Nigeria like many African countries, is refers to as developing economy by the World bank and IMF. the recent dwindling oil prices is a blow to the already shrink resources. According to Cenral bank of Nigeria, the Crude oil prices release earlier this month is $48.81 per barrel this is against the $112.29 per barrel released By CBN in October 2013. The lesson learnt here is that Nigeria has lost a great deal of chance to save and re-invest fortune realized from Oil Boom. The same can not be said of other oil producing countries of Middle east. One will be tempted to ask if Oil and gas is a cause rather than a blessing to the African Nation.
According to an article written by Carolina Wilson & Liezel Hill of Bloomberg on the 11th November 2015, the Online Business News porter, while commenting on MTN fine of $ 5.2 billion fine, article Portray Nigerian Government as broke and looking at other sources of Financing Budget deficit. the writer fails to point out the failure of MTN to disconnect over 5 million lines and thier lack of respect for the Host country rules and regulations.http://www.bloomberg.com/news/articles/2015-11-11/mtn-suffered-shake-down-by-nigeria-regulator-wells-fargo-says
Last week it was also reported in the News that First Bank Nigeria Paid over one Billion Naira (=N=1b) for failure to remit on time to the Treasury Single Account. TSA one wonders if the same regulator Slamming Fine here and there were in the Country some years back.
Truth be said, the level of impunity by conglomerate and business community was at its peak.
as if that was not enough National food and drug administration NAFDAC fine Nigeria beverage company Over a billion Naira. for Using expired materials.
The Government needs to Caution its regulatory agency for resulting to financial fine. it is time to look at other punitive measures. In other not to scare foreign investor away.It is true the Government is broke. The responsibility to diversify the economy lies with Federal Government.
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