ECONOMIC BLUE-PRINTS FOR NIGERIA’S NEW ADMINISTRATION!
‘My Worries on Systematic Failure in Nigerian Banking Sector, Effect on Economic Growth’
–British Journalist, Activist, Fiona Barry
*Says: ‘Nigeria’s Oil Reserves can compete favorably with Russia under Buhari’s Govt’
*Confesses: ‘Anti-money laundering legislation not a crackdown in Nigeria, crackdown in UK’
*Talks about bad loans made through aggressive types of lending
*Laments: ‘Property price inflation is still rising in UK’
*Fact: ‘Russia remains a huge supplier of gas and oil to the West with reserves of double digit growth in one decade’
BY FIONA BARRY/COLUMNIST, writing from UK
I’VE a whole view on world economics, trade and industry. I made some references in November 2013 till date to familiarize myself with Nigerian politics and economy; since I believe in Nigeria’s true economic liberation.
The systematic failure in the Nigerian banking industry and effect on economic growth is a major concern. A study documented recently by two Nigerian Universities titled: ‘How Recurrent Bank Failures Contributed To The Under Development Of The Nigerian Economy’ on September 2nd 2013 PDF file no.62 by Adewale Adegoke Alawiye-Adams with reference: Bank failures, Development, Economy, Regulatory Authorities and Management brought several issues to the front burner.
Also, ‘Doing Business In Nigeria’ by Charles Anthony is another eye-opener. How about unrestricted remittance of profits and dividends earned by foreign investors too Nigeria whereby no import or export licenses are required.?
I noted at that time that up to 100 percent of foreign ownerships are zero rated free of value added tax, most unbelievably attractive. The issue here are about tax incentives in Nigeria and export incentives. The effects of the financial global crisis by Adamu delved into bad loans made through aggressive types of lending.
Africa and the global financial crisis is so far insulated by the financial crisis. Many who are not deep on this will now know revenue on oil finance is controlled by aid donations from European nations and the Americans.
Making further references to Gleneagles summit 2005 in Scotland where I learnt the best deal is a round of golf in a dinner jacket, it was predicted weaker export revenues, lower investment and growth rates which results into lost of employment. Property price inflation is still rising in the United Kingdom, UK. Anti money laundering legislation is not just a crack down in Nigeria but a crackdown in the UK.
Comparing Russia’s trade with US, Germany and the UK, due to the impending breach of Ukranian sovereignty is less that China’s volume estimated then at $90 million, while that of the US, Germany and the UK is $75 million. Russia remains a huge supplier of gas and oil to the west, with reserves of double digit growth in one decade.
I believe under the new government of General Muhammadu Buhari, GMB, Nigerian oil reserves can best be competitive with Russia under a newly elected government if all hands are on the deck. Though, not normally my forte in debate, but sometimes, I am able to grasp the financial index.
Something for you to chew on and say on true value of money.
