The NIGERIA Story.

NIGERIA is a regional power in Africa, a middle power in international affairs, and is an emerging global power. Well, should be. First off, Nigeria is a global power in terms of oil and natural gas, #14 and #7 in production, respectively. Abuja is also world’s #7th oil exporter and 10th natural gas exporter.

       Add major agricultural/fishery wealth of sesame seeds, cashew nuts, cocoa beans, ginger, frozen shrimp and cotton, and mining resources that include coal, lignite and coke, gold, iron ore, and uranium. However, Nigeria is the poorest nation on earth—40 percent or 87 million of the 206 million population live below the international poverty line of $1.90 per person per day.    

       Its GDP per capita of $2,175.67 is low compared with other developing countries. The country’s GDP growth rate is a measly 2.9 percent, from last year’s 1.5 percent.

       Why is that?

       Nigeria remains one of the most corrupt nations in the world. Since its independence from the British in 1960, it hasn’t really prospered. The civil war of 1967 to 1970 made things worse. Democratically elected civilian governments were punctuated by military dictatorships. Massive tribal animosities also stunt concerted efforts for development. More than 250 ethnic groups speaking 500 distinct languages, all identifying with a wide variety of cultures, make up Nigeria. 🇳🇬🇳🇬🇳🇬

ECONOMIC inequality among the population is mostly gleaned on disparity between GDP growth and people’s life. No matter how high the economic progress, if (economic) wealth isn’t equally shared with the people, we still see a poor nation. India is another case in point. High GDP (currently 8+ percent) but low human development index, although not the lowest in the world.

       In the case of Nigeria, its major wealth of crude oil and natural gas don’t translate to quantifiable national economic gain since these companies that drill/profit from these resources are foreign corporations, and of course, in partnership with the country’s few rich or what we call 1 Percent.

       Shell Petroleum is the largest oil and gas company in Nigeria. The other majors are also universal titans: Chevron, ExxonMobil, Total, Agip, Texaco. Yet despite petroleum industry as its top moneymaker (supposedly) since the sector collars 98 percent of export trade, unemployment is perennial high, currently 33 percent.

       Nigeria’s top trading partners are Brazil, China, India, Japan, the U.S. and the European Union—with China, expectedly, the most aggressive in recent years.

       Apparently, Nigeria has got to play smart on the geopolitical game board to be able to gain trade traction. After a $40 billion pledge in Chinese investments last year, the government adjusted its diplomatic relationship with Taiwan and ordered Taipei’s trade mission out of Abuja. 🇳🇬🇳🇬🇳🇬

NIGERIA isn’t the only African nation that thumbs up China (over Taiwan) as strategic political smarts vis a vis economic gain. In the U.N., 25 African countries backed Beijing during a recent vote about the Hong Kong national security law. Of course, China and Taiwan aren’t really fighting. In fact, Taipei’s top trading partner is Beijing. But you know geopolitics works, I guess.

       With the “Out you go!” call on Taiwan, Nigeria has since become an important source of oil and petroleum for China's rapidly growing economy. According to a 2019 report issued by the Chinese embassy, Nigeria hosts 70 construction, 40 investments and 30 trading Chinese companies.

       Meanwhile, U.S. foreign direct investment (FDI) in Nigeria was $5.5 billion in 2019, a 21.5 percent increase from 2018. Seemed like a token economic gesture? Yet Washington is the single largest donor for the humanitarian response in Nigeria, having provided nearly $505 million in Fiscal Years 2020 and 2021. But most of the aid go to funding the military pursuit of Boko Haram, an Islamic terrorist organization based in northeastern Nigeria, which is also active in Chad, Niger, and northern Cameroon.

       The United States is committed to supporting efforts by Nigeria and its neighbors to combat the threat of Boko Haram more effectively. From FY 2016-FY 2020, $1.8 million was obligated for Nigeria in Foreign Military Financing.

       Of course, Beijing doesn’t sink its foot on issues of this kind. The U.S. willingly takes care of terrorism and other political shudders; China hands over FDIs. 🇳🇬🇳🇬🇳🇬

Photo credits: Britannica. Medium.

