Super User

Super User

Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy.

The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others.

The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth.

The report highlights the significant rise of Asian economies, with China and India leading, while also noting growth in Africa, the Middle East, and Latin America.

Alpesh Patel of Praefinium Partners underscores the importance of economic reforms and technological advancement in shaping the future global economy.

Once again, Nigeria's electricity grid suffered a collapse, plunging several cities into darkness.

The collapse occurred at 2:42 a.m. on Monday, with electricity generation plummeting to 64.70 megawatts.

The Jos Electricity Distribution Company (Jos DisCo) confirmed the outage, attributing it to the loss of power supply from the national grid.

In a statement by Friday Elijah, the Head of Corporate Communications at Jos DisCo, the company expressed hope for a swift restoration of normal power supply once the grid is back to stability. This incident marks another setback for the power sector, which has been grappling with challenges such as policy enforcement, regulatory uncertainty, gas supply issues, transmission constraints, and planning deficiencies.

Despite the government's privatization efforts in 2013 to enhance efficiency, the grid has collapsed over 140 times since then.

Ndidi Mbah, the General Manager of Public Affairs at the Transmission Company of Nigeria (TCN), assured the public that updates regarding the situation would be provided soon.

Tuesday, 16 April 2024 04:50

Nigeria inflation rises further - NBS

In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS).

The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023.

On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February.

Food prices were identified as a major contributor to the inflation rate, driven by increases in the prices of staple foods such as garri, millet, bread, yam, dried fish, meat, and fruits.

However, there was a slight decrease in food inflation on a month-on-month basis, attributed to lower prices of certain food items.

The report highlighted that Kogi, Kwara, and Akwa Ibom states had the highest food inflation rates on a year-on-year basis, while Abia, Cross River, and Bayelsa had the highest rates on a month-on-month basis. Conversely, Nasarawa, Borno, and Bauchi recorded the slowest rise in food inflation on a year-on-year basis, with Borno, Yobe, and Adamawa showing the slowest increase on a month-on-month basis.

Nasir El-Rufai, former governor of Kaduna State, revealed that fuel subsidy has been reinstated by the federal government, stating that the government is now paying even more than before.

Speaking to journalists in Maiduguri, the Borno State capital, El-Rufai noted that the measures put in place to mitigate the impact of fuel subsidy removal were ineffective, leading to the reversal of the policy.

While President Bola Tinubu initially announced the removal of fuel subsidy in his inaugural speech, El-Rufai expressed support for the policy but highlighted the need for necessary adjustments. He emphasized that despite the government's efforts, the impact of subsidy removal remained significant, prompting the government to resume subsidizing petrol.

El-Rufai underscored the importance of policy pragmatism in addressing challenges, presenting his insights on leadership and public policy at a capacity-building workshop for senior government officials of Borno State.

After the invasion of the Oyo State secretariat by suspected Yoruba nation agitators on Saturday, Ismaila Malomo, one of the agitators, has implicated Modupe Abiola Onitiri as one of their sponsors.

Speaking to journalists on Monday while being paraded alongside 20 others by the Oyo State Police Command, Malomo disclosed his role in driving the group from Idi-Iroko in Ogun State to the secretariat in Ibadan.

He also revealed that other sponsors, including individuals in the diaspora like Onitiri, have been holding virtual meetings with them, claiming to have secured sovereignty from the United Nations to declare the Yoruba Nation.

Alabi Ogundeji, another suspected agitator and a teacher at the Federal Government College, Oyo, defended their actions, stating that they had followed legal steps, including issuing petitions and embarking on a referendum, before invading the secretariat. The suspects, including Adeyemo Joseph Oluwaseun, Adeyemo Peter, and others, were paraded by the state Police Commissioner, Adebola Hamzat, who condemned their actions as criminal and unpatriotic.

Hamzat reassured the public of the command's commitment to protecting lives and property, announcing a review of the security architecture to address present-day challenges.

Israeli threats of retaliation following Iran's recent drone and missile attack have stirred deep concern among Iranians already grappling with economic hardships and increased social and political restrictions post-2022-23 protests.

Iranian leaders have issued warnings of further escalation in response to any Israeli action, raising fears of heightened conflict and its dire consequences for ordinary citizens.

Hesam, a 45-year-old teacher from Amol, voices apprehension about the potential economic strain and jeopardized safety for families like his.

Parvaneh, a 37-year-old mother in Yazd, expresses worry about the devastating impact an Israeli strike could have on an already fragile economy, especially for middle and lower-income families.

