The International Monetary Fund (IMF) says the global economic growth rate will stabilise at 3.2 percent in 2024 and 2025, forecasting a slowdown in Nigeria.

Speaking on Tuesday at the launch of the World Economic Outlook report in Washington DC, Pierre-Olivier Gourinchas, the economic counsellor and director of the research department of the IMF, said while inflation came down, the global economy remained resilient.

Gourinchas said the United States is “expected to cool down”, while other advanced economies will rebound.

“Performance in emerging Asia remains robust, despite a slight downward revision for China to 4.8% in 2024. Low-income countries have seen their growth revised downward, some of it because of conflicts and climate shocks,” he said.

Specifically, the IMF report said in emerging markets and developing economies, disruptions to the production and shipping of commodities — especially oil — conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the Middle East and Central Asia and sub-Saharan Africa.

“These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence, has bolstered growth,” the report reads.

“The latest forecast for global growth five years from now — at 3.1 percent— remains mediocre compared with the prepandemic average. Persistent structural headwinds—such as population aging and weak productivity—are holding back potential growth in many economies.”

NIGERIA’S GROWTH RATE DOWNGRADED TO 2.9 PERCENT

Meanwhile, the lender said Nigeria’s economy is expected to grow at 2.9 percent in 2024.

The projection is a downgrade from 3.1 percent in July and 3.3 percent in April.

Speaking on Nigeria’s growth outlook, Jean-Marc Natal, the division chief of the research department at IMF, linked the country’s projection to issues around insecurity and flooding that have crippled the agricultural sector and oil production.

Although Nigeria’s annual gross domestic product (GDP) grew by 3.19 percent in the second quarter (Q2) of 2024, the oil sector contributed only 5.7 percent to the total real GDP in Q2 2024.

On August 26, Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), said Nigeria’s average GDP growth rate has been steadily declining since 2014, reflecting a drop in the economic wellbeing the citizens.

The Cable

The World Bank says more than half of Nigeria’s population lives in poverty.

In its latest Nigeria Development Update (NDU) report titled ‘Staying the course: Progress amid pressing challenges,’ World Bank said about 129 million Nigerians are living in poverty.

The Washington-based institution also said the country needs to create productive jobs to reduce poverty.

“Without jobs, poor Nigerians will not be able to escape poverty. Poverty is high and rising in Nigeria,” the World Bank said. 

“More than half of the population lives in poverty. This partly reflects the modest overall pace of economic growth, which is insufficient to compensate for the erosion of purchasing power brought about by inflation. 

“With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.

“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.

“The Covid-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”

The World Bank also said poverty reflects the non-inclusive structure of growth.

”EMPLOYMENT NOT ENOUGH TO LIFT PEOPLE OUT OF POVERTY’

The World Bank said the best way to share the proceeds of growth is through jobs, however, employment is not enough to lift people out of poverty.

“Even when GDP was expanding more rapidly in the early 2010s, richer households benefited more. Jobs hold the key to sharing the proceeds of growth,” the Bretton Woods institution said.

“However, employment on its own is not enough to lift people out of poverty: Nigeria needs productive jobs, but these are scarce.

“Many jobs are not productive and therefore remunerative enough to afford a life beyond poverty.

“In Nigeria, as in many countries, high employment and high poverty coexist. In-work poverty is common as many jobs do not generate earnings that are high enough to escape poverty. 

“Low incomes are symptomatic of low productivity jobs. Nigeria’s labor market is changing – with employment shifting from agriculture to services – but these changes are not increasing overall productivity and living standards, because many of the new service-sector jobs are in low-productivity sub-sectors like retail and wholesale trade.

“Sustained poverty reduction depends on creating wage jobs through macro-fiscal stability, growth, and private sector development, complemented by building human capital.”

‘MINIMUM WAGE CAN ONLY IMPACT 4.1% OF WORKING-AGE’

On July 18, President Bola Tinubu approved N70,000 as the new minimum wage for workers in the country.

According to the World Bank, the move which aims to improve the livelihoods of Nigeria’s workforce, faces significant limitations in its reach and impact – and has been deemed insufficient.

The institution also cautioned that increasing wages, particularly in the public sector, could place additional strain on Nigeria’s already stretched public finances.

“Initiatives that cover mostly highly-formalized wage workers – including policies on public sector jobs and minimum wage legislation – only reach a small segment of Nigeria’s poor and economically insecure population directly, as they do not have access to these types of jobs,” the report reads.

“Such policies may also be fiscally costly, given the large share of formal public sector workers. 

