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Tag: Currency

  • Five strongest currencies in Africa as of January 2026

    Five strongest currencies in Africa as of January 2026

    The strongest currencies in Africa in 2026 are more than just numbers on a chart, they reflect stable economies, sound monetary policies, and growing investor confidence.

    Several African countries have maintained strong currencies against the U.S. dollar, reflecting various degrees of fiscal discipline, monetary policy effectiveness, and economic structure.

    Currency strength remains a vital indicator of a country’s economic stability and overall financial health.

    According to the Forbes currency calculator, the following are the five strongest African currencies as of January 2026 against the US Dollar.

    1. Tunisia – Tunisian Dinar (TND)

    Exchange Rate: 2.86 TND per USD
    Tunisia continues to lead as the African country with the strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges.

    2. Libya – Libyan Dinar (LYD)

    Exchange Rate: 6.31 LYD per USD
    Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience is primarily due to Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

    3. Morocco – Moroccan Dirham (MAD)

    Exchange Rate: 9.01 MAD per USD
    The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in the renewable energy sector, also bolsters its currency.

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    4. Ghana – Ghanaian Cedi (GHS)

    Exchange Rate: 10.84 GHS per USD
    While the Ghanaian Cedi has experienced volatility, recent economic reforms and support from the IMF have introduced a measure of stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

    5. Botswana – Botswana Pula (BWP)

    Exchange Rate: 13.05 BWP per USD
    The Botswana Pula stands out as one of the strongest currencies in Sub-Saharan Africa. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

  • Five strongest currencies in Africa as of May 2025

    Five strongest currencies in Africa as of May 2025

    As of May 2025, several African countries have maintained strong currencies against the U.S. dollar, reflecting various degrees of fiscal discipline, monetary policy effectiveness, and economic structure.

    Currency strength remains a vital indicator of a country’s economic stability and overall financial health.

    According to the Forbes currency calculator, the following are the strongest currencies in Africa.

    1. Tunisia – Tunisian Dinar (TND)

    Exchange Rate: 2.97 TND per USD
    Tunisia continues to lead as the African country with the strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges.

    2. Libya – Libyan Dinar (LYD)

    Exchange Rate: 5.43 LYD per USD
    Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience is primarily due to Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

    3. Morocco – Moroccan Dirham (MAD)

    Exchange Rate: 9.17 MAD per USD
    The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in the renewable energy sector, also bolsters its currency.

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    4. Ghana – Ghanaian Cedi (GHS)

    Exchange Rate: 13.20 GHS per USD
    While the Ghanaian Cedi has experienced volatility, recent economic reforms and support from the IMF have introduced a measure of stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

    5. Botswana – Botswana Pula (BWP)

    Exchange Rate: 13.38 BWP per USD
    The Botswana Pula stands out as one of the strongest currencies in Sub-Saharan Africa. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

  • The currency of hope

    The currency of hope

    By Ronke Bello

    Without doubt, Nigerians are religious and that in itself is great. After all, faith is hope’s greatest ally and with both, anything (good) is possible; that’s why a deep thinker once described the interdependency of both great virtues in this way: “Hope is praying for rain, but faith is bringing an umbrella.”

    Napoleon Bonaparte’s famous words, “Leaders are dealers in hope,” remain as relevant as ever especially as amplified by our President, His Excellency Bola Ahmed Tinubu, the protagonist of the “Renewed Hope Agenda” who recently at a meeting with Corporate Nigeria gave one of the strongest hope sermons of modern age when he asserted that, “The renewed hope agenda is alive and well, for without hope there is no development. Without hope there is no life and without hope there is no salvation.”

    Gone were the days when silence was active and passive at the same time, which left citizens more confused. To be effective in this current age, leaders must understand that instilling hope in their teams and citizens can lead to increased motivation, a willingness to tackle challenging tasks, and ultimately, success. Hence, despite the tough time our nation is going through with our administration working ceaselessly to resolve the multifaceted challenges, one thing we can’t take away from the current leader is that he is engaging the people directly and in real time.