While some, like government employee Hossein Sabahi from Tabriz, express pride in Iran's retaliatory actions, the underlying economic realities paint a grim picture. The surge in demand for hard currency and the plummeting value of the rial highlight the immediate repercussions of war jitters on the economy.

Amidst these tensions, concerns arise within Iran's leadership about dissent and potential social unrest. The Revolutionary Guard Corps issued a warning against pro-Israeli sentiments on social media, fearing a resurgence of protests fueled by economic frustration.

The decision of some Western governments to evacuate their diplomats' families further fuels anxiety among Iranians, evoking memories of past conflicts and revolutions. Mohammad Reza, an engineer in Tehran, reflects the prevailing sentiment of increased isolation and misery in the face of looming threats.

In summary, the specter of Israeli retaliation exacerbates the already precarious situation for ordinary Iranians, prompting fears of further economic strain and social unrest amidst escalating tensions.

ISRAEL’S REPORTS

IDF: Overnight, during IDF activity in the area of the northern border, an IDF soldier was severely injured, two IDF soldiers were moderately injured, and an additional IDF soldier was lightly injured, as a result of an explosion of an unknown source. The incident is under review.

The soldiers were evacuated to a hospital to receive medical treatment. Their families have been notified.

** IDF: Overnight, IDF fighter jets struck Hezbollah terror targets, including a launch post, terrorist infrastructure, and military compounds in the areas of Seddiqine, Matmoura, Labbouneh, and Ayta ash Shab in southern Lebanon.

In addition, IDF soldiers struck in order to remove threats in the areas of Ayta ash Shab and Labbouneh in southern Lebanon.

Attached is a video of the IDF strikes in southern Lebanon: https://bit.ly/4d8dhjY

** IDF: Following the sirens that sounded in the area of Hanita in northern Israel, approximately five launches that were identified crossing from Lebanon fell in open areas. No injuries were reported, the IDF struck the sources of fire.

A short while ago, IDF fighter jets struck Hezbollah military compounds in the areas of Markaba and Majdal Zoun in southern Lebanon.

Earlier today, IDF artillery fired in order to remove a threat in the areas of Jabal Blat and Al-Hamra.

Attached is a video of IDF strikes in Lebanon: https://bit.ly/43XPgaU

 

HAMAS’ REPORTS

The leader of the Hamas movement, Abdel Hakim Hanini:

The crimes of the occupation and settlers in the West Bank will not pass without accountability, and our Palestinian people and their resistance are able to make the occupation and its settlers pay the price for their crimes.

The crimes of the settlers and what happened in the village of Aqraba are the result of the support and support of the racist occupation government, which provides support and cover for the settlers’ attacks.

The continuation of crimes will not discourage our Palestinian people from resisting the occupation and the settlers, and clinging to their land and defending it by all means.

We call on the revolutionary and resistant youth to rise up and escalate the resistance, and to confront settler attacks with all force, for this is the time for arms and resistance.

** Al-Quds Brigades - Nablus Battalion: As part of the “Al-Aqsa Flood” battle...our fighters opened fire at the occupation forces during their storming of Al-Marij Street in Nablus.

** Defeated Army Radio:

The explosion that targeted soldiers from the Golani unit occurred inside Lebanese territory after Israeli forces attempted to operate dozens of meters away from the separation fence.

** Hezbollah: We bombed with artillery and missiles a deployment of Israeli enemy soldiers in Horsh Hanita and achieved a direct hit.

** Occupation vehicles besiege schools in Beit Hanoun after advancing into the Girls Street area.

For three hours, the concentrated bombing of northern Gaza by occupation aircraft and artillery has not stopped.

Pray for our Mujahideen, the people of Gaza and all of Palestine.

 

Israel Defense Forces/Hamas Brigade al-Qassam

WESTERN PERSPECTIVE

Zelenskiy, Ukrainian commanders consider the front, weapons supplies

President Voldoymyr Zelenskiy and Ukrainian commanders on Monday considered action at the front of the 25-month-old war against Russia and the acquisition of weaponry from Kyiv's allies.

Zelenskiy, in his nightly video address, issued a fresh plea for air defences to protect against Russian strikes on cities and infrastructure and called on Kyiv's allies to show the same unity they displayed in helping Israel fend off Iranian attacks.

Zelenskiy noted three sectors where Ukraine's forces face difficult situations in standing against Russian onslaughts: Chasiv Yar, west of the destroyed Russian-held town of Bakhmut in the east and Pokrovsk and Kupiansk, further west and north.

Zelenskiy said reports were presented on supplying arms and electronic warfare systems and ways to protect infrastructure hit for weeks by Russian missile and drone attacks.

Also heard were intelligence reports on new Russian offensives that he has predicted will soon be launched.