“Focusing on excluded workers offers a clearer avenue for reducing poverty.”

Similarly, the institution said minimum wage legislation may not directly reach the poorest workers “because they do not hold wage jobs and around a third of private sector wage earners receive less than minimum wage anyway, demonstrating that enforcement is imperfect”. 

The lender said raising minimum wages and public sector pay could also be fiscally costly.

Also, the World Bank urged Nigeria to invest in human capital and infrastructure, eliminate export trade barriers, support access to output markets and manage external migration, including by helping young emigrants reach destination countries that need their skills.

The Cable

The Federal Government has stopped the export of locally produced Liquefied Petroleum Gas, also known as cooking gas, to prioritise domestic supply.

The measure announced by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday, will begin November 1, 2024, and is to tackle the high gas price in Nigeria.

This was contained in a statement by the spokesman of minister, Louis Ibah, in Abuja.

Ibah said the decision was reached after the minister convened a high-level meeting in Abuja with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians.

The price of cooking gas skyrocketed from N700/kg in June 2023, around when President Bola Tinubu assumed office, to N1,500/kg in October 2024.

This represents about a 114 per cent increase within the 16 months.

In a move to tackle the soaring price of cooking gas, the minister established a high-level committee in November 2023 led by the Chief Executive of the NMDPRA, Farouk Ahmed, with key stakeholders in the LPG value chain.

However, despite this effort to address the issue, prices have continued to rise, recently soaring to N1,500 from an average of N1,100 – N1,250/kg.

But the minister, in a new directive to reduce the price, gave short-term and long-term targets.

He said, “With effect from November 1, 2024, NNPCL and LPG producers are to stop exporting LPG produced in-country or import equivalent volumes of LPG exported at cost-reflective prices.”

In terms of the pricing framework, he directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to meet with stakeholders to derive the pricing framework within 90 days.

The statement added, “Pricing Framework: NMDPRA will engage stakeholders to create a domestic LPG pricing framework within 90 days, indexing price to cost of in-country production, rather than the current practice of indexing against external markets, such as the Americas and Far East Asia, whereas the commodity is produced in-country and the Nigerian people are required to pay much higher price for an essential commodity the country is naturally endowed with.”

Offering a long-term solution, the statement added that within 12 months, facilities will be developed to blend, store, and deliver LPG, ending exports until the market achieves sufficiency and price stability.

The statement noted that the minister expressed deep concern over the continuous increase in the price of Liquefied Petroleum Gas, popularly known as cooking gas in the country.

Punch

Israel confirms death of heir apparent to slain Hezbollah leader

Israel on Tuesday confirmed it had killed Hashem Safieddine, the heir apparent to late Hezbollah leader Hassan Nasrallah who was killed last month in an Israeli attack targeting the Iran-backed Lebanese militant group.

The military said Safieddine was killed in a strike carried out three weeks ago in Beirut's southern suburbs, its first confirmation of his death. Earlier this month, Israel said he had probably been eliminated.

There was no immediate response from Hezbollah to Israel's statement that it had killed Safieddine.

"We have reached Nasrallah, his replacement and most of Hezbollah's senior leadership. We will reach anyone who threatens the security of the civilians of the State of Israel," said Israeli army chief Lieutenant General Herzi Halevi.

Israel has been carrying out an escalating offensive in Lebanon after a year of border clashes with Hezbollah, the most formidably armed of Iran's proxy forces across the Middle East. The group has been acting in support of Palestinian militants fighting Israel in Gaza but is reeling from a spate of killings of its senior commanders in Israeli airstrikes in recent weeks.

A relative of Nasrallah, Safieddine was appointed to its Jihad Council - the body responsible for its military operations - and to its executive council, overseeing Hezbollah's financial and administrative affairs.

Safieddine assumed a prominent role speaking for Hezbollah during the last year of hostilities with Israel, addressing funerals and other events that Nasrallah had long been unable to attend for security reasons.

Israel has so far shown no sign of relenting in its Gaza and Lebanon campaigns even after assassinating several leaders of Hamas and Hezbollah, which lost Nasrallah, its powerful secretary-general, in a Sept. 27 airstrike.

Diplomats say Israel aims to lock in a strong position before a new U.S. administration takes over following the Nov. 5 election between Vice President Kamala Harris and former president Donald Trump.

BLINKEN ON MIDEAST TOUR

Israel's confirmation of Safieddine's death came as U.S. Secretary of State Antony Blinken pressed Israeli Prime Minister Benjamin Netanyahu on Tuesday to capitalise on the killing of Hamas' leader Yahya Sinwar by securing the release of the Oct. 7 attack hostages and ending the war in Gaza.

