Anti-Corruption Drive – Critical to Future, International by Nature

Anti-Corruption Drive – Critical to Future, International by Nature

photo: Cabinet Office No inclusive growth is conceivable without success in Nigeria’s anti-corruption drive. Today, that struggle is increasingly global. In mid-May, the world’s first anti-corruption summit took place in London. During the event, the chairman, UK Prime Minister David Cameron was caught on open mike disclosing to Queen Elisabeth II that attendants included some “fantastically […]

Toward Nigeria’s Takeoff

Toward Nigeria’s Takeoff

After decolonization, Nigeria was expected to industrialize fast in order to benefit from rapid growth and increasing prosperity. Yet, that “growth miracle” has still not materialized. Perhaps it is time to learn from the right lessons. “We have crude oil, but you cannot go to filling station and get fuel refined in Nigeria, except we […]

Nigeria, IMF and the Least Bad Policies

Nigeria, IMF and the Least Bad Policies

photo: Nicolas Raymond As Nigeria’s economic challenges are rising, the IMF has been increasingly vocal. What is really needed are policies that are in the interest of most Nigerians. According to the International Monetary Fund (IMF), Nigeria’s external challenges are substantial and deteriorating. Due to the reliance on oil revenues, the general government deficit doubled […]

The Year 2016 Requires Tough Decisions in Nigeria

The Year 2016 Requires Tough Decisions in Nigeria

photo: Nicolas Raymond After the plunge of the commodity prices, the US Fed’s rate hikes are paving way for dimmed prospects in many emerging economies. Nigeria is not an exception. Recently, the US Federal Reserve raised interest rates by 25 basis points, taking the first step away from its near-zero interest rate policy. Advanced economies are […]

Nigeria’s Besieged Naira

Today, Nigeria’s naira is suffering from a triple-whammy; structural risks, the plunge of oil prices, and currency wars. When will things change for the better? Only days before last Christmas, the plunging oil prices were exacting a painful toll on Nigeria as the central bank imposed new foreign-exchange controls aimed at stopping the 15% plunge […]

Nigeria’s Election (Part II): Overcoming Terror to Ensure Growth

Unlike before, Nigeria’s elections are overshadowed by violent terrorism. It reflects an economic, ethnic and religious divide. It can be overcome – not by further violence, but by policies that will eliminate its raison d’être. When Jim O’Neill and his colleagues at Goldman Sachs developed the basic BRICs criteria for rapidly-growing large emerging economies, they concluded […]

Nigeria’s Election (Part I): The Country Needs Inclusive Growth

As Nigeria prepares to vote, its future is overshadowed by rising economic challenges, political divide and the threat of terror. To overcome its challenges, the nation needs inclusive growth. On Saturday, February 14, 2015, Nigerian elections will be the most contested since the end of the military rule in 1999. For all practical purposes, the elections […]