President Buhari of Nigeria is having a good year in Aso Rock. Yes, I understand the agonies of the free-fall of Naira and the incessant insecurity paralyses in Nigeria. But if you look at the whole big picture, Buhari has done more in the last one year, economically, than he had done since the late 1970s when he was a petroleum minister in Nigeria (interestingly, he holds that position as I write…youth, continue to dream!).

While Nigeria’s problems cannot be summarized in one line, the fact is this: Buhari is showing energy and leadership in some fundamental economic areas. If he follows through, Nigeria will have a better structure to build upon. Today, we are learning that he has FULLY deregulated the petroleum sector: “the downstream arm of the oil and gas sector had been fully deregulated…PMS price would be determined by the forces of demand and supply and the international cost of crude oil.’ That is not a small feat when you know how many oil mafia groups he might have annoyed.

The Federal Government is no more going to be releasing guiding price bands for the sale of Premium Motor Spirit, popularly called petrol, at filling stations.

It disclosed this in Abuja through the Petroleum Products Pricing Regulatory Agency, adding that based on this, the downstream arm of the oil and gas sector had been fully deregulated.

Responding to questions from journalists during a briefing at the headquarters of PPPRA, the agency’s Executive Secretary, Abdulkadir Saidu, stated that going forward, PMS price would be determined by the forces of demand and supply and the international cost of crude oil.

Recall a few weeks ago, it was electricity. Yes, he increased rates, making it clear that the government cannot subsidize electricity for the citizens. Personally, I support these calls because they are fundamental for a more efficient economic system.

Of course, while deregulation may not be perfect, it is high time Nigeria tries something new as what we have now is not working. The really next call is EXECUTION and solid implementation.

Well done Mr. President. Put more efforts like this on insecurity and anti-corruption; this nation can work. 

Comment on LinkedIn Feed

Ndubuisi Ekekwe Well what can we say? We all want the best for the country and deregulation generally is not a “wise” plan for any government as it is costly, not efficient economically and allows for corruption within the industry

My Response – “We all want the best for the country and deregulation generally is not a “wise” plan” – Let us try something else as what we have had since 1960 is NOT working. Allow full deregulation to fail first.

It should be one of the largest gatherings of HR leaders and experts in Africa. And they are here to educate us on career planning, helping us to advance our missions. They come from different backgrounds, industries and domains. They are Tekedia Institute Faculty. Nov 2-6 is Career Week. Yes, now that we have prepared our members on management, innovation, growth, and digital execution systems, we also want to ensure they are prepared personally. Admission is FREE but only our members can ask questions. 

Tekedia Mini-MBA Career Week has been scheduled for Nov 2-6 2020.

This career week is not designed for finding jobs. Rather, it is structured to TRANSFORM workers, founders & entrepreneurs into business leaders and champions of innovation in their companies. Yet, if you have no job, by the time you are done with the series, you will have a path to one! The sub-theme is Nurturing Innovators. It will be packaged under the Tekedia Mini-MBA theme of Innovation, Execution & Growth.

Our knowledge experts for the Week include human resources experts and leaders from MNCs and startups, across industries and global regions; they are amazing.

• Dupe Akinsiun – Head, Leadership & Capabilities Center, Coca Cola HBC
• Nnenna Jacob-Ogogo – Head, Alpher, Union Bank
• Precious Ajoonu  – Manager, Jobberman
• John Wesey – CEO, Psyntech
• Dr Akanimo Odon – CEO,  Envirofly Consulting UK 
• Dapo akinloye – COO, Emerald Zone
• Dr. Fatai Olajobi – Partner, Neo-Neurons Concept
• Dotun Jegede, Senior Partner, Dee Bee Consulting
• Elizabeth (Ayeni) Nyah, Human Resources Business Partner, VDT Communications 
• Capt. Ola Olubowale – Manager, Viva Energy Australia
• Abraham Owoseni.com – Principal Consultant, MindMould

We are making is FREE. But only past and current Tekedia Mini-MBA graduates will be in the zones to ask questions.  We will communicate mechanisms as the date draws closer.

This is a large gathering of HR directors, experts and leaders. They would share insights on how students and professionals can build their careers. They have already produced course materials and some would be speaking live.

Dupe Akinsiun – Coca Cola HBC
Nnenna Jacob-Ogogo – Union Bank
Precious Ajoonu – Jobberman
John Wesey – Psyntech
Dr. Akanimo Odon – Envirofly Consulting UK
oladapo akinloye – Emerald Zone
Fatai Olajobi – Neo-Neurons Concept
Elizabeth Nyah, ACIPM, GPHR, VDT Communications
Capt Ola Olubowale – Viva Energy Australia
Abraham Owoseni – MindMould
Dr. Dotun Moses Jegede – OD Consultant

If you were born in Cape Town or Johannesburg, you need to step out of those two cities to actually visit “Africa”. Yes, Cape Town is as amazing as San Francisco. Living and working in Cape Town does not really mean that you are working in Africa because there is nothing sub-Saharan Africa there, except the geography. That explains why a playbook perfected in Cape Town or Johannesburg may struggle outside those domains.

Shoprite is leaving Nigeria (sure, a court said it cannot leave yet). Now, it has added Kenya in the list. While you can blame Kenya or Nigeria, the fact is this: Shoprite is not selling a market-fit product in these countries. With open markets everywhere, the competition is exceedingly high for these highly structured and expensive retail chains to thrive in sub-Saharan Africa.

That is the challenge for Shoprite, and it may be the reason while it is retreating back to South Africa. It needs to update its playbook because what it has now is not selling.

 South Africa’s Shoprite Holdings said on Tuesday it expected to close or dispose of its remaining two stores in Kenya in the year ahead, leaving the East African country after opening its first store there more than two years ago.

The supermarket chain has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have weighed on earnings.

“Kenya has continued to underperform relative to our return requirements,” the retailer said, adding its decision to leave had been confirmed by the economic impact of COVID-19.

Shoprite opened its first supermarket in Kenya at Westgate Mall, Nairobi, in December 2018, hoping to take advantage of disarray in Kenya’s grocery sector after the collapse of Uchumi Supermarkets and Nakumatt, two of the country’s top three retailers.

The decision to leave comes a month after Shoprite said it was considering reducing or selling all of its stake in its Nigerian subsidiary.

Shoprite, with more than 2,300 stores across Africa, reported a 6.4% rise in sales for the year ended June 28, with like-for-like sales up by 4.4% as customers spent more on groceries at its discount Usave and mid-to-upper end Checkers stores.