Opinion I Nigeria, Britain And The Naira

NIGERIA, BRITAIN AND THE NAIRA

        

The Nigeria’s history won’t be concluded without mentioning the United Kingdom (UK). In view of this, the latter has hitherto remained a household name when discussing the former, particularly in the aspect of the country’s politics as well as economy.

        

It’s noteworthy that the UK comprises mainly the Great Britain and the Northern Ireland. If further split, the former consists of England, Scotland and Wales; among these three, the first two countries majorly constitute the Britain. Owing to both the population and landmass’ percentage Britain occupies in the bloc, the UK is usually referred to as Britain.

      

The Britain, which remains the prime sovereignty in the UK, has invariably been playing the role of a father in the Nigeria’s polity as a whole. The obvious fact that Nigeria was a British colony from the 19^th century till it became an independent nation in 1960 can never be swept under the carpet or be forgotten in a hurry. The unending appreciation of the two countries’ bilateral relation cannot be unconnected with the aforementioned record.

        

Penultimate week, the UK’s Export Finance agency disclosed its intention to add the Nigeria’s legal tender, naira to its list of ‘pre-approved currencies’, allowing it to provide financing for transactions with Nigerian businesses dominated in the local currency. By so doing, the naira will become one of the three West African legal tenders that the UK export finance has pre-approved for its means of funding transactions that promote trade with the UK.

       

It would be recalled that the Britain voted in 2016 to leave the European Union (EU). The awaited exit has persuaded London, the capital territory of the UK, to embrace a rethink over its trade ties with the rest of the world. It’s thus needless to state that the country is currently reviewing its existing trade and investment policies towards ushering in more suitable and beneficial ones.

        

It’s worth noting that in the last three years, severe dollar shortage in the Nigeria’s foreign exchange market caused by the emergence of lower oil prices, forced the Central Bank of Nigeria (CBN) to allow the naira to float after it lost third of its official value against the dollar. This, therefore, is the reason the currency has not ceased to stagger within the period in review.

       

It is imperative to acknowledge that the pronouncement in question, if duly implemented, would go a long way in strengthening the Nigeria – UK bilateral cooperation, thereby easing the rate of importation of goods from the latter to the former. Since the naira would be accepted as a legal tender in the aforesaid foreign country, Nigeria importers can easily pay for goods and services over there with the use of the currency. This implies that the said set of traders wouldn’t need to queue at the Nigeria’s foreign exchange market to change the naira for dollar or pound sterling.

       

But if critically viewed, it would be realized that such a policy can cause overflow of the naira, which is presently in a pathetic mood. More so, the ongoing double-digit interest rate will equally soar the prices of the goods to be imported into the country from the UK since it’s understandable that borrowing is synonymous with importers. I’m afraid; these foreseen consequences might result to further depreciation of the naira.

         

Besides, the President Muhammadu Buhari–led government that is deeply concerned about boosting the country’s local market may not be favoured by the policy, which is likely to lead to another phase of over-dependence of imported commodities that has overtime bedeviled our economy. It’s not anymore news that the present administration’s mantra is anchored on diversification of the country’s revenue base. So, for this to come at a time Nigerians are encouraged to think home is enough reason to say that anyone that really means well for Nigeria is still sceptical over the actual merits that are attached to the policy.

        

This is to say that, in the long run, the monetary policy might mainly boom individual pockets to the detriment of the national coffer. Such resultant effect wouldn’t augur well for the country’s export base that’s seriously yearning for rescue, hence at the expense of her economy at large. Any fiscal measure that’s liable to benefit just a few individuals but impoverish the majority isn’t worth celebrating.

        

As much as the UK is apparently trying to boost the Nigeria’s pride in the international market by initiating suchlike policy, we mustn’t forget so fast that the former stands to be the key beneficiary of the initiative, hence the need for us not to be carried away by the euphoria that accompanies the news.

       

The good news is that, such an approach would make the naira to be more recognized and respected globally. On the other hand, it could also reduce the ongoing influx at the parallel market because most importers may have little or no business to transact over there, thereby returning the rightful status of the commercial banks.  

        

However, that doesn’t change the fact that if critically examined, the naira might not get its fair share of the deal; that the naira might cry foul as the odyssey progresses; that it may end up causing the currency more harm than good. We must note that in any business or relation, every partner involved is more concerned about what his personal benefit entails. Think about it!

 

Comrade Fred Doc Nwaozor

Executive Director, Docfred Resource Hub (DRH) - Owerri

__________________________________

frednwaozor@gmail.com

Twitter: @mediambassador            

  

 

ShortStory I Rough End

 

ROUGH END

      “Obiora my son,” Chief Okeke called in a low tone.

      “Yes daddy.”

      “It’s obvious that you are now an undergraduate.”

