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Can oil-rich countries avoid the resource curse? Part 2

Continued from yesterday By Moises Naim

What’s more, the oil industry is highly concentrated and capital intensive. This means that oil-fueled growth does not create jobs in volumes commensurate with oil’s large share of the economy. In many of these countries, oil and natural gas account for more than 80 percent of government revenues, while these sectors typically employ less than 10 percent of the country’s workforce. Inevitably, this leads to high income inequality. Perhaps even more significantly, the oil curse also nurtures bad politics, and herein lies its autoimmune nature. Because governments of such countries do not need to tax the population to amass giant fiscal revenues, their leaders can afford to be unresponsive and unaccountable to taxpayers, who in turn have tenuous and often parasitic links with the state. With their ability to allocate immense financial resources pretty much at will, such governments inevitably grow corrupt.

How to Detox Your Body Naturally Daily

Just like cars, generators, motors and other machines need to be serviced every now and then to ensure they don’t break down, the human body also needs to be detoxed often to get rid of toxins. Toxins sometimes seem farfetched but the truth is that there are toxins everywhere – our food, water and even the air we breathe. This makes it necessary to detox often to keep the body healthy.
Detoxing isn’t rocket science. You don’t have to wait for that time when you can take 30 days off food for a cleanse. Here are daily habits you could start to help remove harmful toxins from your body.

5 Tips for Those Planning To Travel To the East this Christmas by Road

Natives of Eastern Nigeria who live outside their region are always keen about the Christmas season as it is the one time they travel back home to observe several ceremonies and reconnect with their extended families. They almost always embark on their journey home by road via luxurious buses and shuttles, and due to increase in the number of vehicles heading east, travellers almost always have to deal with traffic jams and gridlocks.
Usually, travelers heading in the south-east direction from the Asaba end get the first taste of the traffic at the Onitsha head bridge before the main course within town where commercial activities add to make the traffic even more frustrating.

The Devil’s Excrement : Can Oil-rich Countries Avoid the Resource Curse? Part 1

·      by    Moises Naim

Oil is a curse. Natural gas, copper, and diamonds are also bad for a country’s health. Hence, an insight that is as powerful as it is counter intuitive: Poor but resource-rich countries tend to be underdeveloped not despite their hydrocarbon and mineral riches but because of their resource wealth. One way or another, oil — or gold or zinc — makes you poor. This fact is hard to believe, and exceptions such as Norway and the United States are often used to argue that oil and prosperity can indeed go together.
The rarity of such exceptions, however, not only confirms the rule, but also serves to clarify what it takes to avoid the misery-inducing consequences of wealth based on natural resources: democracy, transparency, and effective public institutions that are responsive to citizens. These are important preconditions for the more technical aspects of the recipe, including the need to maintain macroeconomic stability, prudently manage public finances, invest part …

Recession as Opportunity for Reversing Resource Curse - Part 2

... What happened with the two episodes is that we got deluded into thinking high prices would last forever, we stretched public finances to breaking point, and we saved little for the rainy day.

But there is a third episode: oil prices tumbled from a high of $147 in June 2008 to $38 in December 2008. Yes, the dip was short. But we survived that slump largely because we had reserves in excess of $60 billion, which tied us over that bust time. Interestingly, the savings were largely accumulated at a period when oil never rose above $70 per barrel, when our oil supply was constrained on account of militancy in the Niger Delta and when $12 billion was paid to get debt forgiveness. But crude oil per barrel sold for an average of $77.38 in 2010, $107.46 in 2011, $109.45 in 2012, and $105.87 in 2013. However, by the time oil prices slipped to yearly average of $96.29 in 2014 and $49.49 in 2015, we did not have the kind of cover we had six years earlier not just because we didn’t save enough …

