Continued from (Part IV)

omeone has yet to explain why Americans choose to refer to toilet as the rest room. It is true, people stay in there and while going they still find the moment to snooze on a squat; occasionally they read graffiti and discarded newspapers and magazines, like the 1.5-year old copy of the Newsweek, August 13, 2007 found recently at the airport loo. The back cover had the pictorial of a human brain, part of an advert from Allstate Insurance canvassing "time to make the world a safer place to drive". The highlight was a question: "Why do most 16-year-olds drive like they're missing a part of their brain?" The answer: "because they are". The explanation given is that their "brain has'nt finished developing. The underdeveloped area is called the dorsal lateral prefrontal cortex. It plays a critical role in decision making, problem solving and understanding future consequences of today's actions. Problem is it won't be fully mature until they're into their 20s".

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One would have thought this scrap was talking about the seemingly grown-ups, the adults controlling the affairs of Nigeria, a country at 49 still acting 16. But that was not necessarily the case. It however advocated the need to "help our teenagers not miss out on tomorrow just because they have something missing today" and perhaps one more reason for this series. However, those in-charge of Nigeria are definitely not teenagers; but do they have anything missing in their brains? One might have to ask that question the second time for a bet on the boiled egg. Otherwise the smart shrink cum neurologist might tell better whether or not their brains are still developing. Unfortunately there are not enough shrinks in Nigeria; the recent newspaper publication indicates less than 1000 for over 140 million people. The reason? Nigerians are said to be very happy people of a kind; they never need any help from the shrink and brain got nothing to do with that state of mind at time T.

This final installment on "Victim Empowerment" joins the discussion for all these reasons and more, this time focusing on the impending financial meltdown heading Nigeria's way wind and weather permitting, To understand the situation better and in a proper context, especially for the sake of the many of us with no more than one O-Level class in economics, painting a human face on this expansive slab would not be a bad idea. One might choose to play the artist, close both eyes for a straw poll before doing so. The face that ultimately emerges ready to be painted is that of Professor Charles Chukwuma Soludo, Governor Central Bank of Nigeria. The learned one is not 16; he might not be 49 either; obviously he is more than 20 and so is assumed to have a developed brain to deal with complex issues still maintaining Nigeria's perpetual state of happiness. Developed brain would imply Soludo is intelligent with equally good memory to handle these issues. Not all with good memory are intelligent; intelligent people can also do stupid things without necessarily being stupid. Sounds confusing, right? Welcome to class, "Soludonomics 100".

Having orchestrated bank mergers and acquisitions with bundled capitalization, the Central Bank Governor, felt he had found the solution to the economic woes that have continued to bedevil his country, one administration after another. To plug the loophole, the open-air stealing that controlled and dominated the Nigerian financial management and operational system, the banking industry surely needed serious restructuring, a total makeover, an overhaul. There is a saying: "To rob a bank, own one". Almost all the men and women of "timber and caliber" learned to do just that and then some.

The gold rush was to become owner, part-owner or director of a bank. In collusion and collaboration with the select managers; the mushroom bank institution paved the "Appian Way" of corruption, for wheeling and dealing in fraudulent money market accounting practices. The banks received deposits from customers then turned around and loaned the money to the bank owners, board members and their friends. In many instances the "give-away loans" were not guaranteed by bankable collaterals. Whenever available such bond protections were fake documents, serving only as diversionary, dummy placemats to mislead regulatory compliance and oversight often conducted by corrupt bank inspection officials. State governors joined the scheme, floated banks that existed primarily as hidden vaults and backroom conduits for siphoning public funds. The rest of the political charlatans did not stay on the fence; they also latched onto the next gravy train, the so-called merchant banks; the late comers started mortgage banking to award themselves "huge loans", fully aware most of those homes built in the villages with borrowed money would be essentially a cluster of dead investments. Anybody who imagined bank officials heading into Isiala Ngwa to effect foreclosures and repossession of mansions built on stranded bank loans must have been drinking "Ogogoro" from the keg. Really and truly, there was chaos in the market place and the bottom plate was heaving for space, waiting to fall out. At that point, public confidence in Nigeria's monetary system and financial institutions had waned to the lowest ebb; individuals felt much better and safer keeping money under the mattress or better in cracks and crannies where they would wake-up each morning peeping through for a glance of re-assurance. There were horror stories of money market agents who had promised their clients double digit interest rates only to abscond, decamping and later disappearing into thin air with people's investments and portfolios.

