Posted by Unknown |

Our campaign for gender equality is a campaign for equal opportunities - Prof. Okojie


Professor Christiana Okojie, Professor of Labour Economics and Development Planning, University of Benin.

















Professor Christiana Elizabeth E. Okojie is an accomplished Academic. A mother and a role model to many, in this interview with The Economist (TE), she gives her take on burning national economic issues and leaves the reader inspired.


TE: May we meet You ma?

Prof: I am Professor  Christiana Okojie of the department of Economics and Statistics, University of Benin. I joined the department as a Pioneer Staff in 1975. I have retired but currently working on contract basis. I am from Edo state, Ekpoma to be precise. I have been married for 43 years to a wonderful husband and we are blessed with two sons and three daughters.

TE: Please tell us about your educational background?

Prof: I had a very good education in a sense because my father was a Teacher and School Principal at  Government College, Ibadan. I attended Queens School, Ede, also a government school. You know Government Schools were like the best those days. I had my first degree in the University of Ibadan and went to do my Masters in Leeds University in England and later went on to do my Ph.D. in the University of Ibadan.

TE: Ma, why study Economics?

Prof: I think I studied Economics  because of my Dad. My Dad didn't get the opportunity to go to the university but he did his HSC and studied Economics. It made me interested and at the HSC level, we had a teacher who encouraged those of us who wanted to study economics. In fact, from my class, about seven of us wanted to go to U.I to study the course.

TE: what are your areas of specialisation?

Prof: I wanted to do Public Finance at Manchester University and Development Economics at Leeds university in England. But Leeds university was closer to my husband, so I chose Leeds. I did my masters in  development economics but my Ph.D was in the area of Labour economics because it was on labour supply of women. I tended to focus on gender issues. When I went to do my Ph.D, I had a mentor then, Professor Onitiri who was the Director of the National Institute of Social and Economic Research (NISER), who is also an in-law. I had already decided to focus on local government taxation and was already working with the late Dr. Ruwa who was an expert in that field. When I went to register, I met my mentor and he asked what I wanted to register for and he told me there were already experts in that field that I wouldn't make much impact there, and he said I should choose a new area like women and development. Initially, I refused but I told him I would think about it.
     At that time, there was very little information about that field of study because it was relatively new. So, I started writing to various universities. I had to do a proposal to the department of economics in University of Ibadan that I wanted to do labour supply of women under labour economics. It was later accepted after many hiccups.
    In the course of my writing letters, I wrote to the Population Council for a book. I had to justify why I wanted to get the book. I was sent the book and the woman who brought the book told me that FORD foundation was ready to sponsor Researchers on Women issues. She linked me up after a chat at lunch, and that was how I got my first research grant on gender.

TE: So how would you say your career has been so far?

Prof: Like I said during my inaugural lecture, I have no regrets. I have won so many research grants, many consultancy jobs. I have been all over the world, free tickets on business class flights, lodgings in five-star hotels, so I have no regrets. It has been a very rewarding and challenging career academically and financially.

TE: Alright ma. At your inaugural lecture, your focus was on gender. Why gender issues?

Prof: It was because that is what I have been working on. I have worked on different aspects of gender - Gender and poverty, gender and education, gender and health. Unlike before, most fields have incorporated gender issues into their curriculum content today. Policies can only thrive or have the desired effects when they are focused on how they can help women, children and  the men as well. So, at that lecture, I just decided to review how much progress we had made on the issue of gender after talking about it for so many years.


TE: What is your take on the recent cashless economy policy of the Central Bank of Nigeria?

Prof: The cashless policy makes sense. When you go abroad people don't carry cash about, there is a limit to how much you can withdraw at a particular time. Carrying cash in bulk encourages corruption. It also fuels social vices like armed robbery. But it requires confidence to use such other alternative payment platforms and this is the area I would like the CBN to work more on. If the cashless economy policy is adequately implemented, it will help to reduce the incidence of corruption in the country.

TE:  Do we have the enabling environment especially basic infrastructure necessary for this policy to thrive?

Prof: The policy has been introduced, it is time to work hard at it. I do not believe we have to wait for all the pre-conditions to be met. We have to start somewhere. I believe the infrastructure needed to run the policy would evolve as the policy becomes more popular.


TE: the Nigerian vision 2020 is about eight years away from the target date of achievement. But We do not seem to be meeting up with the important benchmarks. What could be responsible for this.