MY THOUGHTS About News and Stuff.

Previously posted on my Facebook Page.

New York Times: “More Than 230 Dead and 900 Injured in Train Crash in India.”  About 22 million people ride 14,000 trains across India every day. Take note: India has the second largest labor force in the world. Working class. Workers. Only in India where I saw passengers on the roof of trains. Inside, "packed like sardines" is an understatement. Meanwhile, India’s 7.2 percent economic growth in FY 2023 is the highest among large economies. 🚂🇮🇳🚂

New York Times: “The First 10 Words of the African American English Dictionary Are In.” And adds: “An exclusive look at a dictionary consisting entirely of words created or reinvented by Black people.” That's cool. I'd like to learn some. When I was living in New York City, I used to hang with friends in Harlem and I created buddies who play/ed pickup basketball on West 4th downtown. I understood probably 45 percent of the language. Same English but different definitions. 📜🗣📜

New York Times: “Spelling Bee: After three years of studying, it took Dev Shah about 45 seconds to reach the apotheosis of his craft and become the national champion this year.” Cute. Your 9 year old can spell staphylococci. I was obsessed with weird words and correct spellings as well when I was a kid. But my dad preferred that I learned how to use the tire jack, cook rice, or perform first aid. Makes sense. Knowing all words by spelling wouldn't make me eudaemonic, anyway. 📝👶📝

New York Times: “North Korean Rocket Triggers ‘False Alarm’ Evacuation Alert in South Korea.” The real security shudder in Asia is not China, but North Korea. But Pyongyang will not make a harsh move without thumbs-up from the CCP. But Beijing won’t do war, nope–apart from tit for tat “dare” with the U.S. hawkish slings in the region. And NK doesn’t need to launch a missile West bound to create damage. Think: 19 nuclear reactors in South Korea. Hit one, the entire East crumbles. 

       Topmost pawns are the people in the region. And if South China Sea halts due to a (knock on wood!) Kim Jong-un mischief? The damage is unimaginable. Add info on South Korean nuclear reactors: Responding to widespread public concerns after the Fukushima Daiichi nuclear disaster in Japan, the high earthquake risk in South Korea, and the nuclear scandals, ex-President Moon Jae-in upon assumption of office in 2017, decided to gradually phase out nuclear power. The three reactors currently under construction will be completed, but the government decided these will be the last built, and as the existing plants close at a 40 years end-of-life they will be replaced with other modes of generation. 🇰🇷☮️🇨🇷

New York Times: “Companies Push Prices Higher, Protecting Profits but Adding to Inflation.” And adds: “Corporate profits have been bolstered by higher prices even as some of the costs of doing business have fallen in recent months.” Inflation is complex. People may have jobs, higher pay, and enough money to spend but prices of goods are higher and/or “hoarded.” Etcetera. Ideal U.S. inflation rate is 2 percent. On average, U.S. inflation is 3.3 percent. Today, it is 5 percent. 🏦💸🏦

New York Times: “What the Debt Ceiling Deal Means for Student Loan Payments.” And adds: “The legislation would prevent President Biden from issuing another last-minute extension on the payments beyond the end of the summer.” Last month, some $42 billion in Public Service Loan Forgiveness was approved, or so it seems. Last week, Senate voted to repeal the President's student loan debt relief. Similar to the huge U.S. debt: Cut spending, pay! Default is no good. 💵🖇💵

Time: “Maine Confirms a Fatal Case of Powassan Virus. What to Know About the Rare Disease.” Powassan virus, a tickborne flavivirus, is old. Related to mosquito borne viruses such as West Nile virus, Powassan was discovered in an Ontario town with the same name in 1958. More viruses coming? For each viral infection or disease, there’ll be multiple vaccines per competing individual drug companies. Covid effectively captured the consumer's fear quotient. And market. 🦟💉🦟

New York Times: “Surgeon General Warns That Social Media May Harm Children and Adolescents.” Dr. Vivek Murthy cited a “profound risk of harm” to adolescent mental health and “urged families to set limits and governments to set tougher standards for use.” A Univ of Utah study showed that young adults who use social media are three times as likely to suffer from depression, putting a large portion at risk for suicidal behaviors. Unarguable. Facts as well with adults. 