To change the situation required a very strong political will; the retired generals and their civilian cohorts were not only controlling the political power, but they also held fiduciary interest in the banking institutions and financial houses across the land. They would not relent easily, nor stand down to any regulatory authority seemingly under their control. Thus, the resistance was bound to be formidable. If there was ever one Nigerian who was well positioned to bring about the desired change at the time, count President Obasanjo as number one. He still had some trust reserve with the northern cabal that brought him to power; the Yoruba nation was not about to abandon one of its own especially the one trying to fix a crisis hitting them in their pocketbook. Ndi-Igbo were briefed on the credentials of the one called upon to be crisis-manager-in-chief. They therefore relied on the resume', the presumed expertise of their son, as the in-coming Central Bank Governor far more than they were ready to believe in Obasanjo. The south-south people and their leaders were fully engaged and preoccupied still struggling to build an internal consistency for promoting and championing their main cause, the agitation for resource control, revenue derivation and allocation. It seemed like all sectors of the country, including the vocal elements among labor and the so-called organized private sector were sleepwalking into a consensus, and they did. That there was no standing opposition to the Soludo-appointment was not only reassuring to the President; it also empowered the new bank governor to get down to business immediately, figuring out how to stop the hemorrhage.

Banks were given stipulated time-frame within which to seek out mergers and acquisitions in order to attain a certain ceiling in capitalization. The decompression process resulted in reducing the number of banks to a handful.

The surviving few and their derivatives were required to fund a government insured deposit account to protect the investment of their future and prospective customers in the event of insolvency. Such an upset situation would not be limited to bank failure; however, should it happen, the government would have the wherewithal to compensate for the losses as accruable. Obviously it was a further departure from the insanity in the years past when banks closed shop in the night and their officers were gone by first light. That exercise rang the opening bell for what would become known in the lower rungs of rudimentary intellectualism, as "Soludonomics". The essence of Soludonomics was not necessarily the realization that having too many banks not backed by enough capital and reserve to engage in full banking operations would spell disaster for Nigeria. The intellectual capital behind the voice of advocacy promoting the cause and effect argument made it possible to sustain the political firewall necessary for converting both the skeptics and the nonconformists. Professor Soludo became that strong voice, the formidable face of change in a country known to resist good ideas especially any designed for the common good.

The use of the term is also herein applied loosely to avoid misinterpretation and misrepresentation; it is certainly not any attempt to accord the professor any special intellectual accomplishment beyond the consolation of having someone qualified to watch and babysit one of Nigeria's most vital life-lines almost choking on its saliva. Not since Balewa's first republic when another economist, Dr. Clement Isong, a gentleman from the Cross River headed the Central Bank of Nigeria has there been a governor with any comparable acclaimed visibility. For the many of us arm-chair economists then and now, the criticism was neither about the idea nor the effort expended in its implementation. Soludo was the enabler; it was obvious the capitalization of the banks and bundling of reserves would not constitute sufficient cure for Nigeria's financial market problems. Obasanjo needed to go further, showing the same measure of courage in deliberate decision. He needed to rally the country together for a permanent seal. Restructuring Nigeria's political system was the only way the Soludo exercise would become fully grounded and charted into enabling articles of principle consistent with a federated constitutional democracy.

Whatever political will guided Obasanjo through the banking reorganization process dissipated as long as the exercise lasted; the man lost his vision and began to chase his shadows. The distraction was also the protraction of The Third Term (TTT) project, Obasanjo's determination to extend his tenure in office. Anybody opposed to that bid, became the president's enemy and therefore enemy of his government. In time Obasanjo took on friends and foes alike, including his own vice-president. Buoyed by greed and misguided ambition, he resorted to throwing mud all around and everywhere and enough to intimidate the opposition. In the end he lost the goodwill of those who helped build him up; the president even lost the trust of his admirers both home and abroad and ultimately majority of Nigerians. With the loss of political capital came tumbling Obasanjo's standing as a statesman, one to command the respect of his peers and those counting on him to reinforce the foundation for One Nigeria.

Essentially the president and his central bank governor succeeded in building a skyscraper on the same foundation reserved for the Nigerian mud house. Despite all the acclaim, the Nigerian banking system is still merely floating in the air, not anchored any sound political base.

As a consequence, the initial success of the Soludo experience is bound to run its course, limited by Nigeria's inability to sustain the benefits of a great initiative. Given the prevailing circumstances, only Obasanjo was well positioned at the right place at the right time to give Nigeria that same makeover the banking institutions received. That drive seems to have dissipated completely. Meanwhile, the central bank governor is still receiving lots of accolades and deservedly so; the issues of concern have never been about him or the efforts towards streamlining a confused vital instrument of the financial market. While Soludo helped build confidence in the market, the overall exercise has been more like an inflated balloon. It could fly only so high before bursting in the wind.

