From all of us at Tekedia Institute, we wish Nnamdi many more years of wealth, wisdom and health. On the Tekedia design, nice one there.
The last time I checked, there was obviously a serious need for governments at all levels in the Nigerian society at large to rediscover their respective natural endowments for the good of all.
As Nigeria celebrates her 61st Independence Anniversary and the citizenry wallow in uncertainties and fear of the unknown, she needn’t be reminded that time has come to embrace reality squarely
It’s not anymore news that the global community has recently suffered a colossal economic setback owing to the unexpected emergence of the dreaded Coronavirus disease (COVID-19) pandemic. It suffices to assert that it has become compelling for the acclaimed Africa’s giant to look inwards toward discovering her entire natural resources with a view to harnessing them for economic emancipation.
Some of the common natural resources on earth are land, water, sunlight, atmosphere, wind, coupled with animal life and vegetation. A natural resource may exist as a separate entity like fresh water and air as well as a living organism such as fish, or it might exist in an alternate form, which must be processed to obtain the required resource to include petroleum, metal, ores, and most forms of energy.
It’s noteworthy that some, including air and sunlight, can be found everywhere, and are known as ‘ubiquitous resources’. Whilst most resources only occur in restricted areas, and are referred to as ‘localized resources’.
There are very few resources that are considered inexhaustible – these are solar radiation, geothermal energy, and air, though access to pure air may not be possible. But the fact is that some of the natural endowments are practically infinite.
The vast majority of the available resources are theoretically exhaustible, which means they have a finite quantity and can be depleted if improperly managed; a good example of this is petroleum. Such finite resources require a sound policy and regulation to be implemented by the concerned government towards their preservation.
It’s pertinent to acknowledge that every man made product consists of one or two natural resources. Needless to say that everything required or used by mankind constitutes, at least, a natural resource. In most cases, some of these resources such as air and water, are directly utilized or consumed by man without processing them.
The above outlined phenomenon proves beyond doubts that humankind cannot survive or thrive successfully, as the case may be, without natural resources. This assertion is not unconnected with the reason every rational government makes frantic effort toward adequate use and preservation of the resources found within their jurisdiction.
In Nigeria, hundreds of natural resources abound, in which each state including Abuja is a beneficiary. Some of these resources are petroleum, tantalite, lead, zinc, glass-sand, copper, gemstone, crystal, oil/gas, bitumen, phosphate, gold, coal, clay, salt, gypsum, iron-ore, uranium, and limestone, in addition to sunlight, wind, land, water, vegetation and air that are ubiquitous in nature.
Some of the aforementioned substances can enable any country to massively embark on agriculture, and attain to any desired height. Nigeria does not possess just land, but a well fertile land that can produce crops in any quantity and quality. Her vegetation and atmosphere are equally invariably good enough to raise every kind of animal life, including wildlife.
Though crop and livestock farming used to be the talk of the day in the Nigerian society, it’s sad to note that currently such lucrative occupation is being relegated to the background owing to over-reliance on mono-resource, petroleum.
It’s really high time we as a people desisted from this irritating high level of dependency that has eaten deep into our socio-economic bone marrow, especially at this time the crude oil price has globally fallen.
Proper utilization of clay alone can take the country’s tourism industry, that’s presently moribund, to enviable heights. Same is applicable to the use of other similar compounds or metals that are in abundance across the federation, to include uranium, limestone, and gold.
In the same vein, it is disheartening that an essential mineral resource like coal has, over the decades, been swept under the carpet. Coal can be used to produce energy, both in the form of heat and electricity.
It’s mind-boggling to hear that a country like Nigeria that can boast of abundant sunlight, wind and what have you, is still battling on how to generate steady and reliable electricity, whilst countries like U.S.A, Russia and Germany, blessed with just limited amount of the resources, are invariably experiencing uninterruptible power supply.
Away from energy, it could be observed that our forest reserves that could produce enough timber for importation are currently wearing a pathetic physiognomy as a result of docile policies.
Indeed, Nigeria is densely endowed with various lucrative natural resources, but it’s very sad that the governments at all levels are not doing enough as regards the adequate use and conservation of the resources. Hence, this calls for drastic turnaround via deployment of genuine political will.
Now that the sale of petroleum resources is no longer booming, it’s high time we retraced our steps with a view to ensuring that each of the available resources is thoroughly harnessed for the needed economic emancipation.
In his address presented on 1st October 2021 to commemorate the country’s 61st Independence Anniversary, President Muhammadu Buhari told the citizens that Nigeria had commenced a journey to “pharmaceutical independence”. This was very cheering and pleasant to the minds of concerned and well-meaning Nigerians.
However, Nigeria’s leadership has overtime borne great and amazing ideas, but the fundamental plight remains inability to formulate powerful and reliable policies and their consequent implementation.