After repeated abortive attempts to broker a ceasefire between Israel and Hamas, Blinken was making his 11th trip to the Middle East since the Gaza war erupted - and the last before a presidential election that could upend U.S. policy.

Blinken was also seeking ways to defuse the conflict in Lebanon, where overnight at least 18 people were killed, including four children, and 60 injured by an Israeli airstrike near Beirut's main state hospital.

Blinken faced an uphill struggle on both fronts.

He spelled out U.S. hopes that the death of Hamas leader Sinwar - blamed for triggering a year of devastating warfare by planning the deadly militant assault from Gaza on Israeli territory on Oct. 7 last year - will provide a new opportunity for peace.

In a statement issued by his office, Netanyahu said Sinwar's elimination "may have a positive effect on the return of the hostages, the achievement of all the goals of the war, and the day after the war".

But there was no mention of a possible ceasefire after a year of war in which Hamas' military capabilities have been greatly degraded and Gaza largely reduced to rubble, with most of its 2.3 million Palestinians displaced.

For its part, Hamas has refused to free scores of hostages in Gaza seized in its Oct. 7, 2023, raid on Israel without an Israeli pledge to end the war and pull out of the territory.

As Blinken huddled with Israeli leaders, Hezbollah ruled out negotiations while fighting continues with Israel, and it claimed responsibility for a drone attack targeting Netanyahu's holiday home on Saturday.

Hezbollah announced dozens of attacks against Israeli targets on Tuesday, including what it said were Israeli military sites near Haifa and Tel Aviv, suggesting its capabilities have survived Israel's biggest onslaught in decades of hostilities.

Israeli strikes also continued across Lebanon on Tuesday, including one of which caused the precipitous collapse of an multi-storey building near central Beirut, sending more panicked residents fleeing.

Israel's offensive has driven at least 1.2 million Lebanese from their homes and killed 2,530 people, including at least 63 over the past 24 hours, the Lebanese government said on Tuesday.

Reuters

WESTERN PERSPECTIVE

Zelenskiy calls on allies 'not to hide', respond to North Korean involvement in war

Ukrainian President Volodymyr Zelenskiy called on allies on Tuesday "not to hide" and to respond to evidence of North Korean involvement in Russia's war in Ukraine.

He said in his nightly address that Ukraine had information about the preparation of two units - possibly up to 12,000 North Korean troops - to take part in the war alongside Russian forces.

"This is a challenge, but we know how to respond to this challenge. It is important that partners do not hide from this challenge as well," Zelenskiy said.

The head of Ukraine's Main Directorate of Intelligence told the U.S. publication "The War Zone" that Kyiv expected North Korean forces to turn up on Wednesday in Russia's southern Kursk region, where Ukrainian forces launched an incursion in August.

"We are waiting for the first units tomorrow in the Kursk direction, Lieutenant General Kyrylo Budanov told the media outlet. "It is unclear at the moment how many or how they will be equipped. We will see after a couple of days."

In his remarks, Zelenskiy said neither North Korea nor Russia took any account of the number of dead in a conflict.

"But all of us in the world have an equal interest in ending the war, not in prolonging it. We must therefore stop Russia and its accomplices," he said.

"If North Korea can intervene in a war in Europe, then the pressure on this regime is definitely insufficient."

British Defence Secretary John Healey said on Tuesday it was "highly likely" that North Korea had begun sending hundreds of troops to help Russia in the more than 2-1/2-year-old conflict.

A senior official at South Korean President Yoon Suk Yeol's office said Seoul may consider directly supplying weapons to Ukraine as part of measures to counter military ties between North Korea and Russia.

A top U.S. diplomat said on Monday that Washington was consulting with its allies on the implications of North Korean involvement and added that such a development would be a "dangerous and highly concerning development" if true.

NATO Secretary General Mark Rutte said on Monday the dispatch of North Korean troops would significantly escalate the conflict.

RUSSIAN PERSPECTIVE

Ukrainian troops increasingly refusing orders – El Pais

Ukrainian servicemen are increasingly refusing to follow orders and fleeing their positions, accusing their leadership of assigning them suicide missions, the Spanish newspaper El Pais reported on Monday, citing several Ukrainian officers. 

The outlet claimed that soldiers from four brigades fighting near the besieged settlement of Kurakhovo in Russia’s Donetsk People’s Republic have claimed that “the future of the war is bleak for their interests because there are not enough replacements.”   

