Opinion
Of Dollarised Economy
August 1977, Midland Bank, London, exchange rate for Nigerian naira was 2 dollar; neither was one arrested for currency trafficking, so long as you declared what you had in your possession. Today, 46 years after, the naira/dollar exchange rate is unbelievably high, giving cause for anyone to ask what is responsible for the current sad state of the naira. Neither is there any possibility of naira exchange for 2 dollar, as in 1977. During his period of travail and humiliation after serving as Petroleum Minister, my late friend and colleague, Prof. Tam David-West, had some sad taste of the shenanigans that have placed Nigeria in its current situations. Accused of being responsible for Nigeria’s economic adversity by taking a cup of tea and a gold wrist watch as a gift from foreign oil thieves, Tam David-West had to stay in Prison. His faith in Nigeria was not shaken, but what he told some of his friends in confidence point towards the country’s present experiences. A situation where a few persons could become millionaires without lifting a broom in service of the country, would surely result in adversities.
It was not enough that the Nigerian Civil War provided unhindered opportunity for the mineral resources of the Niger Delta people to be taken over, it was also expedient to cow and intimidate the elite from that zone. It was criminal for a Petroleum Minister to accept a cup of tea and a gold wrist watch from foreigners, but it was not wrong to give a few privileged persons allocation papers to own oil blocks and sell oil, without knowing what a drum of oil looks like. Was it wrong for foreign oil companies to say that they were working for individual oil block owners, rather than the Nigerian nation? Is it not true that the Nigerian economy is predominantly a mono-product one, namely: petroleum resources? Was the Nigeria Extractive Industries Transparency Initiative (NEITI) wrong to say that “Past military rulers, who brooked no opposition, perfected a cloak of secrecy in the award of oil licences”? Did official venality in the oil sector not degenerate to the extent that from the regime of late Sani Abacha (1993-98) our heads of state hijacked the petroleum ministry portfolio? Does anybody know who owns what in the oil and gas industry, especially the ownership profile of all oil blocks in the country?
With the Petroleum Industry Act and privatisation of the Nigerian National Petroleum Corporation, can it be said that there is transparency, sanity or justice in the nation’s economic stronghold? Where there is public accountability, numerous allegations about frauds and bribes involving N2.4 trillion of oil money and the collection of $620,000, should have been investigated thoroughly and those found culpable penalized, to sustain public confidence. Rather, we complain about dwindling revenue, in the midst of plenty.One does not have to be an economist or an expert in monetary system, to be able to know that productivity is the basis of a sustainable wealth or robust economy. There is a slogan in some quarters that everyone has to earn his daily bread, rather than have it given free. Thus a healthy economy is one rooted in the concept of equilibrium, rather than a system characterised by sleaze, rent-seeking, patronage and secrecy in the management of public finances. That more than 80 per cent of Nigerians are currently groaning in poverty and agony arises largely from petroleum-related malfeasance.
One of the effects of globalisation which came into being about a decade ago, is the rise of a predatory and parasitic economic system, which places weak nations at the mercy of the strong. A situation where all individuals and nations are not equal and capable of competing on some equal terms and conditions, there are possibilities of predators and hawks preying on the weak and the gullible. Within nations there arises class, ethnic and interest groups competing for the monopoly of power and resources, thus creating rooms for crimes and corrupt practices. Oil wealth as the poaching ground! Perhaps, unknown to Nigerian leaders, the concept international community is basically an opportunity for the strong to take some advantage of the weak. Rather than physical conquest and enslavement as in the past, the modern trend is clever exploitation of the weak and gullible by the strong. With promises of wealth creation, nations that are productive look for foreign markets to sell their products, using e-trading antics. If one trading out-let or customer is able to bring in 7×9 buyers then with time a trading or poaching colony is established, with one millionaire smiling sweatlessly to the bank.
With Nigeria as an oil-producing country and as a consumption-loving population, a political economy that is parasitic and exploitative is established. The rule of such economic system is the enjoyment of the good life made possible by producers of luxury good, while local initiatives are stifled. There is a growing emphasis on academic learning and certification, and disregard for practical labour, with chose who have amassed wealth investing in the establishment of private universities. There are no jobs to create except buying and selling: e-trading. What is known as dollarocracy under the globalisation system is an unwritten agreement or understanding among strong countries that produce goods, to use their currencies or monetary system as the measure of productivity. Countries that import goods must use the dollar as the standard currency for payment for such goods. Even as an oil-producing country, the economic shenanigans have been to make Nigeria a consuming rather than an exporting nation, where existing refineries would not work. What accounts for that?
A dollarized economy is one which joins the dollarocracy as an unproductive partner, thus assuming the position of a weak partner, prone to exploitation. Sadly the exploitation is unmerciful because it makes use of internal cabal and rent-seekers. The oil idiom that those who dine with the devil must use long spoon, is full of wisdom in the sense that it cautious against a weak partner joining in the feast of champions. A weak partner is not only made to feed from the crumbs left over by the champions, but he is made to prey on his own constituency by opening economic gates to the insatiable champions. In this dollarocratic system you measure yourself by the standards of the champions as an unequal partner while the masses of your constituency bear the brunts and agonies caused by your audacity and pride. Nigerian political leaders must be paid in dollar standard while civil servants and producers of wealth must be paid not a living wage, but minimum wage based on devalued naira. The Dollar club is a group of champions meant to protect the global economy in the ratio of 80:20.
By: Bright Amirize
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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