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Nigeria’s Economy: Challenges And Possible Solution

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An economy is a depiction and  value of the holistic national resources and their implicit and explicit phenomenal interrelationship in engendering  production of goods and services, distribution of goods and services, flexibility and accessibility of the aggregate market system and the capability of the money supply indices for acquisition and utilisation to facilitate the course of consumption and sustain the econominal value system  of the government, the private sector and the economic units of the nation. According to D.D.S Amachree (1992), man consumes nothing but utility. Of course, it is the utility derived from the goods and services that revitalises and motivates the economic units to be more productive, and realise robust income per capita for the enhancement of the gross domestic product (GDP).Over the years, Nigeria’s economy has totally dispersed from consistent positive growth and development.
This is because the dedicated economic policies which are the fiscal and the monetary policies earmarked to engender all encompassing growth and development are all in shambles . This is consequent upon the existence of the lack of synergy between the policy makers, the inapplicable  proportional content and nature of the theoretical and empirical  framework composition of the policies and the existence of disharmonious and divergent policy objectives amongst the monetary and fiscal policies authorities. Seemingly, the yearnings of all Nigerians are to encounter an improved economic system that will boost the living standard of all Nigerians, which will equally reflect on the GDP vis-a-vis the rigorous  improvement in the income per capita via the implementation of fantastic fiscal and monetary policies which are in commensurate level with the policy objectives and specifications.
The ripple effect of this is to have an extensive prevalence of low interest rate(MPR) with a robust cash  reserve and liquidity in the financial  systems which will in turn foster investment opportunities  and a drastically low risk factors implication. Other potential economic  indices that could be achieved in this context entails, rigorously reduced government debts, zero budget deficit , consistent single –digit inflation,  a rebounds on the currency naira, effective financial market system, infrastructural development, human capital development, improved foreign reserve, dependable foreign direct investment, job creation and employment opportunities, objectivity in the distribution of national income and resources, robust internal control systems with concrete accounting information systems in the public and civil services, attractive foreign relations and foreign policies, etc. However, these aforementioned economic growth and development indices and factors are contemporarily dismal, not depicted and somewhat limited in terms of making an holistic view of the Nigeria economy. Based on this premise, as an accountant, financial analyst, researcher, effective thinker, and a patriotic citizen, I found it more imperative to disclose certain findings which I achieved in the course of my research recently, which has utter bearings with the current economic challenges in Nigeria. These findings are: A mathematical and economic model was achieved to mitigate the current incessant increase in government debt and budget deficit. A mathematical /economic/financial model was achieved to eliminate the incessant depreciation of the Nigerian currency (Naira) to a dollar, pounds and other foreign currencies.
It is evident that for the past decades, based on the concrete implementation of the fiscal and monetary policies by the British Government, the pound is invariably increasing by at least 13.50per cent (13.50%d”xe”27.50 per cent) which means x is greater than or equal to 13.50 per cent and x is less than or equal to 27.50 percent, from the value of the dollar to the value of Naira and also from the value of the pounds to the value of Naira. The above estimation or independent variable measurement is an inequality expression. For instance whenever the dollar is equivalent to N750, the pound is equivalent to N850 or more which is a difference of N 100 or more and of course this stability or static trend continues whether the naira appreciates or depreciates subsequently. This constancy or stability or static context is what my research finding is capable of addressing to make the Naira on a drastically reduced fixed rate with the foreign currencies, especially dollar and pound with a mathematical economic/financial model for a very short-term period and afterwards the Naira will begin to appreciate eventually to be at par and above par with the dollar and the pound which is a depreciation to the foreign currencies while the Naira will be successively appreciating. In order to achieve this, an ideal policy which is expressed in acronym “The COSUDTAPA” concept  model, and policy should be adopted. Curbing the inflation to a single-digit through formulation of fiscal and monetary policies which have more of empirical framework than theoretical framework in order to curtail the attitudinal excesses of the dominant strata whereby stimulating growth and development in the economy.
These policies are to be captioned by acronyms for effective and holistic visibility, monitoring, analysis and evaluation in the course of implementation. Formulation of all encompassing monetary and fiscal policies framework that is capable of bringing the Nigerian economy to the global limelight.  The holistic perception of this is that, for a nation to achieve its economic potential objectives and goals, it requires an uneasy commitments from all the distinguished economists based on the government provisions and objectivity to acknowledge and collaborate with the economists in proffering solutions to the economic challenges, irrespective of the magnitude of the economic decline and the economists limitations. This is so because it is evident that no government can do it alone anywhere across the globe without the inclusion of the economists and financial analysts. According to Mr. D.D.S. Amachree (1992, Kalabari National College, Buguma) “economics is a common sense but the common sense of the economists is not common”.