“Why are we retreating? Because we have no rotations, we don’t rest, we are demoralized,” one officer told the outlet, adding that there is a growing problem of Ukrainian soldiers fleeing their positions.  

“I had a friend, we called him England. He fought the entire war on the front line, in Robotino, Soledar, Kherson... He was exhausted, he couldn’t take it anymore and the commanders didn’t give him a break. A few days ago he left, just like that,” the officer said.  

A Ukrainian sergeant who goes by Churbanov also told the Spanish outlet that the shortage of soldiers had become the biggest problem facing the Ukrainian military, noting that servicemen often have to spend three months in their positions without rest or rotation.  

Another serviceman, identified as Alexander, who serves in the Territorial Defense Forces (TRO), also told El Pais that at one point the 116th TRO brigade near Kurakhovo staged a mass rebellion and refused to follow orders. After that, the whole brigade was supposedly transferred to Sumy Region, from where Kiev launched its incursion into Russia’s Kursk Region, according to the officer. 

A source within Russia’s security services has also confirmed to the TASS news agency that Ukraine’s 116th TRO brigade had indeed been transferred to participate in the Kursk incursion as punishment for its mutiny. According to a source cited by the outlet, Kiev was trying to “somehow correct the situation in Kursk Region at the expense of the already demoralized Ukrainian Armed Forces soldiers.” 

Alexander also told El Pais that there had been a high-profile case earlier this month where 100 soldiers of the 123rd TRO Brigade abandoned their positions near Ugledar several days before the city was captured by Russian forces. The officer explained that they did this to “announce that without sufficient training and weapons they were being assigned to a suicidal defense,” according to El Pais.  

Moscow has long characterized the hostilities in Ukraine as a US-initiated proxy war against Russia in which Ukrainian soldiers were being expended as “cannon fodder” with the complicity of their government.

Reuters/RT

Introduction

According to the Cambridge Dictionary (2024), a biopic is “a film about the life of a real person”. Abreu (2024) points out that “The most obvious way a biopic differentiates itself is in how accurate it is to the subject’s history” (StudioBinder). However, to know how truthful a biopic is to history is to discuss its historical representation concerning the history of its subject and the period in which the subject lived or is living.

An analysis of the historical representation in Lisabi: The Uprisingexamines how the film, as a biopic, accurately depicts the history of Lisabi, who liberated the Egba in Egba Forest between 1775 and 1780 from the hegemony of the Oyo when Alaafin Abiodun was the Oloyo ruling over the Old Oyo Empire. This analysis scrutinizes the historical accuracy and creative liberties taken in the film. Recognizing that historical films often prioritize drama over strict fidelity, this discussion probes the narrative motivations behind these artistic choices. 

Aspects of Historical Authenticity in the Film

Eric Johnson (2023) asserts that “Historical film accuracy plays a pivotal role in preserving cultural heritage, educating audiences, and enhancing the overall viewing experience of movies based on true stories” (The Film Fund Blog). Lisabi: The Uprising also preserves Yoruba cultural heritage, educates the audience, and enhances the viewing experience through the authentic portrayal of history.   

The Preservation of Cultural Heritage

According to Eric Johnson (2023), “By accurately portraying historical events, clothing, customs, and traditions, these films [historical films] become a valuable resource for preserving cultural heritage” (The Film Fund). The film portrays a palace garden, akodi, of Yoruba kings in ancient times. Although the impluvium in the akodi is not for bathing, the presentation of the akodi is one of the ways of preserving the royal custom of having royal impluviums in Oba’s palaces. According to Cosmicyoruba, the impluviums among the Yoruba in the past were used to collect and store rainwater (Cosmicyoruba).

Historical Education

Lisabi: The Uprising is a biopic that educates its audience through its authentic cinematic portrayal of home décor among the Yoruba in connection with the palace door of the Oloyo/Alaafin in the film. From the historical angle, Clapperton (1826) notes that in Oyo, “…they have a great deal of carving on their doors and the posts supporting the verandahs…” (Academia). The accurate depiction of the palace door on the silver screen, Lisabi: The Uprising, breathes life into the pages of history books, providing a unique educational experience for its audience.

Elevating the Cinematic Experience

Eric Johnson (2023) argues that attention to historical details creates an immersive experience, enhancing the cinematic experience emotionally and entertainment-wise (The Film Fund). The Ilaris' distinctive hairstyle in the film is historically accurate; it gives the audience a pleasing experience in connection with the hairstyle of the Yoruba in ancient times. The hairstyle is accurate historically, according to the description by Johnson (1956), they shaved their heads, except for a circular patch at the occiput, where hair was grown long, braided, and occasionally dyed black with indigo (History of the Yorubas).

