The Nation Newspaper

Category: Letters

  • Tinubu’s tightrope: Assessing Nigeria’s economy

    Tinubu’s tightrope: Assessing Nigeria’s economy

    Sir: Amidst various challenges, ranging from inflation to unemployment, the Bola Tinubu’s government faces a daunting task of repositioning the economy for sustainable growth. Inflation has been on the rise, reaching double digits in recent months, making it difficult for ordinary Nigerians to afford basic necessities. The high inflation has been exacerbated by the depreciation of the Naira, leading to higher prices for imported goods and services. To be blamed also is the carryover of the negative impacts of COVID-19 pandemic which earlier led to job losses and increased poverty levels. Despite efforts to stimulate the economy through various policies and interventions, the impact has been limited, and the economy continues to struggle.

    One of the key areas of concern for the Tinubu administration is inflation and exchange rate stability. While inflation has been on the rise, eroding the purchasing power of Nigerians and making it difficult for businesses to plan and invest, the exchange rate has also been volatile, leading to uncertainty in the business environment. Addressing these issues will be crucial in restoring confidence in the economy. It is obvious that economic policies of the administration have so far not reduced inflation or addressed the exchange rate problem. A change of policy might be considered.

    Another major challenge facing the economy is the high level of unemployment. Despite the government’s efforts to create jobs through various initiatives, the unemployment rate remains stubbornly high, particularly among young people. This has hindered economic growth, as a large segment of the population is unable to contribute positively to the economy.

    Read Also: New York Times’ jaundiced report on Nigeria’s economy

    President Tinubu’s government must prioritize youth empowerment programmes and initiatives to create job opportunities and reduce the unemployment rate. Investing in skills development and entrepreneurship will be key to unlocking the potential of Nigeria’s youth population. Without adequate power supply, the situation will worsen with high cost of fuel for generators that could power small businesses.

    In addition to these challenges, Nigeria’s economy has also been hampered by a lack of infrastructure development. The country’s roads, ports, and power supply are in dire need of investment and improvement, which has slowed down economic activities and deterred foreign investors from setting up businesses in the country.

    Infrastructure development is essential for economic growth and development. President Tinubu’s government should focus on improving the country’s infrastructure, including roads, power, and transportation networks, beginning with intra-state transportation systems. Investing in infrastructure will not only create jobs but also attract foreign investment and stimulate economic activity.

    Over the years, Nigeria’s economy has been heavily reliant on oil, making it vulnerable to fluctuations in global oil prices and local factors. President Tinubu’s government should prioritize diversifying the economy by promoting non-oil sectors such as agriculture, manufacturing, and services beyond mere words. Diversification will reduce the country’s dependence on oil revenue and make the economy more resilient to external shocks.

    Fiscal discipline and debt management are crucial for ensuring the sustainability of the economy. President Tinubu’s government must prioritize prudent fiscal management and debt sustainability to avoid a debt crisis or over taxation of impoverished citizens. Implementing reforms to improve revenue generation, without over burdening poverty-stricken Nigerians and reducing wasteful spending by government officials and appointees will be essential in achieving fiscal stability.

    Despite efforts by the new chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, corruption remains a major impediment to Nigeria’s economic development. Strengthening the institutions, enhancing transparency, and holding corrupt officials accountable will be crucial in restoring trust in the government and attracting investment.

    President Tinubu’s government should prioritize social welfare programme and poverty alleviation initiatives to improve the living standards of Nigerians. The Tinubu administration should consider investing in affordable healthcare, free education, and social protection to reduce poverty and inequality gap in the country.

    By focusing on such key areas as inflation and exchange rate stability, unemployment and youth empowerment, infrastructure development, diversification of the economy, fiscal discipline, anti-corruption, and good governance, social welfare, and poverty alleviation among others, the government can reposition the economy for sustainable growth and development.

    •Comrade James Ezema, Abuja.

