Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

Wednesday, April 8, 2020

The Political & Economic Implications of the COVID-19 on Developing Countries.

"...while developing countries, including Nigeria, have recorded relatively lesser cases so far, there is a tendency that they could be hit hard by the disease.

On the economic impact of the disease, Zakaria said owing to the drop in the demand for oil globally, the implications for countries like Nigeria could be “political turmoil, refugees, revolutions, crackdowns, maybe terrorism. All of these might happen on a scale we haven’t seen for decades...”.

Saturday, July 1, 2017

Nigeria as a Nation in Stagnation.

Right now, Nigeria, (the giant of Africa and the most populous Black nation in the world) is practically in a state of stagnation. The economy is crawling. Inflation is galloping. Power supply is "epileptic". Security is almost non-existent. Kidnapping-for-ransom is the order of the day. Legislators are busy acting like spoilt brats. Cabinet ministers are now as good as glorified office boys. And even the president is nowhere to be found. Yet, Nigerians albeit, the reasonably comfortable among them, are stressing themselves silly by arguing over some mundane stuff and, especially a recent speech made by the now foreign-based president.  
In a reasonable environment, a terribly sick president such as Mr. Buhari, would have resigned his appointment and allowed his Vice President to take full charge of the nation. But not in a nation like Nigeria where selfish interest comes before national interest. And sadly, the president is surrounded by several selfish individuals who believe that their aid personal interest will be better served if the president remains in office, irrespective of the condition of his health. In the process, the nation can go o blazes for all they care. 
This state of affairs does makes one wonder sometimes if there are (or were some sins) that Nigerians have committed and, for which, they are now paying. The economic situation in the country has reached a critical stage. In the meantime though, the few individuals with ill-gotten wealth are busy flaunting it at every opportunity while the poverty-stricken masses look on helplessly.

Monday, November 14, 2016

Most Nigerians, Kenyans and South Africans Believe Their Lives will Improve.

Most people in three African countries have an optimistic outlook despite continuing anger at corruption and economic woes, a survey has found. South Africans, Nigerians and Kenyans all say healthcare and education will be better for the next generation.

More than three-quarters also say that young people who want a good life should stay in their countries rather than emigrate, the Pew report found. The research agency interviewed 3,330 respondents for the study.
Political engagement: Respondents reported high levels of political engagement, with majorities saying that ordinary citizens could influence their governments if they make the effort. More than half said they had voted in the past year or at some point in the past - roughly the same level as in the US. 

Economy: About 70% of people in South Africa and Nigeria - sub-Saharan Africa's two largest economies - say their economies are in bad shape, along with just over half of Kenyans. Large majorities in all three countries also said a lack of jobs was a big problem. But despite this, most believed that the economic outlook would improve in the next year.

Corruption: Only a third of South Africans believe there will be less corruption when today's children are adults. Most South Africans, Nigerians and Kenyans believe that their countries are only run for the benefit of a few groups of people. The majority of respondents say inequality has become worse and about two-thirds say many jobs only go to people who have personal connections. 
Most expect this sorry state of affairs to continue - only a third of South Africans and Kenyans believe there will be less government corruption in their countries when today's generation of children are grown up. However, Nigerians are more optimistic, with almost two-thirds saying today's children will face less corruption.

Food and education: Beyond the general findings, Nigerians said food supply and energy shortages were their top priority. The charity Save the Children says up to half of all children under five are malnourished in some parts of north-eastern Nigeria, which has been wracked by an Islamist insurgency. 

In South Africa, where students have been staging the biggest student protests since the end of apartheid, education was a big issue. The number of people concerned about poor quality schools had increased sharply since the previous year's survey, Pew said. However two-thirds said they were confident things would be better for future generations.

Divided societies: The headline findings mask differing outlooks between the various groups of people making up South African, Nigerian and Kenyan society. In South Africa, black people were the most optimistic group, with 69% saying they thought the economy - and their own personal finances - would improve over the next year compared to just 46% of white people and 30% of mixed race people. 
Nigerian Muslims were more optimistic about the economy: They also had more confidence that healthcare and education would improve, were less cynical about how government was run and were more likely to believe staying in the country was the best route to a better future.

