Author: kaparah
Sun Nov 9 00:20:29 2008

If Nigeria were a corporation, it would have been allowed to collapse like Lehman Brothers or teeter like Merrill Lynch until it was allowed to shack up with Bank of America for dear life. Why did the President send his Vice to deliver this meaningless speech when the President knows full well that the current global credit crisis has sucked all capital market dry of any fund for foreign investment at this point? Everybody is taking care of its own right now to put their respective house (country) in order b4 they can worry about any other country at this time. Besides, with President Yaradua's cancellations, left and right, of every agreement his predecessor started - given the President's history of flip-flops - who would trust him that he will not cancel or renege on his promise, after all, an agreement or a contract is a promise in exchange for a consideration. Most damning to his credibility is Yaradua's removal of Ribadu as our Corruption Tsar, plus his slow poke approach to decision making. Given the above rationale, which investor would risk its hard-earned money in a market as corrupt and visionless as this one? Perhaps the President thinks that his VP might be taken more seriously than investors would have if the appeal is coming directly from our visionless President. Perhaps we should ask Mr. President why it took him 18 months to appeal for FDI when the going was good by making haste while the day was young. Even if you can find capital at this late stage, investors would probably lend at exorbitant rate to a country like Nigeria with its baggage history of corruption, to cover their high risk of investing in this visionless administration.




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