    The President has said repeatedly that he came prepared and needs the cooperation of all to move us forward and towards that egalitarian society Nigerians deserve; and true to his words, on policy formulation and implementation, we have witnessed the handlers of the economy initiate fast acting policies that have been able to strengthen our Naira, a good development from the scary free fall it was experiencing.

    Our hope is to see all other agencies of markets, the consumer protection board, etc. arise to their duties as Nigerians already believe that ours is where whatever (prices) goes up never comes down. It will be good to see prices of foodstuffs, petroleum products and other crucial commodities return to the reach of average Nigerians. Yes, there are still challenges in some areas, especially insecurity, for only people who are alive can be hopeful. But we trust that all is being done to return our country to a secured and peaceful nation. This presidency is busy, the president is busy and hope is gradually (even though suspiciously) being renewed in the people.

    The MDAs seem rejigged as programs, events and statements are issued daily, while Nigerians have also come alive by being partners and participants in how they are governed. An instance was the uproar that greeted the new electricity tariff. A policy still being debated and analyzed while Nigerians on Band A are literary counting the promised 20 hours electricity supply, which I doubt any household has enjoyed since April 1st when the policy was introduced. The policy hopefully was thought out; its implementation should now match that.

    We have moved from the “God dey” or “Suffering and smiling” era as coined by the late pan-Africanist and globally acclaimed Afrobeat maestro, Fela Aníkúlápó Kútì. Today Nigerians have become emboldened by the renewal of hope. They ask questions, they demand answers and leaders of various MDAs are now daily on multiple media programs explaining and seeking buy-in for their agencies’ policies. Gone were those days that as young broadcast journalists, we pursued government officials and even trip over on long wired microphones and all one got was, “We don’t talk to the press”. Suddenly and helpfully, communication has become the art of governance and in real time. Indeed, it is a new day.

    In addition to heads of the MDAs, another Nigerian I would like to salute at this point is Nigeria’s First Lady, H. E. Sen. Oluremi Tinubu  (CON). Apart from having hit the ground running with various programmes, especially the Renewed Hope Initiative (RHI) aimed at uplifting Nigerian women, youths and children, she has also remained very visible and vocal in giving the much needed assurance of hope.

    As the first year anniversary of the Tinubu administration beckons, it will be a good place to evaluate how well the government has performed in all areas while receiving a feedback in what has now finally become a participatory democracy. Apart from the traditional broadcast by the President and other social programs (which most times are elitist), it will be good to see well planned various debates, town hall meetings and briefings where the led can interact directly with leaders. After all, leadership and governance is all about the people, for “a leader without followers is only taking a walk” as John Maxwell says.

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    Those of us that worked hard as members of the campaign team that brought this government into place should also pat ourselves on the back. Hope was ours to market, and we are eternally grateful to our voters. This hope we must sustain as the government journeys forward.

    With due respect to a section of my people in the North, hope might be failing as encapsulated in the 2027 call by some respected leaders. Dr. Bello Matawalle, a true northern leader in every sense as former Governor of Zamfara State and Minister in the present dispensation, immediately and rightly lashed out and even issued a wake-up call to all appointees from the North in the Tinubu administration to defend the government. I think he needs to repeat that directive or suggestion often, because 2027 shall come, God willing, and we shall by God’s grace be here.

    In conclusion, I agree with a popular saying that “Words should be weighed, not counted.”  As such, no matter how little that whisper is or how premature the issue seems, a leader’s ear must ring with the voice of the people. Nigeria is a great nation and the people a blessed people, our leaders simply need to keep riding the storms, while bringing out the ingenuity and can-do spirit in the citizens; as these will give and establish hope – not just as a mantra, but as an act that through good governance can be seen, felt and touched.

