The Nation Newspaper

Tag: Development

  • ‘No development without unity’

    ‘No development without unity’

    There can be no development without unity and peace, a United States-based Nigerian Cleric, Pastor Paul Akhalu, has said.

    He said peace was essential in attracting and retaining foreign direct investment.

    According to him, more Nigerian professionals abroad are willing to return to contribute if the security situation further improves.

    He urged President Bola Ahmed Tinubu to strive to unite Nigerians.

    The cleric noted that the general election divided Nigerians along ethnic, religious and political lines, adding that it was time to put all of that aside and work together to move the country forward.

    At a briefing in Lagos, he urged the President to do all within his power to ensure ethnicity is jettisoned and unity is promoted among Nigerians.

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    He said: “Election has come and gone. It is better for Nigerian elites to always strive to ensure that they put Nigeria at the centre of whatever they do.

    “All over the world, Nigerians are making a huge impact. Where I live in the United States, before you count ten people, Nigerians must be there. In any group, if a Nigerian is not there, the group is not complete.

    “We have some Nigerian professionals who are doing well abroad. Why can’t they be encouraged to come back home to help?

    “The only problem is that they cannot come home because the political space is unsettled. Due to insecurity, some are scared to return.

    “I call on the President to unite the country. Let’s do away with ethnic sentiments.

    “Also, where there is peace, there will be developments. We should strive to ensure the country is safe as this will bring development.”

  • Why entrepreneurship is  key to human development, by Obi Cubana

    Why entrepreneurship is  key to human development, by Obi Cubana

    Entrepreneurship is the most suitable pathway to sustainable human development in Africa, Cubana Group Chairman and foremost  entrepreneur Dr. Obinna Iyiegbu, popularly  called  Obi Cubana, has said. This, according to him,  the continent contends with the quest to grow its economy and address the demands of rising youth population on the continent.

    Iyiegbu   spoke at a  lecture he delivered  at the National Institute for Security Studies (NISS) in Abuja, at the weekend. H spoke on  the conference theme: “Globalization and regional economic integration: Implications for sustainable development in Africa”.

    He noted that the self-employed persons and players in the micro-, small and medium-sized enterprises (SMEs) are increasingly being recognized as the backbone of economies around the world, including developing and developed countries.

    “SMEs currently represent about 90 percent of businesses and employ up to two-thirds of the global workforce.  In developing countries, such as Nigeria, the percentage of self-employed workers, many of whom operate in the informal sector, are expected to increase over the next couple of years”

    On Sustainable Development, the renowned businessman said that the ultimate aim of sustainable development is “to build a society where available resources and the living conditions continue to meet the needs of human beings without undermining the integrity of the planet and the stability of natural systems” He went on to state that the overall aim is to achieve the right balance between economic development, environmental protection, and social well-being.

    On the role of entrepreneurship in sustainable Human Development, he explained that gone were the days when entrepreneurs were perceived as persons who were just interested in building their businesses and growing and increasing personal wealth or fortunes. According to him, this is because the businesses are established and run by entrepreneurs today often serve to provide services that will also have a positive impact on the economy, as well as the general well-being of the population, hence entrepreneurs play a vital and significant role in the economic development of societies.

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    “Around the world, entrepreneurs are given credit for growing and diversifying the economy and for contributing to wealth creation. Thus, entrepreneurship, as a mindset, automatically lends itself to sustainable human development.

    “This is because the entrepreneur is constantly looking for new and innovative ways to improve societal conditions. They do this by providing innovative goods and services or devising new methods that will reduce detrimental activities, while also generating profits for the entrepreneur.

    “By always thinking about doing things in new and better ways, entrepreneurship is highly relevant to any country genuinely interested in sustainability.

    “From the business perspective, entrepreneurship (and an entrepreneurial mindset) can benefit sustainable human development. It can allow for quicker response to business opportunities that address the needs of the people.

    “Thus, there is a consensus that entrepreneurship plays a vital role in sustainable human and economic development in many ways, especially through job creation, alleviation and eradication of poverty, improved living standard, and society impact through Corporate Social Responsibility” he highlighted

    He emphasized that entrepreneurship offers a sure pathway to sustainable human development in Africa. It can be achieved through the creation of jobs that can help reduce unemployment and create wealth for citizens, stating that this will ultimately lead to the eradication of poverty and an overall improvement in the quality of life of citizens as measured by various economic and social indices.

