If African regulators do not respond with intent, programmable dollars will become the de facto monetary base of the continent’s digital economy. The only question left is whether we will build local stablecoin frameworks or cede control of our liquidity to private U.S. issuers.

From FX Volatility to Digital Currency: A New Monetary Policy for a Digitally Dollarized Africa

When I wrote my undergraduate thesis on dollarisation and FX volatility in Sub-Saharan Africa, the battleground was simple: cash and bank deposits. Today, that same phenomenon has gone digital.

According to Chainalysis, from July 2023 to June 2024, stablecoins accounted for 43% of all crypto transaction volume in Africa, driven largely by Nigeria’s inflation crisis and the failure of domestic currencies to serve as reliable stores of value.

For context, under IMF definitions, a highly dollarized economy is one where the ratio of foreign currency deposits to broad money is in excess of 50 per cent. Countries like Angola (66%), DRC (80%), and Zimbabwe (>90%) have long been “highly dollarized.” (IMF, 2017)

Now, that same dynamic is migrating onto the blockchain. Only this time, it is faster, more liquid, and far harder to regulate.

Stablecoins, notably USD-backed giants like USDT and USDC, are rapidly gaining traction across the continent. These digital instruments are not merely supplementing; they are, in effect, fast-replacing the cumbersome, costly system of correspondent banking, “the nostro/vostro accounts”, for cross-border and even domestic transactions.

To understand the stakes, let’s simplify the different stable currencies you may have heard.

• Central Bank Digital Currencies are issued by a central bank, making them a direct liability of the state with the highest credit quality, just like physical cash.

• Stablecoins are issued by private entities, making them a liability of a company, not a country. They are, however, designed to maintain a stable value, usually by being pegged to a fiat currency like the US dollar and backed by reserves.

That difference is more than technical. It is sovereign. When African merchants use USDT to settle cross-border trade, they are effectively transacting in dollars backed by the U.S. Federal Reserve’s influence, not their local monetary authority. Over time, this means domestic central banks lose visibility, control, and policy leverage over growing slices of their economies.

While many Central Banks (CBs) still struggle to meet traditional foreign exchange demands, this rising tide of digital dollarization presents a far more complex and urgent problem. African regulators must recognise this shift: fighting this innovation is futile. The path forward lies in strategically embracing it to build a localised, resilient financial infrastructure. Maybe not solely by creating central bank-backed digital currency, which is the same as fiat and does not solve the underlying thirst for dollarisation, but as a much more collaborative local solution that aims to reduce the burden of dollar hegemony.

Why People Choose the Digital Dollar

Let’s be honest. People are not choosing stablecoins because they are crypto enthusiasts. They are choosing them because local money does not work. Two things drive stablecoin adoption:

• Inflationary protection — a stable store of value.

• Global accessibility — a way to trade and move money freely.

Until African currencies can deliver both, citizens will keep opting out. But we do not need to create a new global reserve currency. We just need to fix regional interoperability. This brings us to a critical strategic divide for African monetary authorities. If we cannot match the US in offering a globally accessible, stable reserve asset, we must pivot our focus.

The Case for a Local Response

The local mandate is not to build a global haven but to solve regional trade settlement. I do not need the Ghanaian cedi in Nigeria for everyday use, but I absolutely need a reliable mechanism for continental trade. African regulators should therefore focus on two critical initiatives:

• Solve Local Interoperability: Today, to process money between, say, Ghana, Kenya, Nigeria, and South Africa, you need to first route through New York. We need to create interconnected regional rails for fiat currencies and stablecoins that are open and globally accessible, eliminating the need for continental nostro/vostro reliance on external banks.

• Leverage Abundance: Back local stablecoins not just with scarce USD reserves, but with regionally abundant assets such as commodities, SDR baskets, or intra-African FX pools to give them intrinsic, diversified value.

  If designed well, this approach could anchor a continentally resilient digital monetary system, built on African liquidity rather than U.S. IOUs.

We need to build local Layer 1-3 infrastructure and regulatory frameworks that encourage this internal ecosystem, rather than concede the entire digital monetary landscape to foreign actors.

The Monetary Policy Paradox

As we drive this shift towards local and regional stablecoins, we must introduce a crucial warning: the drive for digital innovation must not inadvertently create a new and unpredictable inflationary pull.

The mechanism for managing monetary policy cannot be ceded to the market alone. If the issuance of stablecoins is not managed within a clear framework, we risk further decoupling control and failing to solve the underlying structural inflation problems.

The challenge is to embed monetary policy into code.

Today, central banks manage liquidity through measures of money supply — M0, M1, M2, M3, and M4 — each representing different degrees of liquidity. But where do digital assets fit into this framework? It is time to redefine money. For non-economists,

• M0 is called reserve money. Currency in circulation + Bankers’ deposits with the central bank + ‘Other’ deposits with the central bank

• M1, popularly called narrow money, includes the most liquid forms of money, such as cash, demand deposits, and traveller’s cheques. It is currency with the public + deposit money of the public.

• M2 includes M1 plus less liquid forms of money, such as savings deposits, time deposits, and money market funds. It is considered a broader measure of money supply than M1.

• M3 includes M2 plus large time deposits, institutional money market funds, and other forms of less liquid assets. It is considered a broad measure of the money supply.

• M4 includes M3 plus all other forms of deposits, such as certificates of deposit and commercial paper. It is considered the broadest measure of money supply.

Central bank money is designated as M0 in money supply data, whereas commercial bank money is separated into M1 and M3 components. Post-office deposits are also included in the M2 and M4 components.

The advent of digital assets—stablecoins, programmable stablecoins, and Central Bank Digital Currencies (CBDCs)—demands a re-examination. Where do these digital forms of value sit in the established M-definitions? It is time for economists and central banks to debate and potentially rewrite the definitions of money.

Rewriting the Rules: Towards an M5 for Africa

I propose we begin exploring an M5 definition of money, a new classification of money supply that includes programmable, privately issued digital assets such as stablecoins within the broader monetary ecosystem. It could broadly be defined as M4 plus certain private digital assets (e.g., algorithmic and programmable stablecoins, minus CBDCs and asset-backed stablecoins).

The real innovation, however, lies in its governance. M5 would recognise that value now moves on smart contracts, not ledgers. It would also allow central banks to regulate issuance, monitor flows, and set algorithmic parameters that link digital liquidity with real-world monetary goals.

Imagine a clearing system where smart contracts mint or burn stablecoins based on transparent consensus rules among central banks, clearing houses, and validators. Think of “gas fees” functioning as a new kind of digital interest rate, an automated lever to manage liquidity and reward network participants. These fees would incentivise miners (the public users) and validators (financial intermediaries) to secure the network, providing the CB with a digital-native lever to manage liquidity. This architecture must be explicitly designed with a clear view of the monetary policy trilemma: inflation, exchange rates, and interest rates.

The Continental Vision

A programmable, interoperable pan-African stablecoin, governed under an M5 monetary framework, could finally make the dream of an integrated financial bloc real.

Picture this: a Nigerian visiting Ghana pays with a Ghanaian stablecoin, seamlessly accepted across local banks, DeFi platforms, and point-of-sale systems, with no bureau de change and no FX headaches.

Behind that simplicity lies a digital clearing house that links every central bank and payment switch on the continent.

This is what financial sovereignty looks like in the 21st century. Not isolation, but interoperability on our own terms.

Africa does not need to fight the stablecoin revolution. It needs to lead it, intelligently, locally, and collaboratively. Because if we fail to define our own digital monetary architecture, we will wake up to find that our money, our liquidity, and our policy tools are no longer ours at all. The choice before us is not CBDC or Stablecoin. It is Build or Be Ruled.

By embracing the stablecoin revolution and strategically defining its place within our monetary framework, Africa can move beyond the pitfalls of dollarisation and build a robust, localised, and globally accessible financial future.

Author’s note: This piece draws inspiration from my earlier academic work on dollarisation in Sub-Saharan Africa, reimagined for a world where value now moves at the speed of code. Special thanks to the team at GhIPSS and to regional innovators proving every day that Africa’s financial future can and must be built in Africa.

This audacious claim, meant to inspire confidence, seemed to backfire when the article link was shared on a platform by a mentor. Dozens of people, current and former customers of Tizeti, quickly began writing their reviews. Unfortunately, for a company looking to attract public investment, none of the comments were positive. The online discourse painted a stark picture of a market filled with unsatisfied customers. Comments ranged from complaints about the bad work culture of its engineers and non-existent customer service to delayed installations, scrappy service quality, and almost 40% downtime. I have personally witnessed this abysmal service and had to involve the NCC and FCCPC in a lengthy email exchange before my service was finally restored.

Real Issues of ISPs in Nigeria beyond Tizeti

Despite these significant issues, it's important to acknowledge that while not excusing some of the company's misgivings, Nigerian ISPs face a bigger, systemic problem compared to their counterparts in more developed markets. If you speak to most customers of Tizeti's competing brands, you will most likely hear very similar remarks. Frankly, the challenges with fibre internet in Nigeria are largely an infrastructure problem stemming from government planning, rather than solely the fault of these new providers.

For instance, in the UK and the US, internet service providers were able to significantly leverage pre-existing, extensive telecommunications infrastructure. This included the copper lines used for traditional landlines and the coaxial cables for cable television, networks that had been built out over decades. While these legacy systems were not initially designed with fibre optics for every home, they provided a robust, ubiquitous foundation upon which broadband services could be layered and progressively upgraded. New fibre deployments in these markets often represent an evolution of existing infrastructure, connecting to established poles, conduits, and rights-of-way.

In stark contrast, Nigeria largely lacks this foundational, nationwide telecom infrastructure. This forces providers like Tizeti and other local ISPs to build these critical networks themselves from the ground up – a colossal and capital-intensive undertaking. This significantly inflates operational costs, which often translates to a much higher cost per megabyte for the end-user. According to some reports, while mobile data in Nigeria can be relatively cheap at around $0.39 per gigabyte, fixed broadband costs can still be substantial for many households. Beyond the financial burden, ISPs here also contend with immense logistical hurdles. Securing Right-of-Way (RoW) permits is a major obstacle, often riddled with bureaucratic delays and inconsistent, exorbitant fees across different states. This bottleneck alone can delay or outright abandon infrastructure projects.

Furthermore, security remains a critical concern. Vandalism and theft of telecom equipment, often by unofficial "rent seekers" and hoodlums, are rampant. It's a common sight to see fibre cables from different ISPs precariously hanging on power poles, sometimes broken due to a truck running into them, or cut into pieces by lawnmowers, or damaged by excavation work directly impacting underground lines. In 2023 alone, over 50,000 incidents of cable cuts were recorded, with about 30,000 linked to road construction. These disruptions not only lead to downtime for customers but also drive up operational costs due to constant repairs and replacements. Power supply instability is another massive headache, compelling providers to invest heavily in alternative power sources like generators and solar panels, adding further to their expenses.

These are just some of the multifaceted factors that make operating as an ISP incredibly challenging in a market like Nigeria. The current national fibre backbone stands at around 35,000 km, a stark contrast to the vast needs of a population estimated at over 220 million, with internet penetration around 45.5% at the start of 2024.

