The Nation Newspaper

Category: Letters

  • Salute to a great leader of our time

    Salute to a great leader of our time

    SIR: Giants strides made by man are usually relieved with pomp and pageantry .while some roll out the milestone amidst glass clinging. Some play the breakthrough low but all in praises and in anticipation of better future ahead. In this momentous instance, the success story always overshadows the nauseating hurdles and barricades accompanying such feats.

    In the lives of many, birthdays are usually periods for sober reflections .The period for stocktaking. Numerous personalities with eyes on the verdict of history use such occasions to reflect on their contributions to the betterment   of their societies.

    For Asiwaju Bola Ahmed Tinubu, President-elect of the Federal Republic of Nigeria, he would have wished that the occasion of his 71st birthday anniversary be observed with an annual colloquium. But the man is not an ordinary man as he is President-in-waiting of the African giant.

    The vision of Jagaban   is to build a prosperous, highly educated, technology-driven, pace-setting Nigeria. He believes that the fastest and only way to change the populace is through education. While most Nigerian elites are busy manipulating ethno-regional differences to personal advantage, Tinubu   has always been in the vanguard of harnessing the differences to build a restructured united Nigeria.

    As a former senator and former governor, Asiwaju Bola Tinubu has in-depth understanding of the contemporary problems of Nigeria. His ideas can build solid bridges leading us into the future with sound economic development. He has an analytic mind that is fertile and pregnant with development ideas. He is what Nigeria needs now.

    Nobody can doubt the political sagacity and international reach of Asiwaju, who has supporters in every nooks and crannies of this country as shown by the  vast spread of his votes across the nooks and corners of this country .

    It is a fact that Asiwaju Tinubu is a champion for progress and development as it was evident with his antecedents while he was the governor of Lagos State. His policies and actions culminated into a practical development model that based on research conducted, many states in Nigeria have since adopted it in their states and this model is also being used by prestigious institutions of learning across the globe as one of the successful development and economic model from the Africa’s largest country

    Jagaban remains the most popular, charismatic and influential leader among his contemporaries. He is the leader chosen by Nigerians to solve the myriads of problems about to choke the country to imminent death. BAT has a swell of goodwill that is unparalleled in this country.

    He is an exemplary in humility; an apostle of change, a revolutionary and core disciplinarian adept in the evolution of continuity between the past, diligently reshaping today for brighter tomorrow. He is an ardent believer in the in the delegation of responsibilities among his team members for the creation of an efficient, resilient and responsive system.  

    Nigeria needs a strategic and visionary leader who can identify opportunities from challenges especially at these global economic challenges. Asiwaju has the mental capacity, resources, network and more importantly being surrounded by brains that can turn around the fortune of this country and consolidate on the developmental foundation of President Muhammadu Buhari.

    Life, says a sage, is a basket of sorrows punctuated with moments of happiness. On whatever scale of measurement Bola Tinubu’s 71 years sojourn on this terrestrial divide is, the living legend and man of destiny definitely, has a credit of balance of happiness.

    By any benchmark one deploys to assess him, and in whatever clime in our firmament of the planet earth, Asiwaju Bola Ahmed Tinubu, the former governor of Lagos and President-elect  of Nigeria, is a stunning success, a unique gift to humanity and he deserve to be celebrated by all and sundry within the Nigerian geography and beyond.

    As our beloved amiable civilian general turns 71, it is our wish and prayer that the almighty God continue to keep him in robust health, with a sound mind to carry the burden of Nigeria and Nigerians on May 29.  

    •Ahmad Muhammad Danyaro,

    Dutse, Jigawa State.

  • As PMB prepares to exit

    As PMB prepares to exit

    SIR: President Muhammadu Buhari is about to hand over power, the same way he took over eight years ago from President Goodluck Jonathan. It is obvious that May 29 cannot come any sooner for the president. He is (and could not have emphasized this enough) by all means exhausted and eager to hand-over to his elected successor, Ahmed Bola Tinubu.

    One thing is for sure though, President Buhari is human after all, if the results of his eight-year rule are anything to go by.

