About 10 years ago, a very thick book written by a French economist became a surprising bestseller. It was called “Capital in the 21st Century.” In it, Thomas Piketty traces the history of income and wealth inequality over the past couple of hundred years. The book’s insights struck a chord with people who felt a […]
What William Ruto’s presidency would mean for Kenya’s economy
William Ruto has been declared the winner of Kenya’s 2022 presidential election and is set to inherit an economy that’s not in great shape. For example, unemployment is running high, a fact that fuelled the youth resentment against the government of outgoing president Uhuru Kenyatta. Kenya’s economy generates less than 200,000 formal jobs for the […]
Ordinary Russians are already feeling the economic pain of sanctions over Ukraine invasion
The daily life of ordinary Russians – not just the country’s political elite or super rich oligarchs – is already being impacted by economic measures imposed by the international community in response to the invasion of Ukraine. As a scholar of Russia’s political economy, I was surprised by the speed and severity of the Western […]
Why is Tax Day on April 18 this year? And how did early spring become tax season, anyhow?
Mid-April has arrived. And along with the spring sunshine, that means the often dreaded civic duty of finishing off one’s taxes. It’s an arduous time for many, characterized by navigating increasingly confusing rules to arrive at the best refund possible. For some, it means writing a check to the federal government. Not fun. On a […]
Nigeria’s debt is sustainable, but dangers loom on the horizon
The World Bank recently ranked Nigeria fifth on the list of 10 countries to which it has the highest debt exposure. Nigeria owes the International Development Association – one of the two lending arms of the World Bank – US$11.7 billion. The International Development Association lends to countries based on their relative poverty or per […]
The African Union has had a shaky two decades but problems can be solved
On 9 September 1999, the Heads of State and Government of the Organisation of African Unity issued the Sirte declaration calling for the establishment of an African Union (AU). Their mission was to accelerate the process of integration on the continent while addressing multifaceted social, economic and political problems. The AU was founded in May […]
Nigeria’s poverty profile is grim. It’s time to move beyond handouts
Nigerians have been justifiably confused by conflicting poverty data presented by the Muhammadu Buhari administration and the World Bank. According to Buhari, his administration has lifted 10.5 million Nigerians out of poverty within the past two years. But no sooner had he made the statement than the World Bank asserted that inflation has plunged seven […]
Phil Honeywood on the challenges of getting international students back
COVID-19 has meant international students have been unable to arrive in Australia to commence their studies, devastating one of our most profitable sectors. We’re joined in this podcast by Phil Honeywood, CEO of the International Education Association of Australia to talk about the impact of the pandemic on universities, students, and the economy – and […]
some long, medium, and short term solutions
An economy with strong fundamentals is one that is resilient, has a well-developed exports base, is industrialised, and creates jobs. That kind of economy can mobilise resources domestically, without much reliance on external support, and can even borrow at a lower cost. The citizens of this kind of economy have good roads, good transportation, good […]
Nigeria’s fuel subsidy is gone. It’s time to spend the money in ways that benefit the poor
As anticipated, Nigeria’s new president Bola Ahmed Tinubu has jettisoned the fuel subsidy, which is estimated to cost the Nigerian treasury about US$10 billion annually. This is about 24% of Nigeria’s 2022 budget. Fuel subsidies have been in place in Nigeria since the 1970s. They began with the government routinely selling petrol to Nigerians at […]