“All animals are equal, but some animals are more equal than others,” George Orwell famously wrote in Animal Farm, his allegory of Stalinism. But Orwell’s maxim could just as easily apply to the sovereign-debt crisis in Africa. Low-income African countries have the smallest share of global public debt but are more likely to be in debt distress or at high risk of it.

This paradox reflects a dysfunctional international financial system. Unlike advanced economies, which have highly developed local-currency bond markets, African countries are subject to prohibitively high interest ratesand often cannot borrow from international investors in their own currency (the “original sin” of sovereign-debt markets). Instead, over 80% of African countries’ external debt is denominated in dollars or euros, which heightens their vulnerability to monetary-policy changes by a handful of systemically important central banks – and thus to a “debt doom loop” that only exacerbates their debt burdens.

Unless the policymakers convening next week for the annual Spring Meetings of the World Bank and the International Monetary Fund pursue reforms that address the inequities in the global financial system, a few privileged countries will continue to be more equal than others. Inaction would have negative consequences for macroeconomic stability, debt sustainability, global growth, and income convergence, and could undermine the World Bank’s institutional credibility as it embarks on a new mission “to end extreme poverty and boost shared prosperity on a livable planet.”

Amid increasing financial volatility, supply-chain vulnerabilities, and inflationary pressures, many African countries have already adopted difficult and unpopular policies – including removal of government subsidies and aggressive interest-rate hikes, despite widespread poverty and Great Depression-levels of unemployment – in a bid to escape the debt doom loop and foster macroeconomic stability.

For example, in Nigeria, where unemployment currently hovers around 30%, the central bank recently raised its main lending rate by 400 basis points, to 22.75%, to bolster the naira and tame inflation, stoked by exchange-rate pass-through resulting from the naira’s sharp depreciation against the dollar. This exchange-rate depreciation – which increases debt-service costs – has been further exacerbated by capital outflows, with investors chasing higher relative returns following interest-rate hikes by the US Federal Reserve.

The sub-investment grade of African sovereigns has further heightened the challenges of managing the debt doom loop. In fact, most African countries suffered large-scale procyclical downgrades at the height of the pandemic, which only further curtailed their access to global finance, considering the cliff effect. This, in turn, has raised refinancing risks and increased the likelihood of default.

The few African countries that could still tap capital markets faced significantly higher borrowing costs. An analysis of bond yields in 2022-23 shows that the borrowing rates for African countries (11.6% on average) are almost twice as high as rates for countries in Asia and Oceania (6.5%), nearly four times higher than in the US (3.1%), and eight times higher than in Germany (1.5%). These growth-crushing and default-driven borrowing rates set unrealistic expectations for return on investment. Given these figures, it is unsurprising that Africa has suffered from financial repression for decades.

Africa’s most recent debt doom loop began at the end of the commodity super-cycle in 2014-15, which led to widening fiscal and current-account deficits and rising external liabilities. Emergency government relief measures in response to the COVID-19 pandemic accelerated this trend, pushing debt levels to new highs. From 2019 to 2020, the number of African countries with public debt exceeding 60% of GDP – considered to be a threshold for sustainability – increased sharply, from 18 to 27, while public debt on the continent (both domestic and external) reached $1.8 trillion in 2022, up 183% from 2010.

But that still pales in comparison to the total debt of advanced economies such as Franceand Italy, both of which owe more than $3 trillion each. The European Union’s combined national government debt stood at $14.6 trillionin September 2023, while the US owes $34 trillion. Africa’s debt-to-GDP ratio was 62.5% at the end of 2022, far below the global average (92.4%) and well below that of the US (121.4%) and Japan (261.3%).

Moreover, Africa’s interest payments-to-revenue ratio – a key metric for assessing debt-servicing capacity – has doubled since the early 2010s and is now around four times the ratio in advanced economies, largely because of default-driven interests rates. Debt service has become the largest item in many governments’ budgets, with interest payments projected to consume nearly 40% of Nigeria’s revenue this year.