By: Charles Brown

Brown is a financial, data analyst and author.

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Opinion

Fighting Insecurity: Shagari’s Model

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What we see across the country today can only be surmounted through a decisive Presidential agenda devoid of politics and sentiments. Alhaji Shehu Shagari, faced with similar security threats, wasted no time in restoring order.
Shagari was still in his first year in office when Islamic fundamentalists, led by Muhammadu Marwa, better known as Maitatsine, visited terror on Kano. Domiciled in the Yan Awaki area, the man who originally hailed from Cameroon, began to create an empire of terrorists.
Kano was under the control of the Peoples Redemption Party (PRP) while the National Party of Nigeria ( NPN) controlled the Federal Government. Shagari, a Muslim, did not want to be politically correct because Kano was involved. He placed national security above everything else.
Realising that the terrorists had overwhelmed the police, killing about 100 of them including a Commissioner who was moved from Aba, the president applied military force. It took just two days for soldiers to crush Maitatsine and his followers. At the end, 5,000 civilians died and the Army lost 35 souls.
That was in 1980. Shagari set up a Judicial Commission headed by Justice Anthony Aniagolu. Hundreds of the trouble makers were sent to jail. And it turned out that among them were fighters from Chad, Niger Republic, Cameroon, Burkina Faso and Mali.
On May 16, 1981, there was a skirmish at the Nigeria – Cameroon frontier. Second Lieutenant Seyiveh Sewhenu Amosu of the Nigerian Army, leading a patrol on the Akpa Yafe River, was killed in an ambush by Cameroonian forces. Four other soldiers, Felix Bemigho, Emmanuel Kasar, Joseph Imaja and Emmanuel Akpan also died.
Shagari wasted no time in showing Cameroon the power of Nigerian forces. His Service Chiefs had tasted battle during the Civil War. Chief of Defence Staff, Gibson Jalo, was a General Officer Commanding (GOC). Army Chief, Mohammed Wushishi, was part of the First Division, Chief of Naval Staff, Akin Aduwo, commanded a warship, his Air Force counterpart, Dominic Bello, was one of the few Federals that flew jet bombers.
The world watched as Nigerian forces moved to the border for war on Cameroon, whose troops had never seen battle anywhere. Having frightened the aggressor, Shagari diplomatically halted the planned assault.
In October 1982, some of Maitatsine’s loyalists, regrouped in Bulunkutu, Maiduguri. Among them were many released from jail, like what we see with Boko Haram fighters today. They burnt mosques, churches and humans, using body parts as charm. Again, Shagari acted decisively to decimate the terrorists.
On April 18, 1983, one Idris Debby, led Chadian troops to seize 21 Nigerian fishing villages. Shagari showed his stuff, once again. As Commander – in – Chief of the Armed Forces, he chose seasoned fighters, after consulting with his Defence Team.
Muhammadu Buhari, GOC of the 3rd Amoured Division was given the task of clearing the intruders. As the first governor of Borno State, the general knew the terrain so well. His mother was Kanuri, whose people knew much about Debby and the Zaghawa.
To support Buhari, Chris Ugokwe, a seasoned warrior and Commander of the 21 Armoured Brigade, led the battle. Ugokwe commanded Biafra’s 52 Brigade during the Civil War and was the officer who led 13 Armoured vehicles, under Ibrahim Babangida in 1976, to flush Bukar Dimka out of Radio Nigeria.
Ugokwe and Buhari were friends and Nigeria Military Training College (NMTC) course 5 mates. Babangida was their junior by one Course. It was because of Biafra that Ugokwe lost seniority but he was trusted by PMB and IBB. Ugokwe and Babangida were together in Kaduna during the January 15, 1966 coup.
Ugokwe drove Debby out of Nigeria and led troops into Chad. To show the strength of his Brigade, he planned to capture Ndjamena and was going to accomplish that task when Shagari, again, turned to diplomacy. The president called on Buhari to stop his troops.
That war with Chad gave the Armed Forces so much respect. The Air Force had men like Ben Ekele and Adamu Sakaba. Ekele was so good in all his training abroad that he was nicknamed ‘Air Hooligan’. His friend, Isaac Alfa, was known as ‘Air Warrior’.
Ekele played with the MiG fighter jets, like a toy. Some admirers gave him another name, ‘Ben The MiG’. Unfortunately, the officer was executed with Sakaba, in March 1986. Both were found guilty of treason by the Charles Ndiomu Military Tribunal, for their alleged roles in the Mamman Batss plot of 1985.
Shagari pushed our best into battle. Second Lieutenant Amosu, who was killed by Cameroonians, belonged to the Nigerian Defence Academy Regular Course (RC) 22. That RC later produced a Chief of Naval Staff, Dele Ezeoba, a governor, Inua Bawa, a Senator, Austin Akobundu and other prominent officers like Brigade of Guards Commander, J. O. Shoboiki, Task Force Commander, Sarkin Bello and Paul Izukanne. Another Amosu, Nunayon, became Chief of Air Staff.
President Bola Tinubu should follow Shagari’s footsteps. Nigeria is in trouble and there must be no consideration of tribe, tongue or party. Our Armed Forces can do better. We have many saboteurs in and out of power. What is paramount now is a new strategy.
The bloodletting is unprecedented. Citizens are slaughtered like chicken, daily all over the country. We call them bandits, in the North – West, killer herdsmen in the North – Central, terrorists in the North – East and Fulani herdsmen, in the entire South.
There is only one President and Commander – in – Chief. Tinubu is a strong man, cowardice is not part of his profile. He was part of the NADECO battalion that waged war on Sani Abacha. This is another war. Tinubu can and must fight like a Field Marshal.

