Business
MY ENCOUNTER WITH HON. ROTIMI MAKINDE BY ADEBOYE ADEBAYO.*
Let me use this medium to specially Congratulates my adopted elder brother, Hon. Rotimi Makinde on his successful screening at the State of Osun House of Assembly and his eventual swearing-in ceremony as a member of the reputable statutory board of the Judiciary Service Commission, State of Osun.
I was at the gallery of the hallow chamber of the State of Osun House of Assembly to solidarise with him and expectedly as a reputable federal lawmaker, after a lot of positive comments and encomiums from honourable members of our dear house and the respected Mr. Speaker, he graciously and gratefully took a bow and go.
How I wish I am a lawmaker, my head swelled up. That short event at the House corrected some impressions I had about few of our honorable house members and it endeared few of them who are spectacular to me which I will make known soon.
Incidentally, last week Wednesday, I met my Egbon again at the Exco chambers of the Governor’s office being the day of State Executive Meeting, I had gone there to see if I could meet with Mr. Governor whom my meeting with is long overdue. I was looking for Mr. Governor and I met my Egbon waiting patiently to be sworn-in on that day. (Mo n wa owo lo, mo pade iyi lona). I could not wait because I didn’t plan it but usually going by his humane character he greeted me warmly, I wished him well, I greeted other members of the State Executive Council before I left.
I pray Almighty God in his mercy to grant Hon. Rotimi Makinde the needed wisdom, Knowledge and understanding to perform creditably well in this tasky but reputable new assignment, as our country is in dire need of a very robust and standard legal & Judiciary reforms for the development of our justice system and progress & growth of our Land.
Permit me to also Congratulate the Chief Judge of the State; Hon Justice Adepele Ojo and other members of the reputable commission and I wish them all very well in all their endeavours.
Honourable Makinde has always been a respectable member of many reasonable WhatsApp groups online and we have had cause to agree & disagree over issues of the State politics and National developments quite numbers of time. His presence on the media is powerful, he is not the type that dodges issues, he followed issues consciously and his very many blunt comments, observation and explanations have been helping some of us.
On a fateful day, he sought my attention after he had gone through one of my numerous works online, when I saw his comment seeking my attention I was humbled and heeded the call immediately.
Later on that same day he spoke with me on several issues, we had a long conversation on phone, on some issues, he corrected me, and advised me on some other issues. He encouraged on so many things that were bothering me before. He talked to me as a younger brother, man to man and as a young progressive politician. I was thrilled and I immediately remembered my last physical encounter with him. It was during the early days of Ogbeni Till day break program, it was a long day for all of us that fateful day and we were preparing again for another long night, I was under pressure to deliver on my duties and in the course of that I unintentionally harassed him, he was a bit furious that night but he didn’t allow the sunset to meet the anger in him. I saw this as a great trait and quality of a good leader, that a man I had once harassed was again talking like a loving brother to me , immediately I gave it to him that he is indeed a leader that is worthy of emulation. There and then I requested for a courtesy visit appointment and he gave me.
On the appointed day, I called the State Coordinator of Asiwaju Grassroots Foundation; AGF; Hon. Tijani Sikiru to accompany me to Ile – Ife to see my Egbon, he agreed to go and learn with me and we set out to his residence in Ife.
On getting there, he welcome us very warmly and immediately, alongside other visitors that we met there, he ushered us to his beautifully decorated and neat dinning room, we had a very delicious and refreshing breakfast before we retired to his private sitting for why I was there.
He had a very long, meaningful, scintillating, encouraging and hopeful discussion with us. We poured out our mind likewise himself on many issues after which we left.
My take aways from that encounter that day were; I saw a man of taste who is very neat, of high class and very humble going by the way he related with his guests, his domestic staff and all the people, young and old who came visiting.
I saw a man who loves Asiwaju Tinubu, who respects Baba Bisi Akande and I indeed saw a man who is in love with Ogbeni Rauf Aregbesola. Please my readers should not tell anybody this, ‘I doubt if Rauf Aregbesola can do any thing wrong in the face of Rotimi Makinde”.
I saw a man who loves progressive politics in its entirety with no apology about it, I saw a man who loves Ife to be great, by the numbers of people trooping to his house for political reasons, I saw a man who is working assiduously to make Ile – Ife belong to the progressive party totally and he is ready to bury his ego, status and ready to sacrifice to achieve that because he believes his home town will be better off under the fold of the progressives, I know what I mean because of what I saw.
I saw a team worker who is ready to work with anybody no matter your class either high or low to achieve any political aims of the progressive party.
I saw a man that easily forgives especially the young people, I saw in him a man that wants youths to be liberated politically and economically, I saw a man who is ready to do anything within his reach for the upliftment of humanity.
He shared a lot of experiences with us during his sojourn in the Theatre World, his days as an Accountant at the NNPC and his experience at the National Assembly among other journey of life but he loves Aregbesola so much and at no price can anybody take that away from him.
