DOCSLIB.ORG

The Successes and Failures of Economic Reform in Nigeria's Post-Military Political Settlement

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Successes and Failures of Economic Reform in Nigeria's Post-Military Political Settlement African Affairs, 119/1, 1–38 doi: 10.1093/afraf/adz026 © The Author(s) 2019. Published by Oxford University Press on behalf of Royal African Society. All rights reserved. Advance Access Publication 13 December 2019 THE SUCCESSES AND FAILURES OF ECONOMIC REFORM IN NIGERIA’S Downloaded from https://academic.oup.com/afraf/article-abstract/119/474/1/5673743 by guest on 03 July 2020 POST-MILITARY POLITICAL SETTLEMENT ZAINAB USMAN * ABSTRACT There are limitations in the explanatory power of prevailing theories on the political economy of Africa’s growth without industrialization that emphasize the resource-curse, ethnicity, neopatrimonialism, and the devel- opmental state. This article uses a political settlements approach to explain the institutional underpinnings of Nigeria’s economic transition. It shows how external constraints on ruling elites interact with the distribution of power and institutions to stimulate episodic reforms in an ‘intermediate’ Nigerian state. Rather than a ‘developmental’ state presiding over indus- trial upgrading or a ‘predatory’ state operating solely on neopatrimonial basis, this intermediate state presides over selective reforms and bursts of economic growth and diversification. Thus, specific constraints in Nigeria’s post-military political settlement from 1999 generated the initial impetus for successful telecoms liberalization, while inhibiting growth in the oil sector. This article contributes to advancing the political settlements framework in applying it to resource-rich countries, by outlining the four dimensions of the distribution of power and the constraints for institutional persistence or change, and their varying economic implications. It also reclaims the concept of ‘elite bargains’ as a defining feature of the horizon- tal distribution of power and demonstrates its centrality to the durability or fragility of institutions, especially at critical junctures of resource booms and busts. The contemporary understanding of the political economy of African states has largely been framed by resource-curse, ethnic pluralism, neopatrimo- nialism, and more recently developmental state theories. Despite providing important insights, the significant limitations in their explanatory power were laid bare by the recent rapid growth without industrial transformation of many African economies. In Africa’s largest economy Nigeria, for instance, recent growth has been driven by non-oil sectors, especially ser- vices, and the oil sector has steadily declined as a share of Gross Domestic *Zainab Usman ([email protected]) works at the World Bank. This paper is a derivative of her doctorate at the University of Oxford. 1 2 AFRICAN AFFAIRS Product (GDP) although without a concurrent diversification of exports and government revenue. The policy arena is more dynamic with varying reform outcomes in service sectors, contrary to predictions of inertia, stagnation and policy failure predicted by resource-curse, neopatrimonial, and ethnic pluralism theories. Downloaded from https://academic.oup.com/afraf/article-abstract/119/474/1/5673743 by guest on 03 July 2020 This article makes the case for using the political settlements approach as an alternative analytical framework on the political and institutional underpinnings of economic transitions in African countries. Using the period after military rule in Nigeria from 1999 as a case in point, the article shows how the interaction of external pressures with the domestic power configuration enabled a growth-orientation in service sectors such as telecommunications but not in the oil sector. It argues that the distribution of power and constraints on ruling elites are the political foundations of an ‘intermediate’ Nigerian state. Rather than a ‘developmental’ state presiding over industrial upgrading from low- to high-value economic activity, or a ‘predatory’ state operating solely on a neopatrimonial basis, this intermedi- ate state presides over selective reforms, thereby driving bursts of economic growth and diversification. This argument is pursued through the lens of political settlements, as the distribution of power in society between elites and other groups and within institutions. The political settlement is also an analytical framework for examining which institutions emerge in different contexts and how effective they are in achieving particular economic objectives.1 For decades, four sets of theories have dominated the scholarship on institutional foundations of the failure of economic transition in African countries. Firstly, the resource curse literature explains why resource- and especially oil-rich countries suffer from slow growth and political instability. Through the Dutch disease2 and rent-seeking, these resources undermine growth, ‘good governance,’3 political stability, and democracy.4 However, the rapid growth of resource-rich countries during the commodities super- cycle of the 2000s questions these deterministic assumptions about natural resource abundance. These resource-curse theories hardly considered how history, power relations, and political coalitions drive changes in policy 1. Mushtaq Khan, ‘Introduction: Political settlements and the analysis of institutions’, African Affairs 117, 469 (2018), pp. 636–655. 