Nigeria careened to the edge of a dangerous precipice until President Goodluck Jonathan made a historic and singular phone call to General Muhammadu Buhari to concede defeat, an act that brought national relief and proclaimed victory for the people of Nigeria and all of Africa. Frankly, before President Jonathan's April 1, 2015 award winning phone call, things had already started to fray and unravel at the seams as a now notorious ominous drama early in the presidential election collation center that day had caused Nigeria to begin to stare doom in the face. Now doom is gone, and the uncertainty that hung over Nigeria has abated visibly. A good witness to this is the Naira which is now standing firmer against the dollar. Before March 28, the day of the presidential election, the Naira had weakened terribly, needing more of it to stand up to dollar at nearly 230 Naira to the dollar in the parallel market on March 27, compared to about 180 Naira to the dollar in late 2014. Although the Naira is still vulnerable to the vicissitudes of the crude oil market, it is clear that the Buhari victory has shaved away much of the weakness contributed by psychology and uncertainty. In addition, I believe that oil prices are unlikely to drop below $50 a barrel any time soon, as global oil stockpiles are no longer overflowing and also since most U.S. refineries are virtually fully back in operation after seasonal retooling to meet the heightened demand of the coming summer driving season. In addition, there are signs that the first monthly decline in shale oil production since 2011 will soon occur. The ride for the incoming Buhari administration will be smoother if oil prices can find a bottom above $50 a barrel. Fortunately, I believe this will happen. So what next? To tackle the economy for the well being of the people, the president elect when he is president must do as he has been saying, make the economy more efficient. Now, efficiency will also improve if we have mass participation in the economic development process. There are now strategies that can help for this to be achieved. Indeed solutions for addressing corruption, impunity, joblessness and even boko haram, militancy and other criminality can be found in approaches for achieving efficiency. The President elect is clearly on the right track. I am Magnus Kpakol, and that is my view.
Posted: Apr 22nd, 2015 @ 07:02:56 AM