  • Call for cultural revolution

    Call for cultural revolution

    • By Nze Nwabueze Umeji-Akabogu

    Sir: Since her attainment of independence in 1960, Nigeria regrettably has continued to retain the vestiges of colonialism and imperialism virtually in all spheres of her national life.  Colonial mentality or hangover could clearly be observed in many areas such as the colonial name – “Nigeria” given to the country by the erstwhile British colonial masters. Our official language or lingua franca, English has remained the official language for conducting government businesses and spoken widely by the generality of the Nigerian people. Nigeria should look inwards and adopt a common language as her lingua franca to suit her peculiar environment.

    It is pertinent to mention that many countries with colonial history like Nigeria had long changed or jettisoned their colonial names and since adopted their own indigenous names soon after their independence. Examples abound of these nations that had broken the shackles of colonialism and imperialism and adopted indigenous names for their countries.

    Read Also: NAF airstrike kills 80 terrorists in Katsina

    Many advanced nations of the world today are proud of their national identity, cultural heritage and civilization and therefore Nigeria should not be an exception. The great powers such as the People’s Republic of China achieved her present super power status in virtually all sectors of human development through her historic cultural revolution spearheaded and propelled by the legendary sage, late Chairman Mao in 1949. China’s astronomical growth and advancement particularly in the production of modern armaments as a nuclear superpower, as well as in technology, has taken the whole world by storm even as the over one billion Chinese people are today busy exporting their modern technology to the global markets including the United States of America, European Union and the African continent.

    China’s miracle could be attributed to her cultural revolution which had enthroned the spirit of nationalism, discipline, hard work and national pride among the Chinese population. The Chinese also abhors corruption in all its ramifications hence any corrupt practices in China attract the mandatory death penalty. This rather stringent or draconian law had made the Chinese people the most law abiding and disciplined society in the world.

    Nigeria has the potentials for greatness with the abundant human and natural resources God endowed her with. Nigeria should immediately embark on her cultural revolution to enable her re-discover or reinvent her national identity and pride to achieve her greatness as a major player among the comity of advanced nations of the world.

    •Nze Nwabueze Umeji-Akabogu (JP)

     Enugwu-Ukwu, Anambra State.

  • New York Times’ jaundiced report on Nigeria’s economy

    New York Times’ jaundiced report on Nigeria’s economy

    • By Kenechukwu Aguolu

    Sir: The New York Times report “Nigeria Confronts Its Worst Economic Crisis in a Generation” published on June 11, portrays a bleak outlook on Nigeria’s economic state. However, the report lacks objectivity and may inadvertently misinform readers. It is essential to present a more balanced viewpoint that takes into account the wider context, including global economic trends and challenges shared by other nations. Moreover, it is imperative to highlight the proactive measures undertaken by the current government to address these issues and the inherited economic challenges it faces. By offering a comprehensive perspective, we can better understand the complexities of Nigeria’s situation and the efforts made towards sustainable growth and stability.

    The report fails to mention that inflation is a global issue affecting many countries, not just Nigeria. By not acknowledging this, the report gives the impression that Nigeria’s inflation is an isolated problem, which is misleading. Additionally, when comparing the size of economies, it is essential to remember that they are typically valued in dollars. Therefore, individual country exchange rate policies may affect such comparisons. A country’s economic size appears smaller when its currency is devalued. For instance, a country that defends its currency might seem to be doing better economically than a country that floats its currency, although the latter may be making more sustainable long-term economic decisions.

    Labour union strikes did not start under this regime; even the previous administration experienced various strikes by numerous unions, with the ASUU strike being one of the longest. The current government should be commended for its proactive approach to addressing the demands of labour unions. However, the government and labour unions must find more effective ways to resolve disputes to prevent the economic losses caused by strikes.

