GEJ may still lose the elections

By

Sampson Iroabuchi Onwuka

January, 20th 2015.

GEJ is not leading by clear margins at the polls and it is possible that he might still loose the 2015 election. He has spent the past few days speaking of his accomplishment in Nigeria isn key specific areas of country, but there are gaps in his personal numbers and assessment of his past four years in office. Most economic countries are looking a potential explosive elections, but this is probably not the case given the double efforts and margins of safety taken by the police. The Police is still too thin and media houses have convinced the International Committee of the total coverage of the February 4th 2015 elections. Nigerians abroad are only beginning to respond to the business in Abuja, gradually weighing their options. As opposed to Alex Ekwueme whose position on GEJ has sent flames of concerns, there are no real pointers on how well Nigeria and what are the achievements of GEJ as a four term president.

Several things are on display here in this election, one of which is the issue of Boko Haram and the increasing presence of Islamic militancy. But on how GEJ positions himself in the remaining weeks is an interesting item for the rest of the Nigeria. In a late January 20th, 2015, the President was putting his piece to his trumpet, that for   

“For many years, the WEF Africa Conference has been held in South Africa – although Nigeria had requested for many years to serve as the hosts. We are therefore pleased that the 24th World Economic Forum on Africa was held in Abuja from May 7 – 9 2014. The conference was financed from three sources – the Federal Government of Nigeria, the Nigerian private sector and the World Economic Forum. Because the event attracts Heads of Governments and Statesmen, CEOs of global firms, leading financiers and policy and development technocrats, from over 80 countries, it offered an unprecedented opportunity for economic diplomacy for Nigeria.”

This obviously does not explain a lot of key problems in the country especially the proposed VAT taxes which are likely to double due to lack of economic during oil boom days. What are his plans for the currency and its violence and instability in Bornu weigh more on people mind than the economic future of the country?

In Nigeria and in West Africa these days, we hear of the 'Millennium Development Goals', 'Privatization Schemes', 'Balance of Payment', 'Austerity Measures' (removal of oil subsidy), 'Foreign Direct Investment', IDAs, FDI; Foreign Direct Investment', 'Debt Crisis', but all of these are IMF measures which Nigeria that is U.S centered has no real party.  But these Schemes exist and part of Nigerian politics and part of the Nigerian running of their plans for BETTER LIFE. These programs have transition in Nigeria, but what are the key alternatives?

This better life the case of Argentina and Mexico, like Brazil of the 70's and Korea of 70's, will not be achieved under these programs that are run by IMF. Part of these measures is that it leads to sometime when benefitting, and we are tempted to ask how can a transition from one program to another take place, for it seems that the process of Free Trade agreement exercising itself in Europe and now the North America, usually leads to the lands of regional exchange and single currency. In proper light, the measure at work is similar to EU, compared from every angle, it is similar to the future ideas of regional government and higher penetration of existing Companies. 
          
Speaking of the politics, Nigerian President Goodluck Jonathan, who is battling the insurgence, the Boko Haram may have 'started' by the support of AUST; African University of Science and Technology and the promise to help Nigerian the Film Industry with a 3 Billion Naira, is supposed to be a welcome news. But there are few rebuttal on how the project is going and what he intends to do about. Putting Buhari in very negative is not entirely pushing the issue or misrepresenting, but there are serious issues of security concern in Nigeria which the President has failed to address, which perhaps it’s due to the choice of his ministers and administrative of process than his visions for the country.

What exactly are his visions? And how does it differ from Buhari’s?

This new visions of the country I think is where we are having problems; the role of Nigerian as a permanent UN Peace Keeping force, and the economic importance of being a regional power house in West Africa and Africa.

He has also began work on Electric Power Authority; NEPA and has signed new contracts concerning the Rail Roads, all to be settled in dollars. Under his leadership Nigeria received all sorts of incentives and in the riverside areas of South-South, there is an international help, some from World Bank in tackling the problems associated with growth over these areas.

(2)

January 21st 2015

GEJ may still lose the 2015 election, but it is not obvious in his recent writing or do we pretend that it may seem we rather have him in office than try a new hand who may or may not be General Buhari. But Buhari is not a new hand, which both rest the fears and also the problem since records are controlling political influences. Under the difficult vise of GEJ recent speeches and his trumpeting, where he pointed out that,

“Under our watch, Nigeria’s economy became the largest in Africa. Our economy is also one of the fastest growing in Africa and among the emerging markets. This finding is based on external reports by institutions such as the Africa Development Bank (AfDB), the United Nations Economic Commission for Africa (UNECA), the International Monetary Fund (IMF), and the Organization for Economic Cooperation and Development (OECD).” Goodluck Ebele Jonathan trumpeting his records on Achievement on January 21st 2015. For a country with 30% of the population under employed or unemployed, I think it is rather difficult execution of argument, given above all that the country during the military rule did not suffer the wealth of unemployment in terms numbers from the last decade. Times have changed, and Nigeria also. Abuja in the 70’s and 80’s was a state with fewer than 100 thousand people but since the turn of 1990’s, the population in Abuja has blossomed into a 1.2 million Capital City let alone other in the neighboring surrounding.

In the past, at least at the beginning of the 1960, Nigeria has a total of 63 million people which was considered enormous in terms of the shrinking numbers among the Africans in West Africa. But today, Nigeria has a total of 170 million which means more overhead taxes, resources ahead of the age of military where the taxes and IRS now unconstitutionally based in one State; Lagos, didn't exist. IRS was no effective in the 80’s Nigeria.

President Jonathan was gifted many economic opportunity and he has not woefully failed in capitalizing on it. But it seems that the way he is pushing his political agenda and reelection could have ended Boko Haram in a matter of months. He could have also ended some on the problems of employment in the Country. He is leading a political revolution which is not the same as economic revolution, but how clear these revolution are, is up to the National Observer.

In the past, a barrel of crude oil cost less than $20 @ barrel, but in this age and up to the last few months, a barrel of crude oil peaked @$90 a barrel and Grade A Crude oil, for instance Bonny light went as much $120.00 @barrel. All these happened under GEJ who has not moved the country forward from the problems of economic stagnation which was experienced in many parts of the Country and not in Lagos, Abuja and Kano, but cannot be accused of failing to meet individual efforts in changing the face of the Country since he is one person not the whole country.

One man or one woman can decide the fate of a nation, perhaps where Nigeria is meeting that the need leaders in all classes of respect.

How well this happens is between what Nigerians living in Nigeria think of GEJ and if they believe he is worth another four years in office.

That GEJ is underestimated in reasonably clear, that he is not willing to lose power back to the military and the North is also obvious. The military and the North is not same thing. But how clear his intentions are is still a question of the ages, but by February 4th, in the year of our lord 2015, Nigerians will decide on it.

In other words, the country should be shelved the angry exercises of power, made more sinister by attacks on Buhari's WAEC records, a local and street gaming that GEJ is sure Buhari is not suited for ; their weak points.

(II)

Buhari responding to the attacks on his WAEC results which members of the military once mentioned is not in their records, in his defense and clearing of the issue, that “...although the ruling party may want to wish this away, the issue in this campaign cannot be my certificate which I obtained 53 years ago. The issues are the scandalous level of unemployment of millions of our young people, the state of insecurity, the pervasive official corruption which has impoverished our people and the lack of concern of the government for anything other than the retention of power at all costs.”