In Nigeria, Muslims were more upbeat about the economy while Christians were more likely to identify inequality as a major problem. More Christians and fewer Muslims said they thought government was run for the benefit of special interest groups after Muhammadu Buhari, a Muslim, replaced Goodluck Jonathan, a Christian, as president.

In Kenya, people in the Kikuyu and Kalenjin ethnic groups had a more positive outlook than those in the Luhya and Luo ethnic groups. All Kenya's presidents since independence have been either Kikuyu or Kalenjin.

Where do Africans look for inspiration: Many Africans said they admired China's embrace of technology. When asked by Pew for models of economically developed countries to emulate, most respondents cited the US and China, but for different reasons. In Kenya, where concern about government corruption was particularly widespread, 36% of respondents said the US was the best model because of its mode of governance and low levels of corruption. Only 15% cited China as the best example to follow.

In South Africa, 27% of respondents said the US was the best example of an economically developed country, slightly more than the 22% who chose China. And in Nigeria 28% of people cited China as the best example against 25% choosing the US. Those looking to China said they admired the country's embrace of technology, manufacturing sector, level of exports and strong work ethic.

Courtesy BBC NEWS.

Friday, November 7, 2014

American Mid-term Elections Results: The Real Losers.

There is a popular adage by the Yoruba (in Africa) that says: “Ticks always think they are killing a dog when, in reality, they are actually committing mass suicide.” This is because when the victim of ticks (dog) dies, all the ticks in its body will also die from starvation. This adage aptly describes certain categories of people who did not vote during the American Mid-term elections.

It’s safe to state here that the outcome of November 4th's elections amounts to a repudiation of President's Obama's policies. Yet, it's not because the policies were bad in themselves but because a large number of people refused to exercise their rights to vote. According to the news, there were poor turn-outs of voters in many states. But what are the implications of the Republicans' success at the polls and their control of both houses? Here are some examples:

1). The Affordable Care Act otherwise known as the Obamacare, which provides medical insurance for those with none, is in immediate jeopardy.

2). The proposed immigration reform act aimed at protecting those immigrants who are staying illegally in this country. This especially applies to those young people who (through no fault of theirs) were brought to this country as kids. This reform may soon end up in a trash can inside the congress chambers.

3). And lest I forget. There are those who are termed low-income people and living on “welfare” and food stamps (which the Republicans often call government’s "handouts") and those on subsidized housing benefits (section 8) may have to stay at alert henceforth. These are stuff that the Republicans hate and they may subject them to an urgent “reviews” soon.

Ironically, all of these things are likely to be repudiated because many of those who are benefiting from them refused to go vote! So, it was not President Obama or the Democratic candidates that lost. The real losers were the beneficiaries of the current dispensation.

 

Saturday, August 4, 2012

My Life and Some of its Ironies.

It was early March, 1995. I had gone to visit a friend who, like me, was among the hundreds of staffers laid-off by our former employers. It was his wife that opened the door. After exchanging some pleasantries, the woman called me aside and started to whisper,

"Weren't you among the people laid-off?" she asked.

As I nodded in response, the woman stared at me all over and wondered, "But how come the effect doesn't show on you..."

"The effect of the job loss?" I asked.

"Yes..." she said. "You're always looking very calm and cool like a cucumber..."

I smiled and informed her that it was not easy coping without a job but the grace of God had been sustaining me.

"Really?" she moved closer to whisper all the more. "Ah...my husband is taking this matter too badly. Can you please talk to him?"

Once again, I nodded, promising to talk to the man as soon as I got into the house.

The following day, another former colleague visited me and as I observed his emotional turmoil, I gave him some words of advise. A week later, the same man came to thank me for changing his outlook toward the job loss. And as I waved off the man's gratitude, he went on to ask for a favor. I thought he wanted money. But he said as a fellow member of the Baptist denomination, he would like me to come address members of the Men Missionary Union (M.M.U) of his church. I protested immediately, saying I was neither a pastor nor deacon to be talking to people in a church. But he kept pleading that so many members of the church had lost their jobs and if I could just talk to them as I did to him...blah...blah...blah. The following week, I was at the church auditorium to say precisely what I said to my friend. And that was it! I was surprised by the huge response of the men afterward. A few days later, I got a special, highly emotional "Thank you" note from the church's pastor for "saving" a large section of his congregation from misery and depression. All the fuss over just a mere pep talk! Anyway, I shrugged it off as just another exaggeration some people would demonstrate over a little thing.

