At long last, monetary wisdom and sanity is inching its way into Nigeria. For it is becoming obvious to many of us literate Nigerians that Nigeria cannot ever begin to grow the justice and peace of an overflow of home-made jobs, goods and services unless the type of the Naira which is used to drive and manage business Nigeria ceases to be the current interest-based, exogenous and non-convertible variant.
At long last, monetary wisdom and sanity is inching its way into Nigeria. For it is becoming obvious to many of us literate Nigerians that Nigeria cannot ever begin to grow the justice and peace of an overflow of home-made jobs, goods and services unless the type of the Naira which is used to drive and manage business Nigeria ceases to be the current interest-based, exogenous and non-convertible variant.
Rather, Nigeria will begin to experience galloping and sustainable growth in balanced social and material circumstances as soon as she begins to use the interest-free, endogenous and convertible Naira to drive and manage the market flow of her inward-looking and industrial in-sourcing economic life. Why this is so is as simple as simple can be.
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For, where the current interest-based, exogenous and non-convertible Naira of elitist sovereignty saddles Nigeria with the peculiarly short-term, industrial out-sourcing and colonial financial system whose outward-looking monetary pillars and center of gravity are located and found ,respectively, in the interest-based private banks of Euro-land and in the private-sector controlled federal reserve bank of US Dollar-land, the needed and emerging interest-free, endogenous and convertible Naira of popular sovereignty will equip Nigeria with the golden jubilee, medium-long-term, industrial in-sourcing, patriotic and gung-ho financial system of resource control which will have its inward-looking monetary pillars and center of gravity, respectively, at the interest-free micro-finance banks, MFBs, of the 774 LGAs of Nigeria and in the interest-free and private-sector-owned-and -led CBN in Abuja.
So, for as long as the external reserve Naira is created for us Nigerians by foreigners in Euro-land and US Dollar-land, for so long will the ensuing interest-based, external reserve, industrial out-sourcing and non-convertible Naira always be short of breath and so terribly in a hurry to decamp abroad through capital flight. This is why our external reserve Naira is never patient enough to nurse any Nigerian enterprise to the point where it takes firm, sturdy and local value-adding roots in Nigeria. But, in contrast hereto, jobs, justice and peace will come to dwell among us in Nigeria as soon as we Nigerians begin to create the interest-free Naira of popular sovereignty for us Nigerians in Nigeria. For the ensuing interest-free, full reserve, industrial in-sourcing and convertible Naira will patiently encourage and spur every going Nigerian enterprise to show its competitive mettle in local job creation as it goes for the bumper profit in gold! In other words, where the interest-based, external reserve, industrial out-sourcing and non-convertible Naira of elitist sovereignty preserves Nigeria as a dumping ground for all manner of demeaning foreign products, the interest-free, full reserve, industrial in-sourcing and convertible Naira of popular sovereignty will preserve Nigeria for the plethora of Nigeria–made goods and services in the main. And this happens to be the only patriotic economic policy route for resource control, justice and peace, which Nigeria needs to embark upon, right-away.
Now, a brief look at the monetary and financial history of the post-independence Nigeria of the past 50 years will readily show that it is the phenomenon of the interest-based, exogenous and non-convertible Nigerian currency that has continued to keep Nigeria, the anchor nation of the black race, on the mat of economic squalor, injustice and strife. For, from October 1 1960 to sometime in the early 1970s,it was the fixed rate external reserve Nigerian currency that drove the sleepy and how-for-do Nigerian economy. Then, in 1973 or thereabout and up till 1986, the adjustable rate external reserve Naira continued to drive the stop-go Nigerian economy. And, then, from September 26 1986 to this very day, the floating rate external reserve Naira has intensified the export of Nigerian jobs to China and elsewhere. So, for the past fifty years of Nigeria’s existence as an independent nation her choice of the anchor monetary metric for managing her markets for jobs, goods and services has consistently worked against the best economic interests of Nigeria. But why has this been so? For two reasons as follows.