    • Bello, Ph.D., an academic, publicist, policy analyst and author, writes from Abuja.
  • 115 suspects held for currency racketeering in Enugu

    115 suspects held for currency racketeering in Enugu

    • N110m, $8,368 recovered

    Operatives of the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC), the Police and Nigeria Customs Service (NCS) have arrested 115 suspected currency racketeers in the state.

    The suspects, comprising 113 males and two females, were apprehended on Wednesday, February 21, during a sting operation at Owerri Road in the Ogui area of the state.

    The operation followed credible intelligence about some bureau de change (BDC) operators, currency speculators and street hawkers involved in illegal foreign exchange markets in that environment.

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    Items recovered from them include N110,700,000, $8,368, £145, €2,725, 900 South African Rands, 32,000 CFA, 100 Turkiya and 500 Bank of Mozambique currencies in different denominations. A safe abandoned by one of the street hawkers was also recovered.

    A preliminary investigation showed that some of the suspects were foreigners from Niger Republic. They would soon be charged to court.

  • CURRENCY TRADING AS A LEVERAGE OF INCOME GENERATION

    CURRENCY TRADING AS A LEVERAGE OF INCOME GENERATION

    Opportunities abound in the world of investing, but most of the focus is on the stock and bond markets. However, another market that dwarfs both in terms of volume is the foreign currency market, which transacts trillions of dollars daily on a global scale. 

    With a turnover of $7.5 trillion, forex stands as the most traded market globally now. 

    Competition for FX spot trading volume has intensified in recent years, with platforms such as Cboe. Global Markets Inc.’s FX Central and Deutsche Börse AG’s 360T are vying for market share. 

    CME Group’s EBS Platform last month announced plans to launch a new spot trading platform that will connect cash and futures markets to improve liquidity. 

    The foreign currency market facilitates the international exchange of national currencies between banks, investors, institutions, and travelers. This market is open to banks, institutions, investment firms, hedge funds, and retail traders five days a week, 24 hours a day. For worldwide individual dealers as well. 

    Furthermore, unlike other financial markets, the Forex market is decentralized. Currencies often trade over the counter on the market that is open at that moment. This market is often referred to as the Over-The-Counter market because all trading is technically done through computer networks. 

    For a variety of reasons, most people don’t think that trading forex full-time is a feasible career path. Despite all the possible risks, a sizable number of people have become professional forex traders by seizing the work-at-home opportunity provided by the relatively recent introduction of online forex trading. 

    A trader’s mentality and availability to risk capital are two requirements that must be satisfied to become a professional FX trader. People with other personality types would generally be better off letting others trade their money for them, even if certain personality types are naturally suited for forex trading and often turn a profit as a result. 

    Gaining proficiency in forex trading typically takes a lot of practice, much like mastering an instrument. Thankfully, many of the top online forex brokers provide free sample accounts for potential traders. With these accounts, you may simulate trading in the forex market in real-time without having to risk any of your money. 

    Read Also: Expert projects economic growth with CBN’s unbanning of cryptocurrency

    There is a considerable chance of losing money when trading forex, much like when gambling. Because they carefully manage their losses and allow their winnings to grow, many successful traders incur greater losses than gains. 

    One of the most important aspects of effective trading is being able to recognize when your judgment has been flawed and then accept a loss. Incorporating sensible money management strategies into your trading plan will also help you lose less money. 

  • Can Currency trading make you rich?

    Can Currency trading make you rich?

    We often see stories of currency traders claiming to have made quick fortunes and are living extremely wealthy lives. However, most of such articles end with a link to open an account with a Forex broker or purchase a reliable trading system.

    Common sense would dictate that such stories should be set aside as marketing gimmicks, but the flashes of stories we read will distract our thoughts for days to come. The desire to live a rich life often makes people want to open a Forex trading account right away.

    There are virtually no limits on capital required, trading time, or the amount of money you can earn. Additionally, although a double-edged sword, the leverage offered by Forex brokers is unparalleled.

    All these facts encourage beginners to get rich quickly. Unlike the traditional business and investment world, it doesn’t take long to make money with Forex trading. This is important. This is one reason why the topic of wealth creation often comes up in foreign exchange discussions. It is very possible to get rich through FX trading. However, it won’t happen overnight.