    “To achieve these, however, the many obstacles, such as lack of access to finance, lack of training, and poor state of municipal and technological infrastructure, which currently constitute challenges to entrepreneurship in the continent of Africa, must be addressed.

    “At the Cubana Group, we have continued to make our modest contributions to sustainable human development through poverty alleviation, wealth creation, youth empowerment, scholarship schemes, and provision of seed funding for young entrepreneurs and innovators” he stated.

  • Gully erosion, corruption and development

    Mankind and physical environment are inseparable in a neat way.  That is to say, that the robust survival and economic cum spiritual progress of man depend to a large degree, on how carefully he manages the numerous environmental resources at his disposal.  However, the focus here is on gully erosion within the context of sustainable development in Nigeria. Gully erosion is one of the menaces of environmental degradation in Nigeria.  This is with a special emphasis on the southeastern region.  Gullies are a valley-like landform arising from soil removal and transportation through the lens of such agents as wind, water, and gravity. This is in addition to unsystematic/repeated farming including over-grazing as well as major earth-moving activities.

    In sum, both geological and human factors are responsible for the creation of gullies.  Not unexpectedly, gullies are more common in areas characterised by sedimentary rocks which are generally loosely consolidated.  This type of environmental menace is a global phenomenon.  In other words, gullies are a serious threat to humanity in diverse ways.

    However, they can be prevented or treated/managed to some extent, by the generation and application of robust environmental laws as well as principles.  For instance, mining activities and other related earth-moving operations including road/rail construction works can be thoroughly monitored.  This is one of the reasons why Environmental Impact Assessment policies must be pragmatically crafted and implemented.  Regular public enlightenment programmes have to also occupy centre stage in the scheme of things.

    Improper termination of drainages vis-à-vis the design and construction of roads is one of the factors leading to the formation of gullies in most parts of Nigeria.  Despite the fact that there can be no permanent solutions to gullies due to their geological origins, humans can take steps to ameliorate the situation.  Taming gullies in Nigeria, is a matter of the utmost importance understandably because it is inextricably interwoven with the concept of development anchored to socio-cultural/political stability and economic advancement.

    Many Nigerians are trying to engage in agricultural/agro-based businesses as white-collar jobs are almost practically non-existent today.  Arable land especially in the south-eastern region is being lost daily to gully erosion.  This scenario adversely affects agricultural productions and human settlements generally.  Such a situation leads to an aggravation of the current extreme material poverty among the citizenry as the affected people migrate from one location to another for survival.

    More stresses and strains are put on the neighbouring communities.  One concomitant effect of this is a greater degree of insecurity especially as Nigeria’s population continues to grow exponentially.  It has been estimated that the population would be 410 million by 2050.  Pro-activeness is of the essence in order to avert monumental human agonies in Nigeria in the future.

    It is very worrying that both the federal and state governments over the years have not shown sufficient commitment to this all-important issue of gully erosion.  Allocating huge   sums of money through the lens of Ecological Fund to the affected state governments without close monitoring of how each of them spends its share, amounts to a waste of time and a subtle promotion of corrupt practices. This attitude makes the federal government, represented by the relevant agencies come under suspicion of minor infractions of financial and economic regulations.  Nobody is ultimately accountable to the system as endemic corruption walks on all fours in Nigeria.

    The Anambra State Commissioner for Environment recently told the world that there were 1000 active erosion sites in the state, despite the huge financial support from the Nigeria Erosion and Watershed Management Project (NEWMAP).  As a result of gully erosion, Anambra has the smallest landmass in the country today.  Lagos State was formerly holding this “title” before Anambra snatched it from the latter by reclaiming land from the Atlantic Ocean.

    However, there is need for caution so that the on-going reclamation project in Lagos State does not become a recipe for colossal disaster in the foreseeable future.  NEWMAP has also been doing intervention activities in such places as Udi, Nkanu West and Enugu Ngwo in an attempt to save the situation in Enugu State.  This body has been intervening in Abia, Anambra, Cross River, Ebonyi, Enugu, Imo and Edo as far back in time as 2013.

