Creative Corner

22/09/2024

https://payoutdone.com/?jobid=152943

12/03/2024

Ajuri Ngelale, Spokesman of President Bola Tinubu on Media and Publicity, mentioned that the former president, Muhammad Buhari, had no knowledge of the depletion of foreign reserves by the ex-Central Bank Governor, Godwin Emefiele.

In a recent chat, Ngelale mentioned that most of the big expenses from the foreign reserves, reaching billions of dollars, were not approved by the former president.

The president's spokesperson said that the CBN governor is in charge of most of the apex bank's operations and also serves as the chairman of the bank's board of directors.

“What was done concerning the expenditure of billions of dollars from the foreign reserves was done largely without the approval or knowledge of President Muhammad Buhari and President Bola Tinubu.

“Yes, that might seem hard for some people to believe, but I want to explain how that could have happened.

“We have one of the few Central Banks in the world where the day-to-day CEO was the governor of the Central Bank and was also the chairman of the board of directors. He was essentially overseeing himself,” Ajuri said.

24/01/2024

Addressing economic challenges, particularly currency devaluation and its impact on the cost of living, requires a comprehensive approach. Drawing insights from successful economic policies in advanced countries, Nigeria can consider the following strategies:

Strengthening Economic Diversification:
Encourage diversification beyond oil as a primary source of revenue. A diverse economy is more resilient to external shocks, reducing dependency on a single commodity.

Investing in Infrastructure:
Allocate resources to develop critical infrastructure like transportation, energy, and technology. This can enhance productivity, attract foreign investment, and stimulate economic growth.

Fiscal Discipline and Responsible Governance:
Implement transparent and accountable fiscal policies to build trust in the government's management of the economy. This includes reducing corruption and ensuring efficient resource allocation.

Promoting Export-Led Growth:
Support industries that have export potential. This not only brings in foreign currency but also contributes to a favorable balance of trade, strengthening the national currency.

Central Bank Policy Adjustments:
The Central Bank of Nigeria can consider adopting policies that support the stability of the Naira. This may involve a careful balance between controlling inflation and maintaining a competitive exchange rate.

Investing in Education and Workforce Development:
A skilled and educated workforce is crucial for economic development. Investing in education and vocational training can improve productivity, increase employment opportunities, and attract foreign investment.

Collaboration with International Organizations:
Seek assistance and collaboration with international financial institutions to develop and implement effective economic reform programs. Learning from the experiences of other nations can provide valuable insights.

Social Welfare Programs:
Implement targeted social welfare programs to mitigate the immediate impact of rising prices on vulnerable populations. This can include subsidies on essential goods and services or conditional cash transfer programs.

Encouraging Foreign Direct Investment (FDI):
Create a business-friendly environment to attract foreign investors. Streamlined regulations, investor protection, and incentives can contribute to increased FDI, bringing in much-needed capital.

Continuous Monitoring and Adaptation:
Regularly assess economic policies and their impact. Flexibility in adapting strategies based on changing global economic conditions is vital for long-term success.

While each country's situation is unique, these strategies, adapted to Nigeria's specific context, can provide a roadmap for revitalizing the economy and mitigating the challenges associated with currency devaluation. Collaboration among policymakers, businesses, and the public is crucial for successful implementation.

29/08/2023

WHAT IS THE BRICS? Here are some things to know about the BRICS.

The BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa, founded in 2009.

It was formerly called the BRIC, having South Africa going in 2010, after being invited by China. The BRICS is considered one of the most powerful economic groups in the world.

The idea behind the BRICS is that the economies of the nations would come together and dominate global growth. Having a focus on multilateral trade and development.

The BRICS country makes up about
— 40% of the world's population
—26.7% of the world's surface area
—25% of the world's total economic output
— One-fourth of the world economy.

Having a combined GDP of $25 trillion, it makes this group larger than the US and EU.

The BRICS economy was at first grouped by an economist that wanted to talk about the major developing countries in the world, and It was a reference to a major developing economy. It was after this the countries involved saw it as a good idea to team up.

