Editorial
CBN And The New Policy Direction
A new monetary policy for Nigeria may as
well be on the way following comments
made by the new Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. In a 10-point agenda presented on his assumption of office, Emefiele promised to stabilise the financial system of the Nigerian economy.
Mr. Emefiele said at a World Press Conference shortly after assumption of office that his tenure would among others, create a people-oriented Central Bank of Nigeria that would ensure financial system stability, among others.
Among the policy changes are the proposal to encourage small-scale borrowing without collaterals as well as the removal of deductions from bank deposits. These, among other policy changes, are capable of returning some kind of human face to the nation’s banking practice which hitherto tended to leave out some people.
The Tide joins other well-meaning persons and corporate bodies across the country to welcome on board, the new CBN helmsman to an enviable, but critical position that demands so much experience, patriotism and ingenuity. Though the job may be quite demanding, tempting and enormous, Nigerians and the government in particular expect so much from him.
It’s against this backdrop that we think that Emefiele will need to resolve to do the right thing at all times to all classes and manner of people in the discharge of his official duties. As the arrow head of the apex bank, he will need to distinguish himself for posterity.
The Tide appreciates the fact that though his job may not be an easy task, largely because of the changing face of the economy and inter-play of world politics and economic variables, where a lot of ingenuity will be required, Emefiele must better the record of his immediate predecessor.
Even as the CBN embarks on cashless policy across the federation, the interplay of global economies should bring out the best from him. The experiences he has garnered over the years in the banking industry will come to play. He must remain focused and resist the temptation to allow the banks endanger the economy.
His vast experience in commercial banking, especially at the  Zenith Bank, where he rose to the pinnacle,  may have equipped him for this job, but recent developments have shown that this job needs more than experiences and promises, but a heart for the country and its poor masses.
However, a lot of care is required to produce the desired growth of the nation’s economy and raise it to the next level. Efforts should be tailored to enthrone professionalism, expertise and excellence and avoid the pitfalls of the past, even the collapse of banks.
On the proposal to encourage collateral-free loans for Small and Medium Scale Enterprises (SMEs), the inherent dangers, must not be over looked. The Tide believes that if thoroughly handled, this will open windows of opportunities that will have positive and multiplier effects on the nation’s micro-economies.
Similarly, the removal of deductions from bank deposits will, no doubt, give a new meaning to the banking industry and attract more money into the system. It will avoid loses incurred by people who hitherto adopted the traditional and unorthodox ways of saving money because of the feeling that the banks are exploitative.
Emefiele’s proposals to reform the banking sector include models that had worked in other economies, particularly, among the Asian Tigers, and we earnestly believe that it can also work in Nigeria if and only if certain elements within the system will not sabotage the idea.
While we wish him the best during his stewardship, we urge all well-meaning persons, especially  stakeholders in the economy to collaborate and assist him to take Nigeria’s economy to the next level through a very proactive and people sensitive application of the services of the central bank.
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Making Rivers’ Seaports Work
														When Rivers State Governor, Sir Siminalayi Fubara, received the Board and Management of the Nigerian Ports Authority (NPA), led by its Chairman, Senator Adeyeye Adedayo Clement, his message was unmistakable: Rivers’ seaports remain underutilised, and Nigeria is poorer for it. The governor’s lament was a sad reminder of how neglect and centralisation continue to choke the nation’s economic arteries.
The governor, in his remarks at Government House, Port Harcourt, expressed concern that the twin seaports — the NPA in Port Harcourt and the Onne Seaport — have not been operating at their full potential. He underscored that seaports are vital engines of national development, pointing out that no prosperous nation thrives without efficient ports and airports. His position aligns with global realities that maritime trade remains the backbone of industrial expansion and international commerce.
Indeed, the case of Rivers State is peculiar. It hosts two major ports strategically located along the Bonny River axis, yet cargo throughput has remained dismally low compared to Lagos. According to NPA’s 2023 statistics, Lagos ports (Apapa and Tin Can Island) handled over 75 per cent of Nigeria’s container traffic, while Onne managed less than 10 per cent. Such a lopsided distribution is neither efficient nor sustainable.
Governor Fubara rightly observed that the full capacity operation of Onne Port would be transformative. The area’s vast land mass and industrial potential make it ideal for ancillary businesses — warehousing, logistics, ship repair, and manufacturing. A revitalised Onne would attract investors, create jobs, and stimulate economic growth, not only in Rivers State but across the Niger Delta.
The multiplier effect cannot be overstated. The port’s expansion would boost clearing and forwarding services, strengthen local transport networks, and revitalise the moribund manufacturing sector. It would also expand opportunities for youth employment — a pressing concern in a state where unemployment reportedly hovers around 32 per cent, according to the National Bureau of Statistics (NBS).
Yet, the challenge lies not in capacity but in policy. For years, Nigeria’s maritime economy has been suffocated by excessive centralisation. Successive governments have prioritised Lagos at the expense of other viable ports, creating a traffic nightmare and logistical bottlenecks that cost importers and exporters billions annually. The governor’s call, therefore, is a plea for fairness and pragmatism.
Making Lagos the exclusive maritime gateway is counter productive. Congestion at Tin Can Island and Apapa has become legendary — ships often wait weeks to berth, while truck queues stretch for kilometres. The result is avoidable demurrage, product delays, and business frustration. A more decentralised port system would spread economic opportunities and reduce the burden on Lagos’ overstretched infrastructure.
Importers continue to face severe difficulties clearing goods in Lagos, with bureaucratic delays and poor road networks compounding their woes. The World Bank’s Doing Business Report estimates that Nigerian ports experience average clearance times of 20 days — compared to just 5 days in neighbouring Ghana. Such inefficiency undermines competitiveness and discourages foreign investment.
Worse still, goods transported from Lagos to other regions are often lost to accidents or criminal attacks along the nation’s perilous highways. Reports from the Federal Road Safety Corps indicate that over 5,000 road crashes involving heavy-duty trucks occurred in 2023, many en route from Lagos. By contrast, activating seaports in Rivers, Warri, and Calabar would shorten cargo routes and save lives.
The economic rationale is clear: making all seaports operational will create jobs, enhance trade efficiency, and boost national revenue. It will also help diversify economic activity away from the overburdened South West, spreading prosperity more evenly across the federation.
Decentralisation is both an economic strategy and an act of national renewal. When Onne, Warri, and Calabar ports operate optimally, hinterland states benefit through increased trade and infrastructure development. The federal purse, too, gains through taxes, duties, and improved productivity.
Tin Can Island, already bursting at the seams, exemplifies the perils of over-centralisation. Ships face berthing delays, containers stack up, and port users lose valuable hours navigating chaos. The result is higher operational costs and lower competitiveness. Allowing states like Rivers to fully harness their maritime assets would reverse this trend.
Compelling all importers to use Lagos ports is an anachronistic policy that stifles innovation and local enterprise. Nigeria cannot achieve its industrial ambitions by chaining its logistics system to one congested city. The path to prosperity lies in empowering every state to develop and utilise its natural advantages — and for Rivers, that means functional seaports.
Fubara’s call should not go unheeded. The Federal Government must embrace decentralisation as a strategic necessity for national growth. Making Rivers’ seaports work is not just about reviving dormant infrastructure; it is about unlocking the full maritime potential of a nation yearning for balance, productivity, and shared prosperity.
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