Thursday, 20 July 2023
Monday, 3 July 2023
Shifting the Base of Nigeria's Mono-Product Economy by Adeyeye Eyitayo
In 1958, Nigeria joined the league of oil producing states in the world. Thereafter, production of crude oil became the major source of government revenue with average production of 2.5million barrels daily. The economy of Nigeria has since then been moulded around proceeds from crude oil to maintain about 65 -70% of government revenue. It generates about 90 per cent of the country's foreign exchange earnings. Thus, the discovery and production of oil pushed agriculture, the traditional mainstay of the economy, right from the early fifties to the backstage. Alas, Nigeria neglected agriculture because of overnight money gotten from crude oil.
Several years down the line, the oil market has suffered notable setbacks, to wit, fall in oil price, fluctuating demand,poor regulatory regime and other market phenomena. It is safe to say that the instability of oil price has been persistent for a long while. Recently, the US Energy information Administration (EIA), recorded that Crude oil prices were generally lower in 2018 than in 2019. But with the outbreak of corona virus in 2020, the price of oil hit its lowest level in 17 years, declining from $59 to $28 per barrel within a month. As it stands presently, oil companies globally can no longer produce in full capacity. Nigeria is currently trading below the Federal Government's benchmark in the oil market. Oil vessels are floating on the sea with no buyer, supply is now more than demand.
It is a public knowledge that the outbreak of Covid19 is such that is crumbling economies of the world and Nigeria is not an exception. As a matter of reality, the mono-product economy of Nigeria even makes it worse. Since the spread of the pandemic in Nigeria, the Government has become restless and short of revenue options. The stay-at-home orders imposed by the government is leading the economy on a slippery-slope as informal businesses and companies have been shut down for weeks. Meanwhile, the most recent estimate puts Nigeria's debt profile at N33 Trillion, still likely to worsen amid the steep decline in revenue associated with falling oil prices. Foreign Investors are now reluctant to hold naira-dominated assets as Naira would not stop falling against the dollar like the wall of Jericho. It was recorded that the Nigerian Stock Exchange (NSE) lost ₦2.3 trillion in two weeks after Nigeria's index case. Little wonder the Federal Government had to cut down the 2020 budget from N10.594 trillion to N10.276 trillion.
The failure to diversify the economy of Nigeria will forever be a serious indictment on successive governments. It is the major reason why the economy remains so fragile and vulnerable to changes in external conditions, especially oil price fluctuations. Each of the past governments deserves to be blamed for this. Nigeria is endowed with several mineral resources and to think that her economy hinges solely on crude oil simply embarrasses logic. Given the present realities, diversifying Nigeria's mono-product economy is the only express way out of the looming recession. Creating several avenues and channels of income generation for the government is now a matter of national emergency and not just mere campaign manifesto. It is time, if not before now, to focus on mining and agriculture. Needful to say that, through agriculture, the three necessities of life – food, clothing and shelter – are made available to man. China, Netherlands and USA remain the largest producers and exporters of agricultural produce in the world. The truth is, demand for agricultural produce is much stable in the world market, given the ever increasing population of the world. There is a dire need for expand in production to meet this global demand.
Read: OAU Final Year Student Sentenced to Jail for Cybercrime
Nigeria is Africa's leading consumer of rice, one of the largest producers of rice in the continent and simultaneously one of the largest rice importers in the world. Nigeria ranks the largest producer of cassava in the world, with cassava production of up to 20% of the world. Nigeria also boasts of large scale cultivation of cocoa, peanuts, cotton, palm oil, corn, sorghum, millet,yams, rubber, just to mention a few.
Read also: Making a Computer Virus is not against the Law - Surya Aezowie
I strongly believe with purposeful leadership, Nigeria can become the food basket of the world. We have the capacity, we have the population, we have all the resources that is required, which is the human capital and that is the best that is needed. Only by so doing we can become an economic powerhouse in the coming years.
Adeyeye Eyitayo is a public interests enthusiast and lawyer. You can reach him at [email protected]
Editorial: A Paradigm Shift in the Right Direction?
Sunday, 2 July 2023
Procrastination and the Flourishing Tree of Difficulties
💫 Procrastination is a willfull/intentional act of postponing, delaying or putting off, especially out of habitual carelessness or laziness because you feel you still have time.
Major causes of procrastination include the fear/anxiety of failure, the quest for excessive perfectionism, lack of focus, forgetfulness, confusion, setting of abstract goals and lack of self confidence. Others have found relation with depression, guilt and stress.
A Procrastinator cannot avoid its attendant consequences. Just like Christopher Parker states that, 'Procrastination is like a credit card: It's a lot of fun until you get the bill'
Its consequences include;
Poor performance, low productivity and shattered dreams. Negative feelings of self defeat and loss of self worth.
Adding to the work load of others
Remember, even your creator detests Procrastination - it's a killer of destiny! A slothful man is a great waster and he cannot stand before great men.
Have you been procrastinating? Glad to inform you that there's a way out. Try to practice these tips, it works;
💥 Get organized: Try to know what you want for yourself.
💥 Set simple and achievable/practiceable goals.
💥 Create a timetable or schedule and set a deadline.
💥 Get rid of distractions and try your hardest to focus. Lay your hands on daily motivational quotes.
💥 Get the hard stuff done first: attack the mountains before digressing to the molehill.
💥 Inform someone reliable about your goal, so that they can observe and check you.
💥 Learn to take reasonable breaks and reward yourself with incentives such as going for a walk, eating a healthy snack, watching a movie or hanging out with friends.
