The Vice President’s Ease of Doing Business and Aliko Dangote’s Wealth

The Vice President’s Ease of Doing Business and Aliko Dangote’s Wealth

Good People, l think we can discuss with civility and data. My piece on how Aliko Dangote’s global wealth has fallen due to Naira deterioration should not be used for mockery. Everyone agrees that we will all be doing daily thanksgiving if we are as “poor” as 10% of Dangote, despite him “losing” $17 billion global networth in six years!

But understand this: if Dangote is having it that way, imagine the spare parts seller. Imagine the garri seller. Largely, Nigeria is not working for most, except politicians and their families. 

I spoke to a Rotary club today and I brought that point: Nigerians’ personal wealth systems are dropping at an exponential level. This cut across sectors and business categories. Yes, every startup which raised money in foreign currency, in 2019, should be under water now, partly due to currency deterioration. It is a double whammy to overcome: grow to compensate for currency devaluation, and then create value for normal growth which investors gave you money.

Today, our Vice President, Prof Osinbajo, gave a speech on improving the ease of doing business in Nigeria through reforms. A friend in New York sent me the link with this comment: “…your country does not know that the only reform Nigeria needs for foreign investment now is a stable currency. Your problem has gone beyond bureaucracy”. He wanted to invest in a Lagos startup but he decided against due to his “fear” of where Naira would end in coming years.

The Buhariadministration’s business reforms, through the Presidential Enabling Business Environment Council (PEBEC), is an opportunity to significantly boost local and foreign investments in the country, according to Vice President Yemi Osinbajo.

Mr Osinbajo spoke Tuesday at a virtual meeting of the PEBEC to review the state of the reforms across a number of government agencies, noting that the Federal Government will continue to take the opportunity and ensure that more results are recorded.

As a result of the work of PEBEC, the World Bank has praised the economic direction of the Buhari administration and ranked the country higher in its annual Ease of Doing Business Rankings.

According to the vice president, “This is a country with so much promise, this is a country that has so much resources and our administration has every opportunity to do something profound about investments in Nigeria.

“We must focus on how to get our business environment working.”

We are all Dangotes at our levels. That chart should push everyone to see what is happening. Understand me: no one is saying that these challenges are easy. But that does not mean we cannot write about them.

Aliko Dangote Could Drop Out of Global Billionaire Index By 2025

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3 thoughts on “The Vice President’s Ease of Doing Business and Aliko Dangote’s Wealth

  1. The Vice President has been speaking, but his speeches haven’t changed anyone’s economic status for the better; so it doesn’t really inspire hearing the VP tell us about invisible great strides their government is recording.

    Osinbajo is salivating that the World Bank praised Nigeria on Ease of Doing Business, but Nigerians haven’t praised their government in that regard, so I wouldn’t know if the government is working to score points in the eyes of World Bank and IMF, or for Nigerians who are daily embarrassed by the state of the nation.

    Nobody has told us how long we could go on with the oversized government bureaucracy, we know that Nigeria is paralysed for a long time now, yet no serious effort is being made to put it on the path of growth; and they are busy beating their chests for making Nigerians poorer.

    What motivates our decisions and actions in this land? What can we really say we stand for as a people? We are gradually wasting away, we are dying without even knowing.

    We don’t need more lies or largest PR machine telling us that things would get better; the people destroying the country are mean and unrelenting, they have nothing good to offer.

    This current team cannot deliver Nigeria, though they won’t admit it.

    Reply
    1. I second your line of thought. You can’t give what you don’t have. The tragicomedy that’s ongoing in the nation on a daily basis is on the rise and is revealing of the absence of selfless true leadership. We need sound technocrat with undisputed integrity in NIgeria politics to be backed by the Nigerian people’s vote for complete replacement of the current office holders with their mentees that have no business leading the Nigerian people. It is well!

      Reply
    2. Absolutely correct. The first step towards economic growth and sustainable development is GOOD GOVERNANCE. Is Nigeria enjoying that right now NO.

      Therefore, we will continue to see more and more Nigerian brains leaving the country.

      When we continue to appoint persons in high offices due to the favours they have
      rendered, we will continue to see mediocre results. Our offices are made up of friends and family members. They can’t perform.

      Real experts are ignored. Both in government and private sector

      Reply

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