"This is about what we must prepare for -- all forms of enemy action," Zelenskiy said. "It is clear that the madness in the Kremlin is still strong and the occupiers will try to intensify their advances. We will respond."

Russian forces have made small advances in recent weeks, securing control of villages in eastern Donetsk region since recapturing the key town of Avdiivka in February.

The president again lauded what he described as "unity" in helping Israel defend against Iranian air attacks last weekend.

"Israel is not a member of NATO ... and no one was drawn into the war," he said.

"They simply helped save lives. Shaheds (drones) in the skies of Ukraine sound just like in the skies of the Middle East. Ballistics strike the same everywhere if not shot down."

He has called for "political will", especially from the United States, where an aid package remains blocked in Congress.

U.S. House of Representatives Speaker Mike Johnson is expected to decide this week on how to handle President Joe Biden's request for billions of dollars in security assistance for Ukraine and other U.S. allies.

Johnson has declined to allow the Republican-controlled House to vote on the measure already passed by the Senate.

Foreign Minister Dmytro Kuleba earlier told a Black Sea security conference Ukraine needed additional Patriot and other air defence systems.

Western allies have been reluctant to send additional air defences to Kyiv, while Ukraine needs 26 Patriot systems to cover the country's territory in full. Germany has pledged to deliver another system following calls from Kyiv.

Kuleba met his Norwegian counterpart Espen Barth Eide in Kyiv to coordinate efforts to provide Patriots promptly.

 

RUSSIAN PERSPECTIVE

Russia’s top brass reports destroying first Khmara jammer in Ukraine operation

Russian troops destroyed the first Khmara electronic warfare station of the Ukrainian army over the past day in the special military operation in Ukraine, Russia’s Defense Ministry reported on Monday.

Russian troops destroyed the Khmara jammer in the Avdeyevka area, it specified.

"In counter-battery fire, the following targets were destroyed: a US-made 155mm M109 Paladin self-propelled artillery gun, a 152mm Akatsiya self-propelled artillery gun, a 122mm Gvozdika motorized artillery system, three 122mm D-30 howitzers, a US-manufactured 105mm M102 howitzer and a Khmara electronic warfare station," the ministry said in a statement.

** Ukraine’s army loses 420 troops in Donetsk area over past day

The Ukrainian army lost roughly 420 troops in battles with Russian forces in the Donetsk area over the past day, the ministry reported.

"The Ukrainian army lost as many as 420 personnel, a tank, 10 motor vehicles, 2 Gvozdika motorized artillery systems and a British-made 105mm L119 howitzer," the ministry said.

** Russian troops wipe out Ukrainian command post over past day

Russian troops destroyed a command post of a Ukrainian National Guard brigade over the past day, the ministry reported.

"Operational/tactical aircraft, missile troops and artillery of the Russian groups of forces destroyed a battalion command/observation post of the 13th Ukrainian National Guard brigade and struck enemy manpower and military hardware in 110 areas," the ministry said.

 

Reuters/Tass

When seeking empathy for their financial woes, most people know better than to talk to an economist. To understand how the field gained a reputation for not caring about social-justice issues requires tracing the origins of the intellectual paradigm that dominates academia economics and public policy today.

In 1921, Maffeo Pantaleoni, widely recognized as one of the architects of today’s mainstream economic framework and a close collaborator of Italian economist and sociologist Vilfredo Pareto, expressed his disdain for the working class. “It is disgusting,” he wrote, “to witness the masses of workers that are drunk in all our cities.” The “notable increase of wages,” he observed, “was not accompanied by greater civilization so that the worker and his spouse live like pigs (porci) in their homes in order to waste the greatest part of their income in wine at the tavern.”

Horrified at the thought of workers gaining economic rights, Pantaleoni felt an urgent need to help fix what he perceived as a world descending into chaos. World War I had led many European citizens to demand a complete overhaul of their capitalist economies. They sought to replace exploitative structures with emancipated work and prioritize public service and production for use over profit-driven output. During Italy’s so-called Red Years (1919-20), citizens challenged established social hierarchies in unprecedented ways. Peasants collectively managed agriculture through assemblies and cooperatives, while workers took over factories and managed production through councils. These gatherings were widely viewed as the institutional basis for economic democracy.

As workers stormed the stage of history with visions of an alternative society, the defense of capitalism took on more powerful forms. Pantaleoni and his colleagues played a vital role in shaping a new economic paradigm that continues to capture – and, at times, suppress – people’s political imagination, leading to a resigned acceptance of the current capitalist system as the only viable option.

