Opinion

On Forex Restriction Policy

Published

3 years ago

October 27, 2023

When on June 23, 2015, the immediate past federal government, through a circular from the Central Bank of Nigeria, CBN, placed a ban on forex in the Nigerian Foreign Exchange Market for 43 items, some Nigerians raised concern on the possible effect of such restriction on the nation’s economy.
They advised that forex restriction on rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products; poultry and processed poultry products; tinned fish in sauce (geisha)/sardine; toothpicks and many more could contribute to inflationary pressures as there would be limited availability of foreign exchange for these essential goods, adding that when businesses face higher costs for imports, these costs often get passed on to consumers through increased prices for locally produced goods and services.
It could be recalled that some economists appeared on interview programmes on the media, educating that forex restrictions could create instability in the foreign exchange market, as the demand for forex may exceed its supply. This they said could lead to multiple exchange rates, with a significant gap between the official exchange rate and the parallel market rate, which can deter foreign investors and distort the economy.
Some people in the manufacturing sector warned that forex restrictions could lead to shortages of imported goods, including essential commodities and critical inputs for manufacturing and that businesses might struggle to maintain production, leading to supply disruptions and affecting employment and economic growth.
They warned that the policy would impact negatively on businesses as industries that rely heavily on imported raw materials or machinery could face operational difficulties, reduced production, and increased costs, which could lead to job losses and lower economic growth
Some other citizens were worried that forex restrictions would lead to the growth of black markets, where foreign exchange is traded at unofficial rates and could create opportunities for illegal activities and capital flight; that the policy could discourage foreign investors, as they could find it challenging to repatriate their profits and may be concerned about the business environment’s unpredictability; that over time, forex restrictions can deplete a country’s foreign exchange reserves, making it more vulnerable to external shocks and economic instability.
Incidentally, the government paid a deaf ear to these warnings. They claimed that restricting the items from accessing FX from investors and exporters (I & E) window was aimed at reducing foreign exchange demand for products that could be locally produced, improve employment generation and conserve foreign reserves as well as protecting and growing the local industries.
Today, eight years later, amidst the constant downward sliding of the nation’s currency, scarcity of forex and a collapsing economy, the forex restriction is lifted by the same apex bank that said the forex restriction policy was the ultimate and would take the nation’s economy to Eldorado.
Sometimes, it is difficult to understand the reasons behind some government’s actions and policies. Could it be for their selfish reasons, religious, political, tribal considerations or what? Is it in the interest of the nation and the citizens as they always claim? What has the general masses benefitted from the constant policy summersault other than economic hardship, increased poverty, hunger and the likes?
It is good that the House of Representatives had resolved to invite the Governor of CBN, Olayemi Cardoso, to give clarifications on the forex lifting policy and its implications on the economy. Let him go and explain to the nation how the latest policy will improve the nation’s economy and better the lots of the people. What will the increased demand for dollars, an inevitable result of the policy, do to our local economy?
What will be his answer to the fears expressed by the law makers and indeed many other Nigerians that the policy will impact negatively on the indigenous industries? Will it put more pressure on the scare forex, impact negatively on the indigenous industries and have an adverse effect on the already poor economy generally? Will it make it difficult for Nigeria to be competitive in the African Continental Free Trade Area because the markets will be flooded with imported finished goods as the law makers opined?
However, much as one identifies with the reason for some people’s pessimism over the lifting of the forex ban, it is imperative that we interrogate the gains of the ban while it lasted from 2015 till two weeks ago. How much changed throughout the period of banning of those items? Did it lead to the growth of the local industries as envisaged? How much attention and financial support was given to these industries to reinvigorate them?
Yes, it could be said that the policy led to the drive to bolster the production of local rice. The commitment of Muhammadu Buhari’s administration towards ensuring self-sufficiency in rice was very visible. The partial closure of the western border with Benin to curb rice smuggling, the anchor – borrowers programme of the CBN were some of the government’s attempt to boost local production even though it did not result in rice pyramid as Buhari and former CBN Governor, Godwin Emefiele claimed.
Apparently, these interventions did not lead to the availability of rice and at affordable price. We recall the former Minister of Agriculture and Rural Development, Audu Ogbeh, boasting in 2019 that the price of 50kg bag of local rice will crash from N18,000 to N13,000. That was never to be. Today, it goes for between N45,000 to 52,000 depending on the brand and your location.
The familiar problems of insecurity, high cost of energy, poor infrastructure, near nonexistent power, inadequate funding, irregular taxes, high exchange rate, unfavourable government policies and many more, made and still make the cost of production of the previously forex banned items very high. You can imagine farmers in some northern states paying bandits up to N1.7million annually as tax and harvest fees before they can have access to their farms and avoid being abducted as reported in the media.
The President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, recently disclosed that the unrelenting increase in production costs is posing a serious threat to the existence of the manufacturing sector. He said, “Currently, the cost of manufacturing is daily rising, owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy.
“More worrisome is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed with a series of challenges that constantly limit its contribution to the Gross Domestic Product.”
Therefore, the law makers should not stop at inviting the CBN governor. They should come up with good legislations that will help in tackling these challenges. They should collaborate with the executive arm of government to save the economy from collapsing.
The legislators should also demonstrate their desire to see the economy bounce back by sacrificing some of their luxuries. They should discourage the executives from obtaining foreign loans to be shared to them and to buy exquisite cars for them or to be shared to the so called 15 million families for feeding for three months.
These monies should be channelled into subsidising power, provision of infrastructure, quality health care to the poor masses and in other avenues that will boost the economy.
Someone recently said that the government does not need advice on how to revive the nation’s economy and that is true. The economy is currently being driven by renowned economic experts. They have launched the 8-point agenda of President Bola Tinubu in addition to other policy reforms and beautiful ideas on how to make the economy vibrant again. What is needed now is for them to walk the talk.