The Future of ISPs in Nigeria: A Tumultuous Road Ahead

The Nigerian ISP landscape is undergoing significant shifts, with both daunting challenges and emerging opportunities:

1. Government Intervention and Broadband Targets: The Nigerian government, through the National Broadband Plan 2020-2025, aimed for 70% broadband penetration by the end of 2025. As of May 2025, broadband penetration stood at approximately 47.73%. While this target seems increasingly unrealistic, there are concerted efforts to bridge the gap. The government, with support from development partners like the World Bank ($700 million funding injection), is planning to deploy an additional 90,000 km of fibre optic cable from Q4 2025. This ambitious project aims to expand the country's fibre backbone from 35,000 km to 125,000 km and potentially reduce internet costs by over 60%. This initiative, structured as a Public-Private Partnership (PPP), is crucial for enabling deeper penetration.

2. Competition from Mobile Network Operators (MNOs): While smaller ISPs like Tizeti are focused on fixed broadband, the major MNOs (MTN, Airtel, Globacom, 9mobile) dominate the overall internet market. They collectively boast over 132 million subscribers (as of Q3 2024 for mobile internet), significantly overshadowing the roughly 262,206 subscribers served by the 106 active smaller ISPs. MNOs are increasingly deploying their own Fibre-to-the-Home (FTTH) solutions, leveraging their existing large-scale infrastructure and market dominance. This creates intense competition, sometimes leading to "predatory pricing" that small and mid-tier ISPs struggle to match.

3. The Starlink Disruptor: SpaceX's Starlink has rapidly emerged as a significant player since its launch in 2023. By the end of 2024, Starlink became Nigeria's second-largest ISP, with 65,564 subscribers, surpassing many traditional fibre providers. Its appeal lies in its ability to offer high-speed connectivity (up to 250 Mbps) in remote and underserved areas where terrestrial infrastructure is non-existent or unreliable, bypassing the typical RoW and last-mile challenges. While its pricing remains premium and it faces regulatory hurdles and capacity issues in major urban centres (leading to temporary sell-outs in Q4 2024/Q1 2025), Starlink's growth underscores the immense demand for reliable internet, and its satellite-based approach offers a genuine alternative that could pressure traditional ISPs to innovate or collaborate.

4. Consolidation and Survival: The ISP market is fragmented, with many smaller operators struggling with steep operating costs (energy costs up 250% in the past year, CapEx up 200% due to forex). This pressure is leading to a shrinking number of operational ISPs, with 12 companies failing to renew their licenses recently. Experts predict that many small-holders will "fizzle out," while mid-sized players might consider mergers to survive the "onslaught of predatory pricing" from MNOs. Regulatory environments that encourage mergers and provide protection could be vital.

5. Investment and Innovation: Despite the challenges, the sheer size of Nigeria's market and its growing digital economy potential continue to attract investment. The Minister of Communications, Innovation and Digital Economy recently announced that Nigeria expects to receive $3 billion in telecom equipment and fibre optic infrastructure by June 2025 from partnerships with the World Bank and others. This investment, alongside initiatives like the National Broadband Alliance for Nigeria (NBAN), aimed at aggregating demand from key sectors, seeks to boost broadband penetration and reduce costs. Innovations like community Wi-Fi networks and solar-powered hubs are also crucial for bridging the digital divide, particularly in rural areas.

Now, back to the issues at Tizeti: will more capital solve the situation or make it worse? An IPO could inject much-needed funds to expand infrastructure, improve technology, and potentially enhance customer service by increasing staff and training. However, if the underlying issues of operational efficiency, customer focus, and navigating Nigeria's unique infrastructural and regulatory landscape are not fundamentally addressed, more capital might simply amplify existing problems, leading to greater disillusionment from both customers and new investors.

The future of ISPs in Nigeria hinges on a delicate balance between ambitious government plans, substantial private investment, effective regulation, and, perhaps most importantly, a genuine commitment from providers to overcome their systemic hurdles and deliver consistent, quality service to a demanding populace.

One of Nigeria’s most controversial leaders recently released an autobiography, sparking renewed debate about a pivotal era in the nation's history. The book, launched amidst a gathering of former presidents and heads of state alive and encomiums rained on the elder statesman by his allies and some who others may think would have been his former adversaries.

The book details General Ibrahim Babangida's account of his dealings with the International Monetary Fund (IMF) and the implementation of the Structural Adjustment Program (SAP). Notably, his account of the Naira’s dramatic devaluation—from 90 kobo to $1 to 17 Naira to $1—and the subsequent cultural shift towards a "make money at all costs" mentality has reignited discussions about SAP's profound and lasting impact. Critics argue that this period saw corruption flourish, inequality deepen, and even spurred a new wave of Pentecostalism centered on the promise of rapid wealth. This article will examine Babangida's account, fact-check his assertions, and explore the multifaceted impact of SAP on Nigeria.

A Nation at a Crossroads: The Economic Crisis and SAP's Objectives

In the mid-1980s, Nigeria stood at a critical juncture. The oil boom had ended, the economy was in freefall, and the nation was burdened by mounting debt. Prices were soaring, wages were stagnant, and foreign reserves were dwindling. In 1985, General Ibrahim Babangida seized power, promising to rescue the nation from economic collapse. The solution he presented was the Structural Adjustment Program (SAP), a series of economic reforms supported by the IMF and the World Bank, launched in 1986.

SAP's core objectives were multifaceted: to devalue the overvalued Naira, enhance export competitiveness, reduce import dependency, and attract foreign investment. At the time, the Naira’s overvaluation had led to a widening trade deficit and stifled local industries. By devaluing the currency, the administration aimed to make Nigerian exports more affordable and imports more expensive, thereby stimulating domestic production.

However, SAP was not merely an economic strategy; it was also a political maneuver. Under military rule, Babangida sought external legitimacy and financial support. The IMF and World Bank's backing came with stringent conditions, including trade liberalization and privatization, which ultimately favored established elites.

Immediate Economic Consequences: Inflation, Debt, and Sectoral Impact

The immediate economic consequences of SAP were profound. According to the Central Bank of Nigeria (CBN), inflation rose from 5.4% in 1986 to 40.9% in 1989, eventually peaking at over 72.8% in 1995. Similarly, external debt ballooned, increasing from $19 billion in 1985 to nearly $33 billion by 1993. These figures illustrate how SAP, despite its intended economic restructuring, intensified economic hardship for Nigerians.

The impact on various sectors was uneven. While non-oil GDP technically increased from roughly 50% in the early 1980s to 60% by the early 1990s, the growth was not widely felt. Agriculture suffered from poor infrastructure and limited government support, despite the theoretical benefits of cheaper exports. Manufacturing declined as cheap imports flooded the market, making it impossible for local producers to compete. Small and medium-sized enterprises (SMEs) faced skyrocketing input costs, leading many to close down.

Distributional Effects and Inequality: Who Really Benefited?

Babangida’s claim that SAP resulted in economic stabilization is contested by experts. According to Professor Adebayo Olukoshi, a political economist, “The policies promoted fiscal austerity without addressing the underlying corruption and economic mismanagement. The result was a temporary boost for a select few, while the majority suffered prolonged financial distress.”

While aggregate GDP figures suggested some recovery, the reality for most Nigerians was starkly different. Per-capita income remained stagnant or declined due to high inflation, leaving many with diminished purchasing power. The reforms disproportionately benefited a small elite, with new billionaires emerging from government connections and opaque foreign exchange deals. Ordinary citizens bore the brunt of rising living costs, and the gap between the rich and the poor widened significantly.

Import Substitution and its Failures: A Promise Unfulfilled

SAP's framework relied on the idea that making imports expensive would naturally lead Nigerians to support local production. However, this policy stumbled on several fronts. The lack of reliable electricity, good roads, and other critical infrastructure hindered domestic production. Inconsistent business policies and a lack of skilled labor further undermined the manufacturing sector. Consequently, the devaluation only intensified pressure on Nigeria’s foreign exchange reserves, driving up inflation.

Babangida's Defense and Counterarguments: A Necessary Evil?

Babangida’s memoir defends SAP as a “bold but necessary sacrifice”, arguing that economic stability required tough decisions. In a 1993 interview, he stated:

“Nigeria’s economy was in dire straits, and we had to take measures to stabilize it. Devaluation of the Naira was painful but necessary to correct structural imbalances in the economy.”

However, critics see it differently. Professor Pat Utomi, a renowned economist, argues that SAP was implemented without considering its social impact:

“The devaluation of the Naira should have been accompanied by robust investment in local industries and infrastructure. Instead, SAP created a predatory elite that profited from currency speculation while ordinary Nigerians suffered.”

A 1990 World Bank report acknowledged that SAP had “mixed results”, noting that while non-oil GDP rose from 50% of total GDP in the early 1980s to nearly 60% by the early 1990s, much of this growth was concentrated among large businesses, leaving smaller enterprises struggling.

In his memoir, Babangida defends SAP as a necessary measure to salvage Nigeria’s economy. He argues that the devaluation was essential to correct an overvalued currency and create a more balanced economy. However, critics counter that the pain was not shared equally, with ordinary Nigerians bearing the brunt of the hardship while elites profited. They argue that SAP exacerbated existing inequalities and laid the groundwork for long-term economic instability.

The Role of the IMF and World Bank: A One-Size-Fits-All Approach

The IMF and World Bank provided financial assistance to Nigeria under the condition that the country adopt structural adjustment policies. These policies included:

• Currency devaluation to make exports competitive

• Trade liberalization to encourage foreign investment

• Privatization of state-owned enterprises to reduce government spending

• Subsidy removal to align with global market forces

However, critics argue that the IMF’s “one-size-fits-all” approach failed to account for Nigeria’s specific challenges. According to economist Dr. Ngozi Okonjo-Iweala,

“Nigeria was forced into a policy framework that did not consider its weak institutional capacity and deep-seated corruption. The focus on liberalization without addressing governance issues led to economic distortions.”

That said, SAP did have some positive long-term effects. It paved the way for:

• Increased private-sector participation in telecommunications, banking, and manufacturing

• A more open economy, leading to Nigeria’s eventual debt relief negotiations in the 2000s

• A shift toward economic diversification, particularly in services and technology

Despite these benefits, the social costs of SAP overshadowed its gains, as poverty rates increased and inequality deepened.

The Rise of Pentecostalism: A Response to Economic Despair

The rise of Pentecostal Christianity in Nigeria coincided with SAP’s economic crisis. Many Nigerians, facing economic despair, turned to religion for hope, particularly to churches that preached the “prosperity gospel.” This doctrine emphasized that faith could lead to financial success, making it particularly appealing at a time of widespread poverty.

According to Bishop Matthew Hassan Kukah, the SAP era created a mindset of survival, which the prosperity gospel capitalized on:

“The economic uncertainty of SAP made people desperate. They needed assurance that they could still succeed despite hardship. Churches that preached prosperity as a divine right gained massive followings.”

