Editorial

Taming Rising Inflation In Nigeria

Published

4 years ago

February 18, 2022

As the rise in inflation rate further darkens the ominous clouds gathering over Nigeria, raising the fearsome spectre of economic ruin, the World Bank has said the Federal Government did not take any collaborative action towards inhibiting inflation in 2021 regardless of inflation shock pushing an estimated eight million Nigerians below the poverty line.
That was in the latest issue of the Washington-based bank’s 2021 report, ‘Nigeria Development Update’. It said, “Double-digit inflation rates are depressing economic activity and exacerbating poverty. Rising food prices are eroding household purchasing power, and we estimate that during 2020 and 2021, the ‘inflation shock’ alone pushed about eight million more Nigerians below the poverty line.
“We have revised our inflation forecast upwards from our June projection because (i) the inflation rate is declining more slowly than initially expected, and (ii) during 2021, the government did not take concerted action to curb inflation.” The World Bank further warned that without any definitive action, the average inflation rate would not reach the single-digit target of the CBN by the end of 2022.
The Central Bank of Nigeria (CBN) had recently envisaged that the country’s inflation rate would drop to a single digit in 2022, with the full implementation of its recent policies designed to advance different sectors of the economy. However, a US-based magazine, Global Finance, agreed with the World Bank that the CBN had failed to rein in inflation and prevent the Naira from slipping against the dollar.
According to a World Bank prognosis, Nigeria could have one of the highest inflation rates in the world in 2022, with rising prices driving down the well-being of Nigerian households. The report also indicates that the country is similarly expected to have the seventh highest inflation rate among countries in sub-Saharan Africa this year.
There is a widespread rise in consumer goods prices as the economy has been marked by the COVID-19 recession, insecurity, the foreign exchange market crisis, unemployment and income shortfall. The sudden decline in the value of the currency has led to re-priced imported goods and raw materials. As prices are rising rapidly, the feasibility of hyperinflation and its collateral fallout is substantial.
Recall that the World Bank had warned in June 2020 that the crash in oil prices coupled with the COVID-19 pandemic would hurtle the Nigerian economy into an austere economic recession, the worst since the 1980s. The abandonment of the national rescue effort solely to the inept administration of President Muhammadu Buhari has proved a disaster.
Though key fiscal and monetary policymaking lies primarily with the Federal Government, states need to make profound changes in their spending and revenue generation template and run independent, self-sustaining economic units. They must expand the frontiers of their economies and develop viable economic programmes for job creation.
Nigeria’s annual inflation rate was 15.60 per cent in January, 2022, little changed from 15.63 per cent in the previous month. There was a slight deceleration in prices of major food components (17.13 vs 17.37 per cent in December). Meanwhile, inflation was higher for almost all other categories, primarily clothing and footwear (15.4 vs 15.1 per cent); transport (15.1 vs 15 per cent); furnishings (14.6 vs 14.5 per cent); miscellaneous goods and services (14.4 vs 14.1 per cent) and alcoholic beverages and tobacco (14.1 vs 13.7 per cent).
The annual basic inflation rate, which excludes farm product prices, remained unchanged at 13.87 per cent in January, the highest rate since April, 2017. Each month, consumer prices rose by 1.47 per cent, following a 1.82 per cent increase in the previous month. This is reflected in the report of the Consumer Price Index (CPI) of the National Bureau of Statistics (NBS).
But the cold figures reflect somewhat the misery of ordinary Nigerians or the ferocious headwinds faced by businesses. Nigeria is on the cutting edge of terrorism and cattle politics. The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has rightly ascribed the inflationary pressure to the worsening security situation in many parts of the country, particularly the food-producing areas where farmers face continual incursions by herdsmen and bandits in their farms. It has made food inflation worse.
The Edo State Governor, Godwin Obaseki, blew the lid open on the Federal Government/CBN template of printing money for sharing among the tiers of government to make up for revenue shortfalls. Emefiele’s argument that it was a normal government loan was not reassuring. Economists believe that unrestrained, printing money consistently faster than the growth of real output could result in hyperinflation, exorcising fearful images of Germany’s experience in the 1920s and Zimbabwe’s more recently.
To save the day, the CBN should review its inflationary tradition of converting dollar revenues into Naira for sharing by the federal, states and 774 local governments as long canvassed by the late economist, Henry Boyo. It should be essential to reshape the business climate to curb currency accumulation and capital flight and to attract foreign direct investment.
Insecurity must be contained; the national siege by murderous herders, bandits, terrorists and kidnappers must be stopped to allow agriculture, mining, transport and trade to fully resume. The government should open the economy to investors by privatisation free of corruption. That way, we can have a more productive economy.