2. The Economist, ‘The Dutch disease’, 26 November 1977, pp. 82–86; Jeffrey D. Sachs and Andrew M. Warner, ‘Natural resource abundance and economic growth’ (NBER Working Paper 5398, 1995), http://www.nber.org/papers/w5398 (20 March 2015). 3. For a useful review of the resource-curse policy literature, see GIZ, ‘The political economy of extractive resources’, [Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Eschborn 2016]. 4. Michael L. Ross, The oil curse: How petroleum wealth shapes the development of nations (Princeton University Press, Princeton, NJ, Oxford, 2012); Paul Collier, The bottom billion: Why the poorest countries are failing and what can be done about it (Oxford University Press, Oxford, 2008). THE SUCCESSES AND FAILURES OF ECONOMIC REFORM IN NIGERIA 3 responses to resource booms.5 The vicious scramble for political power in many countries predates a resource windfall.6 Rents from a centralized state authority generate neither uniform scales of rent-seeking nor uniform developmental consequences.7 The second set of theories posits that plural societies are vulnerable Downloaded from https://academic.oup.com/afraf/article-abstract/119/474/1/5673743 by guest on 03 July 2020 to poor economic outcomes because ethnic fragmentation undermines consensus for growth-promoting public goods.8 These countries make sub- optimal policy choices, which are consumption orientated, foster rent- seeking, and engender conflict. However, some of these large-n cross- country studies identified correlations are characterized by endogeneity and inverse-causality, rather than causations between diversity and economic performance.9 Multi-ethnic and multi-racial countries such as Brazil and Malaysia have successfully transitioned to upper-middle income status. Third, theories of neopatrimonialism point to the particularism in African societies, especially the prevalence of informal institutions, as the main obstacle to economic transformation.10 Neopatrimonialism characterizes the patron–client relations outside formal Weberian rational– legal authority as pathologies of Africa’s ‘retrogressive’ political culture. This clientelism undermines political stability and the administrative capacity to facilitate economic transformation. The ‘neopatrimonial logic’ operates through the application of public office to private ends, obstruction of a business class, expansionary monetary policy, and trade and indus- 5. For a critique of the resource curse, see: Samuel Hickey and Angelo Izama, ‘The politics of governing oil in Uganda: Going against the grain?’ African Affairs 116, 463 (2016), pp. 163–185. and Amy R. Poteete, ‘Is development path dependent or political? A reinter- pretation of mineral-dependent development in Botswana’, Journal of Development Studies 45, 4 (2009), pp. 455–456. 6. Terry-Lynn Karl, The paradox of plenty: Oil booms and petro states (University of California Press, Berkeley, CA, London, 1997); Riccardo Soares de Oliveira, Oil and politics in the Gulf of Guinea (Hurst and Company, London, 2007). 7. For detailed critique of both Dutch Disease and Rentier-State models of the resource curse thesis, see Jonathan Di John, From windfall to curse? Oil and industrialization in Venezuela, 1920 to the present (The Pennsylvania University Press, University Park, PA, 2009), p. 3,7. 8. Yusuf Bangura, ‘Ethnic inequalities in the public sector: A comparative analysis,’ Develop- ment and Change 37, 2 (2006), pp. 299–328; William Easterly and Ross Levine, ‘Africa’s growth tragedy: Policies and ethnic divisions’, The Quarterly Journal of Economics 112, 4 (1997), pp. 1203–1250, p. 300; Alberto Alesina and Eliana La Ferrara, ‘Ethnic diversity and economic performance’. (NBER Working Paper 10313, 2004) http://www.nber.org/papers/w10313 (20 March 2015). 9. For critique of ethnic fragmentation theories, see Christopher Cramer and Ha-Joon Chang, ‘Tigers or tiger prawns?: The African growth “Tragedy” and “Renaissance” in perspective’, in Célestin Monga and Justin Yifu Lin (eds), The Oxford handbook of Africa and economics: Volume 1: Context and concepts (Oxford University Press, Oxford, 2014), pp. 484– 504. 10. Thomas M. Callaghy, ‘The state as lame leviathan: The patrimonial administrative state in Africa’, in Ergas Zaki (ed), The African
Load more

