Editorial
Thursday, 11 July 2024 04:47
Editorial: The hunger crisis echoed by senators: A look in the mirror as first step
Two days ago, Nigeria's Senate sounded the alarm on the worsening food crisis, warning of potential nationwide protests if urgent action is not taken. While their concern is warranted, it is crucial to examine the role the lawmakers themselves play in the current economic hardship facing everyday Nigerians. The Senate's call for President Bola Tinubu to "do something urgently" rings hollow when juxtaposed against the lavish spending and self-serving policies that have become hallmarks of Nigeria's political class. If our representatives truly wish to address the hunger and anger gripping the nation, they must first look inward and implement meaningful…
Wednesday, 10 July 2024 04:30
Editorial: Integrating Nigeria's informal economy - a path to sustainable growth
The recent Informal Economy Report 2024 has shed light on a critical aspect of Nigeria's economic landscape: the informal sector contributes over half of the country's GDP. This revelation underscores both the resilience and potential of Nigeria's grassroots economy, while also highlighting the urgent need for integration and formalization. The informal sector, comprising street vendors, artisans, and small service providers, represents a vast untapped resource for Nigeria's economic development. However, their exclusion from the formal economy comes at a significant cost – both to the businesses themselves and to the nation as a whole. Integrating these economic producers into the…
Tuesday, 09 July 2024 04:44
Editorial: ECOWAS at a crossroads: Tinubu's second chance
President Bola Tinubu’s re-election as the chairperson of the Economic Community of West African States (ECOWAS) presents a crucial opportunity to mend the fractures that emerged during his first term. Under his prior leadership, ECOWAS witnessed the unprecedented withdrawal of Niger, Mali, and Burkina Faso, reducing the 15-member bloc to 12 and marking a significant setback for regional unity. This disintegration stemmed from the heavy-handed approach towards these nations, particularly the ill-advised threats of military intervention and sanctions, which ultimately pushed them further away. Tinubu’s previous stance, characterized by aggressive rhetoric and punitive measures, proved counterproductive. The people of Niger,…
Monday, 08 July 2024 04:53
Editorial: Empty threats and hollow declarations—NNPCL's war on oil theft
The recent declaration of a state of emergency on oil production by the Nigerian National Petroleum Company Limited (NNPCL) rings hollow in light of the ongoing and escalating crisis of crude oil theft in Nigeria. Despite the grandiose rhetoric from NNPCL's Group Chief Executive Officer, Mele Kyari, at the 23rd Nigeria Oil and Gas Conference and Exhibition Week, the reality on the ground tells a starkly different story. Kyari's proclamation of "war means war" and his assurances that NNPCL possesses the "right tools" to combat the challenges crippling crude oil production are belied by the persistent and worsening theft in…
Friday, 05 July 2024 04:41
Editorial: Breaking Nigeria’s anti-LGBTQ law in exchange for foreign money
The signing of the $150 billion Samoa Agreement by the federal government, which implicitly mandates the recognition of LGBTQ+ rights, is a grave misstep that contravenes the nation's 2014 law prohibiting such acts. While the dire state of Nigeria’s economy undeniably necessitates substantial financial support, it is imperative that this assistance does not come at the expense of the country’s laws and the deeply held cultural values of the Nigerian people. The Samoa Agreement, named after the Pacific Island where it was signed, requires participating countries to support LGBTQ+ rights in exchange for financial aid and other supports from more…
Thursday, 04 July 2024 04:48
Editorial: The devastating cost of desperation: Nigeria's N20 suicide bombers
In a country where the average citizen struggles to afford basic necessities, the revelation that suicide bombers in Nigeria's Northeast were paid as little as N20 ($0.013) for their deadly missions is a stark reminder of the depths of poverty and desperation plaguing our nation. This shocking disclosure not only underscores the vulnerability of our most impoverished citizens but also highlights the complex web of social, economic, and security challenges facing Nigeria today. The fact that human life can be valued at such an insignificant sum – both for the bomber and their victims – is a damning indictment of…
Wednesday, 03 July 2024 04:29
Editorial: Nigeria's capital importation surge: A mirage of economic progress?
