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Ambazonia, Separatists And Internet Democracy (I)

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A Biafra-like agitation for independence has been unfolding in neighbouring Republic of Cameroon since November 2016. The people of Northern and Southern Cameroons under the umbrella of the Southern Cameroons Ambazonia Consortium United Front (SCACUF) finally decided to affirm the independence of the English-speaking sections of Cameroon from the Republic.
Like the Indigenous People of Biafra, the Ambazonians as they have called themselves since 1984, are protesting against their alleged marginalization by the dominant Francophone Cameroon and the Paul Biya government in Yaounde.
They insist that whereas oil is found in the English-speaking South Western part of Cameroon, the central government has practically neglected the region, and the people have been turned into “slaves” on their own soil.
Like the Biafran movement in Nigeria, they have their own flag (white and blue) and a national anthem. The Cameroonian Anglophones claim that their struggle is non-violent and peaceful but they will insist on their independence, and the declaration of their own Republic.
They further argue that whereas French and English are the official languages of Cameroon, the central government has imposed French as the language to be spoken in Anglophone Cameroon. They insist on their right to speak English.
After World War 1, the League of Nations shared the geographical territory known as Cameroon between the French and the British. The latter administered its own share from Nigeria.
On October 1, 1960, Nigeria gained independence from Britain. British Cameroon had a choice between joining Nigeria or Cameroon. In a referendum conducted in 1961, the people of British Cameroon chose to join French-speaking Cameroon to form a Federation. But the planned federal system never really worked.
In 1972, Cameroon changed its name to the United Republic of Cameroon. In 1984, the word “United” was removed from the country’s name by the Paul Biya administration, thus, adopting the pre-unification name of French Cameroon and effectively raising fears of alienation among English-speaking Cameroonians.
Colonialism and its legacy may have been the foundation of many of the crises in post-colonial African states, but poor governance, ethnicity, competition over power and national resources, religion and sheer leadership incompetence have done worse damage.
Post-colonial African leaders have failed to act as statesmen but as new colonialists adopting in West Africa, the twin colonial policies of divide and rule and assimilation.
Cameroon has been a long-suffering country, first under former President Ahmadu Ahidjo and especially under 84-year old Paul Biya, who has been President for 35 years.
It is ironic that 56 years after the country became a Republic, English-speaking Cameroonians are fighting against the seeming attempt by their French-speaking compatriots to “assimilate” and “marginalize” them. The two Cameroons are fighting over the language of the colonialists, national resources, and power-relations.
On Sunday, October 1, 2017, Sisiku AyukTabe, Chairman of the Southern Cameroons Governing Council, formally declared the independence of Southern Cameroons or the Federal Republic of Ambazonia.
“We, the people of Southern Cameroons are slaves to no one”, he said, “Not now, not ever again! Today we reaffirm autonomy over our heritage and over our territory…It is time to tell Yaounde that enough is enough!”
The response from Yaounde has been characteristic. Weeks before the protests and the declaration of independence in Southern Cameroons, soldiers were sent to the region to shoot in the air, prevent rallies, and intimidate the people. Several  persons have so far been killed.
“This division will never happen”, says Cameroon’s Communications Minister, Issa Tchiooma Bakary, speaking for the central government. Just like IPOB and Nigeria? Yes.
Since the end of the Cold War, there has been a wave of nationalist agitations across the world resulting in self-determination, secession and partitions, and the emergence of new countries. But self-determination or secession is not an automatic process, and it is not in every instance that the protests result in the Nirvana that the separatists seek.
In Cameroon, the Biya administration must get off its high horse and engage the leaders of the separatist movement in dialogue. The international community must prevail on him to put an end to the abuse of human rights and the killings in Southern Cameroon. It is the refusal of the central government to address the grievances of the people of Southern Cameroon that has brought Cameroon to this moment.
To quote AyukTabe, again: “The union was always intended to be a union of two equals. Unfortunately, what our peace-loving people have experienced ever since is oppression, subterfuge, discrimination, violence, intimidation, imprisonment, forced occupation, cultural genocide and misappropriation of our natural resources by the leaders of the Republic of Cameroun.”
It is instructive to note the similarity between the expressed concerns of the Ambazonian movement and similar movements in recent times in other parts of the world, and the attitude of the governments in power.
In Spain (the Catalan secessionist movement), Nigeria (the Biafra movement) and Iraq (the Iraqi Kurdistan) – the Catalans have held a referendum to leave Spain, but the Spanish government says this is “unconstitutional.”
Biafrans want a referendum in Nigeria – the government says this is unconstitutional because Nigeria’s unity is not negotiable. The Kurds also want to get out of Iraq, but the central government is opposed to it on the grounds that the September 25 referendum is unilateral and unconstitutional!
It is not just rhetoric that is involved, the military is deployed, violence is unleashed on separatists or critics of the extant union and the government. While these may seem to be traditional responses, the assault on the human rights of protesters now includes an increasingly important territory: the internet.
The internet is perhaps the most striking phenomenon of the century, in the manner in which it has extended the frontiers of human freedom and expression. It is the most modernist icon of globalisation and the borderlessness of space and time.