Recommended publications
  • Obi Patience Igwara ETHNICITY, NATIONALISM and NATION
    Obi Patience Igwara ETHNICITY, NATIONALISM AND NATION-BUILDING IN NIGERIA, 1970-1992 Submitted for examination for the degree of Ph.D. London School of Economics and Political Science University of London 1993 UMI Number: U615538 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615538 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 V - x \ - 1^0 r La 2 ABSTRACT This dissertation explores the relationship between ethnicity and nation-building and nationalism in Nigeria. It is argued that ethnicity is not necessarily incompatible with nationalism and nation-building. Ethnicity and nationalism both play a role in nation-state formation. They are each functional to political stability and, therefore, to civil peace and to the ability of individual Nigerians to pursue their non-political goals. Ethnicity is functional to political stability because it provides the basis for political socialization and for popular allegiance to political actors. It provides the framework within which patronage is institutionalized and related to traditional forms of welfare within a state which is itself unable to provide such benefits to its subjects.
    [Show full text]
  • Nigeria's Fourth Republic (1999-2015) and Electoral Outcomes
    162 JOURNAL OF AFRICAN ELECTIONS NIGERIA’S FOURTH REPUBLIC (1999-2015) AND ELECTORAL OUTCOMES: How long can Patronage or ‘Politics of the Belly’ Last? Dhikru Adewale Yagboyaju, PhD Dhikru Adewale Yagboyaju is a senior lecturer in the Department of Political Science at the University of Ibadan, Nigeria email: [email protected] ABSTRACT The relationship between elections and the vitality of a democratic society is clear. Elections have proven to be the best means of strengthening the mandate of a performing administration or removing a non-performing one. This paper argues, however, that the outcomes of several elections in Nigeria’s Fourth Republic have proved contrary to the common trend in most advanced democratic systems, in which electoral outcomes are based on performance. While in some cases, especially in political party primaries, candidates with little or no democratic credentials have emerged during general elections, in other instances administrations with relatively high records of infrastructural development have been voted out. This study traces the most probable causes of this paradox to Nigeria’s money politics and a possible misinterpretation of the concept of development. It is essentially a literature-based study, descriptive but also analytical. The paper concludes that the country will have to contend with the politics of underdevelopment for as long as immediate and pecuniary benefits constitute the expectation of the generality of followers. Keywords: electoral outcomes, patronage politics, stomach infrastructure, development, Nigeria. 162 VOLUME 14 NO 2 163 INTRODUCTION Elections are among the most ubiquitous phenomena in many parts of the contemporary world, particularly in political systems that have embraced competitive politics.
    [Show full text]
  • State, Octoberto Decembe& 1983. 6.I Introduction Gongoi-A State Under Col. Muhammaduiega
    189 CHAPTER SIX ASTHE THIRD CTVILIAN GOVERNOROF GONGOI.A STATE, OCTOBERTO DECEMBE& 1983. 6.I INTRODUCTION l. GONGOI-A STATE UNDER COL. MUHAMMADUIEGA The General Murtala Mohammed Administration created Gongola State in February 1976 along with six other states. The state had Lt. Col. Muhammadu Jega (now Major General Rtd.) as its fust Military Governor. To all Gongolans, the creation marked the beginning of social, economic and political challenges leading to general development. Carved out of the defunct North-Eastem State (comprising former Bauchi, Adamawa, Borno and Sardauna Provinces) and part of Benue-Plateau State (i.e. the former Wukari Division), Gongola State had a land mass of 102,068 sq kilometers which made it the second latgest state in the Federation. It is located within latitude 11" South and longitude 9%"West and 14" East with a projected population of 4.6 million people (1983). Gongola State shared comnon borders with Plateau and Benue sates. Seven administrative divisions comprising Adamawa, Numan, Mubi, Wukari; Ganye, Jalingo and Sardauna made up the state at its inception. At the initial stage, the st2te capital, Yola, and all the seven adrninistrative headquarters had few or no modern infrastructutal faciiities. Mosi facilities therefore had to be developed from scratch in all parts of the sate. To this end, a Task Fotce Committee was esablished undet the chaitmanship of Alhaji Abubakar Abdullahi @aban Larai) to scout for both of6ce and residential iccommodation for the more than 5,000 civil servants deployed to the state. Similarly, the committee had to device means of srilizilg 6axi6fly, the few movable assets inherited from the former North-Eastern State.
