Lexy Blog

Non-oil exports critical in diversifying the economy Over the years, Nigeria’s major revenue earning has been from crude oil. However, following global economic uncertainties and instability in crude oil prices in the international market, experts have tasked government to diversify the economy through non-oil exports, writes ALEXANDER CHIEJINA. Over the years, crude oil has continued to remain the nation’s major revenue earnings, raking in billions of dollars annually. Due to the instability in crude oil prices in the international market and growing uncertainty as regards how long this monolithic product will remain the major revenue earner for government, the issue of diversifying the economy has continued to generate heated debates among Nigerians from all walks of life, including economic and financial experts. Going down memory lane, Nigeria was a major exporter of coal and tin in the 1950s. Even up to the 1970s, the country was also a major exporter of agricultu

Need for transparency in the banking sector I n most countries of the world, economies and financial markets were challenged in 2011 following the Eurozone debt crisis and its undercurrents which swept through emerging and developed markets albeit in varied dimensions. Heightened sovereign risks for debt-ridden Greece sent shivers down the spines of European banks and the global corporate world with substantial exposures to the Euro. While financial regulators and governments around the world are putting in place new regulations to forestall financial meltdown that has cost the globe billions of dollars never reoccur, Nigeria has not been left out of the reforms drive. Since 2008, the Central Bank of Nigeria (CBN) has rolled out several new rules to ensure that banks adopt best practices in their operations in a bid to prevent collapse that has cost the nation’s economy trillions of Naira. Up until the previous financial crisis have shown, rules and regulations are me

A mining site in Nigeria Huge solid mineral deposits lie in various parts of Nigeria. However, this goldmine is yet to be effectively explored – despite the vast opportunities it offers – in order to diversify the nation’s revenue earnings, writes ALEXANDER CHIEJINA Following global economic recession in the late 1980s and early 1990s, developing countries began to liberalize their external trade to improve balance of payment and increase economic growth through provision of incentives to attract capital in-flow and investment. Interestingly, developing countries, especially in Africa and Latin America, turned to solid minerals exploration as a solution to sustained economic growth. This economic initiative paid off as mining companies have continued to play key role in the economic development of these countries. Countries like South Africa, Ghana and Tanzania remain critically dependent on earnings of solid minerals. As a result, countries introduced liberal reforms to meet i

Vocational training and repairs Countries that have embraced technical training have witnessed lower unemployment rate, ingenuity in technological inventions, economic autonomy, and increased individual productivity. This is however lacking in Nigeria, even as it continues its quest of becoming one of the 20 leading economies by 2020, writes ALEXANDER CHIEJINA. Technical and vocational education (TVE) has been an integral part of national development strategies in many countries following its impact on productivity and economic development. While technical education contributions are widespread and visible ranging from metalwork technology, mechanical/ automobile technology, electrical and electronic technology, building and woodwork technology etc, this form of education has become change agents not only for technical systems but several societal changes. A close evaluation of public and private investment of TVE in European countries such as Germany, Sweden, Denmark, United K