       Most kids are spending more than five to 8 hours a day on social media or playing video games, those violent video games. We are not even talking about AI’s misleading feeds. Social media, by the way, don't necessarily mean Facebook, Instagram, Twitter, and TikTok. There are so many that are specifically geared at the youth market. 👶📱📲

Time: “China's Aggressive Maneuver Against U.S. Spy Plane Highlights Escalating Tensions.” Let’s just say due to economic greed and geopolitical narcissism, Cold War is back so spy planes are back. The U.S. Lockheed U-2 spy plane is specifically designed for high-altitude reconnaissance flight. Russia’s Tupolev Tu-123 Yastreb was a recon drone developed in the 1960s. For sure, they got new ones. China? For sure, their airborne spy thingies are not weather balloons.

       Fact is, most modern air forces have them and many developing nations fly the planes. In East Asia, Taiwan, Japan, South Korea, Thailand, Singapore, possibly Russia, and Australia, as well as Chinese and U.S. forces, are believed to have them. "There's a lot of people doing it around the world," says Andrew Brookes of the International Institute for Strategic Studies, based in London. 🇺🇸☮️🇨🇳

Thailand’s Economic Story.

Posted on Facebook years ago.

HISTORICALLY known as Siam, Thailand, located in Southeast Asia, is an old country that has never been colonized despite European conquests of most of the region in the past. European contact began in 1511 with a Portuguese diplomatic mission to Ayutthaya, which became a regional power by the end of the 15th century. Ayutthaya reached its peak during cosmopolitan Narai's reign, gradually declining thereafter until being ultimately destroyed in the Burmese–Siamese War.

       Yet Siam/Thailand, then and now, remains as one of a few countries that was never conquered by a foreign power. Not unless it is all about economics.

       The 1997–98 Asian financial crisis began in Thailand and then quickly spread to neighboring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U.S. dollar, setting off a series of currency devaluations and massive flights of capital. Thai bhat, that time, reached almost 53.

       That crisis could be happening again. Economists predict that Thailand is expectedly to be one of the first to be impacted if the U.S. falls into a recession. Already, as we speak, as the U.S. struggles to get off decades-high inflation, Thai bhat is now at 38—down 22 percent compared with three years ago, before the pandemic. The record low was 22 in 1978. 🇹🇭🇹🇭🇹🇭

THAILAND relies heavily on tourism for its economic growth. Tourist spending accounted for approximately 11 percent of Thailand’s GDP in 2019, or before the pandemic. The country welcomed almost 40 million visitors that year and generated more than $60 billion in revenue, according to World Bank data. Most of tourism’s drivers are Chinese visitors but with Covid travel restrictions in place in Beijing these days, Bangkok only sees darkness.

       Economists who watched the 1997 currency crash say Thailand’s current downturn predictably follows, after Singapore. Thailand’s inflation rate is at a 14-year high of 7.86 percent. After Singapore and Thailand, next to go down in the region are the economies of Indonesia and the Philippines, due to their “domestic oriented economies.”

       Economics is complex and I don’t claim I know much. I just read. The rising strength of the U.S. dollar, which has been appreciating against other currencies since last year but began rising particularly rapidly this summer, is the result of multiple causes. Foremost of which is the decision by U.S. central bankers at the Federal Reserve to begin aggressively raising interest rates to fight inflation.

       The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.

       Interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation. 🇹🇭🇹🇭🇹🇭

THAILAND’s chief industries are machinery, electronics, foods and wood, chemicals and plastics, automobiles and automotive parts, stone and glass, textiles and furniture. Investments by foreign businesses soared by nearly 75 percent during the first half of 2022 compared to the same period last year as companies.

       Investment is one of the three key pillars of the Thai economy, along with exports and consumption. The sharp rise in the value of foreign investments is a sign that global businesses still see Thailand as a competitive location for their operations. Until the U.S suffers its own economic problem/s.

