Fitch has assigned Nigeria “BB-”, its first credit rating. The rating is just three notches from investment grade and is on par with Serbia, Turkey and Ukraine.
Nigerians have received it well. This day reports that:
The rating…should help attract foreign direct investment and allow Nigerian companies to borrow money in the international financial market by issuing bonds.
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[Tony Elumelu, MD of UBA]We’ve been saying the government should create enabling environment for us. This landmark event we are celebrating is the starting point.
Not everyone is convinced. Some are concerned about a possible increase in debt level amongst Nigerian corporates:
Tim Ash, an economist at Bear Stearns still feel a bit uncomfortable with the “BB-” rating, given the huge over-dependency of the economy on oil, the history of strained relations between the federal and state level governments, and political, social and inter-ethnic conflicts
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The obvious concern now is that armed with this favourable rating, Nigeria will see a big increase in commercial debt, and potential problems for the future. Hopefully, the Debt Management Agency will keep a tight reign on commercial borrowing
Good stuff.
— Blog and win a year daily commute on the National Rail, London Underground not covered. (via AM) #
— Satellite pictures of Kano can now be viewed on Google maps. Lagos and Abuja not yet available [via MapNigeria] #
Imagine if the London Underground was renamed after multinational corporate sponsors. Some impressive ones; Google Street, Ladbrokes Grove and Seven Up Sisters.
Hang on! This idea could really work. With the 2012 Olympics coming, Gordon Brown probably needs about £250 million (a wild guess) per sponsor to authorise the name change for a particular station (with the contract expiring in 2013).
My consulting fee is only 0.01% of the first two sponsors’ transactions.
— How to write about Africa, “Never have a picture of a well-adjusted African on the cover of your book, or in it, unless that African has won the Nobel Prize…Your African characters may include naked warriors” (via MW) #
— The Economist Guide to Lagos, I didn’t know Oyibo also meant “he who looks as though he’s been stung by a bee”(via Jeremy). #
I found the book, “Lagos: A City at Work” at Terra Kulture, whilst attending a poetry reading session during my recent trip. I forgot about my little discovery until I saw this detailed review by Ayodeji Lawal at Lagos live.
It is shame the editors choose not to feature a few pictures to illustrate their work on book’s website. The review however covers the book extensively, so you know what to expect
He [Odia Ofeimun] details the failures of the Lagos Masterplans of 1974-81 and 1980-2000 – arguing that age-old conflicts between Federal and State government need to be brokered once and for all.
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Without doubt, this book is, as the cliché goes, a landmark achievement. Kunle Tejuoso and Weyinmi Atigbi should be given a flagon of palm wine each, in gratitude
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As stated above, a city without structure could be said to deserve a book without structure; however, this recommendation can only go so far. A bit like Third Mainland Bridge, this structure is not strong enough to keep the whole thing together.
The book also has a dvd produced by Lanre Lawal, the award winning designer. Orders can be placed on the website.
The next mission, should you choose to accept it, will be to create a photolog/web version of “Lagos: A City at Work”.
— Why are Nigerians not depressed by western standards? “f you are trying to put food on the table and send your kids to school there is just no time to get depressed.” I am not sure I agree completely (1)
— Naijarita has selected its winners for the 2005 Nigerian Weblog Awards. 132 blogs in a country of only 120 million people, good eh! #
— Route79’s theory of relative transport states that people who ride London’s buses are more intelligent than those who ride the tube. #