With a measure of confidence still lingering, Professor Soludo remained in position as another new administration came to town in May 2007. President Yar'Adua must have been so impressed by the records of achievement that he decided to keep the governor; but it was not long before that expectation would receive a jolt. The central bank governor floated a kite quite early on. He announced Nigeria would undertake a "Redenomination" of the Naira before the close of the year 2007. Like every other Nigerian feeling he is as rich as the amount of currency in his pocket, Soludo and his bank were almost in a swoon with foreign currencies at the time. It was like drunken sailors carousing until late but still stuffing currency notes into imaginary cleavages. Obasanjo's 8-year tenure had witnessed an unprecedented revenue flow, petro-dollars from oil sales; while still counting, the governor felt it was time for the Naira to go global, head to head on a nearly one to one exchange rate with the American Dollar. Accordingly that leading economic indicator would mean a shift in the decimal position to the left by two spaces. With the Naira hovering around 120 for the equivalent of one US Dollar at the time, the arithmetic would then mean $1 would amount to N1.20 (one Naira, twenty kobo). Again, notwithstanding the implications of such a measure, Soludonomics was on the march; but then it had to skip the first speed bump still engaged on the second gear.

The new president was caught off guard; he had yet to be fully briefed on an important economic policy, especially any the central bank governor had no expressed authority to make. Yar'Adua raised hell, pounding the horn, "Not so fast, Mr. Governor, come let's talk". Charles Soludo had set off some fire crackers of a kind, not just in Nigeria but in other financial institutions around the world especially those with investment and business operating interests in Nigeria. The multi-national oil conglomerates were particularly peeved, jittery and panicky, certainly unprepared to begin contemplating their bottom line with dwindling fortunes in the Niger Delta. Not everybody was looking through the same Soludo lens; the professor seemed to have been wearing frosted and tinted; many of us, students of "Economics for the dummy" hardly contained our apprehensions with all serious reservations. Cautionary yellow lights flickered from all corners and everybody had something to say. The debate became an emotional drag; those opposed to the idea quickly joined the villain, those apologists often accused of never seeing and appreciating anything good and worthy of praise from Nigeria. Those in favor joined the vanguard of vaulted nationalism; invariably the opportunity to demonstrate the emerging power of an African economic giant could never have come at a better time. Unfortunately, setting the Naira at par with the U.S. Dollar could be anything but certainly not any as glib as talking about a prospective soccer match between Nigeria and America, who would win or who would lose.

Could it be an announcement made in time to make Nigerians feel good about the state of the economy and hence themselves based on the manufactured value and strength of the Naira? Only Soludo could moderate this debate but not all its uncertainties. Ultimately, Nigeria was about to bite much more than it had ample teeth to chew and that possibility sent shivers across the corridors of power. Was Soludo trying to throw in a monkey wrench to frustrate the economic plans of the in-coming president? The conspiracy theorists could never go wrong passing judgment on the ability of one clever Igbo man to spread some foul manure. President Yar'Adua must have been peeping through the keyhole not quite sure where Soludo and his runaway "luxury" bus were headed; the man decided to apply the brakes by remote control, firmly engaging the gear in reverse before finding himself stalling through the nearly 20-month"Go Slow" traffic.

The Soludo honeymoon and romance with the new president appeared too short for details; the professor still had to explain why he caused the Central Bank of Nigeria to release nearly $462 million into the deposit account of the African Finance Corporation (AFC). His explanation was that the out-going President Obasanjo had given clearance in advance and so advice and consent by the in-coming chief executive on whose watch the money was released would not be required; it was therefore considered unnecessary. The tinder box was again lit up one more time and it began to burn from both ends, still simmering. The Central Bank Governor is currently dealing with yet another crisis and this time not any directly inflicted by his actions or inactions, but essentially reactionary and antecedent to events beyond his control. The world's financial meltdown is global and is still heading south in full speed. Professor Soludo knows exactly what he knows; he however chooses to assure and reassure Nigerians, the effect of the crisis would be minimal; perhaps the "Don't worry be happy" posture stems from his confidence on the maturity of Soludinomics, what Nigeria did in good times that the rest of the world never did to avoid bad times. One question remains: What would have happened to the financial market situation right now, if Soludo succeeded in assigning the Naira to exchange nearly at par $1.00 to N1.20? Was the professor right then and is he right now?