    When President Tinubu’s administration took office a year ago, it inherited an economy in a comatose state. The amount used for debt servicing was already over 90% of Nigeria’s revenue, making most expenditures reliant on borrowing. This situation was unsustainable, necessitating significant economic reforms. The New York Times report overlooks that the current administration is dealing with long-standing economic issues rather than creating new ones. It is also important to recognize that high infrastructure deficits and security challenges are inherited issues that the government is actively addressing.

    Faced with an untenable economic situation, the Tinubu administration took bold decisions to remove fuel subsidies and float the naira. These measures were necessary to reduce the financial burden on the country and free up funds for critical investments in infrastructure and other sectors. While these reforms caused short-term economic shocks and hardship, they are essential for Nigeria’s long-term economic health. Many Nigerians question where the money saved from these reforms has gone. It is important to note that savings can be actual revenue saved or money that would have been borrowed but wasn’t. The removal of fuel subsidies and the floating of the naira has reduced the need for borrowing and allowed the government to redirect funds to more productive uses.

    Read Also: Obasanjo pays Sallah visit to First Lady Tinubu

    The New York Times report does not highlight the government’s efforts to mitigate the hardships caused by economic reforms. To alleviate the situation, the federal government started paying ₦35,000 cash awards to federal civil servants, with various state governments following suit by paying varying amounts to their workers. Additionally, the government is about concluding a new, improved national minimum wage, with a bill about to be sent to the National Assembly. Furthermore, the government has initiated conditional cash transfers and distributed thousands of metric tonnes of assorted grains to support vulnerable households. It has also introduced a student loan scheme to enhance access to tertiary education. The Dangote refinery is scheduled to commence production of premium motor spirit by the end of July. This holds promise for alleviating the impact of fuel subsidy removal by potentially lowering the prices of PMS

    Amongst other things, the report failed to acknowledge the current government’s significant achievement in clearing the $7 billion forex backlog owed to foreign companies, a move that has boosted investor confidence.

    While Nigeria is facing economic challenges, it’s important to provide a balanced perspective that takes into account the global context, historical issues, and the current government’s efforts. The administration led by President Tinubu has taken necessary but painful steps to address long-standing economic problems. These reforms, though causing short-term hardship, are essential for Nigeria’s long-term economic stability and growth.

     • Kenechukwu Aguolu FCA,

    Abuja.

  • Tech for Good: Harnessing technology for a better world

    Tech for Good: Harnessing technology for a better world

    • By Don Pedro Aganbi

    Sir: Technology is neutral. It is neither good nor bad. Although it can be used for either good or bad. It is however so ubiquitous today that it cannot be ignored. In an increasingly digital world, technology holds immense potential to drive positive social change and address some of the world’s most pressing challenges. This brought about the term Tech for Good.

    Tech for Good refers to the intentional use of technology to generate positive social outcomes. It encompasses a broad spectrum of initiatives aimed at solving social, economic, and environmental problems through innovative technological solutions. These initiatives often focus on areas such as healthcare, education, agriculture, financial inclusion, and environmental sustainability. The core principle of Tech for Good is leveraging technology to empower communities, enhance quality of life, and create a more equitable world.

    This is currently happening everywhere across the globe. Individual countries must now explore the path forward to maximize its impact.

    Consider Hello Tractor. Hello Tractor, often referred to as the “Uber for tractors,” addresses agricultural challenges in Nigeria and other African countries. It is a digital platform connecting tractor owners and smallholder farmers through a farm equipment-sharing app and GPS fleet management solution. It enables efficient and affordable access to mechanized farming.

    In the financial inclusion space, there is M-Pesa. Launched in Kenya in 2007, and now expanded globally, M-Pesa is a mobile money platform that has transformed financial inclusion. By allowing users to send and receive money, pay bills, and access credit via mobile phones, M-Pesa has empowered millions of unbanked individuals to participate in the formal economy. Its success has inspired similar initiatives worldwide, showcasing the power of mobile technology to drive financial inclusion.

