How do you spell failure? A tale of Nigeria’s automotive policy

A while ago I asked a question, “Will we ever walk back on failed industrial policy?” and I cited the automotive policy as an example of failure. In case you have forgotten what the policy is, in 2014 the federal government increased import tariffs and duties on imported new and used vehicles to as high… Continue reading How do you spell failure? A tale of Nigeria’s automotive policy

On the federal government’s debt strategy

The minister of finance was recently in the news talking about the federal government’s debt strategy. To paraphrase her, they realised that our infrastructure was seriously lacking even though our debt to GDP ratio was very low. The strategy therefore focused in increased debt to finance key infrastructure. While acknowledging that the debt servicing costs… Continue reading On the federal government’s debt strategy

Do Nigerians believe in markets?

I am mostly an advocate of markets and economic freedom. In general I think people should be free to buy, sell, trade, and make decisions on price independently without the need for government intervention. Of course this is not carte blanche. There are many areas I think government intervention is important and relevant. You don’t… Continue reading Do Nigerians believe in markets?

Swimming against the tide?

In case you have not heard, the US has started raising interest rates which, as expected has led to pressures in emerging markets. Most of the markets have seen some turbulence recently but not Nigeria. Those with a keen eye will know this has a lot to do with our de facto fixed exchange rate… Continue reading Swimming against the tide?

Short note: Crude oil

“I said it is on record and I challenge anybody to check from Europe, United States and Asia that between 1999 and 2014, the 16 years of previous administration, there was an average of 2.1 million per day of crude oil at the average cost of 100 dollars per barrel,” Crude oil production (includes condensates)… Continue reading Short note: Crude oil

Is agriculture the future of employment?

My piece in the guardian today is about employment in agriculture. Specifically, I ask if agriculture can be the driver of employment that we hope, or if it can’t. My thinking is driven by these three graphs.   First, the fraction employed in agriculture globally is falling despite increased production for the most parts.  … Continue reading Is agriculture the future of employment?