    Currently, NEWMAP has been assisting up to 21 states to fight gully erosion with very little success.  Thus, for example, the gullies in Oko community in Anambra State have been threatening to swallow up about 826 families.  This is in addition to the fact, that many lives have already been lost in all the seriously affected areas.  The World Bank has already declared Nanka in the Orumba South Local Government Area of Anambra State as the location housing the deepest and deadliest gullies on our planet.   Consequently, the World Bank has estimated that the taming/controlling of these gullies would cost N20 billion.  The southwestern and northern regions also are not completely gully-free.  For instance, in Bida – one of the biggest settlements in Niger State, 15 serious gully sites have been identified.

    However, corruption remains a devil to grapple with.  The Senate Joint Committee on Ecology and Environments of the 8th National Assembly reported many months ago that most state governments were misappropriating their shares of ecological funds.  In 2009, about N93.7 billion was illegally transferred from the Ecological Fund to the Consolidated Revenue Fund.

    Similarly, the National Economic Council in 2009 reported that about N200 billion belonging to the Ecological Fund was mismanaged.  Ecological disasters can be controlled to a great degree, in the face of financial discipline.  But unfortunately, Nigerian leaders across the board have no space for selflessness and/or patriotism as they continue to serially rape mother Nigeria.

    This ugliness has permeated all levels of our contemporary society.  Painfully enough, the academia that is supposed to be a storehouse for the finest ideals and by the same token, robust humanity is now a near-complete sham.  Most university managers and council members are basically for amassing a fortune from the system, to the detriment of a healthy future.

    Education has not sufficiently shaped their materialistic world view as if there is no tomorrow. The federal government needs to thoroughly monitor state governors and university leaders with respect to how they manage our collective resources. There must be punishments for misappropriation of funds. The seniors at every level are infecting the youth with their virus of financial and economic recklessness. This scenario would make it difficult for Nigeria to get out of the woods.  All leaders (political and/or academic) must be ultimately accountable to the followers in order to begin to experience socio-political stability and economic progress on a sustainable scale. In this connection, peaceful protests against bad governance remain inevitable.  There is no easy solution to bad governance all over the world.

    • Professor Ogundele is of the Department of Archaeology and Anthropology, University of Ibadan.    

  • ‘Wrong housing policy threat to development’

    Wrong housing policies have been stalling the nation’s development, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) President, Rowland Abonta, has said.

    Abonta, who spoke at the inaugural meeting of the 2019/2020 National Council of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja, said housing should be incorporated into the development policy of the nation.

    He said: “Nigeria would become a better nation the moment stakeholders stopped playing politics with housing issues. I will honestly call on the government and policy makers to be honest with housing.  It is a human requirement ranked as number two among human needs. The day we stop playing politics with it, it will be a better nation.”

    According to Abonta, those brought up in squalors and indecent environment are upset with nature.

    “They are very reactive and aggressive to the public. If a census of convicted criminals is taken, one will almost be sure that they are usually from a poor background. It is, therefore, safe to say that Nigeria is breeding criminals with her national and anti- people housing policy, he added.

    According to Abonta, the biggest challenge in the sector is poor planning.

    To plan for housing, the government should undertake a survey to determine what people need.

    He added that adequate planning would bring other problems into  perspective.

    He said the more than 17 million housing deficit might not be correct as the figure was not backed by data.

    On social housing, Abonta said it would be difficult for low income earners to own houses without  housing finance.

    Abonta said a responsible government would insist that investors in the sector dedicate a  percentage of their earnings to low income people.

    He advised the Federal Housing Authority (FHA) against building big houses. ‘’I am yet to know when they will do the kind of thing they did in Lugbe called National Housing Programme, ‘’ he added.

    In another development, the International Real Estate Federation (FIABCI) Nigeria President, Mr. Adeniji Adele, said policy inconsistencies, delay in legal process, affordability and cumbersome title registration process, poor state of infrastructure, social amenities and inadequate access to finance were responsible for the little progress recorded in the sector. Commending the government for introducing reforms through the Presidential Enabling Business Environment Council (PEBEC) as evidenced by World Bank’s 2018 Ease of Doing Business Index where Nigeria ranked 145th out of 190 countries.

    He said there was need for effective collaborations among players in the private and public sectors to create an enabling path of growth for the sector and the  nation’s economy.

    He encouraged his colleagues to practise the core elements of property business with integrity – property rights, access to credit, effective governance, rational dispute, financial transparency and appropriate regulation.

  • Obasanjo to govts: make private sector engine of economic development

    Former President Olusegun Obasanjo has urged the government at all levels to see the private sector as the engine of economic development.

