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Diary Of A 3rd World Economist

Quake at the Bretton Woods

How relevant are international development institutions today? To many countries, not very relevant. The Bretton Woods institutions, which were established to rebuild the post-war world and encourage global economic cooperation may have outlived their relevance. Developed economies have taken the determination of their economic health into their own hands, charging their central banks and finance…
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Nigeria – Mending the deep cracks

If recent indicators are anything to go by, Nigeria’s economy is in shambles. The Naira is trading at over N500/$ at the open market, inflation in double-digits, unemployment at a record high, uninspiring debt levels, and deteriorating welfare indicators. The past few years have been such a downhill ride. But you should expect little from…
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Much ado about cryptos

A financial revolution is underway. Tesla cars can now be purchased with bitcoin and prominent investment managers are including cryptocurrencies into their portfolios. In another landmark moment in cryptocurrencies making history, the biggest US cryptocurrency exchange– Coinbase (COIN)- went live with its direct listing on Nasdaq. You can say Coinbase took the revolution to the…
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A long walk to equality

Conversations about equality have been gradually gaining momentum over the last few years, fueled by national social movements, including #BlackLivesMatter and #MeToo. Inequality is a multifaceted problem that cuts across many industries. Companies are increasingly talking about inclusion as a desired cultural norm while public figures – like Ryan Reynolds and Dwayne Johnson – are…
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Fishing for trouble

The blue economy is at risk and China is a major culprit. China is the kingpin of illegal, unreported, and unregulated fishing (IUUF) globally. Although fish do not necessarily observe national maritime boundaries, migratory fish are some of the most economically valuable and are thus extensively targeted. Increasing unlawful fish catches means fewer fish will…
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Making the old, new

Shopping pre-owned is certainly not a new concept. The re-commerce market has evolved from the garage sale image of the past. The trend is booming just like any other re-selling commodities business like vehicles and electronics. There are a few different re-commerce subsets that have exploded in popularity, including thrift, boutique goods, luxury items, and…
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Gangsters’ paradise

One of the dark sides of globalization and technology advancement is the continued expansion of the underground economy. Africa’s initial conditions of weak institutions, poverty, and a population that feels disenfranchised from its government has made it increasingly vulnerable to organized crimes over the years. Reports of political and economic failures tend to overwhelm the…
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Ripple of uncertainty

Cryptocurrencies are drawing more attention – especially from high-profile techies like Elon Musk – than in previous years. The most recent is Tesla’s $1.5bn bet on Bitcoin, a cryptocurrency its CEO (Musk) once likened to fiat money (value is largely based on the public’s faith in the currency’s issuer, usually a sovereign state or central…
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Corruption: The cost of business progress

The corruption perception index reading for 2020 was recently published, revealing deteriorating corruption levels in a few high-scoring countries. The recent election meltdown in the United States, as well as alleged conflict of interest and abuse of office, contributed to the continued downtrend of the country’s score. This underscores the fact that no country is…
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New Year, Big Themes

The year 2021 has gotten off to a bitter-sweet start on the global front. The de-escalation of the Gulf-Qatar tensions, the surge in Chinese demand, and the upbeat risk-sentiment that have supported rallies in emerging markets and commodities markets, have created a semblance of a return to stability. On the flip side, the adverse realities…
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