🥀With these, grab at your work! Get things done.🌺
Sunday, 11 June 2023
Barr. Onitayo Joseph Olayemi Felicitates with Speaker, Members of Osun State 8th Assembly
Wednesday, 31 May 2023
THIS 'KUNG FU' UNION NEEDS REFORMS by Jigan
The most powerful nation in the world isn't America after all, but imagination- Zig Ziglar.
Not one or two persons I've said that I'm too idealistic. That I fail to see the true picture of things. That most times what ought to is not what is. Well, while I won't disparage these assertions, my reply has always been that I'm a 'way-forwardist'. That my brain is wired to immediately trace the rot in any society I find myself, after which I immediately set out to tackle these issues. I hardly rant. Name calling and tantrum throwing is not my thing. I just want progress!
The events of the preceding weeks and in fact days have further entrenched our position as a 'gidigbo' and a 'Kung Fu' Union. The latest uprising was incited by a President, who in a flagrant disregard for Congressmen, put an abrupt end to the most powerful gathering of Great Ife Students. Dr. Ibk, in an ostensive display of dictatorial tendencies, decided to prematurely kill a promising Congress, and of course students got irate. Students got mad, the same way a husband will get mad at a wife who suddenly says no more to love making after clothes have been done away with.
It is clear that mob actions don't necessarily bring way forwards and as such they should not be encouraged in any form or manner. I must however say that the mob culture is a culture ingrained deeply into the OAU Culture. A last resort that has obviously brought no tangible result for a while now.
My opinion of the Union was formed right from my early days as an active participant in her dealings. It was clear to me from inception that that our Union needs reforms. It is clear that both constitutional and cultural reforms are salient if this union is to stand the test of relevance. It is conspicuous that so many salient proceedings that have no constitutional provisions have left much to the question, hence the intrusion of constant mob attacks. If the constitution we so cite and uphold was drafted by Students like us some thirty seven years ago, what are we bequeathing to the incoming generation of Unionists? Imagine if we had a constitution with express provisions that "a President shall not moderate a Congress if the Congress is to deliberate on matters pertaining to allegations against him in the performance of his official duties"
One must not however forget that people make up institutions, and that institutions are as strong as the people want them to be. It is apposite to state that mob actions won't stop if Union leaders keep defying and flagrantly disobeying the express wishes of the people. Truth is only people can strengthen institutions.
Lastly, I want to adduce that an orderly society is possible. A society of progress propelled by strong institutions is possible. A seamless Union where constituent parts know their functions and carry them out to the latter is possible. But then, the underlying question is, are we ready to reform this Union, make up to date laws and strengthen our institutions? Or are we content to rant, and rant, and keep fighting 'gidigbo' and 'kung fu'?
Sunday, 28 May 2023
Why Presidential Inauguration is Important to Nigeria
What is Presidential Inauguration?
A presidential inauguration is a ceremonial event that marks the formal beginning of a new presidential term. It is the official process by which a newly elected or re-elected president is sworn into office and assumes the responsibilities and powers of the highest office in the country; just like the Presidential inauguration of Bola Ahmed Tinubu.These are the key elements of a presidential inauguration ceremony:
- Swearing-In: The president-elect takes the oath of office, administered by a specified individual, most commonly the Chief Justice of the Supreme Court. The oath typically includes a pledge to uphold and defend the constitution and to faithfully execute the duties of the presidency.
- Inaugural Address: The newly sworn-in president delivers an inaugural address, which is a speech that outlines their vision, priorities, and goals for their term in office. It often covers key policy areas, addresses the nation's challenges, and sets the tone for the new administration.
- Symbolic Activities: Various symbolic activities may take place during the inauguration, such as the passing of the presidential seal, the presentation of gifts or mementos, and the playing of the national anthem. These activities contribute to the ceremonial nature of the event and hold significant historical and cultural importance.
- Celebratory Events: In addition to the main inauguration ceremony, there are often other events and activities associated with the occasion. These can include parades, concerts, inaugural balls, and other festivities, which provide opportunities for the public to celebrate and engage with the new president.
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| Photo: Buhari during his Presidential Inauguration in 2015 at Eagles Square, Abuja. | Image credit: Getty Images |
Here are reasons why the presidential inauguration ceremony is important for Nigeria:
- Democratic Transition: The inauguration ceremony marks the peaceful transfer of power from one president to another, reflecting the democratic principles upon which Nigeria's government is built. It is a symbol of stability and continuity in governance, reinforcing the country's commitment to democracy and the rule of law.
- National Unity: The inauguration ceremony serves as a unifying event for the Nigerian people. It brings together citizens from diverse backgrounds, regions, and ethnicities to witness the swearing-in of their elected leader. It fosters a sense of national identity, highlighting the shared aspirations and common goals of the Nigerian nation.
- Legitimacy and Mandate: The inauguration ceremony provides a platform for the incoming president to take the oath of office, affirming their commitment to upholding the constitution and serving the people of Nigeria. It bestows legitimacy upon the elected leader, signaling to both the domestic and international communities that they have a mandate to govern and make decisions on behalf of the nation.
- Policy Agenda and Vision: The inauguration ceremony often includes the president's inaugural address, which outlines their policy agenda and vision for the nation. It is an opportunity for the president to articulate their priorities, goals, and plans for addressing key issues such as security, the economy, education, healthcare, and infrastructure. The speech sets the tone for the president's term and provides a roadmap for their administration's actions.
- International Relations: The presidential inauguration ceremony attracts significant attention from the international community. It serves as a platform for diplomatic engagements, as foreign dignitaries, representatives, and heads of state from other countries attend the ceremony. This provides an opportunity for Nigeria to strengthen bilateral and multilateral relationships, foster cooperation, and showcase its political stability and commitment to democratic values.

