Welcome to a New Year!
With most of December fading away, a New Year can finally begin.
In this post, I intend to look at happenings in the country as they occurred this week.
One thing last year showed was that bad governance will kill everyone.
Without much ado, here is what went down in Nigeria in the past week.
I sincerely believe that in 2020 it is possible to design processes and systems without the need to “See Somebody”.
Sadly, the nature of government agencies in Nigeria make processes unusually harder than they need to be.
It’s like Nigerians want to win the “Sufferhead Olympics”.
For some reason, JAMB made the use of the National Identification Number compulsory for the examination.
The result of this policy is shown below:
In the resulting chaos at the NIMC offices around the country, people started bribing the security agents to allow them in.
That is the effect of badly designed systems. When they break as they often will, you need human interference to keep them working.
Instead of the government asking the banks to handle this process, they insisted on creating bottlenecks for corruption to thrive.
A sad reminder that in Rwanda all processes are digital. They have a system called IremboGov which is a portal for all government processes.
When the clamor got too much, JAMB would rescind the decision making all the stress for nothing.
Increase in Electricity Tariffs
When I wrote my Top 10 Predictions for 2020, I frankly expected that taxation and inflation would increase.
However, I didn’t see why electricity tariffs would increase for electricity.
Word on the streets is that NERC has approved increase in electricity tariffs.
The comic below is from the Punch Newspaper:
Regardless of the measures put in place, service delivery will not improve.
I have no confidence in the ability of the current administration to deliver on this.
Loan to Deposit Ratio at 65%
To stimulate growth in the economy, the CBN increased the Loan to Deposit Ratio to 65%.
Banks have been fined for failing to meet this ratio.
Personally, I won’t borrow money from a bank to invest in this economy.
As the year gets into full swing, I would advice everyone reading this blog to refrain from investing in the Nigerian economy.
You can send your funds offshore.
Policies are now implemented in Nigeria with no thought as to their consequences.
Such a system of governance makes political uncertainty a reality.
Do have a great week.
Bad governance will kill everyone.