    The healthcare space in Nigeria has LifeBank. The company uses Google Maps API technology to deliver supply chain sensitive medical products such as blood, vaccines, and oxygen. With LifeBank, doctors can now request a blood type and immediately access a map that tracks the journey of the delivery. Lifebank is today, transforming access to critical healthcare in Africa.

    In addition, telemedicine platforms such as South Africa’s Hello Doctor and Nigeria’s EzzyCare and GoCare offer virtual consultations and healthcare services, increasing access to healthcare in the continent. Ubenwa in Nigeria uses AI-powered wearable devices to detect birth asphyxia.

    Education is not left out. In online learning there are several platforms including South Africa’s Obami and Nigeria’s EduTech which offer online learning platforms for African students, providing access to quality education. Kenya’s Eneza Education uses AI-powered adaptive learning tools to improve learning outcomes for students, while South Africa’s Rethink Education uses AI to personalize learning.

    These examples illustrate the innovative ways technology is being used to address the continent’s unique challenges and opportunities. There are hundreds of firms in this space operating in different sectors across the African continent. But to fully realize the potential of Tech for Good, several strategies need to be pursued.

    First is inclusive innovation. Innovation must be inclusive, ensuring that technological solutions are designed with and for the communities they aim to serve. Engaging local stakeholders, understanding cultural contexts, and addressing specific needs are crucial for creating impactful and sustainable solutions.

    Secondly, public-private partnerships are essential ingredients to drive Tech for Good. Collaboration between governments, the private sector, and non-profit organisations can amplify the reach and effectiveness of Tech for Good initiatives. Public-private partnerships can mobilize resources, foster innovation, and scale successful models to broader populations.

    Read Also: NAF airstrike kills 80 terrorists in Katsina

    In addition, digital literacy and accessibility are imperative. Enhancing digital literacy and ensuring access to technology are fundamental to bridging the digital divide. Investment in education and infrastructure, particularly in underserved regions, is essential to empower individuals and communities to leverage technological advancements.

    Moreover, ethical considerations are indispensable. Ethical considerations must be at the forefront of Tech for Good initiatives. Ensuring data privacy, security, and equitable access to technology are paramount to building trust and achieving long-term positive outcomes.

    Furthermore, there must be a focus on sustainable business models. Developing sustainable business models that align social impact with financial viability is key to the longevity of Tech for Good projects. Social enterprises and impact investment can play a vital role in fostering innovations that deliver both social and economic returns.

    Tech for Good embodies the promise of technology as a force for positive change. By addressing critical challenges in healthcare, education, agriculture, and beyond, technology can indeed create a more equitable and sustainable world.

    •Don Pedro Aganbi,

     getdonpedro@gmail.com

  • Return of the old National Anthem

    Return of the old National Anthem

    Sir: National anthems are more than mere songs; they encapsulate a nation’s history, values, and aspirations. In Nigeria, a country rich in cultural diversity but often divided along ethnic and religious lines, the national anthem serves as a poignant reminder of unity and collective identity. The reintroduction of Nigeria’s old national anthem goes beyond having symbolic value but has the potential to foster national cohesion and patriotism.

    National anthems play a significant role in nation-building. They are a form of affirmation, akin to a national prayer, that can inspire citizens and remind them of their shared heritage and common goals. The old Nigerian anthem, with its powerful lyrics, speaks directly to the values of unity, justice, and peace, which are crucial for the nation’s progress. It has the potential to strengthen national solidarity and inspire a renewed commitment to Nigeria’s development and prosperity.

    Each stanza of this anthem carries a message that resonates deeply with the ideals necessary for national unity. Stanza 1 emphasizes unity in diversity, reminding Nigerians that despite ethnic and linguistic differences, they stand together in brotherhood. Stanza 2 highlights the national flag as a symbol of truth and justice, values that should guide the nation and be passed on to future generations. Stanza 3 is a prayer for divine assistance in building a just and peaceful nation where no one is oppressed, ensuring prosperity and blessings for all.

