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Opinion

The Youth And Future Leadership

Published

14 years ago

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What does the future hold for the average Nigerian youth? Are the majority of the youths fully engaged? If the nation fails in empowering the youth, it is most certain that social conditions might make them occupy themselves with that which is not glorifying and dignifying.

Who are the youths? Let me take as illustration, from teenagers to those who are 49 years as the youths. What are people saying about them?

The society calls them promising nation builders, the socio-political system calls them future leaders; and the church leaders call them the pillars of the church.

The economists in their classification of the human life show how each era succeeds the other. A child at infancy to 18 years depends on the parents. The child later grows up and becomes father or mother with responsibilities. It is this stage that Prof. Tekena Tamuno of the Economics Department, University of Port Harcourt, calls the working class, which I will dwell on a little. It is clear that when parents are old and can not fend for themselves as a result of old age, the children who are the working class take care of them. Thus, parents depend on their children at their old age!

My concern, therefore, is that our youths (tomorrow’s leaders) must not be allowed to waste away. It is equally true that government cannot do everything, yet they can assist greatly in order to help our youths to be ganged in one activity or the other. I am not an economist or prophet of doom; but I still have my reservations or permutation that the workers in different ministries and parastatals far out-number the youths that are unemployed. Wherein lies the problem? We are not saying the problem is illiteracy; neither can we say it is incapacitation.

Government, in its own way, should create thousands of jobs yearly to meet up with the burden of today’s unemployment rate. My heart was troubled on Friday, 17th of June, when yet another set of thousands of NYSC  members were participating in the passing out parade at Isaac Boro Park in Port Harcourt. Imagine the proportion or addition such number across the states will be for the 36 states of the federation. My guess is as good as yours.

This is not the time for government to fold hands. The Ministry of Economic Planning should put the youths in its yearly employment plans even if it will be hundreds or thousands of jobs. I know the private sector players are also doing their best. However, if the ministries of youths and economic planning take this into consideration religiously every year, the turn-over yearly will make government and the governed to have the last laugh.

It reminds me of a few weeks ago when the Rivers State Ministry of Employment Generation and Economic Empowerment was carrying out an employment scheme for youths. I went to see for myself but the crowd scared me. I have to beat a retreat after inquiring what was happening. In fact the number of youths who stormed the venue was startling.

I advise government to execute the plan, since the youths have confidence in the government. Employment must be on merit and should not be politicized. It is my prayer that majority of the youths will be employed while government sustains the scheme for the future growth of the nation.

Recently, governments disarmed the militants and engaged them meaningfully. However, the “Boko Haram” religious sect operating in our neighbouring states in the North is still threatening the existence of the federation as more killings, bombings, among others, are still being unleashed in broad day light by jobless youths.

Let’s look at it, if the government takes it as a policy to employ 2,000 to 5,000 youths every year in productive activities while also engaging the remaining ones in non-violent activities through skills training and inculcation of morals in them while awaiting their time of employment, this ugly situation will recede. I want to see Nigeria so strong like America operating the same federal system like us (even if there are some imperfections in the Nigerian system) to care for the youths, employ and empower them. Since wastage demands weeping, I believe the government, in each state, should compile names of those unemployed and those employed. Though the work is not easy but it is worth the effort.

Government has great responsibility, mostly here in Rivers State. The throngs of employable youths scattered here and there calls for weeping and mourning. The Chibuike Amaechi administration can help a little before the four-year tenure elapses. We expect to see sufficient investment in and employment of more youths of the state in productive and sustainable activities.

The future rests on the youths. They must not do anything evil or inimical to development. Government needs to urgently come to their aid. The Niger Delta states need not cry over poverty. Most youths have certificates but they also have aged parents. Truly, it calls for lamentation.

Frankly speaking, the only way Rivers youths can crush poverty is through meaningful employment, vocational and skills acquisition programme. These precious youths must not waste away. Their tears, aged parents, certificates, gifts and natural endowments must also not waste away. The youths are today’s seed planted for tomorrow’s leadership. Let’s not allow them to waste anymore.

Harry writes from Port Harcourt.

Amaechi’s Governance: An Appraisal

POLITICS; 1

Felix Okogbule

The present democratic dispensation in the state under the leadership of Governor Chibuike Rotimi Amaechi has significantly been described differently by people with equally varying degrees of opinion.

