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You may be new to this concept but the Nigerian government have set a financial model named FSS 2020 which hopes to realise a dream of Nigeria in the top 20 economies by Year 2020. Basically, in this thread let us post relevant information, steps forward and actually realisation of a strand of this enormous dream.

http://www.cenbank.org/OUT/SPEECHES/2007/GOVADD18-4-07.PDF
Read this ^^

For Nigeria, Another Road to Financial Hub

This Day (Lagos)

OPINION
10 May 2007
Posted to the web 11 May 2007

Agha Ibiam
Lagos

Once more, it appears that the Governor of Central Bank of Nigeria (CBN) Professor Chukwuma C. Soludo, has mounted another catwalk in his effort to sell the Nigerian economy to the international finance community. In his usual out-of-the-box manner of thinking, the apex bank chief has taken up the challenge of engineering an International Financial Centre (IFC) in Nigeria, as a framework to realising the country's desire of becoming one of the 20 largest economies in the world by the year 2020. Today, the buzz word of the moment in the Nigerian financial circle - Financial System Strategy FSS 2020 (FSS 2020) has been receiving banner headlines.

As a first step, Soludo constituted a Steering Committee for the FSS 2020 in August 2006 to serve as a policy making organ to rigorously think through the dream and come up with a Strategic Plan Document to guide the realisation of the FSS 2020 dream.

This time, the task is to deliberately orchestrate the Nigerian Financial firmament to achieve an International Finance Centre (IFC), otherwise known as Financial Hub. Without delving into hardcore definition, a financial hub is a cluster of financial activities with strong international financial institutions presence and an international market focus. It is usually a well-developed integrated financial system characterised by efficiency in mobilization and intermediation of fund/capital between surplus (savers) and scarce (investors) entities.

It is also characterised by availability of diverse financial offerings and products whether in the money or capital market, insurance, mortgage finance and the pension scheme so that an average investor or borrower can readily obtain an efficient bargain in the market.

It presupposes an efficient infrastructure for payment and transfer of fund/capital between places and a well-developed credit system.

A major step taken towards articulating the envisaged financial super structure was the assembling of a broad-based team of experts (technical committee) made of key financial services regulators, project team members, CBN staff, the political class, consultants with technical assistance from the World Bank and the IMF. The project FSS 2020 has its broad objectives as, but not limited to the following: Develop a shared vision and an integrated strategy for the nation's financial system - Develop market and infrastructure strategies that align fully with the strategic intent of the overall system - Develop a partnership of all key stakeholders for the implementation of the strategy with a performance management framework - Establish a communication and collaboration environment for the development and delivery of the strategy.

Spurred by the Goldman Sachs Report in 2001 that projected emerging economies such as Brazil, Russia, India and China (BRIC) to overtake the G6 nations and that Nigeria is projected to be the 20th largest economy in the world in 2025, Soludo strongly feels that history beckons on Nigeria to seize the golden opportunity or remain damned forever. Indeed, the report goes further to project that Nigeria could become the 12th largest economy in the world by 2050 ahead of South Korea, Italy, Canada and others.

More so, given the increasing turmoil in the oil rich Persian Gulf and the Middle East and the inevitable emergence of the Gulf of Guinea as a viable alternative source of energy for the industrialized Western economies; the coast looks clear for Nigeria, as a regional economic power house, to cease the opportunity to place herself to be counted among the global economies.

Those who know better have tried to evaluate likely paths toward arriving at an International Financial Centre. Nations have had to achieve IFC either by way of organic growth of the economy or by deliberate engineering of the economy to gallop at a predetermined growth rate. Known examples of cities that have evolved as IFCs by organic growth include London, New York, Tokyo and Hong Kong; these enjoyed natural evolution to a financial centre characterized by large domestic economy with the presence of companies that are globally active - multinationals.

On the other hand, Nigeria admittedly, seems to be in a haste given her history of many years of wasted opportunities, the pendulum predictably swings in favour of an engineered growth approach. This approach supports faster economic growth of the domestic economy as well as increase in Foreign Direct Investment (FDI). It also envisaged that further investment in infrastructure, at world class levels, may have to be embarked on.

The engineered growth model remains more appealing to the Nigerian historical circumstance due to its shorter time frame. Take for example the Dubai experience, it announced the vision and intension February 2002, with the law establishing Dubai International Financial Centre promulgated June 2004.