    Obasanjo spoke at the weekend in Oleh, the headquarters of Isoko South Local Government Area of Delta State, while inaugurating a new hotel facility, Dantinajo Gold Resort.

    He said the industrial mind-set of the owners of the hotel was an example of mobilising resources for national development.

    The former President also urged government to provide the right kind of environment for operators of the private sector to bring the right kind of investment to the country.

    Obasanjo, who earlier delivered this year’s Synod of the Church of Nigeria (Anglican Communion) in Oleh, hailed the owner of the hotel, Daniel Omoyibo, for mustering the will and resources to put up the investment.

    He said: “Coming here, when you talk of mobilising human and material resources for development, this is a practical example of what we talked about in the church. In the church, we talked about it in theory and spiritually. Now, we have come here and we are seeing it in practical terms.

    “The point is this: the private sector must been seen as the engine of development. In my address in the church, I made the point that the job of the public sector is to provide the atmosphere conducive for the private sector to thrive, and of course, to regulate because knowing human beings as they are.”

    Addressing reporters at the inauguration ceremony, Dantinajo Gold Resort’s Chief Executive Officer Daniel Omoyibo said his vision for establishing the hotels is to reduce unemployment.

    The businessman advised other well-to-do Nigerians to tow his path.

    “I give thanks to God… My main reason for putting up this edifice is to make sure I bring unemployed youths out there and empower them, reduce unemployment in Nigeria, Delta, Isoko and Oleh.

    “I am praying and hoping that other people of means and those who have the resources will also come out to do more of things like this: factories and industries. It doesn’t need to be a hotel. They should just come out to build and empower Nigerian youths.

    “The hotel has 85 rooms: 53 standard rooms, 12 suits and 20 apartments. Some of the facilities here are a swimming pool, a gym, a conference hall, a restaurant and a bar. This Dantinajo Gold Resort is the best hotel in Niger Delta,” he said.

  • Financial literacy and national development

    Let’s think about this –the purpose of education is to prepare children for independent life as adults so that they can add value to society and in return create value for themselves and their families. In the real world, value is measured by many things, the most common of which is money. Money is the currency of the world. Yet, we all go through school with the aim of helping us become functional adults who are financially independent, but we hardly got any formal education in the habits for managing our money and finances properly. All the numeracy, language, science and arts that we study produce doctors, lawyers, engineers and politicians (just to mention a few) who are unfortunately financially illiterate with dire consequences for themselves and society at large. I believe that we haven’t even scratched the surface in getting people to be more financially literate, and this is perhaps because we have not been able to make a strong enough justification for how important financial literacy is and how it supports national development.

    Entrepreneurial development is critical to the large-scale innovation and industrialization that countries like Nigeria need. But, do not be surprised that we are lacking in this area, because our formal education systems have not incorporated financial literacy into the schools’ curriculum. You see in Europe and the Americas; young children as far back as 40 years ago were already setting up entrepreneurship and investment clubs where they were simulating a variety of entrepreneurial ventures. These subjects were taught firstly as after school programmes, but in many countries have now been mainstreamed at all levels. It is no surprise the progress they continue to make while our schools and children are at best being prepped to gather as many degrees and pass as many professional exams as possible to compete for the increasingly fewer jobs available. We cannot see that jobs are driven by entrepreneurship, and entrepreneurship by financial literacy.

    Next is the impact on personal and national savings and investment and the multiplier effect this has on deepening our financial markets, providing longer term financial instruments and credit to an economy in dire need of expansion. Imagine if all the financial institutions in Nigeria were a bit more deliberate about using financial literacy as a tool for client engagement as I did some 16 years ago as a young investment banker. Not only will they meet and surpass their targets (as I did), they will also be contributing significantly to growing our national savings and investment and deepening our financial markets, with a multiplier effect for the economy and society.

    Think about all the capital destruction that takes place on account of poorly conceived and executed businesses in Nigeria. With higher levels of financial literacy, the rate of failure of small businesses will reduce significantly. Financial literacy will equip business owners especially start-ups with all the skills they need to make better and more prudent decisions regarding their personal and business finances that would increase the chances of survival as a business. But it seems everyone is so busy chasing and trying to make money that very few of us are actually sitting back to manage and plan our finances.