This dominance was achieved through a multifaceted and powerful process of “depoliticization.” Although this tactic has become so ingrained in contemporary discourse that today it goes unnoticed, a close examination of early-twentieth-century economic thinking shows that the process of depoliticizing the economy was, in itself, profoundly political.

As part of this process, the term “pure economics” emerged as the new label for what until then had been known as “political economy.” This strategic rebranding positioned economic knowledge as “objective” and “neutral,” thus detaching it from class dynamics and endowing economic experts with an aura of omniscience that enabled them to oppose workers’ mobilization from a position of authority. Economics was treated as a “hard” science, and its practitioners were cast as the sole gatekeepers of infallible models that the benighted masses were too stupid to understand.

In 1922, just as experts began to assert their authority to run the economy without democratic oversight, Benito Mussolini rose to power in Italy. Viewing Mussolini’s fascist regime as an ideal vehicle for “pure economics,” many economists, including Pantaleoni, enthusiastically embraced it.

Umberto Ricci, another of Pantaleoni’s eminent colleagues and a member of Mussolini’s economic cabinet, encouraged his peers to disregard criticisms from the “profane public.” As the economist “progressively climbs the ivory tower, and abandons at each floor his prejudices and interests,” he wrote, “his vision gets ever more refined, his horizon is enlarged; eventually, when the high summit is reached, he discovers the unity in the truth, the order in the disorder.” At this altitude, he noted, one is capable of distilling rigorous and elegant laws, worthy of competing with the laws of celestial mechanics. This vision of beauty is the economist’s sovereign reward.”

This intellectual ecstasy, steeped in positivism, was anything but innocuous. It reflected a deeply political desire to shape people’s behavior to fit economists’ “true” models. As Ricci explicitly put it, “theoretical constructions” were “essential to tame men.

Economists and the Capital Order

To be sure, the justification for economic coercion was based on “apolitical” methodological assumptions that structurally eliminated workers’ economic agency. Indeed, proponents of pure economics waged an arduous campaign to supplant the paradigm established by classical political economy’s founding fathers – Adam Smith, David Ricardo, and Karl Marx – who studied capitalism through the prism of class and class conflict. The new economic framework rejected the concept of class entirely, reducing social dynamics to the complex interactions among atomized individuals moving in harmony.

Under this framework, the entrepreneur, not the worker, was regarded as the engine of economic growth. While the classical paradigm recognized labor as the source of profit and interpreted exploitation as a structural trap inherent to capitalism, pure economists viewed labor relations as a series of equal exchanges among individuals. Consequently, they envisioned a free-market society where anyone sufficiently rational and virtuous could thrive.

But this seemingly emancipatory insight was actually deeply classist. By suggesting that social hierarchies are merely a reflection of individual merit, pure economics implied that those who are not at the top do not deserve to be. As Ricci put it, “The businessman is thrifty, a thinker and a calculator, it is this real man who most resembles the abstract man pictured by economists, who does not fuss like a sissy of a hardship to come.” Consequently, the profits of saver-entrepreneurs were regarded as just rewards for their virtuous behavior, legitimizing their role in signing workers’ paychecks and “driving” the economy forward.

This theoretical approach was remarkably successful in stripping workers of their agency and justifying the unlimited growth of private wealth. The notion that if we just try hard enough, we can become rich investors has permeated our thinking to such an extent that many have internalized its core tenet: those who do not “make it” have only themselves to blame.

Over the years, these obvious absurdities have been concealed under a veneer of scientific rigor. Individuals struggling against low wages and precarious contracts to make ends meet cannot possibly raise the necessary funds to become a “saver-investor.” But many continue to be misled by this narrative.

The impact of prevailing economic thinking is devastating. For too long, economists’ so-called “scientific rigor” has been used to wage a one-sided class war in which a wealthy minority profits while most of the world’s population bears the costs.

Given that there is nothing more political than the lens through which we see the world, we must resurrect and harness the buried tradition of classical political economy to promote radical social transformation. The first step is for economists to adopt an explicitly activist approach. This does not imply forgoing the rigor of scientific inquiry. On the contrary, it means acknowledging the social context of intellectual endeavors. As another renowned Italian thinker of this period, Antonio Gramsci, observed, scholars are active participants in the world they study and, as such, are inextricably involved in the dynamics of class conflict.

By moving beyond the false dichotomy of “pure abstraction” and “pure empiricism,” we can transform economics into a field that fosters people’s participation rather than one that perpetuates a system of exploitation. To this end, we must embrace a systematic analysis that focuses on the unique historical characteristics of capitalism and its social nature. As Marx noted in his critique of “bourgeois” economics, “capital” – often viewed by experts as a standalone material asset, a mere input in production – is underpinned by a specific social structure. Within this “capital order,” most people have no choice but to sell their labor for wages.

