Opinion

Niger Delta: Job Crisis As A Time Bomb

Published

15 years ago

February 16, 2011

The time-bombs primed by sit-tight leadership and rising youth unemployment in Africa are beginning to detonate in some parts of the continent. First, it was Algeria that started the year on a sad note as youths, mostly university graduates, burned government buildings and commercial houses, paralysing the capital, Algiers. The rampaging youths said they were tired of the 11-year rule of President Abdelazis Bouteflika. They were also unhappy with remaining unemployed, years after graduation.

Then, Tunisia followed quickly in a revolt against joblessness that has sent their President Zine-el-Abi-Dine Ben Ali, who ruled the country for 23 years, scampering for safety in Saudli-Arabia. As in Algeria, the protesters were calling attention to the biting unemployment and under-employment that led one university graduate to sell fruits and vegetables on the streets for a living. This undertaking was seen by the graduate and the general public as demeaning for his qualification. Despite that, the police aggravated the situation by confiscating his wares for allegedly not having a vending permit. The hapless graduate couldn’t take the indignity anymore. So, he set himself ablaze and died later from his wounds.

Now Egypt is virtually at a boiling point with unemployed youths setting themselves ablaze in curious acts of self-immolation. They are not only protesting the economic down turn, but also the sit-tight disposition of President Hosni Mubarak, who has ruled the country for 30 years.

The question is where next? The excruciating socio-economic conditions that have put these countries on the boil are also prevalent in many African countries, including Nigeria. In fact the Nigerian condition may even be worse than what has sparked the revolt in these countries. The main point of departure, however, is that Nigeria has no sit-tight President.

Nigeria is indeed fortunate to have people who are imbued with an enormous capacity for soaking-up the pains and pangs of want. Here is a country where a president sought a third term, instead of two terms provided for in the constitution. He was fought to a stand still. Here also, jobless university graduates are eking out a living by riding commercial motorcycles (Okada), while those representing them in federal parliament are going home with mouth-watering salaries and allowances ranging from N10 million to N15 million monthly. Who says this unfair distribution of wealth is not an invitation to crisis?

So far, Nigeria has been spared widespread violent dissent. What could be likened to a revolt has been seen in the Niger Delta region where the agitations for resource control have thrown up all kinds of militant activities, including sabotage of oil installations and kidnapping of oil workers. Also in Jos and Maiduguri there have been Ethno-religious disturbances of grave consequences!

The country cannot afford to wait for things to get worse. “Job-creation is the need of the hour”. That is the view of experts like Dr. Ismail Radwan, a senior economist with the World Bank. According to him, 50 million youths in Nigeria were underemployed and three million new job seekers join the unemployment queue each year. The World Bank official wondered if there would not be social unrest eventually if the situation was not urgently addressed and canvassed a vibrant industrial sector as a way forward.

To buttress this point, the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Femi Deru said: “The rate of unemployment in the Nigerian economy is currently one of the highest in the world at 19.7 per cent. Over 50 per cent of the youths in the urban areas are unemployed. It is a very disheartening situation for parents who had laboured and strained to educate these youths. The state of affairs has assumed the dimension of an economic and social crisis. There is a relationship between rising criminality and unemployment. We should do something urgently to create jobs.”

The way forward for the different levels of government and their agencies is the provision of basic infrastructure such as power and roads. Along this line, there seems to be a glimmer of hope as a key interventionist agency of the Federal Government, the Niger Delta Development Commission (NDDC), has taken some bold initiatives in infrastructure development. Here, the East-West Coastal Road project, which is a product of the Niger Delta Development Master Plan, stands out.

This mega project will no doubt open up the region that is unarguably the engine of the nation’s economy but sadly neglected over the years. The proposed 700 kilometres highway would gulp a staggering N1.8 trillion. It begins from Akamkpa in Cross River State and terminates at Ibeju Lekki in Lagos State.

The road holds enormous prospects for agriculture and economic development and must, therefore, be fully funded. This is one project that must not be neglected or abandoned as the people are already looking forward to its many benefits. For instance, Mr. William Dacoax, a surveyor, envisions a boom in fish production from the region. He said: “Based on our historical experiences on similar roads, the initiation of the project is bound to be fraught with all kinds of structural and political hindrances. The most visible impact is that there would be easy flow of fish products from the Niger Delta to key commercial centres such as Lagos, Kano and Onitsha, with attendant promise of more income to its inhabitants”.