First, the IMF and the World Bank have been the monetary and financial bailieffs of the imperial Euro-land and US Dollar-land in Nigeria and for past fifty years they have bound Nigeria to the industrial outsourcing regime of the interest-based, non-convertible and external reserve Nigerian currency. And, second, until Mallam Sanusi Lamido Sanusi became the Governor of the Nigerian central bank a couple of years ago, there has been no senior Nigerian monetary and financial official with the monetary insight and guts to say that no interest-based Nigerian currency is capable of growing the justice and peace of an overflow of home-made jobs, goods and services for Nigerians in Nigeria. So, those of us who over the decades have pointed up and derided, to no avail, the domestic value-adding hollowness of the IMF & World Bank interest-based and non-convertible Naira of genocide are happy that Mallam Sanusi is where he is today in the inside of the Nigerian power vortex to make a disarming and timely case for the emergence in Nigeria of the interest-free Naira of care, compassion and justice. And, it must be stated, at the this juncture, that anyone who professes the nature and necessity of the interest-based Naira for growing Nigeria aplenty in home-made jobs, goods and services is an economic dissembler and the enemy of justice and peace in Nigeria and in Diaspora Africa as a whole. And this is what the IMF, the World Bank and the myriad of their co-travellers in the corridors of power in Nigeria clearly are. They have no share in our emerging inheritance of economic plenty, justice and peace.
And, this is why the current administration in Nigeria must tread wisely and carefully in its choice of the members of its economic team. For the ethical template, which validates President Jonathan’s rise to and stay in power is the whole idea of inclusion and resource control. And, the economics of resource control and inclusion in Nigeria demands that it be underlain and driven by the interest-free, full-reserve, and convertible Naira and not by the interest-based, external reserve and non-convertible Naira. So, Mrs Okonjo-Iweala and Mr. Aganga can and will grow Nigeria in home-made jobs, goods and services only to the extent that both are willing and able to make a U-turn and give Nigeria an express and do-able plan for transforming the Naira from its present emasculating circumstances as a non-convertible and an external reserve currency to its emerging and liberating circumstances as a convertible and full reserve currency. If they are not capable of doing, or willing to do, this expressly, Nigeria must shoe them out from office because we do not need the interest-based square pegs in the interest-free round holes of our emerging economics of resource control and inclusion. And, in point of fact, the debt melt-down and global monetary chaos that the Euro-American global financial system is sleep-walking into, at the moment, tells us clearly that the era of the interest-free, full reserve and convertible Naira has inevitably come upon Nigeria and that any competent and self-respecting economic expert must toe this economic policy or simply take a long walk back to Erehwon!
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But, apart from the fact that the world of the fractional reserve and external reserve currencies of the two-tier Euro-American global financial system is falling apart completely, there is a compelling spiritual reason why Nigeria must as of yesterday begin to drive and manage her economic policy with the interest-free, full reserve and convertible Naira. For, what God Almighty wants for any human being in Nigeria is Freedom and Responsibility. The interest-based and external reserve Naira excludes most Nigerians from the center of the market fray of Nigeria’s economic life and, thereby, denies economic freedom and responsibility to most Nigerians. This is precisely why Nigeria today is simmering at the rim of anarchy. And this has the clear spiritual imprimatur of Mammon who uses the interest-based, external reserve and non-convertible Naira to deprive the many in Nigeria of their God-given rights to a decent living of destiny fulfillment.
However, the economic formula that God has designed for any human being in Nigeria says that no Nigerian may be denied of the social and material circumstances for him to lead a full life of destiny fulfillment in freedom and responsibility. So, the type of the Naira that God Almighty approves for use in Nigeria must be that which includes every Nigerian, equally and responsibly, in the management of the economic affairs of Nigeria. This is what only the interest-free, full reserve and convertible Naira can and will do for every Nigerian. So, the justice and peace of an overflow of homemade jobs, goods and services in Nigeria for Nigerians demands that Nigeria begins from yesterday to drive and manage the Nigerian markets with the interest-free and convertible Naira as God Almighty pleases. Muslims in Nigeria commonly accept this idea of the interest-free Naira whilst many Christians reject it because they do not know that up-till the 16th century A.D., Christians in Europe were forbidden, at the pain of being denied Christian burials in Christian churchyards, to do any business at interest. But, as soon as John Calvin and his mates brought the diabolical wuru-wuru of interest rates into the ways of money, the black-people enslaving and interest-based capitalism became the global and ungodly vogue of business lore and ethics and ever since Euro-centric Christianity has lost its monetary innocence and gone the way of Mammon. However, the Unchanging God Who lives in the eternity of Kairos holds that it is forbidden for any human being, Christian or Muslim, to do business in Nigeria at interest and this why it is only the interest-free Naira that can and will grow the Nigerian economy amply as God Almighty pleases.