Abati, a Public Affairs Analyst, was Special Adviser on Media to former President Goodluck Jonathan.
The internet does not know fear. It is an irreverent tool of political mobilization, commerce and social networking. It is the public mind in motion, and the anonymity that it offers in certain forms makes it a strong instrument of revolt.
Elections can be won or lost, governments can be pulled down or popularized, through the mind of the internet. Given its power, reach, and impact, dictators are uncomfortable with the democracy of the internet which has proven to be much stronger than dictatorships, tyrants and intolerant governments. The relationship between the internet and authority has therefore been one of unease and distrust.
The result has been the attempt by intolerant governments and political figures to control the internet, shut it down or violate the rights of its users. China has an internet police that filters internet traffic.
In 2011, Egypt tried to stop the people’s revolution by shutting down the internet. Tunisia, Italy, North Korea, Syria, Iran, Libya, India, Bangladesh, Burma, Nepal, Maldives, Iraq are other countries where the internet has been censored in one form or the other or completely shut down.
The degree of civil society repression varies from one country to the other, but the excuse for abridging internet democracy could be as ridiculous as saying that the internet had to be shut down in order to prevent cheating in students’ examinations as has been the case in Iraq and Ethiopia.
Generally, shutting down the internet has become the new mode of repression and a standard response to dissent. African states and governments have joined the trend. In the last year alone, 11 African governments have shut down the internet in one form or the other.
These include the Democratic Republic of Congo (ostensibly to reduce the capacity to transmit “abusive messages,” but actually to stop the people from opposing President Joseph Kabila’s attempt to prolong his tenure); Gambia (a few days to the 2016 elections), Togo (to check protests against President Faure Gnassingbe, and the people’s request for multi-party elections and Presidential term-limits), Ethiopia, Gabon, Gambia, Egypt, Uganda, Zambia, Zimbabwe and Morocco.
In Nigeria, there has also been so much official discomfort with what is termed “hate speech” on social media platforms particularly whatsapp, instagram, blogs, and twitter. One lawmaker even proposed a Social Media Bill which criminalises internet democracy.
The worst anti-internet culprit so far in Africa would be in my view, not Egypt (where the revolution succeeded in spite of the repression) but Paul Biya’s Cameroon where intolerance and unpleasantness have been elevated to the level of state policy.
In January, the government of Cameroon shut down the internet in English-speaking parts of the country. This lasted for more than three months. This has again been repeated. It is unacceptable.
The cost of internet shutdowns is enormous and disruptive, and the gain for governments is so small. The free flow of information is breached, the targeting of specific regions as in Cameroun is discriminatory; the right to free speech is violated, along with other rights: association, choice, and freedom of thought.
The UN Human Rights Council in 2012, 2014 and again in July 2016, resolved that “the same rights that people have offline must also be protected online”, and all states must refrain from taking such measures that can violate internet freedom. The African Union Declaration on Internet Governance (Algiers, February 13, 2017) is on all fours with this UN Resolution. The UN should go further and impose sanctions on countries that violate internet freedom.
Worse, businesses suffer in the event of an internet shutdown. Internet services are accessed through broadbands provided by mobile telecom companies. When such companies are asked to shut down their services, they easily comply out of fear of being blackmailed by the government. They can be accused of supporting terrorism, for example! By co-operating, they incur losses, part of which they may eventually pass to their subscribers.
Similarly, with growing internet penetration in Africa, so many other businesses are dependent on the internet. Indeed, the internet is increasingly a shopping mall – for bloggers, advertisers, consultants and the average consumer of services. An internet shutdown in the light of this, undermines economic growth and development. Human dignity and relationships are also affected. The internet is a networking tool, so much so that many families depend on it for contact and interaction, and many individuals on it for survival.
Shutting down the internet rolls back the gains of the democratization process in Africa. African countries seeking growth and investment in the telecommunication sector, and within the economy generally shoot themselves in the foot when they seek to destroy such a significant tool.
Internet registries worldwide should sanction errant governments which deny their citizens access to the internet. Men of conscience and thought leaders should speak out against the growing trend of internet shutdown or violation by African governments.
In Nigeria, we must continue to discourage the government from ever contemplating any such misadventure. I am not in any way recommending, by this article a “sovereignty of the internet” in the sense in which John Perry Barlow, an internet activist spoke, when he issued “A Declaration of the Independence of Cyberspace” (1996). Rather, I urge the protection of the democracy of the internet and this democracy is about rights, obligations and the rule of law.
To return to the politics of imperialism and dissidence in Cameroon, Nigeria (for strategic reasons – the proposed Ambazonia being a buffer zone between Nigeria and Cameroon), ECOWAS and the African Union should intervene early to prevent an outbreak of social and humanitarian crisis, if not chaos in North West and South West Cameroon. The feuding parties should be encouraged to go to the negotiating table. What is going on in that country is as much a Cameroonian problem as it is a Nigerian problem.
Abati, a public affairs analyst, was Special Adviser on Media to former President Goodluck Jonathan

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Should The Internet Go Bust

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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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Transgenderism: Reshaping Modern Society 

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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

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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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