InspireGrow

From facts and figures obtained from International dependable source of economic information data bank, there can be no disputing the fact that the nation’s economy is currently anti -utopia, wobbly and unpredictably a loose horse that has ran widely out of control, leaving its rider Dr. Ngozi Okonjo Iweala the Finance Minister flatly a bum, wet, rough and dirty. The Foreign Exchange Reserves cumulative with the disputatious Excess Crude oil Account encouragingly rising by US$ 11.34 in 2012 from US$ 32.94 its base level at the end of 2011 to end up standing as US$ 44.93 as at January 2, 2012 but however according to the Central Bank of Nigeria without good reasons adduced to its drawn down effects surprisingly plummeted to US$ to US$ 43. 932 billion as at December 23 2013. This ran contrary to the promise made July 2011 by Dr. Mrs. Ngozi Okojo- Iweala the Minister for Finance and who incidentally doubles up as Coordinating Minister of the economy at a gathering with Organiz...

Move over Oprah, Nigerian oil tycoon Folorunsho Alakija is now the richest black woman in the world with an estimated fortune of $7.3 billion. Africa boasts of 55 billionaires – far more than previously thought – and they’re worth a staggering $143.88 billion in total, according to pan-African magazine Ventures Africa. Starting her career as a secretary in a bank in the mid 1970s, Alakija, 62, then studied fashion in London and returned to Nigeria to start a label, Supreme Stitches. But her biggest break came in oil. In 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of the country’s most prolific oil blocks, by then-president Ibrahim Babangida. The company owned a 60 per cent stake in the block until 2000 when the Nigerian government unconstitutionally acquired a 50 per cent interest without duly compensating Alakija or Famda Oil. In May 2012, Alakija, a married mother-of-four, challenged the acquisition and the Nige...

Before you go any further in reading this, I would like to set the record straight, in stating that I do not support corruption in any form or manner and as a rule, I do not indulge in it. I have however written this to bring to light a few facts, which I came across in my line of study. As you proceed through it, I plead with you, that even though your thoughts on the subject matter may differ (to whatever degree possible), that you read the piece with an open mind. An open mind, a fascinating asset I have come to lean on, in my journey into the world of economics. I, being a convert of the science, had prior to now, made little sense of all the theories and permutations I came across as a non-economist; especially as I always saw and still see national management as a tool to emancipate the poor and better the general lot of citizenry. I also share the views of former US president, John F. Kennedy who said “Too much and too long, we seem to have surrendered community exce...

  Oga. Dat Price No Reach. Walai!   Ok, I take cabs/taxis a lot in Abuja,Nigeria and they can easily burn your trouser, not just a hole in your pocket, your whole trouser! It is blessing expensive! The way it works here is the taxis driver calls a price, you call something lower and you guys haggle it out till you reach a consensus or in economic term, an equilibrium. ( Only possible in Naija cause we don’t have meters that accurately change one on mileage) It’s odd to see some taxis call N500 ($3.16) for a place and other will call n1000 ($6.32) for the same place. Twice the amount! And their cars   are basically the same. (You know how we know Taxis in Nigeria? It’s the broken down, scratched up, Panel beaten ones that are cabs! You see a fine car doing Taxis, you’d be suspicious!) Why? What explains the difference in price? So I’ve been thinking, can we come up with an equation or run a regression analysis that could explain what factors are significan...