Hon. Makinde is my kind of person. We shared the same ideology about progressive politics and leaders. He thought me a lot of lessons about life. I wish I had this encounter with him before my lost election earlier this year.
Hon. Rotimi Makinde is a worthy leader, a dependable and trusted one that all youths in our political camp should continue to emulate and to always see as a worthy mentor that can be of immense benefits, he is very unlike numerous others in our political family.
The take aways from this encounter have indeed equipped, encouraged, challenged and braced up myself and my state coordinator of AGF for the political and life challenges ahead which is very important to me.
Thank you all.
*_Adeboye Adebayo is social & political analyst, a chieftain of the All Progressives Congress, National Publicity Secretary; Asiwaju Grassroots Foundation, AGF, Leader of the Youths and a Raufist to the core._*
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Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event
*Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event
The Nigerian Association of Social and Resourceful Editors (NASRE) has announced the third edition of its Media Outreach Programme, scheduled for Thursday, 21st November 2024, at LTV 8, Agidingbi, Ikeja, Lagos, beginning at 12:00 pm.
In a statement by NASRE’s Media Director, Lateef Owodunni, explained that the last outreach for the year will not only focus on supporting vulnerable journalists, such as widowed and ailing members of the fourth estate, but also aims to empower active journalists through impactful sessions on health, insurance, and entrepreneurship.
“Our goal for this last edition of our outreach for the year is to broaden the scope of support we offer. Beyond providing relief to vulnerable journalists, we are introducing sessions on health, insurance, and entrepreneurship to ensure active journalists gain valuable insights that can positively impact their careers and personal lives,” Owodunni stated.
The Media Outreach Programme, which has benefitted numerous journalists in its earlier editions, is designed to foster solidarity, growth, and resilience within the media community.
This third edition promises to bring together media professionals, associations, and stakeholders in an inspiring and empowering atmosphere.
NASRE invites journalists, media associations, and enthusiasts to participate in this landmark event, which highlights the importance of care, collaboration, and innovation in addressing the challenges faced by those in the journalism profession.
Top 5 Richest Countries in the World 2024
Many of the world’s richest countries are also the world’s smallest: the pandemic, the global economic slowdown and geopolitical turmoil have barely made a dent in their huge wealth.
What do people think when they think about the world’s richest countries? And what comes to mind when they think about the world’s smallest countries? Many people would probably be surprised to find that many of the planet’s wealthiest nations are also among the tiniest.
Some very small and very rich countries—like San Marino, Luxembourg, Switzerland and Singapore—benefit from having sophisticated financial sectors and tax regimes that attract foreign investment, professional talent and large bank deposits. Others like Qatar and the United Arab Emirates have large reserves of hydrocarbons or other lucrative natural resources. Shimmering casinos and hordes of tourists are good for business too: Asia’s gambling haven Macao remains one of the most affluent states in the world despite having endured almost three years of intermittent lockdowns and pandemic-related travel restrictions.
But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the super-rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small number of inhabitants.
However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), often expressed in international dollars to allow comparisons between different countries.
Should we then automatically assume that in nations where PPP is particularly high the overall population is visibly better off than in most other places in the world? Not quite. We are dealing with averages and within each country structural inequalities can easily swing the balance in favor of those who are already advantaged.
The COVID-19 pandemic lifted the veil on these disparities in ways few could have predicted. While there is no doubt that the wealthiest nations—often more vulnerable to the coronavirus due to their older population and other risk factors—had the resources to take better care of those in need, those resources were not equally accessible to all. Furthermore, the economic fallout of lockdowns hit low-paid workers harder than those with high-paying occupations and that, in turn, fueled a new kind of inequality between those who could comfortably work from home and those who had to risk their health and safety by traveling to job sites. Those who lost their jobs because their industries shut down entirely found themselves without much of a safety net—large holes in the most celebrated welfare systems in the world were exposed.
Then as the pandemic subsided, inflation surged globally, Russia invaded Ukraine, exacerbating the food and oil price crisis. The Israel-Hamas followed, bringing more disruption to supply chains and commodity and energy markets. Lower-income families always tend to be hit the hardest, as they are forced to spend greater proportions of their incomes on basic necessities—housing, food and transportation—whose prices are more volatile and tend to increase the most.
In the 10 poorest countries in the world, the average per-capita purchasing power is less than $1,500 while in the 10 richest it is over $110,000, according to data from the International Monetary Fund (IMF).
A word of caution about these statistics: the IMF has warned repeatedly that certain numbers should be taken with a grain of salt. For example, many nations in our ranking are tax havens, which means their wealth was originally generated elsewhere which artificially inflates their GDP. While a global deal to ensure that big companies pay a minimum tax rate of 15% was signed in 2021 by more than 130 governments (a deal that has yet to be implemented due to the opposition of legislators and politicians in many of them), critics have argued that this rate is barely higher than that tax havens like Ireland, Qatar and Macao. It is estimated that over 15% of global jurisdictions are tax havens and the IMF has estimated further that by the end of the 2020s, about 40% of global foreign direct investment flows could be attributed to shrewd tax-evading tactics, up from 30% in the 2010s. In other words: these investments pass through empty corporate shells and bring little or no economic gain to the population where the money ends up.