The government really needs to ensure adequate conservation and sustenance of these natural resources, through implementation of strict and viable policies cum laws, and their proper enforcement.
Most of these needed policies such as Land Use and Forests Reserve Acts, which were duly upheld in the past, are presently abused or overlooked in virtually all quarters within the shores of the country.
They need to be urgently revived, make apt amends where necessary, as well as introduce new ones in a bid to attain the required emancipation of the country’s economy, which is currently in a dilapidated state.
On the other hand, individuals on their parts ought to equally think outside the box with a view to diversifying their respective sources of income to avert the foreseen state of doom. The good news is that, if the needful is done henceforth, the current economic hardship will surely be regarded as a blessing in disguise in no distant time.
So, as hunger looms in the land, occasioned by the emergence of the dreaded COVID-19 pandemic coupled with mismanagement of funds and lack of policy direction, the concerned authorities must take into cognizance that there’s no better time than now to act accordingly.
The Central Bank of Nigeria (CBN) has secured the approval of the court to proceed with the launch of the Central Bank Digital Currency (CBDC) eNaira. The Abuja Federal High Court gave the approval on Thursday, clearing the way for the apex bank to unveil the digital currency despite the legal challenge over the name.
A suit seeking to stop the apex bank from using the name “eNaira” became known early this week, a few days to the launch of the eNaira scheduled for October 1st, which happened to be Nigeria’s 61st Independence Day anniversary.
The central bank had called the launch of eNaira off on Friday.
The suit became known on Tuesday, after a cease and desist document sent to the CBN over the use of the name eNaira, surfaced online.
The notice titled: “Infringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria,” signed by Olakule Agbebi Esq for Olakule Agbebi & Co., was sent to the apex bank, warning it to desist from using the eNaira name.
The notice, which was sent on behalf of “ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)” said the company has been incorporated since 7th April 2004, registered in class 36 and class 42.
The Federal High Court, presided over by Justice Taiwo Obayomi Taiwo, while ruling on the case tagged: ENaira Payment Solutions Limited v. Central Bank of Nigeria (FHC/ABJ/CS/113/2021), ordered that the unveiling should proceed in the national interest and economic advancement.
The plaintiff had urged the court to stop the proposed launch of the digital currency because it is a threat to his business and shows willful infringement of the eNaira trademark.
The lead counsel to CBN, D. D. Dodo (SAN), had prayed the court to strike out the Plaintiff’s Motion Exparte seeking to restrain the launch of the Defendant’s digital currency in view of its significance to the nation’s economic advancement.
While the court declined to answer the prayer of striking out the plaintiff’s Motion Exparte, it ruled that the launch of the digital currency should proceed as it will facilitate economic advancement of the country. In addition, the court expressed the view that the aggrieved company stands the chance to be adequately compensated in damages.
However, the matter, which was adjourned to October 11, 2021 for further hearing, portrays a troubling situation for the Nigerian business ecosystem. It suggests that the Nigerian government or its parastatals may obtain the courts’ blessing to infringe on business trademarks or intellectual property, as long as it is done in ‘national interest’ and for ‘economic advancement’ of the country.
For a country in need of Foreign Direct Investment (FDI), the CBN, by this action, is inadvertently sending a message capable of spooking potential investors.
This is the state of Nigeria after 61 years. We have made progress on life expectancy but we have also scored many own-goals. Yes, Nigeria has scaled the poverty rate, from 27% to now 40%. On population, it is outperforming the world! It lost the pulse of a vibrant economy where $1 was 73 kobo to one where $1 is now (officially) exchanging for N413. Look at this data as you read these words from the president.
Independence Day Address: Buhari Directs Twitter Ban to Be Lifted Conditionally (full text)
At Independence day, like any Birthday, we need to review progress, recognize challenges, and reaffirm commitment to the Future.
Publicly announcing congratulations to everybody for Nigerian Independence Day is always a challenge for me. The problem is, not every Nigerian feels the same way.
Some are very pleased I say it, some are at best ‘bemused’, while others can be quite critical of gestures they see as well meaning but flat. Those who believe in one form of self-determination or the other, may even see my good wishes as enemy propaganda !
It’s a Birthday. Like a personal birthday, like the birth of a new calendar year, or a company financial year, the principle is the same. As people or as businesses we look at what we have done, we give ourselves ‘measured’ congratulations, if not for anything else, then for the fact that we are still here, and we look with renewed vigour to the year ahead.
So it should be for Nations.
It’s been a tough year for Nigerians. It’s been a tough year for my Nigerian family. So we wear our ‘brave’ face and we emulate the typical style politicians adopt when campaigning for a second term, when the first one didn’t quite close out as planned – wheel out the old ‘Much done, much yet to do’ speech.
So I will do the same as I have done, pivot on something that bridges the old with the new.
This year it will be: eNaira.