A few weeks ago the appointment of Rilwani Lukman as the substantive Petroleum Minister generated some commentary in this series; that discussion brought to the fore the era of expendable expertise, the gene pool that produced many who in their prime of actions, inactions and reactions controlled the affairs of Nigeria for decades. Another professor, Nigeria's foremost economist, Sam Aluko was mentioned as a member of that group. It was as if he was in the next room browsing the Nigeriaworld, reading everything written in that regard. Just before the year 2008 came to a close, in fact December 14, the learned one came loaded with so much in his mind. The Sunday school was the Archbishop Vining College of Theology, Akure, Ondo State. It was probably the most auspicious moment to talk about the world's present preoccupation; in doing so the eminent professor inadvertently touched on the fundamental pitfalls of Soludonomics and perhaps its gross implications. The lecture was titled, "The Nigerian economy: The Christian angle". Eugene Agbo captured the details in the Daily Sun, December 30, 2008.

The professor presented a prologue in which he reviewed the place of religion in a secular society and the challenges in resolving the conflicting issues of separation of church and state.

Again the same concerns had earlier on been addressed in this series as they pertain not so much to the Christian theology but more so the case of radical Islam and its fundamentalist tendencies. The duality of purpose called for would appear tenable from the Christian perspective until one then realizes Nigeria is not all Christian but also Muslim. The professor sees the conflicting contradictions and lack of stability in Nigeria's economic system in terms of gross departure from "Christian ethics of love and care for one another, as enunciated in Matthew 25:31-46, which enjoins us to be our brothers' and sisters' keepers". On all abiding fronts, the conflict seems to reside in the contradictions between Matthew Chapter 25 and the Law given to Moses- the Ten Commandments. That conflict and the contradictions engendered also provide the justification for conducting Obasanjo's "Do or die" politics that encourages winning at all cost. The winner eventually takes all and would have enough bags-full to address the needy, the helpless and hopeless. In other words, to meet the tenets of Matthew Chapter 25, one would have killed so many, maimed others to acquire the desired political and economic power in violation of the Ten Commandments. In that regard, both Nigerian Christians and Muslims have equally opportunity, as guilty as charged. The solution to the problem could not be as faith-based as the differences between good and evil. Obviously religion and faith have so much to do with the instability in Nigeria's economic and financial systems, the answer or the solution could not be the creation of a "nanny state" or a faith-based legacy designed to continue building that "specter of an organized band of destitute children". There are problems inherent with any attempt to implement Professor Aluko's prescriptive measures; the Nigerian government of any coloration cannot legislate greed whether or not Christian or Muslim faith sees it as a venial or mortal sin. The constitutional imperatives cannot be ignored either for the possibility of achieving the separation of church and state within the bounds of equal protection principles and guidelines.

Again, the eminent professor has identified a major obstacle towards the realization of Soludonomics, certainly not accounting for a cure that could not rely on a moral code. Nonetheless, the renowned teacher came to class prepared for lecture; this time "Economics 101" has value in reprint especially for the sake of many of us who still see the subject in terms of "One hand and the other hand". He provided seven definitions in an attempt to clarify the real meaning of economics. It is easy to see why there is so much confusion; economics means different things to different people depending on the extent and degree of their vulnerabilities. In specific terms these differences are created by variables associated with human and material interaction limited in time and space; they pertain to goods and services, resource allocation, creation of wealth, property acquisition, quality of life and safety of life and property.

Professor Aluko discussed three basic economic systems, the traditional/peasant economy, the command or planned economy and the market economy. As the name implies, the traditional/peasant economy is sustained by traditional values and beliefs which often times are resistant to change and outside influences. Accordingly this type of economy constitutes about 70% of what the professor calls the "informal sector operatives". This same sector remains impervious to legislative agenda or direct government intervention measures especially those structured with modifying influences on the intended beneficiaries. Again, in keeping with the elements of the series, designing economic policies that have the effect of meeting the people where they are found could do no more harm than empowering them to do better; doing just that provides an ample leverage towards self-improvement.

To understand the scope of this type of economy, one would not just focus on the trader at Alaba International or the stall owner at Jos Round-about market. Imagine that petty store at the village square with a sign by the window that reads "For credit, come tomorrow". It is the bulk of Nigeria's economy that operates on essentially a zero tax-base. It is very difficult even for the local government to collect what it calls "Rate", a user fee for all market stalls and individual businesses operating within a particular neighborhood. Making any assessment for such a fee would not be based on absolute income derivation formula or individual earnings. Part of this subterranean income segment includes that of the palm-wine tapper in the village. He earns enough to build that cement block house, purchase Honda motor-cycle and pay fees for his kids in college. His business relies on the success of other people's businesses. The communal linkage enterprise system captures all the essence of Nigeria's economic main-stay.

