News
Collapse of Foreign Investment As Nigeria’s Next Envisaged Crisis
By Joel Popoola
Nigeria’s population is exploding while its economy is shrinking. Which is why financial figures released this week make such scary reading.
Forecasts from the International Monetary Fund predict economic growth in Nigeria to be just a third of the global figure for 2021.
And statistics from the National Bureau of Statistics showed a 61% year-on-year decline in foreign money flowing in Nigeria.
This means fewer and fewer international customers for Nigerian businesses, and crucially, fewer and fewer investment capital for Nigerian companies.
International businesses and investors spent $2.8bn in Nigeria in the first half of 2021. In the first half of 2020 this figure was $7.2bn.
Of these figures, foreign direct investment – overseas companies setting up in Nigeria – fell 36% year on year.
The World Bank has also estimated that foreign investment in Nigeria is down 80% in recent times. Foreign portfolio investments – the purchase of Nigerian securities or other assets fell from $4.7bn to $1.5bn in a single year – a drop of nearly 70%.
The impact of the COVID-19 pandemic would have of course played a part, with many businesses across the globe practically mothballed for months.
But there is long-term systemic reason for the collapse of foreign investment in our nation. Nigeria does not appear to be a safe investment.
But we should be an unbeatable one.
In population terms alone, we offer overseas organisations one of the largest domestic markets on earth.
Then, there is our vast human capital.
We have ambition: Our young people are the most likely in all of Africa to have considered running for elected office.
We are entrepreneurial: 71% of our young people have an idea for a business.
We are innovative, having been described as “Africa’s most attractive tech hub for investors” and home to the most start-ups in Africa.
Just last year, consultants McKinsey reported that Nigeria’s Fintech sector has raised more than $600 million in funding between 2014 and 2019.
But if that funding dries up, how are the companies of tomorrow supposed to take their businesses to the next level, growing their international sales, workforces and – yes government – tax bills, which in turn will pay for better public health, education and infrastructure.
This investment is the lifeblood our future economy. But investors are increasingly looking elsewhere.
For a reason why there are doing that, we need look only to the recent research from pressure group YIAGA, who have suggested an astonishing $582bn has been lost to corruption in our nation since independence.
Investors will not see a return on their investment when it is quite clear how much of it is likely to end up in the back pockets of the duplicitous, the dodgy and the dishonest.
We need to build international trust in Nigeria. And that battle begins at home.
At the digital democracy campaign I lead we are looking to rebuild the relationship between government and governed using the power of social media.
We have created a free smartphone app called Rate Your Leader to bring elected officials closer to the people who elect them.
Rate Your Leader which connects verified political figures with verified voters in the divisions they serve, giving local people the kind of direct personal access only previous granted to the privileged few like lobbyists and party donors.
If you want to raise something with your local leader, you can. If you want to ask them a question, you can. If you want to put forward an idea to make your community better, you can.
Apps like Rate Your Leader show how transparent, responsive and accessible political leaders can be, which builds wider trust in our political class and political system. Rate Your Leader also lets users rate local elected officials for openness and responsiveness, rewarding our most transparent and accessible politicians and highlighting their qualities to other voters.
The app also gives politicians a real-time insight into what matters most to the people who elect them – allowing them to take action, make changes and win the respect, trust and affection of the people their serve.
We are a nation held back by the notion that everyone else is only out for themselves – from the very top of the country down. This isn’t true.
But the idea is spreading to other nations too. And that is something that our economy simply cannot afford.
Joel Popoola is a Nigerian tech entrepreneur and digital democracy campaigner. He is also the creator of the Rate Your Leader app.
By Henry Ukazu
Dear Destiny Friends,
There is no gainsaying the fact that everyone desirous of making impact in life must live a life of purpose. This is where knowledge and information come to play. It is these knowledge and information that will set an individual apart from his contemporaries.
I strongly believe, if one is not informed, they are ill-informed, and when they are ill-informed, they can’t perform well in any given endeavour. This is because information leads to reformation and transformation. We can therefore, confidently say that information leads to formation because everyone is a product of what they know.
Knowledge acquisition is one of the best things that can happen to anyone. People with knowledge are revered, and highly respected. Having knowledge is like having money. People from all walks of life will seek you.
There are different kinds of knowledge, and they include Revealed Knowledge, which comes from those who wrote the Bible and Intuitive Knowledge, which comes from the mind. It is the ability to gain knowledge without conscious reason or explanation.
Others are Empirical Knowledge, which is information gained through observation, experimentation, and direct experience, rather than through theoretical reason or intuition; Authoritative Knowledge, which is the knowledge a man has because of his expertise in a particular field; and finally but not the least, Rational Knowledge, which is a form of knowledge that uses reasoning and philosophy to understand the world.
From this illustration, a decisive mind can see that knowledge is priceless. Knowledge is like education. It can provide security and access. Even the Book of life says in Proverbs 4:13, “your education is your life, guard it very well”; and in Hosea 4:6 that “my people perish for lack of knowledge”.
From my personal experience in life, apart from death, one of the greatest levelers of all time is education. This is because the child of a certified pauper can become a man of means tomorrow if properly educated. That explains why children from humble backgrounds ought to take their education very seriously, especially if they don’t have affluence.