    It can take years for a retailer to turn a small trading account into a large trading account. And there’s always the risk of losing everything. This leads to the question of optimal starting capital for a Forex trading account.

    There are forex brokers that allow you to trade even if you have $1 in your account. With such a small amount, it is virtually impossible to earn any meaningful income. Even experienced traders can face 5-6 losses in a row.

    As a rule of thumb, a trader should not lose more than 2% of his capital if a stop-loss order is triggered. All successful Forex traders manage risk. This is one of, if not the most important factors for continued profitability. Firstly, the risk of each trade must be kept very low, usually less than 1%. This means that if you have an account worth $2,000, in one trade he should not lose more than $20.

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    That may seem small, but losses do add up, and even a good day trading strategy will see strings of losses.

    Risk/reward indicates how much capital is at risk to achieve a specific return.

    If a trader loses 10 pips on a losing trade, but on a winning trade he earns 20 pips, he can make more profit on the winner than he loses on the loser. This means that the trader is making a profit even if he only wins 50% of the trades.

    Therefore, getting more profits from successful trades is also a strategic element that many currency traders strive for. A high winning rate in a trade means that the risk/reward ratio is more flexible, and a high risk/reward means that you can profit even if the winning rate is low.

    To be successful in trading, a trader must have a good knowledge of fundamental and technical analysis. Traders need to stay on top of the latest news, policy announcements, industry trends and take advantage of trading rebates

    The percentage of traders who successfully complete the year without losing their accounts is very low. Most often, beginners lack discipline and do not stick to proven strategies.

    Additionally, misuse of leverage is also one of the reasons why most novice traders fail. Therefore, a Forex trader who is well prepared to check and correct trading errors, remains disciplined, shows patience, and uses proper leverage, will be able to trade in the Forex market for a period commensurate with his initial capital. You can definitely get rich with it.

    However, only a handful of retailers are able to successfully implement this plan. Just like any other profession, dedication, and discipline are essential to success in trading the foreign exchange market.

  • ‘It is advantageous to have your currency’

    After four successive days of increasing risk spreads, and after a prominent politician, Claudio Borghi, said there was an advantage to having your “own currency,” Italy is back squarely on both public and private radar screens as a potential source of systemic economic and financial disruptions. This has led to suggestions that the country could become “a new Greece.”

    While there are similarities between the Italian and Greek cases, the differences are big enough to suggest that investors in Italy should focus on a different set of factors.

    In less than two weeks, the risk spread on 10-year Italian bonds has climbed about 60 basis points to around three percent, a level not seen since 2014. This has spilled over onto the equity market in Italy, and to a lesser extent, elsewhere in Europe. It has also put pressure on the euro.

    The immediate trigger for the widening risk spreads was the government’s announcement of a budget deficit target that exceeds the European Union’s guideline. The gradual reduction in purchases of Italian bonds by the European Central Bank is also an issue for some investors. But the deeper contributors to the turmoil are the medium-term mix of high public debt, some unsteady banks and persistently sluggish growth.

    Market worries have been exacerbated by some unhelpful public remarks, and not just from euroskeptic Italian politicians, such as Borghi. European Commission President Jean-Claude Juncker told a television interviewer that “we have to do everything to avoid a new Greece — this time an Italy — crisis.”

    The parallel with Greece of a few years ago is understandable. The two cases share at least three important similarities.

    Unlike Greece, Italy is one of the largest economies in Europe and an original member of the European economic integration project. Because of its size, its gross funding needs in euro terms are sizeable relative to the regional safety nets put in place to deal with troubled countries. As such, a big problem with Italy would constitute a much larger and more durable source of systemic risk, economically and financially. It is no exaggeration to say that, if it were to stumble very badly, the southern European country could present an existential threat for the euro zone.