        Obiora who happened to be Chief Okeke’s only son just secured an admission into Spectrum University to study Petroleum Engineering. The said institution was one of the most respected tertiary citadels of learning across the East, Nigeria. That fateful day, which preceded the day he was meant to leave home for the campus, his beloved father was actually giving him the needed counselling for the odyssey that awaited him.

        They both alongside his mother were seated at the family’s sitting room at about ten minutes to six O’clock in the evening (05:50 pm).

        “As my first child and only son,” continued Chief Okeke who sat directly adjacent to the chap in one of the two-in-one upholstery chairs. “I want you to realize that a lot of responsibilities await you.”

         His wife Lolo Okeke who was seated beside him, nodded in agreement while Obiora listened attentively.

        Chief Okeke being a successful trader, who was precisely into motor spare parts, had all it took to cater for the boy’s education both financially and otherwise but his utmost worry remained the fear of the unknown.

        “Most importantly,” he proceeded. “You must acknowledge that studying an engineering course in a university is not an easy task.” he asserted, paused. “So, I expect you to be extremely careful as well as mindful of your studies, which is the only way you can reach your success room.”

         Everywhere was tranquil as he passionately tendered the words of wisdom.

        “My son,” his mum chipped in. “You’ve to adhere to every instruction your dad is giving you.” she said, took a breath. “You are lucky you have a very wonderful and caring father which every child ever prays for.”

        “I promise, I won’t disappoint you dad.” Obiora assured. “And you, mum.” He concluded, looking at his mother’s eye sockets.

        “I pray your wish would remain your motivation.” Chief Okeke thought aloud in a jiffy.

        “Amen…” His wife emphatically complimented.

        “My son,” he rode on. “All I want from you is to remain a good ambassador of this noble family.”

         Obiora quickly folded his arms tightly, became apprehensive.

       “Honestly, you have all it takes to excel.” Chief Okeke reminded. “Last time I checked, you had no reason to become a failure.”

         The wife concurred via a series of nods.

        “Before I conclude,” he proceeded tenderly. “I must let you know one fact.”

         Obiora changed his posture. This time, he leaned his head on his right arm, which was standing firm on his right thigh.

        “In my dialect which is Igbo language” quoth Chief Okeke. “University is referred to as Mahadum,” he informed, paused. “It means, know it all.”

         The wife nodded, became more interested in the class.

       “Therefore, you are meant to know everything about the world as well as all that is in it.” He said, took a breath.

         Obiora remained still in his sitting position, wasn’t distracted by anything around him not even the trespass of a snake.

        “But mind you,” his dad proceeded. “You are only expected to be part of those ones that are morally acceptable.”

         Obiora nodded continuously for several seconds.

       “A word, they say,” quoth Chief Okeke. “Is enough for the wise.” He concluded.

       “Thank you, dad.” Obiora applauded, returned to his previous posture.

       “My dear,” His mum followed suit.

        Obiora quickly fixed his gaze on hers.

       “I want you to take your prayers very seriously.” She instructed in strong terms, paused. “Endeavour to say your prayers at least twice in a day – in the morning and before you go to bed.”      

       “Okay mum.”

       “And,” she continued. “Don’t ever forget to go to church every Sunday and whenever necessary.”

         Obiora nodded.

       “Please my son,” she rode on. “You must note that your two sisters are looking up to you.”

         Chief Okeke nodded in appreciation.

       “So, you must always lead by example.” She landed.

       “Thank you, mum.” Obiora excitedly tendered. “Thank you, dad.” He supplemented, looking at them respectively.

       After Obiora’s first year on campus, he made excellent results in all his 100 Level courses, that, everyone in engineering faculty including his lecturers and fellow students became attracted to his person. This made him an envy of all, including dick and harry.

       When they got the news, his parents were immensely impressed over the remarkable performance of their only son, though the said outcome wasn’t too surprising to them because Obiora had obviously been a very brilliant chap ab initio. He had maintained the brilliance right from his primary school days.

        Owing to the fabulous results, his father Chief Okeke became more concerned over all the wants of the chap. In view of this, Obiora never lacked anything an undergraduate could boast of. Money was sent to him whenever he asked for it. All he needed was to ask, and it would be deposited in his bank account without much ado.

        More appallingly, thereafter, they never took visiting him on campus as a priority again as they used to, since the chap had proven to them he was really taking his studies seriously.

         One popular Igbo adage would say ‘Ana eji ututu ama njo ahia’, meaning literally ‘a trader will never know if there would be poor patronage in a certain day going by the pace of sales in the early hours session of the day’.

        To be continued, please.