These shifts in the composition of public spending have reduced fiscal space, preventing governments from addressing critical social and environmental challenges and expanding growth-enhancing public investments. This is especially damaging for Africa, given that the continent has immense development needs and is already contending with widespread poverty and unemployment, escalating climate emergencies, and conflict and insecurity.

Moreover, the region has long suffered from a chronic infrastructure deficit that has impeded structural transformation to sustain heightened exposure to global volatility and narrowed governments’ capacity to crowd in private capital to diversify the sources of growth and reduce the imbalance between debt and exports.

Ethiopia – the latest African country to default on its debt – illustrates how the massive inequalities built into the international financial architecture have subjected African sovereigns and corporate entities to punishing borrowing costs. Although Ethiopia has one of the lowest post-pandemic debt-to-GDP ratios (33.8%), the combination of prohibitively high interest rates and the sharp currency depreciation has dramatically increased its external debt burden.

Given Africa’s remarkably small share of global public debt, the continent’s mounting debt crisis attests to the underlying problem: the lack of affordable financing. Providing African countries with the fiscal space to meet growth and development objectives requires fixing the global financial system. Although urgent, this is hardly a new idea: French President Emmanuel Macron made the case for “fairer financing rules” for African economies at the height of the COVID-19 pandemic, while recent summitsand initiatives have called on multilateral development banks to increase financing capacity.

But the big question remains: Are all countries equal, or are some countries more equal than others? Whether the World Bank can fulfill its new mission will largely depend on the answer.

Project Syndicate

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all the secrets of life.

"And so I conclude that blood lives and is nourished of itself and in no way depends on any other part of the body as being prior to it or more excellent," he wrote. "So that from this we may perceive the causes not only of life in general … but also of longer or shorter life, of sleeping and waking, of skill, of strength and so forth."

Kevin Watt, team leader of the Heart Regeneration and Disease Laboratory at the Murdoch Children’s Research Institute (MCRI) in Melbourne, Australia, understands this concept deeply. 

He lives it every day, as he and his fellow researchers study and reprogram the potential of the blood to treat disease, specifically heart failure in children. 

Building on the work of Dr. Shinya Yamanaka of Japan, who discovered that specialized cells could be reprogrammed back to immature stem cells, Watt and his collaborators have taken this work several steps further. 

They have used small molecules to turn these new stem cells from the blood into heart cells.

Small heart organoids are developed in the lab — which can then be injected into the failing hearts of children. 

Relying on the philanthropic support of the Murdoch Institute, the work is progressing rapidly and has been shown to be effective already in mice, pigs and sheep.

Clinical trials in humans will be starting soon, and as Dr. Watt told me in an interview from Australia, "Large sheets of heart tissue will be stitched into the failing heart." 

Congenital heart failure as well as side effects of chemotherapy in children will be targets for this miracle therapy. Millions of children around the world suffer daily from these conditions. 

Watt said that certain chemotherapy (anthracyclines) have a higher risk of heart failure – up to 15% of the time – and this treatment may be useful to protect the heart.

Watt said, "Heart failure remains an urgent, unmet clinical challenge across the world. While we have made significant advances over several decades in managing the disease, we lack targeted therapies to treat these devastating conditions."

He added, "More than 500,000 children around the world live with advanced heart failure that requires transplantation. The vision of our research is to develop new therapies that can transform the lives of children with heart failure."

To achieve this, he said, "we use a technology called induced pluripotent stem cells, where we can convert blood or skin cells of patients with heart failure into stem cells that we then turn into heart cells … or even make engineered heart tissues that can be stitched onto the patient’s heart to help it pump." 

The cells that are targeted in the blood are known as peripheral blood mononuclear cells (PBMCs). 

They are "pushed back in time to an earlier time before they became differentiated into heart or kidney cells," he said. 

Then they can be pushed forward to become healthy heart cells or mutations — or other abnormalities can be corrected.

While the team at the Murdoch Children’s Research Institute is making heart cells from stem cells in the blood for clinical use, it's also using these stem cells to figure out new drugs to treat heart failure directly.  