Notably,Pentecostal churches like BLW, LFC among others saw significant expansion during this period. Many pastors became celebrity figures, drawing large audiences with messages of financial breakthroughs, divine favor, and miraculous wealth acquisition.

According to the African Sociological Review, 2004, “The expansion of the reach of Pentecostalism was facilitated by the economic and political crises of the 1980s, which naturally and psychologically created adherents who were drawn from the pool of frustrated and marginalised people in the larger Nigerian society.”

Pentecostalism’s surge also had economic implications. Some churches amassed wealth through tithes, offerings, and business ventures, becoming significant players in real estate, media, and banking. This shift blurred the lines between religious and economic institutions, further reinforcing SAP’s long-term cultural impact.

Long-Term Impact on Governance and Culture: A Legacy of Corruption

The culture of unaccountability and elite enrichment fostered by SAP continues to shape Nigeria’s governance today. Corruption became institutionalized, and the informal economy expanded as people sought alternative means of survival. Policy distrust remains high, with many Nigerians viewing economic reforms as schemes to benefit the elite. SAP also contributed to a cultural shift towards materialism and individualism.

Conclusion: Lessons for the Future

SAP was intended to fix Nigeria’s economy, but it left scars that persist to this day. Nigeria today faces economic challenges reminiscent of the SAP era. The removal of fuel subsidies in 2023 and the Naira’s recent devaluation bear striking similarities to the policies implemented under SAP. Many economists warn that without adequate social safeguards, history could repeat itself.

For example, the removal of fuel subsidies has led to a sharp increase in transportation and food costs, much like SAP’s devaluation did in the late 1980s. CBN’s recent foreign exchange reforms have also caused market volatility, drawing comparisons to the forex manipulations that enriched a few during SAP.

To avoid repeating past mistakes, policymakers should prioritize:

1. Inclusive economic policies – ensuring that reforms benefit the wider population, not just elites

2. Investment in infrastructure and industry – to make local production viable and reduce dependency on imports

3. Stronger regulatory frameworks – to prevent forex speculation and corruption

4. Social safety nets – cushioning the impact of economic reforms on low-income earners

As economist Dr. Doyin Salami notes,

“Nigeria must learn from SAP by balancing market-friendly reforms with strong social protection policies. Economic stability means nothing if the people are suffering.”

Conclusion

SAP remains one of Nigeria’s most controversial economic policies, with effects that still shape the country today. While it aimed to fix structural imbalances, it deepened inequality, institutionalized corruption, and fueled cultural shifts like the rise of prosperity-driven Pentecostalism.

Babangida’s memoir provides one perspective—that SAP was necessary to stabilize the economy. However, critics argue that it disproportionately benefited elites while ordinary Nigerians bore the brunt of inflation and economic decline. The lessons of SAP remain relevant today, as Nigeria faces similar economic dilemmas.

If history has taught us anything, it is that economic reforms must prioritize people, not just fiscal indicators. Otherwise, Nigeria risks repeating the painful cycle of hardship and economic instability that SAP introduced decades ago.

Nigeria's minimum wage battles are legendary for frustrating everyone, including lengthy negotiations, political influence, and arbitrary decision-making. Different numbers have been thrown around, and one wonders how they were arrived at—some laughable to some extent. Then, it dawned on me that we can make the process predictable, simpler and transparent while saving time and money!

This article proposes a structured and formulaic approach to minimum wage determination, rooted in the Cost of Living Adjustment (COLA), to bring clarity and efficiency to the process.

This analysis proposes a new system based on the Cost of Living Adjustment (COLA). COLA uses inflation data to adjust the minimum wage each year automatically. Using the Cost of Living Adjustment (COLA) as a basis for annual adjustments seems logical, as it directly reflects changes in the purchasing power of households living on minimum wage. Relying on data from the Nigerian Bureau of Statistics adds credibility to the calculation method.

The formula;

A COLA effective for December of the current year is equal to the % increase in the Consumer Price Index (CPI) from December of the current year to December of the last year in which a COLA became effective. We look at how much prices have gone up or down for things like food, rent, and transportation. We use that information to calculate the COLA, which tells us how much the cost of living has changed. If the cost of living has gone up, we adjust the minimum wage to make sure workers can still afford the basics. If the cost of living stays the same or goes down, there's no need to change the minimum wage.

Here's the formula for calculating the yearly adjusted Cost of Living increase;

(Base average CPI for Q3 2023 - Base average CPI for Q3 2022) / Base average CPI for Q3 2022 ) x 100

Ideal National Minimum Wage 2024;

With data from the Nigerian Bureau of Statistics, here is the ideal minimum wage; has all the data for calculating this.

CPI since the last minimum wage increase (%):

Dec 2019: 11.98

Dec 2020: 15.75

Dec 2021: 15.63

Dec 2022: 21.34

Dec 2023: 28.92

Y-o-Y % change

Yr 1: 4.72

Yr 2: 31.47

Yr 3: -0.76

Yr 4: 36.53

Yr 5: 35.52

The new minimum wage per year according to COLA:

Dec 2019: 31,416 = ~31,400 naira

Dec 2020: 41,302 = ~41,300 naira

Dec 2021: 41,302 = no increase

Dec 2022: 56,389.62 = ~56,300 naira

Dec 2023: 76,418.33 = ~76,400 naira

Hence, the realistic minimum wage for Nigeria should be 76,400 naira

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My calculation demonstrates how this method could work in practice, arriving at a minimum wage figure of 76,400 naira based on recent CPI data. This approach aligns with international best practices in wage determination, where adjustments are tied to objective economic indicators.

Regional Considerations for Minimum Wage Setting in Nigeria

The cost of living varies significantly across Nigerian states and the COLA might need regional adjustments to account for these differences. A single national COLA might not reflect the differing inflation rates across states. Lagos, for instance, might have a higher COLA than Enugu. This could lead to:

• Over-compensation in some regions: Businesses in states with a lower cost of living might find the minimum wage burdensome.

• Under-compensation in others: Workers in states with a higher cost of living might still struggle to afford necessities.

Possible Solutions:

• Tiered minimum wage system: Establish multiple minimum wage bands based on regional COLA indices. This would ensure a more targeted approach.

• Regional COLA indices: Develop COLA indices for specific regions within Nigeria. This would require collecting state CPI data.

• National minimum wage as a baseline: Set a national minimum wage as a base floor, with additional COLA adjustments based on regional indices.

The benefit of a COLA-based minimum wage system

Adopting a COLA-based minimum wage system offers several benefits for workers, employers, and the economy as a whole.

1. It provides stability and predictability, reducing uncertainty in the labour market and facilitating long-term planning for businesses.

2. It ensures that workers' wages keep pace with changes in the cost of living, preserving their purchasing power and improving their standard of living.

3. It enhances transparency and accountability in wage determination, fostering trust between the government, workers, and employers.

Setting the minimum wage shouldn't be a guessing game. Do you agree, let me know in the comment section

First, the good news!

1. Ambitious Goals: At the heart of this strategic plan lies a commitment to nurturing an environment where tech startups don't just survive but thrive. The audacious goal is a 50% year-on-year increase in capital raised by Nigerian tech startups, aiming to soar from approximately $1 billion in 2022 to a staggering $5 billion annually by 2027. These numbers are more than statistics; they are beckoning opportunities that demand our action.

2. Empowering Innovation Ecosystems: Central to the plan is the profound expansion of our innovation ecosystem. Dr. Tijani envisions the creation of a dynamic sandbox environment where innovators and entrepreneurs can craft unique solutions, even in sectors historically less receptive to technological innovation. By dismantling regulatory barriers and providing unwavering support, the plan aspires to ignite innovation-driven problem-solving approaches to age-old challenges.

3. Patient Capital for Local Growth: Acknowledging the pivotal role played by patient capital in the growth of startups, the Ministry is wholeheartedly dedicated to enhancing the availability of local funding. This commitment seeks to create an environment where startups can secure the capital they need to not just survive but flourish within Nigeria's borders. This, in turn, promotes their domicile here, increasing it from under 1% to an impressive 25% by 2027. For venture capital firms, this presents an exhilarating opportunity to invest in promising startups and actively nurture their journey to success.

4. Collaborative Opportunities: The collaborative spirit of the Ministry extends far beyond national borders. There's a resolute commitment to partnering with other ministries, parastatals, and private sector stakeholders to infuse technology into critical sectors. Through meticulously tailored programs in fields like AgriTech, HealthTech, EdTech, MediaTech, CleanTech, and CreTech, tech startups are offered the unique prospect of collaborating with established players, crafting innovative solutions, and spearheading transformations in sectors that impact every facet of our lives.

5. Global Impact: The resonance of this strategic plan extends far beyond Nigeria's borders. As our nation's digital economy flourishes, startups are poised to expand into other African markets and even achieve global prominence. For venture capital firms, this burgeoning market provides a gateway to invest in startups with the potential to leave an indelible global footprint.

Now the real issues

The strategic plan for the Federal Ministry of Communications, Innovation, and Digital Economy in Nigeria presents a vision for a thriving digital economy that accelerates collective prosperity through technical efficiency. While the document outlines several initiatives and goals, there are some areas that require further clarification and elaboration.

1. The document does not provide a clear roadmap for achieving the outlined goals. While the goals are ambitious, there is no clear indication of how the ministry plans to achieve them. For instance, the document aims to increase capital raised by Nigerian tech startups by 50% year-on-year, from ~$1bn/yr in 2022 to $5bn/yr in 2027. However, there is no clear indication of how the ministry plans to achieve this goal. Without a clear roadmap, it may be challenging to achieve the outlined goals.

2. The document does not provide a clear indication of how the Ministry plans to address the challenges facing the Nigerian tech ecosystem. While the document acknowledges the challenges facing the ecosystem, such as the lack of access to patient capital, there is no clear indication of how the Ministry plans to address these challenges. Without addressing these challenges, it may be challenging to achieve the outlined goals.

3. The document does not provide a clear indication of how the Ministry plans to measure the success of the outlined initiatives. While the document outlines several initiatives and goals, there is no clear indication of how the Ministry plans to measure the success of these initiatives. Without clear metrics, it may be challenging to determine whether the initiatives are successful or not.

4. The document does not provide a clear indication of how the ministry plans to collaborate with other stakeholders in the ecosystem. While the document acknowledges the need for collaboration, there is no clear indication of how the Ministry plans to collaborate with other stakeholders, such as private sector players, academia, and civil society organizations. Without collaboration, it may be challenging to achieve the outlined goals.

In conclusion, while the strategic plan for the Federal Ministry of Communications, Innovation, and Digital Economy presents a vision for a thriving digital economy in Nigeria, there are some areas that require further clarification and elaboration. The ministry needs to provide a clear roadmap for achieving the outlined goals, address the challenges facing the ecosystem, provide clear metrics for measuring success, and collaborate with other stakeholders in the ecosystem. By addressing these areas, the Ministry can increase the chances of achieving the outlined goals and accelerating collective prosperity through technical efficiency. The Nigerian Digital Economy Strategic Plan is not merely an abstract blueprint; it is a clarion call to action. It extends a heartfelt invitation to tech startups and venture capital firms to join on this transformative journey, one that has the power to expedite collective prosperity through unparalleled technical finesse. The opportunities are vast, the horizons are boundless, and the time to act is now.