       Top three trading partners: United States, China, Japan. As Bangkok’s top trade buddy, Washington has showered the former with attention in recent years. In June this year, Thailand joined 12 other countries in signing up to the U.S.-led Indo-Pacific Economic Framework (IPEF), a diverse trade platform that will now be negotiated among partners over the next 18 months.

       The dependency with U.S. investments, however, is majorly blamed for the current currency crash. For one, imports from the U.S. have grown costly etc etcetera. 🇹🇭🇹🇭🇹🇭

ANYHOW, the power struggle between the United States and China is a loud reality in Thailand as both superpowers escalate presence in the country. Although the U.S. is ahead in FDIs, China remains as an important ally to Thailand, partly because of its influence and prominence in the region.

       Trade between Beijing and Bangkok has rose fast in the last few decades. Bilateral trade in 1999 was worth $4.22 billion. Fast forward: China exports to Thailand last year was a whopping $69.36 billion against a mere $5.2 billion in Thai imports.

       China also has military relations with Thailand. Among other deals, in 2017, the Royal Thai Navy signed a contract with the China Shipbuilding Industry Corporation for a S26T diesel-electric submarine, which is derived from the Type 039A submarine. The submarine is expected to be delivered in 2023.

       I can discuss this more and connect it with the 1997 currency crash (with accent on George Soros’ dubious “speculative investing”) but suffice to say that, in these days, foreign military subjugation doesn’t define invasion. It’s all economics.

       For the meantime, the bigger news in Thailand is this horror: “After Day Care Massacre, Thailand Is Roiled With Grief.” News adds: “Anguished families were coming to terms with the loss of their young children as the nation pondered issues like gun violence and the widespread availability of deadly weapons.” 🇹🇭🇹🇭🇹🇭

Photo credits: BBC. Nemo Guides. Savored Journeys.

MY THOUGHTS About News and Stuff.

Previously posted on my Facebook Page.

New York Times: “Another Housing Setback for New York: Its Housing Chief Is Resigning.” That’d be the day after Mayor Eric Adams said he would oppose an effort to reduce homelessness. Weird. Facts: As of the end of 2022, there were 68,884 homeless people in NYC. Also, the city has fed/housed more than 61,000 migrants over the past year. Note: The Big Apple has the most billionaires in the world, and the second largest national budget, after California. 🗽🏘🗽

New York Times: “Chinese Malware Hits Systems on Guam. Is Taiwan the Real Target?” And adds: “The code, which Microsoft said was installed by a Chinese government hacking group, set off alarms because Guam would be a centerpiece of any U.S. military response to a move against Taiwan.” Do we need more rationales to upgrade military firepower in Asia? In addition to the potentially nine U.S. bases in the Philippines, the U.S. already has 313 military base sites in East Asia alone. ☮️☮️☮️

Smithsonian: “Pets Will Soon Be Welcome at More Than 120 Archaeological Sites in Greece.” And adds: “The new policies won’t apply at certain high-traffic destinations like the Acropolis.” Why not allow dogs in all “destinations,” uh huh? Bring poop bags. Some 23 U.S. states allow dogs in outdoor patios of restaurants by state law or via administrative regulation. In most cases, dogs behave better than hoomans. Dogs don’t smear classic art. They appreciate them. 🐕🏛🐕

New York Times: “Ukrainians Were Likely Behind Kremlin Drone Attack, U.S. Officials Say.” And adds: “American spy agencies do not know exactly who carried out the attack this month, but suggest it was part of a series of covert operations orchestrated by Ukraine’s security services.” Not difficult to believe this. Nord Stream 2 bombing, “grains deal” sabotage, what more? Volodymyr Zelensky and his corrupt cohorts are using this war to pile up more aid$. And personal wealth.  ☮️🇺🇦☮️

New York Times: “Feinstein, Back in the Senate, Relies Heavily on Staff to Function.” And adds: “The California Democrat is surrounded by a large retinue of aides at all times, who tell her how and when to vote, explain what is going on when she is confused, and shield her from the press.” At age 89, Ms Feinstein is not the first, and won’t be the last, U.S. senator to be caught up in speculation that a cognitive or physical decline has rendered her unable to do her job. Ponder. 

