Emmanuel Olusegun Stober

Economist, PhD, the Bucharest University of Economic Studies, Associate Chartered Economist, Institute of Chartered Economists of Nigeria, passionate about development economics, international business, and international diplomacy

The Greed Economy: Analysing the Nigerian Situation through the Lens of Exploitation

No. 50, Nov.-Dec. 2024 Nigeria has faced significant economic challenges in recent years, from rising inflation and currency devaluation to political instability and widening income inequality. Many analysts have pointed to a deeper problem underpinning these crises—a “Greed Economy.” This concept describes an economy where the pursuit of personal profit trumps long-term societal welfare, and where market actors manipulate systems to gain disproportionately, exacerbating inequality and economic instability. Nigeria’s current fiscal, monetary, and market dynamics all seem to reflect elements of this Greed Economy, creating an environment where exploitation flourishes.To understand how the Greed Economy plays out in Nigeria, it’s essential to analyse examples backed by data that show how exploitation, corruption, and opportunistic behaviours have impacted the economy. The following sections illustrate key areas where data trends support the narrative of a Greed Economy in Nigeria. More

The Visible Hand: The Case for Government Enterprises in Ensuring Fair Competition and Market Stability

Emmanuel Olusegun Stober

No. 49, Sep.-Oct. 2024 The phrase “invisible hand”, famously coined by economist Adam Smith, refers to the self-regulated nature of a free market. The notion suggests that individual pursuits of self-interest, when left unchecked, will guide the market toward efficiency and the collective good. However, history and modern economics have demonstrated that this “invisible hand” is not always adequate in fostering fair competition or preventing market abuses. When monopolies form, price fixing occurs, or firms seek only to exploit arbitrage opportunities, the market can fail to protect consumer rights, ensure price stability, or promote overall economic growth. This is where the “visible hand” of government enterprise and intervention becomes crucial. More

The Rise of the Concert Economy: A Modern Phenomenon with Afrobeats at the Forefront

Emmanuel Olusegun Stober

No. 49, Sep.-Oct. 2024 In recent years, the music industry has undergone a profound transformation, with live performances becoming increasingly central to artists’ revenue streams. This shift has given rise to the “Concert Economy,” where live music events play a crucial role in an artist’s financial success. This change is especially evident in the rise of Afrobeats, a genre that has significantly impacted the global concert economy. More

Navigating the Intersection of Race and Identity: Understanding the Complex Tapestry of Human Experience

Emmanuel Olusegun Stober

No. 48, Jul.-Aug. 2024 The intersection of race and identity is a complex human experience with profound implications for individuals and society. To deepen the understanding of contemporary social issues and foster intellectual discourse, this article explores how race intersects with individual identity, shaping personal narratives and societal structures. It draws on scholarly research and real-life examples, in examining the multifaceted dynamics through which racial identity influences perceptions, experiences, and opportunities. More

The Great Reset: Rethinking the Future of Work

Emmanuel Olusegun Stober

In retrospect, the year 2020 will certainly be seen as the Great Reset. This theme is one that have been echoed repeatedly from different quarters. It is almost certain that post-Covid, the world of work will no longer be geographically bound. More

The Pandemic Recession and Government Stimulus

Emmanuel Olusegun Stober

Never before has the global economy been deliberately put into an induced coma. Owing to the coronavirus pandemic, businesses are struggling to break even and unemployment is soaring high. The sudden shock called for a speedy and massive policy response. To support vulnerable businesses and increase economic output, governments have been forced to embark on an expansionary fiscal policy. This policy involves tax reductions and an increase in government spending as a tool to influence the level of aggregate demand and national output as well as to promote macroeconomic objectives such as full employment, economic growth, and price level stability (low inflation). But is rising public debt a cause for concern? New economic thinking suggests perhaps not, at least for now. More

