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INVESTIGATION: How big businesses, individuals deplete Nigeria’s protected forestsSPECIAL REPORT: Nigerians with albinism dying of skin cancer due to healthcare gapsRibadu not perfect, but Binance lied, By Emmanuel OgbecheINVESTIGATION: How big businesses, individuals deplete Nigeria’s protected forestsSPECIAL REPORT: Nigerians with albinism dying of skin cancer due to healthcare gapsRibadu not perfect, but Binance lied, By Emmanuel OgbecheProfessional military coup plotters, or military...
Usman pointed out how: “well over 50% of the factories in the country closed down, and the rest grinding to a halt, working part-time, with the exception of the breweries, cigarette and soft-drink plants.” He said in December 1983: “only about 25% of the installed electric power generating capacity of 2,342 megawatts is being utilized…”
Contractors, through the inflation of contracts, and the promotion of “all forms fraud, embezzlement and outright plunder of public resources in cash and kind.” Whereas Shagari refused to devalue the naira, despite immense pressure from the International Monetary Fund , World Bank , and the then United States’ President, Mr Ronald Regan. However, the naira has miserably been devalued from 724kobo/$ in 1983 to about N1,600/$ on 11 February.
This shows the fundamental limitations of Usman’s analysis. Capitalism is for the accumulation of capital; a system of ‘monkey dey work baboon dey chop’. To these elites, anything done to accumulate capital for individual ends, even at the expense of the state and society, is good and fine, as long as it does not fundamentally endanger the system.
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