Editorial

Thumbs Up For Sit-At-Home Reversal

Published

1 day ago

March 23, 2026

The Tide

For the first time in over five years, the bustling markets of Anambra State, particularly the sprawling Onitsha Main Market, opened for business on February 2, 2026, without the fear of coercion or violence. This development marks the definitive end of the illegal Monday sit-at-home order that has held the South-East region hostage since 2021. Governor Chukwuma Soludo has achieved what many thought impossible, finally laying to rest an obnoxious practice that has bled the region dry economically and psychologically.

The Monday sit-at-home order was first declared by the Indigenous People of Biafra (IPOB) on July 30, 2021. The proscribed organisation imposed the directive to pressure the Federal Government into releasing their detained leader, Nnamdi Kanu, and to advance their demand for the creation of an independent sovereign state of Biafra. What began as a protest mechanism quickly degenerated into a compulsory lockdown enforced through intimidation and violence.

For more than four years, the South-East had been crippled every Monday. Schools remained shut, businesses pulled down their shutters, and economic activity ground to a halt across the five states of Anambra, Abia, Enugu, Ebonyi, and Imo. Governor Soludo recently quantified the devastation, noting that every Monday lost represented about 20 per cent of the work week for the region’s informal economy. When calculated over 52 weeks annually for several years, the cumulative losses are truly staggering.

The economic cost to the region has been nothing short of catastrophic. Investors fled, businesses relocated to other parts of the country, and the South-East lost its competitive edge as West Africa’s premier commercial hub. The Onitsha Main Market, reputedly the largest market in West Africa, sat empty every Monday. Thousands of traders lost 52 working days every year, children missed countless hours of education, and families saw their incomes dwindle. The opportunity cost of this self-imposed isolation runs into hundreds of billions of naira.

Professor Soludo demonstrated exceptional leadership by taking the bull by the horns. His administration ordered the closure of the Onitsha Main Market for one week, sending a clear message that the era of economic sabotage was over. Following this decisive action, he engaged in meaningful dialogue with traders and stakeholders, reaching a consensus that markets must operate on Mondays like every other day of the week.

The results of this courageous stance are now visible for all to see. Over 45,000 shops at the Onitsha Main Market reopened for business, and traders turned out in their tens of thousands, jubilant that they could finally resume their livelihoods without fear. The atmosphere was reportedly electric, with over 100,000 people celebrating what many described as a liberation from years of economic captivity imposed by faceless enforcers.

Soludo deserves the highest commendation for confronting this age-long practice that isolated the South-East from the rest of Nigeria. It takes uncommon courage and determination to challenge an entrenched system enforced through fear and violence.

It is senseless for any group to impose such hardship on the very people it claims to be fighting to liberate. Perhaps IPOB thought they were punishing the Federal Government by shutting down the South-East every Monday. Little did they realise that they were inflicting the deepest wounds on their own people. The traders, the schoolchildren, the transporters, and the ordinary workers who lost income and opportunities were all Igbos, the very constituency IPOB professes to protect.

Can it be imagined what it takes to shut down an entire geopolitical zone every Monday for over four years? The mathematics of loss is simple but devastating: 52 Mondays annually means 52 lost working days per year. For a region built on commerce and entrepreneurship, this represented a self-inflicted wound that no external enemy could have achieved. The South-East was effectively closed for business one day every week while the rest of Nigeria moved forward.

Thankfully, IPOB has now officially endorsed the cancellation of the sit-at-home order once and for all. In a statement released, the group announced that Nnamdi Kanu had directed the “total cancellation” of the directive, urging residents to open their shops, go to work, and send their children to school without fear. This is a welcome development, though we must approach it with cautious optimism, as this is not the first time such announcements have been made.

Previous attempts to end the practice were frustrated by the activities of one Simon Ekpa, a self-styled disciple of the IPOB leader based in Finland. Whenever IPOB issued statements calling for a cessation of the sit-at-home, Ekpa would counter with orders for its continuation, creating confusion and perpetuating the cycle of fear. Now that Ekpa has been convicted and jailed in Finland for inciting terrorism and tax fraud, we hope there will be no further excuses to continue this damaging observance.

With the definitive end of the sit-at-home order, people in the South-East, as well as Nigerians travelling through the region, can finally heave a sigh of relief. The order caused immense apprehension for travellers who had to pass through the South-East to reach other parts of the country. Major highways were deserted on Mondays, creating security vulnerabilities and disrupting the flow of commerce and movement across the nation. This created countless problems for families, businesses, and national cohesion.

Now that this painful chapter has come to an end, we urge the proscribed IPOB not to renege on their decision. The South-East people, who were the greatest victims of this infamous order, can now return to doing what they do best: business. The resilience of the Igbo entrepreneur is legendary, and given the opportunity, the region will bounce back stronger than ever. However, this requires that the peace holds and the markets remain open every Monday without exception.