Inaccurate Portrayal of History in the Movie

It is now germane to focus on the historical wrongness in the film. Chiara Torrisi (2023) notes that “It would be great if every work of fiction set in the past had impeccable historical reconstruction, without the slightest hint of errors or inaccuracies. However, this is impossible” (Storia tra le Pagine). However, most of the historical errors in Lisabi: The Uprising are anachronisms; Cambridge Dictionary (2024) defines it as “a person, thing, or idea that exists out of its time in history, especially one that happened or existed later than the period being shown, discussed” (Cambridge Dictionary). The focus will now be on a few of the identified anachronisms.   

Feminist Diegetic Anachronism

Samuel Johnson (1956), in the History of the Yorubas,explains that the councilors of the Alaafin, the Oyo Mesi, were seven noblemen. In the film, a woman is seated among the Oyo Mesi in the palace of the Oloyo when the Olodan (Femi Adebayo) is before the Oloyo/Alaafin (Odunlade Adekola). This is a feminist anachronism; it is used intentionally in the film to distort historical facts, as the film challenges traditional gender norms, presenting women as equal participants in political decision-making.

Topographic Anachronisms

The film's opening topographic map aesthetically sets the stage but historically missteps by incorporating Ijaye and Sodeke townships anachronistically. Oba Nofiu Otun-bade (2021)    points out that the Ijaye people became part of the Egba in Abeokuta after 1830.  (Global News Nigeria). According to Irehoaitonow (2024), Iporo was the name of the Egba township where Sodeke was born in Egba Forest, not Sodeke or Iporo Sodeke (Iband Magazine). This historical anachronism may be due to excessive reliance on AI-assisted historical research.

Normalized Anachronisms  

According to Tom Cole (Wikipedia, 2024), repeated historical inaccuracies can become deeply ingrained in popular culture (Wikipedia). The film's depiction of Oyo's gate without shrines exemplifies this phenomenon, contradicting Hugh Clapperton's account (1826) describing fetish houses outside and inside the gate (Academia).

Fashion Anachronism

The film's historical authenticity is compromised by fashion anachronisms in warrior costuming. Oluwadara Fakunle (2022) describes the pants of a Yoruba warrior in the past, the kafo, as “…tight-legged pants that reach the ankle” (Ihafa: A Journal of African Studies 13: 1 June 2022, 132-156) Many of the warriors in the film do not wear the kafo; this inaccuracy may stem from production cost constraints or artistic license.

Anachronistic Revisionism

Wikipedia (2024) defines historical revisionism as reinterpreting past events, questioning traditional scholarly views, and offering fresh insights through revised analyses (Wikipedia). One of the fresh insights into the history of Lisabi in the film is that the Alake (Muyiwa Ademola) prohibits Lisabi and his friends from practicing Egbe Aro (Traditional Mutual Aid Society). This creative choice deviates from established historical accounts, distorting Egba's collective memory and raising questions about historical accuracy.

Out-of-Era Royal Bathing Ceremony

The Oloyo/Alaafin's (Odunlade) bath in an impluvium is historically inaccurate. They did not use impluviums for bathing but for collecting rainwater among the Yoruba in ancient times (Cosmicyoruba). The cinematic representation misrepresents Yoruba ancient customs; it presents the impluvium in an akodi as a Roman bathing pool. This scene compromises historical authenticity, favoring visual appeal over accuracy.

Slang/ Language Anachronism

The use of Asake's slang, "Wọn ti ge Aṣakẹ l'eti lọ" (They have cut off Asake’s ear) is a deliberate, humorous anachronism. Unfortunately, the film's overall language accuracy suffers due to casting mistakes, resulting in actors speaking a corrupted, modern Egba dialect. The corrupt Egba dialect distracts the native speakers and also misrepresents Egba culture.

Song Anachronism

By incorporating the 1922 Egba Anthem, the filmmakers strategically blend the historical narrative with modern cultural resonance, leveraging the anthem's familiarity and emotional significance to engage contemporary viewers. The film also uses a modern instrument, probably a piano, to play a dirge, "Agbe tori omo re daro, Aluko tori omo re kosun" (Agbe mourns its child, Aluko mourns its child), after the death of Osokenu (Adebowale Adedayo) is a deliberate anachronism. This creative choice prioritizes modern audience engagement over historical authenticity, substituting traditional Egba igbala dirge with a more relatable and familiar sound.   