Although building infrastructure is critical to growth, human capital development is an equally important component in achieving a holistic advancement. In this wise, the NDDC deserves commendation for trying to strike a balance between building roads and bridges and enhancing the capacity of the human person. The commission has been organising various skill acquisition programmes as well as offering scholarships to deserving students to study in both Nigerian and foreign universities.

As part of this effort, the NDDC, also embarked on a Technical Aid Corps [NTAC] programme, as a means of alleviating the unemployment situation in Nigeria’s oil-producing region. The commission said that it designed the programme to meaningfully engage graduates from the region and reduce the level of unemployed youths.

Since the programme took off last year, thousands of unemployed graduates have been enlisted by the commission and sent to various companies, including the Small and Medium Enterprises, SMEs, to work for two years. During the period the commission will pay each of the beneficiaries N30,000 a month which will be augmented by the employer with N15,000. Like the National Youth Service Corps [NYSC], the scheme is expected to help the young graduates gain the necessary experience, which would enhance their chances of securing gainful employment or to become self-employed at the end of their tutelage in the industries.

The NDDC scheme has the potential of reinvigorating the SMEs which are among the most potent forces responsible for the fast-tracking of the economic transformation of any country. Most of them lack the resources to hire graduates to boost their productivity. They can, therefore, take advantage of the availability of this relatively cheap labour to optimise their productivity and profitability. It is thus a win-win situation—the Federal Government through its agency mops up unemployed graduates from the labour market and the employers smile more often to their banks.

In order to get a good mileage from the scheme, the young graduates should be given an opportunity to hone their skills in their areas of specialisation. The graduates are expected to acquire specialised trainings that would at the end of the day empower them to set up their own businesses and stand on their own.

The Technical Aids Corps is a programme that the three levels of government and the private sector should be encouraged to buy into so that they can collectively mop up the teeming youths roaming the streets in search of employment. They should encourage this scheme by accepting graduates posted to them.

The task of creating jobs can only be tackled successfully when the right socio-economic conditions are created. Achieving this, of course, requires an investment-friendly climate, which presupposes that security of lives and property, provision of electricity as we building of good roads, must be given top priority. According to an investment expert, Dr. (Mrs) Ngozi Awa, the quest to develop the Nigerian economy may remain a mirage unless efforts are made to boost the emergence of vibrant small and medium businesses in the country.

The sooner more jobs are created to gainfully engage the teeming unemployed graduates, the better for everyone. Efforts in this regard should begin in the Niger Delta which is the main artery that supplies the economic lifeblood of Nigeria.

Agbu, a seasoned journalist, writes from Port Harcourt.

Ifeatu Agbu

Opinion

Gridlock at the Gates

Published

2 days ago

October 13, 2025

The Tide

Quote:” City planners have long warned against overloading central arteries with industrial traffic. Port Harcourt, being a commercial hub, must observe those cautions. Let this Government House corridor not become a permanent choke point.”

It was midmorning when the rumbles began. From the direction of the factory opposite Government House, a long convoy of heavy trailers edged slowly into the already congested artery. Drivers, helpless, contended with idle cars, impatient motorbikes and pedestrians hawking wares. The gridlock that ensued was inevitable and dangerous. That stretch of road has long struggled with traffic, even under normal circumstances. But when trailers laden with goods destined for that factory arrived in the heart of the city, the resulting chaos tests the limits of road safety and civic order. What should have been a routine delivery turned into a spectacle of stalled vehicles, honking horns and frustrated commuters.Commuters arriving from the east and west found themselves at the mercy of fate. Buses squeezed past gaps, sometimes brushing mirrors.

Motorcyclists always audacious darted between trailers and cars, risking life for a few extra seconds. Pedestrians, navigating narrow sidewalks, were sometimes forced onto the road. A mother clutching her child crossed dozens of vehicles to reach a bus stop. An office worker, already late, dashed between vehicles narrowly avoiding being clipped by a reversing trailer. A delivery van, stuck mid?way, belched smoke as its engine laboured. It was a microcosm of urban mayhem. The danger is not hypothetical. One trailer, reversing without adequate sight, could crush small vehicles behind it. A sudden jerk of an overloaded container might dislodge cargo. A pedestrian stepping from between cars is invisible to a trailer’s blind spots. In the event of fire or medical emergency, blocked lanes could turn a crisis into tragedy.Residents in nearby quarters — the civil servants’ neighbourhood, local shops, offices stood to suffer the most. Their streets are collateral damage.

