Editorial

Saving The Naira

Published

4 years ago

July 18, 2022

These are not the best of times for the Nigerian national currency, the Naira. It is buffeted on all sides by a fast depreciating value. Already, the weak local currency is taking a toll on the nation’s economy which is now encountering declining industrial production, massive job losses, escalating cost of living, worsening insecurity and difficulties in transportation, among others. When condensed, they present a hazardous slide towards a comprehensive economic meltdown. The flit needs to be stalled.
The Naira has been in a free fall. It plunged to a new low of N620 to US$1 last week in the parallel market, heightening fears of a further devaluation by the Central Bank of Nigeria (CBN). According to data published by FMDQ Group, where forex is officially traded, the Naira, which opened trading at N426.63, closed at N430.33 to a dollar last Friday. Experts say this is the weakest the Naira has exchanged this year. This upturns fiscal planning in the public and private sectors.
As businesses and citizens fussed over the foreign exchange volatility and its attendant negative effects, the CBN raised the benchmark interest rate from 11.5 per cent to 13 per cent for the first time in two years. This will invariably push inflation further up. The local currency is diminishing steadily following increased speculation, receding external reserves, and low forex inflows.
External reserves fell by $313 million in March, says the CBN. The rise in the acceleration of political activities is seen also as a key factor in the depreciating exchange rate. Meanwhile, politicians are reportedly mopping up dollars for the 2023 electioneering. The Federal Government is not managing the headwinds effectively. The country remains import-dependent and relies on crude oil for over 80 per cent of its foreign earnings.
Nigeria is not profiting from the increasing oil prices fuelled by the Russia-Ukraine war. This is because of a lack of capability to heighten production as a result of enormous crude oil thievery and dwindling investment. Diaspora remittances, which depict an important source of forex inflow into the country, have been on the fall recently from $12.3 billion in the second half of 2018 to $9.3 billion in the first half of 2021, according to CBN data.
The collapsing Naira is a huge trouble for our nation. The random way the CBN has been overseeing the economy is a reason for worry. The system is replete with contrariety, patronisation and corruption. Analysts fear the currency may wreck farther N1,000 to $1 shortly. The apex bank’s many exchange rate regimes power massive fraud. Connected operators generate tremendous profits, while those in the real sector can scarcely procure forex. They are compelled to get dollars from the parallel market, as the official sources rarely satisfy a fraction of their demands.
This is further worsened by the CBN Governor, Godwin Emefiele’s recent involvement in politics which has corroded the modicum of faith Nigerians and international investors had in the CBN’s capacity to navigate the economy on the corridor of advancement and oversee inflation, forex, and interest rates. The National Bureau of Statistics (NBS) said inflation jumped to 18.6 per cent this month, the highest this year, following a comparable uptick recorded last month on the back of higher energy and food prices.
Again, Nigeria’s cumulative debt burden rose to N39.55 trillion in December 2021, denoting N1.55 trillion or a 4.1 per cent increase in three months from N38 trillion in September 2021. The regime’s craving for borrowing is phenomenal. Last April, President Muhammadu Buhari solicited authorisation for an upswing in the 2022 budget deficit to be financed through domestic borrowing a few days after the Debt Management Office (DMO) disclosed a schedule of the Federal Government’s N720 billion domestic borrowing plans for the second quarter of 2022.
Industry cessations and the attendant job losses, congestion at the ports, and rising JET-A1 price that has almost incapacitated the domestic aviation industry are unmistakable signs of a falling economy. The Federal Government should put a stop to borrowings in another phoney bid to rebuild the doomed refineries, the Ajaokuta Steel Company and other unreasonable overheads.
For the Nigerian Naira to grow, the exchange rate must stabilise. The current situation has already affected the country’s manufacturers significantly. For instance, how do manufacturers who import raw materials strategise in a regime of volatile exchange rates? Many of them have complained bitterly about how the plummeting exchange rates impacted their planning and put them in a most difficult situation.
Furthermore, foreign investors have to be attracted to the nation’s capital market. The problem requires a multi-pronged solution, and it is achievable if more seriousness is attached to it. The concerns that make capital importation dwindle must be addressed. The absence of foreign investors is drying up the source of foreign exchange which could have provided succour to the waning currency.
The highly exorbitant political system Nigeria runs is not boosting the Naira. For example, presidential aspirants under the ruling All Progressives Congress (APC) paid a minimum of N100 million to obtain the party’s presidential form, while the opposition Peoples Democratic Party (PDP) expended N40 million. At the just concluded convention of the two leading parties, it was reported that delegates were reimbursed profoundly in dollars.
Meanwhile, the electioneering span has just begun, and now the Naira is exchanged for N620/$ at the parallel market. More money will still be injected into the political space in an election season such as this. Therefore, there is no assurance that the exchange rate will not worsen. The economy cannot experience any meaningful growth if this particular trend is not stopped.
Efforts are also needed in demand management to promote Nigerian-made goods, manufacturers source raw materials, and eliminate political interference in foreign exchange allocation to qualified end users. If these policies and many others are not adopted, the rapid depreciation of the Naira would prolong indefinitely, with its concomitant effect on the inflation rate. These would not be in the overall best interest of the palpitating Nigerian economy.