    [Show full text]
  • Social Development
    Social Development NG-Journal of Social Development, VOL. 5, No. 5, October 2016 Journal homepage: www.arabianjbmr.com/NGJSD_index.php POLITICAL PARTIES AND CHIEF EXECUTIVES AS THREATS TO DEMOCRACY IN NIGERIA: A STUDY OF PEOPLES DEMOCRATIC PARTY (1999 TO 2007) Dr. Mohammed-Hashimu Yunusa Faculty of Arts and Social Sciences, Department of Political Science Federal University, Lokoja, Kogi State Abstract Although Political Parties are undoubtedly a key ingredient of building a robust democracy, the character of the parties and their modus operandi have a significant impact on democracy, with Political Parties often having glaring gaps that block the exercise of participatory democracy. Many Political Parties, especially in transitional and semi-authoritarian States, lack internal democracy. They also frequently fall under the control of powerful economic and political elites. It is from this view that the paper discuses political parties and Chief Executives in Nigeria’s Fourth Republic with a focus of PDP (1999 to 2007). The paper argues that, in Nigeria, Chief Executives, particularly at the National level have been having influence over the activities of political parties at the detriment of “descent democracy”. To get out of the malaise, the paper recommends that, the Chief Executives should learn to put aside their personal ego in the interest of the state and that they should aim at good governance. There should be freedom of thought and expression. Keywords: Democracy, Political Parties, Chief Executives, Impeachment, Democratization. Introduction The development of Political Parties in Nigeria dates back to 1923 when the Nigerian National Democratic Party was launched. This followed the establishment of the Nigerian Legislative Council in order to provide some Political space for the participation of Nigerians.
    [Show full text]
  • The Ife-Modakeke Crisis
    HOPE BETRAYED? A Report on Impunity and State-Sponsored Violence in Nigeria KADUNA PLATEAU OSUN BENUE ANA- MBRA CROSS RIVER BAYELSA First published in 2002 by: World Organisation Against Torture (OMCT) P. O. Box 21-8, rue du Vieux Billard ch-1211 Geneva 8, Switzerland Tel: + 41 22 8094939 Fax: + 41 22 8094929 E-mail: [email protected] Web site: http://www.omct.org And Centre for Law Enforcement Education (CLEEN) 1 Afolabi Aina Street, Off Allen Avenue Ikeja, Lagos, Nigeria Tel: 234-1-4933195 Fax: 234-1-4935338 E-mail: [email protected] Web site: www.kabissa.org/cleen COORDINATION Eric Sottas, Director, World Organisation Against Torture Innocent Chukwuma, Executive Director, Centre for Law Enforcement Education Anne-Laurence Lacroix, Deputy Director, World Organisation Against Torture Chidi Anselm Odinkalu, Expert-Consultant ISBN: 2-88477-023-2 Imp. Abrax F-21300 Chenôve © All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, photocopying, mechanical, recording or otherwise, without the prior approval of the copyright owners. HOPE BETRAYED? A Report on Impunity and State-Sponsored Violence in Nigeria KADUNA PLATEAU OSUN BENUE ANA- MBRA CROSS RIVER BAYELSA Acknowledgments The World Organisation Against Torture (OMCT) and the Centre for Law Enforcement Education (CLEEN) are grateful to several groups and individuals for their assistance and contributions in the publication of this book. We thank the European Union for their support in the research and publication of this book. We equally express our thanks to the participants at the October 2001 workshop in Ota, Ogun State on the use of international human rights mechanisms, whose craving for investigation of ethno-religious crises, state- sponsored violence and impunity led to the publication of this work.