    Then, the issues around corruption and greed and the near-worship of money in our society. The crass materialism, conspicuous consumption in the midst of debilitating poverty and the gross ethical violations and financial impropriety that takes place in this country. If people got an education in financial literacy that included the ethics of money – the fact that money is not an end itself, but only a means to a temporal end, then perhaps all of this nonsense that is going on in our society on account of money would have been averted. Think about the Ponzi schemes, prosperity preaching, exam malpractice, vote-buying, voter-inducement, and all the shenanigans that we have seen in our financial markets in the past – all signs of a grossly financially illiterate society.

    Finally, bring it down to the workplace and the home, and the benefits of financial literacy are enormous. Consider the number of employees who are struggling from one pay day to another and the succor they could get if they were more financially astute. Imagine the man-hours we lose to under-productivity brought about by financial challenges – the endless borrowing, loan sharks and debts that families have to endure and the impact on people’s health, well-being and productivity, all because they are not financially savvy.

    What do we need? Firstly, we need to work harder on getting the financial literacy curriculum in schools from our basic to tertiary institutions. It has been in the pipeline for some time and we need to move really faster. Financial literacy is a broad subject and is not just about making money. It includes a variety of areas including the ethics of money which makes it more wholesome. Parents should find books, games and resources and start exposing their children. Finally, organizations need to realize that beyond just paying salaries each month, they need to invest in training and educating their employees on how to manage their finances better – to bolster productivity and ethical behaviour in their organizations.

     

    • Barrow FCA, is a financial literacy advocate and educator based in Abuja.

  • Lagos: Of taxation and development

    Sir: The fourth president of the United States of America, James Madison said that the power of taxing people and their property is essential to the very existence of government. Franklin D. Roosevelt, the only US President to serve three terms also underscored the importance of tax when he asserted that: “Taxes, after all, are dues that we pay for the privileges of membership in an organized society.”

    Scholars of development economics have shed a sea of ink on the issue of taxation and its import to economic development. Amidst the penumbrae of arguments, the central tendency is that taxation is the price people pay for government services. Most often, because of the inherent tendency of people to resist payment of tax for essential services, taxes are compulsory payments individuals make to government.

    Irrespective of the school of thought one belongs, one is doubtless bound to contribute a certain portion of his income to government for the provision of essential social services. Similarly, it is the duty of government to apply such monies in the most efficient way to improve the living standards of the people.

    Since the return of democratic dispensation in 1999, successive administrations in Lagos State have had to contend with the knotty issue of attempting to boost the State Internally Generated Revenue (IGR) through the implementation of a viable and sustainable tax system.

    With about N600 million in 1999, when Asiwaju Bola Tinubu took over, the IGR rose to between N10 billion and N11 billion by 2007 when he left office. With continuing reforms in the internal revenue system, aggressive tax drive, capacity building and professionalism of the Lagos Internal Revenue Service (LIRS), the IGR of the state had by 2015 when BabatundeFashola (SAN)  left office, risen to about N23 billion monthly.

    What has been the secret of Lagos’ economic growth under the current administration is a revenue enhancement reform which has achieved higher IGR and providing a sustainable financial base for bridging the huge infrastructure deficit estimated at over US$50bn. Implementation of financial policy such as widening of the tax net, expansion of tax base, updating/upgrading of databases, improvement of administrative processes and operational efficiencies, among others has so far achieved an average monthly Internally Generated Revenue (IGR) of N34billion in 2018 compared to monthly averages of the last three years.  In could be recalled that in just two and half years, the Lagos State government constructed Abule-Egba and Ajah Bridges among several other capital projects.

    There is vast empirical evidence that taxation correlates highly with economic growth in addition to some spill-over effect on effective service delivery. Lagos is a good example for research work in this direction. At the global level, no economy in history has ever achieved high per capital growth without a sustainable tax system. In fact the advanced capitalist economies depend heavily on taxation in running their economies. In Europe, U.S.A and Latin America, tax evasion is a punishable offence without the option of fine. The global economic power of Japan is Personal Income Tax.

    It is, thus, surprising that many states and local governments still depend their entire operations depend on the statutory federal allocation. It is an aberration that even the federal government still depends heavily on oil. Governments across the country need to borrow a leaf from Lagos State and be committed to expanding their tax net, updating/upgrading of databases, improvement of administrative processes and operational efficiencies of their tax agencies.  What should be of concern to patriotic Nigerians is not so much of paying tax but to enjoin their ministries of finance, the state’s revenue boards and other agencies empowered to administer tax to ensure that monies accruing from it are judiciously used to effect rapid development.

