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Stakeholders Raise Concern As Nigeria’s Inflation Rate Rises To 31.70%

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The challenge of spiraling inflation and how to stem the tide has been central to stakeholders engagements in recent times.
According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa.
The analysts said that a material jump in prices of food stuff like rice, was a consequence of the increasing depletion of food reserves and incessant insecurity issues in food-producing parts of the country.
The Tide’s source reports that Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent in January.
This is according to recent data from the National Bureau of Statistics (NBS).
The NBS said that the February headline inflation rate showed an increase of 1.80 per cent compared to the January headline inflation rate.
It said that on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year ( February 2023),” the NBS said.
The International Monetary Fund (IMF) also warned that 8.0 per cent of Nigerians are at a high risk of food insecurity if the current inflationary trajectory persisted.
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said that the leading factors driving inflationary pressure in Nigeria included rising cost of energy.
Cardoso said that high fiscal deficits and lingering security challenges in major food -producing areas were also responsible for the high inflation rate.
He said that the apex bank had initiated a raft of inflation-targeting frameworks in its monetary policy measures.
He said that this informed the decision by the CBN to further raise the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent.
According to Cardoso, the move followed the success recorded in slowing down inflation in the past using the same mechanism.
Stakeholders, however, believe that the removal of petrol subsidy, closely followed by the decision to float the Naira were largely responsible for the spiraling inflation.
According to Okechukwu Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), President Bola Tinubu already took some sensitive policy decisions even before appointing the CBN governor and the finance minister.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain,” he said.
Unegbu urged the government to fix the economy by looking beyond the Organisation of Petroleum Exporting Countries (OPEC) in selling its crude oil.
He also advised that the government should ignore economic prescriptions by the World Bank and IMF and produce indigenous solutions to the nation’s economic challenges.
“Nigeria should do something about pricing its oil in Naira. We should leave OPEC, price our oil independently.
“If inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation of the economy,’’ he said.
A renowned economist, Prof. Ken Ife, said that the CBN adopted inflation targeting as a basis for further tightening monetary policy rates, an indication of how serious government took the country’s rising inflation.
Ife, however, said that the support from the fiscal authorities was crucial to achieving monetary policy results.
“The CBN says it is going for inflation targeting, but there should be more support from the fiscal authorities because a lot of the issues with the economy are not really monetary.
“We have N500 billion going for social intervention annually, the money does not go into the productive sector,” Ife said.
He said that the import dependence nature of Nigeria’s economy was a major fuel to the inflation and weak Naira in the foreign exchange market.
According to him, not much has changed in terms of the structure of the economy over the years.
He said that Nigeria was part of an international division of labour, which confines it to the provision of raw materials and consumer of finished products.
“Any attempt to add value to our exports is usually met with stiff resistance.
“When a country is import dependent, it becomes so vulnerable to any external, global headwind, and it affects the economy
“The mortgage crisis in America and the Russian-Ukrainian war affected us because we are import-dependent. What we have is imported inflation,” he said.
Dr Chijioke Ekechukwu, an economist, said that while many countries were having their inflation rate reduced month-on-month, Nigeria’s inflation rate continued to rise because of volatile exchange rate regime.
Ekechukwu said that standard of living had dropped to the lowest ebb while the country’s external reserve was being eroded by inflation.
“Cost of living has become increasingly unbearable, crime has taken over the entire country, and investors are afraid to venture into the country.
“Companies are shutting down and leaving the country and jobs are lost every day.
“The government has to be very decisive as a matter of urgency to remedy the ailing economy by ensuring that the exchange rate improves to less than N800 to the dollar.
“The exchange rate must be stable to enable planning and to restore confidence in the economy,” he said.
Ekechukwu said that every possible avenue should be explored to diversify the country’s export base.
He advised the Federal Government to ensure that the country’s crude oil sales met the OPEC quota of 1.8 million barrels per day.
“The Federal Government should also ensure that revenue from crude oil sales came in on a daily basis through the CBN, “ he said..
He said that such a step would provide the country with enough liquidity to check inflation and other economic challenges.

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Explore Opportunities, Become Employers, Fubara Urges Rivers Youths

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Rivers State Governor, Siminalayi Fubara, has urged youths in the state to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to growth and development.

Fubara said global trends increasingly favour entrepreneurship and innovation, stressing that youths in Rivers State must not be left behind in harnessing such opportunities.

Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor stated this while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association in Port Harcourt, yesterday.

Speaking on the theme, “Addressing Youth Employability for Prosperity,” the governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it was 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.

Fubara further urged participants to continually sharpen their skills and explore opportunities within their immediate environment and the global space through digital platforms.

He reaffirmed his administration’s commitment to sustaining peace and providing an enabling environment for youths to develop their potential and thrive.

In a goodwill message, the Commissioner for Employment Generation and Economic Empowerment, Dr Chisom Gbali, said the job fair was designed to equip youths with contemporary skills, innovation and mentorship needed to transform them from unemployable to resourceful individuals.

Gbali disclosed that the ministry had rolled out various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy.

Delivering the keynote address, the Head of the Department of Human Resources Management, Rivers State University, Dr Chris Biriowu, advised participants to remain informed about evolving sources of employability.

He said the labour market was dynamic and shaped by industry-specific demands, technological advancement, management practices and other emerging factors.

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King Jaja Impacted Beyond Rivers -Deputy Gov

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Rivers State Deputy Governor, Professor Ngozi Odu, has poured accolades on late Amayanabo of Opobo, HRM Dandeson Douglas Jaja V, saying his footprints went beyond the State.

Speaking during a condolence visit to the wife of the late king, Prof. Odu said the late monarch contributed meaningfully beyond the shores of Rivers State.