1. Luxembourg🇱🇺
Current International Dollars: 143,743 | Click To View GDP & Economic Data
You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot in the country again. Doing so would be a pity: situated at the very heart of Europe, this nation of close to 670,000 has plenty to offer, both to tourists and citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone.
While the global financial crisis and pressure from the EU and OECD to reduce banking secrecy may have had little impact on Luxembourg’s economy, the coronavirus outbreak forced many businesses to close and cost workers their jobs. Yet, the country has weathered the pandemic better than most of its European neighbors: its economy rebounded from -0.9% growth in 2020 to over 7% growth in 2021. Unfortunately, due to high interest rates, the war in Ukraine, and a broader deterioration of the economic conditions in the Eurozone, that rebound did not last long: the economy grew by just 1.3% in 2022 and even contracted by 1% in 2023 (although it is projected to grow by 1.2% this year.)
Still, weak economic growth may not be worth complaining when your living standards are this high: Luxembourg topped the $100,000 mark in per capita GDP in 2014 and has never looked back ever since.
2. Macao SAR🇲🇴
Current International Dollars: 134,141 | Click To View GDP & Economic Data
Just a few years ago, many were betting that the Las Vegas of Asia was on its way to becoming the richest nation in the world—it encountered a few bumps along the road. Formerly a colony of the Portuguese Empire, the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at an astounding pace. With a population of about 700,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong became a money-making machine.
That, at least, was until the machine started losing money rather than making it. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. Since then, Macao has returned to business as —and then some. Its per-capita purchasing power was about $125,000 in 2019—it is even higher today.
3. Ireland🇮🇪
Current International Dollars: 133,895 | Click To View GDP & Economic Data
A nation of about 5.3 million inhabitants, the Republic of Ireland was one of the hardest hit by the 2008-9 financial crisis. Following politically difficult reform measures like deep cuts to public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP grow exponentially.
However, context is important. Ireland is one of the world’s largest corporate tax havens, which benefits multinationals far more than it benefits the average Irish person. Halfway through the 2010s, many large US firms—Apple, Google, Microsoft, Meta and Pfizer to name a few—moved their fiscal residence to Ireland to benefit from its low corporate tax rate of 12.5%, one of the most attractive in the developed world. In 2023, these multinationals accounted for close over 50% of the total value added to the Irish economy. If Ireland were to adopt the minimum corporate tax rate of 15% proposed by the OECD and already implemented by many countries, it would lose its competitive advantage.
Further, while Irish families are undoubtedly better off than they used to be, the national household per-capita disposable income remains slightly lower than the overall EU average according to data from the OECD. With a considerable gap between the richest and poorest (the top 20% of the population earns almost five times as much as the bottom 20%), most Irish citizens would likely balk at the idea that they are among the richest in the world.
4. Singapore🇸🇬
Current International Dollars: 133,737 | Click To View GDP & Economic Data
With assets of about $16 billion, the richest person living in Singapore is an American: Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Like many other fellow millionaires and billionaires, Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.
But how did Singapore manage to attract so many high-net-worth individuals? When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 98% of the adult population is now literate.
Unfortunately, that did not make it immune from the pandemic-driven global economic downturn: in 2020, the economy shrank by 3.9%, knocking the nation into recession for the first time in more than a decade. In 2021, Singapore’s economy bounced back with an 8.8% growth, but then the slowdown in China, a top trading partner, derailed the recovery. China’s economic problems hit Singapore’s manufacturing sector—which makes up roughly 20% of Singapore’s total GDP—particularly hard. The economy expanded by just 1% in 2023, and is not projected to grow much further than 2% in 2024 and 2025.
5. Qatar🇶🇦
Current International Dollars: 112,283 | Click To View GDP & Economic Data
Despite the recent recovery, oil prices have on average declined since the mid-2010s. In 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. However, that figure has gradually grown, increasing by about $10,000 each year.
Still, Qatar’s oil, gas and petrochemical reserves are so large and its population so small—just 3 million—that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to stay atop the list of the world’s richest nations for 20 years.
No rich country, however, is without its problems. With only about 12% of the country’s residents being Qatari nationals, the initial months of the pandemic saw Covid-19 spreading rapidly among low-income migrant workers living in crowded quarters, triggering one of the highest rates of positive cases in the region. Then, falling energy prices meant falling government and private sector revenues. An export-oriented economy, Qatar also suffered from the disruption in global trade caused by the war in Ukraine. Later on, the conflict in Gaza sparked renewed fears and uncertainty across the Middle East. Still, until now, the economy has proven to be sufficiently resilient. It is projected to grow by around 2% in 2024 and 2025.
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