By: Calista Ezeaku

Opinion

Making the Out-of-School Children Survey Count

Published

2 days ago

July 27, 2026

The Tide

Quote: “Reliable data may reveal the scale of Nigeria’s out-of-school crisis, but only sustained political will and practical action can ensure that every child is given the opportunity to learn, thrive and contribute to national development.”

The Minister of Education, Dr. Tunji Alausa, recently announced that the Federal Government, in partnership with the National Bureau of Statistics (NBS), will conduct a nationwide household survey to determine the actual number of out-of-school children in Nigeria. The exercise is intended to provide reliable data for evidence-based education policies and targeted interventions. Current estimates put the number of out-of-school children at between 15 million and 20 million, placing Nigeria among the countries with the highest number of children excluded from formal education. At first glance, this is a commendable initiative. One of Nigeria’s greatest developmental challenges has been the absence of accurate and reliable data. Without dependable statistics, planning becomes difficult, implementation inefficient, and evaluation of government programmes almost impossible.

The nation’s actual population also remains uncertain because of the absence of an up-to-date national census. Estimates range from below 200 million to over 250 million, making effective planning a daunting task. Sound policies on education, healthcare, housing, employment and infrastructure all depend on credible population statistics. Against this backdrop, the proposed survey deserves commendation. If government succeeds in generating reliable figures, it will be better positioned to allocate resources equitably, identify areas of greatest need and design interventions based on facts rather than assumptions. Accurate data will also make it easier to monitor progress and assess whether efforts to reduce the number of out-of-school children are achieving the desired results.

However, beyond the good intentions lie important questions. Will state governments provide the enabling environment for an objective and transparent survey? Since education is on the concurrent legislative list, the cooperation of state governments will largely determine the credibility of the exercise. Politics could easily influence the process. States with higher numbers of out-of-school children may qualify for greater intervention funds from the Federal Government and development partners. Would this tempt some states to inflate their figures? On the other hand, high numbers could portray a state government as performing poorly in the education sector. Would some governors therefore seek to understate the figures to protect their image? These concerns are legitimate because whenever statistics are tied to political interests or financial benefits, the temptation to manipulate them cannot be ignored.

