Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


MyNews24 is a user-generated section of News24 Nigeria. The stories here come from users.


Nigeria's economic catastrophe from Emefiele's prison economics

12 January 2016, 12:08 Peregrino Brimah

A most respectable and ingenious Nigerian big businessman, Leo-Stan Ekeh has just predicted the collapse of 99% of Nigerian businesses will be by March this year. Wow! It was clearly coming, but by March! 

Though I am not an economist, I have lived and traded long enough to know that Godwin Emefiele's Prison economics leads to only one thing: economic collapse and catastrophe. Is he doing this on purpose to prompt riots and turmoil to bring down Buhari or is he doing this by desperation? The real reason is not as important as the impact regardless. Punishing Nigeria's employers for the sins of Jonathan and Godwin past is certain to destroy the country and end this regime. The CBN Forex restrictions have been employed most harshly on Small businesses. Godwin convinced Buhari as was heard from his media chat that giving Forex access to Industry(large) was the way to go. In my opinion, Godwin simply planned to save his friends while tanking the Nigerian economy and leading to the largest nation-wide job loss cataclysm in recent history. Permit me to quote from my last week's article on how these policies are a sham:

"Big industry are owned of course by the Cabal; many such Cabal looted billions of Nigeria’s national earnings to establish their companies; but punishing them for this is not even the issue. The issue is that big industry is the small employer of labor. This is a known fundamental fact of economics especially in the developing world.

"SME (Small and Medium Enterprises) is the largest employer of labor. The companies that you and I run; we are the people that employ 75% of labour in Nigeria. It is the same in India, China, Malaysia, Brazil and so on. SMEs across the world employ anywhere between 70 and 80% of labor. The so-called big industries only employ a tiny fraction of labor.

Also Read: Anammah appointed new Jumia Nigeria CEO

"Developed societies have actually moved from “manufacturing goods” to service economies. Lot’s of such services are provided by small and medium enterprises who are being starved of dollars.

"The strict and partial moves being employed by the current administration in these trying times are very risky and may implode the nation before they possibly alleviate the crisis and before they may yield the needed returns. Thousands of small and medium enterprises are folding across the nation due to the shortage and denial of foreign currency. Nigeria has not yet developed its manufacturing sector and a significant amount of SMEs depend on various completed and partially manufactured materials from abroad. These businesses are unable to get access to their raw materials, tools or traded products. The implication is catastrophic."

And Godwin Emefiele knows this. We do not manufacture yet as a nation and we cannot substitute for that in a day. You cannot force the building of a robust non-dependent economy by suddenly forcing the people with Prison economics. By stopping Nigerians from using their own money to purchase raw materials, marketable goods and services abroad and canceling the legitimate rights of people to take their profit and earnings where they want, you will discourage economic growth, and indigenous and foreign investment.

Godwin Emefiele while he gave the looters suitcases of billions of dollars has since Jonathan's time step-wise harshly monitored and restricted the capacity of small entrepreneurs. Those who read my writings know that I have tracked Godwin's colonialist economic enslavement moves at every turn and warned of their implications. We are today finally at the point of literally zero economic freedom and no access to foreign exchange. Prison economics is complete and now feel the pain.

- MyNews24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...