    Read Also: Rejoinder to New York Time’s jaundiced report on Nigeria’s current economic situation by Onanuga

    While some critics argue that reintroducing the old anthem is a misplaced priority, it is essential to recognize the broader context of this move. Reinvigorating national symbols can be a step towards addressing deeper issues of national identity and unity. However, for this initiative to be effective, it must be accompanied by genuine governmental actions that demonstrate a commitment to equity and fairness.

    The government must address public grievances and ensure that policies are not just rhetoric but are implemented with transparency and accountability. Nepotism and favouritism should be actively discouraged to foster a sense of trust and inclusion among all Nigerians. By aligning the ideals expressed in the national anthem with tangible actions, the government can reinforce the message of unity and justice.

    The re-introduction of Nigeria’s old national anthem is a powerful tool for national unity and patriotism. It serves as a reminder of the country’s rich history and the values that can guide it towards a brighter future. For this initiative to succeed, it must be part of a broader strategy that includes genuine governmental commitment to equity, fairness, and addressing the grievances of all Nigerians. Through this holistic approach, Nigeria can build a nation where unity in diversity is not just an ideal but a lived reality.

    •Kenechukwu Aguolu, Abuja.

  • Intending pilgrims and hard drugs

    Intending pilgrims and hard drugs

    Sir: The recent arrest of intending pilgrims with cocaine hours before their departure for Hajj in Saudi Arabia was a feat for which the operatives of the National Drug Law Enforcement Agency, NDLEA, deserved a standing ovation.

    The details of the arrest, published by the media, indicated that the suspects, four in number, were caught red-handed at a hotel in Oshodi, Lagos at the point when two of them were about to ingest 100 pellets of the illicit drug each.

    It’s hard to image what would have happened to them if they were caught in the holy land. The risk is the death penalty which is the prescribed punishment for drug trafficking in the kingdom and Nigeria would once again be put in a bad light, as a nation of ‘drug traffickers.’

    One way or the other, those suspects have NDLEA to thank for saving their skin, because either they were ignorant of the capital punishment for drug offences in Saudi or they were just daredevil desperadoes trying to fulfil a death wish.

    At the same time, Nigerians, particularly those already in Hajj, have to thank the agency for saving them from embarrassment from their black sheep compatriots. In a country where the Muslim Ummah globally had gathered for a holy pilgrimage, how would they have felt if their Nigerian brothers and sisters were paraded as traffickers of illicit drugs?

    NDLEA has since promised to work with the Saudi authorities to fish out the intended recipient(s) of the consignment in Saudi.

    Read Also: NDLEAnabs 110 suspects, recovers 520.385kgs illicit drugs in Kaduna

    The significance of the NDLEA feat is more pronounced when connected with the statement by the Charge d’affaires/Deputy Head of Mission of the Royal Thai Embassy in Nigeria, Kriwat Pharmorabuta. Two weeks ago, the diplomat commended the efforts of the agency under the leadership of Brig. Gen Mohamed Buba Marwa (rtd).

    In his words “I have good news that I received as we speak, because before, there were around 800 prisoners from Nigeria in Thai prisons, but right now the number has decreased greatly; it is less than 200. That means it’s very difficult now for them to get out with the drugs. So, I congratulate you and the Nigerian people. I feel pleased because I’m a diplomat in Nigeria and so I love not only my country, I love also Nigeria because Nigeria is my second home. So, when I receive good news like this, I feel very happy which in my opinion is a great feat not just for the agency but for the nation as a whole.”

    One can attest to the fact that NDLEA is one of the best performing agencies in the past three years and this is as a result of the rate at which drug peddlers are being arrested, drug seizures, and eventual prosecution.

    This notwithstanding, the agency still has a lot to do to rid the country of the scourge of illicit drug use and trafficking because cutting the supply will drastically reduce the demand and this is a collective responsibility of everyone not just the NDLEA. Also, it will be of great advantage to the country if the federal government can escalate necessary support in terms of funds, training, and gadgets to make the job easier and also motivate their gallant officers in discharging their duties.