Emeka Obasi
Obasi is an online journalist and analyst.

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Opinion

Flood Disaster In Nigeria: Predictable Tragedy

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Each year, Nigeria is struck by a disaster that has become so routine it barely shocks the national conscience anymore: devastating floods that displace thousands, destroy livelihoods, and cost the country billions in damages. From Lagos to Lokoja, Borno to Bayelsa, the story is the same—swollen rivers, submerged homes, lost farmland.
Children drop out of school as their homes or schools are flooded. Health crises follow, as stagnant water breeds Cholera and other waterborne diseases. Women and children bear disproportionate burdens, from increased caregiving duties to heightened vulnerability in overcrowded displacement camps.
Just last week, the country woke up to another flood disaster. Mokwa, a commercial hub in Niger State was swept away. About 200 lives were lost, 3,000 people were displaced, bridges washed away, families left heart broken.
The painful thing is that the meteorological agencies, the Nigeria Hydrological Services Agency (NIHSA) and Nigerian Meteorological Agency (NiMet) usually issue annual warnings about impending floods but little or nothing will be done by both the authorities and the citizens to avert the disaster until it happens and everybody starts running helter skelter. At a press conference in Abuja on Tuesday, June 3, the Minister of Water Resources and Sanitation, Joseph Utsev, clearly stated that flood warnings were given but they were not adhered to.
Speaking against the speculations that Mokwa flood was caused by the release of water from Kainji and Jebba Dams, he said, “Nigerians would recall that the Federal Ministry of Water Resources and Sanitation through the Nigeria Hydrological Services Agency in the 2025 Annual Flood Outlook on the 10th of April, 2025 predicted flooding in 19 LGAs of Niger State including Mokwa LGA.”
He also referred to the report of 2025 AFO, which indicated that 1,249 communities in 176 Local Government Areas in 33 States and the FCT fall within the High Flood Risk Areas, while 2,187 communities in 293 LGAs in 31 States, including the Federal Capital Territory, fall within the Moderate Flood Risk Areas.
Indeed, the floods in Nigeria are no longer unpredictable phenomena. Reports have it that in 2022, for example, over 600 lives were lost, 1.4 million people displaced, and over 200,000 homes damaged.
Crop-lands were washed away, leading to spikes in food prices and food insecurity. Infrastructure—already fragile—was further crippled. Subsequent years had similar reports. And yet, each year, State governments and citizens alike act surprised when the waters rise.
The causes of these floods are not mysterious. Climate change plays a role, with increasingly intense rainfall and rising sea levels. However, much of the devastation has been traced to human failings: poorly planned urban development, inadequate drainage systems, deforestation, and the mismanagement of river basins and dams.
For instance, the release of water from Cameroon’s Lagdo Dam annually inundates many States across the country, especially when the Dasin Hausa Dam, meant to contain the excess flow, remains incomplete decades after it was conceptualised. Similarly, urban expansion in many cities of the country often encroaches on natural floodplains and wetlands, replacing them with concrete that prevents water absorption and channels run-off into homes and roads.
Experts have claimed that at the heart of the flood disaster in the nation lies a deeper governance problem. Environmental policy is fragmented, implementation is weak, and coordination between federal, state, and local governments is almost non-existent. Flood response is often reactive—focused on rescue and relief—rather than preventive. Agencies like the National Emergency Management Agency (NEMA) and State Emergency Management Agencies (SEMAs) are underfunded and overwhelmed. There is no better truth.
How many government agencies whose job is to prevent floods and other disasters do their jobs? Just like past floods in Nigeria, Mokwa flood has been largely attributed to unregulated buildings and construction activities, poor drainage infrastructure and the likes. And the question is, whose responsibility was it to ensure that these illegal buildings were not erected in the first place? Whose duty is it to ensure that refuse is disposed of properly and that defaulters are punished?