The centre opened in September 2004. The Dubai model is basically a regional financial centre with emphasis on the banking sub-market. In the case of Seoul, government adopted a policy by December 2003 while the Bill on the creation and development of a financial hub was issued March 21, 2006. Seoul is modelled as a regional financial centre with concentration on asset management.

Experts prescribe that for Nigeria to realise this dream and its aim of being part of the 20 largest economies by 2020, she must maintain an annual average growth rate of 12.4 per cent over the next 15 years.

Key critical factors have been identified as important growth drivers likely to propel the economy and hence enable Nigeria (or any of the N11 countries) achieve the projected economic bliss.

These include achieving macroeconomic stability in the areas of inflation, government deficit and external debt, macroeconomic conditions as defined by investment rates and openness of the economy, and technological capabilities captured by penetration of PCs, phones and internet.

The likelihood of arriving at the envisaged IFC can be gauged by quality human capital expressed in education and life expectancy, and political conditions measured by political stability, rule of law and corruption. The present economic reforms must be sustained and deepened as means of ensuring efficiency in both productive sector and the various markets.

The strategy, it is expected, would fully synchronize and integrate with the on-going economic reforms and harness the benefits to ensure that Nigeria becomes Africa's Financial Hub and joins the league of top 20 largest economies in the world by 2020.

To this end, sustained efforts should be made to develop, transform and sustain the country as a regional power-house within the ECOWAS sub-region. The large population size, which invariably translates to large market, should be leveraged upon by concerted effort to ensure that higher proportion of the population consists of the middle class through qualitative education.

Nigeria must set its eyes at becoming competitive domestically, by removing constraints in the business environment. Issues such as double taxation, inability to enforce business contract owing to the cumbersome system of obtaining redress in the law courts should be looked into urgently. Improving the competitiveness of the Nigerian market vis-à-vis regionally and globally market presupposes fixing the comatose infrastructure.

Other source of strength is the large pool of resources. Such areas of national strength and comparative advantage, which we failed to take advantage of in the past, should be developed to full potential. These are agricultural production and commodities processing, oil and gas, solid minerals and the budding capital market. To achieve economic transformation, emphasis must be placed on produced (processing and manufacturing) and intangible (knowledge-based) wealth as against (extractive oriented) natural resource wealth.

The degree of success achieved through the engineered growth approach, according to experts, relies essentially upon the quality of leadership of the nation in question. In other words, how fast a nation can achieve in concrete terms, an international financial centre is directly related to the soundness of vision, commitment and the patriotism of the political leadership. Over the years, Nigeria has not been that fortunate to have leaders with such positive attributes on the political saddle.

The only snag with the engineered approach is that it requires deliberate and concerted strategy plus regulation by government to encourage private sector participation in the search for economic relevance. It is only hoped, that the recently concluded election would throw up patriotic political leadership that would appreciate the vision and be committed to its actualisation.

Many people seem worried that the FSS 2020 is coming at a time the deafening noise from the political front was already rising to a crescendo. Whether the emerging political actors would be appreciative of the FSS 2020 vision, see the urgency and live up to the commitment to address the challenges of FSS 2020 remains to be seen.
 

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FG Issues 3-G Licences to Dangote, Others

Daily Trust (Abuja)

25 May 2007
Posted to the web 25 May 2007

Hamisu Muhammad

The federal government yesterday issued Third Generation (3-G) telecommunications licences to Aliko Dangote's Alheri Engineering Company Limited and three other major telecom operators.

Other three companies include Celtel, Globacom and MTN Nigeria .

Presenting the licences, the Executive Vice Chairman, Nigerian Communications Commission (NCC), Engineer Ernest Ndukwe said the issuance of the 3-G telecom licences placed Nigeria among the first class nations in the telecommunications service provision.

He said Nigeria is fairly successful in the 2nd Generation mobile licences going by the way the number of mobile Phone lines keep growing.

He said about 17 companies applied for the licences by the time of invitation, after which only four of them to pass the requirement of 10 percent payment of the amount before the final round.

Ndukwe said the 3-G licences will help increase the number teledensity and will improve telecom services in the country. Stressing that NCC will not rest until an average Nigerian possess telephone line.

"We are not resting until all Nigerians have telephone lines in there hands, we are targeting 100 percent teledensity. Although it may not be very recent but we hope that will haven in this country one day," he said.

Responding, Alhaji Aliko Dangote, Chairman of the Alheri Engineering Company, said the company has big plans for telecommunication consumers in the country.

He assured Nigerians of qualitative telecoms services more than what they get today, stressing that already the company is building infrastructure around the country.