This is reflected in the popular hackneyed cliche of different strokes for different folks.

Notwithstanding the misconception about the government particularly by the opposition political parties, the Governor has continued to add more feathers to his cap, thanks to the federal government for recognizing the contributions of Governor Amaechi towards the development of Rivers State and indeed Nigeria by honouring him with the Commander of the Ortder of the Niger (CON).

Just recently, the governor left no one in doubt about his determination to make a difference in the leadership of the state. He probably must have taken some tutorials and wants to break away from the past to avoid been hunted by history for acts of Omission or commission while superintending over the affairs of the state.

The governor took a bold initiative when members of his cabinet, Permanent Secretaries and all heads of other model Songhai farm in Bunu, Tai local government area to take critical retrospective analysis of his administration’s first tenure and to design a road map for the last lap of the government to ensure a clean departure from the morass of abandoned projects upon leaving office.

The environment was serene, atmosphere pleasantly conducive for meaningful discussion and the event was the 2011 strategy Retreat organized by the State government for top functionaries of government to take stock of previous performances with a view to proffering workable perameters for achieving sutainable development and thereby fulfilling the electioneering campaign promises to Rivers people.

When the governor visited the state Songhai farm earlier in one of his inspection tours, and told newsmen that the farm settlement would be the venue for the State Strategy retreat for the egg heads in government, not many people believed that the pronouncement had a pinch of salt, including yours truly.

The reason for our unbelief were simply based on the antecedents of past government retreats or call it executive talk shows where new government officials get their baptism in the practice of protocols which involves all the attributes of those serving in government such as telling deliberate falsehood except for the mysterious God that is all-knowing.

To the dismay of many, the retreat gathered the long and mighty serving in the present administration at the Songhai farm as against the luxury of a five-Star hotel or its equivalent for one week that the programme lasted. While many criticized the decision for virtually shutting down government business during the period, others were of the view that the approach demonstrated the importance the governor attaches to the outcome of the brain storming session to aid in realizing the vision of the government.

Another underlying benefit is the improvement in facilities provided at the Songhai Farm which has been transformed into an agro-tourist centre for the state as over 60 retreat participants were accommodated at the farm including the state chief executive himself. This obviously had reinjected funds into the system rather than expending huge funds in a private hotel either in Port Harcourt or any other city like Calabar.

Addressing participants at the opening session, Governor Amaechi charged them to painstakingly pin-point flaws inherent in the government desire to serve Rivers people better. In his usual characteristics, he raised a number of mind bgoggling questions bordering on honesty, transparency and accountability as well as the perception of the people on the performance of the government after the first – tenure.

He prophetically opined that the popularity earned by his administration is diminishing faster than the evening shadow and warned political appointees to jettison the euphoria of being in office and guard their loins for service, noting that the retreat was designed at proffering solution to the leakages in government structure to meet the yearnings of the people by delivering dividends of democracy to them.

The governor provoked and challenged participants in these words, “have we achieved our objective in government? The answer is certainly no, therefore you must work out template that would drive the road map towards realizing the vision of the present administration”, and directed all the commissioners to itemize projects not completed in their various Ministries for proper funding, monitoring and eventual completion.

It is no longer news that the determination and focus of government is to consolidate on the progress made by the administration in providing social infrastructure for the people that would uplift the living standard but the despicable act of leaving government projects unmonitoried perverts the trite presage of delivering quality services to the people.

There is no gain saying the fact that only the visioner can propel his vision to frustration, although, inspite of the enthused criticism of some of the state government’s policies and programmes, credit must be given to the visible effort to reposition the state for a better tomorrow by the present administration.

The retreat which had resource papers from renowed experts in different fileds also witnessed presentation of progress reports by some ministries, Departments and Agencies (MDAs) which were critically assessed in an attempt to arriving at potent threashold for “deliverables”.

In responding to the Palpable and Manifest distract, suspicion and lack of genuine interest to completing contractual obligation by government contractors, the participants resolved to identify plausible ways of averting delays in project execution while those found culpable of collecting money and fail to carry out such projects would face the full weight of the law.

It is imperative to mention that the enactment of the law and the establishment of a Bureau on Public Procurement (BoPP) otherwise called Due Process was not to cause delay in the execution of government projects but to ensure compliance with best practices in award of contracts to check manipulation associated with the exercise in the past.

