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The Platform Nigeria | Unlocking the Potential in Our Country | 1st October 2024.

In 2018 when the Bill and Malinda Gates Foundation made the state that Nigeria and the Democratic Republic of Congo (DRC) will account for 40% of the total number of people living in Extreme Poverty by 2050, many never saw beyond the statement. Two countries rich in mineral and natural resources, after series of research and the fact that Nigeria will have five presidents from 2018 to 2050, I came to the conclusions backed by empirical facts and data that Mr. Gates assertion was not about who becomes president but about the system, Nigeria’s economic model is not designed to create wealth, it is an economic model that impoverishes the people.

Nigeria operates what have come to describe as an asset depletion economy, where assets are depleted to fund expenditure without appropriate re-injection of funds to cover the liabilities created by the depletion of assets. In simple words, Nigeria depletes its assets and increases liabilities and no nation has ever become rich by depleting assets and increasing liabilities. What makes the case of Nigeria worse is the fact that population is also spiraling out of control which contributes to the population moving faster into extreme poverty.

Roman Oseghale through his presentation at the platform details how Nigeria moved from a productive economy in the 60’s to a rent seeking economy in the 70’s, an economy driven by oil prices and orchestrated by wars and destabilization of the Middle East which prompts the increase in oil prices, Roman Oseghale matches data with wars and conflicts in the Middle East, and the data proves that the only time Nigeria records economic growth is when oil prices spiral upwards due to wars and conflicts in the Middle East. Roman Oseghale proves with data and demonstration how the system makes Nigeria and Nigerians poorer and irrespective of who becomes President, Nigeria and the DRC will account for 40% of people living in Extreme Poverty by 2050 if the Economic Model is not changed.


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THE 2023 ELECTIONS, THE ECONOMY, AND THE NEED FOR POLITICAL IDEOLOGY.

—–Why Nigeria Must Return to a Productive Economy.

In 40 years, from 1981 to 2021, the Naira has depreciated by 67,605% against the US Dollars, a currency the Naira was stronger than in 1981. In 2021, Nigeria had a Per Capita Income of US$2,085 compared to US$2,180 Per capita Income of 1981…..in 40 years Nigerians were poorer. Prior to this economic catastrophe, Nigeria had a productive economy in the 60’s where agriculture accounted for 54.7% of the GDP and 75% of our external earnings, as prices of crude oil soared in the 70’s which were orchestrated by global events, petrodollars poured into the economy, Nigeria abandoned a productive economy for an Asset Depletion and a Rent Seeking Economy which can also be best described as a Serendipity Economy.

Roman Oseghale gives a detailed analysis of the economy from 1960 to date.

The then Head of State would later make the famous remark that “Money was not our problem but how to spend it”, with the consequences of the economic model, this began the journey into Nigeria’s economic woes, challenges, and social problems which has plunged the country into a poverty trap.

Nigeria and the Democratic Republic of Congo, two countries rich in Mineral Resources but practicing the same economic model are projected to account for 40% of the total number of people living in Extreme Poverty by 2050, the 2023 Presidential Elections must not be about promises but about candidates and political parties with political ideologies that must change Nigeria’s economic model to an investment and a productive model, and must move away from the present model that has continued to impoverish Nigerians to reverse the trend of the 2050 projection. Data shows that no President, Head of State, Regime, or Government has performed outside the favourable price of crude oil since the early 70’s.

Today, Nigeria has recorded over US$102 billion in Trade Deficits between 2014 and 2020 as stated by The World Bank and an additional N1.9trn for 2021, as stated by the NBS, in total Nigeria has had eight straight years of over US$106 billion in Trade Deficits in a non-productive economy, this is why the Naira is on a free fall leading to rising inflation. Using Data and Empirical facts to map the economic trends, The Economic Tsunami that happened in the early 80’s is repeating itself all over again, this time the aftershocks will be worse if Nigeria does not change its economic model.

Watch Roman Oseghale give a detailed analysis from 1960 to date, using empirical facts and data how world events has shaped Nigeria’s economy rather than productivity and how Nigeria moved from a productive economy to a Rent Seeking Economy and the consequences that followed, and why Nigeria must return to a productive economy.