    Apart from the APC manifesto (and the ridiculously farfetched promises on the APC sponsored billboards prior to the 2015 general elections for instance), President Buhari consistently bordered his promises on strengthening the country’s economy, fighting insecurity and tackling corruption. You cannot doubt a person’s intention since it is a matter of the heart. Therefore, one cannot say that the president did not mean what he said (or promised). As we have seen, attempts have been made to fulfill these promises.

    But have they provided the desired outcome? In no particular order of achievement (or failure), his presidency has been made and marred by an audacious national infrastructure revival drive, the costly indecision on nationally pressing issues, degrading of Boko Haram in the North-Eastern part of the country and the metamorphosis of farmer-herder clashes and cattle rustling into banditry and kidnapping in the Northwest, and not forgetting the violent rise of secessionist agitators in the Southeast. Further to these is the failure to tackle the subsidy regime, end fuel scarcity, and the rise of the country’s debt to a record N70trillion . A very important positive highlight of this administration will no doubt be the signing of the electoral reform act in 2022. The increase in the contribution of agriculture to the country’s gross domestic product (GDP) is not unconnected to the president’s palpable efforts to empower farmers for increased food production.

    I had intentionally mixed the highs and the lows of the administration so as to depict how he has succeeded in taking five steps forward, and five steps back!

    For instance, the irony of the management of the subsidy regime is that President Buhari has been the minister of petroleum all through his two tenures as president. For several chunks of the eight years, Nigerians have bought subsidized products at higher prices than the government approved prices. What is more frustrating being the seeming inability of the government to stabilize the supply of petroleum products, thereby subjecting Nigerians to long hours on queues just to buy petrol? Finding a permanent and lasting solution in the sector has proved to be more complex than solving a Rubik’s cube for the President and his team.

    However, there has arguably never been a more concerted effort at reviving and upgrading the country’s transportation infrastructure since independence, than that of the President Buhari administration. Simultaneous projects are being executed and completed in the road, rail and air transport sectors, albeit at the cost of huge debt that will be serviced (and probably rolled over) for decades. The question is whether these debts have been and are being judiciously used for purposes of their collection.

    The signing of the electoral law in 2022 introduced the voter accreditation technology, BVAS as a game changer and ensured that voter fraud is drastically reduced. This meant that although the total registered voters in the country had increased more than ever before, the total votes cast have been significantly lower than previous election cycles. Even as there is always room for improvement, the election of 2023 has been the most credible in Nigeria’s 4th republic, at least. President Buhari deserves his flowers for this.

    To draw the curtain, and as if to further highlight the several indecisions of the Buhari administration is the implementation of the naira redesign policy. It is evident that a comprehensive cost and benefit analysis was not carried out before the presidential approval to implement the policy.

    President-elect Tinubu and his team have their work cut out for them. It will not be easy and it never was meant to be. Securing and uniting the country, tackling corruption, revenue generation, debt management and strengthening of institutions are immediate concerns for the President-elect, because, as a matter of fact, the challenges met by the president in 2015 still remain. Whether he has put the nation on a pedestal for growth and development still remains to be seen, not until a historical appraisal is made in the future, at least.

    •Aliyu Sulaiman,

    Katsina.

  • Census: History, challenges, and implications

    Census: History, challenges, and implications

    SIR: In just two months, Nigeria is expected to conduct its sixth population and housing enumeration exercise. This will be the fifth since gaining independence from British colonial masters. Even before the amalgamation of the colonies that became Nigeria in 1914, the British imperialists adopted a decennial system of enumeration, conducting censuses in 1866, 1871, 1881, 1891, and 1901. This allowed them to have a good idea of population figures, projected tax revenues, and development plans.

    However, the system was disrupted by the two world wars, and Nigeria’s first census as a political entity took place in 1952/53. Since then, irregular censuses have been conducted in 1962, 1962/63, 1973, 1991, and 2006. The upcoming census will be the first in 17 years.

    Unfortunately, censuses in Nigeria have always been politicized, as population figures are a significant metric for the federal allocation of funds to federating units such as regions, states, and local government areas. As a result, federating units often make efforts to artificially inflate their figures. This tendency to politicize censuses and the failure to use them for planning purposes have almost rendered them irrelevant. Censuses have become tools for enriching the political elite who benefit overnight by being involved in politics.