The hum of commerce is stifled, delivery schedules disrupted, lives endangered. In moments like these, city planning is revealed naked its flaws exposed for all to see.One elderly man, waiting for a bus, remarked: “All I need is ten minutes to reach my office. But today, I cannot even cross to the bus stop safely.”His voice quivered, not from fear alone, but from frustration. Others muttered about lack of traffic control, absence of escorts, poor coordination.It is tempting to blame just the truck drivers. But the problem is deeper. The timing of deliveries, the route choice, the lack of alternative access roads, and the absence of coordinated traffic management all conspire to produce this mess. Government House being the focal point only magnifies the stakes.We know this area in Rivers State is sensitive, high profile. Government officials, dignitaries and official vehicles traverse that corridor many times a day.

To see trailers lumbering past security parlours, squeezing past guard booths, is to court risk both symbolic and physical. At least twice this year, small collisions have occurred there a trailer striking a road divider, another brushing a sedan. Thankfully injuries were minor. But next time, the outcome may not be so forgiving. The margin for error is shrinking. What can be done? The first step is scheduling. Heavy trailers should not come at peak hours. Late-night or early?morning slots, when traffic is minimal, should be mandated. This simple shift would relieve the burden on daytime traffic. Second, alternative access. If the factory had a back entrance or service road away from the main artery, trailers could avoid the central route entirely. Even a temporary bypass could serve until permanent measures are built. Third, coordination with traffic authorities. The state’s traffic management agency must be looped in — to provide escorts, clear pathways, regulate entry and exit times. Without their presence, chaos reigns.

Fourth, strict enforcement. Trailers that defy timing orders or block lanes should attract penalties. Fines, impoundment, or delays could discourage reckless scheduling. Consistency here matters. Fifth, signage and awareness. Drivers, residents and commercial operators alike must know the restrictions. Clear signs, public announcements and coordination with the factory management will help. No one should claim ignorance. Sixth, advance notice. Residents and road users deserve alerts when heavy traffic is expected. That way they can plan alternate routes and minimize exposure to danger. Seventh, standing zones. Designated holding areas for trailers — safe zones where they can queue without entering the congested corridor. This would prevent multiple trailers crowding into the central route at once. If these measures are ignored, the dangers worsen. A panic situation — say a health emergency in that neighborhood — could be fatally delayed by gridlock. Fire engines or ambulances might be unable to manoeuvre. Lives would hang in the balance.

Insurance costs will rise. Businesses fronting the road may suffer loss of customers. The reputation of city management will take a hit. And worst of all, a tragic accident might claim an innocent life. We can end this madness but only if the will is firm and immediate. Rivers State government must act. The factory management too must show responsibility, coordinating delivery times and ensuring their drivers comply. A committee comprising traffic authorities, local government, factory management and community representatives should be formed, tasked with drawing a traffic relief plan, fast. Sit?downs, surveys, consultations — done in days, not months. In the interim, emergency measures can help. Temporary traffic diversions, rope-off lanes, manual marshals guiding trailers, police presence all can ease the burden while long-term plans are prepared. Community vigilance is critical. Residents and road users must report blocking trailers, reckless driving, and violations to authorities. If the populace insists on accountability, officials are more likely to act.

City planners have long warned against overloading central arteries with industrial traffic. Port Harcourt, being a commercial hub, must observe those cautions. Let this Government House corridor not become a permanent choke point.The tragedy of inaction is that the problem compounds. Tonight’s chaos seeds tomorrow’s delay; next week’s near?miss becomes a crash. If we let the problem persist, we court disaster. This is more than a traffic story. It’s about governance, foresight, respect for human life. It’s about restoring order in a city that cries out daily for planning and discipline. Let no more trailers barge freely into this corridor. Let us refuse to accept gridlock as normal. Let Rivers State reclaim its roads, its safety, its dignity. It is time to end this once and for all.

By: By King Onunwor

Opinion

Beyond Recapitalization Of Banks

Published

2 days ago

October 13, 2025

The Tide

Quote:” Whereas Nigerian banks have seen their real capital eroded by inflation and currency depreciation, the most immediate and positive outcome expected from the recapitalisation is enhanced financial stability”

When the Central Bank of Nigeria (CBN) on April 1, 2024, set a 24-month timeline for banking sector recapitalization, reactions ranged from optimism to skepticism. Now, with barely two quarters to the deadline of March 31, 2026, the heat on the sector is getting to feverish pitch. The new benchmark now requires banks with international operating licenses to shore-up capital bases to N500 billion, up from the previous ?25 billion minimum, while those with national operating licenses are required to up-grade to N200 billion, and regional banks to N50 billion minimum. Realistically, having been over two decades since the last recapitalization exercise which happened under Professor Charles Soludo as the CBN Governor, the current exercise is long over-due. The delay highlights a level of laxity on the side of financial regulators.