Of course, citizens are not to be exonerated from the blame. Many Nigerians find it difficult to obey rules. Many care less about the environment and they will be the first to cry woes when a disaster occurs. But the point remains that if the regulatory authorities do not wake up to their duties of ensuring that people comply with building codes and urban development guidelines, if they would rather collect money from developers and look the other way when water channels are covered with buildings, then, the floods so far seen might just be a child’s play.
It is high time the governments at all tiers and across all levels stopped seeing floods as seasonal inconveniences rather than existential threats. These authorities are quick to make promises in the aftermath of a flood, but once the waters recede, so does the urgency. Reports are written, funds are pledged, but structural action is rare. The cycle continues: warnings, inaction, disaster, aid appeals, and then silence—until the next year. How can this help the situation?
There is an urgent need for the completion of the Dasin Hausa Dam project in Adamawa State. Experts say that this dam, if functional, would serve as a buffer for the Lagdo Dam releases from Cameroon. The same goes with the need for rehabilitation and expansion of the country’s drainage systems, especially in urban centres. Most existing systems are outdated, clogged, or simply inadequate for today’s volume of rainfall.
Building codes and urban development guidelines must be enforced without compromise. State governments must stop the unchecked development on floodplains and demolish illegal structures that obstruct natural drainage. New developments must include adequate drainage systems, and environmental impact assessments must be mandatory and rigorously enforced.
Government should carry out resettlement programmes for people living in high-risk zones. It is not enough to announce that people living along river banks and flood prone areas should move to higher lands. Are provisions made for them to move and to settle on higher lands?
Also, early warning systems must go beyond press releases and scientific bulletins. They must translate into community-level awareness and preparedness. NEMA and SEMAs should partner with local governments, traditional institutions, and civil society to educate the public on flood risks and evacuation plans.
Community-based disaster response teams can be trained and equipped to act swiftly when floods occur. More importantly, simulations and drills should be conducted periodically, not just after disasters strike.
It is also important that the government, both state and federal, collaborate with the private sector to introduce subsidised flood insurance scheme, especially for farmers and small business owners who bear the brunt of flood damages.
Climate change is no longer an abstract threat; it is a daily reality. Federal and state governments must integrate climate resilience into all development policies. Ministries of Environment, Works, Water Resources, and Agriculture must collaborate to build climate-smart infrastructure.
This also includes reforestation projects, sustainable agriculture practices, and policies to reduce carbon emissions. Nigeria’s national climate adaptation plan must be updated and fully implemented, with budgetary allocations that reflect the seriousness of the problem.
Transparency in the use of emergency funds and infrastructure budgets is essential. Anti-corruption agencies should investigate diversion of funds meant for disaster preparedness and flood mitigation.
Nigeria’s flood disaster is now a national emergency that requires urgent, collective, and sustained action. We can no longer afford the complacency that treats annual floods as inevitable. The science is clear, the patterns are consistent, and the solutions are known. What is missing is the will to act.
A flood-resilient Nigeria is possible. It begins with planning, continues with investment, and is sustained by accountability. We must break the cycle of annual disaster and move toward a future where the rainy season is a blessing, not a curse.
President Bola Tinubu must be commended for approving the release of ?2 billion, 20 trucks of rice for victims. That will go a long way in helping them if they are not diverted by those in the chain of their release and distribution.