War Anachronism

The film's depiction of how Sangodeyi (Ibrahim Chatta) died by sickle is anachronistic, as sickles were not typical war weapons among the Yoruba, specifically the Egba. However, using a locally forged Egba sickle rather than a European-manufactured one would have maintained historical authenticity.

The use of the sickle in killing the head of the Ilaris holds profound symbolic significance. Drawing from Hesiod's Theogony, as interpreted by Margaret Wack (2024), the sickle represents a “…violent succession of power, as well as a link to the natural world and the cycles of life, death, and regeneration” (Check LitCharts).

Cultural Anachronism

The film's depiction of Lisabi as a modern Egba man without tribal marks inaccurately represents Yoruba tradition in the past. Oyeronke Afolabi(2022) notes that “This ancient tradition bears immense cultural significance, serving multifaceted purposes encompassing identification, healing, and beautification” (ResearchGate). If one puts the tribal marks into consideration, Lisabi in the film is not an Egba man. Additionally, the presentation of the Alake as an informal, "under-the-tree" oba contradicts historical records. Tolu Ogunlesi (2019) points out that in 1903, the Oni of Ife recognized the Alaafin and Alake among 21 Yoruba kings eligible to wear beaded crowns (X). Production costs may have driven the film's decision to exclude the Alake's palace, inadvertently diminishing his historical status and majesty.

Conclusion

Lisabi: The Uprising is not an outlier in altering history; Nathan Sharp notes that even iconic films like Titanic contain inaccuracies (WatchMojo). While some creative liberties are unavoidable in biopics, filmmakers can draw lessons from Lisabi: The Uprising. Recognizing the impact of historical distortions on cultural identity and collective memory, filmmakers should balance artistic expression with historical authenticity. By doing so, they can enrich, rather than erase, cultural legacies.

** Yinka Kareem, dramatist and historian, writes from Abeokuta, Ogun State, Nigeria.

Seth Godin

The world is shifting faster than ever before. In an age of constant change, disruption, and uncertainty, the traditional ways of approaching strategy are no longer enough. You can’t rely on a static plan designed to meet yesterday’s challenges. Instead, strategy must be dynamic, adaptive, and—most importantly—resilient. The ability to embrace and thrive on change is what sets apart businesses and leaders who succeed from those who merely survive.

Today’s strategy isn’t about having a perfect, foolproof roadmap. It’s about making better decisions in real time, about knowing where you’re headed even when you’re not sure of the exact path. In this fast-moving environment, a successful strategy acts less like a map and more like a compass—guiding you in the right direction even as the terrain around you shifts.

Truth first: Building a strategy on reality

It all begins with understanding the truth of where you stand. Not the version of the truth that’s been polished for a presentation or made comfortable to hear, but the unvarnished, often uncomfortable reality of your situation. What are your actual constraints? What are the shifts happening in your market or industry that you may have overlooked? What truths are you avoiding because they make you uneasy?

The first step in crafting a strategy is recognizing that you can’t move forward if you’re not starting from where you truly are. This requires honesty, not only with yourself but also with your team. Sometimes, it requires seeing beyond what you want to be true and facing the things you’d rather not admit. The more clearly you see the reality of the situation, the better equipped you’ll be to make smart decisions that push you toward your goals.

This kind of truth-telling forms the foundation of a resilient strategybecause it enables you to respond to what’s really happening, not what you wish were happening.

The power of small shifts

Once we understand the truth, we can identify the leverage points—the small but critical changes that can shift everything. Real, systemic change doesn’t always come from sweeping initiatives or grandiose visions. More often than not, it begins with small shifts that build momentum over time.

Take Amazon, for example. Jeff Bezos didn’t set out to disrupt the retail world overnight. He started with a simple but powerful idea: selling books online. This was the leverage point, the small shift that set the stage for a much larger transformation. By focusing on a single category, Amazon was able to build the infrastructure, expertise, and customer base that eventually made it possible to sell, well, everything.

The lesson here is that you don’t need to overhaul your entire business overnight. Instead, look for the small changes you can make today that will have a ripple effect, creating new opportunities and opening up new possibilities. These small shifts, when executed thoughtfully, can lead to big transformations down the road.

Choosing your competition (and your future)

Many businesses get stuck because they spend too much time trying to beat their competitors at their own game. The truth is, you don’t have to compete on the same terms as everyone else. You get to choose your competition, and by doing so, you shape your future.

Think about Apple in the early 2000s. Instead of trying to outcompete Microsoft in the personal computer market, they shifted the game entirely by focusing on mobile devices. The iPod, and later the iPhone, allowed Apple to bypass the competition and create an entirely new category. By choosing their competition wisely, they set themselves up for long-term success.

