The Nation Newspaper

Tag: Nigeria’s economy

  • 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.

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    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.

  • EITI: solid minerals can grow Nigeria’s economy faster than oil

    EITI: solid minerals can grow Nigeria’s economy faster than oil

    Extractive Industries Transparency Initiative (EITI) at the weekend  said the solid minerals sector could develop Nigeria faster than oil and gas.

    To attain the feat, its Deputy Executive Director, Mr. Bady Balde, said the country has a lot do to promote laws in doing business to attract investment to the sector.

    He spoke on the outcome of the EITI delegation visit to Nigeria.

    According to him, the Federal Government must intensify its efforts to earn stakeholders trust to attract the investments.

    His words: “And they are doing what they can to promote clarity, laws in doing business here in this country to attract more investments here.

    “Nigeria has huge  potentials in that regards if we can get it right. It is the sector that could be growing, if you are looking for growth faster than the oil sector.

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    “But it will require significant amount of work to build trust with all stakeholders and make sure that the right actors can invest here.”

    He described the delegation’s discussions with the ministry as excellent.

    Balde noted that some of the challenges that the ministry highlighted were those of illegal mining, artisanal miners who indulge in illegality.

    He said: “Some of the issues that have been raised by stakeholders is related to illegal mining, challenges faced by artisanal miners who find themselves in illegality.”

    The Deputy Executive Director expressed confidence in the ministry that promised to overcome the challenges.

    He said the ministry is a key partner that EITI must give the desirable support.

    He noted: “We had an excellent conversation with him and his management team.

    “They work in partnership with NEITI to bring about transparency to that sector.”

  • How digital creatives impact Nigeria’s economy

    How digital creatives impact Nigeria’s economy

    Within a few years, the Nigerian digital  creative economy has experienced tremendous growth and prospects. Reason: The COVID-19 lockdown produced many content creators who have become influencers, creating economic fortunes for themselves, their families and the larger society. These individuals have taken content creation as their full-time business, operating what can be termed a “creator economy”.

    Motivated by the barefaced impact of the digital creative economy, Playhouse Communications, a premier digital communications agency passionate about creating digital connections between brands and their audiences, launched an innovative initiative tagged: ‘The StoryStoryHub’. This trail-blazing campaign seeks to explore the impact of the burgeoning digital creative sector on the economy. Essentially, it is intended to emphasise the enormous economic roles of the creator economy and highlight how digital creatives, like skit makers and content creators, have flourished through the instrumentality of digital media.

     Managing Director/Chief Executive Officer of Playhouse, Mr. Tolu Onile-Ere, explained: “We are embarking on the StoryStoryHub initiative centered on the Digital Creative Economy in Nigeria. We launched this campaign to celebrate everything good about the digital economy in Nigeria. This campaign aims at making Nigerians aware of the tangible benefits of the digital economy in their daily lives. While the use of social media in Nigeria is commonplace, not everyone understands just how important it is to the common man’s life. This campaign is set to change that.”

    The StoryStory Hub campaign featured a renowned name in Nigeria’s skit-making space, Samuel Animashaun Perry, popularly known as Broda Shaggi. Shaggi comes from a humble background but has etched his name in the mind of almost every Nigerian. From the squalid Makoko axis in Lagos, Shaggi leveraged his aptitude for creating humorous content to become a social media sensation, and has now delved into other entertainment areas like acting, as he has featured in many top-grade movies.

    In his StoryStoryHub episode, Shaggi narrated his trajectory as a content creator: “I wasn’t born with a silver spoon. So, when I lost my dad, my mum and I had to relocate to Makoko, a very rugged area in Lagos. I had to rely on my talent- singing, drumming, dancing, acting- just to make ends meet and to finish my programme at the University of Lagos. It wasn’t easy. I said to myself, all these talents can’t go to waste.

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    “So, I started posting my skits on Instagram and Facebook and my following started growing gradually. Now, I have 12 million followers on Instagram and nine million followers on Facebook. Since I joined these platforms, I have been making money. This has impacted not only me, but my family, friends and well-wishers. I urge other young people to do the same- have such an impact for yourself. I want you to know that you have a talent. So, share your talent in the form of content on social media platforms, and with God’s grace, consistency and hard work, you will become a better version of yourself and make impact”.