However, they are to function to save funds and to realise that government needs to fulfill its promises of better services to the people within the short time available.

To that effect, it has become necessary to strengthen institutions of government through energy within the system to have an integrated coordination of executing programmes and policies of government to avoid duplication. The road map to 2015 had been streamlined by inputting methods of measuring and evaluating performance by giving time lag to the completion of projects as the monitoring and supervision inter ministerial committee under the office of the Secretary to the state government would ensure strict adherence.

According to the governor, government did not feign ignorance of the suffering of residents of Port Harcourt and its environs especially during the rainy period but had consistently appealed for patience and ancillary understanding. No wonder that remedical work are being carried out in some bad portions of the road while road contractors have equally been mobilized to site to capitalize on the dry season and complete their jobs.

The Secretary to State Government Mr. George Feyii, said the retreat was to come together, chart a news course on the direction of government by looking critically at the present situation and come up with a strategy that would take the administration to where it is expected to be in the next four years.

In seeking for greater productivity that would generate economic growth, lawlessness display on the roads which result in loss of man-hours will be curtiailed if traffic laws are obeyed. Thereore TIMA-RIV should be encouraged to step up the good work to ensure sanity on the roads.

Similarly, the much anticipated influx of investors into the state as the hub of oil and gas business in Nigeria as evident in the interest shown at the just concluded Rivers State Investors’ Forum 2011, would amount to a nullity if security of lives and property cannot be guaranteed. To cash in on the enthusiasm of foreign investors that would ultimately create employment opportunities for the teeming youths, residents of the State must cooperate with security agencies by giving information of surreptitious movements of men of the under world around their vicinity.

A common parable says that a good dance begins with the first step, it is hoped that the step taken by Governor Amaechi in the selection of his team and the zeal to actualize the target of bequeathing a legacy in the governance of the state would be pursued with greater vigour we match towards the terminal date of the government. History will tell.

Tamunoemi Harry

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Opinion

Should The Internet Go Bust

Published

6 days ago

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November 3, 2025

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Quote:”. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination”
We now live in a world that so much relies on technology, especially on digital communication networks and data services. Virtually every aspect of our life depends on the efficient functioning of machines. In view of this reliance, imagine waking up to a world where the internet simply goes dark. For advanced countries where the functionality, monitoring and data storage of surveillance, security and nuclear installations, all rely on electronics and networks, the disruption could be catastrophic. On the other hand, for developing nations like Nigeria where government’s  response is usually slow, the implications would be socially and economically disastrous. It would imply the sudden evaporation of all the modern conveniences we have taken for granted. No online banking. No emails. No mobile transfers. No WhatsApp messages, Twitter feeds or digital government portals.
The collapse would expose a dangerous dependency, the centralization of personal data. In Nigeria’s multi-biometric systems, the Bank Verification Number (BVN), the National Identification Number (NIN), and SIM registration for mobile networks, are all cloud-based. With no internet, access to these databases would be lost. Banks could not verify customers; telecom operators could not authenticate SIMs; and government agencies would be unable to issue new IDs or validate old ones.In Nigeria, over 80% of financial transactions now occur digitally, thanks to the rapid adoption of fintech platforms such as Opay, PalmPay, Paga, and the Central Bank Nigeria’s eNaira initiative. Assets of companies worth trillions of naira are also stored digitally and transacted on the Nigerians Stock Exchange. Like other transactions, these have no certified paper backings other than electronic storages.