The licencees made full payment of $150 million fee (about N19.2billion) each in fulfillment of the requirements for the award of the licence, on April 17, 2007, deadline set by NCC.

Globacom representative, Martins Olowonihi said with the 3G licence, Globacom is committed to providing subscribers the tools to 'rule their world,"

He said "With Glo 3-G platform, Nigerians will be offered high speed Internet access, video calling and video streaming, phone-to-phone video telephony, Video Greeting Kiosk and Video Mail Box.

"We are empowering our subscribers with the next generation of technological advances available in advanced countries. This will inevitably benefit the lives and businesses of the subscribers that utilize these products," he added.

The General Manager, North Central, Celtel, Dele Folorunso who also received the licence on behalf of his company said the company would use the technology judiciaously to improve services to Nigerian consumers.
I can see people haven't fully embraced this thread, maybe because of its relevance, but trust me, this is very relevant as this means more high rise buildings to be built.
 

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Ondo Govt to Spend N14b on University

Vanguard (Lagos)

25 May 2007
Posted to the web 25 May 2007

Akure

The Ondo government is to spend N14 billion in the next three years on the state University of Technology.

The Commissioner for Works, Mr Olu Mafo, told newsmen on Wednesday in Akure that N10 billion out of the amount would be spent on capital projects and N4 billion on recurrent.

Mafo said government had acquired 120 hectares of land in Okitipupa and Igbokoda area for the location of the proposed university, expected to take-off in 2008.

In another development, Mafo said government had awarded a N268.2 million contract for the construction of a two kilometre road in Oke-Oka council area.

He said the contractors handling the project had been given three months to complete the work.

Mafo said government decided to construct the road because it considered it a death trap. He said government had also approved the construction of Shagari Estate road in the state capital.
 

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Nigeria is getting there business wise, I just hope Nigeria's habitual Political system doesn't hinder Nigeria's chances of realising FSS 2020.:)
 

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Speaking of politics, huge pressure from the EU and international community may force Nigeria to retake a fair and free election!!
 

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Sounds like an interesting economic plan for Nigeria. And it might just work if the leaders and the citizens follow it through to the letter (like the Malaysian way). Just a thought: Kenya and Rwanda have almost simmilar plans (dubbed vision 2030 and Vision 2020 respectively). I wonder how many more countries on the continent have simmilar economic plans.
 

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Speaking of politics, huge pressure from the EU and international community may force Nigeria to retake a fair and free election!!
You must be dreaming to believe foreign nations have any bearing on Nigeria. If anything, they play tough while acting like cowards when they need our oil.

The EU commission rejected the EU parliament's resolution.
 

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Discussion Starter · #9 ·
Everyone Nigerian or not watch this video http://www.ted.com/index.php/talks/view/id/127 to fully understand that we are well on our course to reach FSS 2020!! Also, watch how we have risen from ashes and how we will continue to rise. We refering to Nigeria of course.[/B]

Btw, it is Okonjo-Iweala speaking first female and best finance minister Nigeria will ever have!!
 

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CBN to partner Lagos on Lekki financial corridor

Monday, June 18, 2007

Nigeria’s Financial Strategy 2020 Group is to partner the Lagos State government to establish an international financial centre in Lekki, Lagos State.

The scheme is being embarked upon as part of overall strategy to fast track the evolution of an African financial centre in Nigeria.

Central Bank of Nigeria Governor, Profesor Chukwuma Soludo, who threw light on possible areas of such collaboration, at an interactive session with Media Executives in Lagos last weekend, said the Centre which would function under a separate regulatory framework from that governing the conduct of banking business in Nigeria requires an enabling environment enjoyed elsewhere to function.

He stated that the FSS 2020 team would soon begin discussions with the Babatunde Fashola -led government, to explore ways of making the project a centre of excellence.
According to him, the discussions will focus largely on provision of infrastructure, effective transportation system, and such other component that would make prospective users enjoy the kind of services that obtain in more advance.

He explained that the Lekki Financial Corridor will enable its users conduct their business as if they were in London, New York or Malaysia and therefore help in the nation’s quest for full integration of the African financial market with there rest of the world very effective.
The CBN boss said the Finacial System Strategy 2020, group which is already working out modalities for the scheme’s takeoff will be collaborating with the Lagos State Government to ensure the realization of the project.