While most Nigerians have moved on and wouldn’t bother to rush to the fuel station to queue for the petrol with the remains of their salary value having now depleted by more than half, they are left ruminating on the following questions:

1. Is there anything the government can do or should have done to ease this whole brouhaha?

2. Would any other government, aside from the current one, viz., Peter Obi or Atiku Abubakar, have had a different outcome?

Nigeria’s $103 billion problem

First, let us understand the need for these sudden policies and our big debt problem as a nation. The Federal Government of Nigeria has long been known to be heavily indebted and, even at certain times, courted by bankruptcy. In 1999, Obasanjo met external debt at $29 billion but graciously tunneled an escape from bankruptcy through debt forgiveness and other strategies, which included the sale of unproductive government assets, privatization, progressive removal, and reduction of subsidies, leaving the external debt at $15 billion at the time of his exit in 2007. Unfortunately, he handed over to a welfarist, Yar’Adua, who reversed some of the strategies, thereby increasing external debt by $17 billion. Hence, between President Yar’Adua and Jonathan, the external debt had more than doubled to $32 billion by 2015. By the end of 2022, Buhari had rocketed the total debt by $73 billion, which brought the total debt to $103 billion. In 2022, Nigeria's debt service-to-revenue ratio was 80.6%, a figure far above the World Bank's suggested 22.5% for low-income countries like Nigeria. With a low revenue-to-GDP ratio of 4.49% as of December 2022, Nigeria’s debt service-to-revenue ratio may surpass 100% in 2023, and according to Reuters, the FGN debt may likely rise to $172 billion in 2023 after a loan swap and new borrowing to fund the 2023 budget. This will immediately limit the fiscal space and the government’s ability to pay for its operations and functions, unless urgent measures are taken to build revenue.

The government is therefore left with no other choice of survival but to either increase revenue at all cost, negotiate debt relief or forgiveness, restructure all loans, or seek credit at the cheapest cost.

Each of the solutions listed above comes with its own pros and cons. For the sake of this article, we will limit the conversation to the Bretton Woods institutions (the World Bank and IMF), who seem to be the most accessible superheroes that can structure a way out for Nigeria at the cheapest rate and with certain structural changes as an additional price tag. The IMF is reported to have attached conditions that Nigeria must fulfill to be able to draw on the loan, including the removal of subsidies on petroleum products, the scrapping of multiple exchange rates, and the downsizing of its civil service.

This shows clearly that whether it was Tinubu, Atiku, or Peter Obi that was sworn in on May 29, they will still be saddled with leading an economy on the brink of total collapse and bankruptcy. It is quite great to note that all the candidates agree on this in their manifestos.

The government needs money, and the institutions that are ready to borrow it at cheap rates want all subsidies and leakages removed, and it is quite suggestive that the three of them will at the very least implement those conditions as a relief to the country even if they do not immediately go the IMF route. If they all do, the next step would be the measures put in place for the last man. Transfer payments are a one-time palliative measure, but they barely work if they are converted into handouts.

All indications from the policies of President Tinubu, or Tinubunomics, seem to point to the IMF route, as he seems to be ticking each box, from his first speech after being sworn in on May 29 as the President of the Federal Republic of Nigeria to the numerous policy declarations. As expected, Nigerians are beginning to experience a lot of pressure from the implementation of these conditions, and it is now a no-brainer that palliative measures should be put in place to ease the economy. The Buhari administration envisaged this and made a provision for a total of N819.5 billion naira to be appropriated for the relief of the bottom of the economic pyramid. Standing on this provision, President Tinubu has requested from the National Assembly that N500 billion be disbursed.

How will this palliative be distributed, and who gets what?

The FG has said it is working with the World Bank data and would ride on the success of the last administration’s TraderMoni and MarketMoni in the distribution of these palliatives. This, however, raises a lot of questions among the populace around the criteria used by the World Bank or even to select the multidimensionally poor, and even if the funds are diligently distributed, each recipient will receive just $10/N8,000 each, which at the inflation rate and CPI cannot sustain anyone for more than a week.

The efficiency of distribution is even more important for this to work. It is hard to achieve, and it has to be a one-time palliative measure with a definite duration before the Bretton Woods institutions will open their wallets. The distribution of this will either be done directly by the FG, who will be the one crediting the accounts, or by going closer to people through local, state, or legislative channels.

Transfer payments recorded some “success” under the PMB administration as led by Osinbajo (TraderMoni, MarketMoni, etc.), hence the blueprint can be followed for the economic palliatives. This, however, may not be as effective when looking at the abstract relationship (being too far away) between the FG and everyday Nigerians and the suspicions surrounding the generation of the database. Local governments, however, are closer to the people, but they do not have any autonomy, which means the state government can cannibalize the funds; hence, it is difficult to use their channel. It is a bit clumsy legally and politically to exploit the State governments for transfer payments, so FG will most likely avoid them.

The last option will be to use the 469 legislators that are expected to have a presence across all the 780 local government and area councils (774 LG + 6 AC) representing the actual grassroots in Nigeria, but again, it creates a political situation that can be exploited. There is, however, a political loophole to exploit, which may interest the executive. If legislators are added as a channel for distributing these transfer payments to the purported 100 poorest million Nigerians whose database is with the World Bank, it places a moral burden on the legislative arm, and the performance and result of the palliative exercise can be used as either a “quid pro quo” (scratch my back and I scratch yours) to always have their way, turning the Assembly into a rubber stamp, or even worse, creating an antecedent to always refer to avoid checks and balance.

The case for reducing the cost of governance and Implementation of the Oronsanye report

The last thing on the IMF's list is the downsizing of its civil service, which has led to calls for the FG to implement the Oronsanye report. The civil service is one of the most sensitive sectors in Nigeria, and it is filled with corruption and inefficiencies. However, for any government to be successful, it needs the commitment of its civil service. Also, there is the consideration of the unemployment rate in Nigeria. As of 2020, the civil service accounts for 2.12 million jobs, while more than 720,000 civil servants work “officially” for the FG. The unemployment rate is set to rise to 41% in 2023. If the civil service is downsized, that will exponentially affect the unemployment rate, increasing people's pain further.

In view of the aforesaid points, I am really looking forward to the next stage of play by the BAT team on palliative handouts or transfer payments while monitoring other policy introductions in the coming weeks. It is also worthy of note that President Tinubu is still in the formative months of his administration, so we are watching his next steps as we plan for the future.

If everything is managed well, we expect to be better as a nation coming out of this, and it is meant to last for a shorter period of time.

I would love to hear from you! Write about your thoughts about the topic and what your favorite candidate could have done differently in the situation I described above.

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There has been a constant cry across several parts of the country about the way out of the current quagmire Nigeria has found itself in. This article's title attempts to frame this as the theme for a public national dialogue, with questions to be answered in polls (referendum style) and restructured in a well-represented meeting!

Nigeria is a heterogeneous state with over 371 tribes, up to 30 different religions and even more ethnoreligious beliefs. Since colonialism, first of the North by Usman Dan Fodio and then the entire nation by Great Britain, there has been a constant push to blur the line between these extreme differences. Modern-day Nigeria has evolved to a point where its minorities are almost non-existent in public conversations; many forms of National IDs have three options for religion; Muslim, Christian, or Others… its ethnicity; Hausa, Igbo, Yoruba, and Others…

The agitation for a way out isn't any different! However, it is important to note that dividing the country “North and South," “East & West”, “Christian vs Muslim” etc. will never work if we go separate ways!

The ignorance of thinking the North is homogeneous is one of the reasons it’d be hard to have a frank restructuring conversation.

The North is as diverse (if not more) than the South. If everyone goes their separate ways, we’ll all be left to deal with another Nigeria, but this time in a smaller geographical area.

I’ve somewhat travelled to virtually all the states in the country and if there’s anything to learn about that, it’s the fact that the South isn’t so much more advanced than the North (safe for Lagos, Rivers, and Kano).

There are more languages spoken in Yobe State than even in Ogun State. There are more religions practised in Jos and Gombe than even in Ogun State! There are more tribes in Cross River than in Ogun State!

How then will you want the country to be divided?

Eguns are minorities in the Oduduwa Republic, & from how they’ve been treated so far in Ogun State (Yewa/Awori tribe) and in Lagos State (Badagry), it’s only a matter of time for them to raise their voice and agitate for a secession out of the republic.

In the case of division, the Christians in today’s Arewa Republic are minorities, and in the case of separation, they’ll continue to live in fear and terror of the majority… Is the Biafra Republic ready to absorb the South/South? Is the minority of Itsekiri and Bini Kingdoms claiming the Oduduwa Republic because of their historical allegiance?

Will the Kanuri, Jukun, Birom, and Nupe continue to live under the shadow of the Hausa/Fulani caste? Are they comfortable with the fact that the entire part of the country does not reckon with their heritage and would rather generalize them as “Mollahs or Aboki”?

I’m putting this out so we all can understand the importance of the country beyond going our separate ways. It hasn’t been easy since the Royal Niger Company started exploration and exploitation. Lord Lugard found it tiring to govern separately and in bits. It won’t be easy!

We are one of the most diverse and entirely different people in the entire world; we need to learn to live under a social contract that appreciates differences and allows everyone to function the way they are designed to.

That’s where “restructuring” comes in!

True Fiscal Federalism is a farce and as with many political systems, a utopian system…

We need to sit to define our own way we should be governed…

One that’d be based on social contracts and will eliminate division based on the geographical area but rooted in deep sociological and historical classifications

The big problem isn’t federal or state. The heterogeneity is displayed at the roots, where the reality is in the interaction of neighbours!

My simple proposition will be to strengthen the communities as the biggest and most powerful unit of the entire body…

Two case studies;

1. The traditional Ibadan system places the family as the biggest unit. This is also similar to the Chinese system (safe for the Xi era)

2. The Switzerland Democracy: this puts the ultimate power in individuals and collectives…

The last solution is not practicable but may be efficient. Eradicating State of Origins and allowing people to identify themselves as a collective (I can decide where I come from, the people I belong to and who I want to be associated with once I’m 18 — a Passage De Rite rule)

Again, we need to find a way to work out our union… Secession will do more harm than good!

It is just a few days until the 2023 Nigerian Presidential Elections. I have received loads of letters from you asking for my predictions and if I can write Part 2 of the article on “How Peter Obi, the Third Force, and the Soro-Soke Generation can win.” I have embedded Part I below in case you missed it.

The Afroconomist

How Peter Obi, the third force & the Soro-soke generation can win the 2023 Presidential Elections

I love the enthusiasm about Peter Obi by many young people and older people from some regions in Nigeria. However, it’s important that there’s a solid strategy in place else it’d be another round of efforts without fruition To win the presidential election in Nigeria, a candidate must receive a majority of the vote an…

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4 years ago · Taiwo Obasan

While preparing to write this article, I read through tons of manifestos, did social listening, and interviewed people from different demographics, and in all, I kept seeing a repeat of the 1979 Presidential Elections between Awolowo, Shagari, and Nnamdi Azikiwe, with Aminu Kano's role being played by Kwankwaso. What is not clear is who will be Awolowo or Shagari in 2023. I will do a bit of analysis below, and I will leave it to you, my favourite people, to answer for yourselves.