Invitation to Attend Abuja Social Media Summit 2016

Abuja Social Media Summit cordially invites you to her 2nd annual summit on social media marketing and social media for social good. Theme: Social Media My Business Benefits of The Summit:Social Media Marketing Strategy, Inbound Marketing, Developing Social Media Management Pricing Template, Networking and Charity Date: 17th December, 2016. Time: 9 AM – 3 PM Venue: Dereks Court, 24 Moses Adasu Close, Zone D First Gate, Apo Legislative Quarters, Abuja.
Mentors Charles Onyeukwu
Multimedia Developer, CEO, Don Ocso Media
Abdurasaq Olayode
Social Media Consultant, CEO, Epistemic Consult Ltd

About Abuja Social Media Summit?
Our summit is designed to educate, empower and build capability using social media as a tool.

Dandison Okunbor, Chris Chukwunyere, Ifeanyi Ogbuefi, Oscar Ogedegbe, Kenneth Ogbebor, Adanna Enwezor, Frankie Giva, Ize Adava Unveiled As Speaker for the Real Men Summit

Check out our Plethora of speakers for this must-attend event - Real Men, Real Issues, Extraordinary Results. Yes, we have some women speaking too but it is a MEN ONLY participants event. Do not forget to invite a man. 

5 Reasons Nigerians Should Ditch their Blackberry Phones this December

Nigerians generally have a love for blackberry phone and accessories, but it's time to face facts. The BlackBerry is on its last legsand now is the best time to ditch it and move on.Aside from the fact thatBlackBerry smartphone sales have been disappointing, and the company has announced that it's essentially up for sale, there are certain reasons users should discard their devices now. Jumia Travel, Africa’s No.1 online hotel booking portal shares 5 reasons Nigerians should ditch their blackberry phones this December. The Facebook app cannot be accessed on Blackberry What is life without easy access to Facebook, really? You basically cannot download and use the Facebook app on Blackberry phones anymore. Facebook made an announcement earlier this year which said that by March 31sth 2016 they’ll no longer support Facebook native app on all blackberry OS including Blackberry 10, and the app will be discontinued and replaced with a web app. The change automatically implied that Bla…

My Commitment To Men Empowerment and The 'Real Men'' Summit Abuja: A Must Read

Hello Boss,
When I decided that I was going to switch this blog's focus to Men's success and advocating for Men Empowerment amongst other development issues, it was like child's play.
Many people told me it was an amazing idea and quite bold of me. Some others were sceptical, and rightfully so and may still be but in just about nearly 4 months, the 'ministry' had birthed the "League of Extraordinary Men'' which hosts the enviable "Be a Man Show" on Facebook and then like in a non-stop flash, the need for having a live Men's summit was born and it is set to happen this Sunday, Dec. 11, 2016.


GTBank, British Council Unveil First Outdoor Sculpture by Yinka Shonibare in Lagos

Africa’s foremost financial institution, Guaranty Trust Bank Plc, has partnered the British Council, the UK’s international organisation for cultural relations and educational opportunities, to sponsor the installation of the Wind Sculpture VI by renowned British-Nigerian artist, Yinka Shonibare MBE in Ndubuisi Kanu Park, Ikeja, Lagos.
The installation of the Wind Sculpture VI will be the first time that Shonibare’s work has gone on public display in Nigeria. The fibreglass artwork, six metres high by three metres wide, forms part of a series of important large-scale works that marked a new departure for Yinka Shonibare by working in fibre-glass and steel. Using these materials, Shonibare investigates the shifting movement of wind passing through fabricand through these grand sculptures, he encapsulates the sheer volume of wind three-dimensionally with exquisite dynamism. As part of the unveiling of the sculpture, Shonibare will give a talk to students and attend a screening of his wor…