He pointed out the dream project may be realized sooner than expected if all the relevant agencies within the public and private sectors make the necessary sacrifice expected for the takeoff of the LFC.
As part of the build up to the new initiative, the Central Bank is to collaborate with three universities in Nigeria to train high level manpower in Economics, Accounting and Banking and Finance to supply the human capital needs of the the centre.

The University of Nigeria Nsukka, Ahmadu Bello University, Zaria and University of Ibadan, according to the governor, are to be involved in the training of the qualified manpower following the near collapse of the nation’s educational sector.

Soludo said that the arrangements are being finetuned to ensure that proper instruction and training are given to the students to ensure that an efficient Financial System Strategy emerges at the end of the day.
The CBN governor said that the current effort was part of his group’s programme to diversify the economy after more than four decades of total reliance on primary products.

“We need to diversify our economy away from primary products. We need to diversify our economy and exploit opportunities offered by primary commodities and go into industries.
To achieve the goals of the project, Soludo said that Nigeria needs to grow at a rate of about 12 per cent and run faster than it is doing presently having lost several decades.

The Financial System Strategy which has the Central Bank governor as chairman also has the chief executives of the financial sector regulators including SEC, NAICOM, PENCOM, and the Stock Exchange as members.
Does anyone know about any Physical developments that are planned for the FTZ?:)
 

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How to achieve FSS 2020- Int'l financial experts

Emma Ujah, Asst Business Editor

Posted to the Web: Thursday, June 21, 2007

The international conference on Nigeria's Financial System Strategy 2020 entered its second day, in Abuja , Tuesday, with renowned global financial experts identifying the repeal of Nigeria Land Use Act, the passage of the Fiscal Responsibility Bill and provision of infrastructure, as key to the realization of the vision.

Speaking on Perspective on “Building an International Financial Centre: Experience from Singapore”, the Chairman of Toronto International Leadership Centre for Financial Sector Supervision, Mr. John Palmer, said they were no short cuts to creating a financial services centre and that the right environment must be put in place for the FSS 2020 to come true.

According to him, security of lives and property must be taken more seriously and that the federal government must take deliberate steps to make the business environment in Nigeria more investor-friendly.

“There has to be a very strong domestic strategy in order to be a strong international competitor. The two cannot be separated”, he said adding that a strong domestic financial sector must precede the realization of an international financial hub.

As part of what to do, Mr. Palmer, a former Deputy Managing Director of the Prudential Supervision for the Monetary Authority of Singapore said in Singapore it takes one day to incorporate a business and that basic infrastructure could be taken for granted, a level Nigeria should make efforts to reach.

The financial expert also said it was crucial for the a well designed educational programme to train adequate human resources that would be capable of providing a wide range of financial services as proposed in the vision.

Specifically he said deliberate efforts should be made to deepen the bond market by encouraging both government enterprises and private companies to raise funds through corporate bonds.
Mr. Palmer identified purposeful and proactive leadership as a major determinant of the success of dream to make Nigeria an international financial hub. He said that although many variables necessary for the dream to come true were not on ground, the vision was still realistic with a leader that had a strong will and the necessary determination to pull the nation through.

Also speaking, the Chief operating Officer of Barclay's Bank Plc, Mr. Andrew Bainbridge, harped on the need for efficient infrastructure as according to him, “it doesn't matter if you have the people and the vision. If the system doesn't work, it (FSS 2020) won't be achieved”.


He also urged the Nigerian authorities to ensure policy consistency, as according to him, without policy consistency, the vision could be easily forgotten, while calling for measures that would elicit confidence among the generality of members of the public.
The Barclay's Bank boss told the promoters of the FSS 2020 and leaders of the Nigerian public and private sectors to deliberately sell Nigeria .
 

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double post
 

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Skye Bank buys into FSS 2020 vision

SKYE Bank Plc has indicated its willingness to work towards the full realisation of the Financial System Strategy (FSS) 2020 unveiled recently in Abuja by the Central Bank of Nigeria (CBN).

Professor Charles Soludo, the Governor of Central Bank of Nigeria (CBN), said the FSS 2020 initiative was designed to make Nigeria the financial hub of the continent of Africa by year 2020.

He added that the apex bank was ready to drive the vision with concrete policies to ensure that the country became the centre of financial services in Africa.

Mr. Segun Oloketuyi, executive director, Skye Bank Plc, who represented the bank at the conference, said Skye Bank believed in the FSS 2020 vision and would contribute towards the full implementation of the strategy.

He added that Skye Bank believed that the strategy would strengthen the financial services sector of the Nigerian economy and assisted the Federal Government to achieve its dream of robust economic development in the near future.