It means that the wealth and wellbeing of millions now lie at the mercy of machines. According to the Nigeria Inter-Bank Settlement System (NIBSS), in 2024 alone, the value of electronic payments in Nigeria reached ?600 trillion. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination. A total internet blackout would instantly freeze the banking system as banks lose interconnectivity, making transfers, withdrawals, and payments impossible. Fintech companies would go offline, cutting off millions from access to their digital wallets, while Point-of-Sale (PoS) operators, who depend on network connections for every transaction, would be stranded.The economy would revert overnight to cash dependence.
But cash, already scarce due to the CBN’s currency redesign and digital push, would not circulate fast enough to meet demands. Markets would collapse into panic, and trust in banks could erode within hours. Modern governance in Nigeria has increasingly depended on digital infrastructure, using e-government portals to handle licensing, pension records, procurements, revenue collection and budget management. An internet collapse would send governance back to the analogue age. Ministries would lose coordination, digital files would be inaccessible and online recordkeeping systems would fail.For ordinary Nigerians, the consequences would be deeply personal. Salaries paid through electronic transfers would go into limbo. Traders on Jumia, Konga, and social media marketplaces would lose their livelihoods overnight. Health and other insurance policies that currently dependent on cloud records and telemedicine would be truncated.
Even more troubling, a prolonged blackout could corrupt or erase data stored in unsecured local servers. Without connectivity to global backups, entire records, financial histories, health data, and school records, could be lost. For millions around the globe, digital amnesia would mean loss of identity, wealth and social status. Without communication, rumours would fill the void, potentially triggering civil unrests, misinformation, or even national security crises that may lead to uprisings in many countries.In a world where WhatsApp has replaced the post office and Zoom serves as boardrooms, digital communication collapse would feel like the death of modern society. Businesses would halt meetings, journalists would lose sources, students would be cut off from online learning, and diaspora remittances and family ties would suffer. Even voice calls that depend on internet routing would be impossible.
 The silence would be deafening, not just socially but economically, because communication fuels productivity. Without it, markets stall.The collapse of the internet would expose how deeply our daily survival has come to depend on invisible digital threads. If the web were to go dark tomorrow, it would not just dim our screens, it would extinguish commerce, governance, and connection itself. Already, fallouts from increasing cyber-attacks on undersea cables or satellite networks show the fragility of the situation.To preempt these eventualities, developing countries must therefore,  plan to build digital resilience. Critical data should have offline backups within national borders. Banks and fintechs must maintain local intranets or satellite-based alternatives to the public web. Radios, SMS-based, and offline mesh communication networks should be installed as alternative fallback channels.
Proactive protection of key infrastructure must become a national priority, and not reactive fire-fighting. As the internet becomes the nerve centre of modern civilization, developing economies like Nigeria, which strives for inclusion and growth, should avoid being ensnared into a blind spot by rapidly digitalizing into over-dependence. And the question is not whether the internet could collapse, but whether we can survive it when it does. A society that entrusts everything to the cloud must first learn how to breathe without it.
By; Joseph Nwankwor