The command economy on the other hand is designed for slave labor and for all practical purposes would not be considered as tenable in the Nigerian experience. Finally, the professor addressed the market economy anchored on individual interest in the free enterprise system. As correctly identified, this type of economy relies of the "use of money and credit". For the purpose of this discussion and in keeping with the Nigerian situation, the term "Urban Economy" would be preferred in describing this system. The professor recalled the words of Adam Smith, the foremost economist and theoretician whose 1776 publication titled "The wealth of nations" enunciated these basic economic principles. Accordingly, the Smith free market concept is geared towards promoting individual interest; doing so equally advances the interest of others and consequently for the common good. It is essentially a private-sector driven economic frame work where the government has a defined role, namely, the protection of life and property, adherence to the equal protection principles under the rule of law, development of necessary infrastructural base for the movement of goods and services. Rightly so, the learned one observed the world has since moved further beyond Adam Smith's 1776 conceptualization to embrace privatization (in terms of furthering limited role of government in the free market system), deregulation and globalization. These developments seem to have enlarged the problems while still localizing them in countries after countries, one regional grouping after another. In the western economies where political institutions are also linked to the free market/free enterprise system the consequences have neither been bridged by their longevity of experience nor the advancement and innovation in technology. In the post-Adam Smith era free trade, market forces and multinational corporate fusion, mergers and acquisitions, and other trends have come into focus.

James Rickard, one of the contemporary minds in free market system analysis, talks about the "Velocity of money". How money travels does not necessarily imply the life-cycle of a given currency note. In the United States of America as in many leading world economies, government intervention in the prevailing financial crisis is essentially to shore up credit facilities and ensure their availability to consumers. Unfortunately, most of the credit institutions are holding promissory notes worth billions of US Dollars. They constitute debt owed to them by clients and customers who can no longer afford to make payment as at when due. These debts include mortgages of homeowners who can no longer continue to make routine payments as at when due. With high rate of default in payment, those lending houses are left with unrecoverable assets. To remain in business, the lenders have had to approach the government for "Bailout".

The government has had to establish a process of how best to do just that under what is called the "Troubled or Toxic Asset Recovery Plan - TARP". With almost $1 trillion infused into the these stranded credit assets, the velocity of money is no more enhanced than before; the credit crunch persists, meaning the consumer can only make key purchases on a cash and carry basis, thereby undermining the key premise of the free market system. The velocity of money is enhanced when bank check is as much a legal tender as the currency note, and paperless transactions are also guaranteed on a third party escrow or trust. For money to travel unhindered in a free market system therefore, there must be some ground rules anchored on established guidelines. Thus, the credit card industry for example cannot function without consumer identification. That identification includes formal placement of the consumer at a legally recognized address of known legal jurisdiction. The US government for instance realizes that bailing out these banks and financial institutions means restoring their individual and collective fiduciary ability to return to the market and provide services to their customers. The recovery of these entities might take time but it surely has to happen because viable alternatives are not only limited but also unavailable.

In a strict sense, the tradition/peasant economy, which for simplification purposes could be called the "Rural Economy", is a free market type with inherent limitations in scope. As already indicated by that window posting on the village store, there is absolutely no credit. There are exceptions to that rule of course. They are known friends, families and relatives. However, when they do not pay what they owe, the rest of the community including the traditional head and pastor at the church would surely hear it. The other major difference is identification. Again this type of business relies on "As man know man" to define identity. The economy thrives on a territorial boundary within which everybody knows everybody else. Beyond that boundary, there is hardly any established certified address that places the same name and face on location. These people are illiterates, semi-illiterates, uneducated and under-educated. They do not normally own official passports of the country unless of course they belong to the very few occasionally privileged to visit their sons and daughters residing in foreign countries. Many of them have never been to their state capitals. Therefore, their only identity is their local language or dialect within recognized customary jurisdiction; otherwise if and when found elsewhere far from home, they are whoever they claim to be.