    •Oye Lawal,Gwarimpa, Abuja FCT.

  • Democracy at 25: Slow but steady progress

    Democracy at 25: Slow but steady progress

    Sir: Democracy is the best system of government. It provides room for the citizens to choose their leaders, determine policies of their government, decide laws, guarantee human rights including right to protest, foster innovation, entrepreneurship etc.

    I strongly disagree with the apologists of autocracy and revisionism blaming Western liberal democracy as the reason for Nigeria’s predicament or those who think that in 25 years, Nigeria’s democracy has not grown.

    Nigeria’s democracy is maturing. Take for example, the periodic free and fair election which is a pillar of democracy. The last general election conducted in Nigeria was a testimony to the growth of democracy in the country. It was not by coincidence that President Bola Ahmed Tinubu lost Lagos to Peter Obi; or that Labour Party could defeat APC in the FCT Abuja. We also saw how Dauda Lawan Dare in Zamfara State defeated an incumbent, Bello Muhammad Matawalle. In Kano, we witnessed how NNPP, a new political party defeated APC, the then ruling party.

    All these are true indications that our democracy is growing and that people’s votes actually count. The introduction of technology and other innovations into our electoral system has continued to strengthen our democracy. The massive electoral rigging, including ballot box snatching and stuffing that happened in 2003 and 2007 general elections cannot be replicated today.

    Read Also: Senate Leader Bamidele tasks Nigerians on patriotism, oneness at Eid-el-Kabir

    Today, Nigeria has kissed a goodbye to some authoritarian practices witnessed under Olusegun Obasanjo presidency (1999 to 2007), particularly the interference and overbearing influence of the president himself. Nigerians will recall how former governor of Oyo State, Rashid Ladoja was impeached, the Anambra political saga between Christ Ngige and Christ Uba, how Joshua Dariye was suspended and how the governor of Bayelsa State, DSP Alamieyeseigha was removed from office.

    Under the same Obasanjo who is now calling for another type of democracy, we witnessed how the presidency spearheaded the removal of principal officers of National Assembly, imposed party leaders; there was the spectre of political assassinations such as the killings of Chief Bola Ige, Harry Marshal, among others.  It was Obasanjo who destroyed PDP through his imposition of candidates. He also attempted to amend the constitution to pave the way for sit-sight leadership in Nigeria. All these undemocratic practices have become history today as the Nigerian electorate have more voice and more power to vote out incompetent leaders.

    Nigeria’s democracy has ensured respect for the freedom of expression, right to association and peaceful assembly.

    The embedded accountability in democracy has enabled the Nigerian electorate to secure many concessions from the ruling elites. These include enactment of several landmark laws and provision of gigantic projects across the length and breadth of the country.

    Fighting corruption also is more effective under democracy than when Nigeria was under military dictatorship.  EFCC and ICPC for example, have recorded thousands of conviction of treasury looters and other criminals and recovered billions of cash and assets some of which are being utilized for the reconstruction of Second Niger Bridge, Lagos-Ibadan Express Way, Abuja-Kaduna-Kano Expressway among others.

    •Comrade Bishir Dauda Sabuwar, Unguwa Katsina.

  • World Day to Combat Desertification

    World Day to Combat Desertification

    Sir: The World Day to Combat Desertification and Drought is observed annually on June 17 to call attention of global leaders, the public and relevant stakeholders to comply with the UN Convention to Combat Desertification (UNCCD). It was adopted on June 17, 1994 in the context of the wave of soaring desertification consuming millions of arable lands around the world thus putting all living creatures in a tight spot and starvation. The chosen theme for this year (2024) is “United for Land: Our Legacy. Our Future”.