Before we start, drop your bias lense and read through, *clears throats* and sips water;

Existing polls and predictions

• A predictive poll by Stears puts Obi ahead of the two main challengers in a high voter turnout scenario. A lesser turnout will favour Tinubu, according to the Stears’ poll.

• Another poll by Lagos-based SBM Intelligence does not foresee a frontrunner but suggests that Obi and Abubakar could garner a sufficient number of ballots to meet the 25% vote spread in 24 of Nigeria’s 36 states required by law to win.

• The forecast is different for the Political Africa Initiative (POLAF) whose survey polled three million people and predicts a close race between the opposition PDP (38%) and the ruling APC (29%). Obi’s Labour Party is projected to occupy third place with 27% of the votes.

My predictions

With recent events, it is becoming very clear that the North is divided between Asiwaju Bola Ahmed Tinubu (BAT) and Alhaji Abubakar Atiku (AA), but I see Tinubu winning the core North votes. There will most likely be a split in the vote between AA and BAT in the North East, while they will share Kano with Rabiu Kwakwaso (RK). Peter Obi (PO) has a clear-cut chance of getting a share of North Central, with a higher chance of winning Benue State.

Down south, Tinubu will win the Southwest with a landslide, but Lagos will be a close call for him due to its heterogeneity and high concentration of youthful elites. Peter Obi will be victorious in the South-South and South-East, with Atiku taking a little share of almost every state in the South-South.

Path to victory for each candidate;

1. Peter Obi: it’s either he wins a landslide victory across the board or he loses with a 2nd runner-up position.

2. Tinubu is only favoured by a simple majority to win with a share of every 6 geo-political zones and winning at least 4.

3. Close rerun only favours Atiku.

Impact of Low voter turnout

Low voter turnout in the South-East and South-South is very good for Tinubu and will be the greatest loss for Obi, while Atiku will confidently be the 1st runner-up. Obi will benefit from low voter turnout in the South West, but it will only tip Atiku's North East votes in AA’s favour, allowing him to win with a simple majority. If there is a low voter turnout in the North Central and slightly North Eastern regions, Tinubu will win by a landslide, with Obi finishing as the first runner-up.

What can Peter Obi and Labour Party (LP) do to win?

1. Every PO supporter needs to be at their polling unit as early as possible.

2. Be ready to stay through till the election materials arrive and till the vote ends

3. Ensure there is no “over-voting” and reduction of violence in PO’s strongholds

4. Ensure there’s a massive turnout in all PO’s strongholds (now LP should be running massive ads, sending bulk SMS and making calls to assure people, especially new voters and their supporters the election will be peaceful and polling units, especially in South-South, South West, North Central and South East.

5. Ensure that there’s a representation of at least a third of the vote in the AA/BAT strongholds. So if you are a supporter, ensure all your friends in the North and SW go out to vote for PO.

6. LP needs to move like a giant with mobilization and start preparing for legal battles post-election too.

Again, PO can only win with a landslide.

What can Bola Ahmed Tinubu and the All Progressive Congress (APC) do to win?

For BAT supporters, I’ve seen a trend in your confidence to tip your candidate.

• Reliance on a massive party structure: As it seems, single-handedly relying on this will only strengthen AA, as the core party structure is in the core North, and you don’t want RK and AA to get a bite of the cake. So you need to push the PMB maker narrative a lot more.

• Reliance on the tribal elites and their economic power: this is laughable and arguably the reason Awo lost against Shagari twice. Elites are and can only buy a little percentage of voters & the current reality doesn’t support this. The best bet is to keep pushing the Awolowo/MKO Northern betrayal narrative down South West and ensure you get mentioned by top religious leaders/scholars down North with your Muslim/Muslim ticket.

A new Nigeria is possible! Only if you vote and encourage everyone you know, everywhere, to also vote!

“Is investing really worth all the buzz and hype it’s getting?”

The answer to that question is; Yes! because investment is basically a tool for building wealth, your wealth.

There is a downside, however, investing can be worth it only if you really understand the fundamentals behind investing. We all at one point or the other have read a ton of things on the news about how people have been making money via investments, some of us are glued to Forbes and we sometimes doubt if that news about making big out of small is real, we often wonder how these people make it big by investing asking ourselves questions about what the fundamental need of investment is.

The answer to the fundamental need for investment is that Investment is personal and should be tailored just like every other thing about us, tailored to our needs, our goals, our income and our responsibilities. It should not be done under pressure or with group thinking. It requires a personal understanding of your style and tailored decisions.

The word; “wealth” might seem too vague as we are in a dispensation where 30 billion in the account seem to be easy to get or the times where we hear billions of dollars every day in the news. Being wealthy is not a state but a journey.

It is a journey built with

• Discipline,

• Diligence and

• Patience.

All these 3 features are what define Investment because investment is a long-term journey, not a get-rich-quick scheme. It requires a lot of predictions, timing, and deep expertise if at all wealth is to be built.

LET’S TALK ABOUT VEHICLES AND INSTRUMENTS FOR INVESTING

There are several vehicles that allow for building wealth. These vehicles are called Investment portfolios. We have all heard about several of these vehicles, some have tried some and they have burnt their cash and are very scared of trying another.

We sometimes give excuses of how low our current income is, how long we still have to live before we grow old, how hard the economy is or most times we are faced with situations that make us choose between “chopping life now” or putting aside the little pennies we earn

Many traditional means are not even saving us from these options, it is either we get charged or we get services that discourage us from saving and or investing.

A number of us will agree that we are in the race to build wealth but we are making most of the decisions on building wealth without getting tailored advice, enough nudge or suasion to make us realize these goals or sometimes understanding the tenets of managing finances. These bases of worries are the main foundations that Fundall was built on — to ease financial planning, savings, investment and wealth-building for everyone at zero cost and in a secure way I am going to address the role of Fundall much later.

HOW DO YOU START

Starting is the biggest challenge of all, you are faced with uncertainties, fear and anxiety about an ailing, about this switch in lifestyle however, you need not be, investing can be handled by simply following the steps below

#1. Set goals

Wealth building, saving and investing might seem hard when you don’t tie them to any important goal.

Consider these quotes:

Your goals are the road maps that guide you and show you what is possible for your life - Les Brown

What keeps me going is goals — Muhammad Ali

Setting goals simply means dividing life goals into stages and making them actionable, the best way will be to divide them according to life cycle phases.

Identify the stages in your life you’ll be passing through and set goals for each.

The first stage of our lives is the stage where we learn, we need to plan for goals such as Postgraduate studies, Masters, MBA, professional qualifications, skill acquisition and other forms of personal development that can increase our chances of earning a higher income.

The actions are to put actionable and measurable goals in the details

Imagine this scenario

“I want to study at Harvard for MBA by 2020, it will cost about 2 million naira”

How much should I start saving now so that the dream can before easily achievable by that time?

That’s a goal and a good way to make that a reality. “Goals in writing are dreams with deadlines.” — Brian Tracy.

You have a dream, and breaking them down into simpler units helps you focus a little at a time. Forbes published a publication by Lewis Howes in 2012 in which the whole paper was centred on thinking smaller, and doing the little things because they will eventually give you the momentum needed and the base needed to achieve the “big goals”.

With Fundall, the best part is that if you start planning towards these stages earlier, you will end up not spending as much as you have planned because of the interest that would have accrued on your savings. Also, because you were able to tie your savings to a goal that you’re emotionally connected to, it will be very hard for you to break it.

That stage is not only limited to people in school, it is a stage where you set goals for capacity building

The second stage is the stage of Active Work Life

This is the most important stage in our lives and we must make the right decisions

At this stage, you need to set clear-cut goals around yourself, your family, finances and consolidate your goals from your learning stage

Planning for retirement should be the number one priority, plan for your kids’ education (up to tertiary) even if they are still little.

For example, it will cost 8,137,089 naira to attend Covenant University (for the entire 4 years) by 2030.

That’s a lot of money but guess what you can pay half the cost by 2030 by saving just ₦439,103 annually, or ₦36,591.916667 monthly or ₦8,444.2884615 weekly or ₦1,203.0219178 daily starting today image below.

Can you see the reason why planning ahead, setting goals and saving towards them creates great value? You can do this for all of your other goals; the future house you want to buy, your dream vacation or even trip, your future family expenses, raising capital for a business or even buying gadgets and other things

The best way to spend less is to save more in an interest-yielding account; that way, you can achieve big things with little cash (your money will basically work for you).

#2. Stick to your goals

The other part is sticking to the goals. You can set up Fundall savings to that effect, and with ease, you will start saving the small naira(s) now that will end up becoming millions.

The Essence of Time

I will start with this story

There are two friends, Obasan and Nasabo, they are just like everyone like us trying to build wealth so here’s their story

Meet Obasan

Obasan starts saving for retirement at age 20 and puts 50,000 Naira per year at a 10 per cent annual interest rate into his Fundall Long Term Saving Plan. At age 40 (21 years down the line),

Obasan’s investment balance is N3,520,000, broken down into:

- Savings/Investment: N1,050,000

- Returns: N2,470,000

Meet Nasabo

At 20, Nasobo feels he has a lot of time ahead of him. He decided to delay the start of his long-term saving until his 25th birthday. Being Obasan’s friend, he decides to also match his annual savings of N50,000.

At age 40 (16 years down the line), Nasabo’s investment balance is N1,980,000 broken down into:

Savings/Investment: N800,000

Returns: N1,180,000

Can you see the difference? TIME

All Obasan did is to save just N250k more than Nasabo and ends up having N1.2 million more in return. This is the classic power of compound interest over a period of time. So the best time to start is NOW!

As said earlier, it is not a race, it is a journey, a marathon and it’s a marathon that requires patience, diligence and goal setting

#3. Get great investments — PAY ATTENTION

You might want to ask what investing really is

After you have set those goals and you have created ways to achieve them, save them (preferably in an automated savings account that gives you good interest), the next task is to get great investments that are tailored specifically to fit YOU!

This concept is basically Understanding Your Risk Profile and Investment Goals. This means if you must invest at all whether as an Entrepreneur or Investor, please create an Investment Goal.

1. Ask yourself these questions:

Why are you investing?

Do you just need more money, and an increase in income or do you want to build a long-term value?

Will you still continue investing even if the investment isn’t yielding what you want?

How often do you need money, is your current source of income secured?

Do you have any saved amount of money as emergency funds in case of unprepared emergencies?

When do you want to withdraw/liquidate your investment (even as an entrepreneur or business owner)?

Do have to want higher returns? (higher returns are usually associated with higher risks)

2. The next thing is to understand your RISK TOLERANCE LEVEL

What I mean by Risk Tolerance is expressed in the following questions-

What is your ability to take risks or willingness to take the risk?

Are you more conscious of your returns or risks involved while investing?

Do you want safer investments even if it means lower returns?