To further understand the import of these differences let us return to the professor's lectures. The moment of truth and revelation came towards the end when Sam Aluko identified what could be said to be the key impediment to Soludonomics. He concluded: "Nigeria now seeks to embrace the market economy even though its economic system is still predominantly traditional and peasant. Nigeria thus pretends to run a capitalist economy without capital and a market economy in a largely traditional peasant economy. With diminished economic fortune has grown increases in crimes and insecurity to the extent that, today, even the minimal roles assigned to governments in a market economy are not adequately performed by any or all, of the Federal Government, the 36 State Governments, the Federal Capital Territory, Abuja, and the 774 Local Governments". In the era of dwindling oil prices, the Central Bank of Nigeria is struggling to meet its foreign exchange obligations to keep the capital market afloat. No government in Nigeria is able to meet its assigned role either, certainly not in safety of life and property, not in upholding the rule of law, and not in sustaining and maintaining infrastructural development.

What the learned professor provides in identifying these problems he seemingly did not in eliciting the cure for the perennial ailment. His constructionist view relying on the tenets of Matthew Chapter 25 in a confused but mixed economic system would seem to lack merit. Nonetheless, he gets full credit for keeping the bus squarely packed on the thoroughfare; it is left for the Soludos of Nigeria to find the key on the ignition and decide which way forward or backwards.

Coming from the Aluko lectures and with a cursory review of Soludonomics leaves many questions to be asked: What is the best economic model for Nigeria given the prevailing circumstances? The leading banks have expanded too fast too soon and some beyond the shores of Nigeria. Would the Nigerian government have the wherewithal to undertake bailout to cover liabilities incurred both within and outside the country? Assuming the government has the funds to do so, what would be there for the Rural Economy? While the experts ponder on the answer, the main challenge facing Nigeria's economic system and hence Soludonomics could be tracked as follows: Challenge #1: how to enhance the efficiency of the Rural Economy to the extent it becomes strong enough to fit into the Urban Economy without losing focus on the purpose. That purpose would be a direct intervention towards nurturing the re-emergence of the middle class.

The key to achieving this objective has already been addressed in this series starting with Youth Empowerment through skills development, the application of Photovoltaic Technology as an essential component of the rural electrification scheme, organization of the civil society under zoned communities accessible through digitized codes identifiable on location-specific maps. Challenge #2: how to expand the scope of the Urban Economy by increasing the volume and quality of the small-scale industries, especially those requiring startup capitals under $1 million. Here again the role of the banks would not only be to loan the needed capital but also assist in directing and redirecting business models towards enhancing efficiency in service and operation. There are too many over- the-counter technologies available and ready for the Nigerian consumer market. To minimize waste and unnecessary rudimentary duplication, the banks again could support bench-scale franchising mechanism. The prospective proprietors of such businesses do not need to go through the headache of figuring out model specifications since such would have been taken care of by the franchise. For instance, there is no reason why a particular bank could not team up with the Nigerian Society of Engineers to develop a standard prototype bungalow using local building materials. Given the cost of cement and an abundance of clay/laterite, could there be a special soil-cement mixture with enough integrity for a three-bed room bungalow? Such a house would be more affordable and relevant towards community and urban development. Challenge #3: how to make all levels of education relevant and functional. In addition to excelling in the specific course of study, every primary, secondary and University graduate should and must be able to use the key board and type a minimum of 20 words a minute. Any such graduate must be able to speak at least one other Nigerian language other than his own ethnic. The policy that advocates teaching Nigerian children French when they cannot speak even "Pigeon" English is misguided. It is a simple fact that the economic system cannot flourish without adequate and effective communication at all levels.

These challenges are not necessarily easy to overcome otherwise they would not be considered challenges. But just for a little humor and perhaps a chuckle, recall one of the movies on Rocky featuring Sylvester Stallone as Rock Balboa, the heavy weight boxing champion. In one of the series with the Russian strong man, Rocky was pounded over and over until one of his eyes was almost closing. At the end of one particular round, Rocky sat at his corner helpless, panting and spitting blood, complaining he was seeing three fighters in the ring. His side handler and manager shouted at him: "Rocky listen, hit the one in the middle, very hard". In a similar instance, separating the two economic systems Rural and Urban is one big monster in the middle, Nigeria's rotten political structure. None of these challenges can ever be met without first attacking this monster in the middle, the restructuring of the Nigeria political framework. People can dance around pretend they are really moving Nigeria forward. There is no such thing as running away from the key problem, the courage to empower Nigeria's too many victims.