You get to decide what game you’re playing. Are you going to fight for scraps in a crowded market, or are you going to create something new that sets you apart? The future of your business depends on this choice.

Avoiding the race to the bottom

One of the most dangerous traps businesses fall into is commoditization. When you compete on price, you’re racing to the bottom. And the problem with racing to the bottom is that you might win.

When businesses treat their products or services as interchangeable commodities, they undermine the very thing that makes them valuable. They lose the opportunity to differentiate themselves, to create something unique and irreplaceable.

The most resilient strategies focus on differentiation, not commoditization. Companies like Apple, Nike, and Tesla succeed not because they offer the cheapest products but because they’ve built brands and experiences that are worth paying more for. These companies have avoided the race to the bottom by focusing on creating value that transcends price.

In a world where price competition is fierce, your best defense is to create something so valuable that people are willing to pay more for it. Resilience comes from creating products and services that can’t easily be copied or undercut.

Embracing change, not fighting it

The only constant in today’s business environment is change. The businesses that succeed are those that embrace change rather than resist it. They understand that the world is evolving faster than ever, and they adapt their strategies accordingly.

But embracing change doesn’t mean abandoning your core values or principles. It means being willing to let go of old assumptions and approaches that no longer serve you. It means being willing to experiment, fail, and iterate until you find the right path forward.

Consider the story of Netflix. In its early days, Netflix was a DVD rental service competing with Blockbuster. But when the market began to shift toward digital streaming, Netflix didn’t cling to its old business model. Instead, it embraced the change, pivoting to become the dominant player in streaming content. By letting go of the past and embracing the future, Netflix not only survived but thrived.

The strategy of resilience

At its core, strategy is about making smart, thoughtful choices in the face of uncertainty. It’s about crafting a plan that can withstand the unexpected, that allows you to pivot when necessary and capitalize on new opportunities as they arise.

Resilient strategies are built on truth, small shifts, and a willingness to embrace change. They avoid the traps of commoditization and short-term thinking, focusing instead on long-term value creation and differentiation.

If you want your business to succeed in today’s fast-changing world, you need a strategy that isn’t rigid or fixed. You need a strategy that evolves with you, that helps you navigate uncertainty with confidence, and that sets you up for lasting success.

Forbes

In the land of renewed hope, it appears that Nigeria is hurtling back in time—way back. Thanks to the brilliant economic policies crafted under the watchful eye of our dear President Bola Tinubu, Nigerians can now boast of a dental renaissance! Yes, the humble chewing stick has returned to save the day, as the soaring cost of toothpaste—now the exclusive preserve of oligarchs and business magnates—has sent ordinary citizens scrambling for nature’s toothbrush.

The genius behind Tinubu’s economic overhaul is undeniable. Remove fuel subsidies? Check. Float the Naira into a free fall? Check. Throw in inflation so rampant that toothpaste now costs as much as a month’s salary? Absolutely! But Nigerians, ever resilient, have found their way back to the trees. And why not? After all, the chewing stick has been celebrated for centuries. Who needs fluoride, when you can strip bark from the nearest medicinal tree?

One of the many benefits of this forced return to traditional dental hygiene is the fortification of our molars—because let’s face it, they’ll need to be stronger than ever. With the price of meat now as inaccessible as the president himself, Nigerians will need their newfound, chewing-stick-strengthened teeth to literally crunch bones at mealtime. Why pay for beef when you can savor the chewy satisfaction of grinding a cow’s femur into submission? At this rate, Nigerians will soon evolve into omnivorous titans, capable of turning a bone into a delicacy.

But wait, there’s more! The local rice, notorious for being peppered with enough stones to start a quarry, will no longer be a problem. Thanks to the wondrous chewing stick, Nigerians’ jaws will soon be mighty enough to grind pebbles into sand. No need to worry about the occasional chipped tooth—after all, with dentists charging enough to make you contemplate full-body anesthesia, who needs them?

And in case you thought this dental transformation was limited to dietary changes, think again. With bandits and kidnappers roaming the streets, our leaders have failed spectacularly at protecting the lives of everyday Nigerians. But fear not! In the true spirit of “do it yourself,” the strength imparted by these chewing sticks may soon turn teeth into the ultimate self-defense tool. Yes, thanks to the absence of functional security, Nigerians may soon be able to literally bite back. If kidnappers try to drag you into the bush, just sink your chewing-stick-enhanced chompers into their arms. Who needs a functioning police force when your teeth can double as a weapon?