 

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Opinion

Transgenderism: Reshaping Modern Society 

Published

6 days ago

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November 2, 2025

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Quote:”While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon.”
Often times, people tend to be about the concept of   cross-dressing and transgenderism While cross-dressing refers to the act of wearing clothing and accessories typically associated with the opposite sex, often for entertainment, self-expression, or personal satisfaction and cross-dressers may identify with their birth sex and may not necessarily experience distress or discomfort with their gender, transgenderism, on the other hand, refers to having gender identity differ from the sex a person is naturally assigned at birth. Transgender individuals may identify as male, female, non-binary, or another gender identity that aligns with their internal sense of self. Transgenderism is often accompanied by a desire to transition, which may involve hormone therapy, surgery, or other medical interventions. However, while some cross-dressers may also identify as transgender, not all cross-dressers are transgender, and not all transgender individuals cross-dress.
 We have heard of a few Nigerian individuals who have identified as transgender or non-binary, even though they may not have publicly denounced their original gender. The case  of Okuneye Idris Olanrewaju, popularly known as Bobrisky, is  one no longer hidden. A Nigerian social media personality and crossdresser, Bobrisky  has gained a large following online. While not openly identifying as transgender, Bobrisky has been known to challenge traditional gender norms. Another known personality in this regard, is Denrele Edun. The later is a  Nigerian television host, actor, and model who has been known for his androgynous appearance and style. Denrele has also  not publicly identified as transgender but has been open about his non-conformity to traditional gender norms. Onyx Uzo, a  Nigerian non-binary artist and writer,  has been open about their gender identity.
 The transgender movement has really gained unprecedented momentum in  recent years, sparking intense debates and discussions across various spheres of society. While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon. As the world grapples with the complexities of transgenderism, it is essential to engage in a nuanced and multifaceted examination of the issues at stake. To begin with, it is crucial to acknowledge that transgenderism is a deeply personal and complex issue, affecting individuals and families in profound ways. While some people may identify as transgender due to a genuine sense of discomfort with their biological sex, others may be driven by factors such as mental health issues, trauma, or social pressure.
It is essential to approach each individual experience with empathy and understanding, recognizing that there is no one-size-fits-all explanation for transgenderism. However, as we strive to be compassionate and inclusive, we must also consider the broader implications of transgenderism on society. One of the most pressing concerns is the erosion of traditional sex distinctions and the redefinition of gender. Proponents of transgenderism argue that gender is a social construct, and that individuals should be free to identify as they choose. However, this perspective neglects the biological and anthropological realities of sex and gender. The consequences of blurring the lines between male and female are far-reaching and profound. Women’s rights and spaces are being compromised by the inclusion of biological males who identify as females.
Women’s sports, bathrooms, and shelters are being redefined to accommodate transgender individuals, often at the expense of women’s safety and dignity. Furthermore, the transgender movement has been linked to a range of mental health concerns, including depression, anxiety, and suicidal ideation. Rather than encouraging individuals to embrace a transgender identity, we should be providing them with compassionate and evidence-based care that addresses the underlying issues driving their desire to transition. In addition, the push to normalize transgenderism has significant implications for children and adolescents. The increasing trend of diagnosing children with gender dysphoria and administering hormone blockers and cross-sex hormones raises serious concerns about the long-term effects on their physical and emotional health.
It is also essential to examine the role of ideology and politics in shaping the transgender movement. The promotion of transgenderism as a social justice issue has led to the suppression of dissenting voices and the marginalization of those who hold differing views. This climate of intolerance and censorship is antithetical to the principles of free speech and open inquiry. Moreover, the transgender movement has been criticized for its lack of scientific rigor and its reliance on anecdotal evidence. Many experts argue that the current diagnostic criteria for gender dysphoria are flawed and that the treatment options available are often inadequate. The lack of longitudinal studies and the dearth of data on the long-term effects of hormone therapy and surgery are particularly concerning. The implications of transgenderism on the family and society are also significant.
 The redefinition of gender and marriage has led to a reevaluation of traditional family structures and relationships. While some argue that this shift is necessary and liberating, others worry about the potential consequences for children and society as a whole. Howbeit, the transgender conundrum is a complex and multifaceted issue that requires careful consideration and nuanced analysis. While we must approach each individual’s experience with empathy and understanding, we must also examine the broader implications of transgenderism on society. By engaging in a thoughtful and informed discussion, we can work towards creating a more compassionate and inclusive society that respects the dignity and humanity of all individuals.As we move forward, it is essential that we prioritize critical thinking, intellectual honesty, and open inquiry.
We must be willing to ask difficult questions, challenge prevailing narratives, and engage in respectful dialogue with those who hold differing views. Only through this process can we hope to arrive at a deeper understanding of the complex issues surrounding transgenderism.
By: Sylvia ThankGod-Amadi
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Opinion

