• Home
  • News
    • African News
    • Nigerian
    • World
    • News UK
    • Politics
  • Sports
  • Business
  • Entertainment
  • Health
Nigerian Watch Newspaper
Nigerian Watch Newspaper
 
 
 
 
  • Home
  • News
    • African News
    • Nigerian
    • World
    • News UK
    • Politics
  • Sports
  • Business
  • Entertainment
  • Health
Home
Health

Nigeria needs to hold an emergency Covid-19 economic summit to address these 10 embarrassing realities

January 14th, 2021 African News, Business, Headline, Health, News, Nigerian, World comments

Nigeria needs to hold an emergency Covid-19 economic summit to address these 10 embarrassing realities

Ayo Akinfe

(1) We have a 2021 budget of $33bn but are planning to borrow at least $14bn to fund it

(2) We are poised to spend $7.8bn importing used cars and motorcycles in 2021

(3) We have no plans whatsoever to join the rest of the human race in looking for a remedy to this virus. Has it occurred to us that if Nigeria developed a vaccine it would earn us at least five times more than crude oil does

(4) With global industrial output down, we are not going to sell anywhere near the 2m barrels of crude oil our budget is predicated on. In fact we will be lucky to sell 1m barrels a day throughout 2021

(5) With the end of the Trump era, the US is going to adopt a more collaborative and collegiate approach to global trading. This is likely to lead to a deal with China, which will put an end to the reckless borrowing we are currently seeing. I can see Chinese loans drying up soon

(6) President Joe Biden is going to return to the Paris Climate Change Accord. This will mean more global green policies, which will lead to less petroleum usage, less loans for polluting projects and the reduced production of petrol cars

(7) Certain developing countries have been using this crisis to dramatically boost production in numerous sectors. They are filling the vacuum left by China’s suspend of industrial activities. As we speak, Brazil is generating over $136bn from the export of agricultural goods, Mexico is earning $10.2bn from the export of textile products and Vietnam generates $65bn from mobile phone exports

(8) India, however, is taking the most radical steps with this pandemic. They are building new industrial cities to accommodate hundreds of Western companies relocating from China. Most of these multinationals have come to realise that it is unwise to plant all their eggs in one basket

(9) With debt servicing soon to account for about one third of our budget, Nigeria will be too heavily geared to take out more loans. Simply put, this means we are going to have to start producing most of what we consume, be it automobiles, mobile phones, private jets, designer clothing, pharmaceuticals, household goods, etc

(10) I can see the day coming when our state governors will go to Abuja and the finance minister will tell them there is no federal revenue to share. Those governors with foresight need to start preparing for this eventuality

  • Tags
  • Ayo Akinfe
  • Brazil
  • China
  • coronavirus
  • Covid-19
  • Donald Trump
  • India
  • Mexico
  • Paris Climate Change Accord
  • President Joe Biden
  • Vietnam
Facebook Twitter Google+ LinkedIn WhatsApp
Next article Ebere to feature against Arsenal tonight despite being disciplined for breaching protocols
Previous article Trump becomes first ever US president to be impeached twice as 10 Republicans vote against him

Related Posts

Buhari finally appoints new service chiefs as insecurity keeps rising across Nigeria African News

Buhari finally appoints new service chiefs as insecurity keeps rising across Nigeria

Rohr considers calling up Arsenal's third choice goalie Arthur Okonkwo for Nations Cup qualifiers News

Rohr considers calling up Arsenal's third choice goalie Arthur Okonkwo for Nations Cup qualifiers

I have just been doing some arithmetic and realise that Nigeria needs to create about 5.2m jobs a year African News

I have just been doing some arithmetic and realise that Nigeria needs to create about 5.2m jobs a year

Facebook Comments

 

Follow Us on Facebook


Follow us on Twitter


Follow nigerianwatch on TwitterTweet

  • About us
  • Legal agreement
  • Privacy policy
  • Contact us
  • Back to top
© 2012 - Nigerian Watch. All rights reserved.
Website by Mouldme.com