Nigeria. Sovereign Wealth Fund Star

Just spent the morning with two great financiers and got this Roland (Monzur) Sodeinde and Olumide Ajayi with their permission I will do a post on their incredible efforts to fund projects in Nigeria one of these days. Olumide turned me on to a great statistic that the fastest growing Sovereign Wealth Fund ( they are the new power replacing hedge funds and private equity funds) is the Nigerian one growing at a reported 291% over the last five years the second reported Oman is nearly 40% lower. The average growth of this powerful investment vehicle is 24% across the board. If you combine the predicted 9% growth in GDP predicted by IMF in Nigeria this year along with a $60 billion external reserve and the this figures then the macro economic position of the country is remarkable. At the very least the detractors of the Obasanjo administration should acknowledge what has been done right and maybe they will have greater credibility in challenging what the administration did wrong.

Below is the link to the source , thanks again to Olumide Ajayi

http://www.globalinsight.com/PressRelease/PressReleaseDetail12347.htm

Open posting

Let me quickly wax lyrical on a few things:

Mzansi crime wave against Nigerians continue with little or no check. Any Nigerian on the way to South Africa should be advised not to carry cash and  hire your own car from the airport. Take security measures to secure you valuables and  ensure no one is following you. The 'bad name ' Nigerians have has made them the perfect target for ill treatment and crime. Never mind that  the nearly 100 hundred cases of armed robbery on Nigerians in the last year  has not set off alarm bells. With a lacklustre government it not a surprise that there is no travel warning issued to Nigerian citizens on the way to the Rainbow nation.

Gidi Crime is  also on the rise with armed robbery targeting the entertainment spots  frequented by the Lagos elite. Shame that the federal government refuses the request for states to have their own police. Their crime prevention effort is more likely to work. Look out for a post on community policing  on these pages in May. However the current Lagos State government is got a very clear cut vision for the future of the city and state. The outlines are already showing in its beautification of public spaces as well as its emerging infrastructure development. I was in Law School with the Governor even though we never were friends. I feel so proud that someone from my generation is laying down foundation for a great future in the public sector. He would certainly make a better President than the current incumbent. Fashola 2011 ! you hear it here first.

The much touted 'bitter' comment from Senator Obama in describing rural Pennsylvania  is my first disagreement with him and it is quite a relief. It is an healthy sign that I am not totally in the tank for him. There is an unfortunate tendency amongst the progressive yes, Elites to view the problems of the disdavantaged and downtrodden as victimisation of something outside their own character and choices. It seems to imply that their response to adverse condition is inevitable and without alternative. It is a disempowering position and ignores the fact that we are co creator of any reality we live. Barack should know better . I sincerely hope that his analysis was just to give a reason not an excuse . It is difficult to tell however, he still stands heads and shoulders above his opponents. He will lose the battle for Penn but I feel  sure he will win the nomination barring a collapse of sorts.

Nigerian economy to grow by 9% this year according to the IMF .  This is an Obasanjo gift that continues to keep giving since it is not exclusively Oil prices but also non-oil sector. If you have not got into the NSE i.e. Nigerian Stock Exchange you are missing a great round of profit taking especially in the Insurance market. Placed a little punt on a private placement in  December and my return after IPO is 100% increase in share value now wished I had bought more. There is no more vilified human being in the Nigerian media and if we are to believe amongst the people than OBJ. history will judge.

What happened to President Kikwette of Tanzania ? A man who seemed ready to become an example of a 21st century African leader a few years ago now totally in the tank for the West like his predecessor. What was all that brown nosing of the George W Bush on his cringe inducing African  trip? Sometimes I wish that President Mugabe was a little wiser but nevertheless no less confrontational. What is this incompetence of African Politicians at succession planning? Should run a training course or retreat through the AU. Watch NEPAD gradually fold up as part of the decline of influence of President Mbeki. 

Now who is your Daddy? My prediction on the dollar at the beginning of the year is on track to becoming a reality. See how many nations and people are dumping the dollar.  I wonder whether the UK citizenry are now sure of their hysterical refusal to join the Euro. The same for my people in Sweden who failed to see  what was on the horizon. Worse is still to come. It is sheer pain for me as the value has dropped from all my dollar investment.

The Okada saga continues as a group of South African friends come into town for the African Movie Awards in Bayelsa State. Worried a little about kidnapping and all that jazz but know that the organisers are truly grounded in the politics of the Delta. All the best to them. We need more stand up people showcasing African stories. 

Should not the Nigerian singing sensation Asha be the greatest new artiste on a greater African if not Global stage.  She rocks.

It is now official Nigeria is the new black . Watch CNN programming on the country and see how much Al Jazeera has become a clone of the Mainstream Western Media (MWM). 

Ire O!