Equally important are questions about the survey itself. When will it begin? How long will it last? What methodology will be adopted? Will every household be covered, including those in remote rural communities and areas plagued by insecurity? Does the government have the manpower, funding, technology and security arrangements needed for such a nationwide exercise? Nigeria has witnessed several well-intentioned national programmes that fell short because of poor planning and inadequate logistics. Many Nigerians will remember that the proposed national population census scheduled a few years ago was postponed despite extensive preparations. Funding constraints and logistical challenges contributed to its suspension. What guarantees are there that this survey will not suffer a similar fate? More importantly, what becomes of the findings after the exercise? Nigeria is not short of reports or data collection initiatives.

The recurring challenge has been the lack of political will to translate findings into concrete policies and sustained action. The survey must not become another document gathering dust on government shelves. Instead, it should serve as the basis for measurable interventions, continuous monitoring and improved educational outcomes. Beyond producing accurate figures, the survey must also uncover the reasons children remain outside the classroom. Addressing the crisis requires more than counting affected children. It demands an understanding of the social, economic and cultural factors responsible for the problem. Issues such as the Almajiri system and other practices that discourage formal education should be carefully examined while respecting cultural values and protecting every child’s right to quality education. Poverty remains a major barrier, as many parents cannot afford school-related expenses, forcing children into street trading or child labour

Insecurity has also led to the closure of schools in several communities, depriving thousands of children of learning opportunities.Government must therefore complement the survey with practical measures. Strengthening social protection for vulnerable families, improving school infrastructure, recruiting and retaining qualified teachers, enhancing security around schools and enforcing compulsory basic education are all essential. Equally important is sustained collaboration with traditional rulers, religious leaders, civil society organisations and development partners to address the root causes of school exclusion. The proposed survey presents an opportunity to replace guesswork with credible evidence. However, its true value will not be measured by the number of households visited or questionnaires completed. Its success will depend on whether the findings inspire bold policies, adequate funding and sustained action that ensure every Nigerian child, regardless of location or background, has access to quality education. Only then will the exercise move beyond statistics to become a genuine instrument for national development.

By: Calista Ezeaku

Opinion

African Women: Beyond the Stereotypes

Published

2 days ago

July 27, 2026

The Tide

Quote:”The story of the Tuareg women reminds us that Africa is not defined by a single narrative. Across the continent are cultures where women have long enjoyed dignity, influence and authority, proving that Africa’s history is far richer and more diverse than stereotypes suggest.”

For generations, Africa has often been portrayed through a single, narrow lens. News headlines, documentaries and social media feeds have tended to focus on poverty, conflict, disease and political instability, creating the impression that the continent has only one story to tell. While these challenges are real and deserve attention, they represent only a fraction of Africa’s rich history and cultural diversity. Reducing a continent of over a billion people and thousands of ethnic groups to one narrative does a great disservice to its people and heritage. One striking example of Africa’s diversity can be found among the Tuareg people of the Sahara Desert. Spread across Mali, Niger, Algeria, Libya and Burkina Faso, the Tuareg have preserved unique customs for centuries despite the harsh desert environment. Their society challenges many of the assumptions people hold about gender roles, particularly in African and Islamic communities.

Unlike many patriarchal societies where inheritance and authority are passed mainly through men, Tuareg tradition gives women a remarkable degree of respect, influence and autonomy. Family lineage is traced through the mother’s line, making women central to the identity and continuity of the family. This matrilineal system has helped shape a culture where women enjoy privileges that are uncommon in many parts of the world. Traditionally, Tuareg women own the family tents, which symbolise the household itself. They may also possess livestock, jewellery and other valuable property. In many families, women exercise considerable control over household wealth and inherit important possessions from their mothers. These rights are not viewed as extraordinary but as a natural part of their social structure. Marriage customs among the Tuareg are equally fascinating.