    But also unlike Greece, Italy doesn’t have a current account deficit (it has a surplus) and the average duration of its outstanding debt is longer. With lower risk of financial default in the short-term, the main determinant of possible disruptions resides in dislocations originating from domestic and regional politics. That is the most important factor for investors to monitor closely.

    What ultimately saved Greece’s membership in the euro zone a few years ago was the imminent threat of default. Fearing a shock that would tip the economy into a multiyear depression and fundamentally alter many of Greece’s regional economic and financial relationships, the Syriza government opted for an orthodox approach, even though it had won both the election and the referendum by backing a political agenda that advocated doing the opposite.

    The hope of many investors — as well as EU officials, ECB officials and several policy makers in European capitals — is that the Italian government will perform a similar pivot, even though the immediate default risk is lower. In doing so, Rome would need to design a more comprehensive program aimed at generating high, inclusive and sustainable growth.

     

     

  • Saudi Arabia to donate $200m to Yemen to shore up currency

    Saudi Arabia has pledged to donate 200 million dollars to Yemen in an effort to shore up the country’s battered currency, the Saudi Press Agency (SPA) reported on Tuesday.

    “The grant, in addition to three billion dollars that were previously deposited in Yemen’s Central Bank, will help ease the economic burden on the Yemeni people,” SPA reported citing the Saudi Ambassador to Yemen, Mohamed Al-Jaber.

    The Yemeni riyal had lost nearly half its value against the U.S. dollar in 2017 and prices of basic commodities had soared.

    Read Also: Saudi Arabia plots to push oil prices to $80

    Yemen, already one of the Arab world’s poorest countries, has been locked in a devastating civil war between the internationally recognised government and the Iran-allied Houthi rebels since 2014.

    The conflict intensified in March 2015 when the Houthis, who control the North of the country including the capital Sana’a, advanced on Aden, the government’s temporary seat of power.

    The advance prompted Saudi Arabia and other Sunni allies to start an air campaign in Yemen against the Shiite group.

  • Police parade suspect with fake currency, 23 others

    The Federal Capital Territory (FCT) Police Command yesterday paraded a suspect, Idowu Gafar, for alleged possession of N10,000 fake currency.

    Also paraded were 23 other suspects for alleged car snatching, armed robbery, phone snatching and other crimes.

    The Deputy Commissioner of Police (DCP) in charge of Administration at the command, Rabiu Ladodo, said the recovered currencies had been sent to Central Bank of Nigeria (CBN) for analysis.

    Ladodo also said the suspects confessed that they brought N2 million fake notes into Abuja.

    He said: “Acting on a tip-off at 1000 hours (10 a.m) on September 18, police operatives arrested Idowu Gafar (Male), 29, at Lugbe for possession of fake currencies and attempting to use same to do point of sale (POS) transfer.

    “He was, however, exposed when the POS operator raised the alarm after she realised that the currencies were fake.

    “Upon his arrest, 14 pieces of fake N1,000 notes were recovered from him as exhibits.

    “Similarly, on September 10, police operatives, who were acting on a tip-off, arrested Abubakar Adamu at Gwarinpa for possession of 37 pieces of fake N1,000 notes. According to him, they came into Abuja with N2 million fake notes and the fake notes are in circulation.

    “So, efforts are on to recover other currencies mentioned by the suspects and, of course, to arrest other members of the syndicate.

    “The notes we recovered have been sent to the CBN for confirmation and these cases of fake currencies look like the work of a syndicate. So, we are trying everything possible to track down the syndicate, particularly the one that said it was N2 million.

    “Imagine poor citizens who may have contact with this fake currency. I call on the public to continue to help the police.”

    Gafar said: “It was one of my brothers from Lagos who called me from Lagos that he needed a job. I told him to come to Abuja. As he came, my three-year-old son was down with malaria and I had spent a lot on him.

    “I was complaining that the money I spent was too much. When my brother heard me lamenting, he told me that he came with some money from Lagos. When I asked him how much it was, he said it was N10,000 and he offered to give me the money.