This realization can be conceptually and politically empowering. Today’s capital order relies on active state intervention, often in the form of austerity measures, to keep workers docile. In other words, there is nothing spontaneous about the “free” market. Given that this system is underpinned by the exploitation of the majority, it requires constant protection.

Contrary to the prevailing economic narrative, our socioeconomic system is not inevitable, nor do we need to grudgingly accept it as the only way forward. The depoliticization of economic discourse is a political project aimed at preserving the capitalist structure of class dominance and foreclosing any alternatives to capitalism. Fortunately, just as this status quo was established through collective action, it can also be subverted through collective resistance.

 

Project Syndicate

At their annual meetings, Berkshire Hathaway’s shareholders have the opportunity to pick CEO Warren Buffett’s brain on any number of topics.

However, one investor who attended the conference in 1999 cut right to the chase. “Mr. Buffett, how do I make $30 billion?” he asked.

As always, the Oracle of Omaha conveyed complicated theories in simple terms. Here are the three crucial rules that helped the 93-year-old accumulate a massive fortune and could help ordinary investors too.

Start young

Buffett’s best advice for investors is to get started as early as possible. He has a simple metaphor to explain his wealth-building strategy. “We started with a little snowball on top of a very tall hill,” he said. “We started at a very early age in rolling the snowball down, and of course, the nature of compound interest is that it behaves like a snowball.”

Indeed, the length of Buffett’s career is a key piece of his enormous wealth. He bought his first stock at the age of 11. He’s now 93 years old and still actively investing. In fact, the majority of Buffett’s wealth was accumulated after he turned 65. In 1999, his net worth was just $30 billion. Today, it’s nearly four times greater at $116 billion, as per Bloomberg.

Staying invested over a long period of time is crucial. Ordinary investors can best harness the power of compounding by starting as early as possible.

Circle of competency

Tom Watson Sr., the founder of IBM (NYSE:IBM), once said, “I’m no genius. I’m smart in spots — but I stay around those spots.” That’s the mantra Buffett has applied to his investing too.

Investing is risky, and Buffett has mitigated that risk by sticking to industries he understands. Much of his portfolio is focused on either simple consumer businesses or financial companies.

Ordinary investors can similarly reduce risk by avoiding stocks in businesses that are too complex to analyze and evaluate. Stick to your circle of competency and don’t speculate.

If you want to expand your circle of competency, you may want to seek advice from a trusted professional.

Search for small companies

Buffett said that if he were starting again today with $10,000, he would focus first on small businesses. “I probably would be focusing on smaller companies because I would be working with smaller sums, and there’s more chance that something is overlooked in that arena,” he said at the shareholder meeting.

In his early days, the billionaire investor focused on extremely small companies that would be considered small-caps. He bought a tiny furniture company in Nebraska in 1983 when it was still expanding across state lines. He acquired See’s Candies when it made just $4 million in annual profits in 1972.

These small businesses were overlooked and had more room to grow. That means Buffett had a chance to buy them cheap and watch them expand. This is also true now. Small-cap stocks were roughly 30% cheaper than large-cap ones in the final quarter of 2023, according to analysis by BNP Paribas. They have also historically outperformed large caps, especially after recessions and over longer periods of time, says MSCI. It’s advisable to diversify your portfolio and add some small caps to your watch list.

 

MoneyWise

November 05, 2024

The 3 hardest things about being a CEO, according to Inc. 5000 entrepreneurs

CEOs never get a day off. Oftentimes, their lives can feel like an endless slog…
November 05, 2024

Nigeria falls further in critical governance index - Report

PRESS RELEASE The release of the 2024 Mo Ibrahim Index on African Governance has revealed…
October 31, 2024

The No. 1 misconception about failing

Aditi Shrikant There are few massive success stories that didn’t start out with some sort…
November 02, 2024

This startup helps parents-to-be select embryos for ‘designer babies’ with higher IQ, other traits

American start-up Heliospect Genomics is charging wealthy parents-to-be up to $50,000 to screen their embryos…
November 05, 2024

Sokoto govt raises alarm over formation of new terror group

Sokoto State Government has raised the alarm over the emergence of another terrorist group in…
November 05, 2024

Here’s the latest as Israel-Hamas war enters Day 396

Israel's strikes on Iran spark interest in air-launched ballistic missiles Israel's effective use of air-launched…
October 16, 2024

The AI revolution: How Predictive, Prescriptive, and Generative AI are reshaping the world

Bernard Marr In the ever-evolving landscape of artificial intelligence, three powerful forces are reshaping our…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.