Women generally have a significant voice in choosing whom they marry, and divorce carries far less social stigma than it does in many other societies. If a marriage fails, a woman often returns to her family with her property and continues to enjoy the respect of her community. Rather than being treated as outcasts, divorced women frequently remarry if they choose. Such practices demonstrate a long-standing recognition of women’s dignity and independence. Perhaps even more intriguing is the value placed on female education and literacy. Historically, Tuareg women have often been more literate than the men. They preserve ancient poetry, songs and oral traditions that define the identity of their people. Through storytelling and cultural instruction, they pass history and values from one generation to another, ensuring that their heritage survives despite changing times.

Ironically, in Tuareg culture, it is often the men who wear the famous indigo veils that have become synonymous with the “Blue People of the Sahara.” The veil is worn for cultural and spiritual reasons and has become a symbol of maturity and honour among Tuareg men. This reversal of what many outsiders expect further illustrates how dangerous it is to judge societies using stereotypes. However, it is important to avoid replacing one stereotype with another. While Tuareg women enjoy rights that are impressive by many standards, their lives are not without challenges. Modern conflicts, climate change, economic hardship, displacement and political instability have affected Tuareg communities across the Sahara. Like many women worldwide, they continue to navigate social, economic and security concerns. Their story is therefore one of resilience rather than perfection.

The experience of the Tuareg also reminds us that Africa has never been culturally uniform. Across the continent are societies with widely varying traditions concerning leadership, inheritance, marriage and gender relations. Some communities are patriarchal, others matrilineal, while many combine elements of both. Understanding this diversity is essential if we are to appreciate Africa beyond simplistic generalisations. The colonial partition of Africa further complicated many indigenous institutions. European powers drew borders that divided ethnic groups and disrupted long-established systems of governance and social organisation. In some places, colonial administrations replaced or weakened traditional practices that had evolved over centuries. Yet many communities, including the Tuareg, have managed to preserve important aspects of their cultural identity despite these disruptions.

There is an important lesson here for Africans themselves. Too often, people accept narratives about their continent that are written entirely by outsiders. While criticism of Africa’s problems is necessary, celebrating its strengths is equally important. Indigenous knowledge, cultural diversity and historical achievements deserve the same attention as stories of crisis. Doing so creates a more balanced understanding of the continent and inspires confidence among younger generations. The story of the Tuareg women is not merely about female empowerment; it is about the richness of African civilisation. It reminds us that leadership, dignity and freedom can take different forms across cultures. Their example challenges long-held assumptions and encourages a more thoughtful appreciation of Africa’s complexity.

Ultimately, Africa cannot be understood through a single story. Its peoples, languages, traditions and histories are too vast and varied for such reduction. The Tuareg women of the Sahara stand as living proof that beneath the sweeping sands of the desert lies a civilisation whose values continue to surprise and inspire the world. As we seek to understand Africa better, we must move beyond stereotypes and embrace the many stories that together form the true identity of the continent

By: Sylvia ThankGod-Amadi

Opinion

Beyond Physical Intimacy In Relationship

Published

1 month ago

June 17, 2026

The Tide

Quote:”Love is not sustained by sharing the same bed or displaying affection in public; it is preserved by the daily investment of trust, understanding, empathy, and meaningful conversations. Two people can be physically close yet emotionally distant, because lasting relationships are built not merely on intimacy, but on the consistent nurturing of hearts that remain genuinely connected.”

In an age where relationships are often measured by appearances, social media posts, and outward displays of affection, many couples are discovering a painful truth: physical closeness does not always translate into emotional connection. Two people can share the same bed, hold hands in public, and even maintain a seemingly happy home, yet remain strangers to each other’s deepest thoughts, fears, dreams, and struggles. This reality is captured in the thought-provoking message that emotional intimacy goes far beyond physical intimacy. While physical attraction may ignite a relationship, emotional connection is what sustains it. When emotional bonds weaken, relationships begin to suffer quietly, often long before any visible signs of trouble emerge.