The recent news of a 210% increase in capital importation to Nigeria in the first quarter of 2024 might, at first glance, seem like a cause for celebration. President Bola Tinubu's administration has been banking on foreign currency inflows to revitalize the struggling Nigerian economy and bolster the beleaguered Naira. However, a closer examination of the data reveals a less optimistic picture that demands a more nuanced approach to economic development. The National Bureau of Statistics reports that total capital importation reached $3.38 billion, up from $1.09 billion in the previous quarter. While this surge appears impressive, the composition of…
Tuesday, 02 July 2024 04:35
Editorial: Beyond Enforcement: Addressing the root causes of drug abuse among African youth
The alarming rise in the use of dangerous drug concoctions like 'Kush', 'Khadafi', and 'Monkey Tail' across African countries is a stark indicator of a deeper societal crisis. As highlighted by the United Nations Office on Drugs and Crime (UNODC), these harmful mixtures pose significant health risks and reflect a growing diversification of drug markets in Africa. However, to effectively combat this issue, governments must look beyond mere law enforcement and address the underlying factors driving youth towards substance abuse. The prevalence of these drugs among young people in countries like Nigeria, Sierra Leone, and Ivory Coast is symptomatic of…
Monday, 01 July 2024 04:26
Editorial: Naira as globally worst performing currency: A call for urgent action
The continuous depreciation of the Nigerian Naira has reached a critical point, with the currency now bearing the unfortunate distinction of being the worst-performing in the world during the first half of 2024. This alarming situation demands immediate and decisive action from both monetary and fiscal authorities to prevent further economic deterioration and restore confidence in Nigeria's financial system. The factors contributing to this crisis are multifaceted and deeply rooted in systemic issues plaguing the Nigerian economy. The decline in crude oil production, primarily due to rampant oil theft in the Niger Delta region, has severely impacted Nigeria's primary source…
Friday, 28 June 2024 04:48
Editorial: A cautionary tale from Kenya to Nigeria
The scenes unfolding in Kenya, where protests over proposed tax hikes have escalated into a full-blown political crisis, should serve as a stark warning to other African nations. The Kenyan government's attempt to increase taxes amid rising economic hardship and persistent corruption has triggered widespread unrest, leading to violent clashes, multiple deaths, and a call for President William Ruto's resignation. This situation offers a poignant lesson for Nigeria, where the Bola Tinubu administration is pursuing economic policies that could similarly ignite public outrage. Kenya’s turmoil began with an online outpouring of anger against tax increases on essential goods. What started…
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Thursday, 27 June 2024 04:50
Editorial: Saudi heatwave deaths and the scorching price of progress
The recent tragedy at the Hajj pilgrimage in Saudi Arabia, where over 1,000 people have lost their lives due to extreme heat, serves as a stark reminder of the devastating consequences of global warming. As temperatures soar beyond 120°F (49°C), we are witnessing the human cost of our collective failure to address climate change. This catastrophe is not an isolated incident but part of a broader pattern of increasingly frequent and severe heatwaves worldwide. The responsibility for this global crisis lies squarely on the shoulders of advanced economies. For decades, these nations have driven industrial progress and economic growth through…
Wednesday, 26 June 2024 04:49
Editorial: New Presidential Jets: A misplaced priority amid Nigeria's economic crisis
In a country grappling with unprecedented economic hardships, the Federal Government's proposal to purchase new jets for the President and Vice President is not just ill-timed but also deeply insensitive. With mass unemployment, galloping inflation, and widespread poverty, this move exemplifies a stark disconnect between the government and the suffering populace it claims to serve. The recent revelation that the government has already spent nearly N15 billion on maintaining the existing presidential fleet within just 11 months underscores the significant financial burden this fleet places on national resources. Despite this expenditure, the administration now seeks to approve the purchase of…
Tuesday, 25 June 2024 05:11
Editorial: Balancing support for Dangote Refinery with fair competition in Nigeria's oil sector
The recent allegations made by Dangote Refinery against International Oil Companies (IOCs) and the Nigerian government demand serious attention. As Nigeria's first private refinery of its magnitude and a potential game-changer for the country's petroleum sector, Dangote's concerns should not be taken lightly. For decades, Nigeria has grappled with a paradoxical situation: being a major oil producer yet heavily dependent on imported refined products. This has drained the nation's foreign exchange reserves and stunted economic growth. The successful operation of Dangote Refinery could mark a turning point, potentially ending this cycle of dependence and creating substantial economic benefits. The accusations…
Monday, 24 June 2024 04:52
Editorial: The Kano emirate farce: A tale of cousins, court orders, and a game of thrones
In the hallowed halls of Kano's ancient emirate, a ridiculous and entertaining spectacle unfolds between two cousins vying for a throne that seems to multiply faster than rabbits. Muhammadu Sanusi and Aminu Ado Bayero, each convinced they're the rightful heir, engage in a comical power struggle that has transformed the Emirate into a stage for political theatre. Sanusi, the dethroned and exiled emir, has made a dramatic return, reappointed faster than you can say "musical chairs." Meanwhile, Bayero clings to his title with the desperation of a cat scratching a post, even setting up camp in a “mini palace” that…