So, let no one make any mistake about it. Nigeria is a nation of destiny which at 50, needs a befitting golden jubilee gift package. And this package happens to be the new national economic development scenario where a sane and a caring concept and practice of the Naira would begin to take the Nigerian back to his village and cultural roots and to use the mechanism of the interest-free and country-wide network of micro-finance banks, MFBs, to then begin to produce every enterprising Nigerian man and woman into rural social and material plenty. Accordingly, Nigeria cannot possibly and respectably grow and grow in the local content of home-made jobs, goods and services when her financial system, like the Leaning Tower of Pisa, has its pillars and centre of gravity in Washington DC, USA rather than in Abuja, Nigeria. And, so, any patriotic and God-fearing Nigerian must reach the inevitable conclusion that the viable route to be followed for the polycentric market development and management of a prosperous Nigerian economy must be anchored to a Nigerian concept and practice of the interest-free, full reserve, and convertible Naira. And this would lead to the centre of gravity of the Nigerian financial system being located within Nigeria and with its pillars being planted and found in the MFBs of every Nigerian LGA. Such an inward-looking, local-content growing and resource-controlling Nigerian concept and practice of the Naira is what the Rural Industrialisation Road-Map for Nigeria, RIROMAN, concept is all about.
In fact, RIROMAN is the electronic market development and management tool for golden jubilee Nigeria which has the following four intra-market and inter-market development platforms:
a) Nigeria’s internal currency market development platform.
b) Nigeria’s financial market development platform.
c) Nigeria’s commodity market development platform.
d) Nigeria’s external, or common, currency market development platform.
And, since Nigeria is generally acclaimed to be the pace-setting and anchor nation of the black race, it follows then that Nigeria should lead in the electronic market development and management of the Pan-African economy through the example of a functional RIROMAN which will eliminate, from the Nigerian structure of economic life, the dual economy and centre-periphery market distortions that the interest-based, non-convertible and external reserve Naira has ruinously saddled Nigeria with over the past 50 years of her political independence. Thus, RIROMAN, of the interest-free, full reserve and convertible Naira is, the economic policy game-changer, which Nigeria, at 50, sorely needs.
This golden jubilee economic package of RIROMAN for Nigeria requires a multi-task electronic market development and management software for its implementation. And it is in this regard that Airtel’s One Network for Africa, ONA becomes invaluable for the justice and peace of growing an overflow of home-made jobs, goods and services in Nigeria and the rest of Diaspora Africa. For, on closer study, one finds that Airtel’s One Network for Africa, ONA, is the very welcome electronic market development and management tool for the evolution of a level-ground, viable and durable African common currency concept and for the internal and external economic/market integration of the nations of Sub-Saharan Africa, in particular, and of the Pan-African economy, in general. And this is so for two reasons as follows:
a) ONA allows every Black African nation to do its own RIROMAP: Rural Industrialisation Road-Map, of inward looking, inclusionary and resource controlling market development and management.
b) ONA, through its African multi-soft-currency convertibility software, allows every African nation to trade and pay at home and abroad with its own soft currency and, thus, to partner, under the virtual Mandela Pan-African common currency umbrella, with its near and far African neighbours in deep-seated industrial market complementarity.
In other words, it is only under the electronic market development and management canopy of Airtel’s ONA, with the Mandela Pan-African common currency of 29 grams of fictive fine gold per unit value, acting as Airtel’s common currency numeraire, that the Pan-African economy can be leapfrogged into spectacular and integrated social and material development by 2020. And this is what Nigeria wants for the black world.
In effect, Airtel’s ONA is the electronic market development and management platform which Nigeria must use to hasten the inward-looking and integrated market development and growth of Nigeria and the rest of the Pan-African economy.
And, finally, the regime of interest-free, full reserve and convertible Naira has a zero tolerance for capital flight because it is an industrial in-sourcing model of national economic life. Accordingly, a root and branch Loot Recovery Commission, LRC, must be established in Nigeria, as of yesterday, in order expedite and partly fund the transformation of Nigeria into the justice and peace of a nation of resource control and of citizens all and subjects none, as God Almighty pleases.
Lagos, July 9 2011
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