Calista Ezeaku

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Opinion

AI And Transformation of Nigeria’s Education

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The increasing advent of technology is slowly, but evidently taking over major sectors in the world today, but not so much in Nigeria. Education is the backbone of any country, especially if it is one that hopes for the better future of its youths and the growth of the country at large.
Despite the known fact that education is key to national development, Nigeria’s education sector seems to be buckling under pressure ranging from a limited access to quality learning resources, poor school infrastructure, and overcrowded classrooms, among others.
It does not end there as many educators lack the digital literacy to properly use these tools. Proper strategies, digital literacy training and a focus on providing proper infrastructure in schools are the barriers that need to be tackled to surmount this challenge. Addressing these issues first would pave way for Artificial Intelligence (AI) integration in schools.
Though, AI is more than technical jargon, it just might be what Nigeria needs to level the playing field, especially since it looks like we are being left behind with all the innovation technology has brought along. With its personalised features, teachers can tailor lesson plans based on each student’s weaknesses which would positively affect learning outcomes. Imagine a school in Kano, where students learn English through AI-powered applications and resources. It would give better opportunities for the teacher to have more time to give them more personal attention.
However, to fully realise these benefits, there are certain underlying issues that AI can easily tackle, especially those in rural areas, where there is lack of electricity, proper ICT tools, and internet connectivity.
A United States based publication, EdTech, noted that there is an increasing strain in the ability of teachers to carry out their occupational demands with planning lessons, meeting parents and guardians, and other administrative responsibilities.
However, according to Carnegie Learning, teachers who have embraced AI have seen notable changes in students’ outcome and their work flow. In their research, 42 per cent found out that using AI reduced time spent on administrative duties, 25 per cent noted that AI was particularly useful in assisting with personalised learning, and 18 percent of them reported an increase in students’ engagement. Only one percent could report no change at all with the use of AI in the classroom.
Notably, the United Nations Educational, Scientific and Cultural Organisation (UNESCO), highlighted the potential of AI to address challenges in education, and its ability to innovate teaching and learning, as long as it is deployed safely and ethically. This connotes that every good innovation has a negative downside, and Artificial intelligence is not without.
According to UNESCO, well thought out strategies to maximise the use of AI in classrooms is what our education sector needs. I believe that as a nation we need to set policies that are channelled towards AI integration into the education system, and more importantly, all hands should be on deck to facilitate its process.
Teachers as well as students have a role to play in ensuring that it is not misused and rendered a vice. If we do not integrate AI soon enough, the learning gap between Nigeria and other nations will continue to widen, as it is already the case for most sectors of the country. This gap would not only widen, but it would go on to affect our youths who will be left behind in the global workforce.
Though, schools are known to be institutions of socialisation, where teachers play a major role in shaping the minds and outlook of the students in the classroom, I do not see AI as a replacement for teachers and evidently cannot take the job of educators. Additionally, the World Economic Forum noted that while AI can enhance the learning processes, it cannot replicate the human element that is needed by every student – that which is provided by teachers.
Therefore, AI is not a threat to teachers; rather it is a partner that benefits not just the teachers, but the students as well. It is important that policy makers move to develop and implement policies that integrate AI into the education system in Nigeria. The earlier we embrace this innovation, the better it will be for the future of every child.

Eniola Shobiye
Shobiye, a student, writes from the University of Ilorin.

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