Nigeria goes gold – crude oil is running wild these days. So, let us go all the way, and seek alpha from aurum. But do not open your bottle of zobo for celebration, gold will not save Nigeria. Nigeria’s problem is not lack of money but lack of vision. Go to Osogbo, Kano, Owerri, Jos, Yobe and Uyo, and ask anyone where Nigeria is going, you would be surprised that no one knows. Oh thou gracious heaven, the sun rises and sets!
But during the effervescence of the spark of leadership – the days of Sam Mbakwe, Lateef Jakande, etc – the citizens knew where the governments were taking them. Mbakwe would wake up, address Imolites and remind them that from tomorrow, they would receive slips to make donations to the state government, for a new palm plantation, power station etc. He would remind school kids to ask their parents for money to help build poultry farms, etc. Everyone knew that Jakande was for universal education irrespective of your abode in Lagos state.
Today, raise your hand if you know where your state or federal government is taking you in Nigeria? We are sure of one thing in Nigeria: the sun will rise and set. Any other thing is siddon-look. Mining gold will not change that. Nigeria needs to build mines of knowledge.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Nigeria has produced, for the first time ever, in June 2020, artisanally-mined gold that has been processed and refined according to the London Bullion Market Association (LBMA) standards required for the use of gold as a reserve instrument by the Central Bank of Nigeria.
This means that the Central Bank will be purchasing gold that has been mined, processed and refined under the Presidential Artisanal Gold Mining Development Initiative for use as part of Nigeria’s external reserves.
The first batch of artisanally-mined gold bars to be purchased by the Central Bank will be unveiled at a presentation ceremony to President Buhari in July 2020. This milestone is a demonstration of President Muhammadu Buhari’s commitment to diversifying Nigeria’s economy and foreign reserves.
This milestone is the culmination of 24 months of intense efforts between the Solid Minerals Development Fund, Kebbi and Osun States Government, Ministry of Mines and Steel Development, and the Ministry of Finance, Budget, and National Planning under a Steering Committee led by the Chief of Staff to the President, Professor Ibrahim Gambari.
---
Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
We are fighting (or embracing) corruption, that’s what they have been telling us for a while now. The direction is corruption, and corruption is the direction.
The current holders of power spent the better of last five years telling us how their predecessors stole everything in Nigeria, including the national anthem and coat of arms; they told us how they have been recovering billions, plus trees; graveyards, forests, even sky; they recovered them all.
And then we got to where we are: Magu stole all the money he recovered, Malami got angry and demanded why Magu should steal all; then Magu (or his boys) allegedly gave Osinbajo some portion, and Osinbajo said it’s not true. Then you have the one called NDDC, where everyone is accusing everyone, and they managed to throw sexual assault into the looting festival.
But before we get ahead of ourselves by asking about Nigeria’s direction, we first need to ask who’s leading the journey, or is it an autonomous vehicle? Even with autonomous vehicle, who wrote the codes?
Whether we move from Oil to Agriculture, and take a turn to Gold, we can still throw Sand excavation into it, the bottom line is that you need a soul before you can become a living being.
Where’s Nigeria’s soul?
Just my discussion with a senior colleague yesterday, Nigeria problem is lack of blueprint for leading. It’s one of the reasons why there is talent exportation to countries with vision.
If there is a working plan of 5 years, 10 years etc and we can see actions in that direction, most of us will be patient and grow with Nigeria.
Today, we discover kilichi, tomorrow it’s corruption drama, next tomorrow, it’s election and power tussle.
Just like you said, we just sidoon dey look
There is no working soul in the All Nigerian Leadership. Indeed, like you said, lol; “We are sure of one thing in Nigeria: the sun will rise and set. Any other thing is siddon-look.”