This is not a General that wants to make history or seeking to make a name for himself, this is a former Army General seeking to finish what he thinks it’s necessary for his country and GEJ probably know it and take him seriously. Either we can presume that GEJ was promoting the problems of insecurity to tie it to Buhari or he has the wisdom to suggest that people are still not comfortable with Northern Rule, that administrative ability is still a political revolution with a twist that is not the same as Obasanjo's.

It is very difficult to overcome some of the biases associated with General Buhari especially the role of the North in military formative of Nigeria and Nigerians, especially with hints of military return to power. But faced with the higher challenges of leadership or opposition to leadership, we have serious issues at the heart of his campaign party and office. It is meeting to suggest that General may be the right leader to lead Nigeria, but perhaps, just perhaps, his time has not come.

In the redeeming years of GEJ administrative office, we can suggest that Buhari should see GEJ as a clearing factor for a presidency that must direct the future of the country, perhaps, just perhaps from 2019 and the 2020, unless Nigerians say differently. Some may argue that the night is falling fast on Buhari and GEJ may insure that he does not return, of course this was the same trap the military fell into in the 70’s and through the 80’s. In the end, if there is an end, how well this happens comes down to the people who will vote.

January 22, 2015

Goodluck E. Jonathan may still lose the 2015 election, which he did not mention or describe in a short precise on Health and Medical advancement, for his January 22, 2015. GEJ specified that,

“This administration’s strides in medical science are hardly celebrated. Recently a team of Nigerian scientists led by Dauda Oladepo of the International Institute for Pharmaceutical Research and Development (NIPRD) and sponsored by the Federal Ministry of Health, discovered CD4 Lymphocyte baseline for testing people living with HIV/AIDS. The effort is all the more remarkable because it was funded by the Federal Ministry of Health and its findings are particularly useful to the Nigerian environment. The discovery is very vital to monitoring and managing the disease progression in infected people.”

For the records, the man in question, Dauda Oladepo, who is claimed to have discovered ‘CD4 Lymphocyte baseline for testing people living with HIV/AIDS’ may be shooting the air, for all we know, the lymphocytes are a special tumor cells whose map has been the course of significant study in US and France. It is possible that Dauda Oladepo achieved modification but it is hardly the case that he discovered this baseline. Yet due respect should be given to NIPRD; Nigerian Institute for Pharmaceutical Research and Development and the Federal Ministry of Health for providing adequate resources to cover HIV project in Nigeria especially on how it .

GEJ administration has often faced the problem of accountability. Federal Ministry of Health has done more for interest of many so-called scientist entered this Nigerian waters and made away with a lot of money and resources for HIV researches. The problem GEJ has encountered in the long chain of administration of process is the serious problems of accountability.

Hospital and Medical management, warehouses for metal equipment and hospitals for physically disabled or mentally re-covering are very short in Nigeria and in many parts of West Africa. The question which we must answer is what is the opportunity cost of Ebola Virus in Nigeria and West Africa where a percentage of the $334 million dollars wasted by the UN on Ebola could have enabled a better preventive program than treating Ebola or other pandemic? Whereas Nigeria can make the argument that the health resources available in Nigeria is the problem of its social circumstances and education level, we can suggest that awareness on HIV for instance has helped to slow down the profligate Virus.

It does not suggest that the Federal Ministry of Health has not done anything in combating issue of pipe borne water and water diseases. Providing alternative to tap water is really a private industries incentive and not a product of the Government.  

National attention of asylum for people considered for longer term recovery programs are hard to find, it will also suggest that the many deaths that occur every day in the inner Cities of Lagos for instance are not unconnected to Medical resources. Lack of good and running hospitals covering half the needs of the general population in Nigeria may have resulted from expensive purchase of medical drugs and treatment, use and abuse of needles.

The issue of quality of monitoring investment in medical based companies and health care resources, the motivation for local and foreign investment grade particularly in foreign investment groups with launched IPOs are the problems Nigeria may be facing in the futures, especially, since the country is already overweight on 70% foreign direct Investment. Health administration at least on nursing level, improving the Seaports will require more than a fair share of foreign investors or individual attempts at re-vamping the Nigeria 34 airports, some of it is out of use.

But for medical insurance (medical insurance) to work in Nigeria (GEJ did not mention), Jobs has to work which is the only to sustain the new cash injection into the SS; Social Security. Ambulance and medical scanning equipment are a different matter. Medical Insurance need to take a higher percentage of GEJ health plan. At least the introduction of the 'Grid System' ended the syndrome anonymous deaths and the expansion of the Nigerian Pension Funds may life burden of healthcare.

The long and lingering cases of HIV and the demands for lab based for clinics throughout the bandwidth of Nigeria, beginning from local government through to the Federal level will be hard to meet under any special and current circumstances.

Forbes listed five Great Investment that anyone can make in Africa but the list did not include Medical equipment and accessories which are supposedly hard to find in many parts of the world, but for the fact that the psychology of health is associated with wealth in Nigeria and in Third World and not necessarily associated with rights and responsibility of the Government, the job has shifted elsewhere so also the medical practice.

The campaign teams of Buhari and GEJ must meet this idea differently.

Enough credit has to this administration on how their Medical team responded to the problems of Ebola Virus and how it kept it our harms. But this is not enough, especially under the suspicion that Ebola made it to West Africa in the first place, above, there are material issues of the individual excellence in the affairs of the Federal Ministry of Health. If we compare the conditions of health service in Nigeria in 2015 to Health Services in 1985, the country lost 30 years. 

Medical Investment has long life if there are no political instability in Nigeria or the Regional West Africa. It is expensive when there are no insurance coverage.

This receipt does not mean that Nigerians or Africans who are pretty much struggling from day one in the States or Canada and who even constitute worker parasites; deferred employment certiorari and qualification (odd jobs), should be given free hands on managing these resources redeemed rom Crude oil basket, or engage in charity without losing their formal reasons in being in the States, or have these investments so removed from US or similar country of interest and domain that Nigerians or African will enrich their existence away from public accounting to shareholders, or business conducted without explication to Nigeria or anywhere else without due recourse to profit meeting for market standards.

In essence, US can't be forced to train and feed these Nigerians who irrespective of their standing agreement before coming to these states, bound by tax paying, or inheritance clause affecting new migrants, are dead set to participate in their new country and new economy. That Nigeria or any African country can in respective levels of transactions with United States or any country of interest, be expected to support the future growth of these Americas and the countries, then the go-between persons of interest who reside there, here, born here or anywhere, have short and long term business interest in these United States, should participate in the estimate of these countries.

The Sovereign Wealth of these Nigerians in the United States is separate accounting and should not be compromised or misunderstood. Nigerians overseas suffer the most due to lack of organizational structure, rely on public employment or private interest in medicine, for instance, sojourners from Africa and Nigeria, easily turn their attention to CPA and Medical Careers, public and home health jobs, all of which are fine American job opportunities to take advantage of but rely mainly on Government benefits and insurance. These Nigerians like Caribbean American before them, are happy to be paid peanut wages which by American Standards is poverty level which ensures without public acknowledgment is a cyclical trap that makes it difficult for Nigerians or Africans to barely make it into working class Americans.

The game play is to expand the future of the United States through consolidation which may not necessarily extent to these Nigerians except through the especial assistance of the rest of the population. Whereas these men and women from Nigeria or Africa, with serious education background do not mean to take on these jobs or need not, above all do not furnish any intention of lasting too long on them. In the past, the career move was to progress from CPA or GNA to Nurse and from Nurse to registered and Licensed Practical Nurse, or so others will choose, take interest in Medicine and medical studies. It is not their making especially when the chief resources are coming from their own State and old Country.  What the country should be aiming to accomplishing. 