     According to a recent UN survey, every second, the equivalent of four football fields of healthy land is lost to desertification. This implies that 100 million hectares of fertile lands are degraded a year posing catastrophic effects on communities, ecosystems, food security, famine and water resources.

    Read Also: Tinubu hails fathers as true heroes on Father’s Day

     The UN also stated that 3.2 billion people are already impacted by the escalating desertification and 50 million people could be displaced in the next 10 years, making it one of the most serious environmental problems facing the human race.

     More than 24 billion tons of fertile soils vanish from sight every year and two-thirds of our planet is currently undergoing desertification. If no action is taken, 1.5 million sq. km of farmland, equivalent to the entire arable land of India, will be lost by 2050.

     Over the years, the effects of desertification and drought have thrown the 11 states of Adamawa, Bauchi, Borno, Gombe, Jigawa, Kano, Katsina, Kebbi, Sokoto, Yobe, and Zamfara into ineffable dilemma, impacting human beings, farmland, water and food production across the country.

     It is therefore imperative that African leaders move speedily to achieve goal 7 of the UN’s SDGs if only to ensure access to affordable, reliable, sustainable and modern energy for all. Doing so is analogous to safeguarding the lives of poor Africans from the health hazards of dirty energy from firewood thus saving the population from respiratory and cardiovascular diseases. Massive investments in clean energy transition should also be a key part of African governments’ top priorities so as to build a brighter future for generations to come. This will be an indelible legacy for the younger and coming generations.

    •Mustapha Baba,Azare, Bauchi State.

  • Nigerians and Democracy Day

    Nigerians and Democracy Day

    • By Kenechukwu Aguolu

    Sir: As Nigeria marks 25 years of democracy, the critical question is how this has positively impacted the lives of Nigerians. The saying, “na democracy we go chop?” highlights the need for tangible benefits from democratic governance. The country, once known for saying, “Money is not the problem, but how to spend it,” is now struggling to survive. Many ask;’’ how did we get here?’.

    Implementing an improved national minimum wage is seen as a crucial step toward alleviating the suffering of Nigerians. Apart from providing salary workers with decent pay, it is expected to stimulate the economy by increasing people’s purchasing power, and workers’ productivity. Business owners would benefit through stimulated demand and the government would receive more taxes. Long-term benefits to the nation include a reduction in crime and insecurity.

    If the proposed Executive Order on “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024” is signed by the president, it will bring relief to both citizens and businesses. The proposal includes suspending import duties and other tariffs for six months on staple food items, raw materials for manufacturing, agricultural inputs, pharmaceutical products, poultry feeds, flour, and grain. While the government will lose some revenue, there are questions about what will happen after the six months.

    Read Also: Suit seeking Ganduje’s removal as APC national chair June 26 for hearing

    The government should intensify its efforts to improve infrastructure, particularly in areas of transportation and power. A significant challenge remains insecurity, which has gradually crippled the country. Agriculture and mining, crucial sectors for economic diversification, are most affected. Nigerians are looking for immediate impact in job creation. With high unemployment rates, particularly among the youth, the government’s economic reforms must prioritize creating job opportunities. Improving citizens’ access to quality healthcare and education is also essential for national development.

    Corruption continues to be a major obstacle to Nigeria’s development. The government needs to increase its efforts to combat corruption, ensuring that public funds are used efficiently and that individuals involved in corrupt activities are held responsible. Transparent and accountable governance will help to establish public confidence and garner support for the government’s initiatives.

    As Nigeria celebrates 25 years of democracy, they desire results and improvements in their lives. They want to see more concrete actions and outcomes from the promises made. While celebrating the journey, the government must deliver on its commitments and ensure that democratic governance translates into better living conditions for all citizens.

    While celebrating milestones is important, the true measure of success lies in the improved living standards of the people. Nigerians are not just looking for assurances; but for results that will make a real difference in their daily lives. The government must rise to the challenge and deliver on its promises to build a better future for Nigeria.

