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FROM 80 Kobo to 1 US Dollar in 1980 to 450 Naira to 1 US Dollar TODAY (06/07/2020)

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FROM 80 Kobo to 1 US Dollar in 1980 to 450 Naira to 1 US Dollar TODAY (06/07/2020)

We shouldn’t be surprised.

We were far more productive in 1980 than we are today

In 1980 the key reasons for economic growth were are as follows:

1) We were a net exporter of refined petroleum products. Today we import all our refined petroleum products.

2) We rode in locally assembled cars, buses and trucks. Peugeot cars in Kaduna and Volkswagen cars in Lagos.

Leyland in Ibadan and ANAMCO in Enugu produced our buses and trucks.

Steyr at Bauchi producing our Agricultural tractors.

And it was not just Assembly, we were producing many of the components.

Vono products in Lagos producing the seats.

Exide in Ibadan producing the batteries, not just for Nigeria but for the entire West Africa.

Isoglass and TSG in Ibadan producing the windshields.

Ferodo in Ibadan producing the brake pads and discs

Tyres produced by Dunlop in Lagos and Mitchelin in Portharcourt.

And I mean tyres produced from rubber plantations located in Rivers State.

3) We were listening to Radio and watching television sets assembled in Ibadan by Sanyo.

4) We were using refrigerators, freezers and Airconditioners produced by Thermocool.

5) We were putting on clothes produced from the UNTL textile mills in Kaduna and Chellarams in Lagos.

Not from imported cotton but from cotton grown in Nigeria.

6) Our water was running through pipes produced by Kwalipipe in Kano.

7) Our toilets were fitted with WC produced at Kano and Abeokuta.

8) We were cooking with LPG gas stored inside gas cylinders produced at the NGC factory in Ibadan.

9) Our electricity was flowing through cables produced by the Nigerian wire and Cable, Ibadan and Kablemetal in Lagos and Portharcourt.

10) We had Bata and Lennards producing the shoes we were putting on
Not from imported leather but from locally tanned leather at Kano & Kaduna.

11) We were mainly flying our airways, the Nigeria Airways, to most places in the world.
The Airways was about the biggest in Africa at that time.

12) Most of the food we eat were being grown or produced in Nigeria.

We were producing all of the above and more in 1980

Today, we import almost everything.

There lies the source of the terrible exchange rate we are experiencing today and everybody reading this has a critical role to play in reversing this very UGLY trend.

It is not enough for us to complain about the exchange rate or point out what others are not doing or are failing to do, the key question is what are we producing or what are we planning to produce?

Going forward, it’s time to ponder and think of the way forward progressivesly before it’s TOO LATE.

We have been talking about these problems and more for ages

What solutions do we have in mind?

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CCC Global Genesis Founder, Prophet Oladele Jailed For Defrauding A Woman

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CCC Global Genesis Founder, Prophet Oladele Jailed For Defrauding A Woman

A Lagos State High court on Wednesday (today) sentenced popular prophet and Sheperd-in-charge of CCC Global Genesis church, Prophet Israel Oladele Ogundipe to two-year imprisonment for defrauding an American based woman.

The trial judge, Justice Olabisi Akinlade sentenced Prophet Oladele after she found him guilty of two count charges out of the seven he was charged with.

Justice Akinlade in a judgment that lasted for about four hours sentenced the defendant, prophet Oladele to a year imprisonments for count two and four. She however discharged him of counts 1,3, 5 ,6 and 7 for lack of evidence against him.

Oladele was charged with seven counts charges bordering on fraud and obtaining money by false pretenses, preferred against him by the Lagos State government sometimes in 2007.

He was said to have defrauded one Mrs Olaide William Oni to the tune of eleven million naira (N11m).

He had however pleaded not guilty to the charge when he was brought before the court.

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BREAKING: SANWO-OLU TO ABOLISH PENSION FOR EX-GOVS, DEPUTIES

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BREAKING: SANWO-OLU TO ABOLISH PENSION FOR EX-GOVS, DEPUTIES

By Sodiq Oyeleke

Governor of Lagos State, Babajide Sanwo-Olu on Tuesday announced his intention to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.

He made this known while presenting the 2021 budget to the Lagos State House of Assembly.

Sanwoolu said the bill would be sent to the Lagos Assembly for legislative approval.

According to Sanwo-Olu, the abolition of pension for former governors and deputies will reduce the cost of governance.

He said, “Mr. Speaker and Honourable Members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.”

Detail later…

  • PunchNg

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EndSARS CELEBRITIES, PROMOTERS MUST FACE LAW, GARBA SHEHU SAYS

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EndSARS CELEBRITIES, PROMOTERS MUST FACE LAW, GARBA SHEHU SAYS

The Central Bank of Nigeria had recently frozen the account of some protest organisers in a bid to stop further protests from occurring.

Garba Shehu, Senior Special Assistant to President Muhammadu Buhari, has said that all Nigerians and celebrities, who promoted protests against police brutality in the country must face the law.

The Central Bank of Nigeria had recently frozen the account of some protest organisers in a bid to stop further protests from occurring.

The Nigeria Immigration Service also seized the travel passport of Modupe Odele, preventing her from leaving the country for providing legal aid to arrested protesters.

The Nigerian Government irked by the protests had in October hired thugs to hijack the demonstration, plunging the nation into chaos in a bid to blame it on peaceful #EndSARS protesters.

While speaking on why the CBN froze the account of the protesters, Shehu while speaking on Channels Television’s Sunday Politics said, “This country has only one President and has only one constitution. President Muhammadu Buhari is responsible for his government. The buck stops on his table.

“We are a country governed by law. There is a constitution —under section 33— that clearly defines the rights of citizens to freely protest in a peaceful way but where a peaceful protest turns into riot, violence and looting, there is a law and order duty to be performed.

“Everyone witnessed the massive looting of public and private properties particularly in Lagos, Calabar, Plateau, Taraba and some other states, even the FCT.

“Now, the laws of the country must be allowed to decide, to rule on wrongdoing on the part of anybody.

“I am not particular about any celebrity or promoter but this country has been harmed enormously and people should be prepared to account for what they did.”

  • SaharaReporters

Garba Shehu Classic FM, Abuja.

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