    Shaggi’s story simply accentuated how powerful social media platforms are, especially when you are consistent. From skit-making, he transitioned into starring in tier-one movies, not forgetting the inroads he has made in brand promotion, ambassadorship deals and job creation, which have an immense positive effect on the larger Nigerian economy.

    Similarly, Tricia Olufemi-Olumide, known as Triciabiz on social media, has grown to become a prominent personage in Africa’s entrepreneurship. Founder of Ziba Beach Resort, a boutique resort in Lagos, Tricia is a marketing strategist, launch expert, business coach and Angel Investor but she started online- creating videos in which she taught people how to build an online business and make money. She said in her beginning years, she was discouraged by several people who told her to get a job, but she persisted with determination and garnered momentum over time, impacting millions of people across the globe through her content. Now, she has invested in other sectors, including tourism, where she also contributes in solving the challenge of unemployment.

    In her StoryStory Hub episode, she relayed: “I moved from being an online teacher to becoming a beach resort owner. You never know how your story will evolve. You just need to use the tools in front of you to get to your destination. I started out as a teacher, sharing my knowledge and experience online, but I knew I wanted to do more, and I eventually used the profits from my knowledge business, among others, to build Ziba Beach Resort. To those who feel online business is a joke, well, look where we are now”.

    In the same vein, Eric Okafor, with the social media handle ‘Knewkeed’, is another content creator whose journey of impact in the Creative Digital Economy is stimulating. Okafor’s tech content creation was inspired by a regular recording of a phone unboxing session which he did with his boss in 2015.

    He narrated: “That video with my boss was my first unboxing video.”

     A year later, I quit my job. In 2017, I decided I was going to do content creation full-time, with a N5000 mat and a mini-tripod. The set-up was N10,000. I relied mostly on sunlight. With consistency, brands started to reach out. I started getting contracts, gigs and retainers from agencies for content creation. I also started travelling around the world, creating content. One good turn deserves another. In my little way, I gave back to my alma mater – King’s College – but what I am most proud of is using my influence to set up a younger creator for life. In record time, my dream is to make younger stars shine”.

    With a cumulative following of 248,000 on Instagram, Facebook and the X app, Knewkeed is leading the charge for young tech content creators and driving growth for businesses through strategic content marketing, which is also helping to develop the Digital Creative Economy.

     Another content creator that was featured in the StoryStoryHub series is Muaz Muh’d, well known as ‘Bushkiddo’. His story: “About nine or 10 years ago when I finished NYSC. One day, I came across an American comedian who does skits in just 15 seconds. I was impressed. That was what propelled me to start creating content. I started alone with my phone and the dedication to create something similar in Hausa. After a while, my videos started gaining traction. Brands started paying me to create content for them. Family and friends came in and we became a team. That’s how we’ve made it this far”. Riding on social media (Facebook, Instagram and the X app) following of over 891,000, Bushkiddo significantly impacted his friends, family and businesses, translating to positive results for the Nigerian economy.

     Also, Jennifer Onyekwelu, famously known as Jenni-frank in the social media community, partook in the StoryStoryHub campaign. Jenni-frank creates entertainment content and has grown her followers from zero to 808,000 on Instagram and over four million on Tiktok. Those numbers speak of consistent diligence! She has monetised what started as a pastime and now connects brands with their audiences through enjoyable, educative content. She stressed how content creation has economically empowered her and the people around, putting her in a position to create jobs for fellow Nigerians.

     An influencer, actor and TV show host, Jenni-frank, shared her story: “Rising from the streets of Onitsha to where I am today is a story I am willing to tell over and over again. I started creating content with just my phone and natural sunlight. Thanks to the impact of social media which has played a huge role in making me grow and impacting me positively. I have been able to bridge the gap between brands and consumers. I have also created a new market. Social media has played a huge role in building community, showcasing talents and connecting people from different parts of the world. And the best part is that it is accessible and the money is there”.

     The StoryStoryHub campaign, initiated by Playhouse as part of its 12th Anniversary is playing up the role and impact of the Creative Digital Economy in Nigeria, with emphatic focus on the stories of digital creatives who have combined their talent and the power of digital media to bring forth great changes in their lives and those of their families, drive commercial growth and rewrite the digital economy narrative of Nigeria.