Recession as Opportunity for Reversing Resource Curse - Part 1

And, sadly, it came to pass. It is well predicted that most countries blessed with natural resources, even in the best of times, perform worse economically than countries not so endowed; and that, when times are tough, countries that are dependent on natural resources come to an assured grief. There is a popular name for this strange but common condition: resource curse. It sounds metaphysical, it seems counter-intuitive even, but it is a position supported by enough evidence. And there can’t be better evidence than this: a Nigeria that is in the choke-hold of economic recession right after fifteen years of consistently high oil prices, with over N70 trillion of oil revenues earned by the federation.  
A recession might be a dramatic inflection point, but the brutal fact is that our country has never really been in sound economic health. A long spell of rising oil prices in much of our over four-decade addiction to oil had put us on a permanent high, masked the hollowness of our econom…

Choose Your Meme For the REAL Men Summit Abuja

GAME TIME!


Nigeria's Health Minister Prof Issac Adewole, Minister of Comm. Barr Adebayo Shittu, Miss Health Nigeria & others raise awareness at World AIDs Day Conference

The Minister of Health, Prof Issac Adewole, Minister of Communication, Barr Adebayo Shittu, Miss Health Nigeria, Queen Rita Chinedu, DG NACA , Dr. Sani Aliyu, DG NCDC, Dr. Chikwe Ihekweazu, DG NHIS, Prof Usman Yusuf and other health practitioners on Thursday December 1st, 2016 raise awareness about the deadly virus at the World AIDs Day Conference which was held in Transcorp Hilton, Abuja.

Hosted by National Agency for Control of AIDs (NACA) this colourful event is organized to fight against one of the world’s largest threat to human development.

What You Need to Know About #CESSFSportify; Empowerment Programme For Personal and Professional development

While the likes of Brazil, Germany, Spain, France, Italy and Argentina have all made impressions in the football world with numerous names as Legends, serving players and talents living their dreams, Nigeria also have made great impact on the stage. 
We have seen talents from Nigeria who became great in the world of the beautiful game. Nwankwo Kanu, Austin Okocha, Sunday Oliseh, Samson Siasia, Stephen Keshi (late), Joseph Yobo, Mikel Obi etc. are Nigerians who have made good use of opportunity available to them in Europe to make a global impact. 
It is public knowledge that there are many talented athletes who could be as great or even greater roaming our streets because they have not been discovered or lack access to proper management and training.

Nigerian Car Magazine - CarVolution, Launches Second Edition: Download Here

Hello Boss,
I know you love cars.
Motoring Nigeria on Saturday December 2016 released the second issue of its car magazine Carvolution. This comes after the first edition launched earlier in the year which had 9000 downloads.

According to the Public Relations Officer of Motoring Nigeria Napoleon Chukwuoma, this issue is an improvement on the first issue as it contains richer content targeted at bringing to light the important issues in the Nigerian car and motorsport industry through engaging articles crafted by some of the best automotive writers in the country.

Opportunity for Men Lifestyle Brands to Partner with Our Real Men Summit Abuja

Hello boss,
Do you know of any Men clothing, perfume, shoe, gadgets, health etc brand that will love to associate with the REAL MEN summit in Abuja?
Do call 08038994417 if you have a referral or have such brand.

*We are preparing to have a ball on Sunday.
PS: No wives and Girlfriends please...hehehe. Don't worry sis, he will gist you what happened to him when he gets home. You will enjoy him better sef...na your right. Hehehehe

More Men Are Victims of Domestic Violence in Nigeria: Fact?

We really keep learning everyday.
I know that most men just live their entire lives trying to please a woman (women) or to get their respect...and that irks me because they end up not finding their life purpose s and slave themselves out.
But new research in Nigeria has further shown that most men suffer violence at home...but they had mastered the art of keeping mute as always, making it seem like women are more at risk.