 

Fred Doc Nwaozor

Executive Director, Docfred Resource Hub (DRH) - Owerri
________________________________

frednwaozor@gmail.com

Twitter: @mediambassador 

 

 

Opinion I Owelle, It's Time You Named Your Prospective Successor

OWELLE, IT’S TIME YOU NAMED YOUR PROSPECTIVE SUCCESSOR

       

The last time I checked, the sitting governor of Imo State – the Eastern Heartland – Chief Rochas Okorocha had been compelled to publicly announce who he would like to baptize to take over from him come 2019 when he would be graciously vacating the revered Douglas House.

        

The scenario has lingered that it has succeeded in making both the governor’s protégés and sycophants to take advantage of it. There is no day that passed, you wouldn’t hear them say to the governor’s hearing ‘Owelle, show us the man and go to sleep’.

        

Some of them would gather their friends and well-wishers and pay the number-one citizen a visit at the Government House, only for the sole purpose of asking the leader to quickly disclose who he has ordained to be his successor during the next interregnum that would take place in the state.

          

Some would even go extra mile to tell the governor that they have already selected someone for the position, thereby urging him to grant his fatherly approval to the nomination. At the end of the day, the governor would tell them that the time was not ripe for him to make such anticipated declaration, assuring at the right moment he would gladly do the needful as expected of him.

        

Each time I recall the existence of this set of allies, I can’t help but continue to smile in Latin. I invariably do so because I truly know that most of them are not for real; because I’m aware that many of them are up to something funny; because I strongly believe that they are only interested in their individual interests, and not that of the state; because I’m not unaware that virtually all is just being dramatic and sycophantic and nothing more.

         

Sometimes when I write or talk, people feel I am cracking mere jokes or just being comic, not knowing that whenever I appraise facts, I usually present it in form of jokes with a view to easing the tension that may follow suit. I always make effort not to be vulgar each time I write or communicate one-on-one with any fellow or group of persons.

       

This action of countless political elements in the state has intensely heated the polity. The waves it bears have the tendency of distracting the governor from concentrating on what is required of him, which is good governance. Such a circumstance could obstruct so many ongoing genuine activities of the Rescue Mission Administration. The atmosphere is so dense that it could make the governor to vacate the Douglas House and thereafter start operating from Ogboko, his home town.

         

Nevertheless, it’s imperative to acknowledge that the joy of every leader or ruler, as may be the case, is to produce a good successor. And it’s worth noting that every leader would stop at nothing to ensure that only the person he baptized becomes his successor when the time comes. It suffices to say that there’s no leader that does not want the anointed individual from his ‘lineage’ to take over from him. Sure, we all look forward to having a trustworthy, competent and loyal successor irrespective of the nature of the position.

        

If I must tell Gov. Okorocha the gospel truth, I would say it’s high time he named his prospective successor; it’s time he disclosed whom he would like to succeed his leadership as the governor of Imo State. There are various reasons the number-one citizen needs not observe any further delay towards naming his prospective successor.

        

One of the reasons is that it would tremendously help to ease the tension that has been mounted by his so-called allies. At least, such step would assist in lessening the alarming noises that have been generated so far as a result of the burning quest to realize who succeeds the governor come 2019. It would equally help to make these men, especially the appointees, to focus on their respective political consignments.

         

Secondly, naming the prospective successor at this point would enable the governor to thoroughly heal the wounds that would be incurred afterwards. It’s needless to assert that the moment the name of the awaited man of the moment is eventually disclosed, some persons would be pleased whereas some other members will definitely feel shortchanged or aggrieved.

         

So, if the governor could name the person on time, it would give him enormous opportunity to bring back those who would leave the All Progressives Congress (APC) owing to grievances; it would give him the chance to make some amends where need be; it would give him enough space to console the wounded hearts.

       

The factual point remains that, there’s no body Owelle would project that wouldn’t make some members to be aggrieved. In other words, the moment a name is mentioned by the Ogboko-born celebrity, factions will surely be created among the teeming members of the ruling party (APC). The APC is already reportedly divided in the state let alone when the pronouncement is finally made. This is the reason the man at the top needs to name the anointed person right now; the earlier, the better.

        

This is conspicuously the ripe time the number-one citizen needs to listen to strategists towards ensuring that the needful is carried out at the apt time. Against this backdrop, he must be ready to extend hand of fellowship to the cognoscenti if he truly wants to excel in his political mission with a view to ushering in his vision. So, at this point, he ought not to rely only on his political advisers, because there’s a tendency that they might be rendering their services for the sole aim of safeguarding their individual interests.

         

Hence, it’s needless to reiterate that as I call on the governor to ‘show us the man’ right now, he must be very mindful on the strategy he deploys toward fulfilling the request. Most importantly, if he truly intends to remain the overall leader of the APC in the Eastern Heartland, he must ensure that he doesn’t get carried away by his personal interest as regards pronouncing the anointed man. Think about it!

 

Comrade Fred Doc Nwaozor

Executive Director, Docfred Resource Hub (DRH) - Owerri
_____________________________

frednwaozor@gmail.com

Follow me: @mediambassador