Said Watt, "Using stem cells from patients with heart failure caused by chemo, we are actively developing new drugs and cell-based treatments that we believe will transform the lives of patients with these conditions … Our research group has pioneered methods to turn these stem cells into miniature heart tissues that can be used to model disease-in-a-dish, to identify new drug targets for the development of new therapies."

These treatments are personalized and highly expensive, but they're also highly effective.

Correcting heart failure in young children is only a few years away from becoming a reality. 

It's a Christmas miracle that relies on the kind of philanthropic support that MCRI is famous for arranging.

"Philanthropic support plays a critical role in accelerating the development of these new, transformative treatments," said Watt, "and this support will be essential as we work toward bringing stem cell-based precision therapies for heart failure to every child who needs it." 

Fox News

In a defiant display of political insensitivity, President Bola Tinubu, during his first presidential media chat on Monday, reaffirmed his decision to keep his bloated 48-member cabinet intact, rejected concerns over mounting public debt, and defended controversial policies such as the removal of the fuel subsidy and tax reforms. However, his words failed to reassure a growing chorus of critics who argue that his administration’s choices are exacerbating Nigeria’s economic woes and deepening public hardship.

Tinubu’s insistence on maintaining an oversized cabinet comes at a time when many Nigerians are calling for a reduction in the cost of governance. The president, who had already appointed the largest cabinet since Nigeria’s return to democracy in 1999, declared that each of his ministers was “crucial” to the country’s progress. Despite mounting pressure for downsizing and cost-cutting, especially amid the ongoing economic struggles, Tinubu dismissed such calls. “I’m not prepared to bring down the size of my cabinet. I saw the need before I put them together,” he said, highlighting the scale of Nigeria’s challenges and emphasizing “efficiency” and “effectiveness” as key criteria for his appointments.

While efficiency is a noble goal, critics argue that the sheer size of the cabinet suggests inefficiency and redundancy. With 48 ministers—many of whom have faced scrutiny for their lack of visible impact—it’s hard to argue that the administration is optimizing resources. In fact, the appointment of ministers with scant public accountability or demonstrable results raises serious questions about the effectiveness of this government structure.

Meanwhile, Tinubu’s defense of the government’s aggressive borrowing strategy is equally troubling. Despite the National Assembly’s approval of a massive $2.2 billion loan to finance the 2024 budget, the president stressed that borrowing “is not criminal” and argued that it was necessary to address Nigeria’s vast infrastructure deficit. While the country indeed faces significant infrastructure challenges, the growing public debt and the continued reliance on loans to fund recurrent expenditures paint a grim picture of economic mismanagement. With debt servicing already consuming a disproportionate chunk of Nigeria’s revenue, many fear that these loans may only deepen the fiscal crisis in the years to come.

Tinubu’s most controversial policy remains the abrupt removal of the fuel subsidy in May 2023, which triggered an unprecedented spike in fuel prices and subsequent inflation. The president staunchly defended his decision, claiming that it was vital to secure the nation’s future, even as Nigerians continue to suffer from soaring transportation and food costs. He rejected any suggestion of a phased subsidy removal, dismissing it as a misguided “fortune of our future generations” and insisting that the move was necessary to curb wasteful government spending.

However, his rhetoric has done little to ease the pain felt by millions of Nigerians struggling with daily hardships. The astronomical price hikes have ignited public fury, especially as many blame the removal for plunging them into further poverty. Despite this, Tinubu remained unapologetic: “I don’t have any regret whatsoever removing the subsidy,” he declared, showing little sensitivity to the widespread anger.

In tandem with his economic policies, Tinubu is also pushing through ambitious tax reforms, which have sparked backlash from various quarters. The president’s plan to widen the tax net and impose higher taxes on citizens, particularly the middle class, has met with resistance, with critics accusing the administration of burdening Nigerians already grappling with high inflation and unemployment. Despite the objections, Tinubu remains adamant that tax reforms are necessary to fund the country’s development. “The tax reform is here to stay,” he asserted, dismissing calls for wider consultations as futile.

Tinubu’s approach to food security and price control, too, has left much to be desired.

On inflation, Tinubu believes that supply and demand will eventually bring prices down, but for many, the continued rise in the cost of living suggests otherwise. Critics argue that his administration’s failure to address the root causes of food insecurity, such as inadequate infrastructure and poor policy planning, is contributing to widespread suffering.