January 23rd, 2014.

“The IT transformation has also led to online shopping in Nigeria, previously unheard of in #Nigeriab4GEJ. Value of online shopping grew 25% to N62.4 billion in 2011 from N49.9 billion in 2010. #GEJAchievements” But this is mainly in Lagos and Abuja and has not helped to cultivate the habit of buying or place the burden of expansion on local production and under GEJ, the gap between several classes of Nigerians has widened. If we compare that theme of agriculture which is not easy to demonstrate from resources other than crude oil, we can see that the shift which has occurred, occurred with poor transition from old economy to new economy. Besides, the framework of many Nigerian business outfits, particularly those based in Lagos and Abuja are steep – almost dangerously to the level of concern. The question that should be asked if and whether or not the ICT from oversea and the launching of Nigerian Satellite has helped Nigerian better accounting scheme which in very recent times has seen the displacement of 20 billion dollars from Sovereign Bank.  

He mentioned from January 23rd, 2015, writing that “We have construction of 500km of fibre-optic cable to rural areas, with 3,000km more targeted for deployment. #GEJAchievements Compare #Nigeriab4GEJ”, we can add that at the time when Britain was still in charge of Nigeria, they covered in less than 10 years – at least up to the  that there are several lines and cables between Africa and Europe, and some under water cables like Global Crossing initiated through the ACE; (African Coast to Europe), the French Telecom Marine, and ‘with ships’ from Alcatel Submarine Networks (ASN) and popular source point to a Tat Bit of 5.12 design capacity from Submarine Communication Cable completed in December 15^th 2012.

“A total of 266 Public Access Venues were established in 2013: 156 Rural IT Centres, 110 Community Communication Centres. #GEJAchievements Compare #Nigeriab4GEJ”, and he continued that “We facilitated the deployment of mobile communications base stations in rural areas of Nigeria. #GEJAchievements Compare #Nigeriab4GEJ” If this community centers could have security information in the 800 or local government, perhaps it could make additional sense and meaning given the shortage of information regarding Nigerian information agencies and Boko Haram.

Once I argued elsewhere that in Nigeria, there are key players in the One Main line Cable and with West Africa Cable, most of which like MTN are also owned by South Africans or drawn from that Cable, in such a way that these product types that are not unlike Franco-phone countries but very much like other Nigerian new network that draw from Asian SEA-WE-ME, both groups deal with ‘cost-pressure’ (of the regulated monopolies), with de-regulation (networking), whereas cost-effective production would create monolithic environment of similar product, like similar and the same product doing fine, there are products reaching Nigeria via One Main Line or through West African Cable, or similar outfits that run the amuck from English Channel to South Africa and through to West Africa as products manufactured and delivered by TYCO sometimes require special attention.

GEJ mentioned in his defense of his administration that, “One of our achievements in the ICT sector is the provision of wholesale internet bandwidth to Internet Service Providers, Cybercafes, and ICT centres like Community Communication Centres (CCC) in rural communities – connectivity to 12 out of 18 pilot sites completed. #GEJAchievements Compare #Nigeriab4GEJ” But this is not much a product of local accomplishment as they are lines of foreign investment.

“We provided computing facilities to 74 tertiary institutions and 218 public schools across the country. #GEJAchievements Compare #Nigeriab4GEJ”, that, “Our administration established innovation centres to support entrepreneurs in the ICT sector and a Venture Capital fund of $15 million for ICT businesses. #GEJAchievements Compare #Nigeriab4GEJ”, it can be argued that since the auction of NITEL and increased measure of cell phones, Nigeria should like South Africa should be able to launch new share point and carriers, new security network system, new software and hardware lines, etc.

Special interest groups in South Africa or expertise in Nigeria and Ghana, or Nigerians in South Africa are mainly depended on what resources are available through London which Nigeria has no real representative. We can also argue that the in flock of foreign direct deposit in Nigeria has given false emphasis on the true nature of its production capacity that although Cell phone industries could account for some of the GDP based resources, it does not help the National purchasing power which communication and cell phones industries is not parity and a separate quoted lines for these industries are also common sense in every measure of sense. Like Ernest Simeon Odior argued, that greatest problems that Nigerian individual consumers face is the purchase power and forex exchange. A bumming ICT should make this less challenging. 

January 22, 2015

Goodluck E. Jonathan may still lose the 2015 election, which he did not mention or describe in a short precise on Health and Medical advancement, for his January 22, 2015. GEJ specified that,

“This administration’s strides in medical science are hardly celebrated. Recently a team of Nigerian scientists led by Dauda Oladepo of the International Institute for Pharmaceutical Research and Development (NIPRD) and sponsored by the Federal Ministry of Health, discovered CD4 Lymphocyte baseline for testing people living with HIV/AIDS. The effort is all the more remarkable because it was funded by the Federal Ministry of Health and its findings are particularly useful to the Nigerian environment. The discovery is very vital to monitoring and managing the disease progression in infected people.”

For the records, the man in question, Dauda Oladepo, who is claimed to have discovered ‘CD4 Lymphocyte baseline for testing people living with HIV/AIDS’ may be shooting the air, for all we know, the lymphocytes are a special tumor cells whose map has been the course of significant study in US and France. It is possible that Dauda Oladepo achieved modification but it is hardly the case that he discovered this baseline. Yet due respect should be given to NIPRD; Nigerian Institute for Pharmaceutical Research and Development and the Federal Ministry of Health for providing adequate resources to cover HIV project in Nigeria especially on how it .

GEJ administration has often faced the problem of accountability. Federal Ministry of Health has done more for interest of many so-called scientist entered this Nigerian waters and made away with a lot of money and resources for HIV researches. The problem GEJ has encountered in the long chain of administration of process is the serious problems of accountability.

Hospital and Medical management, warehouses for metal equipment and hospitals for physically disabled or mentally re-covering are very short in Nigeria and in many parts of West Africa. The question which we must answer is what is the opportunity cost of Ebola Virus in Nigeria and West Africa where a percentage of the $334 million dollars wasted by the UN on Ebola could have enabled a better preventive program than treating Ebola or other pandemic? Whereas Nigeria can make the argument that the health resources available in Nigeria is the problem of its social circumstances and education level, we can suggest that awareness on HIV for instance has helped to slow down the profligate Virus.

It does not suggest that the Federal Ministry of Health has not done anything in combating issue of pipe borne water and water diseases. Providing alternative to tap water is really a private industries incentive and not a product of the Government.  

National attention of asylum for people considered for longer term recovery programs are hard to find, it will also suggest that the many deaths that occur every day in the inner Cities of Lagos for instance are not unconnected to Medical resources. Lack of good and running hospitals covering half the needs of the general population in Nigeria may have resulted from expensive purchase of medical drugs and treatment, use and abuse of needles.

The issue of quality of monitoring investment in medical based companies and health care resources, the motivation for local and foreign investment grade particularly in foreign investment groups with launched IPOs are the problems Nigeria may be facing in the futures, especially, since the country is already overweight on 70% foreign direct Investment. Health administration at least on nursing level, improving the Seaports will require more than a fair share of foreign investors or individual attempts at re-vamping the Nigeria 34 airports, some of it is out of use.

But for medical insurance (medical insurance) to work in Nigeria (GEJ did not mention), Jobs has to work which is the only to sustain the new cash injection into the SS; Social Security. Ambulance and medical scanning equipment are a different matter. Medical Insurance need to take a higher percentage of GEJ health plan. At least the introduction of the 'Grid System' ended the syndrome anonymous deaths and the expansion of the Nigerian Pension Funds may life burden of healthcare.