    In 2006, the census put Nigeria’s population at 140 million, but the current rough estimate puts it between 211 and 215 million, making it the seventh most populous country. However, the emphasis on political considerations make it difficult to justify this claim.

    The government has already spent N291 billion on the N869 billion required to conduct the 2023 census and is shopping for over N500 billion between now and the next two months for the exercise. However, the huge bill is something we doubt the nation can afford right now.

    Until Nigeria recalibrates its population census and management to prevent politics-driven inflation of figures, it will be wasting scarce resources on irrelevant enumeration exercises. The census must be for economic planning, not consumption, and should be shelved and rejigged for a more effective relaunch when the economy improves. All huge spending must be stopped, and scarce funds must be allocated to items that are prioritized at any given time.

    •Muhammed Bolanle Hakeemat,

    oayinde201@gmail.com>

  • Addressing inequities in politics and education

    Addressing inequities in politics and education

    SIR: Equity, diversity, and inclusion are major issues in Nigeria, as demonstrated by the results of the just-concluded election. The election highlighted the deep divides and inequities that exist in Nigerian society and underscored the need for greater efforts to promote diversity and inclusion. The lack of representation of marginalized groups in government and politics has been shown to be one of the factors impeding the development of Nigeria as a nation. Women, youth, and people with disabilities are significantly underrepresented in positions of power, which limits their ability to shape policies and decisions that affect their lives.

    To minimize these inequities, there is a need for deliberate efforts to promote diversity and inclusion in all spheres of life, including politics, education, and employment. This can be achieved through affirmative action policies that ensure that marginalized groups are given equal opportunities to compete for positions of power.

    Another critical issue is access to quality education in Nigeria. The educational system in Nigeria is characterized by significant disparities in access and quality, with children from low-income families and rural areas being particularly disadvantaged. This limits their ability to compete in the job market and perpetuates cycles of poverty. In a bid to address this challenge, there is a need for awareness creation in the area of this inequality. It is in this vein that we at Pharmafluence Education Advancement Network (PEAN) came up with a Diversity in Science project. This project was aimed at educating the general people of their individual roles in building a better world, where every gender, culture, or group is represented across all strata. We also highted the need for significant investments in education, including infrastructure, teaching staff, and curricula as measures to promote access to quality education in the country. The government can also work with private sector actors to provide scholarships and other forms of financial support to children from low-income families to ensure that they have equal access to quality education.

    In conclusion, efforts should be made to address the underlying social and economic factors that limit access to education, such as poverty, gender inequality, and discrimination. This can be achieved through social protection programmes, such as cash transfers and subsidies, which aim to reduce poverty and promote social inclusion.

    •Kenneth Bitrus David,

    PEAN, Kaduna.

  • Reawakening the ghost of June, 1993

    Reawakening the ghost of June, 1993

    SIR: What am I hearing? Sack Mahmood Yakubu, for Interim Government? Does anybody remember this?

    One night after the June, 1993 General Election, some people under the aegis of a hurried contraption called Association for Better Nigeria (ABN) went to court, and that prepared the ground for the annulment of the election that would have produced Moshood Kasimawo Abiola as President of the Federal Republic of Nigeria, citing electoral irregularities. Pronto, the them military Head of State annulled the election and set up and interim government. Of course, the government never lasted. The peculiarity and difference of that election from the current one was that: it was organized under military rule; and, the election process was not allowed to be complete and a winner was never announced. We were however to know much later that the election was actually won by MKO Abiola. What followed was a national serious political unrest followed by the resignation of the military Head of State, the setting up of an interim government, and the reappearance of the military under Gen. Sani Abacha until 1999.

