First session of the day was ‘the Macro-economic and socio-political environment of business’. Tayo Fagbule, a ViMP alumni, did his best to bring us and the above environment to the same level. But when you’re talking in near technical terms to a group of people, a good number of whom it could be said that the only technical stuff they know about the Nigerian economic climate is that the GDP has been rebased and is now the highest in Africa, you can expect some blank stares at the beginning, from your listeners. Being in that category, here are some of the learning points that I caught from the session;
- In the business of buying and selling mortgage, the almighty banks are the wholesalers, the NMRC (National Mortgage Refinance Company) are the middlemen and the individuals – prospective house buyers for example – are the consumers. The banks sell mortgage to the individuals to build their homes and pay back at a reduced interest over twenty years. NMRC buys the mortgage from the banks to remove the liability from them.
- The importance of the MPC. This MPC is neither the ‘money paying congress’ nor is it in any way related to any of the Cs and Ps (congresses and parties) in our country. The monetary policy committee of the Central Bank, amongst other tasks, regulates the interest rates that banks can charge and the rate of the naira to the dollar and other currencies.
- The difference between FDI and FPI but not FBI. Foreign direct investment has its two feet firmly on our ground, so to speak, and suffers the heat with us. Foreign portfolio investment is almost ‘in the clouds’ with its feet dangling between ‘heaven’ and ‘the earth’ of our country, and when it becomes too hot, it can disappear completely.
Please raise your hand if you think that these terms have been oversimplified here? You, you, you –thank you. You and I are kindred spirits in as much as we try to be sincere and are willing to always learn. For more, see Google or register for ViMP next year. Ever heard that phrase ‘Police is your friend’? Replace the first two syllables with another two ‘goo’ and ‘gle’ and you will not be wrong. Worse still, very few people here believe the original phrase these days. What went wrong? Don’t tell me it’s the government or our Police Force. Collective responsibility is good but without individual responsibility, the former cannot be.
Did you help your friend to jump the queue today? Did you give that policeman some money to look the other way? Has it ever crossed your head to laud the honourable action of a policeman for example? Or do you take it for granted that it’s his/her job anyway?
If we cannot take evil for granted, we must not take the good for granted. What legacy are you leaving for the generation after you? Small positive change here and there = big positive change. The same goes for small negative changes/actions.