He commended Soludo, the CBN governor for initiating the strategy which he said was as unique and strategic as the last consolidation exercise in the banking industry.

The Skye Bank executive director said that the future of the bank was bright and robust in view of the customer-centric nature of its offerings in the market and various strategic initiatives that would be introduced into the market soon.

According to Mr. Kunle Adedigba of Skye Bank Plc, the bank represented the face of the emerging banking industry of the future. He said Skye Bank was committed to the dream of becoming as one of the leading financial services institutions in Nigeria soon.

Adedigba promised that customers would continue to be the central focus of Skye Bank both then and in the coming years. He added that the bank was doing very well in the market in all indices of assessment and attributed the trend to patronage from customers and support from other stakeholders.

Skye Bank Plc is one of the financial institutions supporting the on-going FSS 2020 Conference in Abuja
Awareness needs to be created, so that there can be more Investments in the Initiative. I think it's a great envision and I commend Charles Soludo and President Umaru Yar'Adua for their leadership.:)
 

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FSS 2020 can be achieved with determination and focus — Ebong
By Emma Ujah
Posted to the Web: Monday, June 25, 2007

Regulators and operators in the nation’s banking industry have been calling for the establishment of commercial courts to handle purely business cases. In this interview at the just concluded International Seminar on Financial Systems Strategy (FSS 2020) in Abuja , last week, the Group Managing Director of the Union Bank, Mr Batholomew Ebong explained why commercial courts have become critical to the Nigerian banking industry and other business operators

Views on the achievement the objectives of the Financial System Strategy (FSS 2020)?

That is the whole essence of why we are here. The seminar is going to explore how this is going to be achieved. Perhaps the questions should rather be, ‘‘can it be achieved?’’ and I will say yes. If there is determination, when everyone puts hands on the deck. We need it. We need a focus, we need the FSS 2020 and it is coming at the right time because we have been left behind in many ways and we are here to arrive at the way forward.

The role of Union Bank, as an institution and as a major stakeholder play, towards the realization FSS 2020?

First of all, Union Bank is a foremost bank in this country. A foremost financial institution that runs a whole gamut of financial services- insurance, mortgage banking, trusteeship, capital market and when we talk of financial services, Union bank is leading in all of them and this is looking at how do we get as big in 2020 and probably be number one in Africa . So Union bank has a role to play, first of all to be focused as bank in itself, first of all where it will be in 2020 in order to match the dream of the country itself.

Union bank will still work towards being at the lead, remain focused, following the dream and of course you find that to achieve this there is a quite a number of things that must be done. We are talking about regulatory framework, we are talking about infrastructure framework, we are talking about capacity development. In Union Bank we will continue to develop the capacity and create the framework, internally and of course collaborate with other operators and regulators to make the dream come true.

One issue that came up clearly is how to build a strong domestic base before focusing efforts on making the country an international financial services centre. What roles are Nigerians banks playing in this regard?

Nigerian banks are already playing very big roles in this regard, even before now to play global. You find for instance that Union Bank has been in London now, as a full-fledged bank for over 23 years. We are in West Africa, we are in South Africa . Those are the steps forward and other banks are doing the same thing. Trying to showcase ourselves out there not only locally but also internationally. And that is going to be followed by creating links, which are already happening. You see banks that are raising funds not only locally but also internationally. You see banks going for Euro bonds, you have Nigerian banks registered in the Stock Exchanges of several foreign countries. We are already building the bridge that will lead us as major global players in the years ahead.

What are the roles expected of the federal government in order to achieve the FSS 2020 objectives?

Number one is infrastructure. Specifically, the first of the bulk is the security, the judiciary and the legislative aspects. These are the soft infrastructure. The enabling legislature must be in place for most of the things we do. Take for example, the problem we have with the land use decree. The government must very quickly look at the constraints that that particular Act is causing the financial sector. Similarly, other physical infrastructure must be put in place. Certainly the government has a role to play. Very big role to play in setting for the financial sector to thrive.
Many banks in the country have pushed ahead of the CBN ordered recapitalization programme. What further plans does the Union bank, as an organization, have to consolidate its position in the Nigerian banking industry?

Union Bank, after the consolidation has been the number one in terms of Shareholders Fund, in terms of capitalization. Union Bank leads the trail and Union Bank is not going to wait to lose that position. Strategically, Union Bank is positioning itself to ensure that it maintains its position.
Sir, it is evident that post-consolidation problems are now rearing their heads in the sector. How can they be effectively addressed?

