And Four Other Things…
FORWARD MOVEMENT
We have been told several times that we needed to ditch the “military constitution” because it is against “true federalism” but I am very happy that many states are moving forward with the same constitution. Aviation and railways are on the exclusive list, but states are building airports and running airlines. Lagos state has just inaugurated its second train service, the Red Line, covering Ebute Metta to Agbado with stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege and Iju. The first phase is projected to transport 750,000 passengers daily, reaching 1.1 million once it is fully operational. The Blue Line from Okokomaiko to Lagos Marina was inaugurated last year. Progress.
MARKET MESS
The Central Bank of Nigeria (CBN) has taken a series of policy measures in the last few days to stop the naira from bleeding, to create a sense of stability. We desperately needed some calm. The naira was already heading for N2,000/$ and someone joked that it might enter 2025 before all of us. The MPC decision on interest rate has been praised by many market analysts who are hopeful that the economy will respond positively. The instability in recent times has been very devastating, although I find it comforting that there has been a swift and decisive response and Mr Yemi Cardoso, the CBN governor, has done a good job of trying to calm our fears. We are watching with bated breath. Relief.
RICE AND DEATH
The Nigeria Customs Service (NCS) has gone into the business of repackaging and selling contraband rice to help implement Tinubu’s “renewed hope” agenda. Well done. But, predictably, there was zero risk assessment and zero crowd control, so seven people lost their lives in the stampede at the zonal headquarters in Yaba, Lagos, where the sale took place. In response to the tragedy, customs suspended the exercise, belatedly saying it was “part of the service’s resolve to ensure the safety of Nigerians and to enable it to properly articulate its next line of action, in order not to defeat the vision of the initiative”. Why was I expecting to hear customs had fired someone? Negligence.
NO COMMENT
The Nigerian government has introduced the expatriates employment levy (EEL), fixed at $15,000 per employee. According to the geniuses behind the policy, the levy is intended to “discourage” companies from hiring expatriates for jobs Nigerians “can do”. The EEL is expected to generate $13 billion per year. Imagine if the UK, US and Canada reciprocate by charging $15,000 on each Nigerian immigrant working in their countries. Meanwhile, will expats doing the jobs Nigerians cannot do also pay the levy? If you really want to “discourage” expats, why not deny them work visas? And how will you raise your $13 billion after discouraging expats from coming to Nigeria? And you know what? The company that got the contract is owned by expats doing the job Nigerians can do! Wonderful.