Prof: It is good to have an ambition at least something to aim at but that is where it ends if you do not put the right modalities in place to ensure effective implementation. To me, it is not possible to exhaust all that is contained in the vision 2020. However ,we could achieve some at least. But with the current insecurity problem in Nigeria, investors would be discouraged to put their money in the economy. Again, you look at the power situation;To start a business now ,you have have to buy  a generator and maintain it. This raises the cost of production and stifles national productivity which is critical to achieving the NV 20: 2020 blueprint.Until the government provides the enabling environment,the country would not be able to achieve the vision 2020. 

TE: You were in the committee set up to draft the NEEDS 2 during the Olusegun Obansanjo dispensation, what would you say about the NEEDS?

Prof:  The NEEDS was aimed at ensuring poverty alleviation, increasing employment. It has almost the same focus with the vision 2020. Both blueprints were just saying the same thing in different ways but like I always say,  it is not about the policy; it is about implementation.

TE: we would like to know the various national committees that you have been part of and the various professional services to the Nigerian state.

Prof: What I am doing currently is rendering service(laughs). Ok, my major focus is on human capital development. I have produced several graduates you know. I have worked with many agencies as a Consultant especially in the area of poverty, gender and other salient economic issues. I have worked for the African Economic Research Consortium. I have also worked for the African Development Bank (ADB). I have worked with the federal ministry of Women affairs and Social Development. I was the Chairperson of the special interest committee for Women under the NEEDS 2. I have been a facilitator at several workshops for different agencies like the National Centre for Economic Management and Administration (NCEMA ). I helped to facilitate training programmes for public servants. I have worked with the United Nations Development Programme (UNDP), the United Nations Population Fund (UNFPA ) and many more. 

TE: Ma, please, tell us - what is the role of an Economist in national growth and development?

Prof: Well, when we were young, we used to read that the economist was to advise - that you analyse the situation and based on your analysis, you give your own policy recommendation. But most times, politicians could have their own selfish interests and if your recommendation does not tally with their interest, they would do away with it. But still, we cannot over-emphasize the role of the Economist in national development. However, as a good economist, you must always give an objective assessment of the situation and not a sentimental one.

TE: How would we reconcile politics with  Economics?

Prof: Politics and Economics are like Siamese twins. They would have to be reconciled for national transformation to take place. Unfortunately in Nigeria today, both realms are very antithetical to each other. This is unlike what is obtainable in some other climes where sanity exists. I hope with time, we would have better quality Politicians who are really interested in transforming the system. Of course, we can only achieve that when we get our democracy right.

TE: Ma, you have been a staunch advocate of women emancipation. However, official records suggest that women contribution to national GDP is still quite low, what do you say about this?

Prof: You could be right about that but the issue still remains that the contribution of Women to national GDP is still grossly under-estimated, and that is why we are advocating that We should start measuring Women contribution outside the labour market. It is only the contribution of those in the labour market that is currently being accounted for but the ones we are advocating for are those referred to as unpaid labour. The housewife who is not working in the labour market is excluded from the GDP but current research suggests that the unaccounted unpaid labour of Women could be as high as one-third of GDP.

TE: Ma, when we talk about gender equality, what exact picture are we trying to paint?

Prof: There are various interpretations of the concept of gender equality.  It is not that a woman is equal to a man. What we are campaigning for is equal opportunity devoid of discrimination. Women should be given equal opportunities as men. Women should be empowered to seek elective positions and to take up key appointments in government.

TE: Ma, if you were not an Economist, what would you have become?

Prof: Well, I do not really know what I would have studied but I had always wanted to study Economics but I know I would have been a Scholar somewhere because I loved to read books (smiles).

TE: Ma, would you tell us what you do for relaxation?

Prof: I hardly have time to relax nowadays but I used to belong to the University Choir those days. I love singing but am very busy these days. I get to really relax only when I travel out.

TE: How supportive has your husband been over your professional career?

Prof: My husband has been very supportive. He does not restrict me. He understands me. We learnt to accommodate each other. As a husband, you should pull your wife along as you climb up the ladder of success. For a woman to have a say in her home, she must contribute to family upkeep.

TE: How did you manage to strike a balance between family and career?

Prof: I took my time and pursued my career gently. I made sure I gave time to family life when my children were younger and when they became Adults, I had more time to pursue my career. Today, they are all doing well and responsible.

TE: Finally ma, what is your advice for young people especially students?

Prof:  The first and most important thing is to work hard. Be organized and set your priorities right. Whatever you want to do, always give it your best.  As I would always say, whatever your name will be attached to, do it well because you do not know who would have access to it tomorrow.

TE: It has been wonderful speaking to you ma. Hope you would oblige us the next time we call?

Prof: You are always welcome.