    If properly implemented, dividends of paying tax far outweigh the sacrifices.

     

    • RasakMusbau, Ministry of Information and Strategy, Alausa, Ikeja.

  • Global Exchanges, African Exchanges partner on development

    The World Federation of Exchanges (WFE-the global industry group for Exchanges and central counterparties (CCPs) and the African Securities Exchange Association (ASEA) have signed a memorandum of understanding (MoU) aimed at supporting the development of the wider African capital market.

    The MoU, signed at the ASEA’s annual general meeting and conference in Lagos, commits the partners to support the development of market infrastructures in Africa and, through them, the development of the wider African capital market ecosystem.

    The MoU also aimed at enabling African market infrastructures to develop best practices based on global standards, while remaining appropriate to the needs of the region and nation in which they operate.

    The WFE and ASEA reiterated their commitment to collaborate in developing and implementing programmes and projects, including finding ways to increase the amount of data published by the region.

    Chief Executive Officer, World Federation of Exchanges (WFE), Nandini Sukumar,  noted that WFE’s market development mandate has always been a key pillar of the federation, noting that the agreement with ASEA crystallises the group’s vision to support members in specific regions with targeted activity.

    “We believe that exchanges in Africa will benefit from this focused approach, be it through our technical expertise, capacity building programme, or broader market development assistance to help them meet international standards and best practice. We look forward to engaging more deeply on the topics that matter to African market infrastructures, and further growing our knowledge and relationships in this vibrant continent,” Sukumar said.

    Chief Executive Officer, Bourse de Casablanca and President of ASEA, Karim Hajji, assured that the Association would thoroughly implement the agreed activities of its partnership with the WFE, and translating them into tangible results for the benefit of the two institutions.

    Former President of ASEA and Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said ASEA and the WFE would work in tandem to promote quality market standards, advocate for enabling policies, and support the growth of member exchanges.

    According to him, this partnership will inspire and support African exchanges to unlock greater levels of competitiveness through information sharing and the adoption of best practices.

    “At the same time, we also expect that the partnership will offer WFE members a unique perspective on capital market issues and provide stakeholders in the global capital market with new prospects in the world’s ‘next frontier of growth’. We welcome this opportunity to enhance our value proposition to ASEA members’ and we encourage members of both associations to take advantage of emerging opportunities,” Onyema said.

    The WFE’s priorities and work streams include ongoing work on SMEs, FinTech, cyber resilience, CCP resilience, financial literacy, and sustainability. The WFE has a dedicated Emerging Markets Working Group which has focused on finding solutions for issues such as liquidity, enhancing retail participation, and attracting international investors.

    ASEA is an association of 28 securities exchanges in Africa; its exchanges are home to approximately 1,100 listed companies with a total equity market capitalisation of $1.5 trillion. ASEA’s main objective is to unlock the potential of African capital markets, and enhance the development and global competitiveness of member exchanges.

    Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 200 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of its members, 36.8 per cent are in Asia-Pacific, 42.6 per cent in Europe, Middle East and Africa (EMEA) and 20.6 per cent in the Americas.

    WFE exchanges are home to nearly 45,000 listed companies, and the market capitalisation of these entities is over $82.5 trillion; around $81.8 trillion in trading annually passes through the infrastructures WFE members safeguard at the last count.

    Seven African exchanges, out of a total of 70 WFE members, are full members of the WFE. These include Bourse de Casablanca, The Egyptian Stock Exchange, Johannesburg Stock Exchange, Nairobi Securities Exchange, Nigerian Stock Exchange, Stock Exchange of Mauritius and Tunis Stock Exchange. NSE became a full member of the WFE in 2014 while Bourse de Casablanca became a full member of the WFE in 2010. Five other African exchanges are affiliates. Overall, there are over 35 securities exchanges operating in Africa at different levels of maturity.

     

  • How Nigeria stalls its development

    In 1972, a radical Guyanese intellectual and political activist known as Walter Rodney published a classic book entitled, “How Europe Underdeveloped Africa.” Up to now, the book remains to a large extent, relevant to any discourse on the political economy of Africa from a historical perspective. Nigeria was a geo-polity with sophisticated, world-class socio-economic and political institutions and ideas long before the advent of Europe as from the mid-15th century A.D or thereabouts. The available archaeological/anthropological record is the material signature of these glories. Indeed, such localities as Ile-Ife, Igbo-Ukwu, and Nok had advanced civilisations embedded in profound epistemologies and technologies by all standards of elaborateness.