On a personal note, I come from a very humble background, my late parents didn’t have the opportunity of acquiring a decent education, but they knew the value of education and endeavored to give me and my siblings a decent education. In retrospect, when I look back and see some of my contemporaries whose parents couldn’t give them a decent education, I bless my late parents because education has exposed me to lots of opportunities in the United States, and the global world in addition to granting me an audience with the high and mighty in society.
Sometimes, when I look at my modest achievement, I’m deeply humbled because I know it is the grace of God. Who am I to author two amazing trailblazers’ books, get featured and profiled by the New York Times, engage in high level conversation with leaders of thought and captains of industries. Apart from the grace of God, intentional seeking of knowledge, and wise counsel from mentors and strategically positioning myself have been some of the cornerstone to my success.
Imagine if my late parents didn’t give me a decent education and opportunity of travelling to the United States, most of these opportunities and exposure wouldn’t have been readily available.
When one is decently enlightened, educated and informed about life, their level of reasoning and understanding differ from an ordinary man. If one desires to go far in life, one must seek knowledge.
It is your knowledge that sets you apart from others.
According to Dr. Yomi Garnett, an accomplished Ghostwriter, “If you are a man of great knowledge, people will have great respect for you. If you are a man of great wisdom, people will have great reverence for you. And if you are a man of both, great knowledge and great wisdom, you will be the most eminent of men. But in real terms, people don’t care how much you know, or how much wisdom you have, unless they know how much you care.”
The moral of this quote is that despite the knowledge and information at one’s disposal, if one lacks empathy, their knowledge, experience and whatever they have mean nothing.
The importance of knowledge cannot be overemphasized. In our contemporary society, a fast way of attracting opportunities is by showcasing the knowledge at one’s disposal. It is so sad that many people don’t take time to read, research and learn new trends applicable in their industry, and in the world generally and as such, they find it difficult to fit in and grow.
It is instructive to note that when you seek knowledge, opportunities will seek for you. A major reason people are poor is simply because they are not solving problems and to solve problems, one ought to have understanding. Do you know that if you don’t have money, the reason is often because you are not solving a problem, or you are not solving enough problems, or you are not solving the right problem or you are not solving problems for the right people. Generally, we make money because we have something unique to offer to the world. Therefore, to solve problems, one must have knowledge and information.
We currently live in an age of technological, where skills, talent and creativity are in high demand. Any progressive being that desires to go far must be intentional in seeking knowledge. Successful acquisition of knowledge, information and understanding can lead to discernment and wisdom.
In conclusion, as you journey towards life, if you want to make an impact, seek opportunities, and earn more money, do yourself a favour by endeavoring to seek knowledge, wisdom, and information. You can’t get these by sitting on your sofa or staying in your comfort zone.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design Your and Unleash Your Destiny. He can be reached via info@gloemi.com
President Bola Tinubu has approved the appointment of Daniel Bwala as Special Adviser, Media and Public Communications (State House).
Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced this in a statement, on Thursday.
A former aide of former Vice-President Atiku Abubakar, candidate of the Peoples Democratic Party (PDP) in the 2023 election, Bwala worked actively for his former principal who lost to Tinubu.
However, after the elections, he worked his way into the camp of Tinubu, sparking controversy.
Onanuga also announced the appointments of three directors-general of various agencies.
They are:
(1) Mr. Olawale Olopade — Director-General, National Sports Commission
(2) Dr. Abisoye Fagade — Director-General, National Institute for Hospitality and Tourism
(3) Dr. Adebowale Adedokun — Director-General, Bureau of Public Procurement
Olopade, the new Director-General of the National Sports Commission, is a sports administrator with many years of experience in the sector.
He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 National Sports Festival.
The new Director-General of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research/Training and Strategic Planning at the bureau before his appointment.
Daily Trust
Globacom has received commendation from the Vice Chancellor of BOWEN University, Iwo, Osun State, Professor Jonathan Oyebamiji Babalola, for consistently delivering digital services to the university over the years.
This acclamation was made by Professor Babalola during a business meeting in his office at the University of Iwo in Osun State, when he hosted a team from Globacom’s Enterprise Business Group.
The VC conveyed how much he enjoyed working with Globacom and encouraged the company to keep up its uninterrupted services to the academic community.
In order to help the university fulfill its mission of creating better products and advance the frontiers of academic development, he also asked Globacom to support BOWEN University through a number of CSR initiatives.
Speaking at the meeting, Adeniyi Odejobi, the Enterprise Business Lead, Globacom, said that the company has been a major telecommunications service provider in Nigeria, providing telephony and digital solution services for millions of people across the country as well as enterprises, small and medium-sized businesses, large corporations, public sector organizations, and universities. It is also a digital solutions company.
According to Adeniyi, Glo has been at the forefront of revolutionary changes in Nigeria’s telecommunications sector for more than 20 years and is largely to be commended for democratizing the use of telephones and telephony services across the country over the years. “Because of Globacom, every Nigerian today can afford a telephone line”, he noted.
According to Adeniyi, Globacom also evolved a good number of innovations that have aided revolutionary developments in the Nigerian telecom sector, such as Globacom’s fully owned international submarine cable, Glo 1.
In order to advance the university, Adeniyi urged it to deepen its collaboration with Glo in order to offer digital services such as Glo LMS, Toll-Free Data, and Mobility services.