Posted by Unknown |

Important facts about the Nigerian economy



      
  • 45% of Nigerians live below the poverty line.
  •      Nigeria pays 17.8% of its GDP as public debt
  •      Her manufacturing sector is the 3rd largest in the African continent.
  •      Her GDP more than doubled from $170.7b in
  •          2005 to $374.3b in 2010(excluding the informal          sector)
  •      She produces about 3.3% of the World's supply
  •          of oil.
  •      Out of the eight MDGs, she has advanced efforts to provide universal primary education,
  •     protect the environment and develop global partnership for development leaving behind other goals.
  •     In September 2005, Nigeria , with the assistance of the World Bank began to recover $458million of illicit funds that had been deposited in a Swiss bank account by Abacha.
  •     She is ranked 147 out of 180 countries in        Transparency International's Corruption perception index.
  •     She has an estimated inflation rate of 15.6%.
  •     It ranks 25th worldwide and 1st in Africa in farm output.
  •      It ranks 44th worldwide and 3rd in Africa in factory           output.
  •      The types of crude oil exported by Nigeria are  Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil.
  •     It provides about 10% of overall US oil imports and ranks as the fifth largest source of US imported oil.
  •      UK is Nigeria's largest trading partner.
  •      The stock of US investment in Nigeria is nearly
  •          $7b mostly in the energy sector.
  •      Exxon mobil and Chevron are the 2 largest US corporations in offshore oil and gas production.
  •      In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.
  •    In 2005, she had $26billion trade surplus/ positive current account balance of $9.6b.

Posted by Unknown |

The Shifting World Economy Centre of Gravity : Is The Decline Of The West Inevitable?