Members of the BRICS get a one-year chairmanship of the group on a rotation basis, right now south Africa holds the presidency of the BRICS

A good number of countries have shown interest in joining the group amid a world order to be dominated by the US and its Western allies. This year 2023 the chairman of the BRICS says over 40 countries have expressed their interest in joining the BRICS inclusive of Iran, Saudi Arabia, Ethiopia, Bolivia, and Argentina

Members of the BRICS are divided by the expansion
⁃China wants the group to get bigger because of the drag with the US
⁃South Africa and Russia hope to soften their diplomatic isolation
⁃Brazil is on the skeptical side
⁃India wants the BRICS expansion to be strictly on consultation & consensus

The BRICS have indeed spoken about introducing a common currency, to shut out the West's control over the groups of trading nations. They have also announced plans to trade with each other

One of the establishments of the group is the BRICS bank

The BRICS have also talked about building their undersea optical fiber to link all the member countries directly. The only problem with this undersea optical fiber is Brazil is the farthest away from the other countries.

28/03/2023

''The Terror in Nigeria Politics''
In Nigeria's politics, terror reigns,
A constant source of fear and pains,
A land where power is fiercely fought,
And innocent lives are easily caught.

Corruption and greed are rampant here,
Leaders enrich themselves without a tear,
While the masses struggle to survive,
Their hopes and dreams barely alive.

The blood of the innocent stains the ground,
As violence and unrest continue to abound,
Political thugs roam the streets with guns,
While justice and peace seem forever undone.

Oh, Nigeria, when will your people see,
That true freedom is not just to be free,
But to live in a land where justice rules,
And where every life is valued as a jewel.

May peace and love reign in this land,
And every heart be filled with a helping hand,
May the terror in Nigerian politics be no more,
And a new dawn of hope and prosperity restore

28/03/2023

THE RIDESIGN NEW NAIRA NOTES AND THE CHALLENGES

The redesign of the new Naira note in Nigeria is a subject that has been discussed widely in recent times. It is a move that was aimed at tackling the problem of counterfeiting and improving the security features of the country's currency. However, the redesign has not been without its challenges, and these challenges have had an adverse effect on the livelihood of the common man.

One of the major challenges of the redesign of the new Naira note is the cost implication. The cost of redesigning the currency is quite significant, and this cost is ultimately passed on to the consumers. The common man, who already struggles to make ends meet, is the one who bears the brunt of this cost. With the cost of living already high, the introduction of a new currency and the accompanying cost implications only serve to make life harder for the average Nigerian.

Another challenge of the redesign of the new Naira note is the issue of confusion. The introduction of a new currency often leads to confusion among the populace, particularly the elderly and those who are not well-educated. This confusion can lead to the loss of money, as people may not be able to identify the new currency or understand how to use it. This can be particularly problematic for those who rely on cash transactions, such as market traders and street vendors.

Furthermore, the redesign of the new Naira note has also created a shortage of cash. Banks and ATMs often run out of the new currency, leaving people with no option but to use the old notes or engage in electronic transactions. This shortage of cash can be particularly challenging for those who do not have access to electronic banking services or those who live in rural areas where internet connectivity is poor.

The introduction of the new Naira note has also led to an increase in the rate of inflation. With the cost of production and distribution of the new currency, there has been an increase in the price of goods and services. This increase in the price of goods and services has a direct impact on the cost of living for the average Nigerian, further compounding the challenges they face.

In conclusion, the redesign of the new Naira note in Nigeria has had a significant impact on the livelihood of the common man. The challenges posed by the redesign, such as the cost implications, confusion, shortage of cash, and increase in the rate of inflation, have made life harder for the average Nigerian. While the redesign was aimed at improving the security features of the currency, it is important that the government takes into consideration the impact of these changes on the people. It is crucial that measures are put in place to address the challenges posed by the redesign and to ensure that the common man is not left worse off as a result.

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