    “As he gave me the money on Sunday evening, I decided to take it to a POS operator because I wanted to save it.

    “It was when we got to the operator that I discovered that the money was fake. The operator said so. I turned to my brother to ask if it was true but when I turned, he was nowhere to be found.

    “The operator raised the alarm and called the police. I don’t know where my brother is at the moment and his phone has not been going through.

    “I feel very bad because I was only trying to help my brother by telling him to look for a job in Abuja. But he has brought me trouble.”

    Also paraded were: Sadisu Mohammed (Male), 32; Lawal Adamu (Male), 31 and Yusuf Saleh (Male) 31, for alleged car-snatching offence.

    The police said: “Following a reported case of a car snatched at gunpoint on February 12 at Lugbe (Abuja), police operatives from Lugbe Division arrested members of a notorious car-snatching syndicate and recovered the snatched Opel car, with registration number BLD 176 XA.

    “Upon discreet investigation, the suspects were tracked down to their hideout at Angulu-Jos in Plateau State, where they were arrested on September 17.”

    The police said effort had been intensified to recover the firearm used by the gang for their robbery operations adding that the suspects will be charged to court upon the conclusion of investigation.

    Also paraded were two suspects – Adamu Jauro Bello and Sefullah Umar – with 16 and a half bags of substance suspected to be Indian hemp from a warehouse in Tudun Wada area of Lugbe.

    The police said they recovered two daggers, four bottles of codeine syrup, tramadol tablets and Valium 5 tablets from the suspects.

  • Still on Nigeria-China currency swap

    A prominent issue currently engaging the intellect of economic analysts is the currency swap between Nigeria and the Chinese. Currency swap is intended to mitigate the restrictions on trade caused by the non availability of trading currency and foreign exchange fluctuation. It was to overcome these restrictions that Nigeria opted for counter trade in the past. Counter trade is simply the exchange of goods and services between countries. It achieves the same purpose as the currency swap.

    With this bilateral currency swap, a country can exchange its currency for a certain volume of foreign currency. Naira will be provided for Chinese business men and this will be complemented by the supply of Yen to Nigerian businessmen. It will overcome most restrictions to trade and enhance its volume. Since sourcing for the naira will no more be a problem, the  Chinese will now be encouraged to increase their  trading and investment activities in the Nigerian economy.

    An unwavering belief that the currency swap will benefit our economy is simplistic. China has all the characteristics to dominate the trade leaving Nigeria a poor player.

    The Chinese have demonstrated a remarkable capacity in textiles manufacturing, production of pharmaceutical products, railways and agriculture, but there is no denying the fact that over 60 percent of Chinese products in the Nigerian market are substandard. This is not the same for products from the United States, Europe and Japan.

    In a factory having European machines in Calabar where I live, some electric motors and gears have not failed for 39 years. No German made fluorescent lamp has failed for the past 13 years. Chinese products won’t go as far. The Chinese collude with unscrupulous Nigerian businessmen to bring in substandard products including pharmaceuticals from China. In China, such a sharp practice carries the death penalty. This is an indication of our rating by the Chinese – dummies. It is very rare, if not impossible, that any factory in the United States or a European country would undermine the quality of its products whatever the financial inducement. Our factories are dying and they are unfortunately being replaced by those of the Chinese and Indians. You will see this in Lagos, Otta, Port – Harcourt, Ibadan, Kaduna and Kano. It is indeed sad that the Chinese and Indians pay the poorest salaries in Nigeria.

    It is demeaning that the Asians now control domestic commodity trading in Nigeria. They were able to hedge out Nigerian produce buyers. They buy produce like Cocoa, Coffee, Groundnut, Cotton, Sorghum, Gum Arabic, Rubber, Palm Produce etc. It was easy for them to do that because they possess large capital. It is, therefore, mind-boggling that the federal government is surreptitiously working towards the complete dominance of our economy by the Chinese.