The suggested long-term solutions cannot come into fruition without first addressing the here and now. If bank bailout becomes the option, would the Federal Government of Nigeria do so and still remain buoyant to meet its statutory obligations? These banks are currently supporting commodity/consumer trading relying heavily on imports from foreign countries. The transactions are facilitated through corresponding banking affiliates acting as third party guarantors of letters credit. Not being able to secure such guarantees on behalf of their customers means importers must transact such deals in prepaid cash at the base of origination of goods, thereby putting undue pressure on the local foreign currency demand. Thus, the cost of money and the velocity of money collide, working against each other. With the Naira floating and dangling in the wind, imports would tend to arrive at a higher landing cost. The only meaningful bail out would be to stabilize the value of the Naira against major international trading currencies, especially the U.S. Dollar. For every attempt in the past, Soludonomics tried to close the gap but has never achieved parity in the parallel currency market. The significance of the US Dollar is not just because it is the leading currency of a foremost stable democracy in the world. It is essentially because Nigeria's key foreign exchange earner, crude oil and ancillary petroleum products are priced in US Dollar.

The competing demands of this emergency take the argument back to the beginning of this series. The question was asked, should Nigeria continue its membership in the Organization of Petroleum Exporting Countries (OPEC)? The discussion has shifted away from the justification for remaining in OPEC to how Nigeria can survive the current and continuing economic and financial crisis. Not being privy to the recommendations of the president's economic council, the following suggestions are herein provided unsolicited:

1. Temporary suspension of membership in OPEC to provide ample leverage towards increased sale of crude oil under negotiated term agreements mutually beneficial to both buyer and seller,

2. Explore other avenues to expand crude oil market beside traditional partners and organized multinational entities; the idea is to sell as much crude oil as possible within a 10-year window within which variety of alternative energy sources from oil consuming countries are expected to come on stream,

3. Identify major infrastructural development areas that require immediate attention; assess how long it would take to complete the targeted projects and assign the equivalent future value in crude oil projected to the expected date of completion. In order words streamline cost of payment in terms of commodity-bartered exchange accounting,

4. Shift gears immediately and appoint an Energy Czar to oversee the development of the Photovoltaic Technology to optimize support in rural electrification including services to all University campuses, research centers, major hospitals especially the teaching hospitals, and all government buildings,

5. Call a meeting of Nigeria's leaders of thought, a consultative assembly of selected elders to deliberate on the major guidelines and framework for the Real Federal Constitution. The key problem is not only revenue sharing and allocation but also how to reduce the overburdening weight of government at all levels, the center, states and local governments alike. Should Nigeria maintain the same level in the cost of running its bureaucracy given the financial crisis?

Are there other options? There is no reason Nigerians cannot come together to decide what is considered best for everybody while accommodating group differences and sectional interests.

Addressing these issues will be the best bailout offered to rescue the Nigerian economic system, thereby injecting a new life to the health of Soludonomics. Empowering Nigerians to do what they can best do for themselves would surely reduce conflicts and the struggle towards the tendency to dispossess innocent others making ample efforts to survive. The time is now; the crisis is real and would not get better by dancing through pretending to be happy.

Second Chance:

This final installment, concluding the series on "Victim Empowerment" is coming on the heels of a new beginning. The election of Barack Obama and his inauguration on January 20, 2009 as the 44th President of the United States combine to make that beginning a significant milestone not just for America and Americans but for Black people everywhere. Obama's campaign culminating in his winning the presidential election on November 4th 2008 seemed just like a movie but then it was not. The difference was perhaps the reality of purpose which brought out deep-seated emotions in adults and kids alike beholding that cold starry wintery night on the platforms of the Chicago Park. It was there Barack Obama acknowledged the concession of his opponent in his historic victory speech. The tears were real, as overwhelming as they were revealing. Many of us had predicted in due course ahead of the polls that win or lose, there would be buckets of tears on election night, the morning after and perhaps days and weeks following. Most Obama supports could have imagined defeat and disappointment that night. It was perhaps easier to do so realizing victory, the kind expected for an Obama or his kind had never happened before, certainly not for the likes who came before. Accepting the reasons why Obama would not be elected would qualify as an "inconvenient truth" but certainly one option a lot of people seemed emotionally resigned to accept but less prepared to deal with if it came to pass.

Votes were cast in secret balloting and counted in the open across the land without prejudice towards any pre-determined preferred outcome. Yet it was not enough to read the minds of those smiling faces, the huge crowd that showed up at the rallies.

The uncertainty was also the expectation the excitement at those same rallies would dissipate and somehow not translate into votes behind the curtains. Then the evening of reckoning came ushering in the special moment when the election was called and the man had won with an overwhelming majority; that special moment began to expand in scope gradually transforming itself beyond the shroud of reality.

