Was On TV Again, This Time Commenting On The State Of Nigerian Economy

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Yesterday was a very eventful day for me. Thank God.

My Lagos Business School deal went well. I am on course to being a guest lecturer there this year. I also got a call from Ikoyi Club to send a proposal to train their finance team. Lastly, I was on TV again, which is what I will make this blog post about.

It was a short one but they all said I did fantastic. I was asked to comment on the state of the Nigerian economy via four direct questions:

  1. What do you think about the budget padding issue, allegations raised by Honourable Jubril and how the government is handling the matter? We have laws and clear ways of prosecuting crime and abuse of office. I am with the government in their investigation of the allegations, just that the method they are using is not the right one. This is an economic crime and not a security issue, why involve DSS? Also, there is too much mud throwing in the public media by the different House of Rep members. They are washing their dirty linen in the public and making an ugly mess of the whole matter. The allegations should be investigated using the proper means and only verified information should be spilled in the public media.
  2. What do you think about the corruption fight in Nigeria? Is it transparent or just directed to one area? It is good we are fighting corruption but everyday it's the same set of people EFCC and the authorities are going after. Nigeria is not a family owned business. No one should let his sentiments supersede our collective need. Why should they use up the nation's resources and crime agencies to pursue personal agendas.
  3. What do you think about the economy? The economy is in a terrible state. Recently, the CBN raised the interest rate (MPR) from 12% to 14% and that is definitely going to spread negatively to everyone. The banks will raise the rates on issued and new loans; businesses will have it tougher, and in a matter of weeks we will all feel the full impact. I understand that the CBN is trying to curb inflation. But the economy also needs some boosting. The policies that are meant to enable that boosting are not being implemented even when they are made. There is too much red tape and the government is making things worse.
  4. What do you think about Nigeria being in a recession? In business, life, and even as a nation, there will be ups and downs. We are currently experiencing a down but it will pass. The only problem is that rather than our government helping us to get out the down, they are making things worse.
I said a lot more, but those are the summary.


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