You also have to consider your future income whenever you’re investing. Investing in this sentence also refers to savings in a high-interest-yielding account

If you can answer all the questions above, you will clearly understand your risk profile and will be more guided on the kind of investment you will jump at.

Before I proceed, do we all have an understanding of our Risk Profiles now?

Below are different risk profiles so you can get a bit of understanding concerning that too

Moving on, let’s understand some of the jargon up there. Hence, we will be choosing what kind of investment you want to do.

Do you have a drive for entrepreneurship, do you have the guts to invest in the stock market, and can you only invest in debt-backed portfolios or alternative investments?

Basically, there are two different real “Investments”; EQUITY AND DEBT (these are the most common form of investments in the world of wealth building)

Equity is basically investing in the capital of a business by owning part of the business. These include setting up a business of your own, investing in shares of a company, private equity, Venture Capital Investments etc. You will earn returns usually dividends on your equity and these are usually paid at the last line outflow of firms.

Debt is basically lending a business/government/individual etc. money to fund their expenses. Governments do borrow money from people. These can be in bonds issued by the government or some other money market instruments. These are the safest kind of investment but they yield lower returns.

\You can also invest in commodities; Gold, Crude etc, Currencies (FOREX etc), Indices (S&P 500, NYSE, NSE30 etc), Derivatives (Future, Options etc), Hedge Funds, Rates, etc. There are Alternative Investments such as Private Equities, Real Estate Investment Funds, REITs, and ETFs investing in industry instead of individual companies etc.

All of these investments have their own risk and are somehow very complicated; even enough to be studied individually in schools.

These investments usually require BIG MONEY to buy in because of regulations and the BIG BOYS that play in the zone.

The question now is this, how can the middle class and budding investors like most of us tap into these investments

The solution is simply the fact that there is an urgent need to reduce recklessness and also democratize investment in order to spread access to the wealth journey. Hence, another reason FinTechs like Fundall were founded

These saved funds are then invested into risk-free instruments to yield the interest we offer.

Invested (or locked up) funds ensure disciplined savings needed to help your goals materialize. They are invested towards the specified date for withdrawals (this is for those who want interests) and so withdrawals are done as soon as the plan matures/unlocks on the date chosen. That way attaining your goals is made easier.

If you’re wondering what plan will help you better achieve your financial objectives, we have different saving and investment options you can choose from.

The past year has been filled with several policies and activities of the Central Bank of Nigeria, including the ban on cryptocurrency and the alleged freezing of accounts with crypto narratives under the guise of AML/CFT compliance.

The general sentiment out there is that the government, through the CBN, is an “enemy” of progress and has become a tool to “witch-hunt” the Nigerian youths. This is a result of the current political environment and the huge distrust between the older generations and Millennials/Gen Z, especially since the #EndSARS events.

However, when one examines the policies and actions from a logical, emotion-free perspective, it becomes clear that CBN is simply doing what any institution or individual will do when faced with a threat—becoming offensive in order to preserve their value or power.

Let’s look at the Central Bank of Nigeria’s basic functions;

• ensure monetary and price stability;

• issue legal tender currency in Nigeria;

• maintain external reserves to safeguard the international value of the legal tender currency;

• promote a sound financial system in Nigeria; and

• act as Banker and provide economic and financial advice to the Federal Government.

Bitcoin on the other hand;

• decentralized and cannot be controlled by any government

• erodes the official channel for foreign reserves

• poses as a parallel Tender to the official legal tender minted by the CBN

• poses a problem to the capital / monetary control mechanisms of the CBN

• Its “anonymity” is a big risk for the AML/CFT rules making it a potential vehicle for money laundering and other illicit activities.

• it gives monetary authority to citizens thereby creating a potential to shift control of economic power from govt to corporate individuals.

• upsets the current financial infrastructure and economic system due to its lack of an intermediary that’s tasked with channelling wealth towards the goals of fiscal authorities to achieve sovereign or sociopolitical goals

Now, a big question is if these coins in themselves are fully developed to be used as money in all forms: speculative (as an investment instrument), precautionary (as a store of value and its ability for humans to rely on it for future goals and plans), and transactional (as a means of exchange for value—goods and services).

It’ll allow you to think through this — put any coin through the test of what you’ve known Money to be and how you’ve interacted with it all your life — then you will see why the race to ensure the country only has “one single legal tender” is very important for the CBN

Satoshi’s paper didn’t rewrite the function of money — it’s just a thought into a parallel world from Milton Friedman’s defini’s definition and functions of money.

Until there’s a theoretical or empirical justification for the replacement of fiat or central bank tenders with decentralised money that fulfils all the functions of money and gives credence to the core roles of the CBN, expect the central banks to be on the offensive.

Let’s talk about the future

The future is a time when cryptocurrency and CBDC (Central Bank Digital Currencies) will coexist within the same economic system, just as gold and other commodities have over the years.

The ownership and coordination of the eventual “means of payment” will also be decentralised amongst many organisations. The aggregation of financial data will be decentralised, which means the central banks of countries may no longer continue to be the central organisation for this role. People will have a choice from multiple options, and the convergence will be more of an exchange amongst these currencies.

Decentralisation will occur in some forms in the future, but not entirely, as we expect a convergence at some point. Who owns absolute power remains a battle between corporate Plutocrats and the government. The future of life will be a lot more decentralised than we currently know it. What we can’t speak of is the length of time it will take to arrive at that future.

Agricultural activities account for over half of the world’s productive labour. It involves the primary sector of the economy and is often saddled with the sustenance of citizenship. Though agriculture plays a beautiful, vital, and important role in any economy, why has Nigeria not paid close attention to it? Why is Nigeria not making adequate use of the vast agricultural resources bestowed upon her? What really went wrong in such a promising sector?

These and many other questions call for a change in a once flourishing and robust economy. The reversal of attitude given to the sector in recent times can be seen by comparing the rate of emphasis laid on agriculture in national dailies in the early 1960s through the 1980s and in recent times. How bad is it that when I was glancing through big national dailies, I could not find a section for a sector as gigantic and productive as the agricultural sector, whereas they kept on complaining about food shortages and diversification of the economy? All I can read is less productive news and sycophancy in politics, business, the capital market, fashion, entertainment, etc., whereas the primary sector I left unattended has contributed to encouraging Nigeria to depend on international communities.

Nigerians and the government keep on complaining about low investment in agriculture by foreign and local investors. An adage says that as youngsters, your bed is where you lie, and my people say that people will carry your calabash the way you carry it yourself. If you tune in to the Chinese television network CCTV, you will notice that their programmes, orientation, and advertisements are people-oriented and tilted towards national growth and development. Before you watched the channel for three hours, you would have seen no less than thirty minutes of advertisements on their country, whose economy makes tourism and agriculture excellent investments, but here we focus on politics, electioneering, and even image laundering, rather than the primary activities that will benefit the entire citizenry and the economy at large.

Festus Keyamo (2014) said that the Nigerian system is cued towards protecting the relics of the system, so the economic system is designed by the powers that be to make themselves and their rich friends richer and the masses poorer.
Oftentimes, it is argued that the land filled with honey and milk has been misconceived by the foreign states, but Tunji Ajibade in his article titled Nigeria there, South Africa here, ” opined that the Nigerian missions abroad should correct all ignorance and misconceptions about Nigeria and should stop enjoying immunity for selfish reasons at the expense of their nation’s development. He opined that Nigerian diplomats should concentrate on the advantages Nigeria has, especially in the agricultural sector, and encourage compatriots to exploit them to bring goodies back home, for people and the country’s economic growth and development.

In the same vein, Eric Teniola opined that great leaders are better remembered and admired after their demise, more for the services they provided, the goodwill they cultivated, the structures they were able to build while in power, and the amenities they were absent from putting in place, than for the billions of Naira and dollars they looted while in power. So if the land filled with honey and milk should flourish, the leaders must be committed and devoured by their people, there must be at least a sense of belonging to the poor and the masses; and as Malls Mohammed Amino Kano has said, a party seeking the emancipation of the Talakawa (commoners) must naturally be hostile to the party of the oppressors.

The solution to all our problems is too simple for us to comprehend and has been hewn from a complex mix of abuse and neglect.
Such is the case of this land filled with honey and milk but which greediness and bad governance have turned into a desert
Good governance is the product of rethinking how to govern and the relationship between the state and society. According to Ernest Is Anasazi (2014), the people, as citizens of a community, must be able to participate efficiently and effectively in decisions concerning their welfare. The participation of as many people as possible in creating, implementing, and monitoring decisions is an essential foundation of governance. To achieve this, the people must be informed and organised, knowing that the participatory approach to planning involves all members of civil society and provides the best assurance of community "buy-in" to the planning process.
But neither is the case in Nigeria, which is still operating clandestinely under the influence of neocolonialism, hegemony, favouritism, nepotism, and corruption. Even the laws of the land were tuned to suit the various power gladiators. The Land Use Act, for example, has only succeeded in entrusting lands to corrupt and short-sighted leaders who have laundered states' resources, ridden states of their properties, and increased land speculation by selling arable lands to friends who hoard lands for selfish financial interests and private reasons. An example is the estranged hijacking of over 5 acres of land filled with cocoa, pineapple, and other cash crops from the local people of a tiny village known as Liwo in the town of Ago Iwoye, Ogun state, by the Federal Prisons Commission for Prisons Farm, thereby forcing the majority out of farming and increasing their mysteries, which has left many families economically crippled. With respect to the aggregate economy, this led to a great decrease in agricultural output, and an increase in unemployment as farmers are left with no land to farm on which may lead to an increase in social vices and above all has successfully put the fear of being override by the government in others thereby discouraging them in putting much effort in farming.

The government's inability to adequately country its boundary on what comes in and out of our economy also has significant input and impact on the fall of the agriculture sector. A man that does not learn from his own mistakes will be stagnant all his life, also a religious book says that ask for the ancient path and tread it. Nigeria as a country always accounts for its problems and retardness to its history without taking into cognisance and comparing the new Nigeria and her mistakes.
For countries at the low-income end of scale-like Nigeria where GDP per person is low, if most of its labour is concentrated on utilising its enormous land resources for farming, it will reduce drastically the amount of import and bring about a favourable balance of trade since food consumption and importation accounts for a large shuck of total expenditure.

Engel’s law says the share of food on consumption expenditure declines as income increases. And we all know that the income elasticity of demand for food becomes much less than one as income rises above subsistence levels. Hence, as incomes rise, the share of expenditure on food rises less than proportionately. As the demand for non-agricultural goods and services grows proportionately more than the demand for agricultural commodities, fewer resources are attracted to production. In addition, agriculture’s share, and especially the farming sector’s share of the GDP and of employment of the economy’s resources fall; this is also a great termite devouring the land flowing with milk and honey.

The government should try to diversify the transportation sector by providing infrastructures and amenities such as roads, railroads, harbours, canals, waterways etc. to places where it is most needed that is where agricultural production is been made without any bias as this will allow more efficient movement of inputs to the farm and output from the farm.