    Fast-forward to 2023, exactly 30 years later. The Presidential Election was conducted on February 25,. While the collation was ongoing, agent of two of the frontlines parties stormed out the collation centre citing election irregularities and asking that collation be stopped and election cancelled for non-compliance with the extant electoral laws. The Independent National Electoral Commission, INEC, however continued the collation of the Presidential Election and announced the result, declaring Senator Ahmed Bola Tinubu, candidate of the All Progressives Congress (APC) elected. Since then, election petitions have been filed by at least three parties, with two of the frontline parties asking the Presidential Election Tribunal to annul the election and ordering a rerun. But before the tribunal can hear the petition, demonstrations are rocking the federal capital with calls on the President Muhammadu Buhari to remove the chairman of INEC, cancel the election which had been concluded, and set up an interim Government.

    If the election was brazenly and massively rigged as the opposition has been making us believe, and the agents are armed with copies of Form EC8A, proving it should be an easy task. One is then left to ask why they are eagerly pushing a short-cut of dismantling the INEC, annulment of the election, and interim government. Some are even asking for military take-over! Can anyone miss the similarities between what the opposition is clamouring for now and that of 1993?

    Peaceful demonstration is accepted as part of democracy, but calling for an end to it by asking election to be cancelled and an illegitimate government set up is not part of it. It is more worrying that after attempting to discredit the INEC, some elements sympathetic to the complainant have attempted to discredit the Chief Justice of Nigeria, and by extension, the Supreme Court of Nigeria, knowing fully well that the petition is likely to end at the Supreme Court.

    All peace-loving Nigerians should not fail to notice the similarity between the new call and the events of June, 1993. The opposition should be advised to concern itself with proving the allegations of rigging at the election before the tribunal, instead of seeking to plunge Nigeria into another crisis akin to June 12 confusion. Even if the tribunal appears not to have done justice, there is a recourse to appeal. Those who claim to be democrats must believe in the constitution and the rule of law. Recourse to intimidation, blackmail, and seeking to shame Nigeria before the international community cannot be patriotic. Nigeria has managed to stay the course of democracy sing 1999, no matter how imperfect. There is no better alternative.

    •Prof P. O. Olatunji,

    Dept of Haematology,

    LASUCOM, Lagos.

  • My response to UK Deputy High Commissioner

    My response to UK Deputy High Commissioner

    SIR: These are my personal views and I am constrained to express them given the fact that one Ben Llwelyn-Jones, who I am told is the Deputy High Commissioner of the UK to Nigeria, threw away all caution and mentioned my name in his inglorious commentary.

    Nigeria stopped being a British colony 63 years ago and we need no lessons from him on how to run our affairs or conduct our politics.

    I know that his preferred candidate did not win the presidential election but that does not mean he should cross the line and take liberties with us here. I wonder who the hell he thinks he is? 

    I am not one of those Nigerians that bows, shakes, shivers and trembles before the British or indeed any other foreigner.

    And unlike most, I do not need any validation or endorsement from him or his ilk and neither can I be intimidated by his veiled threat of a visa ban.

    Frankly I could not care less. 

    I would however take this opportunity to assure him that regardless of his views and desire to compel us to accept their godless so-called “humanist” and “libertarian” values and introduce evil practices and policies such as same-sex marriage in our country, this will never be the case.

    Neither will we accept lessons in decency, etiquette, what to say or how to speak from a fading British civil servant and a man that represents a nation that has committed more atrocities than perhaps any other in the history of humanity.

    I advise this Englander to respect himself and remain a silent observer when it comes to the politics of the Federal Republic of Nigeria. As a nation we are not a poodle of the British and we came of age 63 years ago.

    He should also be more concerned with the efforts of his nation to bring us one step closer to WW3 given the unfolding events in Ukraine. 

    He has accused me of hate speech and incitement simply because I said Lagos is not a no man’s land and that the Yoruba ought to be respected in their territory. Well let me say clearly and categorically that I have no apology for saying this and I stand by every word I said. 

    We do not need any lessons from him. Foreign diplomats come to this country to enhance our relationship with theirs and not to give us lectures.

    They are not supposed to interfere in our internal affairs, to be partial, to tell us what to do or to tell us how to do it. They are meant to observe in studied silence and make their concerns and representations, if any, known privately. They cannot get into the political ring of fire. They cannot tell us how to vote, who to vote for, how to worship, what God to praise, who to marry, who not to marry and which party to support. 

    Neither can they threaten us and impose their double standards and godless ‘woke’ and ‘globalist’ values on us.

