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‘Nigerians Should Brace Up For Tougher Times Ahead’

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‘Nigerians Should Brace Up For Tougher Times Ahead’

By John Akubo, Lokoja
Dr. John Alabi
That Nigeria is experiencing its all time low rating in almost all areas of economic indices is no longer news, though not yet experiencing recession but the signs are ominous going by the present unemployment rate, poverty, job losses and inflation.
A management consultant and business practitioner based in Lokoja, Dr. John Alabi, who was not trying to be an alarmist, but putting the issues in their right perspectives said the hard times are just starting, Nigerians should brace up for more difficult days ahead.
Just like the saying that ‘he who fails to plan, plans to fail’, Dr. Alabi indicated that when the going was good with the oil boom, Nigerian leaders were contented with squandering the revenue that came from oil the only source of foreign exchange.He said the country found itself in the present mess because at Independence, agriculture was the mainstay of the economy but when the crude oil was discovered, other natural resources were abandoned.

“The situation is that we are a mono-cultural economy that depends on one single source of income. You also know that the prices of this commodity is tied to the apron strings of these world powers, you find that when people de-emphasize the use of crude oil, price crashed. “Secondly is the corruption issue and bad governance witnessed over these years, if we had managed our good days we would have not been in the present mess.”
The consultant said: “Nigerian leaders used the revenue as if it would never end and along the line they did not diversify into other sources of revenue.
“We should have diversified into solid minerals and tourism potentials. Nigeria would have been earning revenues from different sources.”Alabi noted that corruption in monumental level is another issue that happened to Nigeria through leakages here and there.
“ We have been talking about Abacha loot since 1994 till now, when will it end. Look at the scandal in the last 12 to 15 years. This is what has brought us down to the level where we are today.“Another reason are the followers, we are so docile and we have collaborators. It is not our politicians alone but people in uniform, and people without uniforms, even public servants they are collaborators they help politicians to embezzle funds.”Continuing he said: “We gradually lost our conscience, we go to Church and Mosques but we are not Godly. Except we reverse the trend the problem will continue.
In spite of all the negative signs, he said: “Nigeria was not in recession, but the signs are that we are slipping into recession with the obvious indices we are seeing. Inflation is very high, unemployment index high and the various hardships we are facing by way of high cost of living, when you have that coming in, everybody will think we are in recession.
“We are not in recession because you can see foreign exchange trickling in and we pay for our import bills so we are not in a depression.”
Continuing he said: “We are slipping into it because of the high level of poverty, inflation, unemployment and job losses. These are the indications that we are slipping into recession if we don’t take adequate precautions.”
On the effect it will have on Nigeria and Nigerians, he stressed that already there are serious problems like the galloping inflation.
“For the first time we are having six to seven years inflation, going to about 15%, prices of virtually everything is going up and it is going to affect us because the purchasing power of individuals have reduced. It is now a poverty strikes state with 60 to 70% living below poverty line”Alabi said that
when sales started going down, the best thing to do is to reduce costs. “What banks are doing now is essentially just that, of course there are no deposits. The last five months the ratio at which people deposit money in the banks is so low because there is nothing to even deposit in the first place.
“If that happens by implication, manufacturers cannot produce and profits are going down so you now have the reason to cut costs. “What we are saying essentially is if we don’t address the situation we are at the moment and we go into recession. It would not augur well because there would be more hardship on the people.
“Government is trying to reflate the economy by pumping money into it through the budget. Half a trillion will be pumped into the economy as social security. So if jobs are created and people are empowered, they will not depend on government.”
He reiterated the importance of agriculture and its multiplier effects of creating income for the farmers, creating jobs for those doing it, adding that when there is money, people would buy goods and the economy will move.
On how Nigeria found itself in quagmire he used the example of Kogi State, where since 2007, when the State was about 16 years he prophesied that by 20 years Nigeria would have a challenge.“Problem with paying salaries and what happened? It has come to the fore. We saw this situation coming. When you depend on one product as source of revenue, the vagaries can affect you. When you put all your eggs in one basket, it is too risky.
“We have been singing the song of diversification of the economy but it is more of rhetoric than action, just pick three areas; Solid minerals, Agriculture, tourism and servicing.

culled from ngrguardiannews.com

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FG declares its readiness to deploy 5G network after precautionary measures

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FG declares its readiness to deploy 5G network after precautionary measures

By Aminci Audu

The minister of communications and Digital Economy Isah Ali Pantami has declared that Nigeria is ready for 5th Generation Network (5G) as long as the major challenges are taken care of.

