Once Better than Singapore

Hi

Trust you are having the best of the week. This past week has seen us reflecting on Singapore's remarkable development and imagining how different Nigeria could have been if our leaders had shared Lee Kuan Yew's pragmatic approach. Yet there was indeed a time when Nigeria outpaced Singapore economically.

Yes, the 1970s were Nigeria’s golden years. For a decade, thanks to high oil prices, Nigeria was one of Africa’s richest countries per capita. The naira’s value was higher than that of the dollar. In the famous words of the Head of State at the time, General Yakubu Gowon, “Money is not Nigeria’s problem. But how to spend it”. True to his word, Gowon launched an unprecedented spending spree, building roads, universities, hospitals, office complexes, army barracks, hotels, factories and more.

As the government blew its oil wealth, the groundnut pyramids and cocoa fields gradually disappeared. This prosperity wouldn't last. The party ended abruptly in 1982 when oil prices crashed. The harsh economic reforms that followed brought suffering to Nigerians at levels never before experienced.

They say that history doesn’t repeat itself, but it rhymes. Today, 2025, with the fuel subsidy gone and the naira in free fall, it feels like the 80s all over again. We put together a feature on this so be sure to read to get the gist.

Alongside that is the story of how Globacom is breathing what could be its last breaths.

Tinubu’s Government Is Looking A Lot Like the 80s

The 1970s were Nigeria’s golden years. For a decade, thanks to high oil prices, Nigeria was one of Africa’s richest countries per capita. The naira’s value was higher than that of the dollar. In the famous words of the Head of State at the time, General Yakubu Gowon, “Money is not Nigeria’s problem. But how to spend it”.

As the government tried its best to solve this peculiar problem, the groundnut pyramids and cocoa fields gradually disappeared.

However, the party would abruptly end in 1982 when oil prices came crashing down. The reforms that followed saw Nigerians suffering like never before. Today's economic climate bears striking resemblance to that difficult period. After a period of relative stability, we are again facing tough economic reforms, currency devaluation and inflation reminiscent of the 80s.

Are we witnessing history rhyming with itself?

👉 Full Story here: Tinubu’s Government Is Looking A Lot Like the 80s

Globacom Is In Terminal Decline: Can It Be Saved?

Before Glo entered the market in 2003, MTN, Econet and MTEL charged Nigerians a flat rate of ₦50 per-minute for a call. This held even if the 60 seconds were not exhausted.

Nigerians felt ripped off and asked for per-second billing but the operators claimed this was impossible. Globacom proved them wrong and introduced per-second billing. This innovation alone forced its competitors to follow suit leading to a crash in the price of phone calls.

A year later, Glo started giving out free SIM cards when MTN still sold theirs for ₦2,000. This again, forced the hand of its competitors.

Two decades after disrupting the telecom industry and becoming ubiquitous with football in Nigeria and Africa, Glo now finds itself in steep decline with the best efforts to save it proving abortive.

👉 Full Story Here: Globacom Is In Terminal Decline

ICYMI

Court Sentences Osinachi’s Husband to Death:

The husband of Osinachi the Ekwueme crooner, Peter Nwachukwu has been sentenced to death for the homicide of his wife. Her 2022 death sparked national outrage when accusations came out that she was the victim of years-long domestic violence.

Till Saturday

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