One useful cross-country indicator of hardship is the number of hours it takes an unskilled male to earn enough to buy 100 kilograms of the staple food grain.
This speech *is* one for the history books. But that’s less a compliment, than a coda.
Carney has given us the words to mark the end of the ‘rules-based order’…by acknowledging it never really existed.
It was a collective illusion. That now is over.
@DrJoeAbah A senior friend while walking me to the train station in Geneva and as usual discussing Nigeria concluded “ there is something wrong with the negro race” and what Doc said is a major part of it
I have a theory: Nigerian leaders struggle to handle complexity and anything with moving parts. We can pour concrete. It’s pretty straightforward. I guess that is why people see roads being built and say that Governance is not rocket science. If roads are what they mean by governance, they would be right: it’s not rocket science.
When it comes to complexity, multiple components, or moving parts, our leaders tend to struggle. For instance, electricity involves generation, transmission, distribution, metering, billing and tariff management. Complexity. We don’t handle it well.
That is why, when a new governor succeeds one who has already poured concrete, they seem clueless about what to do next. Facilitating the economic activity that will make use of the roads and buildings is harder than pouring the concrete to build them. It requires brain power. Complexity hurts the brain. We don’t like it.
In countries like France, most politicians would be expected to have attended one of the governance schools if they want to seek high public office. In the UK, you would probably have studied Politics, Philosophy and Economics at Oxford or Cambridge. In the USA, it would be usual for you to have attended an Ivy League university. Same as Japan and Singapore. In all these places, you would be exposed to complexity, innovation and problem-solving.
In Nigeria, all you need is to have completed a course of secondary education. Did you know that you actually don’t have to have a WAEC certificate? You just need to have finished secondary education, you don’t need to have passed WAEC or even NECO. Is it surprising the quality of leaders that we have?
It is not about having a PhD. Most Nigerian governors with PhDs have been thoroughly disappointing. It is more about being equipped with the skills and intellectual rigour to handle the complexity of governing others and making the best decisions on their behalf.
I would suggest that we upgrade the Public Service Institute of Nigeria and the Administrative Staff College of Nigeria into proper governance schools. We should then make
it mandatory that all politicians who want to occupy elective executive positions (like LGA Chairman, Speaker, Senate President, Deputy Governor, Governor, Vice President or President) must attend and graduate from those institutions before they can even seek any elective public office at all.
Do you agree with my theory? If not, do you have a counter theory? If you agree, do you think that this would make any difference? If you think that it won’t make any difference, what do you think would? #NaijaKnowledgeX
@DrJoeAbah Doc you have captured my thoughts, I think it is the bane of the negro race in general. We lack or rather haven’t developed the sophistication to manage or organise a modern society.
@Mario9jaa Does this mean that a BDC person can only sell $100k worth of dollars monthly and make only $1k in margins? A bit unrealistic. How does this new policy affect the $ inflow into the market that isn't from the CBN?
@efearue Good morning, Ma; I am interested in getting index funds and ETFs from the US, and I was told to reach out to you. Your DM is locked, so I am unable to message you privately.
@Ssaasquatch how do I subscribe to a $ Index fund from Nigeria? From my inquiry, I was told I needed to have an American bank account. Thanks in anticipation of your response.
@Ssaasquatch@Mrchaffer_ I have been wanting to open a dollar index fund from Nigeria but I was told I need an American account. How do get into index funds from Naija?
@HNIC8@don_pet Exactly. A mortgage isn't as simple as it seems, and if it is your primary residence, then it's not an investment as often promoted. You are better off putting that money in an ETF for 35 years than paying a mortgage for the same period.
@JosephOnuorah This is a half-truth, as he has only identified the government as part of the problem, but it's a lot more than that. On the government side, he should investigate the money spent to determine if it is channelled towards improving productivity and not consumption.