Even in his handling of the minimum wage, Tinubu’s claims of tackling corruption through wage increases ring hollow for many. While the increase from N30,000 to N70,000 is seen as a positive step, it does little to address the systemic issues that perpetuate corruption, such as lack of transparency and accountability within government institutions. Furthermore, the increase is insufficient to offset the relentless inflationary pressures on ordinary Nigerians, leaving them still struggling to make ends meet.

Overall, Tinubu’s administration appears to be doubling down on its most controversial policies, even as the country’s economic indicators worsen. From an inflated cabinet to reckless borrowing and harsh economic reforms, his leadership is characterized by a troubling disconnect from the realities faced by millions of Nigerians. With public dissatisfaction mounting, it remains to be seen whether Tinubu can convince the nation that his vision will lead to a brighter future, or if his presidency will become a cautionary tale of missed opportunities and mismanagement.

The Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) have issued a joint directive requiring banks and telecom operators to settle their N250 billion dispute over USSD banking services.

In a December 20, 2024 circular signed by CBN's Acting Director of Payments System Management, Oladimeji Taiwo, and NCC's Head of Legal Services, Chizua Whyte, the regulators outlined a detailed settlement plan.

Under the new directive, banks must pay telecom operators 60% of all debts incurred before the implementation of API systems. These payments must be arranged by January 2, 2025, with full settlement required by July 2, 2025 if paying in installments.

For debts accumulated after February 2022, when APIs were introduced, banks must pay 85% of outstanding invoices by December 31, 2024. Going forward, 85% of new invoices must be paid within one month of issuance.

The regulators introduced additional measures to prevent future disputes:

- A "10-second rule" that prevents charging for USSD sessions under 10 seconds

- Transition to end-user billing for compliant banks and telecom operators

- Required public awareness campaigns about the changes

- Mandatory discontinuation of all related legal proceedings

The CBN and NCC emphasized that non-compliance will result in sanctions, demonstrating their commitment to resolving this long-standing industry dispute.

This joint directive aims to end years of disagreement between banks and telecom companies over USSD payment charges, which has threatened the stability of Nigeria's digital banking infrastructure.​​​​​​​​​​​​​​​​

Israeli defense minister claims responsibility for first time for Hamas leader Haniyeh's assassination

Israeli Defense Minister Israel Katz admitted on Monday for the first time publicly to Israel's killing of Hamas leader Ismail Haniyeh in Iran in July, further risking tensions between Tehran and its arch-enemy Israel in a region shaken by Israel's war in Gaza and the conflict in Lebanon.

"These days, when the Houthi terrorist organization is firing missiles at Israel, I want to convey a clear message to them at the beginning of my remarks: We have defeated Hamas, we have defeated Hezbollah, we have blinded Iran's defense systems and damaged the production systems, we have toppled the Assad regime in Syria, we have dealt a severe blow to the axis of evil, and we will also deal a severe blow to the Houthi terrorist organization in Yemen, which remains the last to stand," Katz said.

Israel will "damage their strategic infrastructure, and we will behead their leaders – just as we did to Haniyeh, Sinwar and Nasrallah in Tehran, Gaza and Lebanon – we will do it in Hodeidah and Sana'a," Katz said during an evening honoring defense ministry personnel.

The Iran-backed group in Yemen has been attacking commercial shipping in the Red Sea for more than a year to try to enforce a naval blockade on Israel, saying they are acting in solidarity with Palestinians in Israel's year-long war in Gaza.

In late July, the political leader of the Palestinian Islamist group Hamas was killed in Tehran in an assassination blamed on Israel by Iranian authorities. There was no direct claim of responsibility by Israel for the killing of Haniyeh at the time.

Haniyeh, normally based in Qatar, had been the face of Hamas' international diplomacy as the war set off by the Hamas-led attack on Israel on Oct. 7 has raged in Gaza. He had been taking part in internationally brokered indirect talks on reaching a ceasefire in the Palestinian enclave.

