Olusegun Aganga, Goldman Sachs outfit, and the Nigerian economy (I)d

By Iroabuchi Onwuka

In the argument, we can remind ourselves that in any business of the world, there are always ‘losers’ or ‘suckers’, and there are those who profit from the rest of them. In essence, there is no probable hiding place for the Nigerian economy from this time onwards, no room to secure its economic growth away from the International Society. This does not take anything away from the baiting in itself which is set for and against International Power banks and for their super currency. There is then a probable need to be cautiously optimistic of this Aganga’s new marriage with the world as captain of two ship. There is no point to pretend that the outcome of this new marriage and ship is detrimental, since it is very clear that the only ship that is likely to sink downwards is the very Nigerian Ship. The marriage of Nigerian financial to the rest of the world is exposed to accommodate opportunity for the fledgling economy, and in IMF and World Bank, they stand the chance of such opportunity. But this may not be the case, this is so far from the case that it is safe to assert that IMF and World Bank are only intent on making their profit from your prospective countries and not the other way round. This view is so complete in its downwards spiral that we can equally assert that national loses to the Banks are by several examples entirely inevitable going at least by the example of Greece and European Financial debacle. In blunt view, it is safe to cite that there is no need to expect any useful deals with these Banks, no need to promote these banks on any plausible grounds except one of loses and indebtedness. This problem of debt and debt structure, always put a funk on the stability of most countries of world, and instability occur because these countries are more than likely unable to pay the huge spike in debt. From such spike, CDO ‘Collateralized Debt Obligation’ essentially thaw, and the rest is just history as usual.



Greece financial debacle did not happen overnight. The compromising exposure of the Greek economy to the International rates at the expense of her economy and domestic market is for a million page the detriment of the country. Long Term Greece may have arranged big time deals with power house corporation for official public works much like ‘Nigerian Power Supply’ in Niger Delta, or in their case Olympics. Greece may have acquired or attracted International Hedge Funds management to give stability to its financial engagements, and like all businesses involving International markets, it was meant to be Long Term. But all Long Term engagement are economically noted by shorts. Short Term the Greeks inability to maintain its debt structure (which is only expected to be the case due to capital appreciation of the Super currency and its investment grade) forced the country to succumb to the tenets of the debt obligation and then failures of businesses naturally occur by way of capital depreciation.