One of the greatest misconceptions about love is the belief that affection alone is enough to keep a relationship healthy. In reality, genuine love requires much more than romantic gestures and physical presence. It requires understanding, communication, trust, empathy, and the willingness to be vulnerable with one another. Without these elements, couples may coexist rather than truly connect. Many relationships today are experiencing a silent crisis. Couples are spending more time together physically but less time engaging meaningfully. Busy schedules, work pressures, financial challenges, digital distractions, and personal ambitions have reduced many conversations to routine exchanges about bills, children, responsibilities, and daily survival. The deeper conversations that nurture emotional intimacy are gradually disappearing.

As a result, many partners feel unseen, unheard, and misunderstood. They may be present in the relationship physically, but emotionally they feel isolated. This emotional distance often creates frustration, resentment, and loneliness. Ironically, a person can feel more alone in a relationship lacking emotional connection than when they are physically alone. The danger of emotional disconnection is that it rarely announces itself loudly. Unlike dramatic conflicts or public scandals, it develops gradually. It starts when couples stop sharing their feelings openly. It grows when assumptions replace communication. It deepens when one partner feels consistently ignored, dismissed, or taken for granted. Over time, the relationship loses its warmth and vitality.This explains why some marriages and relationships that appear perfect from the outside eventually collapse unexpectedly.

Observers are often shocked because they only saw the physical togetherness, not the emotional distance that had been growing for years beneath the surface. Relationships do not usually break down overnight; they deteriorate through the accumulation of unresolved emotional gaps. Building emotional intimacy, therefore, requires deliberate effort. It is not a one-time achievement but a daily commitment. Emotional connection is built through consistent acts of attention, kindness, and understanding. It develops when partners genuinely listen to each other without judgment. It grows when people feel safe enough to express their fears, disappointments, and aspirations without fear of criticism or rejection. Trust plays a crucial role in this process. Emotional intimacy flourishes in an environment where honesty is valued and confidentiality is respected. When trust is broken, emotional walls quickly rise.

Rebuilding those walls requires patience, sincerity, and a willingness to heal together. Another important ingredient is empathy. Every individual wants to feel understood. Sometimes partners do not necessarily need solutions to their problems; they simply need someone who listens and acknowledges their feelings. A relationship becomes stronger when both individuals strive to understand each other’s perspectives rather than merely defend their own positions. Quality time is equally important. In a world dominated by smartphones and endless digital distractions, couples must intentionally create moments of genuine interaction. Simple activities such as sharing a meal, taking a walk, discussing personal goals, or praying together can strengthen emotional bonds significantly.

These moments communicate an important message: “You matter to me.” Respect also forms the foundation of emotional closeness. Partners who consistently speak respectfully to each other, even during disagreements, create a healthier environment for intimacy to thrive. Emotional connection cannot flourish where there is constant criticism, ridicule, or contempt. Perhaps the most important lesson is that emotional intimacy is not built by grand gestures alone. It is cultivated through small, consistent actions repeated over time. A thoughtful conversation, a sincere apology, a word of encouragement, or a genuine expression of appreciation can have a profound impact on the health of a relationship. Ultimately, the strength of any relationship lies not merely in physical proximity but in emotional accessibility. The question is not whether two people occupy the same space, but whether they truly know and understand each other.

Lasting love is sustained when hearts remain connected even amid life’s challenges. As society continues to grapple with increasing relationship difficulties, couples must remember that emotional intimacy is not optional; it is essential. Physical attraction may bring people together, but emotional connection keeps them together. It is built daily through communication, trust, empathy, respect, and intentional effort. When emotional intimacy is nurtured, relationships become more resilient, fulfilling, and meaningful. And when two hearts remain genuinely connected, love does not merely survive—it flourishes

By: Sylvia ThankGod-Amadi