Posts Tagged: nigeria

Living — 2 Comments
6
Apr 09

Lagos

Will Connors has put up the final installment of  Tinkerer’s paradise on Slate. Worth reading.  Here is a link to all five installments. The statement below is not a good representation of the main subject matter of the essay. I just thought it was interesting.

Lagosians, though, manage to keep their brilliantly colored clothes (traditional and Western) clean through it all. People look neat and presentable every day here, because in Lagos, you have to. Appearances matter everywhere, but Nigerians—and Lagosians in particular—are the most status- and style-conscious people I’ve ever been around. I once headed out the door unshaven, wearing a T-shirt with a small hole in it. My Nigerian friends refused to be seen in public with me, and they weren’t joking. A few days later, a friend saw my outdated, beat-up cell phone and offered his BlackBerry so that the people we were going to meet wouldn’t shun us. Grunge will never be in style here

Random — 2 Comments
2
Apr 09

Speedlinks 04022009

Some websites that popped up on my radar recently.
See Africa Differently - Possibly a lot of terrible things – like drought, hunger and disease. That’s hardly surprising when stories of African doom and gloom are always there for us to see on the telly, and read in the papers. But we’re here to tell you that Africa’s story isn’t all sad – in fact there’s some pretty amazing news to report about the world’s second largest continent.
StopAid – Wants to start a movement that ends Aid dependency in Africa.
Read It for Me - A billion brilliant business books (or so) pave the road to the cover of Fortune.  But who has time to read and remember them all?  ReadItFor.me does it for you. This idea packed, weekly podcast reveals the best takeaways and instantly applicable ideas from the world’s best business brains.
Project Diaspora and Yadsocial  and an African women magazine MIMI h/t Jeremy Weate

In the news:
Why Nigerians Are Investing in Ghana by Vice-President Mahama. Ghanaian Vice-President John Dramani Mahama has attributed the increasing exodus of Nigerian businessmen and other investors into the country to what he called a safe, secure, politically stable democratic environment in place in Ghana. – This Day
The Nigeria Stock market was the worst performing in January. I noticed a few bloggers working up some sweat over this, slow down guys this is just a statistical phenomena, if this had happened in the last quarter of last year it would not have made news. The NSE is lagging the international equity market by a few months. Gov. soludo says we will be alright.

Economics / Random — 2 Comments
25
Mar 09

Speedlinks 03252009

Who is who in the Niger Delta – Stratford ht Global Dashboard
Chris on Dead Aid. I concur and will like to add that Dambisa is likable.
Forecast for remittance flows to developing countries- People Move


I Am Going Into Armed Robbery’—Frustrated Vulcanizer Tells Fashola -PM News. (In Nigeria we call the guy that leaks in automobiles a vulakanizer, that will make it into the dictionary soon.)
CBN should be honest with Nigerians -ACF -Daily Trust. This is starting to look too much like Wall St. circa 2007

Random — 8 Comments
18
Mar 09

The World’s Best Place To Work #1 Lagos

Business Week released a list of the worst places in the world to hold a job. Lagos made #1. I decided to have some fun with this article , I posted the article on Facebook asking the residents of Lagos for comments. The verdict is out 10-1, BusinessWeek know not what they talk about. Some of the comments were so heated they aren’t fit for print. Others wanted to know how working in Lagos could possibly be worse than working in some war torn cities. They pointed out Nigeria has been a war within Nigeria’s boundaries since the 60’s. Others reported that expatriates in Lagos weren’t complaining.
Here is my spin on the article. ORC worldwide sees problems, people in Lagos see opportunity to make money by solving all these problems. It is all relative isn’t it?

From BW by (ORC Worldwide)

No. 1 Lagos, Nigeria

Overall Grade: Very High Risk Location
Severe Problems: Infrastructure, Crime
Major Problems: Pollution, Disease & Sanitation, Medical Facilities, Availability of Goods and Services
Other Problems: Climate, Education Facilities, Physical Remoteness, Political Violence & Repression, Political & Social Environment, Culture & Recreation

Economics / business — 7 Comments
18
Mar 09

Re-Branding Nigeria: 5 Things I Would Do Differently.