The long and lingering cases of HIV and the demands for lab based for clinics throughout the bandwidth of Nigeria, beginning from local government through to the Federal level will be hard to meet under any special and current circumstances.

Forbes listed five Great Investment that anyone can make in Africa but the list did not include Medical equipment and accessories which are supposedly hard to find in many parts of the world, but for the fact that the psychology of health is associated with wealth in Nigeria and in Third World and not necessarily associated with rights and responsibility of the Government, the job has shifted elsewhere so also the medical practice.

The campaign teams of Buhari and GEJ must meet this idea differently.

Enough credit has to this administration on how their Medical team responded to the problems of Ebola Virus and how it kept it our harms. But this is not enough, especially under the suspicion that Ebola made it to West Africa in the first place, above, there are material issues of the individual excellence in the affairs of the Federal Ministry of Health. If we compare the conditions of health service in Nigeria in 2015 to Health Services in 1985, the country lost 30 years. 

Medical Investment has long life if there are no political instability in Nigeria or the Regional West Africa. It is expensive when there are no insurance coverage.

This receipt does not mean that Nigerians or Africans who are pretty much struggling from day one in the States or Canada and who even constitute worker parasites; deferred employment certiorari and qualification (odd jobs), should be given free hands on managing these resources redeemed rom Crude oil basket, or engage in charity without losing their formal reasons in being in the States, or have these investments so removed from US or similar country of interest and domain that Nigerians or African will enrich their existence away from public accounting to shareholders, or business conducted without explication to Nigeria or anywhere else without due recourse to profit meeting for market standards.

In essence, US can't be forced to train and feed these Nigerians who irrespective of their standing agreement before coming to these states, bound by tax paying, or inheritance clause affecting new migrants, are dead set to participate in their new country and new economy. That Nigeria or any African country can in respective levels of transactions with United States or any country of interest, be expected to support the future growth of these Americas and the countries, then the go-between persons of interest who reside there, here, born here or anywhere, have short and long term business interest in these United States, should participate in the estimate of these countries.

The Sovereign Wealth of these Nigerians in the United States is separate accounting and should not be compromised or misunderstood. Nigerians overseas suffer the most due to lack of organizational structure, rely on public employment or private interest in medicine, for instance, sojourners from Africa and Nigeria, easily turn their attention to CPA and Medical Careers, public and home health jobs, all of which are fine American job opportunities to take advantage of but rely mainly on Government benefits and insurance. These Nigerians like Caribbean American before them, are happy to be paid peanut wages which by American Standards is poverty level which ensures without public acknowledgment is a cyclical trap that makes it difficult for Nigerians or Africans to barely make it into working class Americans.

The game play is to expand the future of the United States through consolidation which may not necessarily extent to these Nigerians except through the especial assistance of the rest of the population. Whereas these men and women from Nigeria or Africa, with serious education background do not mean to take on these jobs or need not, above all do not furnish any intention of lasting too long on them. In the past, the career move was to progress from CPA or GNA to Nurse and from Nurse to registered and Licensed Practical Nurse, or so others will choose, take interest in Medicine and medical studies. It is not their making especially when the chief resources are coming from their own State and old Country.  What the country should be aiming to accomplishing. 

January 23rd, 2014.

“The IT transformation has also led to online shopping in Nigeria, previously unheard of in #Nigeriab4GEJ. Value of online shopping grew 25% to N62.4 billion in 2011 from N49.9 billion in 2010. #GEJAchievements” But this is mainly in Lagos and Abuja and has not helped to cultivate the habit of buying or place the burden of expansion on local production and under GEJ, the gap between several classes of Nigerians has widened. If we compare that theme of agriculture which is not easy to demonstrate from resources other than crude oil, we can see that the shift which has occurred, occurred with poor transition from old economy to new economy. Besides, the framework of many Nigerian business outfits, particularly those based in Lagos and Abuja are steep – almost dangerously to the level of concern. The question that should be asked if and whether or not the ICT from oversea and the launching of Nigerian Satellite has helped Nigerian better accounting scheme which in very recent times has seen the displacement of 20 billion dollars from Sovereign Bank.  

He mentioned from January 23rd, 2015, writing that “We have construction of 500km of fibre-optic cable to rural areas, with 3,000km more targeted for deployment. #GEJAchievements Compare #Nigeriab4GEJ”, we can add that at the time when Britain was still in charge of Nigeria, they covered in less than 10 years – at least up to the  that there are several lines and cables between Africa and Europe, and some under water cables like Global Crossing initiated through the ACE; (African Coast to Europe), the French Telecom Marine, and ‘with ships’ from Alcatel Submarine Networks (ASN) and popular source point to a Tat Bit of 5.12 design capacity from Submarine Communication Cable completed in December 15^th 2012.

“A total of 266 Public Access Venues were established in 2013: 156 Rural IT Centres, 110 Community Communication Centres. #GEJAchievements Compare #Nigeriab4GEJ”, and he continued that “We facilitated the deployment of mobile communications base stations in rural areas of Nigeria. #GEJAchievements Compare #Nigeriab4GEJ” If this community centers could have security information in the 800 or local government, perhaps it could make additional sense and meaning given the shortage of information regarding Nigerian information agencies and Boko Haram.

Once I argued elsewhere that in Nigeria, there are key players in the One Main line Cable and with West Africa Cable, most of which like MTN are also owned by South Africans or drawn from that Cable, in such a way that these product types that are not unlike Franco-phone countries but very much like other Nigerian new network that draw from Asian SEA-WE-ME, both groups deal with ‘cost-pressure’ (of the regulated monopolies), with de-regulation (networking), whereas cost-effective production would create monolithic environment of similar product, like similar and the same product doing fine, there are products reaching Nigeria via One Main Line or through West African Cable, or similar outfits that run the amuck from English Channel to South Africa and through to West Africa as products manufactured and delivered by TYCO sometimes require special attention.

GEJ mentioned in his defense of his administration that, “One of our achievements in the ICT sector is the provision of wholesale internet bandwidth to Internet Service Providers, Cybercafes, and ICT centres like Community Communication Centres (CCC) in rural communities – connectivity to 12 out of 18 pilot sites completed. #GEJAchievements Compare #Nigeriab4GEJ” But this is not much a product of local accomplishment as they are lines of foreign investment.

“We provided computing facilities to 74 tertiary institutions and 218 public schools across the country. #GEJAchievements Compare #Nigeriab4GEJ”, that, “Our administration established innovation centres to support entrepreneurs in the ICT sector and a Venture Capital fund of $15 million for ICT businesses. #GEJAchievements Compare #Nigeriab4GEJ”, it can be argued that since the auction of NITEL and increased measure of cell phones, Nigeria should like South Africa should be able to launch new share point and carriers, new security network system, new software and hardware lines, etc.

Special interest groups in South Africa or expertise in Nigeria and Ghana, or Nigerians in South Africa are mainly depended on what resources are available through London which Nigeria has no real representative. We can also argue that the in flock of foreign direct deposit in Nigeria has given false emphasis on the true nature of its production capacity that although Cell phone industries could account for some of the GDP based resources, it does not help the National purchasing power which communication and cell phones industries is not parity and a separate quoted lines for these industries are also common sense in every measure of sense. Like Ernest Simeon Odior argued, that greatest problems that Nigerian individual consumers face is the purchase power and forex exchange. A bumming ICT should make this less challenging. 