    •Kenechukwu Aguolu FCA,

    Abuja.

  • Modernising payments to secure the future 

    Modernising payments to secure the future 

    • By Elvis Eromosele

    Sir: Payment is the fulcrum of human interaction. And like everything else, it is constantly changing. The move from barter to commodity money was followed by currency and we are today in the realm of digital payments.

    It is clear that to go forward efforts must now be geared towards modernizing the payment infrastructure across the African continent. This is imperative to promote innovation, drive economic growth, and help the continent gain a competitive edge.

    Today, Africa stands at the cusp of a digital revolution, and the need to enhance the inclusivity and integrity of digital payments cannot be overstated. This transformation is not just about integrating new technologies but about simplifying processes, increasing trust, and ensuring the availability and reliability of payment systems.

    Africa may well be at a critical juncture in the journey of digital transformation, an inflection point. To underscore the significance assertion, two forums in June arrived at the same conclusion.

    The first was the Digital PayExpo 2024 by Intermarc Consulting with the theme ‘Redefining Payment’. It was followed by Interswitch, ACI Worldwide Customer Engagement event tagged ‘Modernizing Digital Payment Infrastructure for Innovation, Growth & Commercial Advantage.’

    Both sessions essentially concluded that the rapid proliferation of digital technologies has opened new avenues for financial inclusion, allowing more people to participate in the global economy. However, this potential can only be realized if digital payment infrastructures are modernized to meet the demands of today’s fast-paced, interconnected world.

    The place to start is building trust through availability. Trust is the cornerstone of any financial system. For digital payments to gain widespread acceptance, they must be reliable and available at all times. Experts argued that the trust quotient in digital payments is directly proportional to their availability. When users can depend on payment systems to function without fail, their confidence in digital transactions increases. This is a fact.

    Of course, modernizing payment infrastructure also involves implementing robust systems that ensure high availability. This means reducing downtime, minimizing transaction failures, and providing seamless user experiences. Financial institutions must, as a matter of urgency, invest in technologies such as cloud computing, block chain, and artificial intelligence to create resilient and scalable payment systems.

    The second thing would be to simplify the user experience. At the heart of digital transformation is the goal of simplification. Complex and cumbersome payment processes deter users and hinder the adoption of digital financial services. To drive growth, it is essential to simplify these processes, making them intuitive and user-friendly.

    Innovations such as contactless payments, mobile wallets, and real-time transaction processing are examples of how simplification can enhance user experience. By reducing the friction in payment processes, businesses can attract more users and facilitate smoother transactions.

    Read Also: Alleged N1.85b fraud: Court sends two REA officials to prison

    Another way to boost the adoption of digital payments is by ensuring transaction integrity. Those who should know insist that one of the major challenges in digital payments is maintaining transaction integrity. Issues such as fraud, data breaches, and identity theft can undermine user trust and disrupt the financial ecosystem. As digital transactions increase, so does the need for robust security measures.

    The way forward of course involves implementing advanced encryption technologies, multi-factor authentication, and block chain can help ensure the integrity of digital transactions. These technologies provide a secure framework that protects user data and prevents unauthorized access, thereby bolstering trust in digital payment systems. 

    Furthermore, everyone, from regulatory agencies to players, must consider digital transformation as the path to unprecedented growth. In truth, digital transformation is more than just a trend; it is a pathway to unprecedented growth. By modernizing payment infrastructure, businesses can unlock new opportunities for expansion and innovation. Digital payments enable faster, more efficient transactions, reducing operational costs and increasing profitability.

    Moreover, digital payment systems facilitate global commerce by breaking down geographical barriers. Businesses can reach new markets and customer segments, driving revenue growth and enhancing their competitive advantage. The adoption of digital payments also promotes financial inclusion, bringing underserved populations into the formal economy and driving socio-economic development.

     The future of payments is digital, and the time to act is now!

    •Elvis Eromosele,

     elviseroms@gmail.com