    But unfortunately, most facets of the superstructure of the Nigerian society were crippled and barbarised during the period when Europe came into relations with the diverse ethnicities in the territory. Slave trade and colonization and by extension, colonialism thoroughly weakened the foundations of Nigeria’s indigenous culture of innovation and creativity including self-reliance. Consequently, indigenous knowledge systems like bark cloth making, raffia cloth productions, iron metallurgy (smelting and blacksmithing) and medicine were gradually abandoned. This situation turned Nigeria into a borrower/beggar/consumer country with the inherent challenges of financial/economic over-dependency on outsiders. The scenario continues up to now.

    It is important to note here, that within about two decades of gaining political independence, Nigeria and most other African countries had started to put their economies in distress, by depleting the foreign reserves. This is very sad! A gross lack of patriotism, unthinkable indiscipline and greed (primitive longing after wealth) were basically responsible for this ugliness.   Such Breton Woods Institutions (BWIs) as the International Monetary Funds and World Bank were/are eager to ‘assist’ troubled Africa. The policy conditionalities associated with their loans and/or grants were /are poisonous pills for the continent to swallow. There is no free lunch anywhere!  Nigerian political leadership needs to appreciate and appropriate this age-long reality.  Up to now, the Nigerian government continues to take more foreign loans that are traditionally mismanaged at the expense of posterity.

    According to statistics from the Debt Management Office, Nigeria’s external debts rose from $10.32 billion in June 30, 2015 to $22.08 billion in June 30. This is exclusive of the new, huge loans from China running into billions of naira for capital projects which may never be completed given our antecedents.  The Nigerian leadership has no space for continuities due to unrestrained politics of bitterness, a lack of respect for the ordinary citizens, maximum corruption, policy reversals, absence of vision and weak institutions. In fact, the central leader is the institution.  His authority cannot be challenged because he is the law, enforcer of law and final judge.  Our leaders out of de-education among other things, have just a faint idea of democracy – a system of government that protects civil liberties and human rights particularly freedom of speech and association.  This is one major reason why peace and progress remain a wild goose chase in the country.

    Having made more than half a trillion dollars from crude oil alone within five decades or thereabouts, the Nigerian political class has no justifiable reason to continue to borrow more loans. Corruption is killing the country slowly!  Infrastructure-deficit remains the defining characteristic of the country’s political culture down the ages. Most of our roads especially from Ibadan to Lagos, Nsukka to Enugu, Ibadan to Akure and Abeokuta to Lagos are simply hellish.  I had a hellish time recently when I travelled from Nsukka to Enugu, where trailers and other types of vehicles were engaging willy-nilly in ‘palongo’ dance. This is the peak of shamelessness. The political class is much more interested in self-aggrandisement than national development. This explains the reason why they continue to embarrass Nigerians even about simple electoral matters. Demons are let loose!

    For instance, why should a former governor continue to take huge pensions and other humongous allowances every month after looting his state treasury blind?  Meanwhile, workers and retirees are penurious in the face of hyper-inflation. The poor quality of life of an average Nigerian today is an index of underdevelopment, a threat to national security. This is what should concern our leaders, not just displaying their photographs and those of the family members in comfortably customised planes, on their way to developed nations of the world where governance is a serious business. African problems can only be addressed properly from within. Nigeria must learn to participate in the international community with extreme caution otherwise the country would be swallowed up by the ravaging stream of modern globalization.  Such issues as climate change, conflicts, epidemiological crises and terrorism can be substantially tackled by trans-regional and/or trans-oceanic approaches. In this regard, Nigeria as a part of the global village has to surrender aspects of its sovereignty to the global socio-economic order, without rubbishing its uniqueness as a country.  Therefore, this country needs very urgently, a Lincoln or a Mandela. Enough is enough! In most cases, the political leaders are merely being driven from pillar to post due largely to their general lack of understanding and in-depth knowledge of the ontology of development within the frameworks of culture, history and international politics.  Uncritical bi-lateralisation and multi-lateralisation are not a panacea for the country’s development crises. Indeed, they are (if poorly handled) a recipe for full-blown neo-colonialism.  No strong excuses for experiencing stalled development after close to six decades of political independence from Britain. According to Leonard and Straus (2003) in their co-written book entitled, “Africa’s Stalled Development: International Causes and Cures,” corruption may not necessarily involve stealing money directly, but often takes the form of using public office with the intention of building private power and accumulating private capital (wealth) whether through business deals, property purchases, concessionary taxes or other means of manipulating public office for personal gains.  Our political leaders have to always remember the multi-facetted character of corruption and examine themselves thoroughly with a view to making amends to an average Nigerian citizen who is always on the receiving end. Electoral irregularities are a good illustration of corruption. It is necessary for the entire continent and Nigeria in particular to reject the Euro-centric notion which claims that Africans are generally brainless and incapable of managing their affairs without being helped by some “super” humans from outside. Another opportunity to choose our political leaders is around the corner. Let all patriotic, right-thinking Nigerians prove to the world especially the West, that Africans are not unthinking! Our remote ancestors scaled great heights in science, arts and engineering. Today’s Nigerians can also be self-reliant once we learn to participate critically in the modern global community and see leadership as a service to fellow humanity and God.