On first thoughts, eNaira would seem to have been the perfect choice – why? Well, as a sovereign digital currency it perfectly blends the old with the new. And it was slated to debut on Independence day. It didn’t.
Could CBN, and by inference, FGN be getting cold feet?
Authored in August 2017 and later used as a support audio to Mini MBA co-learners, Prof. Ndubuisi Ekekwe said this:
‘…A digital currency in which encryption techniques are utilized to regulate the generation of units of currency and verify the transfer of funds without necessarily (being) within the constructs of the Central Bank….faster.. better… without any central bank controlling it.
Suddenly you are trying to say, there is this kind of money…where the central bank, is not necessarily in control.’
The implication here is that plans to develop eFIAT, i.e. CBDC were a result of sovereign nations becoming fearful of this new disruptive value instrument and they wanted to come up with their own sovereign controlled digital alternative.
Governments have been in control of ‘tokens’ that represent value but are not the value themselves all the way back to the first ever official currency, minted around 600 B.C.in the kingdom of Lydia (modern day Turkey). Currency is 2600+ years old. Perhaps this being disrupted is not popular with them.
Leading up to the shelved launch, Nigeria Gazette carries a story: ‘E-naira is better than cryptos, says CBN’ – but is it really? Or in particular, is it any safer?
In 2013, an iconic speech delivered by the UK MEP (Member of European Parliament) Geoffrey Bloom, addressing the European Parliament had this to say:
‘All the banks are broke – Santander, Deutche Bank, Royal Bank of Scotland.. they are all broke… They are broke because of a system called ‘Fractional Reserve Banking’ which means banks are allowed to lend money they don’t have’…It’s a criminal scandal, and it has been going on for too long… You have ‘moral hazard’, a very significant moral hazard from the political sphere… most of the problems start in politics, and with Central Banks, which are part of the same political system…
We have counterfeiting... sometimes called ‘quantitative easing‘ but counterfeiting by any other name… the artificial printing of money… which if any ordinary person did it, they would go to prison for a very long time…and yet, governments and central banks do it all the time…and when banks go broke… the taxpayer picks up the tab… its theft from the taxpayer… and until we start sending politicians and central bankers to prison, it will continue..’
Meanwhile China dreams of the e-Yuan amidst an economy and banking system that may implode due to the ‘Evergrande Scandal’. It faces new trade challenges with Australia adding to those with US, and one of its flagship brands, Huawei is still banned in several markets on security risk suspicions. It has also talked itself into a corner with rhetoric about annexing Taiwan, forcing itself into an expensive military build up at a time its economic shape is least prepared for. It’s latest move is to ban CoinMarketCap, CoinGecko at its Firewall.
An article I did in June ‘Will NFT hyper-investing bring a new ‘dot com’ style boom and bust?’ made a conclusion amid a possible NFT pandemic on quality differentiation: ‘Sometimes rubbish is just rubbish even if there is blockchain technology providing the proof of authenticity that it is rubbish.’
Well edit that to ‘Sometimes quantitative easing is just counterfeiting even if there is blockchain technology providing the proof of authenticity that it is counterfeiting.’
If anything, CBDC i.e. eNaira makes quantitative easing far easier, as the ‘artificial’ capacity can be just pumped into circulation at the flick of a switch – no printing!.
“The planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence” Anniversary,” the CBN spokesman said in a statement on the bank’s Facebook page… Well it isn’t as if Independence Day can be filed under ‘unforeseen events’. This may be a mask for other reasons.
Perhaps an FGN with a little over a year of its regime left is having pause for thought. If the next regime starts dipping its hand in for cookies the public may not blame them but may ask.. who are the ones that brought the jar? This may be an effort to quietly backpedal.
So… can the government be really trusted by the people to have a CBDC?
Well, if the people truly believe no Nigerian Government or banking regime has ever been capable of even the slightest smallest fraction of corruption and malpractice Geoffrey Bloom believes the European institutions have committed… then yes, of course!
I hope all my Nigerian readers had a great day.. there is now only thirty minutes left as I finish this.. We move!
Citations, referenced articles and additional reading:
gazettengr.com/cbdc-e-naira-is-better-than-cryptos-says-cbn/
www.tekedia.com/will-nft-hyper-investing-bring-a-new-dot-com-style-boom-and-bust/
tinyurl.com/crypto-fiat
www.rootstv.ng/news/2021/09/e-naira-is-better-than-cryptos-says-cbn/
coinmarketcap.com/headlines/news/coingecko-coinmarketcap-blocked-china-internet-firewall/
www.breitbart.com/national-security/2021/08/18/china-threatens-crush-u-s-troops-taiwan/
coinhighlight.com/2021/09/indonesia-finance-minister-warns-of-ripple-effect-from-chinas-evergrande-debt-woes/
www.msn.com/en-sg/news/world/nigeria-delays-launch-of-enaira-digital-currency/ar-AAP1Svi