Months after, Israeli forces in Gaza killed Yahya Sinwar, Haniyeh's successor and the mastermind of the Oct. 7, 2023, attack that triggered the latest bloodshed in the decades-old Israeli-Palestinian conflict.

Reuters

RUSSIAN PERSPECTIVE

NATO boss criticizes Zelensky – media

Vladimir Zelensky’s harsh criticism of German Chancellor Olaf Scholz was unjustified, NATO Secretary General Mark Rutte has said, as quoted by Western media outlets. He has reportedly asked the Ukrainian leader to cease his criticism of Scholz.

Last month, Zelensky blasted the German chancellor for having a phone conversation with Russian President Vladimir Putin, complaining that the call undermined efforts to isolate Moscow diplomatically.

“I have often told Zelensky that he should stop criticizing Olaf Scholz, because I think it is unfair,” Rutte told dpa on Monday.

Zelensky had previously slammed Scholz for refusing to provide Kiev with German-made Taurus cruise missiles, suggesting that the chancellor would like to keep the weapons for Berlin’s own use in the event of a threat from Russia. Scholz explained the decision by saying he did not wish to escalate the Ukraine conflict and draw Germany into a direct confrontation with Russia.

Rutte reportedly added that he, unlike Scholz, would supply Ukraine with Taurus cruise missiles, and would not put any limits on the use of the weapons.

“In general, we know that such capabilities are very important for Ukraine,” Rutte said, emphasizing that it was not up to him to decide what weapons allies should deliver.

Moscow has consistently stated that Western aid cannot prevent Russian military forces from accomplishing the objectives of the military operation, nor alter the final outcome of the conflict. The Kremlin has argued that, by supporting Kiev, the Western allies are only prolonging the conflict.

WESTERN PERSPECTIVE

Italy to prolong war supplies to Ukraine until the end of 2025

Italy's cabinet on Monday passed a law decree that allows it to continue supplying until the end of 2025 "means, materials and equipment" to Ukraine to support its war effort against Russia, a government statement said.

Since Russia invaded Ukraine in February 2022, Italy has approved 10 packages of military aid for Ukrainian President Volodymyr Zelenskiy's government, including two Franco-Italian air defence systems known as SAMP/T.

Meloni has been a supporter of Kyiv since taking office in late 2022 and has vowed to back Ukraine until the war ends, amid uncertainty over the future attitude of the United States once president-elect Donald Trump takes office in January.

On Tuesday, NATO chief Mark Rutte urged members of the military alliance to step up military aid for Ukraine to strengthen its position should Kyiv enter into peace negotiations with Russia.

Under Italy's presidency this year, the Group of Seven (G7) major democracies have repeatedly pledged support for Ukraine, condemned Russia's war of aggression and pledged a $50 billion loan for Kyiv backed by frozen Russian assets.

RT/Reuters

“But she spoke the truth.” That is the most common retort among the diehard fans and devotees of Mrs Kemi Badenoch — leader of the UK Conservative Party — who has been obsessed with saying nasty things about Nigeria since she made her way into the front row of British politics and started glowing under the klieg lights. She has said so many “truths” at a dizzying speed that I am slightly confused over what she intends to achieve. She said she left Nigeria in 1996 after “leftist policies” impoverished the middle class and caused “hyperinflation”.  She said Yoruba “have nothing in common with northern Nigeria”. She said lizards, rather than water, flow from Nigerian taps.

I intend to, hereunder, challenge some of her egregious claims. To be clear, she has every right to say anything with her mouth. If she experienced trauma in Nigeria, she is free to tell the whole world. Nobody has the right to silence her. But there is one right she doesn’t have: to tell lies, misrepresent the facts or fan ethnic hate in a delicately poised country like Nigeria. Nigerians have every right to tackle her mischief. Her defenders say those who disagree with her utterances are only defending bad governance in the land. Thankfully, Mrs Badenoch did not invent criticism of bad governance in Nigeria. Nigerians do that every day in the media and on the streets. I do it regularly on this page.