       Fact is, although the Constitution’s 25th Amendment can remove a president deemed unfit to serve, there’s no similar mechanism that exists for dislodging members of Congress. Meanwhile, Sen. Robert Byrd, the longest serving senator ever, stepped down as majority leader in 1989 at age 71 but remained in the Senate for two more decades, chairing the Appropriations Committee for part of that time. He finally surrendered his gavel in November 2008, at the start of the economic crash that would become known as the Great Recession. So yes Mr Byrd sat there but that doesn’t mean he was “working.” 🏦🗽🏦

New York Times: “Ruling Against Warhol Shouldn’t Hurt Artists. But It Might.” And adds: “The Supreme Court decision over Andy Warhol’s use of Lynn Goldsmith’s Prince photograph was decided on the narrow grounds of a licensing issue. But it could still have a chilling effect.” Before AI or long before the internet, I never viewed Mr Warhol’s work as art, anyways. He was an exemplary organization dude but his “art” is cribbed from others’ work. 🎨👎🎨

New York Times: “Office Workers Don’t Hate the Office. They Hate the Commute.” Research by the Univ of Chicago avers that employees thought they were just as productive working from home compared to working in the office. Yup, till they get depressed. Same survey also says that commuting time was reduced by 62.4 million hours per day when people work at home. Though they still commute or drive to the bar or meet friends after work to avoid getting depressed. 

       Most if not all of these  studies (funded by tech giants, sure!) say people prefer working at home than beyond or in the office, with other employees. And 30 percent of respondents told researchers they were more productive and engaged working from home. Repeat: Funded by tech corporations. 📎🏎📎

New York Times: “The Reason People Listen to Sad Songs.” And adds: “It’s not because they make us sad but because they help us feel connected, a new study suggests.” When I am sad I don’t really listen to sad songs because these sappy weepies (LOL!) only worsen my sadness. Instead, I crank up the volume: Blues rock, reggae, or rhythm & blues classics. Disco! “Stayin’ Alive!” But I do listen to sad songs, mostly when I am tired. Or happy but bored. Not when I am sad. 😢🎼😭

New York Times: “Addressing an Arab League summit in Saudi Arabia, Volodymyr Zelensky urged Arab nations to stand with him against Russia.” Zelensky courts Russia’s BRICS buddies Brazil and India, and now the Arabs. While Syria is the only Arab nation to have openly declared support for Russia, other Arab nations have indicated the same. If Z really cares for his people, explore peace talks to end this war and quit creating fissures to divide the world. 

       The Arab stance (quiet or implied) to Russia’s invasion of Ukraine is considered a departure from trends that used to govern Arab politics, which have generally been supportive of the United States. Example: The UAE’s decision to abstain from a US-led resolution to condemn Russia’s operation in Ukraine at the U.N. Security Council last year was considered tacit thumbs up for Russia. Then came Riyadh’s oil “partnership” with Moscow despite President Biden’s visit last summer. Russia and Saudi Arabia are #1 and #2 in oil and gas exports. And what about China brokering the Saudi Arabia/Iran handshake in March? ☮️☮️☮️

New York Times: “Immigrants Keep Loving America, Even When America Doesn’t Love Them Back.” And adds: “I was undocumented for 25 years, and I am a child of immigrants who remain undocumented.” The writer’s parents could be “visa overstay” illegals. Possibly they’ve been here for decades, their status ignored over the more politically palatable “migrants” off the southern border. Millions of them, active in the economic system but unable to gain legal benefits. 

       The Department of Homeland Security estimates some 702,000 overstayers in 2017. That could be a small fraction, or just 1.33 percent, of the more than 50 million people who arrive in the U.S. each year on valid visas. But do the math. Calculate from 2000 to 2020, at least. The federal government spends billions$ to house/feed new migrants/refugees, thereby bankrupting fiscal management each year, yet those that are already here, law-abiding sans expired visa, seem never a priority. 🧕🗽👲