     

    • Prof Ogundele writes from Dept of Archaeology & Anthropology, University of Ibadan.

     

  • IATV targets youths for development

    A new television station is set to steal the hearts of the youths. Impact Africa Television (IATV)

    is out to carve a niche in the broadcasting industry by impacting the teeming youth population through its programmes and the dominant time slot slated for them.

    This was disclosed during the station’s press unveiling in Lagos. The event drew topnotch media practitioners and advertising agencies from across the Southwest.

    The station, which was established three and a half weeks ago, is transmitting on Channel 181 on StarTimes bouquet with its coverage reach in Southwestern states.

    It is promoted by the Metropolitan Broadcasting Services Limited (MBS) founded by Deacon Owolabi Oladejo. Like its sister station, Impact Business Radio (IBR 92.5FM) aka Radio Amutajero, IATV seeks to impact Africa and, ultimately, change the world, even as it to sets to revolutionalise the television industry in Nigeria, it was said.

    “At MBS, we take our social responsibility seriously. Our core target is the Youth population which constitutes a large number of Nigeria’s population. Through entertaining and educative programmes we intend to keep them glued to our station and impact their lives.

    “As you know, IBR is the first and only business radio in Nigeria whose vision is to service the totality of the Being of man. When it was founded, we dedicated too much time to business when we started the Radio Station, but we realised it wasn’t good for business. People tagged us a very “serious station”. So, for continuity sake, we are starting massively with entertainment at IATV. Overtime, we might review. We have our footprint is on the global space on free-to-air Decoders, hopes to go on DSTV and GOtv soon,” he said.

    While calling for partnership, Oladejo said: “The core values of MBS are built on four pillars of Integrity, competence, industry and compassion. We want to impact Africa and we recognize that we cannot do it alone. We seek partners who can help us realise our dream of promoting Africa’s rich heritage to the world. The board of MBS is chaired by former Secretary to Oyo State Government and former General Manager of Oyo State Broadcasting Corporation, Chief Adbisi Adesola mni. Other members include Chief Bamiji Ojo (former Director of Programs, BCOS), Dele Adeyemi (a lawyer and former Director of Commerical Services, BCOS) and  Prince Ropo Ogunwusi (former Chief Technician Officer, OSBC).”

    The media was urged to focusing on more programmes that would impact on the fallen standard of values, especially among the youths. According to the CEO, Africa Hub, Mrs Oluneye Oluwole, “IATV has the responsibility and opportunity of writing new narratives in entertainment, business, fashion and news by projecting the positive values and the rich heritage of Africa to the world”.

    Founder and CEO, Owolabi Oladejo, Metropolitan Broadcasting Services Limited; member of the editorial board, Funke Fadugba; Dean of the Business School, Mr Abiola Alli; Head of Station, Impact Radio, Femi Mapaderun; IATV, Head of Station, Femi Ipadeola; CEO, Africa Hub, Mrs Oluneye Oluwole.

    At the event were member of MBS editorial board, Funke Fadugba; Dean of MBS Business School, Mr Abiola Alli; Head of Station, Impact Radio, Femi Mapaderun; IATV, Head of Station, Femi Ipadeola (who was the event compere).