I remain optimistic about the  ..Good People …Great Nation campaign. However since no campaign is perfect here are a few things I would have done (do) differently?
1. I would have recognized the limits of main stream media. The days of massive campaigns through mainstream media is coming to an end.
Why? The web shapes peoples perspective these days. Online campaigns are cheap and a mix of Internet and MSM campaigns are even more effective. I would have held a national competition on the web. This would have generated free press and a sense of ownership. Fancy media consultants would have been relegated to the background.
2. I would have a web address tacked on to the slogan.
Why? It last longer than an ad campaign on CNN. The motives and goals of the efforts could be outlined with greater detail.
3. I would have tied the campaign to Nigeria’s infrastructure play.
Why? The opportunity funds that invest in commodities and finance trade in Nigeria already have their minds made up. They possess more sophisticated tools for assessing risk. They would not be my focus. I would have focused on more stable investment vehicles such as those that focuses on the diaspora and partnerships with Chinese firm who seem to have more detailed long term plans these days. I would do this by acknowledging the dearth of public infrastructure and re-brand this as opportunities available to smart investors.
4. The Government would not have been the main driver of this initiative.
Why? I would create a social enterprise, with a few successful multinationals as stake holders. Their incentive would have been tied to taxes and access. Maybe, throw in Ngozi Iweala to announce this initiative.
5. Lastly, if my cell phone was stolen minutes before announceing this re-branding efforts I would not have granted an interview or mentioned the loss of a mere mobile phone.
Unlike Rush Limbaugh I do not care who takes ownership of the plan I am still rooting for the present efforts.
What would you have handled differently?

Random — 6 Comments
17
Mar 09

Good People…Great Nation

Good People..Great Nation. This is the slogan for Nigeria’s newly launched re-branding efforts. Brushing aside unflattering discussions on blogs, twitter and especially Facebook, I say lets do this. Home country has spent too much money on this effort for us to tear it down on launch day. Dora Akinluyi while unveiling Nigeria’s new image said, ”This journey will be slow and painful…but we will be a better nation tomorrow,”. I concur. Nigeria …Good People..Great Nation. I am tired of the foreign media making fun of all our efforts.

Random — 2 Comments
15
Mar 09

Turenchi.com

A website for Nigerian news, updated throughout the day from multiple sources. They scan several daily Newspapers in Nigeria as well as dozens of other sources to bring breaking Nigeria News Online. I like the minimal feel of the website. Perfect for the attention challenged. Check out Turenchi. com.

Economics / Living — 2 Comments
11
Mar 09

Speedlinks 03112009

1. Economic ill winds hitting Africa – BBC  and a video. Recently the complaints (my informal measurement of the business climate) from colleagues on the African continent increased sharply. The forecast for the growth in real GDP for Nigeria is about 3%, which is one half of last years real GDP growth rate. I am surprised the forecast isn’t bleaker, as Oil prices have dipped up to 60%. See Nigeria’s Economic Outlook prepared by Standard Chartered bank. (hat tip: @InvestinAfrica). Not to worry the IMF has promised to hold our hands through this. Finally, according to Mr Kofin Anan;
Failure to compensate for loss of revenues to maintain essential public services could result in extraordinary human suffering, and reverse progress in achieving the Millennium Development Goals: It will also result in increased social and political tension.
2. FACTBOX-Africa and the global crisis. Who suffers most? – Reuters. 
A look at whats is going on with global economic crisis and where. A snapshot of the data as of today.
3. Social Capital Markets: Roxanne Miller on “Beyond Micro finance” – Next Billion
4. Something is wrong with this chart? Why are we paying a premium? From Bottom Billion Blog.
Thanks @Loomnie
5. June Arunga on Western Attitudes Towards Business in Africa – NYU-DRI via Vimeo 

June Arunga on Western Attitudes Towards Business in Africa from DRI on Vimeo.

6.  I did not make this up, someone from the Harvard Review did.

There would certainly be nothing wrong with this outcome except that their dependence on natural resource exports and a lack of economic diversification make such a leap all but impossible in a world where commodity demand is shrinking and where trade barriers might start growing again. Average Africans have much more to fear than fear itself. Who has the courage to stick by them?  