Editorial

Resolve Rumuwoji Market Issues, Others

Published

4 days 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.

Editorial

As NDG Ends Season 2

Published

7 days ago

February 27, 2026

The Tide

On 20 February, the second edition of the Niger Delta Games (NDG) kicked off in Benin City, Edo State, with over 3,000 athletes from the nine oil-producing states of the Niger Delta region competing for honours across 16 sporting disciplines. Tagged ‘NDG Edo 2026’, the Games were scheduled to continue until the 27th (today), when the curtain would finally be drawn on proceedings. The event is sponsored by the Niger Delta Development Commission (NDDC) and organised by consultants Dunamis Icon.

Edo State is taking its turn as host following the maiden edition held in Uyo, Akwa Ibom State, the previous year. The inaugural edition was widely hailed as a resounding success, owing to the remarkable competitiveness and excitement it generated amongst the states of the region and, in particular, the young athletes who showcased impressive talent, prowess, and potential across a range of sporting events.

The maiden edition represented, in many respects, a new horizon and a breath of fresh air in efforts to engage and harness the talents and energies of the region’s youth towards positive endeavours that offer genuine prospects for career development. For a full week, young athletes from across the Niger Delta had the opportunity to compete in an environment where they freely expressed and explored their abilities, mingled with one another, and had the chance to connect socially and culturally.

It is for this reason that the NDDC and their consultants, Dunamis Icon, can be said to have hit the bull’s eye with the concept behind the Games. Beyond serving to engage the youth and identify promising athletes for the region, the competition has the capacity to produce athletes well capable of representing the national flag on international and continental stages.

The NDG presents opportunities that the states of the region must embrace wholeheartedly. Beyond venturing into the hinterlands to scout for promising young athletes, sporting facilities across the various states now have the opportunity to be tested and utilised on an annual basis, whilst host states enjoy the privilege of developing, upgrading, and maintaining existing facilities with the support of the sponsors.

As the Games draw to a close at the end of their second season, it is hoped that this regional sporting festival will continue to be guided by the vision and mission upon which it was founded, particularly its commitment to creating opportunities for untapped talents within the region. It is encouraging to note the organisers’ insistence that only athletes within the stipulated age bracket of 20 years and under are permitted to participate. No effort should be spared in ensuring that age falsification and the desperation to win at any cost are firmly discouraged.

Whilst commending the NDDC and Dunamis Icon for the considerable efforts already invested in ensuring that the NDG is not only successful but sustainable, it is expected that this second edition would mark an improvement upon the last, with the shortcomings witnessed in Uyo not being permitted to recur.

The NDG represents both an opportunity and a challenge to a region that prides itself as one of the country’s foremost nurseries of sporting talents. It is a chance to begin producing world-class athletes once again and to introduce names that will not only remind us of, but ultimately succeed the celebrated stars of previous generations across various disciplines — among them Adokiye Amiesimaka, Daniel Igali, Ojadi Oduche, Obisia Nwamkpa, Chioma Ajunwa, and Jeremiah Okorududu, to name but a few.

Just as the leadership of the NDDC has challenged the NDG to begin producing Olympic athletes for the country, we can only wholeheartedly concur that the Games possesses everything necessary to serve as a platform for unearthing future stars, and nothing less should be expected of it.

It is worth noting that the continued growth and credibility of the NDG will depend, in no small measure, on the rigour and transparency with which it is administered. Governance, accountability, and adherence to the founding principles of the competition must remain non-negotiable priorities for all stakeholders involved, from the sponsors and organisers through to the participating state delegations.

The role of the participating state governments in this regard cannot be overstated. Whilst the NDDC and Dunamis Icon provide the structural framework and financial backing that make the Games possible, it is the states themselves that bear the primary responsibility of identifying, nurturing, and presenting their finest young athletes for competition.

Governors and sports commissioners across the nine participating states must therefore treat the NDG not as a mere ceremonial obligation, but as a serious and strategic investment in the human capital of their respective populations. Only through sustained grassroots scouting programmes, well-funded state sports academies, and consistent domestic competitions can the region hope to maximise the full potential of what the NDG offers.