Extremely important is the role of government, they are to provide institutional infrastructure and privileges, give farmers the utmost respect and importance in society, set up various functional and operatives farming boards, advise and encourage urban farming, strengthen farmers and their farmlands with laws that will protect them from external aggressions, cattle rustlers, nomadic terrorists, land speculators and other farm criminals.

Also, the enforcement and enactment of rules and regulations governing market participation, providing low tax incentives, loans with low interests, creation and strengthened Banks of Agriculture, bilateral and multilateral diplomatic agreements with advanced agriculture-centred countries to teach and mentor farmers at the lowest of places, prevention against cartels, monopolists and oligopolists,
The government should help in the area of research, and studies and Grant support to private entities providing and conducting this research.

Science and technology such as biotechnology products, genetically modified organisms GMOs, information technology and other agricultural promoting services should be encouraged, supported, and promoted but with adequate monitoring. Then this Land in Nigeria can flow honey and milk again.

According to Jean Bodin, who wrote in 1576, "Men of fat and fertile soil are most frequently effeminate and cowards, whereas those of barren lands..... Careful, vigilante and industrious." Though he opined that more than four centuries ago, his assertions are right and are evidenced in the happenings around the world.

In a world full of diversities and inequalities in resource sharing, countries with few or no resources such as Japan, China, India, the United Kingdom, the United States, and a slew of others have demonstrated economic progress over oil and other valuable resource-rich countries, which mostly now constitute the Third or developing world.

Though colonialism, wars and other excuses may have been given for their failures, it is not a match to what their laziness and overdependence on their rich and fertile soils have contributed to their slow development. The question is why a land filled with milk and honey will simultaneously be identical to poverty, inequalities and slow development.

Today, Africa has 10% of Worlds oil with more untapped, 40% of the world’s gold, 90% of the world’s diamond, and 60% of the world’s total land not under cultivation (600m ha.) but 50% live below $1.25 per day. Africa as a whole can not only boast of vast natural resources but also of increasing consumption class and young labour force due to its vast increasing population growth. All these should normally be expected to yield goods such as more investment, higher standards of living and more productivity but it has thus far produced bad such as low-income earnings, unemployment etc.

Every government has taken politics as a battle of do-or-die and winner takes to the extent that most tend to focus on politicking over the economy. The economy of the region has now been left on autopilot with every opportunist lichen reaping its fruits into his basket of the bazaar.

To justify this, Claude Oke addressing the Nigerian Political Science Association in 1981 observed;
”We (Africans) are intoxicated with politics; the premium on political power is so high that we (Africans) are prone to take the most extreme measures to win and maintain political power.....”

I believe this is the time when Africa as a whole should rise up and face the reality that though resources are key in globalisation, it must move its economy past it.

According to Peter Mandelson (2008), a former EU Trade Commissioner, the next phase of globalisation will be defined by pressure for access to basic resources.....
Africa needs to shift away from both the neo-mercantilist ideology of China and the Orthodox mercantilist ideologies of Europe, Africa needs to draw its own ideologies by examining its history and understanding its people and environment. Africa needs to start using its vast resources to develop itself and boost its productivity. Rapt industrialization is needed as a matter of urgency to raise the region's economy from just a tool for the world's industrialization but a partaker in industrialization activities.

How did it start?
Africa and its many identical problems have long been courting centuries before it came in touch with the Europeans or its later colonialism. Though on a personal note, I do not subscribe to the popular excuse of blaming the rest of the world for its tragedies but for the sake of intellectual illumination, I will not hesitate to explore that angle. It is a general belief amidst the economists’ circle that a normal economy ought to grow from Agrarian to Industrial to Service but that has not been the case in African countries with the exception of South Africa.

Africa was predominantly agrarian due to its vast endowment of tropical forests and arable lands but at the advent of the Europeans, (been the same time as most European Industrial Revolution, Mercantilism and the rise of capitalism) all they needed was more service workers and cheap raw materials for their growing industries.
As much as they were preoccupied with filling the empty spaces on their maps noted as Terra Cognito, they were also hungry for an external land occupation that could be used as their annexe and discoveries of new raw materials. Most Europeans like the Royal Niger Company decided to stay on the ground to train and employ for service provisions as no local was seen fit for technical training.

Also, the partition of Africa without considering its people too has been said to be the reason for the instability and inequality rampant in the region. Evidence is vivid in its biggest and largest economy, Nigeria, which before its amalgamation and independence comprised people with diverse economic systems, ideologies and theories. The North, largely Muslim and Hausa-speaking accustomed to a feudal system of government run by the Fulani ruling class. Martin Meredith described how pathetic this is in his book Fate of Africa by noting that "both Hausa and Fulani looked disdainfully on the people of the South". He quoted a principal leader of the North, Sardauna of Sokoto on a visit to Lagos for the first time in 1949 that he (Sardauna) observed; "The Whole Place (Southern Nigeria) was alien to our ideas and we found the members of the other regions might well belong to another world as far as we were concerned."

The West, which included the then capital, Lagos, was dominated by the Yoruba, who traditionally had been organized into a number of states ruled by kingly chiefs. Because of their early contact with Europeans and long experience of city life, the Yoruba had progressed far in education, commerce and administration and absorbed a high degree of Western skills. In the Eastern region, on the other side of the Niger river, the Igbo, occupying the poorest, most densely populated region of Nigeria, had become the best-educated population, swarming out of their homeland to find work elsewhere as clerks, artisans, traders and labourers, forming sizeable minority groups in towns across the country. Their growing presence there created ethnic tensions both in the North and among the Yoruba in the West. Unlike the Hausa-Fulani and the Yoruba, the Igbo possessed no political kingdom and central authority but functioned on the basis of autonomous village societies, accustomed to a high degree of individual assertion and achievement. In addition, there were some 250 ethnic minority groups, each with its own language, occupying distinct territories, amounting in total to one-third of the population.

There was also an immense development gap between the North and the two Southern regions. At independence, after expanding its education system, the North, with 54 per cent of the population, still produced less than 10 per cent of the country's primary school enrolments and less than 5 per cent of secondary enrolments. Only fifty-seven students at the University College in Ibadan out of a total of more than one thousand came from the North. The shortfall in qualified Northerners meant that many government positions were filled by highly educated Southerners, notably Igbos. On a national level, barely 1 per cent of Nigerian officials in higher executive posts were Northerners. A constant fear in the North was that its own traditions and conservative way of life would be undermined by Southern encroachment; the ruling aristocracy in particular was determined to protect its own position against radical change.

Nigeria is not the only country with this kind of fundamental problem, a sizeable number of African countries share this same problem and this has best explained why there has been so much turmoil and economic instability in the region.

These grew with Africa and decades after the last presence of colonialists on its land and it has not been able to develop its real sectors and sometimes finds it difficult to stabilize it.

New Scramble?
Africa became prominent and important in the wake of the first industrial revolution when Britain and most of its European counterparts needed both resources in raw materials and human labour to boost their trading and industrial activities. That led to the first Scramble for Africa. Again, Africa has just gained so much prominence in the world with almost synonymous speeches from Europe leaders just like said by EU Commissioner for Development in 2011 and Cecelia Rhodes in the first industrial revolution, the former opined that "Africa has become a sought-after continent... Thanks to its strategic importance. Today Africa really matters". And the later famous for his Parliamentary speech in the debate on Africa's occupation; "I contend that we (Europeans) are the first race on earth and the more we occupy, the better for the world.

Both speeches may be said to differ but the contextual meaning of Cecelia Rhodes' has turned Africa not only into Europe's backyard but a service-dominated economy. The EU Commissioner for Development quote has further strengthened the NEW Scramble for Africa and its resources. This time around not through occupation or colonialism but neocolonialism, imperialist, and hegemonic ideologies which have been propagated through aids and other economic relations.

China, India, Brazil and other emerging nations have always turned to Africa for its raw materials and China's noninterference policies which sometimes promote political instabilities and other vices. China got over 2,126% of Africa's export between 1998 and 2006 and has 13.8 % of its outward investment from 2005 to 2010 in Africa. China's paramount aim in the region is not of real development but to be seen as an alternative to the supposed policy-stringent EU and US, therefore increasing its recognition towards emerging as a world power. China does not concern itself with the welfare of citizens, instabilities, human rights or proper democracy of the region as long as its investments yielded profits and will have access to the region’s raw materials. China is also famous for its African infrastructure developmental aids aimed at boosting African governments’ confidence in the Forbidden City. These infrastructure development aids are left in the hands of its companies lying all over the continent which is definitely not only an addition to its GNP but also an increase of Beijing's presence in Africa. China has a great advantage due to its ability to coordinate its business, aid and diplomacy in African terms and not in a father-son top-down approach as seen in the EU countries approaches.

Europe in response to China's continual growth in Africa came up with RMI (raw material initiative) and Cotonou Agreement. Though the RMI has not been very successful due to its pursuit of some policies not so convenient for African leaders and the unabated competition from China, it has tried to help ex-colonial masters retain a presence in their ex-colonies. It is evident in France and its African colonies’ diplomatic relation which is cooked in neocolonialism and imperialism and has also affected how those ex-colonies relate with other African countries and the world at large. This has not been so favourable to these countries even though has continuously been using Paris CFA as currency but still lag behind in development compared to their almost liberal neighbours.

China's noninterference policies like the Look East policy sometimes seem to be the best way to do business in Africa but is it really helping Africa? But another cogent question is that despite Western criticism of China helping autocrats hold onto power, and preaching democracy and stability in good governance, are their companies not heavily involved in autocratic nations with little respect for human rights such as Paris policies of liberty, equality and fraternity towards oil-rich African states.

Another prominent actor in the scramble for Africa is the US which has constantly seen China as a threat to the world’s occupation. It has ravaged the continent like a wind and has also used incentives to make African countries let go of their natural endowments such as oil, platinum, diamonds and other strategic minerals. The US has also followed the path of its counterparts by creating several agencies such as AGOA (African Growth and Opportunity Acts), and USAID among others. According to David Makwere & Ronald Chipaike (2012), this is a preferential trade arrangement that benefits selected products from eligible African countries by providing their duty-free entry into the American market.

The ongoing cold war and scramble for Africa have brought several developments and hazards to Africa and none of its harbingers should be tolerated. The new scramble has been veiled to appear as if to benefit Africa, Africa must move into full liberalism and fight against all odds of neocolonialism, imperialism and hegemony. Though this article is not aimed at creating enmity between the regions but is after the continent’s good and development.

The way out of the scramble?

Africa should not just sit down and watch its world torn into pieces by these power gladiators, it should not just reduce itself to a tool of the world's industrial revolutions but as an active actor in the revolution, because evidence has shown that most industrial revolutions will not go through if Africa is left out.
If Africa must trade or receive aid, it should always ask that the pitiful aid turned into infrastructure development aids directly injected into the construction of its developmental projects such as roads, railway lines, ICT, and as opined by David Makwere and Ronald Chipaike (2012) most importantly in the establishment of relevant and durable manufacturing and value addition infrastructure that also makes it possible for African countries to add value to their minerals and sell them at better prices.