7.  Rwanda: The World’s Social Innovation Capital – BusinessWeek. 

Random — 3 Comments
6
Mar 09

Nigeria’s Own Bailout

Nigeria prepares plan to buy bad loans – FT

“We don’t even need them to start with,” Mr Soludo said. “The foreign investors do not matter in this discussion. What they think does not matter to us. What matters first and foremost is what Nigerian investors think and what they do.” …His comments may surprise fund managers who had come to regard Mr Soludo as one of the champions of a process of economic reform begun under the previous government, which helped to transform Nigeria into a credible frontier market.

That is a quote from Nigeria’s Governor of the Central Bank. I guess all bets are off now. One of the unintended consequence of Americas bailout of her financial institutions. Now no one as the moral authority to ask questions.  I struggle to see how this comment is beneficial to Nigeria long term goals, but then again there has to be existing financial infrastructure for the long term goals to even exist. Last time we checked transparency does not hurt any bank. Can I get a Amen from Lehman Brothers. Moreover as with all financial systems whatever is kept under wraps will someday come to light when the bubble goes pop!

Economics / Living / Politics / business — 2 Comments
25
Feb 09

Speedlinks 02252009

Continue reading →

Economics / business — 13 Comments
21
Feb 09

Bankole vs. Enang: The Route To Economic Recovery

The speaker of the Nigerian house of representative, Hon. Bankole opened the debate on the effects and solution of the ongoing global financial crisis on Nigeria, saying;

“We need innovative and creative thinking to tackle  the global turmoil. Three months ago, we had a capital market valued at about N14 trillion, now it’s N5 trillion yet they keep telling us things are okay…“Economic experts have predicted that in the 2009 fiscal year, the Nigerian growth rate is expected to decline while inflation is projected to rise. These predictions were predicated on the instability of international oil market. For instance, Nigeria’s foreign reserve, which stood at $65 billion three months ago is a little over $50 billion now. It therefore poses to us that the 2009 economic is indeed gloomy. - Bankole.

Clearly Hon. Bankole recognizes that Nigeria has taken a big hit due to the events that have transpired in the last 18months. However the Chairman,  House Committee on Rules and Business, Hon. Itang Enang,  had a different  view on the crash of the capital market. Continue reading →

Politics — 1 Comment
17
Feb 09

Nigeria’s Election: Will You Heed The Call?

In May 2007, some Nigerian bloggers heeded the Nigerian Lighthouse (now Kaput)  call to discuss their expectations and agenda for the newly elected President Yaradua’s regime. Back then the program was patched together in a a few days, (hat tip to the in house counsel Solomonsydelle). Nevertheless the program was a success, getting mentions on the BBC, GV and a few agencies who pay attention to cyber-advocacy.  Back then we set out to impact local politics, but even now we need to do more than blogging.  Continue reading →

Random — No Comments
7
Feb 09

Speedlinks 01062009

1. The Economic and Financial Crimes Commission (EFCC) may soon pin-down serving and former government officials who allegedly collected $180 million bribe from Halliburton to facilitate juicy Liquefied Natural Gas (LNG) contracts.  - This Day. $180 million bribe! There is no need to be dramati,c there are only a handful of individual that wield the power that can command this humongous bribe. Serve them this papers but let us get it over with.
2. The hunt for more active trading on Africa’s capital markets takes a new turn in February with the launch of the Africa Board on the Johannesburg Stock Exchange. The move by Africa’s biggest bourse could enhance market liquidity, says a top JSE official. – Africa News 
3. 60+ Resources For Entrepreneurs To Step Up and Take Charge - Applicant.
4. A very rare occurrence, a bank making money. Nigeria’s Sterling Bank Plc for its full-year to Sept. 30, 2008:(billions of Naira) 2008 2007 Gross earnings 36,300 23,864 and Profit after tax 6,583 1,938. Naira not dollars. -Forbes
5. The World Bank and the German government said Thursday that they hoped to inject as much as $600 million into micro-credit banks, fledgling institutions in developing countries that are being starved of financing as the credit markets have tightened. – NYTIMES
6. Now’s the Time to Invest in Africa Paul Collier has some pointers for Investors looking to dabble into the African continent. HBR