A Rejoinder to Bayo Ogunmupe ‘Devaluation as disincentive to Growth’ 9/1/2015 NGR Guardian.

 

A Rejoinder to Bayo Ogunmupe ‘Devaluation as disincentive to Growth’ 9/1/2015 NGR Guardian. 

By 

Bayo Ogunmupe   (Italics)

Sampson Iroabuchi Maduachi Onwuka (Respondent)

 

New York.

Interruption.

 

I shall begin to discuss the left and right of Bayo Ogunmupe’s article published by the Nigerian Guardian January 9th, 2015, by citing that what needed to be done to stabilize Nigerian currency in the past few months have already been done and the consequences of the depreciation is part of the economic evolution since at least 2008. The time he is writing about is not specific and the specific problem of discourse did not make to the essay. He is aware of the trials of Naira in the context of deepening Crude prices, aware of categories of International market or monotonic economy or one crop economy so tied to the dollars as if these countries can measure up to US or toe the line of economic transformation that we find available in these States since end of their civil wars within marking distinction and interruption. Some of these standards are supportive of the International Free market and world market, but are too expensive for a country that is not honored in US or elsewhere. Nigeria as a manufacturing and production hub is economically ahead of China and many BRIC economy such as India. Why? These countries until lately were either socialist economy or communist economies whose numbers were not international. India reason well that it could not maintain the system that the British imposed on it given the limited problems of fragmentation and renewed composition of a Country more diverse than Europe and twice as large.

It is for this reason of failing to maintain accurate control of the money houses in India and by consequence China or to an extent Russia, ridiculed by the burden of many peoples of the world that they looked to alternate political economic system, which as cultural economic stages to free and capitalist economy. Nigeria like most West Africa countries, entered Capitalism from what was left on their own country and has struggled against the independence in the 40’s, 50’s, and in 1960 to whip the country together. Then the issue of the Civil War between 1967 and 1970 may or may not have created more injuries than it solved. But at the edge of the indecision of the 70’s was the new reality of Crude oil in 1975 which was said to have the ability at sustaining the country.

We have failed to transfer the import lessons of the Civil War to the economics of these days and in spite of the debt related transformation and the age of communications which follow the postindustrial society, Nigeria like most West African economies did not make the transition, hoop lashed their way above the circumstances industrialization and found itself a country that was lacking in structure to self-generate.

This is a prolegomena and has been treated by better economics in severe academic inquiry into Nigerian industrial past, including for the record on this case, the use of dummy variables after Dick Fulley by Ernest Simeon Odior (2013). But as I argued against his basic estimates which are leading but not sufficient that between fiscal policy and monetary policy of any country is the general expansionary clause showing the elastic constant and sufficiency of stress test by the actions of the Central Bank in rolling back for instance some 300 billion Naira from circulation with parallel and observable effects on the Nigeria economy. It is here that it seems that devaluation of the currency was deliberate when perhaps it was not.    

 

The crux of the essay is the issue of crude oil as the chief item of National development, that the failure to allocate resources in Nigeria to production following a decade of crude oil boom leading to a peak year of $120 @ barrel may be the reason why the effects of the Crude oil which he missed as primary reason for Naira depreciation could not be stopped. It is not yet a free fall and it looks like citing supply of money as a defense mechanism, to my view, the total issue of economic theory is in its defensive and preceding dynamic roles. Defense through hedging against the reverse use of a currency to US, defense in literal sense of contracting and expansionary and in direct expense drive-in of foreign in-flow of local capital or foreign out flow or sale or auction of super currency through, endeared overtime through a trade banter to gold – no longer an affair with rise of International currency basket – with French escaping the debase ridden parity to gold in 1931, an argument for US dollars first made by Benjamin Strong preceding John Keynes description of Gold as ‘old junk’, although Fisher and knight had more than a thing to say about before Keynes. But it took the events of Bretton Woods to invent international currency baskets after Keynes, a case that was forever put to no use by role the dollar was playing in the world as late as 1968 and 1969, than in the words of Paul Volcker, Charles Acker, and in Arthur Burns, the idea had of removing the dollar from Gold had its day.

 

Allan Meltzer ‘History of the Federal Reserve;’ (2009), treated this subject by adding the connection between US dollars to Gold and how it compared and paralleled with International currency basket which was useful on to the extent of US Gold holding and clearing house. With this new measure, all dollars were redeemed by US and many nations including International economies seeking to by-pass the savings-glut of international currency and permeability of its currency quickly adjusted to dollars. It was left to the devices of its governing dynamics who battled insurgency and large scale genocide and instability to meet the fiscal policy and estimate from year to year balance sheet. The funny lessons of these past decade at least with the rise of crude oil which Nigeria and other International and third world economies did not take advantage off is that expenditures, especially when there are cases of surpluses are usually danger signal for poor and inefficient economic adjustment. These countries with little restriction are well known all over the world to be prone to excessive padding from foreign currency in the name of foreign direct investment, the author opens up with the statement that,

 

“RECENTLY, the Central Bank of Nigeria (CBN) devalued our currency, the naira from N155 to N184 to the United States dollar. This measure will certainly hurt the Nigerian economy. The announcement came a few days after the federal government announced the introduction of austerity measures following the sharp fall in the price of oil in the world market. In response to the devaluation, inflation is galloping with petroleum scarcity ravaging parts of western Nigeria.”

 

We can begin by suggesting for that the current devaluation of Nigerian Naira is not by design of the Central Bank of Naira and if Godwin Emefiele is saying so, he is probably not sharing the real picture. The Crude depreciation - even without interest rate appreciation and US Funds Rate - is the direct reason why there is a depreciation of the Naira. Nigeria's failure to expand its business elsewhere, especially with its Chief trade partner - the US - is the main why there are no restrain on the free fall of the currency. @48 an within 50, the crude oil is struggling and the excess and nearly expensive idea of buying the Naira with the dollar to keep it from skidding downwards can no longer be met. It is a long economic treaty, and here, Ogunmupe analysis did not mention this very important theme of money market economy, pushes the concern elsewhere and generalizes on the long term partial solution which a thousand page analysis may not suffice.

 

“According to the CBN, devaluation was arrived at in order to curb negative speculation with the naira, particularly by the banks, which have been putting great pressure on our legal tender. The devaluation, which is plummeting by the day, is now about 10 per cent. The step was rendered inevitable by excess liquidity in the banks. In doing this, the CBN hopes to tighten the monetary policy framework by allowing some flexibility in exchange rates.”

Economic incentive is not the same crude oil price decline and the currency depreciation does not mean the economy is failing. But you are in Russia and not a Russian economy. With the elasticity of money constant without structures which defray unemployment through wage and price comparative, you are likely in the manufacturing sector, you are supposed to be a production house meeting the attention of the local economy, that squashing along the competitive edge of the Free Market. Most BRICs are perpetuating the level of sound economy Nigeria is attempting, and in my view finds itself in a trap, not a liquid and quantity trap which control over money should achieve during high capacity years such as the run up to the 2014, and should not help to place some effective control over the money supply.

 

Here, with short bend on crude oil, there is further need to look at US model, especially Q requirement of the System - although it borrows from the margins of additional reserves - which is clearly from reserves and must be learned to be borrowing - which Euro dodged by opting to exercise their hedge and option elsewhere, Nigeria's lack of Gold resources and plummet of materials outside those of crude oil, requires a kind of cushion, a creation of money from thing air or nothing, to earn not only the stability of the currency but purchase a discount for the future.