A Renewing Optimism For Naira

Published

2 weeks ago

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October 27, 2025

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Quote:”……in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.”
Nigeria’s national currency, the Naira, is creating a new buzz as it sets on rising trends following years of astronomical slides in the recent past. Just within a few months ago, naira’s trajectory charted almost a straight course, strengthening from N1,636.71/$ on April 10, 2025, to N1,465.68/$ on October 2, 2025. But financial analysts appear divided over the future fate of the local legal tender.While analysts like the Forbes and Renaissance Capital Africa (RENCAP) deride naira’s current trends as being unsustainable, Bloomberg sees a sunnier side. However, evolving economic landscapes strongly suggest that the naira might be charting a sustainable path of resilience. For more than four decades, the naira had never experienced favourable Foreign Exchange (FX) tussles.
Suffering under skewed supply and demand tensions against foreign currencies, the value of the naira had procedurally depreciated. It got worse when, at the height of subsidized petroleum products import-dependence, subsidies got suddenly withdrawn in May 2023 as the present government took over office. Barring local production of the products, coupled with poor export earnings, demands for scarce foreign currencies surged at all FX windows as product importers competed to make overseas payments. The result was cataclysmic. The naira depreciated rapidly against the dollar, falling from N460.7/$ in May 2023 to N1,706/$ in 2024. Hardships propagated across the entire Nigerian economy in ripples of hyper-inflation as is still being felt. The initial response from the Central Bank of Nigeria (CBN) was knee-jerk and unsustainable, as the regulator kept throwing its store of foreign reserve into FX markets to quench the ensuing inferno.
 Though the naira showed buoyancy at the expense of depleting reserves, the CBN was criticized against the hopelessness and unsustainability of such artificial floats. Thankfully for the local currency, after months of fire-fighting, the CBN, aided by other lucky developments, may have stumbled unto some formulae to weather the storms. Emerging econometrics now suggest that the economy may be in recovery, and the naira appears to be charting a more optimistic course, even as the apex bank still prods it. The lower oil production data of around one million barrels per day as at May 2023, has improved to around 1.51 million barrels per day at the moment. Surely, the fight against oil thefts is rewarding the economy with surpluses unencumbered by Nigeria’s debt-mortgaged oil futures.bSecondly, a changed petroleum products sourcing landscape, berthed by new-found local refining capacity at Dangote Refinery, if not strengthening the naira, must be tipping the balance of FX pressures in its favour.
While asserting its ability to fully satisfy local demands, the Dangote Refinery also hit a remarkable milestone when it shipped its first cargo of gasoline to the United States of America last month, drawing-in huge FX. Earlier, the refiners had shipped to Asia and West Africa, in a significant shift that has transited Nigeria from being a net-importer of petroleum product, to a net-exporter. Also, improvements in the non-oil exports are increasing the inflow of foreign currencies to Nigeria. Nigerian cocoa and other agro-products especially, got higher demands as crop diseases resulted in poor crop yields in neighboring West African countries. It should be noteworthy that CBN’s experiments with Naira-Yuan trade swaps with China may not have been of much favour. Though on-going trade swap arrangements between Nigerian and China which enable some settlement in naira and yuan, may ease dollar pressures, the huge trade imbalance between Nigeria and China may replace any gains with new yuan pressures.
 According to the National Bureau of Statistics, in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.
However, the CBN could be given credits for its bold reforms at the Foreign Exchange market that created a single Nigerian Foreign Exchange Market (NFEM) in October 2023, which replaced the former Investors’ and Exporters’ window, and later adopting the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. These steps successfully narrowed the gap between official FX rates and the black market. Even as the measures may not directly detect the balance of currency demands and supplies, improved transparency and liquidity raised confidence that is boosting foreign remittances via official channels. Added to improved exports, it is evident that the extra liquidity gives spontaneous buoyancy to the naira, in ways CBN’s panicked throwing-in of dollar into FX markets could not have.
This is why, when the CBN Governor, Olayemi Cardoso, announced during the 302nd monetary policy committee meeting that, “The second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,” there is need for him to identify significant drivers. The CBN deserves commendation also, for incrementally growing Nigeria’s Foreign Reserve savings from $34.39 billion as at May, 2023 to $42.40 as at October 2, 2025. The strength of a nation’s reserves reflects its ability to meet international payment obligations without straining the stability of its legal tender, and also serves as part of risk assessment criteria that determines its borrowing costs. Increasing reserves is projecting greater external resilience for Nigeria, which reflects in Moody’s upgrading, this year, of Nigeria’s rating from ‘Caa1’ to ‘B3.’
With renewed investor confidence, foreign investments may be heading towards Nigeria as ripples from the Nigerian Stock Exchange (NGX) suggest. Following recent interest rate cuts in the US, foreign investors appear to be shifting appetites towards Nigerian portfolios. Improved reserve is also helping Nigeria at the Eurobond market, where the yield rates Nigeria pays on its loans, have fallen from above 8 percent in early 2024 to just over 5 percent by mid-2025. However, even as the N1,706/$ exchange rate of last year, compared to the current N1,465.68/$, may seem cheery, it is still a far cry from the N460.7/$ of May 2023, when this administration took over. Government and the CBN need to push further to shore-up greater reserves, and to build local and international assurances that attract job-creating investments for local production. Comparatively among its pairs, South Africa’s reserve is $70.42 billion, Algeria’s, $64.574 billion and Egypt’s, $49.04 billion.
Nigeria, which is being projected for a $1 trillion economy by 2050, should be focusing on $100 billion external reserves. Apart from reserves, Dangote local refining shows that local production is pivotal to the value of local currencies. Nigeria needs to improve security and infrastructure to reassure subsisting industries, and improve ease of doing business, in order to attract industries. Though Naira’s path of recovery this time is sustainable, the factors that aid it need to be sustained.
By: Joseph Nwankwor
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