The One-Size-Fits-All of the World Bank’s “Ease of Doing Business” Reports

Emmanuel Olusegun Stober

The recently released World Bank “Ease of doing business 2018” report put Nigeria at 145 out of 190 countries surveyed, just behind Niger. This ranking represents a significant improvement over that of last year, when the country was ranked 169^th. Therefore, there are several questions that need to be asked: Are these statistics enough? Is Nigeria’s business environment now friendly with entrepreneurs and investors? What do these figures mean to the ordinary Nigerian? More

Not Too Young to Run

Emmanuel Olusegun Stober

Leadership is influence, while influence is quality and substance. Looking at the age reduction bill, and how that will reshape Nigeria’s political space, Nigerians would need to ask themselves, is the plan to kick out the old people because they are outdated, and replace them with the young ones because they are perceived to have the capacity to do better? More

COVID-19: Counting the Cost

Emmanuel Olusegun Stober

Fighting epidemics, or stopping them from spreading, has a cost. The direct costs of the COVID-19 pandemic are, of course, deaths and the sickness that prevents people from working. However, the indirect effect or Economic Cost include the labor supply of the people who die, the hours lost due to sickness, and the hours lost due to people caring for family members who are sick, and the hours lost due to preventative measures. This will lead to rising costs of doing business in each sector, due to disruptions of production networks, and shifts in consumption as a result of changes in household preferences. More

Nigeria’s Senators and Their Jumbo Pay

Emmanuel Olusegun Stober

Pursuant the revelations of Senator Shehu Sani on BBC, Nigerian senators are entitled to monthly expenses of N13.5 million ($37,500), in addition to their monthly salaries of N750,000 ($2,088). With a minimum wage of N18,000 ($50), it would take the average Nigerian worker 792 years to earn the annual salary of a Nigerian senator. More

The China - Africa Relationship: A Recolonization?

Emmanuel Olusegun Stober

Behind all of the big headlines concerning the 73rd session of the UN General Assembly, there comes the African story which only a few in the print media has really shown interest in. When President Nana Dankwa Akufo-Addo was given the podium to address the assembly, he quickly used the opportunity to clear the air concerning the China-Africa relationship. He told the world to discard any insinuation that the movement of Ghana and some African countries towards China would result in the recolonization of the continent by a new power. He said this is not a uniquely Ghanaian or African phenomenon. “It has not been lost on us that the developed, rich and well-established countries have been paying regular visits to China and seeking to open new economic ties and improve upon existing ones”. What President Nana Akufo was pointing out was the difference between trade and colonization. The benefit of African trade with China is the return in form of investment in infrastructure. Meanwhile, the colonization process involves taking human and natural resources from Africa with no return, and there is nothing the continent can do about it. So, Africa does not perceive it relationship with China as a form of colonization or recolonization, because what they are getting from China has enduring value. More

Not Too Young to Perform

Emmanuel Olusegun Stober

If young people are not too young to get married, to serve in the military or to choose those who represent them in different government capacity, then they are “Not Too Young to Run”.Diversity is needed to create a great team and, if we do not bring women and youth aboard, then we are limiting the country’s competitiveness. To start with, what Nigeria needs at this point in time is inclusive growth. According to the National Bureau of Statistics’ 2016 data, youth represent 50.2% of the total labor force in Nigeria. Hence, by restricting them from the country’s policy formulation and implementation, the country is not likely to attain its economic potential. More

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TheMarketForIdeas

The Greed Economy: Analysing the Nigerian Situation through the Lens of Exploitation

The Visible Hand: The Case for Government Enterprises in Ensuring Fair Competition and Market Stability

The Rise of the Concert Economy: A Modern Phenomenon with Afrobeats at the Forefront

Navigating the Intersection of Race and Identity: Understanding the Complex Tapestry of Human Experience

The Great Reset: Rethinking the Future of Work

The Pandemic Recession and Government Stimulus

The One-Size-Fits-All of the World Bank’s “Ease of Doing Business” Reports

Not Too Young to Run

COVID-19: Counting the Cost

Nigeria’s Senators and Their Jumbo Pay

The China - Africa Relationship: A Recolonization?

Not Too Young to Perform