    [Show full text]
  • 22 Adjustment, Political Transition, and Tiie
    22 UFAHAMU ADJUSTMENT, POLITICAL TRANSITION, AND TIIE ORGANIZATION OF MILITARY POWER IN NIGERIA by Julius 0. Ihonvbere Now, soldiers are part of national problems, rather than problem solvers. And suddenly soldiers are beginning to realize how their thirst for power could plunge their nations into crisis.... In Nigeria, the army authorities are beginning to come to terms with the dangers that the army ironically poses to the nation. t If there is any institution to be least respected in Nigeria, it is the Nigerian army. How could one explain a situation where semi-illiterates whose only qualification is their unguarded accessibility to weapons, want to hold the entire country to ransom?2 With the decline in oil revenues, the closure of credit lines, mounting foreign debts and debt service ratios, and inability to manage an internal economic crisis, the Nigerian government, under General Ibrahim Babangida, had no alternative to adopting a structural adjustment program in 1986. The components of the adjustment program have not been different from those prescribed by the International Monetary Fund (IMF) and the World Bank for other "debt­ distressed" and crisis-ridden African states. It has included policies of desubsidization, deregulation, privatization, retrenchment of workers, and political control of opposition. Nigeria's adjustment program has achieved very lirtle.3 True, a new realism has taken over the society with increasing economic contraction and the gradual rolling back of the state. Yet, at the level of concrete economic achievement, there has been very little to show for the harsh policies imposed on the people.4 The failure, or rather the limited achievement of the adjustment program, can be attributed to a range of internal and external factors.
    [Show full text]
  • State, Octoberto Decembe& 1983. 6.I Introduction Gongoi
    189 CHAPTER SIX ASTHE THIRD CTVILIAN GOVERNOROF GONGOI.A STATE, OCTOBERTO DECEMBE& 1983. 6.I INTRODUCTION l. GONGOI-A STATE UNDER COL. MUHAMMADUIEGA The General Murtala Mohammed Administration created Gongola State in February 1976 along with six other states. The state had Lt. Col. Muhammadu Jega (now Major General Rtd.) as its fust Military Governor. To all Gongolans, the creation marked the beginning of social, economic and political challenges leading to general development. Carved out of the defunct North-Eastem State (comprising former Bauchi, Adamawa, Borno and Sardauna Provinces) and part of Benue-Plateau State (i.e. the former Wukari Division), Gongola State had a land mass of 102,068 sq kilometers which made it the second latgest state in the Federation. It is located within latitude 11" South and longitude 9%"West and 14" East with a projected population of 4.6 million people (1983). Gongola State shared comnon borders with Plateau and Benue sates. Seven administrative divisions comprising Adamawa, Numan, Mubi, Wukari; Ganye, Jalingo and Sardauna made up the state at its inception. At the initial stage, the st2te capital, Yola, and all the seven adrninistrative headquarters had few or no modern infrastructutal faciiities. Mosi facilities therefore had to be developed from scratch in all parts of the sate. To this end, a Task Fotce Committee was esablished undet the chaitmanship of Alhaji Abubakar Abdullahi @aban Larai) to scout for both of6ce and residential iccommodation for the more than 5,000 civil servants deployed to the state. Similarly, the committee had to device means of srilizilg 6axi6fly, the few movable assets inherited from the former North-Eastern State.