Unmasking the Real Owners of Nigeria’s Extractive Assets

Hello Boss,
Still on my Extractive Industry searchlight, this is an Opinion article written by Godwin Okpene (LONG READ ALERT)
One of the ways in which corruption continues to ravage the economies of resource-rich countries is through hidden ownership of companiesoperating in their extractive industries. Hidden ownership allows companies to avoid taxes through practices such as gold-platting and transfer pricing. It also allows public officials or highly connected individuals to use their positions to corner extractive assets at the expense of the larger society. In most resource-rich countries, especially those in the developing world, the danger of anonymous ownership is not just a textbook illustration. It is a real and present problem. Governments and citizens of these countries have lost and continue to lose billions of dollars to such schemes, aided, in no small measure, by weak regulation and lack of transparency in the management of mineral assets.

Ownership transparency, through …

5 Ways To Avoid Getting Sick When Travelling This Christmas

Getting sick is normal; however, it can be a huge disappointment when you are traveling to your hometown for Christmas. Not only does it take the fun out of the trip, it disrupts your entire schedule and most times, costs extra cash (when you are plagued with severe symptoms and forced to seek medical care outside of your insurance network). Luckily, while traveling itself, especially by road, exposes you to a whole new range of parasites and environments that could spur illness, there are ways to minimize the chances of getting sick. Jumia travel, Africa’s No.1 online hotel booking site has compiled a list of tried and true ways to keep your body and immune system strong and ensure you do not get sick.  Pack a hand sanitizer and wash your hands when you can The norm is to wash your hands before eating anything and after using the bathroom, and it is important not to neglect this routine while traveling. Matter of fact, it is even more important to wash up much more frequently than you w…

6 Things Nigerians Actually Want for Christmas this Year

With Christmas hurtling towards us all at an increasing speed, many Nigerians now have their minds filled with thoughts of what they should include on their wish list. The truth is, everyone is in the spirit of giving, but deep down also looking forward to receiving. Unfortunately, while Nigerians may include such items as cooker, blender, hampers, e.t.c on their list, they are far from what they really want to receive this season. Jumia Travel wanted to know—what do Nigerians really want this Christmas?  And after asking around, here are six items that topped the list: Increase in the value of exchange rate In the last year, the Naira has drastically depreciated against almost every foreign currency. The standard of living around Nigeria has generally gone up asexports are now more competitive and imports more expensive. Basically, theeconomy is in a recession, and inflation is worse than ever. A large number of people are thus praying for a Christmas miracle where the dollar will no lo…

Role Models: Nigerian Man Chima Chukwuma Recounts How He is Mentoring a Wandering Boy Sylvester

I was just minding my business, reading to see posts that interest me on Facebook when I stumbled on this one:
A Nigerian man named, Chima Joseph Chukwuma wrote this with this picture attached. Was I speechless? Read,,,,

February 7th, 2016 will always be a memorable day for me till I die. On that fateful day, I had set out from house to attend a live worship session being organized by Funmi Oloyede the visioneer of Passion & Praise music group. I didn't know I had a date with destiny.

Faces of People who Made #TheExperienceLagos #TE11 Happen Behind the Scene

The Experience11 that held in Lagos on Friday and Saturday has been the hottest event of the year! With over 16 Gospel artistes, comedians, prayer warriors (pastors), and over 500, 000 participants, this event tagged "Revealing Jesus" has become intimidatingly successful and going on to its 12th edition next.
If you didn't watch it or attend, then I think you should log on tonight and watch from 5pm on DSTV 198. It will be the repeat broadcast.
The live stream for that live event had almost 7, 000 watching as at the time I logged on at about 9pm before I switched to DSTV 198 and continued till dawn.

Men ONLY Summit Abuja - Register to Join The League of Men Who Succeed

Hello Boss,
I'm so happy we are just 5 days away from our first MEN ONLY summit in Abuja tagged "Real men, Real Issues, Extraordinary Results which is scheduled for Dec. 11, 2016 by 4pm.
It will feature experience sharing, panels discussions, teachings and talks, Bare-it-all questions and answer sessions and refreshments too.

Members of the League of Extraordinary Men on Facebook has been really instrumental to making this happen, and I am really happily overwhelmed with working with men.

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