Pantami spoke yesterday, at a one day investigative hearing on the present status of 5G network organised by the joint Senate committee on communication, sScience and Technology, ICT and Cybercrime and Primary Healthcare and Communicable Diseases.

The minister in his presentation allayed the fear among Nigerians over the planned deployment of the network saying the Federal Government has taken all necessary precautions by investigating through research and trial on all issues raised.

He said “The position is that we are almost at the final stage. So now, Nigeria is ready for 5G as long as we address the major challenges.”

“We have not gotten there, wether we will deploy 5G but we are on track conducting research, investigations, engaging stakeholders and definitely if all issues are addressed, the executive will support the deployment of 5G in Nigeria.”

He noted that so far no negative impacts has been established from the research and trial carried both locally and at the international level. 

On the speculation that the 5G network escalated the COVID-19 he said there is no link between 5G and COVID-19.
“And there is no relationship between 5G and any desease. The only issue being raised usually is about radiation.  But people don’t realise that the radiation of 4G is more harmful than that of 5G. 
“The radiation of microwave oven at home is more harmful than that of the 5G. The radiation of even the smart phone itself is even more harmful that that of 5G

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SELF backs Sylva over choice of Saipem on Bonny NLNG Train 7 contract

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SELF backs Sylva over choice of Saipem on Bonny NLNG Train 7 contract

The South-south Emerging Leaders Forum (SELF) has faulted allegations of wrong doing leveled against the Minister of State for Petroleum Chief Timipre Sylva over the choice of Saipem, an Italian firm to handle the Bonny NLNG Train 7 contract.

SELF in a statement argued that the deal also endorsed by the Executive Secretary of the Nigerian Local Content Board Engr. Simbi Wabote was in the best interest of the country.

SELF position was in response to an online publication which accused the duo of bribe taking running into millions of naira in the deal.

SELF warned the publisher of the medium , Mr Jackson Ude, to desist from blackmailing leaders of the South-south extraction in a bid to score political goals.

Urging the Publisher of the online medium to show proof his allegation, SELF noted: “We strongly condemn the allegation leveled by Pointblanknews.com and its sponsors, this is highly condemnable and viewed as a sponsored plot to instigate hate against the Minister and derail his concentrations.

“This is ridiculous and belittling of Jackson Ude, the face behind this blackmail for being petty to the ground level for publishing tissues of lies about the persons of Timipre Sylva and Simbi Wabote.

“Nigerians should not believe this and throw it into the dust bin. It’s incumbent on all well-meaning Nigerians to support the positive drive of Minister and collaborate with him, towards the actualization of the onerous task at stake.

“Although Jackson Ude and his medium Pointblanknews.com are criminally known for thriving in the business of blackmail, especially against the officeholders from the Niger Delta region. But this forum will henceforth resist this criminality by deploying all known instrumental of law to fight the faces behind these tissues of lies.

“This Forum is using this medium to warn the likes of Jackson Ude to stay away from Nigeria and the South-south most especially if they are not ready to turn a new leaf because the business of blackmail has long become outdated and unpopular.”

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Great relief as Kidnapped Punch reporter, Nnodim regains freedom

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Great relief as Kidnapped Punch reporter, Nnodim regains freedom


It was a great relief for journalists, family members, friends and well wishers when the news filtered in that the Punch Newspapers reporter, Victor Okechukwu Nnodim who was kidnapped from his residence in Kubwa, Bwari Area Council on Thursday has regained freedom.

He was released almost 48hours hours after his abduction alongside two other neighbours who were also abducted.
It was gathered early hours of Sunday that he has been released and in high spirits.

The media world was jolted by the news of his abduction, as many turned prayer warriors supplicating for his freedom without any harm

His abductors, NationaUpdate learnt later communicated with his elder sister who resides in Lagos demanding for N10 million.

At the time of this report it could not be ascertained if ransom was paid before he regained freedom, but colleagues made efforts to contributed money towards his release, when it became obvious that the kidnappers were bent on collecting ransom.

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