Dreaming of Wakanda

Data is the new oil. This phrase has become a cliché now but it goes without saying that data is the most valuable resource in the 21st century, and it is essential for economic growth and development. Nigeria is a data-rich country, but it is not yet harnessing its data potential to the fullest. What does that mean for the Nigerian economy? Well, put it this way, without having a thorough and objective understanding of the root causes of the socio-economic challenges that persist in the country, policies and strategic assessments will continue to be ineffective. Strategic decision making will continue to be biased and tinged with sentimentality.  In short, harnessing data effectively can help Nigeria to achieve its economic goals. Data can be used to improve decision-making, boost productivity, and create new jobs. It can also be used to improve the delivery of public services, reduce corruption, and make the economy more inclusive.  However, Nigeria also faces a number of ch...

  Nigeria, often called the "Giant of Africa," boasts a wealth of resources, a burgeoning youth population, and a vibrant culture. However, years of economic mismanagement has meant it has failed to fully achieve its potential. With a massive infrastructure deficit (approximately $3trn), underperforming real sector, seemingly insurmountable debt profile and strained fiscal position, the government alone cannot solve the array of economic issues plaguing the sleeping giant. However, according to a report by global consulting firm McKinsey & co. , Nigeria has the potential to be amongst the top 20 global economies with a size of over $1.6trn by the year 2030. One of the ways to achieve this is by Nigeria looking to its capital market - a powerful tool that can be utilized to propel the nation towards economic prosperity. This article will explore the economic importance of harnessing the capital market in Nigeria. It will delve into what the capital market is, its role in e...

Imagine a Nigeria where dreams are nurtured, businesses flourish, and innovation thrives - all made possible by a robust credit framework. Credit is the lifeblood of any free market economy, fostering investment, innovation, and entrepreneurship. It fuels the engine of growth, allowing individuals and businesses to take calculated risks, expand operations, and contribute to overall economic prosperity. A robust credit system not only enables access to capital but also empowers dreams, creating a positive ripple effect throughout the society. The credit system is like a financial bridge, connecting those who have excess capital with those who need it to invest, grow, and create opportunities. In Nigeria, however, this bridge has shown some cracks, affecting individuals, businesses, and the entire economy. The stark reality is that our credit system is marred by challenges that require collective wisdom and strategic action. This article aims to shed light on the current state of Nigeria...

  As we navigate the intricate tapestry of Nigeria's economic landscape, a profound concern emerges. We witness it everyday but typically turn a blind eye to it as it has become ingrained in our actions and attitudes – the lurking shadow of mediocrity. This pervasive issue holds back our nation's progress, stunts its growth, and undermines its potential to flourish. Mediocrity, often camouflaged as complacency, is a formidable foe in our quest for economic prosperity. It stealthily permeates education, infrastructure, governance, and beyond, weakening the very fabric of progress. In my previous article, we discussed the benefits of meritocracy and why it is pertinent for economic growth. In this article, let's examine the economic cost of mediocrity in Nigeria, exploring its impacts on the education system. By understanding the consequences of accepting mediocrity, we can collectively work towards a brighter future for Nigeria. The Unseen Cost of Mediocre Education Educatio...

  In the vast expanse of Nigeria, a nation brimming with potential, the quest for sustainable economic development has been an ongoing endeavour. Having fully implemented democracy since 1999 and consequently capitalism as an economic system, it has not fully translated to exponential economic development as envisaged. This may be due to a refusal to fully embrace an approach that holds the key to unlocking the country's prosperity - the concept of meritocracy. There is a growing body of evidence that suggests that meritocracy is essential for economic development. Countries that are more meritocratic tend to have higher levels of economic growth, innovation, and productivity. This is because meritocracy encourages people to develop their talents and abilities, which leads to more efficient allocation of resources and increased economic output. By establishing a society where merit is the primary determinant of opportunity and success, Nigeria can create an environment that nurture...

  Since the return to democratic governance in 1999, Nigeria has undergone significant economic reforms and policy changes. The middle class has played an active role in that process, advocating for good governance, accountability, and economic development. The rise of the telecommunications sector and the expansion of the banking & financial services, along with more recently the technology industry, created new opportunities for the middle class, including employment, entrepreneurship, and investment. However, the worsening economic situation in Nigeria has seen spending power curtailed and disposable income eroded, leading to a reduction in the size of the middle class. This has been exacerbated by an exodus largely to Canada, United States, United Kingdom and Australia in a term colloquially known as "japa". Japa (pronounced "jak-pa") is a Yoruba word that means to run away from danger and has popularly encapsulated the general sentiments of the youth in Nig...