    Our salvation does not lie in currency swap but in the development of our capacities for growth and development. Growth is driven by skills and innovation. It is imperative to put in place critical infrastructure to facilitate development. I call attention to the rudimentary state of our technical knowledge which is incapable to drive growth. In recent years, technical education has received scant attention from the government.  Also, the infrastructure to develop technical skills is not there. Most of our technical schools are dead and the few living are on life-support. Our trade centres which were turning out craftsmen and technologists with two right hands in Lagos, Oyo, Sapele, Owo, Ilorin, Idah, Bida, Bukuru –Jos, Enugu, Kano and Kaduna are no more.

    In the year 2016, China built 450 technical schools. This is in a single year and they have built more. In the past, technical skill training workshops like those of the Railways, Electricity Corporation of Nigeria, Railways, Nigerian Ports Authority, Nigeria Breweries, United Nigerian Textiles and the Daily Times Publications were very vibrant. Most of them are dead and those existing are a shadow of themselves.  We now find it difficult to get good fitter machinists, welders (in the real sense of the word), toolmakers, millwrights, industrial plumbers and those skilled in instrumentation and control, thermodynamics, fluid power system and industrial air-conditioning. I should announce that there is no mould maker of note in Nigeria.

    UNIDO’s major criteria for rating a country’s technological advancement is the proliferation of machine shop related activities in that country. In this regard, Nigeria is nowhere. It appears nobody is giving a serious thought to this malaise. Our Ministry of Science and Technology and its agencies have been sterile for many years. Our leaders, for lack of knowledge, pay scant attention to technological development. Had our leaders known the meaning of a machine tools factory, none of them would go to bed when the federal government owned machine tools factory in Osogbo died. When Michelin and Dunlop closed their plants in Lagos and Port – Harcourt and left Nigeria, it didn’t elicit any response from the government. This was a serious matter that should warrant an emergency meeting of the Federal Executive Council. Donald Trump had rapprochement with foreign companies threatening to exit the United States as a result of his trade policies.

    Almost all the premises of the dead factories in our industrial estates have been turned into churches. We are casting out and binding demons rather than resuscitating the factories. The credo is, manufacture or perish.

    Proactive steps towards industrial development were taken when Prof. Gordian Ezekwe was Minister of Science and Technology under Babagida’s government. A 150-member National Committee for Science and Engineering Infrastructure was set up. Its mandate was to produce a strategic blueprint for Nigeria’s industrialization. These experts in diverse fields came up with a blueprint that is a work of scholarship. It was this assignment that birthed the National Agency for Engineering Infrastructure, NASENI. It is disheartening that this blueprint is gathering dust on the shelves up to this moment. It is very unfortunate that the outputs of our parastatals are not audited against a benchmark. They are over 300 including research institutes. With a near zero productivity they are funded from year to year. What a waste. The lethargy of these parastatals and their not been held to account is a doppelganger that will haunt this country for a long time.

    Real growth can be attained by working towards favourable terms of trade. Terms of trade refers to the ratio of a nation’s import prices to export prices. A surplus in merchandise trade indicates that a country is exporting more than it is importing. It is with this surplus a nation’s economy is grown. Real growth is promoted significantly by technology.

    The question is why have we been planning to fail? It is the lack of intellectual rigor in our planning that is leading to failed policies and projections. We were promised housing for all in the year 1990. We were also promised that Nigeria would be one the 20 largest economies in the world in the year 2020. Recently, we were promised that the naira will soon achieve parity with the dollar. We revel in fantasies and by so doing mask the reality. It is now a sing song that Lagos is the fifth largest economy out of Africa’s 54 countries. We believe this in real terms. This is a city with much money but without water and light. Mushroom countries around us generate water and light for their citizens. This is a city that if you live in Ketu you have to wake up by 4:30 am to get to your office in Victoria Island by 8 am.

    There is need to domesticate a proactive attitude towards growth. We should put in place critical infrastructure and pursue those goals that would add value to our economy.

     

    • Jacobs JP, FCA writes from Calabar.