Forty-six years before then, that reality was a mere dream, the lonely voice of man of God from Georgia. It was the uncertainty of surprise that built up the choking emotions into the crescendo of innermost feelings. As the night developed, progressing into a point where sleep became a captive, the decompression started to ease turning itself into euphoria of a kind, beyond the experience of a lifetime yet to be imagined. The crest of that euphoria was the special place many had never been to before even on self or personal accord but only to become possible and eventually available in that country, the one and only United States of America.

The night was obviously as long as it could be and then enough; but with such great news as was unfolding, who cared if tomorrow came delayed? Then the man of the hour took to the stage to accept and acknowledge the honor, the special privilege of the sweetest victory of all times. As he did, there were hardly any dry eyes left for a blink or stare. Reverend Jesse Jackson was draining on both sides; Oprah Winfrey was leaning on another shoulder sobbing profusely, with mouth agape, nose running on a drip. On this special night, grown men and women had enough license to cry like babies overwhelmed and broken with joy and gladness. It was an evening filled with so much tears the fore-grounds could not contain further wetness for a cold winter night. The images were seemingly replicated in any number of homes and homesteads across America and in distant seas and oceans around the world.

It has taken 77 days to reabsorb, recoil and soak in the excitement of Obama's November 4, 2008 victory, enough time to prepare for the trip to Washington, the District of Columbia for victory celebration. The celebrations started early on Sunday 18, 2009 with song and dance. Two days later, by the first light January 20, 2009, the hallowed grounds were besieged; the Washington Monument, Lincoln Memorial and some two and half miles down the stretch and beyond the Washington Mall and everywhere else near and around the site of the inaugural ceremony were adorned by humanity in all colors, shape and size. The mammoth crowd estimated at 2 million, men, women, children, young and old braved the near zero degree temperatures still unperturbed by rings of institutionalized controls and homeland security restrictions. They came with cheers and smiles; this time it was a victory rally, the opportunity to behold the fulfillment of that dream made possible on that November election night. It was no time to shed tears. If there was any still lingering, they were subterranean tears.

The events of January 20, 2009, further demonstrated how deeply Americans are vested in their country. President Barack Obama upon taking the oath of office would immediately acknowledge his own special attachment to the people, those present to witness history and those watching from somewhere distant and far. The renewal of America as Obama would choose to christen the beginning of this unique journey and experience is seemingly being demonstrated through the actions of ordinary individuals, men and women, young and old empowered by an enabling opportunity to confront lingering pains of age-old demons and yet not afraid to embrace the mixed grills of the future. Obama has captured the spirit of America and in its idealism based on "Hope" as pertaining to that future, the possibilities of what has yet to materialize but imaginable and "Change" for lessons learned and the promise to avoid a repeat of the mistakes of the past.

Thus, having one Blackman chosen to be the leader of the free world has made it even more difficult for any of his kind anywhere in the world to give any more reasons and excuses for failure.

Nigeria in particular, home to the largest concentration of Black people can no longer give such excuses. Ignorance would not be enough either. It is with the same expectation that the series on "Victim Empowerment" is striving to address the need for a shift in consciousness.

In the age of Obama at 47, compared to Nigeria turning 49, failure is no longer an option. Victim Empowerment ultimately paves the way for second chance opportunities, giving hope where hope is almost lost, renewing dreams where none exists, and advancing common interest even through individual and collective success. There is no more excuse; the Blackman has become leader of the free world, occupying the most important position, and holding the most important distinguished office in the world. That opportunity has made it possible to continue this discussion in the light of the present and on-going economic crisis, the possibilities and promises of One Nigeria. The essence is to point out why Nigeria has to look inwards into its own confines and find its own Obama, the one that elicits motivation, something to cheer about. It is common place to find cheers and smiles when the Super Eagles win a soccer match or when Samuel Peters wins the world heavy weight boxing championship. The cheers never come from anything socially and politically engaging and enough to capture the essence of One Nigeria for which every Nigerian would have unrestrained euphoria, no reservation or hesitation at rejoicing or joining in celebration. If there can be one Obama in America, there should be another somewhere in Nigeria. To find such a person the power of self must be allowed to comingle with the power of community to empower a generation, ultimately creating the legacy of winners not victims who dwell in self-pity.

Side Bar: Thanks to the publisher and all the patrons of Nigeriaworld who found time to communicate and engage in furthering these discussions. It's been a pleasure.

Continued from (Part I)