The private sector, too, has a meaningful role to play in the long-term sustainability of the Niger Delta Games. Whilst the NDDC’s sponsorship provides an essential foundation, the involvement of corporate organisations — particularly those with significant commercial interests in the region — would serve to deepen the financial base of the competition and reduce its vulnerability to the funding uncertainties that have historically plagued sporting initiatives in Nigeria.

Partnerships with brands, media organisations, and international sports bodies could further raise the profile of the Games, attract wider coverage, and open doors for the region’s most gifted athletes to access exposure, training opportunities, and platforms that extend well beyond the Niger Delta itself.

Ultimately, the Niger Delta Games carries with it the hopes and aspirations of an entire region and its young people. If nurtured with care, integrity, and sustained investment, it has every potential to become one of the most significant youth sporting platforms on the continent, and a genuine conveyor belt for the next generation of Nigerian sporting greatness.

Editorial

Beginning A New Dawn At RSNC

Published

3 weeks ago

February 16, 2026

The Tide

The premises of the Rivers State Newspaper Corporation (RSNC), publishers of The Tide Newspaper, are wearing a refreshing new look as work begins on the re-erection of a perimeter fence. This development is more than a physical upgrade. It is a strong statement that the safety and dignity of a historic public institution are once again being taken seriously.

For many years, the corporation operated without a proper perimeter fence. The old fence was demolished about a decade ago during an urban renewal drive under the administration of Chibuike Rotimi Amaechi. The intention at the time was to relocate and properly situate the fence away from pedestrian walk, but the long-term consequences were not fully anticipated.

The absence of a fence exposed the premises to serious risks. Workers reported frequent cases of trespass, theft of office items, and unrestricted movement by unauthorised persons. In an environment where sensitive editorial and production work is carried out, such openness became a major concern rather than an advantage.

Statistics from internal records suggest that incidents of petty theft and vandalism rose sharply during this period, accounting for an estimated 30 per cent increase in maintenance costs over the years. Staff morale also suffered, as many employees felt unsafe working late hours, especially during night production schedules.

The return of the perimeter fence will bring immediate relief. It will provide controlled access to the premises, protect valuable equipment, and ensure that staff can work with peace of mind. Businesses and members of the public who visit the corporation for adverts, publications, and official transactions will also enjoy a more orderly and secure environment.

A secured workplace is known to improve productivity. Studies in public institutions show that improved security can raise staff efficiency by up to 20 per cent. For a newspaper organisation that works against tight deadlines, this improvement is both necessary and timely.

The Rivers State Government deserves commendation for funding this fencing project. The Tide is one of the oldest state-owned newspapers in Nigeria and has, over the decades, projected and promoted government policies, programmes, and public enlightenment campaigns. Such an institution deserves to be properly funded and equipped to perform at its best.

As the fencing work progresses, the government should look beyond this single intervention. There is a strong case for the total renovation of the corporation’s ageing buildings. This effort can build on the visible successes recorded in the ongoing renovation of the state Secretariat Complex, which will improve the working conditions of many civil servants.

Equally urgent is the replacement of obsolete equipment at the newspaper publishing firm. Most of the machines in use today were provided at the inception of the corporation several decades ago. Technology has moved on, but the tools of the trade have largely remained the same.

All the major printing machines and computers are old and can no longer function efficiently. Frequent breakdowns slow production and increase costs. A total replacement is required to return the organisation to the path of progress and competitiveness in a fast-changing media industry.

Attention should also be given to the rotary printing machine purchased during the Amaechi administration. Sadly, the machine never worked for a single day due to the absence of a vital component. Replacing this missing part would put the machine on stream, making it useful not only to the newspaper but also to the wider information needs of the government.

There is also a clear need for operational vehicles, power generating plant, and additional staff. Over the years, the corporation has lost more than 60 per cent of its workforce to retirement, death, and the prolonged freeze on civil service recruitment during the last administration of Chief Nyesom Wike. Without urgent replacement, service delivery will continue to suffer.

The Publication Department, which formerly produced calendars, diaries, and exercise books for schoolchildren, should be revived. In the past, the department generated substantial funds that helped sustain the establishment before it became defunct.

Much credit must go to the Acting General Manager, Stella Gbaraba, for demonstrating capacity and discipline in managing the outfit. A staff member of the state Ministry of Information, she has shown herself to be a quintessential administrator whose leadership has stabilised the corporation. She deserves to be celebrated.

Her performance once again confirms the long-held view that leaders appointed from within the civil service often understand public institutions better and perform more effectively than those brought in from outside. With sustained government support, competent leadership, and the right investments, The Tide can reclaim its pride of place as a strong voice in Rivers State and beyond.