 

Fund's rate - even at a less than 1% shift in emphasis its problem a just requirement for seeking a new wedding for Ghana and perhaps South Africa. In some sense, scaling its interest rate with a nearest common foreign denominator such as a Cedi or the Rand, as such place the emphasis on the Cedi and current baskets in West Africa than the Euro and the Dollar of higher and more demanding denominator, it should also help the inflation trap the country discovers itself to thaw by offloading the gaps and inflationary pressure to elsewhere such as Ghana and neighboring ECOWAS economy who are not Nigerian economy and easily immune to it. Contraction of the money supply it’s probably not the remedy at this point, case in point is themes of a Von Mises on Phase II inflationary problem with respect to employment and money supply away from quantity of money and phase I currency bias in which Friedman calls MI and M2, in fact, the defining shift through a consumer based recreation of money or its elasticity, may have a shift from private to banks a meeting standard for M3.

“Devaluation will also stop speculative practices; stop the evaporation of the naira. While we cannot influence the increase in the price of oil, these CBN measures have been adopted without evaluating the impact on the Nigerian economy. Indeed, the net impact of a weak naira is an unsustainable spiral of inflation raising the costs of petroleum products. Sadly, the improper management of the economy and fiscal indiscipline over the years are responsible for the present anxiety. This is all the more so, as oil price had remained far above the budget benchmark for decades, peaking at about $120 per barrel earlier last year.”

Here, institutional appropriation of quantity of money is left the benefit of big and investment banks, a case that should have saved the Nigerian system dynamic by now had it been used for other things than the lack of foresight and the limelight of seeing investment away from Nigeria and a hedge for the purchasing power. The ability of financial institutions at a time in the history of economy in steering its course through uncertain and deepening crisis, is usually within the crass of M3, for there comes a time when the power of the prevailing market must take a stand against the structure on which the society and its economy is based. Does not mean an economy such as Britain or specifically England with Banks return of investment and GDP three to four times those of England is saved from the bifurcation with a depreciating Gold for instance, or a depreciating commodity based cash crop such as a Crude Oil; it matters that the end of a nation's ability to expand and procure its Fiscal policies to the meeting ends of price controls, either in investment through debt (bond) or through market these debts such as monetizing it, redeems the asset class on these British economy and in our case American Asset class from hints of corruption.

 

The situation is not dissimilar to the Nigerian case and it’s entirely within the level of exposure of its Banks to exchange and partition currencies as they see fit which is the same as profitable. That the routing financial complexes take center stage in the M3 and Funds rate (intra-bank lending) dominates interest rate and quantity money. It also leads from the shift from losses in crude oil to something else without injuries to a significant portion of its present market or the value of currency. Controlling the distribution of currency in Nigeria is live and required financial engineering, but interest rates at a high of 13% and overnight lending chugging along, is set to create a stability pigeon hole but it is not the stability of the Banks that are stake since it does not mean well with 300 Billion Naira withholding at the Central Banks, but the problems of credit which shift from credit to quantity of money, is to be well compared ideally and independently from rate to diffusion and from diffusion away from quantity of money where as interest rate over 12% was discouraging credit or attracting Nigerian Naira (Nairu - my doing) to Nigeria from anywhere including Nigeria. It leaves us with other options, that the motivation or athleticism to dollars or pounds or Euro is stifled with a disbursement of nearly $200 billion, purchased at a heavy rate and may only temporary require additional buying into the NSE to satisfy their new partnership with institutional M3.

 

 “Earlier, the volatility of oil prices was long in evidence, but the Federal Government ignored the signals. Thus, the government should be blamed for lack of creative problem solving in not diversifying from our mono-cultural economy. Ordinarily, devaluation of the naira would not have been a problem if we had plenty of goods to export and little to import, since devaluation benefits exporters.

 

We can go for it to the extent that M3 has one major issue; where to place the inflation which the state or a city or nation will have to control when money shift more from private to major traders. I think any argument in favor of buying Cedi or borrowing from Ghana through a direct and their exclusive buying on Naira at a commissure rate excluding the higher purchase of crib notes and cards for balance of traffic or investment between Accra and Lagos - at even 200 billion with 10 billion monthly agility, may create a gap for Naira against Cedi, may trap Nigeria in relational descent over the next few months of foreign denominator and exchange in spite of what may happen to the Crude oil, may leave Nigeria a no show for international market but in the end, it will serve its purpose of defraying the currency cascade and currency depreciation that is more than likely to continue in Nigeria with US acting from even 2% Fund’s Rate or higher….  

 

“Now we are worse of as we shall need more naira to buy goods sold in dollars. Unfortunately, Nigeria cannot manufacture much, owing to a combination of factors among which are high cost of production, high interest rates and an unstable power supply, which have hampered local industries. Interestingly, the finance minister opined that the interest of the common man is a priority in Federal Government's strategy for salvaging Nigeria's economy. We urge the government to clearly demonstrate this through clearly defined programmes and policies that would cushion the people from the effects of devaluation of the naira. Perhaps devaluation and the ensuing austerity measures would have been a blessing in disguise if it would force government to develop other revenue sources, establish fiscal discipline, cut cost of governance and establish an interest free, collateral free and discrimination free bank product to develop the country.

 

“The second disincentive to economic growth is the abdication of leadership. By this we mean that the people in power have refused to enforce and enthrone regulations, which can ensure economic growth; the overbearing attitude of our regulators, which culminates in poor attitude to work and abdication of authority and refusal to apprehend regulation violators.

 

The second alternative should be looking to end the current Dutch system in Nigeria, revert to the statuesque given the new economy that is developing from the old. The idea of privatization is nowhere confined to Nigeria and has been expected to should lead to better productive economy but at the price inaccessible to many Nigerians (150-168 to a dollar) and even big production house who turned to cheaper or supposedly cheaper alternative such as Asia brand and China, there is no where we can close the gap on Nigerian economy and the levels of economy demands – especially in energy which Olusegun Aganga has taught us all the lessons of confidence game and economic czarism, but have failed to deliver the more pressure demand of energy through a direct means to an end introduction of metal separating Nuclear energy, which usually takes at least 3 years and are made to fit for even West Africa with a balance sheet of $20 Billon which most West African Countries can’t afford but its guaranteed by the US Energy Institute. The failure of this effective distributive source of energy for even the least production of medical supplies means a direct to market penetration of goods from any part of the world to Nigeria for Nigeria to stay alive.

In essence, the promissory notes of crude oil stability that OPEC has little or no power to deal with suggest a questionable ending which the circumstances of the Shale Oil and its miracle drilling from any in the US, should help guarantee, that spanking the crude oil to submit below $48 @barrel was sending export ridden economies to the board room or import expletive economies such as Nigeria to the theater of change. We compare all of the above mechanics to the temporary issue of the Nigerian current exchange rate, which at 168 to the dollar is showing signs of debasement, which the payment or debt recovery means is not so much achievable and hence a further depression unless we monetize out interest with a future option and adjustment to Ghana even at 2% preferred consideration for the returning number of years, inducing Ghana in my view to buy enough Naira is callable and protected bond, that should be debentured at the similar rate of interest current rate with or without discount. In so far as these areas are not taken seriously, we may look at the item of hope that a shift in OPEC capacity or use of Shale means to open and frack Saudi Arabia may signal an end to the trading block given the new and easier way of achieving crude and done oil.

