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Saturday, March 9, 2013

NIGERIA - Debts on the Rise Again - STOP Trans-Saharan-Higway project; it is not a necessity, never for the people

author thomas ramseyer
Unnecessary USD-Debt raising for NON-Nigerian Infrastructure Purpose
A country lacking infrastructure itself such as Nigeria never shall envisage participating in building infrastructure such as Trans-Saharan Highway

This highway will never lead to boost Nigeria's domestic economy. It just will allow other countries to suck out the money from Nigerian population. 

Also this Trans-Saharan Highway will be too vulnerable to terrorist-activity; it never will be safe.  

Trans-Saharan Highway will prove to be ONEWAY
This Trans-Saharan Highway will be for the benefit of the holders of the relevant contracts as well as their connections. It is never for the prosperity of Nigeria's population. It will be to the disadvantage of the future generations, the people not yet born.

Boosting the domestic economy
For boosting the economy it needs the development of a domestic economy which allows the majority of the population to participate. Development of a sound domestic economy means building up an industry capable of producing all durable goods needed by Nigerians locally in Nigeria.

Awarding contracts to firms which are not equipped with the necessary machinery is all in vain. Upfront payments must not be executed. In the case of building roads Nigerian constructors must refer to what the they have. Millions of people are idly hanging around all over the country. It would be easy to recruit them because they are willing to work. They WANT to work. Roads can entirely be built by hand. Time is not what matters. Time is available.

Raising USD-Debt allows heavy "legal" moneylaundering
Raising USD-Debt will be the number one money laundering activity. As the materials needed to fullfil such tasks are being bought in the region, the USD raised can be exchanged for looted bundles of NGN. 

The mechanism thereof is easy. Nigerian debt raised abroad is bought by Nigerian residents. Those residents fulfill the liberation of the allotted Bonds/Obligations/Debentures by selling the USD-countervalue in NGN (derived from whatsoever source) to the Nigerian Central Bank.

Once they own Nigerian Debt-Capital denominated in USD they are free to diversify into other asset classes in Non-Nigerian markets.

copyright thomas ramseyer