In a recent report on inequality in Nigeria the UK-based charity Oxfam made the incredible claim that the combined wealth of the five richest Nigerians could end extreme poverty in the country. The organisation explained that the wealth owned by the five totalled 29.9 billion in 2016 whereas only 24 billion was required to lift  The post Oxfam‘s absurd poverty reduction claim appeared first on Market Perspective Africa.
There are many myths in circulation concerning the nature Nigeria‘s economy. One is that it is highly import-dependent. The common assumption is that Nigerians are more reliant than other nationalities on the consumption of imported goods. The truth of this may seem obvious to nationalists who believe that it is unhealthy for people to prefer  The post The myth of Nigeria‘s import-dependency appeared first on Market Perspective Afri
By Tunde Obadina I suspect that having won the 2015 presidential election following three consecutive failed attempts, former military leader Muhammadu Buhari is at least a little anxious about returning to power. The millions of Nigerians who voted for him are expecting that the change of leadership after 16 years of rule by the People‘s  The post The challenge facing Nigeria‘s incoming administration appeared first on Market Persp
It is often said that African nations are endowed with abundant natural wealth because they possess exceptional amounts of valuable minerals and other resources provided by nature. This notion of resource-richness is often contrasted with Africa‘s high incidence of poverty to make the case that the continent is a paradox of want in the midst  The post The myth of Africa‘s abundant natural wealth appeared first on Market Perspective
By Tunde Obadina Many political commentators and non-governmental welfare organisations have advised Nigeria‘s incoming administration to deal with the insecurity fuelled by the Boko Haram Islamist insurgency in northern Nigeria by addressing the issues that drive young people to join the rebellion. They suggest that poverty and ignorance are the main underlying factors in the  The post Poverty doesn‘t turn people into terrorists ap
I doubt that Sanusi Lamido Sanusi, the former governor of the Central Bank of Nigeria (CBN), will apologise to Nigerians for apparently mistakenly alleging that the Nigerian National Petroleum Corporation (NNPC) failed to remit colossal amounts of oil revenue to the treasury between January 2012 and July 2013. But it is the case that a  The post The missing oil money saga appeared first on Market Perspective Africa.
By Tunde Obadina It is an irony that progressives who claim to advocate for poor people in developing economies often prescribe an ideology that is detrimental to the interests of those they supposedly support. They rant about the evils of capitalism and urge poor-nation governments to restrict foreign capital and curb the activities of multinationals.  The post The poverty of anti-capitalism appeared first on Market Perspective Africa.
By Tunde Obadina The recent outbreak of mob violence against foreigners in South Africa illustrates the point that racism is not peculiar to any one race or historical period. Xenophobic attacks that claimed lives in Durban and Johannesburg targeted black people from other African countries as well as other non-white immigrants. Anti-immigrant sentiment is not  The post The roots of anti-immigrant violence appeared first on Market Perspective A
By Tunde Obadina Nigeria‘s newly elected government will probably come under pressure from trade unions to hike the national minimum wage. Labour leaders have of late complained that the current wage floor of N18,000 (US92) per month is not enough to support a decent standard of living. This rate, equivalent of US3 a day, is  The post Minimum wage law hurts the poorest workers appeared first on Market Perspective Africa.
By Tunde Obadina It is often said that Nigeria is impaired by a major unemployment problem, especially affecting its youths. But this common belief that the level of joblessness in the country is high by international standards is simply not true. Using internationally comparable method of calculation, unemployment in Africa‘s most populous nation is not  The post The fallacy of high unemployment in Nigeria appeared first on Market Perspe