According to Bayo Ogunmupe, there are cases of taxes and government actions which mitigate against the progress of the business men and women, that,

“Besides, most of the policies churned out by the regulatory bodies in Nigeria have over the years effectively succeeded in stifling or restricting and hindering innovation and investment. This has led to a situation where the bureaucracy dictates the pace of the growth of the economy. Another worrying issue is double taxation whereby entrepreneurs are being squeezed by multiple taxes, levies, red tape as states seek to shore up their internally generated revenues. This is why the World Bank observed that Nigerian businesses spend valuable time and resources trying to comply with a myriad of local regulations”

Whereas his statement about taxes, levies and red tape, did not mention all the money existing anywhere in Lagos, where much of the taxes is spent in Lagos and mainly Lagos and in parts of the West.

In this case, a collective bargaining also of the remnant of the West African ECOWAS economies may put a few words on how they subscript for Nigerian foreign exchange, which if and should the Barrel up to 60 or close must in view act quickly enough in re-denominating its currency. We may argue that the economic balance sheet stated between Ghana, South Africa and Nigeria, is a way on encouraging participation of other satellite in Africa to perform their due diligence in encouraging competitive advantage and rating between the Africa countries and more than one economy, between its regional balance sheet and swaths, such as a stability away from being rated internationally can be achievable through exposed any country in Africa is to another and not necessarily the opulence and poor market strategy that measures say Nigerian and its crude based currencies to US and other Foreign currencies. What US needs a challenge and not another cheap currency for instance Naira (Nairu) that offers no resistance whatsoever? If there are cases that inviolate the trade banter between Nigeria and US – with or without – currency rate, it is through the use and abuse of its currency exchange, that Nigeria can offer some relief a US market is mainly due to its foreign exchange and perhaps crude oil.

“As World Bank said further, removing those burdensome regulations is an essential step towards a stronger private sector of the Nigerian economy. After sampling the opinions of world-renowned economists, we have come to the conclusion that the key to unveiling the troubles of the Nigerian economy is to be found in recognizing that the rebased economy has highlighted the absence of structures in our economic policy making. This means that there should be an immediate transformation from primary to domesticated value added production.

In normal light, a fancy look at the crude oil prices which has little or no future should revert to the more serious contagious issue of currency exchange and buying power. Re-dominating Naira at this period is sending wrong message, it should have been done when the price of crude oil was up as a hedge against the rainy days as these when the prices are descending. If we climb with easy does not easily follow we descent as fast, but it measures the rates of descent which is far more complex and velocity driven than the poor acceleration due to gravity of money supply or in banking self-supporting gravity of money for M3 and for Banks and their degree of penetration, locally and elsewhere.    

 “Although reports suggest that countries like Thailand, and Malaysia have experienced similar growth in the services sector, but that this in itself does not justify the composition of our Gross Domestic Product (GDP) that our rebased economy just revealed. However, world economies are measured by the strength of their industrial capabilities, which give verve to the service sector. If the service sector has revealed an uninspiring contribution of a mere seven per cent, it means that retail trade is driven by imports. This implies that the services sector put a lot of pressure on the exchange rate of the naira.

Although contraction in this case is not achievable through shifting money from public to private through Government placement of Naira held bond. But if the measure of the final accounts for foreign exchange such dollars and pounds are consider similar quantity as final product - like any other product imported to Nigeria, the Naira depreciation is shifting money from private to big entrepreneur and Banks trading above other Banks and perhaps not the other way round. The next level is a credit squeeze due to poor rate of returns or negative return rates, then Asset bubbles and you are in depression. There is no economic resistance even with the paper fortune of Europe and currency, the only discount could only possible if Jonathan is willing to borrow from private directly and hope crude oil appreciates to $60 by the end of the year 2015.  Ogunmupe continued his theories to GDP, which is here a spent argument but makes a headline interesting measures are taken in business but,

“However, all over the world, economies are measured by the strength of their industries, which gives verve to the services sector. In Nigeria, the services sector is dominated by wholesale and retail trade. If our manufactures contribute seven per cent to the GDP, it means our retail trade is driven by imports. This puts a lot of pressure on the foreign exchange rates. Given that our earnings from oil are plummeting, the demand for foreign exchange to sustain our imports can only come from running down our external reserves.”

US is an opportunity that Nigeria is blowing like smoke, to the point that the country is generally deserving of the treatment it meets with other nations of the world. Consider that after losing many Nigerian lives and soldiers in Africa Military led peach efforts and illegally conceding an oil portion of their country to Cameroons and some profligate foreign criminals and Crude oil tycoons who are drilling these places for Crude oil unfettered from these Nigerians and Cameroons, that Nigeria saving Liberia, Sierre-leone and seeing that Charles Taylor received useful and documented military trial, including their functional roles in forcing both UK and USA to release Mandela, breaching the gaps in Congo and so on, is not recognized by the United Nations permanent Security Members, many of whom have not done nearly half in managing regional peace and conflict.

Nigeria was opposed by surprisingly many countries are a member of the UN Permanent peace keeping and security member nations, including Germany of all, especially Germany that would have convinced us that they were very liberal. Do these nations entertain any hopes of destabilizing Nigeria or colonizing it? The answer has no merit whatsoever for Nigerians for a start, we may compare the dismissal tendencies of these nations and many other countries in which Nigerians and other Africans find their home, as a receipt from some of these assumptions with Nigeria for a start and their complete or nearly complete ineptitude on what they should have started to accomplish in US and in Europe since 1900.

There are cases of accounting standards and why there is an issue of corruption, this happens when there are cases of corruption in US and elsewhere. Nigerians are known to have difficulty keeping a good business straight, largely due to the problems they experience in US and elsewhere. But this is not always the case, there are cases of Nigerians in high call areas of American economic community who are working with others towards improving a career discipline. But the ultimate idea of moving from Africa to United States is not to have your business licenses confiscated by some judge over some business which is not clear or have some irrelevant low court bar you from traveling even with your attorney’s present leading to damages to private and personal businesses that couldn’t have imagined. This means that the growth of American as a business network and empire is one that allows the likes of these Nigerians with some interest in balancing their economy among others to have sown some seeds of intra bank and international development over the years. If the questions of corruption arises as they do elsewhere, the advantage of having US financial institution over the last two centuries should mean that adequate public interest without the dangerous secret maneuvers to steal these financial lending trees and Banks in US.

Should they advertise their interest in UK, these resources bound Nigerians may have benefitted from using UK to increase their penetration into Europe, should not have limited their resource base to one or few banks, but as in regional banking, placing some faith in US, UK, and parts of Europe such as France would have staged a survival of Nigerian or African economy in times like this, both for balancing the currency and for prized interest in Asia such as China when they needed.

Reading a portion of Chimamanda Adiche’s ‘Americana’ (2013) gives you an impression that Nigerians in US from in Taxi business to the Medical Residence are already cornered by their accent and job description that only these Africans are victims of profiling. In one of the It will be difficult to do something else as a Nigerian who is not in Education or in US based foundation even with 80% level of US service jobs. The lessons from medical resources available in the US and in more than enough to push the limits of the life style of these Nigerians. But having no foreign funded locally credited structures In the United States makes the profession a dead exercise.

There is a large presence of Nigerians in Asia countries such as China, many if not all of them as self-supported, ferry goods and services from any part of Asia to other parts of Asia, ferry goods and services to United States especially in New Jersey and New York with cheap China products on the garment industries and around Canal street, or from Asia they ferry goods into Europe until they injury to the business after 1999 due to embargo placed on Asia products. The more reliable pathway is Nigeria via China or in recent time Vietnam, Nigeria via Taiwan and Hong Kung, and from these areas they are joined by Cameroons and South Africans – especially White South Africans who literally handed all the business connection to dictate to these Africans – and with other Africans, they maintain a continues injections of materials from Asia into Africa. No doubt that over time, some of the traditional pathways will be called into question like the case of the Carpet and fabric, once a product of the mainland China and the rest of the Africa, are discontinued due to new industries in West Africa that attempt to emphasize local production of fabric with chemical raw materials from Ghana or Nigeria to boost.

