Opinion
Nigeria’s Economy: Challenges And Possible Solution
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.
Opinion
Empowering Youth Through Agriculture
Quote:”While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries”.
The Governor of Rivers State, Sir Siminalayi Fubara, recently urged youths in the Rivers State to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to the growth and development of the State. Governor Fubara noted that global trends increasingly favour entrepreneurship and innovation, and said that youths in Rivers State must not be left behind in harnessing these opportunities. The Governor, represented by the Secretary to the State Government, Dr Benibo Anabraba, made this known while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association (NECA) in Port Harcourt. The Governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it is unrealistic to absorb all job seekers into the civil service.
“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service. This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said. It is necessary to State that Governor Fubara has not only stated the obvious but was committed to drive youth entrepreneurship towards their self-reliance and the economic development of the State It is not news that developed economies of the world are skilled driven economies. The private sector also remains the highest employer of labour in private sector driven or capitalist economy though it is also the responsibility of government to create job opportunities for the teeming unemployed youth population in Nigeria which has the highest youth unemployed population in the subSahara Africa.
The lack of job opportunities, caused partly by the Federal Government’s apathy to job creation, the lack of adequate supervision of job opportunities economic programmes, lack of employable skills by many youths in the country have conspired to heighten the attendant challenges of unemployment. The challenges which include, “Japa” syndrome (travelling abroad for greener pastures), that characterises the labour market and poses threat to the nation’s critical sector, especially the health and medical sector; astronomical increase in the crime rate and a loss of interest in education. While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries.
While commending the Rivers State Government led by the People First Governor, Sir Siminilayi Fubara for initiating “various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy, among others”, it is note-worthy that the labour market is dynamic and shaped by industry-specific demands, technological advancements, management practices and other emerging factors. So another sector the Federal, State and Local Governments should encourage youths to explore and harness the abounding potentials, in my considered view, is Agriculture. Agriculture remains a veritable solution to hunger, inflation, and food Insecurity that ravages the country. No doubt, the Nigeria’s arable landmass is grossly under-utilised and under-exploited.
In recent times, Nigerians have voiced their concerns about the persistent challenges of hunger, inflation, and the general increase in prices of goods and commodities. These issues not only affect the livelihoods of individuals and families but also pose significant threats to food security and economic stability in the country. The United Nations estimated that more than 25 million people in Nigeria could face food insecurity this year—a 47% increase from the 17 million people already at risk of going hungry, mainly due to ongoing insecurity, protracted conflicts, and rising food prices. An estimated two million children under five are likely to be pushed into acute malnutrition. (Reliefweb ,2023). In response, Nigeria declared a state of emergency on food insecurity, recognizing the urgent need to tackle food shortages, stabilize rising prices, and protect farmers facing violence from armed groups. However, without addressing the insecurity challenges, farmers will continue to struggle to feed their families and boost food production.
In addition, parts of northwest and northeast Nigeria have experienced changes in rainfall patterns making less water available for crop production. These climate change events have resulted in droughts and land degradations; presenting challenges for local communities and leading to significant impact on food security. In light of these daunting challenges, it is imperative to address the intricate interplay between insecurity and agricultural productivity. Nigeria can work toward ensuring food security, reducing poverty, and fostering sustainable economic growth in its vital agricultural sector. In this article, I suggest solutions that could enhance agricultural production and ensure that every state scales its agricultural production to a level where it can cater to 60% of the population.
This is feasible and achievable if government at all levels are intentional driving the development of the agricultural sector which was the major economic mainstay of the Country before the crude oil was struck in commercial quantity and consequently became the nation’s monolithic revenue source. Government should revive the moribund Graduate Farmers Scheme and the Rivers State School-to-Land agricultural programmes to operate concurrently with other skills acquisition and development programmes. There should be a consideration for investment in mechanized farming and arable land allocation. State and local governments should play a pivotal role in promoting mechanized farming and providing arable land for farming in communities. Additionally, allocating arable land enables small holder farmers to expand their operations and contribute to food security at the grassroots level.
Nigeria can unlock the potential of its agricultural sector to address the pressing needs of its population and achieve sustainable development. Policymakers and stakeholders must heed Akande’s recommendations and take decisive action to ensure a food-secure future for all Nigerians.
By: Igbiki Benibo
Opinion
Of Protests And Need For Dialogue
Quote:“.Across Abuja, Anambra, and Lagos, a common thread emerges: a disconnect between authority and empathy. Government actions may follow policy logic, but citizens respond from lived experience, fear, and frustration. When these realities collide without dialogue, the streets become the arena of engagement”
It was a turbulent week in the country, highlighting the widening gap between government intentions and public perception. From Abuja to Anambra and Lagos, citizens poured into the streets not just over specific grievances but in frustration with governance that often appears heavy-handed, confrontational, or insufficiently humane. While authorities may genuinely act in the public interest, their methods sometimes aggravate tensions rather than resolve them.
In Abuja, the strike by workers of the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Authority (FCDA) under the Joint Union Action Committee (JUAC) brought the capital to a near standstill. Their demands included five months’ unpaid wages, hazard and rural allowances, promotion arrears, welfare packages, pension and National Housing Fund remittances, and training and career progression concerns. These are core labour issues that directly affect workers’ dignity and livelihoods. Efforts to dialogue with the FCT Minister reportedly failed. Even after a court ordered the strike to end, workers persisted, underscoring the depth of discontent. Threats and sanctions only hardened positions.
The FCT crisis shows that industrial peace cannot be enforced through coercion. Dialogue is not weakness; it is recognition that governance is about people. Meeting labour leaders, listening attentively, clarifying grey areas, and agreeing on timelines could restore trust. Honesty and negotiation are far more effective than threats.
In Anambra, protests by Onitsha Main Market traders followed the government’s closure of the market over continued observance of a Monday sit-at-home, linked to separatist agitation. Governor Chukwuma Soludo described compliance as economic sabotage, insisting Anambra cannot operate as a “four-day-a-week economy.” While the governor’s concern is understandable, threats to revoke ownership, seize, or demolish the market risk escalating tensions. Many traders comply out of fear, not ideology. Markets are social ecosystems of families, apprentices, and informal networks; heavy-handed enforcement may worsen resistance. A better approach combines persuasion, dialogue with market leaders, credible security assurances, and gradual confidence-building. Coordinated political engagement with federal authorities could also reduce regional tensions.
In Lagos, protests erupted over demolition of homes in low-income waterfront communities such as Makoko, Owode Onirin, and Oworonshoki. The state defended these actions as necessary for safety, environmental protection, and urban renewal. While objectives are legitimate, demolitions drew criticism for lack of notice, compensation, and humane resettlement. Urban development without regard for human consequences risks appearing elitist and anti-poor. Where demolitions are unavoidable, transparent engagement, fair compensation, and realistic relocation must precede action to maintain public trust and social stability.
Across Abuja, Anambra, and Lagos, a common thread emerges: a disconnect between authority and empathy. Government actions may follow policy logic, but citizens respond from lived experience, fear, and frustration. When these realities collide without dialogue, the streets become the arena of engagement.
Democracy cannot thrive on decrees, threats, or bulldozers alone. Leaders must listen as much as they command, persuade as much as they enforce. Minister Wike should see labour leaders as partners, Governor Soludo must balance firmness with sensitivity, and Lagos authorities should align urban renewal with compassion and justice. Protests are signals of communication failure. Dialogue, caution, and a human face in governance are not optional—they are necessities. Police and security agencies must respect peaceful protest as a constitutional right.
By: Calista Ezeaku
Opinion
Empowering Youth Through Agriculture
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