African companies should also participate actively in the extraction and exploitation of raw materials in their own lands and these can be achieved through the liberalization of certain strategic industries and subsidizing local industries where needed. They can also engage in joint ventures with foreign countries for the purpose of exploitation and extraction. It’s time Africa stands on its ground and gets total control of its resources through policies and diplomacy.

Africa should also come together in one accord to help each other despite differences. The Africa Development Bank, Regional economic groups and institutions should be put to finance and help African countries with resources to extract and process their minerals into finished products. International lending organizations can also be approached for such loans and help but with the assurance of flexible repayment plans and low-interest rates. However, this must be done with so much transparency and accountability.

Though China, the USA, EU may be seen as friends of the continent and its helpers, the continent should be much aware that the 4th Industrial revolution is just like any other. It will seem good at present and Africa will seem to be everyone's favourite until they all achieve their aims, then desert the continent leaving deep scars and chasms on the continent. Africa must be vigilant and call for real partnerships that will benefit both parties and its posterity will enjoy it, this cannot be achieved through a nationalistic approach but by real, non-parasitic and truly partnership free.

The Within problems and solutions
Due to the surplus of naturally endowed resources and the occasional boom in their prices and demand, most African governments are lazy to plan and diversify both the economy and its governmental revenues. A good example is the Nigerian Federal Government based well over 70% of its revenue on 10.8% of its GDP, this further explains the reason for its slow development because the rodent of corruption, favouritism and indiscipline has eaten the government rotten to the bench of Justice.

African governments need to do a real mapping out of their real sectors, then they will be able to determine what they really produce and which area of industrialization should be pursued.

Governments need to create policies to determine the industrial sub-sector that needs immediate, medium-term and long-term based support to enhance productivity and ease local manufacturers.

Rasheed Adegbenro, former acting DG of the Manufacturers Association of Nigeria once opined in an interview with Punch Newspaper that (the African) Government must have a database of its industries' energy needs. He stressed that by saying "....producers are the problem of government in the area of power. ...... Everybody builds factories that require energy and government does not have a database of the energy requirement of industries. Everybody woke up one day and there was no light. Researchers have said if we (Nigeria) have 69,000 megawatts of power in 2029, we (Nigeria) will be 15 years behind the world average".
That is to show how power and energy are highly cogent in any nation’s industrialization process. Just as blood is to life so is the power to industrialization! Africa must find a way to either collectively or individually solve its erratic power problems. It has been a lacuna in the development of the region and prompt attention must be given to it because without solving the problem, industries will not be able to compete both internally and externally. Africa will not be able to earn much foreign exchange which will keep on putting pressure on local currencies, leading to its devaluation, low and decline in SME working capital and perpetual death of the sector. This will also transcend in an influx of cheaper and smuggled goods, depression of the market and low-quality commodities into the region from comparatively advantaged countries like China and Brazil.

To some extent the lack of this underlying social infrastructure can also cause an increase in social demeanours such as corruption because local industries especially SMEs want to edge out expenses so as to get raw materials and make a profit despite the devaluation of its currency, there will be much pressure on customs at the border to take bribes because of scarcity in the market and this will make the government lose money in duties.

There is a need open Africa’s internal borders to reduce the cost of doing business across the continent. This may be seen as a threat to security but if well managed can be a success like the EU and the Europe Schengen Zone. To facilitate this, African countries need to be more united by leaving their diversity behind and cooperating in promoting major investments in transport infrastructure including roads, ports, internal container depots, inland waterways and railways are needed as well as an increase in energy production capacity. The strides being made by national governments, and regional and continental bodies in transforming Africa into a modern and growth-induced economy will be a positive step toward global prosperity.

Paul Frimpong in his article titled Africa’s Infrastructure as a catalyst for economic growth (2013) observed that Energy, water, sanitation, telecoms and transport have long been identified as major setbacks to trade on the continent. Energy supply continues to be Africa’s largest infrastructure challenge with 30 countries experiencing frequent power outages with just over a third of Africa’s population having access to electricity. Poor infrastructure cost each member's country’s growth to reduce by two percentage points each year and cut productivity by as much as 40%.

According to the World Bank, about $93 billion is needed annually to be able to fund Africa’s infrastructure for the next 10 years. Which is about 15 per cent of the region’s GDP. About $60 billion would go to new projects and the rest would go into the maintenance of the existing ones.

Infrastructure development and management is an aspect on which the efficient developments within a society rely heavily, and is the cornerstone for socioeconomic development. The availability of infrastructure is of great importance in the realization of sustainable development desperately needed in Africa. Infrastructure development and management have become even more essential for Africa’s economic development and integration.

I was talking with a friend about moving to Ukraine (he's leaving next Monday), and I realised he doesn't know much about the ongoing conflict between the West/NATO and Russia, and how Ukraine is quickly becoming a pawn in resolving the long-term schism between the war giants. Ukraine is a sovereign country west of Russia and east of Europe. It’s the link between Communism and the West.

After the fall of the USSR, countries like Russia, Ukraine, Georgia, Armenia, Tajikistan, and all the ‘Stans 😂 broke out of the USSR to form independent states/countries. Ukraine became the second-largest country in Europe by landmass after Russia, and as a result, it quickly established itself as a major player.

Russia, the biggest and the seat of the USSR had wanted its siblings to retain their big brother role among the States and always saw Ukraine as the stubborn secondborn who believed he’d grown 😃. Now, here’s something we need to keep in the back of our minds.

NATO was formed to ensure that countries like the USSR or Old China never existed in the future; hence, it became important that NATO quickly woo and adopt some of the former USSR states into their exclusive club. That one goal is enough of a threat to Russia, the powerhouse of European Communism, and it’s typical for her to try to defend its home.

Now, what happens when you start feeling your family isn’t supporting you or may betray you? Well, gaslighting them 😂😂, dividing them so they cannot unite against you, and if possible, ensure you make the first move, because, in a family duel, you may only be able to throw a single punch before issues are settled. That strategy works for most annexations and “big brother-ism”

Look at China and Hong Kong, France and all Francophone African countries, England and other UK states… Just keep going 😂

Back to our story, besides Ukraine are smaller countries and territories “with popular loyalty” to Russia.

One of these is an Island called the Crimea region. In 2014, this island suddenly held a referendum and decided that they agreed to be annexed into Russia.

As a government that needed to protect its territory, the Ukrainian government revolted, and this turned into a full-blown war. Tens of thousands were killed, injured, or displaced.

It’s believed in the grapevine that Russia is funding these separatists though Russia denied it 😂 (no one will claim it since they’ve all learnt from Saddam Hussein’s error). As the Ukrainian govt was battling that, another region in East Ukraine (closer to Russia) started agitating for separation… two new countries broke out and it’s been another bloody battle in the Donbask region… Meanwhile, Russia keeps pushing for their troops around the Russian/Donbask region and again grapevine had it that Russia is responsible for the entire funding of this violence

So why is Russia trying to invade Ukraine, and why is it important that you think very deeply about relocating to a country like that—just like my friend?

Russia had pressured the former President of Ukraine to sign a bilateral deal and that resulted in a full-blown riot in Ukraine. The President was forced out and the new President signed a multilateral deal with the EU instead of her “big brother” Russia

Russia is scared that once Ukraine is wooed by NATO or Ukraine allows NATO to perform its military exercise within its border, they (Russia) will become penetrable and that may mean the demise of Great Russia.

Russia has filed a petition to ban Ukraine from joining NATO but it’s unclear if the EU or even NATO will pass the opportunity to finally come head-to-head with one of the biggest Communists in the world

Putin has pushed tens of thousands of soldiers, missiles, and tankers across all Ukrainian borders and is ready to engage at any time. He’s trying to push everyone into getting a deal at the table…

If Ukraine is successful, Russians may want democracy. Putin may be at risk internally in Russia, which may be the final downfall of one of the world's last two powerhouses of Communism in the world…

If Russia moves forward with their aggression, Ukraine automatically becomes the battlefield for Communism vs The West — China, Russia versus the West.

To play the devil’s advocate, Russia fails by allowing religion and diverse cultures. China is winning and becoming untouchable because it has indoctrinated and pushed its own truth into its people.

Truth isn’t the same as Facts! The truth is primarily a narrative believed by the majority of people.

I love the enthusiasm about Peter Obi by many young people and older people from some regions in Nigeria. However, it’s important that there’s a solid strategy in place else it’d be another round of efforts without fruition

To win the presidential election in Nigeria, a candidate must receive a majority of the vote and over 25% of the vote in at least 24 of the 36 states. This simply means Peter Obi can’t/won’t win the elections if only youths concentrated in cities & southern states vote for him. Even if he wins the simple majority due to the numbers gained in popular cities, he’d still need to achieve a handful of 25% across 24 states.

North Central: 6 + FCT

North East: 6

North West: 7

South East: 5

South-South: 6

South West: 6

Do your calculations and see how it’s as important to mobilize people across all of the 36 states in the federation. Mind you, he will be contesting against;

ABAT — South West

Kwankwasiyya — North West

Atiku — North East

Not that he can’t have the chance but there’s a need to do a lot more work in places he’s less popular. LP scored a little over 5000+ votes from 176,000 polling units nationwide in the last election. Aside from Ondo state, the party doesn’t have any existing grassroots structure not even in Lagos. This means that they couldn’t even mobilize 176,000 agents to represent them at each polling unit. PO needs reps in 176,846 full-fledged polling units across 774 local governments in Nigeria.

Getting all the youths in Lagos, Port Harcourt and Abuja isn’t enough. POists need to get foot soldiers that are ready to engage with the rural community and sell the idea of a new politics to them. Locals in the hinterland have a vacuum of trust to be filled every 4 years, whosoever fills that vacuum with hope and temporal care will win their hearts. That’s where the work is… just like Agric extension workers Awolowo used to deepen AG in the first republic, “POists” need to roll their sleeves and put in the work. Offer value and care, even if temporal and get champions/extension workers in all nooks and crannies of Nigeria.

Mind you, if all you’re looking for is a “different, better or changed” Nigeria, there’s a lot more work to be done on who represents you at the National Assembly (House of Reps and Senate)

If Peter Obi wins with LP but the house gets dominated by APC or PDP, he’ll have a full four years of watching his back and witch-hunt. The nation will be stagnated as they’ll do their best to frustrate all his good intentions.

Good intentions don’t cause revolutions or great changes… Active engagement and politics (by whipping legislators to your end of the vote) do. Obasanjo excelled at this and that’s the reason he’s one of our most successful Presidents since 1960. So while you focus on PO, you also need to be sure you focus on changing the environment he’ll work in.

Above all, get your PVC. Be involved in all levels of governance… Your State Executives and Legislators matter as much as the Presidency. The House of Reps and Senators matter as much as the Presidency. There are over 400 seats in the National assembly, that’s another place to cause an upset. PO has been a victim of this himself, he got himself impeached as a governor because he can’t “whip” his house into his side.

Finally, on the PO subject matter, a vote for PO is a vote for a new Nigeria.. an increase in youth political participation.. a protest for change. Even if he won’t win the elections, youths can make a statement further than #ENDSARS… then in the coming elections, become more intentional in building a structure.