The Pension Industry as a Catalyst for Economic Growth

The Pension Reform Act 2004 was one of the most important legislations of the last two decades. It completely transformed, the then, stagnant pension industry that catered for only a minority of employees into a vibrant and growing industry for all Nigerians. From modest beginnings in 2005, the industry has grown to be an important…

A fiscal mess

The working relationship between the 9th National Assembly (NASS) and the Executive branch has been good and two of the benefits are a return to January to December budget cycle and enactment of a Finance Act, which improves current tax laws. However, the good relationship can’t seem to get the Federal Government out of its fiscal…

Financing Nigeria’s Development

Nigeria is a poor country and yet it does everything it can to repel investors. With a few exceptions, investors are treated with indifference, bordering on contempt, by both the political class and civil servants. The indifference displayed by our leaders when dealing with potential investors would have been laughable, but for the fact that…

Poverty in the middle of plenty

Poverty is so perverse in Nigeria that it is no longer news that millions of Nigerians live on the margins of existence, eking out barely liveable incomes on a daily basis. What is news is that over 87 million Nigerians currently live in extreme poverty and Nigeria now accounts for 11.7% of the global extremely…

The impossible trinity

In the last few weeks Nigerians, who have had any need for foreign exchange, have been grappling with the consequences of the Central Bank of Nigeria’s (CBN) attempt to defy the impossible trinity. As the Naira continues to tumble against major currencies, the CBN realised, as it did in the past and others before it…

Made in Nigeria

The quest by Nigeria to transform its economy from one dominated by export of primary resources to an industrialized one, with a diversified source of foreign exchange and government revenues, began after independence in 1960. In pursuing industrialization, Nigeria adopted state-led Import Substitution Industrialization strategy in the 1960s and 1970s. The 1980s saw the implementation…

Transforming Agriculture

President Muhammadu Buhari has made transforming agriculture a centre piece of his economic strategy. The president got it right because agriculture holds the key to Nigeria’s economic breakthrough. But is his government implementing the right policies and programs that will unleash the productivity gains that Nigeria desperately needs? Agriculture is important because it provides the…

Reimagining Nigeria’s Economic Strategy

The economic fortunes of Nigeria have long been dependent on the price of crude oil and continue to this day to be intertwined and affected by its increasing volatility. Despite the opt repeated aspirations of the government to diversify export earnings from oil and gas, these natural resources still account for over 90% of Nigeria’s…

NLC: Now is the time to say goodbye to subsidy

The Nigeria Labour Congress (NLC) called on its members and the public to embark on demonstrations and strike actions to protest the increase in price of petrol and electricity tariff from Monday 28 September. I call on NLC to call off the actions as this is not the time for protests but a time to…