    [Show full text]
  • The Venus Medicare Hospital Directory
    NATIONWIDE PROVIDER DIRECTORY CATEGORY 1 HOSPITALS S/N STATE CITY/TOWN/DISTRICT HEALTHCARE PROVIDER ADDRESS TERMS & CONDITIONS SERVICES Primary, O&G, General Surgery, Paediatrics, 1 FCT/ABUJA CENTRAL AREA Limi Hospital & Maternity Plot 541Central District, Behind NDIC/ICPC HQ, Abuja Nil Internal Medicine Primary, Int. Med, Paediatrics,O&G, GARKI Garki Hospital Abuja Tafawa Balewa Way, Area 3, Garki, Abuja Private Wards not available. Surgery,Dermatology Amana Medical Centre 5 Ilorin str, off ogbomosho str,Area 8, Garki Nil No.5 Plot 802 Malumfashi Close, Off Emeka Anyaoku Strt, Alliance Clinics and Services Area 11 Nil Primary, Int. Med, Paediatrics Primary, O&G, General Surgery, Paediatrics, Internal Medicine Dara Medical Clinics Plot 202 Bacita Close, off Plateau Street, Area 2 Nil Primary, O&G, General Surgery, Paediatrics, Internal Medicine Sybron Medical Centre 25, Mungo Park Close, Area 11, Garki, Abuja Nil Primary, O&G, Paediatrics,Int Medicine, Gen Guinea Savannah Medical Centre Communal Centre, NNPC Housing Estate, Area II, Garki Nil Surgery, Laboratory Bio-Royal Hospital Ltd 11, Jebba Close, Off Ogun Street, Area 2, Garki Nil Primary, Surgery, Paediatrics. Primary, Family Med, O & G, Gen Surgery, Royal Specialist Hospital 2 Kukawa Street, Off Gimbiyan Street Area 11, Garki, Abuja Nil Urology, ENT, Radiology, Paediatrics No.4 Ikot Ekpene Close, Off Emeka Anyaoku Street Crystal Clinics (opposite National Assembly Clinic) Garki Area 11 Nil Primary, O&G, Paediatrics, Internal Medicine, Surgery Model Care Hospital & Consultancy Primary, Paediatrics, Surgery and ENT Limited No 5 Jaba Close, off Dunukofia Street by FCDA Garki, Abuja Nil Surgery Primary, O&G, General Surgery, Paediatrics, GARKI II Fereprod Medical Centre Obbo Crescent, off Ahmadu Bello Way, Garki II Nil Internal Medicine Holy Trinity Hospital 22 Oroago Str, by Ferma/Old CBN HQ, Garki II Nil Primary only.
    [Show full text]
  • Party Primaries, Candidate Selection and Intra-Party Conflict in Nigeria: PDP in Perspective
    Covenant University Journal of Politics & Internationall Affairs. Vol. 5, No.1, June, 2017 An Open Access Journal - Available Online Party Primaries, Candidate Selection and Intra-Party Conflict in Nigeria: PDP in Perspective Muinat Adetayo Adekeye Kwara State University, Malete [email protected] Abstract: This paper underscores the interplay among party primaries, candidate selection and intra-party conflicts in the People‟s Democratic Party (PDP). It employs the theoretical explanations of the Group Conflict Theory which posits that conflicts within groups are borne out of incompatible interests catalyzed by selfish nature of individuals. Findings from the qualitative analysis signifies that while institutional structures have been enacted to avert conflicts within the party, non-adherence to the dictates of such structures have birthed a wide range of internal conflicts within the party, thus resulting to cases of defection, factionalization, proliferation of political parties, unconstitutional change of party leaders and most importantly, the defeat of the party in 2015 general elections. It was recommended that effective restructuring of internal laws and polices within PDP, establishment of punitive measure and the practice of transparency by the INEC would ensure good governance in Nigeria. Keywords: Political Party, Party Primaries, Candidate Selection, People‟s Democratic Party, Nigeria. Introduction democracy in the context of political It is incontestable that political parties parties; Agudiegwu and Ezeani (2015 have
    [Show full text]
  • Ogoniland: the Killing Field
    Ogoniland: The Killing Field ONAGORUWA'S TRAGEDY Canada.... C$ 2.00 Ghana CSOO Saudi Arabia Ris 10 00 Germany DM 3 SO CFA Zone 500s 500 USAUSA $3 50 Italy L 2,000 Sierra Leone Le 300 Zimbabwe $1 30 France 13F Kenya Sh 20 UK C1 50 The Gambia D4 Liberia L$ 2 00 r À ! % Funds Management % Capital Issues — Debt and Equity % Capital Restructuring, Mergers and Acquisitions % Access to NERFUND, NEXIM/RRF, ADB/ESL « Overdraft and Term Loans • Loan Syndication and Financial Intermediation DEVCOM MERCHANT BANK LIMITED — anchor tor etovotopnnont. .HEAD OFFICE. 18A Oko-Awo Close. Victoria Island. Lagos Nigeria Tel. (01) 2610206-8.2613132 Telex 22084 Fax 6*2615 Ca»es Devcom CBN/BSD/ADV/210/575/93 KANO BRANCH 100-104 Murtala Mohammed Way, Kano Tel. (064) 621092 IBADAN BRANCH 1st Floor. Cocoa House. Bank Road. Ibadan. Tel (022)412561.400280.40028* 400282 400283 "TH r Outline AimsHÉd SEPTEMBER 26,1994 NIGERIA’S WEEKLY NEWSMAGAZINE VOL. 20 NO. 13 Nigeria: Cover: 9 Abandoned oil equipment worth more than N1 billion at a flow Browning of station in Rivers State has become Onagoruwa a property free for all After weeks of speculation Politics: 18 about an imminent cabinet New faces in 10 states as Sani reshuffle, General Sani Abacha drops three adminis­ Abacha fired Olu Onago­ trators and redeploys seven others ruwa, September 12, mak­ • Adamu Fika loses battle to stay ing him the first attorney- on as National Assembly director- general as he moves to the general and minister of presidency justice to be given the boot.