I won’t call them problems. I would rather call them challenges. There are always challenges as you move from one thing to another. And that is where the ingenuity of the operators is also tasked. We are succeeding. You would found that the integration is going on well. There would be some challenges here and there like we have seen in the past week but those are not insurmountable things. They are bound to occur in a situation where we had the mergers and acquisitions the way it happened.

It was a very shot-lived thing. It didn’t really give people chance to do due diligence, people were in a hurry to meet the target and of course whatever comes out of it is being handled properly as you have seen.
A former bank Chairman, Rev Segun Agbtuyi, has alleged that the consolidation was a fraud. What is your comment?


It don’t want to comment about the Springbank issue. That is their internal problem. But I don’t know how somebody that entered into a business will call the business a fraud. I don’t know about that. I know what we have been doing in Union Bank is professional and we are moving on. We acquired three banks, we are fully integrated and we are moving on.
The issue of Land Use Act has continued to reverberate. In what way does it specifically impede banking services?

You can’t easily realize your money, you can’t easily take the security, if you want to. It is only in this country that a bank is constraint by the way securities are taken and the way they are realized. If you have followed, I think every speaker that spoke on securitization mentioned the defects of the Land Use Decree. I don’t know if you have ever bought a property and I don’t know how long it took you. I would have asked you that even if you bought a property 20 years ago, have you been able to get the C of O. It turns out that if you don’t have that, no bank will take the property as collateral, because it is not your own. That is the problem in it.

It is cumbersome to get, it is cumbersome to use, it is almost absolutely impossible to even use. So even when you are able to get and you want to pledge it, somebody will say you should go and get governor’s consent. This is supposed to be your land and you have to go and get consent from somebody again to use it?

Bankers have been calling for the establishment of commercial court to ensure accelerated hearing of financial and business cases. How has the current judicial arrangement impede the banking business in the country?

It does impede banking extremely. If we talk about judiciary, we talk about legislation. That is the area that we are complaining about. It takes you ages to execute a little contract in the court and so what we are asking for is for a commercial court.

We want a court that is carved out specifically to handle commercial activities of public banking activities. Banking activities are time-sensitive. By the time the thing drags in court, the money is getting lost and it is even growing in terms of debt. By the time you finish, not only the bank is having a problem but even the customer is losing out. So we think the best thing to do is to have a court that is carved out of the ordinary court and to formulate it into a commercial court that deals with only with commercial transactions in a fast and expeditious manner.
 

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Skye Bank buys into FSS 2020 vision



Awareness needs to be created, so that there can be more Investments in the Initiative. I think it's a great envision and I commend Charles Soludo and President Umaru Yar'Adua for their leadership.:)
Wow! Isn't it a bit too early to commend Yar'Adua's leadership?
 

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I am just commending his vision, not his progress. This (FSS 2020) is the economic Blue Print of Nigeria for the next couple of decades.

Obasanjo's Admin had no such plan, they only hoped that Nigeria's economy would eventually grow by 19%.
 

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Speaking of politics, huge pressure from the EU and international community may force Nigeria to retake a fair and free election!!
The EU and the International community can mind their own damn business! And while they are at it, they can tell America to retake their election because Bush and his minions rigged the elections in 2000! All these retaking election crap is only going to set us back politically, we can only hope and work hard to get better in the future but let's just work with what we have. Yar'adua would've won the election anyway so it's best to just keep going forward.
 

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I am just commending his vision, not his progress. This (FSS 2020) is the economic Blue Print of Nigeria for the next couple of decades.

Obasanjo's Admin had no such plan, they only hoped that Nigeria's economy would eventually grow by 19%.
Wrong! It was during the Obasanjo regime that this plan was drawn up, it doesn't take a day to complete an economic blueprint.
 

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Thanks for the correction, It's just that during OBJ's Tenure, no talk of the plan emerged.:)
 

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The FSS 2020 is all good with me. What I would like to see however is more like QOF 2020. If you look at all the quality of life indexes, Nigeria ranks very low. We are ranked the fourth lowest in the world in quality of life. FORTH LOWEST!!! That is outrageous. I would rather have Nigeria in the top 20 countries for quality of life than have a top 20 economy. Not to smash the FSS 2020, I think it is commendable and at least it shows our leaders are starting to show some foresight. However it would count for nothing if we have a top twenty economy and millions are still living in poverty.
 
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