Nigeria In Now Effectively A Failed State – Donald Duke.

Mr. Donald Duke, former governor of Cross River State, has noted that Nigeria is technically a failed state, as it cannot meet the basic expectations of its citizens, which according to him, is the hallmark of a failed nation.

Mr. Duke said this while delivering his opening remarks as chairman of the occasion during the Prince Emeka Obasi Inaugural Memorial Lecture held on Thursday at the Muson Centre Onikan Lagos, with the theme, ‘If This Giant Must Walk; Manifesto for a New Nigeria.’

He noted that Nigeria has been moving backwards since the 1970s, while remarking that the question is not whether the country will walk, but whether it’s walking backwards of forward.

“Between 1979 and 1983 when Shehu Shagari was president, Nigeria’s annual budget hovered around $25bn. Our population was about 80 million to 90 million at the time. That was over 40 years ago. Today, our population as they say is over 200 million, but our annual budget is $19bn,” he said.

“I said this to bring into context where we are as a people. It’s not not for Nigeria to walk, it’s how are you walking? Are you moonwalking or are you walking forward? Moonwalking is what we’ve been doing for the last 40 years. We’ve been moving backwards. So, you can now put into context the pressure if the annual budget of our nation is $19bn 40 years after it was $25bn and the population has more than doubled. Then you can understand the challenges we’re facing, whether it’s banditry, or farmers herders clashes and everything in-between. The fact is that there are more people sharing smaller resources. We have not grown.”

Mr. Duke argued that growth is not about adding zeros to the currency, and presenting budgets that run into trillions, which he said is mere deception. According to him, the country is simply living a lie.

“You can put all the zeros behind the currency, but we’re deceiving ourselves because we’re living a lie. Recently, treasury bills were sold at about 22 percent in dollars. Where in the world will you get 22 percent under 12 months? So, they now turned around to say it was oversubscribed by 245 percent. Of course, It would be oversubscribed, but at the end of the day, can you pay back? What are you doing with the money that will generate 22 percent to enable you pay back in 12 months? He wondered.

“So, you could see a nation that is walking itself into a trap with eyes wild open. What are the policies that would generate growth? You are fighting inflation, it’s good to fight inflation, but which is more important? Inflation or growth? You can’t get a loan from the bank for less than 35 percent. That’s enemical to growth to start with. Then, you are micromanaging the exchange rate, yet you are not producing. If you are going to import everything as we do, and there are those very sexy economists that would say, let’s have marked forces. For you to have marked forces, there must be some equity.

“You can’t have an open, competitive system with countries whose economies are much stronger than yours. It doesn’t work that way. In life, water finds its level. We have to manage what we have; we have to be productive. In the 70s and early 80s, we had some level of competition. We had industries that were trying to thrive, but today we are importing toothpick. So, it’s an economy that’s not productive, yet it wants to reign in on its foreign exchange. We’re still living as if everything is okay. We’re are sending our children at the age of nine to school abroad, then you go to London for medical check when your eye is hurting. It’s a tough one.”

The former governor noted that contrary to the popular belief, Nigeria has one of the smallest economies in Africa despite being the most populous on the continent.

“We turn around and say we’re the largest economy in Africa. That’s a lie. If you are 200 million people, and you are producing almost nothing, you can be big in absolute terms, but if you take it per capita, you are one of the least economies in Africa, and that’s the truth. So, we have to be real. We have the potential to be one of the greatest nations on earth, but it remains a potential if you don’t take it to actuality,” he said.

“We have to recaliberate our thinking. We can’t go on this way. We’re are a failed state, that’s the truth. Failed state doesn’t mean that you can’t exist any longer. Somalia is still existing, but when you fail to provide the basic expectations of your people, you are technically a failed state. Which sector have we not failed in? Is it education? Is it healthcare?
Is it infrastructure ?”

The issues are not new and yet this was still tough to read.

The bit about 22% return on treasury bills deserves scrutiny - how come this didn't make it into the news cycle?

Who remember how APC stole this Donald Duke's picture and used it as Tinubu's childhood picture and even went further to make a whole documentary with the picture on TVC.

Till date not a single apology from president and his people banana republik ooo

Well, he didn't lie


Nigerians have never had it this bad...this tinubu seems to be a plague

The level of frustration I see on the faces of many citizens these days is making me to feel that Nigeria is becoming a failed state. All the human development indices are in the negative and solution seems far off.
Northern Nigeria is worst hit, many people in the South who hardly travel outside their locality will not understand the critical situation

A gigantic SHITHOLE

Watch how those who stole Dukes pics to pass off as their coke lord come for him

Just like the Tinapa Resort he built for over half a billion dollars

thesicilian:
Just like the Tinapa Resort he built for almost half a billion dollars

You want to troll Donald Duke you stole his childhood pictures?

Agbadorians, Una get mind o😂😂

The money he wasted on Tinapa if spent on Agriculture would have moved Nigeria forward a tiny bit.

Nonny95:


You want to troll Donald Duke you stole his childhood pictures?

Agbadorians, Una get mind o😂😂

Lol
Did you see me with anybody's pictures?
I have my own childhood pictures thank you.

What did he do as Governor to make Nigeria produce more.

It's easy to make speeches.

His white elephant Tinapa project proves that he wasn't any better.

10 years later, the finances of Cross River state has not recovered from his mismanagement.

Before you call him unprintable names remember ur president stole his childhood pic claiming to be him

Donald Duke is one of the most creative minds in this country.
He is one of the resources Nigeria is not using...
What he is saying is the absolute truth.
Most Nigerian elites keep their wealth in dollars...
Think about that!

ElSudani:
The money he wasted on Tinapa if spent on Agriculture would have moved Nigeria forward a tiny bit.

Photo thieves, una no go close una mouth😂

Amayanabo01:
Before you call him unprintable names remember ur president stole his childhood pic claiming to be him

They have no shame. Just read their comments

thesicilian:

Lol
Did you see me with anybody's pictures?
I have my own childhood pictures thank you.

Was this your comment sanctioned by Yarimo?

The Igbo left leadership in the hands of Yoruba and Fulani , BUT THEY DESTROYED THE NATION

They'll Tag him an Obidient

Masterstroke4:
Recently, treasury bills were sold at about 22 percent in dollars. Where in the world will you get 22 percent under 12 months?

^^^
Which treasury bill auction is Duke referring to? 22% in dollars

Masterstroke4:
If you are going to import everything as we do, and there are those very sexy economists that would say, let’s have marked forces. For you to have marked forces, there must be some equity.

^^^


Ok...not to trivialize Duke's very serious concerns - and while I agree with quite a few of the things he has said - I beg to differ on the "very sexy economists" part. Economists couldn't be sexy if their very lives depended on it.

What date exactly did it become a failed state

raumdeuter:
What date exactly did it become a failed state

1970

heklcoon:
Who remember how APC stole this Donald Duke's picture and used it as Tinubu's childhood picture and even went further to make a whole documentary with the picture on TVC.

Till date not a single apology from president and his people banana republik ooo

There is no honor among thieves and certificate forgers.

Duke just spoke the truth

100millionGoal:

1970

Good and Duke was one of those who ruled since 1970

No news here, Nigeria failed a long time ago and the only solution is break up

raumdeuter:

Good and Duke was one of those who ruled since 1970

He wasn't the president of Nigeria

Hausa and Yoruba destroyed this country.

Nigeria is literally a SHITHOLE

What does he want this time

Amayanabo01:
Before you call him unprintable names remember ur president stole his childhood pic claiming to be him

I think say that one don pass