    [Show full text]
  • Nddc-Geology
    I TABLE OF CONTENTS I Title page Table of content II About the NDDC Scholarship test 111 PART 1 Table of content 6 2017-PAPER 1: English Language 8 ANSWER KEYS 27 2017-PAPER 1: English Language 2 29 2017-PAPER 1: 30 ANSWER KEYS 49 CINFORES QUESTIONS PART2 306 GEOLOGY CURRENT AFFAIRS 325 CURRENT AFFAIRS STUDY NOTE TESTSTREAMS TESTSTREAMS.COM CURRENT AFFAIRS HIGHLIGHTS [Valid as at December 2016] Please listen to the News, and keep updated for future years’ NDDC Test. 1. On 20th January, 2013, Senator Barrack Obama was sworn in as the president of United States of America for the second time in office. 2. Senator Barrack Obama is the first African-American president. He became present in January, 2009. 3. On 7th January 2013, John Dramain Mahama took the oath as the fourth elected president and commander-in-chief of the fourth Republic of Ghana. He won the 7th Dec, 2012 election. 4. The oldest capital city in the world is Damascus. It has been inhabited since 2500BC. 5. Japan has the second of strongest economy in the world. 6. United states of America has the largest National debt of $129 trillion as at 1996 but today has the strongest economy in the world. 7. In 1779, USA got her independence from Britain. 8. On 10th October 2002, Nigeria rejected the ruling of the International Court of Justice (ICJ) over the ownership of Bakassi. The rulings which favour the Cameroons. 9. The shortest man in the world is Calvin Philips of Bridgewater, Massachusetts, USA measuring 26 inches.
    [Show full text]
  • CJN Moves to Save Judiciary, Summons Justices Over Conflicting
    Digital Currency Gains Traction as CBN Appoints Technical Partner IMF urges caution on adoption of cryptocurrency as national currency Ndubuisi Francis and currency, also known as e-Naira. Emefiele said the Central Bank targeted social interventions, as well been a long and thorough process cent of central banks were consider- James Emejo in Abuja CBN Governor, Mr. Godwin Digital Currency (CBDC) would as improvement in monetary policy for the apex bank following its ing adopting digital currencies in Emefiele, disclosed this in Abuja. bring about increased cross-border effectiveness, payment systems resolve in 2017 to digitise the local their countries. The Central Bank of Nigeria But the International Monetary trade, accelerate financial inclusion, efficiency, and tax collection. currency after extensive research The CBN pointed out that the (CBN) yesterday announced the Fund (IMF) cautioned that coun- and lead to cheaper and faster CBN’s Director, Corporate Com- and exploration. selection of Bitt Inc. from among formal engagement of global fintech tries seeking to adopt the digital remittance inflow. He said the munications Department, Mr. Osita Nwanisobi said CBN’s decision highly competitive bidders was company, Bitt Inc., as technical currency should be wary of its digital money, also known as Nwanisobi, explained, in a state- was in line with an unmistakable partner for its proposed digital disadvantages. cryptocurrency, would lead to easier ment, that the e-Naira project had global trend in which over 85 per Continued on page 40 N1.5 Trillion Spent on COVID-19 Management, Says FG... Page 5 Tuesday 31 August, 2021 Vol 26. No 9640.
    [Show full text]