Columnist: Daniel, Uzoigwe Chimezie
           The World's political and economic system could be divided into the West and the East. The West is more or less regarded as the economic regions of North America, Western Europe and Japan. On the other hand, I would use the East to represent the economic regions of Asia, India, the Middle East and Africa. However, the polarization of the globe is not just on geographical basis, there is a stronger contradistinction. While the Western nations are highly developed with a high level of inter-dependency, the Eastern nations are better described as underdeveloped (or to be fair, 'developing') nations with every attribute characteristic of underdevelopment. Surfeit it to say that Japan, while geographically situated in the East is better aligned with the West because of its parity with that region, development-wise.
               Many years of recorded history show that the West has virtually ruled the World through the instrument of colonialism, imperialism and a biased globalization process. Of course, the West gains a lot from this hegemony while the East picks the crumbs, and this has continued for decades.
                But it was the Ephesian philosopher, Heraclitus who said 'All is flux . . . nothing stays still.' Recently, it appears there is a noticeable drift in the configuration of the international system and it threatens to become a major one with time. It seems power is slowly changing hands in favour of the East. This change is largely driven by China, India and other emerging economies like Singapore and Indonesia.
This shift in the international system has attracted a lot of attention with many appreciating it and others dismissing it. On several occasions, the 21st century has come to be described as the century of Asia. In fact, Robert Payne in his 'The Revolt of Asia' insists that 'the major task of our generation is the understanding of Asia, for Asia represents potentially the mastery of the World in manpower and resources.
                Even the Western power blocs have come to appreciate this new phenomenon. The United States Secretary of State, Hilary Clinton was quoted to have said 'some in the region and some here at home see China's growth as a threat that will lead either to cold-war style conflict or American decline. . .we reject those views.' Even students of International Politics can no longer concentrate on the Western state system to the exclusion of the rest of the World. The new slogan for the West at the moment seems to be 'ignore the East at your own peril.' For the East, it is a 'revolution of rising expectations.’
                Evidence of the shifting balance in the global landscape abound. Recent events show that the World is moving beyond the times of Western dominance. The West has become easily prone to economic crises and bubbles with which it infects the rest of the World. In the last three global economic downturns, China has driven global economic recovery by providing a growth boost to the World economy multiple times what the West failed to do. At the latter part of 2010, China overtook Japan as the World's second largest economy. Analysts predict that if China maintains a steady growth path, it may overtake the US in ten years' time.
                Professor Danny Quah of the London School of Economics (LSE) speaks of 'The Great Shift East.' Building on calculations (by Jean-Marie Grether and Nicole Mathys), Prof. Quah asserts that 'the flat-World map animates the World's economy centre of gravity and that the rise of China and India since the early 1980s has shifted the World's economy centre of gravity 1800 km  1/3 of the planet's radius- deeper into the Earth crust, away from the US, and towards the East. The transition accelerated in 1991 and 2001, each time the US was in recession.'(http://dq6bn.blogspot.com/2009/05). He concludes that the World's economy centre of gravity has really shifted in favour of the East.
                The so-called shift in the global economy centre of gravity is not a mirage. Already, China and India are becoming more entrenched in many economies around the World. These two Countries are fast rising in technological and nuclear prowess. Some accounts show that China already consumes half the World's output of refined aluminium , coal , and zinc; and uses twice the quantity of crude steel as does the EU, the US, and Japan combined. According to Prof. Quah in an article 'Global Governance: the Great Shift East', 'in the last 30 years, China has lifted over 600 million people from extreme poverty: this is double the population of the US or the EU, ten times the population of the UK . . . a large and rapid improvement in the well-being of humanity unprecedented in the history of this Planet.'
                With these facts, it appears that while the Western system will not collapse, it will however decline. Civilizations rise and fall only to stabilize again. This may be the case of the West led by US. Professor of Economics, Jeffrey D. Sachs in his article, 'A World of Regions' asserts that 'recent events in the Middle East and Central Asia . . . clearly reflect the decline of US influence and that America's failure to win any lasting geopolitical advantage through the use of military force in Iraq and Afghanistan underscore the limits of its powers.' America's budget crisis would ensure that it takes measures to limit its international commitments especially militarily. The limited commitment of the US in the ongoing NATO campaign in Libya is a case in point. At the same time, it is obvious that the US played little or no role in the political upheavals in the Arab World of Egypt, Yemen, Tunisia etc. and according to Prof. Sachs, ' and still has not demonstrated any clear policy response to them.' The Euro zone itself has come to be continually associated with series of intractable crises. These are all traits of a declining West and does not speak well of the Western hegemony.
                To save themselves, the US and other Western nations may have no other option than to cut aid to developing nations. However, this may only end up exacerbating the Western decline as other regions of the World would respond by exploiting the benefits of integration. They would have no choice but to rally round themselves to secure their own future just as the EU did. Already, Africa is proposing an African Economic Community (AEC) by 2025. Africa holds a lot of promises and just needs focused and purposeful leaders to make its voice heard in the new international system.  At the same time, the push for Arab economic unity will be heightened. In the Middle East, I hold the view that the US/Israel alliance would soon experience a major crack as Israel cannot continue to fight its neighbours. The Middle East Countries including Israel may soon get weary of conflicts and seek integration, which will be value-enhancing for the region. These efforts at integration will greatly accentuate the Western decline.
                China and the whole of Asia (particularly, East Asia) will be the greatest beneficiaries of integration and greater regionalism. It would be expected that Asia led by China will rise to play a more active role in World politics, a role more commensurate with its size and population, and its potential might. Recently, in a key note address at the London School of Economics (LSE) China Development Forum 2011, Ambassador Lui Xiaoming, actually recognized the belief by many that China is ' hiding its capabilities and bidding its time' before pressing forward to dominate the Asian region and ultimately thef recorded history show that the West has virtually ruled the World. Through the instrumentality of colonialism, imperialism, capitalism and globalization, the West has ensured that it remained entrenched in weaker nations and indirectly controlling the socio-political and economic dynamics of  World. China's ability to maintain a steady growth path will see the World's fastest rising power to seek hegemony since this is the only reliable way to sustain its long run national interest; and since it is more or less a zero sum game in the global political and economic landscape, the rise of the East would mean a decline of the West.
The East has not yet arrived. It still has a great distance to trek. No doubt, the West may continue to dominate the World for more decades, but there is no doubt that the bargaining power of the East is rising astronomically.
                However, Humanity must be careful not to devastate the World further by pushing the East and the West into confrontation. No one says that the pursuit of national interest is evil (after all, charity, they say begins at home) but all regions of the World should co-operate effectively to bridge the gap between the developed World and the developing World. It is our collective duty to work towards a more prosperous, peaceful and even World where more people will have access to a more quality life. With this, the question of whether the East beats West or the West beats East would not arise.  


Note: The Author depended largely on Professor Danny Quah's analysis in his epic East beats West lecture at the London school of Economics (LSE)



Uzoigwe, Chimezie Daniel is an Author and Social Commentator. A final Year Student of the University of Benin. E-mail: Uzoigwechimezie92@yahoo.com.  08179741950
Posted by Unknown |

Economics Nobel Greats: Joseph Stiglitz



From wikipedia

He has a Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.
In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has been a University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Stiglitz is an honorary doctor of Durham Business School, an honorary doctor at the Charles University, an honorary professor at Tsinghua University School of Public Policy and Management and a member of the Executive and Supervisory Committee of CERGE-EI in Prague. Stiglitz is one of the most frequently cited economists in the world.