A couple of weeks after the loss of my job, I was surprised to get a special invitation from the Board of Directors of a community bank. I was offered the job of Manager and Chief Operating Officer. Upon my resumption for duty, one thing that struck me was the personality of my secretary. Patience was stunningly beautiful! Describing her here could take a whole page. Almost everyday, several customers would insist on seeing me for one petty stuff or the other until I realized the real reason. They all actually wanted to feed their eyes on the beauty of my secretary. And after just one visit, a couple of my friends resorted to coming almost every other day "just to say hello" to me until I got to know their actual reason. Patience was not just all beauty. She also was well-educated with a Higher National Diploma (HND) in secretarial studies. Out of curiosity, I went through her personnel file. There, it was stated that she was previously working with a highly reputable commercial bank. I now called her into my office to ask why she left such a big bank to come work in a community bank. If her beauty stunned me, her personal story knocked me down emotionally.

She started by acknowledging the frequent commotion her beauty generated everywhere including the bank. To her, it was not a new thing except that her beauty had been a curse, not a blessing. According to her, at the age of 28, she would have been long married but for her beauty. Men would never let her rest with love advances. From married young men to those men who are old enough to be her grandfather. Everyone of them was dangling huge amounts of money and gifts. But in return, she knew that they all were interested in only one thing. Her relationship with each of the few young bachelors who showed interest in her could not last due to the terrible sense of insecurity exhibited by them. One man went to the extent of telling her that he would not live long if he married her because he would suffer from constant high blood pressure any time she was out of his sight. The most interesting thing I noticed in Patience was that she was very highly principled. She would politely thank each married man, including my friends and the silly old sugar daddies for their interest but would say no. Indeed, she had to resign from her previous job at the big bank because every top shot, from General Managers to the CEO, wanted to date her.

"So oga (boss)..." she concluded. "Do you now see my predicament because of this useless beauty? Young eligible bachelors are too insecure to marry me while the married men and especially the dirty old sugar daddies only wanted to satisfy their sexual curiosity."

Hearing her story was a new experience for me in all of my life. I heaved a deep sigh and finally asked if she believed in God. She said yes. Then, I started to talk to her, giving suggestions and words of caution here and there on what to do about her situation. In a nutshell, I let her identify one singular fact; that having the right man in her life was and would never be a problem but letting the man feel secure and comforted by her inner qualities in addition to the outer beauty was the major task she had to accomplish. To this end, I made some all-encompassing suggestions to her on the urgent need for a strong focus on new social/moral orientations and attitude. To cut a long story short, it took just a couple of weeks for both of us to see the overwhelming result of the "little" project.     

And then came the ironies:

First: Patience started seeing me in a different light and treating me with some "holy" deference as if I had suddenly become one of the "Nigerian funky pastors" or some demi-god. There was also her fiance (a lawyer who I teased by calling him a first-class eligible bachelor) who began to address me as "daddy" despite my correcting him several times that I was only a few years older than him. And even her parents wrote to thank me for the "great miracle" I performed in the life of their daughter.

Second: My secretary approached me one Monday morning to ask which church I was attending. And when told, the poor lady felt disappointed and loudly exclaimed "...so, you're going to one of those old churches instead of a Bible-believing church?" My response to her rhetoric would fill another 2 pages here. But she never made that statement again.

Third: I later got a much better job at Shell Petroleum in Warri (that's another story entirely) and had to leave the community bank. Obviously, Patience had given some "testimony" to some staff. During the send-off ceremony, the Chief Cashier called me aside to say she would like to come see me for some "spiritual" assistance in solving a "serious" personal problem. As the woman rambled on and on, I looked around for my secretary who, on meeting my gaze, quickly turned away to dash into the nearest restroom.