We urge everyone in the region—business owners, market leaders, transporters, stakeholders, and ordinary citizens—to cooperate fully to ensure that this new development is sustained. The government at all levels must also begin to address the underlying issues that led to this ugly incident. We cannot run away from the fact that there is a genuine feeling of marginalisation and oppression in the South-East that the Federal Government needs to look into.

Undoubtedly, Governor Soludo’s action has impacted positively on Anambra State and the entire region. It is a huge plus for the state’s economy, the security architecture of the South-East, and the confidence of investors who had written off the region as too risky for business. By restoring normalcy to Mondays, Soludo has given the people back their most valuable asset: the freedom to earn a living without fear. This is leadership, and this is progress.

Editorial

Advancing Women, Humanity, Through IWD 2026

Published

1 week ago

March 16, 2026

The Tide

On March 8, the world once again commemorated International Women’s Day (IWD) 2026, a global moment dedicated to celebrating the achievements of women and renewing commitment to gender equality. This year’s theme, “Give to Gain,” carries a simple but powerful message: when society gives support to women, society itself gains progress, stability, and prosperity.

International Women’s Day is observed annually to recognise the social, economic, cultural, and political achievements of women. It also serves as a reminder that, despite progress made over the decades, gender inequality remains a persistent global challenge that demands collective action.

The IWD 2026 “Give to Gain” campaign encourages a mindset of generosity and collaboration. It calls on governments, institutions, organisations, and individuals to support women’s advancement, recognising that empowerment grows when opportunities are shared and barriers are removed.

At the heart of the campaign is the principle of reciprocity. When people and institutions give generously—whether through opportunities, encouragement, or resources—the benefits multiply. Giving is not subtraction; it is intentional multiplication. When women thrive, families prosper, communities develop, and nations rise.

The concept of giving extends beyond financial assistance. Support for women can come through donations, knowledge, resources, infrastructure, visibility, advocacy, education, training, mentoring, and time. Each contribution strengthens the foundation for a more inclusive and interconnected world.

In this sense, “Give to Gain” is not merely a slogan; it is a global call to action. Every society, institution, and individual has a role to play in creating pathways for women and girls to realise their full potential.

For individuals, giving support means challenging harmful stereotypes and standing against discrimination wherever it occurs. It means questioning prejudices that limit women’s opportunities and celebrating the successes of women in every field of endeavour.

When people actively support gender equality, they reinforce a shared sense of purpose. This support produces a ripple effect: one act of advocacy encourages another, and collective effort spreads impact far beyond its original point.

The campaign, therefore, reminds us that empowerment is not a solitary journey. It is a shared responsibility that requires continuous commitment from communities across the globe.

Once again, the message is clear: everyone can give something. Through encouragement, advocacy, mentorship, or policy reform, society can help women and girls gain the opportunities they deserve.

In Nigeria, however, the message of “Give to Gain” resonates with particular urgency. Women’s rights remain constrained by deeply entrenched patriarchal norms that shape laws, politics, culture, and everyday life.

Despite decades of advocacy and repeated promises by leaders, the lived reality of many Nigerian women is still defined by systemic inequality, violence, and exclusion.

Statistics paint a troubling picture. Women hold only about 3.9 per cent of seats in Nigeria’s National Assembly, one of the lowest rates of female representation in the world. Nearly 43.4 per cent of Nigerian women aged 20–24 were married before the age of 18, while 13.2 per cent of women aged 15–49 report experiencing physical or sexual violence. These figures reveal the depth of gender inequality that still persists.

To realise the ideals of “Give to Gain” in Nigeria, deliberate action is required at all levels of government. The Federal Government must strengthen laws that protect women’s rights and ensure greater representation in governance. State governments should expand access to education, economic empowerment programmes, and protection against gender-based violence. Local governments must prioritise grassroots awareness, training, and opportunities that enable women to participate fully in community development.

Encouragingly, initiatives have begun to emerge. In Rivers State, Siminalayi Fubara used the 2026 celebration of International Women’s Day to reaffirm support for women’s empowerment, distributing N50,000 grants to 1,000 women. The First Lady, Valerie Fubara, also supported 20 women farmers with N10 million through the Renewed Hope Initiative Women Agricultural Support Programme, demonstrating how targeted support can improve livelihoods.

The responsibility for gender equality does not lie with governments alone. Individuals, organisations, and community groups must sustain the spirit of the IWD 2026 “Give to Gain” campaign throughout the year. By giving support, opportunity, and respect to women and girls, society gains a stronger, fairer, and more prosperous future for all.