    As for his threats, I challenge him to do his very worst. We are not your slaves. Nigeria is an independent sovereign nation. We are no longer a colony.

    Until his government hands Tony Blair and others over to the ICC at the Hague for crimes against humanity and war crimes committed in Iraq, Afghanistan and Serbia and apologises for the over 100 years of unspeakable atrocities committed against the people of Africa, India, China, Indo- China, Asia-minor, the West Indies and indeed all her former colonies, I will NEVER take the British seriously or at their word.

    Millions were slaughtered and enslaved under their brutal yoke whilst their strong economy was built on the blood, sweat and tears of Irish, African and Indian slaves.

    Despite that they have offered no apology or paid any reparations for their evil yet they insist on imposing a system of indirect rule over us.

    The days of dictation are long gone. What they are trying to do in our country and to our country will not work.

    Bola Tinubu won a free and fair election and, whether they like it or not, he will be sworn in on May 29.

    Those that want to impose an ING on our nation and follow it up with a civil war in an attempt to dismember and destroy her shall not prevail.

    Nigeria shall remain united, shall be at peace, shall flourish, shall we excel and democracy shall be alive and well in our nation for many years to come. 

    •Femi Fani-Kayode (FFK),

    Abuja.

  • The disquiet in the poultry industry

    The disquiet in the poultry industry

    SIR: Nigeria’s poultry industry is in the midst of a crisis which has forced a crippling glut- that has knocked not a few farmers sideways. To all intents and purposes, it has been gored and bloodied by the sharp spear of the botched currency redesign policy that precipitated a cash crunch. The losses are too colossal and the weight of the pain thereof too heavy to keep one calm. How can anyone stand the sight of putrefying eggs valued at millions being buried?

    It will never be the same for many given the scale of the losses. The crisis is coming on the back of other debilitating crisis like the bird flu, insecurity and the resultant high cost of key input in feed production and the big one – the COVID- 19 pandemic which saw to the imposition of lockdown which according to pundits, resulted to about 1.5 trillion naira in losses. Sadly, another pandemic is on the prowl as new strain of bird flu is spreading apace. 

    The Poultry Association of Nigeria (PAN) has already put a figure on the current losses to about N30 billion. Not a few, players are swathed by a huge blanket of loans needed to stay afloat before the rattling punch of the current crisis. Before now, a lot of the poultry farmers have been braving singularly difficult operating environment.

    Let me provide a brief context on the industry: It is a giant in the agricultural sector which contributes about 25% to the sector. Its value is put at $4.2 billion. According to the Commonwealth Scientific and Industrial Research Organization (CSIRO), Nigeria leads in the annual egg production in Africa while it occupies the second largest position in poultry population with 180 million birds. About 85 million Nigerians are engaged in the subsector preponderantly in small to medium scale. In addition, it provides about 300Mt of meat and 650Mt of eggs annually. It means whatever happens to the subsector easily has a ripple effect on the agricultural sector and the economy as a whole.

    Again, the industry is commercialized and vibrant. It is private sector led. It is consequential to the country as the population is projected to be about 400 million in 2050 and a substantial chunk would be city dwellers which come with concomitant increase in the demand for poultry products which ordinarily should elicit support to the subsector. It is a veritable vehicle for attaining the Sustainable Development Goals (SDGs).

    The industry requires all the sympathy and support that can be mustered. It shouldn’t just be allowed to walk the cold and lonely path of adversity given the centrality of the industry to the socio-economic well-being of the country. It goes without saying, that the poultry industry is susceptible to crisis of different nature on the strength of the short shelf life of its important product and the lethal effect on the input supply chain. 

    The government seems to be in a mute mode over the matter. Its swift intervention is imperative at this critical point to preclude the following among other things: the rolling back of the recorded gains and technical expertise that has put the country in the league of the top players in the industry in the continent, divestment from the industry as result of flagging investors’ confidence and the placing of poultry protein out of the easy reach of a large segment of the population.