Of all the awful things she said, the most disturbing is her promotion of ethnic bigotry. This woman is dangerous. Listen to her: “I find it interesting that everybody defines me as being Nigerian. I identify less with the country than with the specific ethnicity [Yoruba]. That’s what I really am. I have nothing in common with the people from the north of the country, the Boko Haram where the Islamism is. Those were our ethnic enemies and yet you end up being lumped in with those people.” This really excited her Nigerian fan base. Her father, the late Prof Olufemi Adegoke, a Yoruba nationalist, held similar views and even campaigned for the utopian “confederalism” which no country practises.

“But she spoke the truth.” But what manner of “truth” is her claim that Yoruba and northern Nigeria “had nothing in common”? Yoruba started interacting with northerners through commerce as far back as the 1500s. Fact. For centuries, they traded in cattle, kola nuts, horses, yams, cowries, firearms and glass beads. According to historians, the ethnonym ‘Yoruba’ — which Mrs Badenoch says defines her — was coined by northerners. I know some people are trying to re-write this fact but they have to travel back in time to erase history. They can argue that Yoruba and northerners should never have been in the same country, but they are not allowed to cannibalise the facts of history.

I have a sense that Mrs Badenoch is only repeating what she was told at home or what she read on social media. I will encourage her to go beyond hearsay and read good books. I recommend ‘A History of the Yoruba People’, authored by Prof Adebanji Akintoye, a supporter of Sunday Igboho, the Yoruba Nation separatist. Her father once described Igboho as “brave” for his secessionist rhetoric. She can also read ‘The Yoruba: A New History’, authored by Dr Akinwumi Ogundiran, a history professor at the Northwestern University, the US. Mrs Badenoch will be sad to discover the history of Yoruba intercourse with northerners and how this influenced culture and the Yoruba language.

It is obvious that Mrs Badenoch does not even know that the ethnonym ‘Yoruba’ did not refer to her own ancestors before colonial rule. ‘Yoruba’ was the identity of the Oyo-speaking people in today’s Oyo state and parts of Osun and Kwara states. Not all the people who call themselves ‘Yoruba’ today were called ‘Yoruba’ before colonial rule. The example I always cite — because it is easily on record — is Nigeria’s first newspaper which was established in 1859. It was named ‘Iwe Irohin fun Awon Egba ati Yoruba’ (‘Newspaper for Egba and Yoruba’). As of 1859, Egba people were not identified as Yoruba. Today’s pan-Yoruba identity, like most ethnic identities around the world, evolved with time.

Lest I forget, Mrs Badenoch said northerners “were our ethnic enemies”. My recommended reading for her in this regard would be ‘War and Peace in Yorubaland 1793-1893’, written by the late Prof Adeagbo Akinjogbin. She will be shocked to read about the intra-Yoruba wars: the Owo War (1820-1827), the Ijaye War (1860-1865) and the Kiriji War (1877-1893). Indeed, we can argue that the advent of colonialism and the “Lord Lugard lumping” of 1914 helped bring peace to what later became known as Yorubaland. Mrs Badenoch obviously thinks there was a lovey-dovey Republic of Oduduwa before the colonial masters came and “lumped in” her people with Boko Haram. Fantasy.

“But she spoke the truth.” She classified a region of 19 states as “Boko Haram”. She does not know that the north has nearly 200 ethnic groups (and millions of non-terrorists). In Borno state, the heartland of Boko Haram, most of the terror victims are Muslims. Fact. In this age and with all her education, exposure and experience in a multi-racial and multi-cultural society like the UK, I wonder how she plans to preside over a country where the Scottish, Welsh, Irish, and English people are “lumped in” — to say nothing about the millions from ethnic and religious minorities. She acquired British citizenship by birth; maybe she needs a crash course on the complex history of the UK.

Born to Nigerian parents in a British hospital in 1980, she was named “Oluwakemi” (incidentally, one of my younger sisters answers that lovely name, which, roughly translated, means “the Lord pampers me” or “the Lord blesses me”). Baby Oluwakemi was thereafter brought to Lagos, Nigeria, where she lived the first sixteen years of her life and received her basic education. A couple of years after her birth, the Nigerian economy ran into a serious storm amid a global recession. Dwindling oil revenues and the inevitable forex crunch forced many Nigerian factories to close down or retrench workers. The Shehu Shagari administration rolled out a mini reform package nicknamed “austerity measures”.