Coming more than two decades later, the current recapitalization appears push-driven by inflation, naira depreciation, or by the sheer dream for a $1 trillion economy, rather than a calculation borne by foresight. The exercise might also expose weak governance structures, as shareholders and foreign partners demand greater transparency and accountability before committing funds. But if implemented transparently, it could rejuvenate Nigeria’s banking sector and lay the foundation for sustainable economic growth. The success of the recapitalisation drive will depend upon policy consistency, regulatory clarity, and fairness. Since the last exercise in 2004 the Nigerian economy has changed both in size and dynamics, with most banks having assumed heavier financial undertakings locally and internationally, and some having expanded operations into off-shore frontiers. In 2004, Nigeria’s GDP was estimated at $135.8 billion.

Today the estimate stands at $477 billion, and is being projected to hit $1 trillion by 2030. In the face of a devalued currency, the dynamics of present-day transactions present newer levels of risk exposures, for which banks need to be adequately fortified. The increased volume of transactions following relative economic growth since 2004, require that Nigerian banks be recapitalized even in trillions of Naira in order not to be tossed off-balance. Adequate recapitalization would strengthen the banks to higher resilience against financial shocks, while enabling them to expand lending capacities to an economy starved by cash. Thankfully, 14 banks are confirmed to have hit their required threshold targets, thus are in positions to dominate the industry going forward. These include First Bank, Access Bank, Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Stanbic IBTC, Fidelity Bank, Ecobank Nigeria, Wema Bank, Sterling Bank, Union Bank, First City Monument Bank (FCMB), Standard Chartered Bank, and Citibank Nigeria.

Whereas Nigerian banks have seen their real capital eroded by inflation and currency depreciation, the most immediate and positive outcome expected from the recapitalisation is enhanced financial stability. What was once a ?25 billion minimum capital base in 2004 now holds far less value in dollar terms. By compelling banks to raise fresh capital, the CBN would be reshaping the institutions to withstand global financial headwinds, manage credit risks more effectively, and maintain public confidence in the banking system. Another major benefit could be increased lending capacity. Stronger capital bases would enable banks to fund large-scale infrastructure projects, support manufacturing, agriculture, and the digital economy, and provide long-term financing that Nigeria’s development urgently needs. With Nigeria aspiring to become a trillion-dollar economy, its banks must have balance sheets robust enough to support both government and private sector investment at scale.

Besides, recapitalization is a key stress-test exercise that weeds-out weaker financial institutions to ensure that only the fittest operate in the economy. Evidently, the last exercise in 2004 transformed the sector, after merger and acquisition activities reduced the number of banks from a staggering, but ineffective 89, to 25 strong, better-capitalised banks. Followed by other reforms, the occurrence of distressed banks got drastically reduced. Before then, bank distresses got depositors stranded when they could not access their hard-earned savings. But painfully, not all outcomes would be rosy from the present consolidation exercise. In a sluggish economy and tight global capital market, raising new funds will be a daunting challenge. Even as many of the banks, who have turned to the Nigerian Exchange (NGX) to issue new shares, reported good investor appetites, smaller banks with limited shareholder backings are not as lucky.

This is triggering waves of acquisition and takeover fevers, reminiscent of the 2004 era. As already being witnessed, struggling tier-2 banks which are unlikely to raise sufficient capital from the market, would consider mergers and acquisitions as the only realistic paths to survival. As insider sources reveal, the dire situation is already reshaping boardroom strategies, as may engage financial advisers and investment banks for possible deals. And as the Asset Management Company of Nigeria (AMCON) sold its 34 per cent stake in Unity Bank to Providus Bank weeks ago, the fate of the former is set for acquisition by the latter, while peers like Polaris Bank, Keystone Bank, and SunTrust Bank, may go in similar directions in the rush-up to the deadline.However, other risks remain. Poorly executed mergers could lead to integration challenges, governance conflicts, and cultural clashes that may hurt the system.

