A $38 billion misfortune
Nigeria is reviving its dead cotton/textile industry after 4 years of promise and fail
Good morning, Big Brains. If you’re having a slow morning, just remember that Nigeria went from being a top cotton producer to losing out on a $38 billion industry because some people were too slow to execute. Don’t be like Nigeria, go and get your bag like the rockstar you are!
- Margaret
Word count: ~ 800
Reading time ~3 mins
Let’s get into today’s edition:
Federal Government revamps Nigeria’s $38 billion cotton and textile industry
Doctors in Ogun State strike indefinitely over pay disparity
Nigeria's NLNG dividend drops 43% due to gas supply issues
The Big Deal
Federal Government revamps Nigeria’s $38 billion cotton and textile industry
The federal government is reviving everything these days except the fallen economy. It took 4 years of promises but the Nigerian cotton/textile industry is finally up again.
Before Tuesday, the high-potential industry got less attention than upcoming artists with 7 monthly listeners. However, the International Cotton Advisory Committee (ICAC) was somehow able to convince the government to reinvest in the industry after several years of inactivity.
Nigerian Vice President Kashim Shettima, who has been busy lately, seemed particularly thrilled by how this partnership will help the Nigerian regain the ICAC membership it lost after ghosting the community.
The project will likely kick off in Lagos because when Governor Sanwo-Olu is not organizing photoshoots in the kitchen, he's delivering subjectively impressive pitches. He has managed to position Lagos as the “fashion hub” of Africa and he believes that the local production of cotton should be spearheaded by the fashionistas of Lagos.
Why is this a big deal?
Shocker alert, Nigeria is a big importer of cotton.
We’re talking $23.49 million in 2023 alone kind of big! This is crazy because cotton was one of Nigeria's most exported products before oil was discovered, contributing up to 25% to the country's gross domestic product (GDP) in 1980. Around this period, Nigeria was globally recognized as a top producer of cotton with over 200 cotton textile and garment companies.
We say this lightly but we’re astonished by Nigeria’s bad fortune because the dying industry is now worth over $38 billion globally. If this partnership isn’t just another PR hit, it will produce billion-dollar economic opportunities for Nigeria. VP Shettima also confirmed that it will provide 1.4 million jobs in the country every year. Now we can’t really blame Sanwo-Olu for getting so hyped!
Doctors in Ogun State strike indefinitely over pay disparity
You know that awkward feeling you get when you find out that your colleagues who do the same thing you do are earning way more than you? Ogun state doctors get that feeling too and they are sick of it.
These doctors are now on an indefinite strike until the state government addresses the pay gap between federal and state medical workers.
Dr Kunle Ashimi, the chairman of the Nigerian Medical Association (NMA), explained that the main issue is the reviewed Consolidated Medical Salary Structure (CONMESS), which doctors believe should take effect if the government doesn’t want them to japa from the state.
"Unfortunately, we couldn't reach an agreement with the government. They argue that minimum wage issues are common, but we feel our specific concerns need addressing," Ashimi said.
He added that Ogun State is "losing many doctors daily because of the pay disparity."
Now, this is sus because….
Ogun state is currently asking job seekers to pay non-refundable ₦10,000 before they can apply for government-owned jobs so they definitely have extra money in reserves to pay doctors.
As crazy as it sounds, this isn’t the first time the state government has pulled that kind of move. In 2021, they asked those interested in fire service officer roles to pay the same amount for application forms.
If they can charge frustrated jobseekers crazy application fees, they can definitely afford to pay their doctors well.
Nigeria's NLNG dividend drops 43% due to gas supply issues
The oil and gas sector of Nigeria is no longer what it used to be. The country’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited just dropped by 43% due to ongoing gas supply issues.
The government earned only ₦46.2 billion from NLNG in 2023, which is literally a couple of bucks compared to the targeted ₦81.79 billion.
Industry experts believe that not having a financial plan for deep-water gas keeps companies like Exxon and Chevron from investing. They also said that the country will continue to suffer huge losses except if the government develops policies to increase gas production and improve infrastructure security to attract investment.
The Big Picks
#EndBadGovernance Protest: Soldier Kills Teenager In Zaria During Curfew: The #EndBadGovernance protest in Kaduna State turned violent on Tuesday after a soldier killed a teenager in the Samaru area of Zaria.
Bangladesh Nobel Winner Yunus To Lead Interim Govt: Bangladesh’s Nobel Prize-winning microfinance pioneer Muhammad Yunus will lead an interim government after mass protests forced Prime Minister Sheikh Hasina to flee, the presidency announced Wednesday.
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