As prices of goods and services soared and economic pains intensified, the military overthrew Shagari on December 31, 1983. Major Gen Muhammadu Buhari became the head of state. The economy still did not improve much, even though oil prices recovered — and Buhari was overthrown by Gen Ibrahim Babangida on August 27, 1985. Babangida went on to implement the structural adjustment programme (SAP) — a reform package backed by the International Monetary Fund (IMF) and World Bank. The objectives were to transit to market economy through privatisation, grow agriculture, promote local industry, ramp up exports and cut subsidies to reduce government debts.

“But she spoke the truth.” What truth? When Mrs Badenoch left Nigeria in 1996, Nigeria was neck-deep in its market transition. The second-tier foreign exchange market (SFEM) was introduced in 1986 to liberalise the forex market. The naira crashed from roughly N1/$ in 1986 to N22/$ in 1996 (N88/$ in the parallel market). With an economy tied to imports, inflation was inevitable. Was SAP a leftist policy? Is forex liberalisation a leftist policy? Is privatisation leftist? Are IMF and World Bank leftist institutions? What truth, exactly? Meanwhile, when she relocated, Nigeria was still reeling from the June 12 annulment crisis which had paralysed the country politically and economically.

Her brother’s experience with the Nigerian police (“they stole his shoes and wristwatch”) is something Nigerians can relate with. After all, our youths held the #EndSARS protests against police atrocities in 2020. Definitely, the British police, which she praised, are better trained, better resourced and far more professional than ours. No argument. But in the year up to March 31, 2024, nearly 600 police officers were sacked in England and Wales for sexual offences, possession of child exploitation material, dishonesty and discriminatory behaviour. There is the famous case of David Carrick, a police officer who raped 48 women while on duty. Yes, she spoke the truth. Selective truth.

She talks exactly like those clout-chasers who think belittling Nigeria abroad is a ticket to glory. Responding to Vice-President Kashim Shettima’s caution over her unprovoked attacks, her aide said it is not her job to do PR for Nigeria. Fair enough. Her job is to urinate on Nigeria everywhere she goes. But think about it. President Barack Obama’s father was from Kenya. Rishi Sunak, ex-UK prime minister, has Indian roots. Humza Yousaf, ex-Scotland first minister, and Sadiq Khan, mayor of London, have Pakistani origin. Despite similar “truths” about their ancestral countries, they never open their mouths, like our dear Mrs Badenoch, to savage their roots. Emotional intelligence.

Now, my final words to Mrs Badenoch: grow up. You have already made history as the first black to lead the Tories. That is monumental. Work hard to become the next prime minister. Make history again. That is all you care about. But by outing yourself as an ethnic bigot, you are hurting yourself, not Nigeria. Denigrating us will not win your party more parliamentary seats. You behave like someone with a complex — like those slaves who felt privileged to supervise fellow slaves and often treated them with more disdain than the slave masters themselves. By the way, Mrs Badenoch, there is a Yoruba noun for those who point to their family house with the left hand. Go and find out.

First, a couple stories. One: A good friend of mine owns a handful of Ferraris, and has more on the way. Some he “just” purchased. Others he designed: not just the standard “build your own car” by choosing from a standard set of exterior colors and interior designs, but custom colors, paint schemes, interiors, and other elements. In short, at least two of his Ferraris are basically one-of-ones.

Whenever I run across a Ferrari, I send him a picture, and he always responds enthusiastically with the model, year, and a couple of fun facts.

One time I sent him a photo and he responded with “2004-something-something-something.” (I don’t remember what it was. My knowledge of Ferraris begins and ends with the prancing horse logo.) “You could probably get one for around $80 grand.”

Passion and identity

Since the Ferraris I usually stumble upon seem to be in the $500,000 range, I tried to be funny and wrote back, “Ah. Poser.”

“No,” he instantly responded. “The value of the car is irrelevant. Least expensive or most expensive, doesn’t matter. Own a Ferrari, you’re a Ferrari owner.”