Editorial

Resolve Rumuwoji Market Issues, Others

Published

3 weeks ago

March 2, 2026

The Tide

The long-awaited inauguration of the Peter Odili Cardiovascular and Cancer Treatment Centre at Rumuokwuta in Obio/Akpor Local Government Area has been met with widespread relief and excitement by indigenes and residents of Rivers State, many of whom have spent years anticipating access to a facility built to preserve lives and curb the need for medical travel abroad.

Recall that the project was commissioned on November 14, 2022, only to be abandoned shortly afterwards. For a centre equipped to handle cardiovascular and cancer cases, this delay was not merely administrative; it carried real human costs in a country where non-communicable diseases account for about 29 per cent of all deaths, according to public health estimates.

The determination of Governor Siminalayi Fubara to get the centre started has now paid off. Without fanfares, the state-of-the-art hospital is quietly serving patients, proving that effective governance does not always need loud trumpets to announce its presence.

The governor deserves commendation for relentlessly reviving this critical health facility despite orchestrated attempts to clog the wheel of good governance in the state. In the same breath, kudos are due to the former Health Commissioner, Dr. Adaeze Oreh, whose professional input and persistence helped turn policy into practice.

However, this positive development also highlights the ongoing disappointment over the failure to put the Mother and Child Hospital into use nearly five years after it was commissioned. The frustration voiced by the Nigeria Medical Association (NMA) is justified, especially in Nigeria, where maternal mortality remains alarmingly high at about 512 deaths per 100,000 live births.

Although the Mother and Child Hospital was formally inaugurated in 2021, it has continued to remain completely non-functional in the years that followed. Reports indicate that the facility has stayed entirely sealed off and inaccessible to the public, with no signs of operational activity. This is despite renewed assurances given in early 2025 that the hospital would soon open its doors and begin serving the state — promises that have yet to materialise.

Beyond the health sector lies another deeply troubling example of public neglect: the second phase of the Rumuwoji Market, more popularly known as Mile One Market. This facility was completed nearly a decade ago, yet it remains entirely unused and dormant to this day — a situation that continues to baffle and worry a great many Rivers’ residents who had hoped it would serve the growing needs of their communities.

This phase of the market was built and completed by the immediate past administration of Chief Nyesom Wike. It followed the devastating fire that gutted the entire market during the tenure of Chibuike Rotimi Amaechi, whose government earlier completed and opened the first phase.

Sadly, the unused section of the market has begun to deteriorate, a clear waste of public funds. Traders who should be operating within the market now spill onto Afikpo Street, creating traffic bottlenecks, sanitation concerns, and general nuisances for residents.

We are compelled to ask why a market that has already been commissioned has remained unoccupied for so many years. If there are genuine issues preventing its use, then the government must put its foot down and address them squarely, with courage and determination rather than hesitation.

It is unacceptable that this phase of Mile One Market is allowed to decay after so much money has been sunk into it. Across Nigeria, abandoned public projects are estimated to have tied down trillions of naira, resources that could have transformed lives if properly utilised.

Additionally, the economic implications of leaving public infrastructure idle cannot be overstated. Markets are engines of micro and small-scale commerce, which account for over 80 per cent of employment in Nigeria’s informal sector. When facilities like the unused section of Mile One Market are left to rot, government inadvertently chokes livelihoods, reduces internally generated revenue, and deepens urban disorder. A functioning market would not only decongest surrounding streets but also restore dignity and safety to traders who currently operate under harsh and unsanitary conditions.

The government has expended substantial taxpayers’ money in the construction of these facilities, yet they sit idle and unused at a time when the people of the state should be directly benefiting from the services they were designed to provide. It raises a fundamental question that demands honest answers: what is the purpose of investing billions of naira in these projects if they are ultimately left dormant, abandoned, and to fall into a state of neglect? The people deserve better than empty infrastructure that serves no one.

While the political climate within the state has undoubtedly presented its share of challenges over time, that particular chapter now appears to be largely behind us. The focus must shift accordingly. The ball is firmly in the court of the administration to compose itself, buckle down, and get to work — ensuring that completed projects are delivered to the people they were intended to serve, without any further unnecessary delay.

Ultimately, governance is judged not by the number of projects commissioned but by how many are put to meaningful use. As the philosopher Edmund Burke once observed, “Bad laws are the worst sort of tyranny,” and by extension, abandoned projects are the worst form of waste. Rivers State has the opportunity to reverse this narrative. The administration must strike while the iron is hot, ensure that all completed facilities are activated, and prove that public resources are not poured into a bottomless pit but invested for the common good.

We therefore call on the government to redress these challenges with urgency. As the saying goes, “The best time to fix the roof is when the sun is shining,” and the time to act is now. Rivers people are watching, worried, and rightly expect their leaders to turn promises and investments into tangible public good.