And let’s not forget the nation’s overburdened dentists. Charging exorbitant fees to treat mere toothaches, these professionals have long been out of reach for the common man. But not anymore! The chewing stick promises to end the tyranny of high dental fees by making teeth so strong that common ailments like tooth decay and cavities become distant memories. Why spend your hard-earned cash on dental appointments when a stick plucked from your backyard can solve all your problems?

This resurgence of chewing sticks is truly a testament to the Tinubu administration’s vision of a self-reliant nation. Why bother with modern conveniences like affordable healthcare, safe streets, or a stable economy when you can return to the good old days of bark-chewing and stone-grinding? It’s not that Nigeria is falling apart; it’s simply that we’re evolving—into a nation where resilience is all we can afford, and chewing sticks are the new toothpaste.

So, a round of applause for the economic architects of our time. Who knew that the road to national prosperity was paved with hardship, galloping inflation, and a return to pre-civilization dental care? Remember, fellow Nigerians: When life gives you economic hardship, follow the First Lady’s advice: make chewing sticks a part of your backyard farming. Your teeth might be the only thing getting stronger in these trying times.

Let’s raise our chewing sticks in salute, and savor the flavor of progress—bark, stones, and all!

From November 1, 2024, a one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000.

The harsh economy has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers.

This development has forced some Nigerians to abandon flights for road transport.

Checks by our correspondent on the airfares of airlines on Monday showed that Air Peace increased its fares to N200,000 from November, the highest among the domestic airlines.

While Air Peace has N200,000 and above on its website for a one-way trip between Lagos and Abuja, Aero is charging N94,000 to over N109,000; Arik Air has between N104,405 to N139,292; and Ibom Air ranges between N124,000 to over N133,000.

The high airfares have left many passengers stranded at airports in recent times, as they could not secure flights to their destinations.

The busiest routes, Lagos-Abuja and Abuja-Lagos, are more impacted as many passengers find it tough to secure seats.

An official of Air Peace who does not want her name in print confirmed the development, tying the increment to Nigeria’s worsening economic challenges.

“If you buy a ticket and see the breakdown, you will discover that we are bleeding as an aviation company and even the prices of running the business are almost getting out of control.

“Just as we all know, all these killing taxes go to the government, and businesses especially airlines have been left with no choice than to do this. It is what it is.”

Also, efforts to get the Chief Operating Officer of the company, Toyin Olajide, were unfruitful as she ignored both calls and text messages of enquiry put across to her phone.

A businessman, Adeleke Aina, who told our correspondent that he has been travelling by air for years added that with the rates at which “airfares are skyrocketing by the day without any clear explanation other than economy this, economy that, I will be left with no other option than take road transport as my new means of movement.

“This is killing everything, fuel has turned into what it is and the Federal government seems unconcerned with this abnormality. I fear for this country.”

Punch

The federal government has blocked Shell's sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil, the upstream oil regulator said on Monday.

Shell's asset sale for up to $2.4 billion to Renaissance consortium, comprising five companies, was first announced in January. Exxon's deal with Seplat Energy has awaited regulatory approval for more than two years since a $1.28 billion fee was announced in February 2022.

In a speech at an event in the capital Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said the Shell deal "could not scale (the) regulatory test," but did not elaborate. Exxon's transaction was granted ministerial approval.

President Bola Tinubu had signalled on Oct. 1 that the Exxon-Seplat deal would receive ministerial approval in a matter of days after getting clearance from the regulator.

"We welcome the regulator’s announcement and look forward to formally receiving the ministerial consent as we work toward the conclusion of the sale," Exxon said in a statement.

A Shell spokesperson did not immediately respond to a request for comment.

The rejection is a blow to Shell's strategy to pivot toward deepwater for future investments and reflects the growing challenges that oil companies face in Nigeria.

Oil majors operating in Nigeria, Africa's largest oil exporter, have been retreating from onshore operations hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.

The Shell assets hold a combined estimated volume of 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of associated and non-associated gas.

Under Exxon's deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of the Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon's local unit.

In trying to exit the oil-rich Niger Delta, Shell follows Exxon Mobil, TotalEnergies and Eni who wanted to do so due to security concerns.

NUPRC approved the sale of onshore assets by Eni's local unit to Oando in July and another from Equinor to new entrant Project Odinmim.

Environmental activists and some communities opposed the Shell-Renaissance deal, tying Shell to a string of lawsuits for environmental restoration and compensation for land and rivers damaged by oil spills.

In April, NUPRC started evaluating Shell's divestment to the consortium, which comprises four Nigerian exploration and production companies and an international energy group.

Reuters