In this case, unlike other cases such as engines of productions, there is a case of relief which in primary levels is not important since Nigeria is not a production hob, may have at some point in their own existence been considered a metallurgical industrial sub-Saharan African like the Bantu whose metal workers in Southeast Nigerian and Northern Cameroon were claimed to have reached the East and the South of Africa. Beads production houses also in South East and South-South Nigerians are discovered in their hundreds of thousands among the Igbos and the Bini, as with the Akans and Ashanti that are also known to have manufactured pure precious metals such as Gold, would emphasize the importance of business penetration of other West African Kingdoms until the coming of the Europeans in the 18th and 19th centuries. In setting a new standard for the development of business and agriculture, the author compares Agricultural schemes in Nigeria without the examples of Kwara and South African White farmers from Mozambique many of whom have since returned to Mozambique, but in his estimates, Ogunmupe indicated that,

 “Thus, the federal government should recognize the danger so posed and diversify quickly to forestall an outright collapse of the naira. In this regard, Federal Government has to plug distribution loopholes in its Agricultural Transformation Action Plan. It is noteworthy that both manufacturing and agriculture output have remained stagnant. The urgent step required is collaboration for increased productivity between the federal ministries of Agriculture and Industries, particularly in areas of private sector investment.”

Productive capabilities of West African nations are no match for the Northern African, especially those who lived along the Nile. The only reason why there is a brief material case of comparative is that these markets for instance in Nigeria and the idea of metal production which people claim to have come down from others, is one old market, suggesting that Africa like Asia especially China and India as in this Nigeria and other African countries were caught unawares and napping. The prize has been paid, including the age of Slave trading which forced a lot of people out of the country. In the circumstance, the problems of having Nigerians and others lose their respect to some country from Europe who in the last 100 years had proved themselves in war and so on is due to the failure of these Africans and Nigerians from taking advantage of the opportunity that common market avails to them. At the rate Nigeria is squandering their business opportunity suggest that either the country in question is hoping to perpetually strike beside others in all classes of respect and decorum or that they expect to growth economy through a form of debasement. Ogunmupe concludes that,

“Indeed, the best ways to strengthen the value of the naira are one, expand the volume of non-oil exports and services and two, enhance domestic competitiveness that will reduce the demand for imported goods and services: because a pound saved is a pound earned. Howbeit, we have to expand our manufacturing sector because as long as our industries remain stagnant, for that long would unemployment remain a threat to economic development in our fatherland.”

A classic example of some kind of debasement is the future business of the current Executive director of Nigerian Stock Exchange Oscar Onyema in handling additional call for investment in the NSE when the exchange is already overweight. You can only dream on a flash in the investment pan if you are looking to improve you economy through a veritable estimate of Arthur Okun’s 1% rise of inflation to 1% condensed GDP appreciation. In some measure, the expansion of Nigeria and in fact Ghana for comparative sake, is an appreciation from inflation not a normal real growth, that a growth of 7% Nigeria is based primarily on its inflationary curve and pressure, fact is that the country is struggling in spite of the numbers it is crunching out, that further expansion on the Nigerian economy is in many ways than a matter of inflation, either core or derived from the CPI numbers consisting mainly 5% or less or total control money economy. Promoting Nigeria as a viable business destination is within the replacement strategy of creating additional loss of Governmental control to over-sea based businesses that we can narrate from other parts of the country’s stock of real exchange, that the total amount of resources available to these Nigerians from all raw materials are not meeting standards from a progressive International economy. The main event would be the crude oil, whose life is not caught between a ‘hard place and a rock’.

Put it differently, that the market structure of Nigeria is older than the foundations of United States as a country, that these intra-township market links are still visible for almost 400 years and sometimes more, than the God of Iron that brought melting to Yoruba and Ijaw called Oliseh or Olisah is in a long line of Igbo history and a quasi-Igbo of Benue, Kwara, and what was called Bendel Igbo, equally an attribute of God or from God, that the Oduduwa referring to the coming of some outsiders to Yoruba who defeated the mask-wearing ‘Alagbara’ (Igboid group-Igbo Ukwu) out of whom the name Yoruba (Oba’s servants) was derived from these people, and were Iron workers, meaning that these market suffer from poor local and international strategy but has been in existence, that the transformation of the Nigerian markets is not in current an International see only, it requires a transitioning of small business from nothing to something and leeway into the Stock Market as a way to generalize and publicize their accounting, only then can expansion of the NSE would not revert to debasing of the Naira. In the event that we look at the idea of Foreign Direct Investment in Nigeria, it looks likely that the hope of making this happen in US here begins with what other developing countries have done in US, that France, London, Japan and latterly China are Americans biggest business ventures partners and have a mast of financial foundations and groups, a mast of business groups such as Banks and Banking institutions that enabled these countries to enhance their staying power in the United States and simultaneously in Europe.

The open market manages by either Nigeria or Ghana in this case, is such that they deserve more for supporting world markets more than half Europe or even United States let alone China is enjoying. Nigeria toe the free market line from day one and has been a victim by its own choosing of international dumping and foreign investment interest. A rule of comparative advantage between Nigeria and the rest of Europe, will point that majority of European countries are well ahead of these Nigerians. This is in fact the case only to the extent that total amount of Nigerians (170 million) is nearly two fifth of all Europe, means that there are more mouths per country to country to feed as there no European country with over 120 million people.  It leads that the weight of resources that circulate in Nigeria is a thrift sum compared to what is available to them through their own oversea and in land business exposures. The only way to help these Nigerians help themselves and in the end help their respective nations which these European countries are doing is to have Nigerian financial institutions posed after the general but advocated and independent financial institutions in these United States and in Europe. No great commission is needed to demonstrate the profit of South African economic agenda for US and its Global Initiative, than the biggest banks in Africa are easily South African and operate free from the Government. Either the current crop of these Nigerians and financial leaders are not used to trusting others and themselves to be selling only a Billion over the Stock bound bond market which was called up in one hours of meeting the market, than the possibility of really connecting to US through a demarcation of 25% earned resources from Crude Oil and from other business banter between Nigeria and United States.

It is my view, that all African countries should have at least by now account for at least account for banks that are self-supporting, with gravity of currency schools capable to weeding through the securities laden American market necessary to be part of Federal Reserve of a local network such New York Federal Reserve. In the case of advertising their investment options, the Maryland and Baltimore securities dealers with the Federal Reserve are mainly insurance based and contain a few African American owned financial institutions, but from the histories of both Continents of North American and Africa, there should at least be now several securities from Africa and more than two from leading economic communities in Africa; Nigeria, South Africa, Egypt, Morocco*, Libya, and others such Ghana, to have a staying presence in each of the securities dealing Federal Reserves throughout the US and in UK for a Start. Such business venture like those of BAFTA, CAFTA, or NAFTA, with the edging up of the Banks and financial institutions have a thing or two about the FOMC which Nigerians thanks to free network resources are following on daily basis, that the number of even African American businesses present in these areas of interest would not survive more pressure saving these invested interest from Africa and Caribbean make their presence known and ruthlessness for business and accounting also known.