Two: During a reception after a speaking gig, a man said to me, “I really want to be an entrepreneur, but I know it will take years before I can start my own business.“

I immediately thought about what my Ferrari friend had said. “You don’t have to wait,” I said. “Sign up with Uber, get paid for your first passenger, and you’re an entrepreneur.”

The same is with teaching a music lesson, or taking a programming gig on Fiverr, or anything: All you have to do is start, and you’re an entrepreneur. Everything else is just a matter of degree.

Embrace your entrepreneurial spirit

To quote the Stoic philosopher Seneca, who was quoting Epicurus, “The fool, with all his other faults, has this also: He is always getting ready to live.” The same is true for whatever you want to be. If you’re waiting to start, you’re just pretending. You want to be, yet you are not.

But the moment you start, however small, tentatively, however humbly? You are what you want to be. As long as you keep trying and don’t quit, the rest is just a matter of degree.

That’s true for any pursuit. You don’t have to run a marathon to be considered a runner. The first time you go for a jog, you’re a runner. Even if you “only” run a mile two or three times a week, you’re a runner. You don’t have to be Taylor Swift (speaking of one-of-ones) to be a musician; as long as you regularly play — no matter how poorly you, or others, think you play — you’re a musician.

You’re already on your way

Work for yourself, not someone else, and even if only occasionally, and for relatively small sums of money… you’re an entrepreneur.

Waiting to start doing something you want to do, that you want to become, is a form of conditional thinking: “First (this) has to happen; then I will finally be able to do (that).”

But waiting won’t make you the person you want to be. Preparation and planning are nice, but the moment you start is the moment you have become.

The rest is just a matter of degree.

And once you’ve started, the more time and effort you put into what you have become, the more likely you’ll reach the degree of success in that pursuit that you hope to achieve.

But first you have to start.

Inc

The Nigerian Exchange Limited (NGX) posted strong gains last week, with investors adding more than N1.062 trillion to their portfolios. The All Share Index (ASI) rose to 101,129.09 points from 99,378.06 points, marking its highest weekly gain since March 2024.

The market's year-to-date return of 35.2% has outpaced Nigeria's November inflation rate of 34.6%. This performance was driven largely by rallies in blue-chip stocks, with ARADEL leading the gains at 20.73%, followed by GTCO at 7.65% and Zenith Bank at 4.20%. However, some major stocks declined, including BUA Cement (-2.11%), MTN Nigeria (-0.28%), and ACCESSCORP (-0.62%).

The total market value increased to N61.303 trillion from N60.241 trillion the previous week. Analysts attribute this bullish trend to strong buying interest across major sectors, particularly in consumer goods companies like Honeywell Flour Mills, Nigeria Breweries, and Nestle. They also note that investors are taking year-end positions ahead of the Christmas holiday, with an increasing number of companies reaching new 52-week highs.

The market's upward momentum has been supported by robust money flows and cross-deal transactions as the year draws to a close.​​​​​​​​​​​​​​​​

The Central Bank of Nigeria (CBN) reports that Credit to the Private Sector (CPS) decreased by approximately 3% in October 2024, falling from N75.83 trillion to N73.95 trillion. This decline represents a reduction of N1.8 trillion in financial resources provided to private businesses through loans, securities purchases, and trade credits.

Despite the monthly decline, the October 2024 figure remains 15% higher than the N63.5 trillion recorded in October 2023, indicating overall growth in private sector financing year-over-year. The credit volume has fluctuated between N73-74 trillion throughout the third quarter of 2024.

The year began strongly with private sector credit reaching N76.4 trillion in January, climbing to N80.8 trillion in February. However, March saw a sharp decline to N71.2 trillion, followed by fluctuations through subsequent months. By October, the figure had settled at N73.94 trillion.

Analysts attribute the recent decline to the CBN's tighter monetary policy, particularly the increased Monetary Policy Rate (MPR) of 27.5%, implemented to combat inflation. Despite these challenges, experts have praised the resilience of Nigeria's financial system and banking sector throughout 2024.​​​​​​​​​​​​​​​​