Editorial

Wednesday, 17 July 2024 04:50

Editorial: Urgent need for course correction as Nigeria’s private sector cries out loud

The consensus among Nigeria’s private sector is clear and damning: President Bola Tinubu’s economic policies are decimating businesses, causing widespread job losses, exacerbating poverty, and deepening national misery. The Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) have all sounded the alarm. It is imperative that the government change course before it is too late. The policy shifts enacted in 2023, particularly the removal of fuel subsidies and the liberalization of the exchange rate, have created market distortions and increased the cost of doing business.…

Tuesday, 16 July 2024 04:40

Editorial: Food Importation: Short-term fix with long-term consequences

In a bid to address the pressing issue of widespread hunger in Nigeria, the Bola Tinubu-led federal government has recently announced a controversial policy to import food. While the intention to provide immediate relief is commendable, this approach may prove to be a double-edged sword, potentially causing more harm than good in the long run. The government's plan includes suspending duties, tariffs, and taxes on the importation of essential food commodities such as maize, husked brown rice, wheat, and cowpeas for 150 days. Additionally, the government intends to import 250,000 metric tons each of wheat and maize. These measures, while…

Monday, 15 July 2024 05:10

Editorial: Supreme Court’s LG autonomy ruling: A betrayal of federalism principles

The recent Supreme Court ruling mandating direct allocation of funds to local governments and barring governors from dissolving elected councils has raised afresh questions about the nature and future of federalism in Nigeria. While the decision aims to curb the notorious misappropriation of funds by state governors, it inadvertently undermines the core principles of federalism and perpetuates an inequitable system of local government distribution. In a federal system, true autonomy is reserved for the federating units—states or regions that come together to form a central authority for mutual benefits. Local governments, created primarily for administrative convenience, do not qualify as…

Friday, 12 July 2024 05:08

Editorial: Et tu, garri, beans? The great betrayal of Nigeria's culinary comrades

Once upon a time, in the bustling markets and humble kitchens of Nigeria, there were two steadfast friends: Garri and Beans. These culinary comrades, adored by the masses and cherished by the destitute, provided solace in times of need. They were the loyal sentinels of the supper table, the reliable pillars of the pantry, the unassuming saviours of countless Nigerian stomachs. Alas, how times have changed. Our once-faithful friends have turned into avaricious adversaries, leaving us to ponder the cruel ironies of life. In an era where loyalty should be more than just a marketing slogan, Garri, the ever-affordable carbohydrate…

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…

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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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