    It is, however, time to begin to explore the oft-mentioned value addition in the industry. It will be revolutionary to say the least. The conversion of the raw eggs to powder form is feasible in the country. Our food and beverages company include powered eggs in bread, biscuit, noodles, ice-cream and a host of other products. Undoubtedly, the attempt will save the country the humongous loss of scarce foreign exchange and for good measure, inject more jobs and serve as a safeguard against the occasional glut. Also, the school feeding programme will have to be seen as means of absorbing the huge amount of eggs produced by the industry. 

    Government at all levels would have to retool and bolster the scheme in making it work not only effectively but sustainably. The private sector has a role to play in supporting scheme through the agency of Corporate Social Responsibility (CSR) which will serve as a boon to the poultry industry.

    •Abachi Ungbo,

    abachi007@yahoo.com

  • PDP’s axe on the bigwigs

    PDP’s axe on the bigwigs

    SIR: The Peoples Democratic Party (PDP) recently announced the suspension of some party bigwigs. They are former Ekiti State governor, Ayo Fayose, former senate president, Anyim Pius Anyim. It also referred the governor of Benue State, Samuel Ortom, to the national disciplinary committee over his reported involvement in anti-party activities.

    Those suspended are believed to have worked against the interest of the party, either overtly or covertly, at the just concluded general elections.

    PDP was so sure of victory at the polls because it was banking on the presumed disenchantment by Nigerians with the ruling All Progressives Congress (APC). They overlooked the fact that the APC presidential candidate who is now the president-elect, Asiwaju Bola Ahmed Tinubu is someone who has spent over 20 years building bridges, and forging alliances across the political divide. It went into the election with a divided house and fell flat on its face. The results have shown that had it gone to the polls with a united house like it did in 2019, it would have won convincingly.

    Instead of it learning from its defeat, and beginning to plan and strategize towards 2027, it is dividing itself even further with the suspension of some political heavyweights in its fold, some of whom might be tempted to defect to other parties. How will the PDP win future elections if it expels all those with the capability to ensure its electoral success?

    The root of the political crises in the PDP is the refusal of the party and its presidential candidate, Atiku Abubakar, to remove the national chairman whom many chieftains of the party are not comfortable working with. This isn’t a first in the PDP. In 2013, many governors and other party chieftains openly rebelled against the then national chairman, Bamanga Tukur. He was pressured by the party hierarchy to resign in order to placate those who had grievances against him and prevent them from leaving the party. Why did the PDP not do the same with Iyorcha Ayu? What is Ayu’s electoral value that PDP saw nothing wrong in sacrificing many governors and other party bigwigs in order to retain him in office?

    Why are they still making the same mistake so soon after their loss in the polls? Are they planning to convert the PDP into the personal estate of Atiku and Ayu?

    Politics is about permanent interests not friends. Nigerians expect virile opposition from the PDP as it is the only opposition party with a national spread that can give the ruling APC a run for its money. The earlier it gets its acts together, the better for our democracy.

    •Peter Ovie Akus,

    New Jersey, USA.

  • Plateau governorship: When will it be Tivs turn?

    Plateau governorship: When will it be Tivs turn?

    SIR: Plateau State was created out of former Benue-Plateau on February 03, 1976 by late Gen. Murtala Mohammed. The three zones in the state are Plateau North (Jos North, Jos South, Jos East, Barkin Ladi, Bassa, Riyom), Plateau Central (Bokkos, Kanke, Mangu, Pankshin, Kanem) and Plateau South(Langtang  North, Langtang South, Qua’an Pan, Shendam, Mikang, Wase),

    The state has produced elected and appointed governors. However, my emphasis is on elected governors.

    In the second republic, late Solomon Lar, a Tarok man from Langtang North (Plateau South) governed from October, 1979 to September, 1983 and October, 1983 to December, 1983.

    The third republic had Fidelis Tapgun, an Ankwei man from Shendam (Plateau South) who led from January, 1992 to November, 1993.

    Presently in the fourth republic, it was Joshua Dariye, a Musherre man from Bokkos (Plateau Central). He was in charge from May, 1999 to May, 2003 and May, 2003 to May, 2007. Dariye was out of office for six months in his second term as a result of a state of emergency declared by the then president, Olusegun Obasanjo. Jonah Jang, a Berom man from Jos South (Plateau North) took over leadership from May, 2007 to May, 2011 and May, 2011 to May, 2015 while Simon Lalong, a Tarok man from Shendam (Plateau South) took over from May, 2015 to May, 2019 and then May, 2019 till date.