While consolidation can bring efficiency and innovation, it could also lead to job losses and reduced competition, especially if regional banks are swallowed by larger, urban-based institutions. The CBN must therefore ensure that the recapitalisation process does not stifle diversity within the financial ecosystem.If successfully managed, recapitalisation could usher-in a competitive, and development-oriented banking industry, that sends strong signals to international investors that Nigeria is serious about financial reforms and economic resilience. A more stable, liquid, and well-capitalised banking system for Nigeria, will not only strengthen domestic confidence but could also attract foreign direct investment and international partnerships.But if plagued by politics, favoritism, or poor timing, it could become a missed opportunity, that leaves the economy burdened with fewer, yet not necessarily stronger, banks.

By: Joseph Nwankwor

Opinion

Dark Side Of Digital Distractions

Published

1 week ago

October 6, 2025

The Tide

Quote:”The next time you find yourself at the scene of an accident, remember that there are real people involved, with real stories and real struggles. And there’s a real opportunity for you to make a difference”.

Accident happens in an instant, but its impact can last lifelong. When the sounds of screeching tires and crunching metal fill the air, it’s human nature to turn and look. But what drives us to gaze upon the wreckage, to slow down and stare at the scene of an accident? Is it morbid curiosity, a desire for a thrill, or something more complex? In the moments following a crash, a strange and fascinating dynamic unfolds – one that reveals as much about us as it does about the accident itself. In this story I am about to tell, we explore the intriguing and often uncomfortable world of accident scenes and the people drawn to them, where the lines between tragedy and attraction blur. The story goes thus: As the flames from the remains of the vehicle filled the air, a crowd began to form on the sidewalk. Some people gathered out of concern, others out of curiosity. A few stood frozen, their eyes fixed on the wrecked vehicle on fire.

On the floor lied my dad who looked physically fine and ignored by the onlookers whose only attention was the vehicle burning and the people inside of it screaming for help. Maria, a nurse on her way home from work, rushed towards the scene to offer assistance. “I saw the whole thing happen,” she said, her voice shaking. “I had to help.” Meanwhile, a group of teenagers snapped photos and videos with their phones. “It’s gonna be all over social media,” one of them exclaimed. An elderly woman, her eyes welling up with tears, muttered a prayer under her breath. “It’s just so tragic,” she said, shaking her head. “Those poor people.” A young professional, sipping on a coffee, gazed at the scene with a mix of fascination and disgust. “I don’t know why I’m staring,” he admitted. “It’s like I can’t look away.” There was no emergency team around but onlookers continued to gather. Some were drawn in by a desire to help, others by a morbid fascination.

Some were moved to prayer, others to social media posts. But all were united in their shared gaze, a reminder of our shared humanity. All attention was brought back to the only survivor when he was about to take his last breath and was rushed to a nearby hospital and offered medical attention where they discovered he had been bleeding internally and lost so much blood. That single thought of taking him down to a hospital saved a soul, the soul of my father! That help rendered has provided a chance for me to still have a father today. Accidents are a rare moment when our private lives intersect with public space. Usually, our personal struggles and tragedies play out behind closed doors, invisible to the outside world. But when an accident occurs, the private becomes public, and we’re drawn to the spectacle like moths to a flame.

We’re drawn to them because they represent a primal fear, a reminder of our own mortality. But we’re also repelled by them, because they confront us with the harsh realities of life. In the end, our fascination with accidents is a reflection of our own humanity – our fears, our vulnerabilities, and our deep-seated desire to connect with others. So, the next time you find yourself at the scene of an accident, remember that you have the power to make a difference. Instead of just rubbernecking, take a moment to do the following: Offer assistance if you’re able; call emergency services if no one else has; provide support and comfort to those affected; and share your own experience and insights to help others.Together, we can create a culture of care and compassion, where accidents are not just spectacles to be gawked at, but opportunities to connect with others and make a positive impact.

The next time you find yourself at the scene of an accident, remember that there are real people involved, with real stories and real struggles. And there’s a real opportunity for you to make a difference. By offering assistance, support and compassion, you can help turn a moment of tragedy into a moment of connection and community. You can help break down the barriers that separate us and build bridges of understanding and empathy. So let’s make a pact to approach accident scenes with kindness, compassion and care. Let’s make a pact to see the humanity in each other, even in the midst of chaos and destruction. Together, we can create a world that’s more compassionate, more empathetic, and more connected.

Olorunfemi is a Mass Communication student of Prince Abubakar Audu University, Kogi State.

By: Favour O. Olorunfemi