'Oil Curse’: Nigeria Has No viable Future As A Petrostate

 By Olu Fasan

The latest foreign trade data show that Nigeria recorded a trade balance of N6.52 trillion in the first quarter of this year, according to the National Bureau of Statistics, NBS. Expectedly, President Bola Tinubu seized on the figure as evidence that his economic reform is working. Given that the positive trade balance significantly reversed the negative balance of minus N1.4 trillion recorded in the fourth quarter of last year, one should cut Tinubu a slack. After all, a trade surplus, any trade surplus, is better than a trade deficit! 

However, dig deeper, there’s little to gloat about: for nothing has changed in the structure of Nigeria’s export trade. Crude oil exports, at N15.5 trillion, account for 80.8 per cent of the total exports. If you add other petroleum oil products, including natural gas, at N1.9 trillion or 9.92 per cent, oil and gas represent 91 per cent of Nigeria’s total exports. Thus, non-oil exports, at N1.8 trillion, account for a minuscule nine per cent of Nigeria’s total exports. Surely, then, Tinubu’s economic reform has done nothing to change the structure of Nigeria’s export trade, which remains almost totally dominated by crude oil and natural gas. 

Shock Therapy? Tinubu Is insensitive To Human Suffering

 By Olu Fasan

Recently, the Financial Times interviewed me for a special report on Nigeria. The FT had interviewed me a few times before. So, when I received a call from David Pilling, the newspaper’s Africa Editor, I knew he probably wanted to interview me again. “I read your article on Tinubu’s economic reforms,” Pilling said. “I want to speak to you about it as I am writing a report on Nigeria.” We spoke. 

*Tinubu

About two weeks later, on July 10, the report titled “Tough times and tough measures” was published in the newspaper’s “Big Read” section. The FT said, rightly, that I described the economic reforms of Bola Tinubu, Nigeria’s president, as “half-cooked”, and criticised the excesses and profligacy of his administration. “You cannot say the economy is bad and spend money like a drunken sailor,” the FT quoted me. 

Good Riddance, Buhari: You Came, You Saw, You Failed Woefully!

 By Olu Fasan

Muhammadu Buhari, president of Nigeria since 2015, will leave office on Monday, May 29, after eight disastrous years. The late Chief Bola Ige famously coined the phrase, “good riddance to bad rubbish”. That, truth be told, is the best way to describe the exit of Buhari, his presidency and his government from power.

*Buhari 

For the past eight years of Buhari’s administration have been an unmitigated failure; a monumental waste of time, of resources, and of the hopes and aspirations of a nation and a people. True stewardship is leaving a place better than one found it. But Buhari is leaving Nigeria far worse than he found it in 2015.