    There are over 50 tribes in Plateau State. The first seven in order of numerical strength are; Berom, Mangavul, Tarok, Angas, Jarawa, Bassa and Tiv. Tiv makes up 10 percent of the state’s population and have indigenous presence in Langtang South, Shendam, Qua’an Pan and Wase area councils.    

    When will the governorship position shift to a Tiv person? This is because in terms of population, Tiv people are next to Tarok who have already produced two democratically elected governors in the persons’ of late Solomon Lar and Simon Lalong while the Tiv people are yet to produce a Governor.

    •Donald Gaadi,

    Abuja.

  • Still on Nigeria’s naira redesign

    Still on Nigeria’s naira redesign

    SIR: Nigeria has been facing a currency crisis for several years now. The country’s currency, the Naira, has been steadily losing value against major foreign currencies like the US dollar, Euro, and British pound. The following are some of the factors that have contributed to the currency crisis in Nigeria:

    Nigeria is a major oil-producing country, and the economy heavily relies on oil exports for revenue. The fall in oil prices in recent years has led to a significant reduction in foreign exchange earnings, thereby putting pressure on the Naira.

    Nigeria has been experiencing high inflation rates for several years. This has eroded the value of the Naira and made it more expensive to import goods and services.

    Nigeria’s economy has been characterized by low productivity, weak infrastructure, and poor business environment. This has led to a lack of investor confidence, which in turn has contributed to a weak Naira.

    The Nigerian government has put in place several foreign exchange restrictions in an attempt to conserve foreign exchange reserves. However, these restrictions have led to a scarcity of foreign exchange and have further weakened the Naira.

    The currency crisis in Nigeria has had several negative impacts on the economy, including rising inflation, high unemployment, and low economic growth. The government has taken several measures to address the crisis, including devaluing the Naira and introducing foreign exchange policies aimed at stabilizing the currency. However, more needs to be done to address the root causes of the crisis and put the economy on a sustainable growth path.

    In the light of these we decided on a Naira redesign. A currency swap naturally followed it, in the Nigerian context. The fact of the matter was, there was no campaign to enlighten the masses. There was no form of advocacy, the ordinary man on the streets did not know what to expect, did not understand the entire process. The last time Nigerians experienced this was in the 1980s. Why the naira design, we still don’t have a grasp.

    A nation with no sense of emergency, maybe that’s why we don’t have any natural disasters, albeit self-inflicted floods that can and should be avoided. We are not bothered about the crisis, the Central Bank of Nigeria chief went ahead with his mandatory role of redesigning the Naira notes; he did not tell the minister for finance, the ministry was left in the loop, and those in economic and national planning were not aware. The National Assembly was as usual not beyond an assembly.

    We then started the blame game. The apex bank chief feeling like James Bond and others went on the defence. We were told that it was targeted at politicians who wanted to buy votes for the upcoming (now concluded) elections. The politicians played their roles, went to court. Governors threatened banks, banks punished citizens.

    And one ponders, if indeed we are 200 million Nigerians why should we bear the brunt of the thievery of barely one percent?

    In the interim, banks were torched in parts of the country; yet no one was held liable, while other parts just moved on painfully. The old notes disappeared and the new notes were nowhere to be found. If Venezuela was picturesque, Nigeria is the reality; Nigerians were buying naira with naira and all the authorities did was at best rant and dramatize.

    The apex bank said they had destroyed the old notes; they said the new notes were not enough or being printed. Who is printing and why was the printing not done first? Why reduce the old notes and not make available the new notes. 

    Meanwhile, the damage done to small businesses is unquantifiable; Nigerians have painfully learned the difference between cash at hand and cash at bank. Public confidence in our naira is at an all-time low. We are supposed to have witnessed a reduction in transaction costs for businesses that handle cash transactions. But it has rather tripled costs.

    •Prince Charles Dickson Ph.D.

    <pcdbooks@gmail.com>