“He contributed not only to Opobo, not only to Rivers State, but to Nigeria as a nation. We all know the various positions he held until his passing. For us as a Commission, we are really going to miss him greatly, especially at this time when his guidance was most needed,” she stressed.

She described the late king as a distinguished traditional ruler whose life and service contributed immensely to the development of Rivers State and Nigeria at large.

The deputy governor, who also serves as Chairman of the Rivers State Boundary Commission, noted that until his demise, King Jaja was an Ex-Officio member of the Commission, representing Rivers South East Senatorial District.

According to her, the late monarch actively participated in several meetings of the Commission and played an important advisory role.

“He actually participated with us in a couple of meetings. It was with great shock that we received the news of his passing. We saw daddy as someone who was very strong, healthy and athletic,” Prof. Odu said.

Prof. Odu explained that the Commission relied heavily on the wisdom of traditional rulers like the late monarch to ensure that its responsibilities were carried out properly and conscientiously.

She assured the family of the Commission’s continued support, saying they will remain close to the family throughout the burial arrangements and beyond.

Addressing the widow, Queen Prudence Dandeson Douglas Jaja, Prof. Odu said the visit was to commiserate with her and encourage her during the period of mourning.

“Please accept our condolences. Please be strong and put your hope in God. The God who watches over widows will never abandon you,” the deputy governor prayed.

“We cannot question God. What has happened has happened. All we can do is to pull ourselves together. That is why we are here  to pray that the Holy Spirit will strengthen you, that God will turn your sadness into joy and clothe you with a garment of beauty,” she added.

Responding, Queen Jaja described her late husband as a gentle, humble man who was deeply committed to the progress of Rivers State, and Nigeria at large.

She expressed gratitude to the deputy governor and other members of the Boundary Commission for identifying with the family in their moment of grief.

“We are praying that his soul will rest in perfect peace. I thank you very much for coming to console me at this trying moment. Seeing you here has given me comfort. God bless each and every one of you,” she said.

She also offered prayers for the delegation, wishing them a long life and good health.

Highlight of the visit was the presentation Letter of Condolence from the Rivers State Boundary Commission to Queen Jaja.

 

Kevin Nengia

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NERC Raises Alarm Over Rising Electricity Deaths

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The Nigerian Electricity Regulatory Commission (NERC) has raised the alarm over the rising cases of electricity-related accidents and deaths in the power sector, linking most of the fatalities to human error arising from poor technical skills and inadequate training.

NERC issued the warning yesterday, at a one-day stakeholders’ engagement with the Nigerian Electricity Supply Industry on enhancing vocational training delivery for the power sector, organised by the National Power Training Institute of Nigeria.

The event, themed “Building skilled manpower for a sustainable power sector,” was organised by NAPTIN in collaboration with Explicit Communications Limited and funded by the French Development Agency and the European Union.

Electricity-related deaths have remained a persistent problem in Nigeria’s power sector, with incidents involving fallen distribution lines, illegal connections, poorly executed installations and unsafe maintenance practices frequently reported across the country.

Data from industry operators and safety agencies show that technicians, linemen and members of the public are often electrocuted during repairs, meter installations or as a result of exposed cables and weak safety enforcement.

According to NERC’s safety performance reports, 112 Nigerians lost their lives in electricity-related incidents in 2024, slightly lower than the 115 deaths recorded in 2023 but still alarmingly high. Injuries stood at 95 for the same period, underscoring persistent hazards in the industry.

In 2025, 149 electricity personnel were killed or injured in electricity-related incidents across Nigeria’s power sector between the first and third quarters, prompting regulatory investigations and calls for stronger safety oversight.

Speaking on behalf of the Commission, Joseph John said that massive investments in power infrastructure would amount to wasted resources if they were not matched with deliberate development of skilled manpower to operate and maintain them.

He said, “You can invest in infrastructure, but if there is no corresponding development of skills and manpower to manage that investment and ensure efficiency, then the investment will be a waste. The Commission is always in support. We are committed to do whatever is required to ensure that NAPTIN delivers on its mandate.”

John stressed that while the Commission remained focused on expanding generation capacity and stabilising the electricity system, human capacity remained the backbone of a reliable power supply.

“We are very mindful, as regulators in the industry, that we have a mandate to ensure that adequate electricity is provided to the citizens. In doing this, we strive to ensure that we grow our generation capacity and to ensure that we have stability in the system. But none of this can be done without the requisite and oversight of human capacity,” he added.

He noted that one of the major challenges facing the industry, particularly in closing Nigeria’s wide metering gap, was the shortage of skilled technicians.

“We know the issues, challenges that we have in the industry. In terms of scaling up and trying to close the metering gap, we have a bigger challenge, which has to do with manpower. In the trajectory, we are expecting that a lot of meters will be coming into the country, but these meters cannot be installed, but they must install themselves. We expect a lot of meters to come into the country, but meters will not install themselves. People have to do it. That is where the skills gap becomes critical,” he said.

According to him, poorly trained operators and maintenance personnel were a major cause of electricity accidents across the value chain.

“We have a lot of electricity accidents in the industry. Most of these accidents are attributed to human errors and poor judgment. When operators are not well skilled, accidents follow, and many of these accidents are fatal. They lead to deaths,” John warned.

He assured stakeholders of the Commission’s commitment to supporting NAPTIN to ensure that the right technical skills were developed to reduce accidents and improve sector efficiency, nothing that, “We need appropriate training to close these gaps.”

Earlier in his address, the Director-General of NAPTIN, Ahmed Nagode, said the engagement was aimed at rebuilding the link between training and the real workforce needs of the electricity industry.

He explained that the institute had undergone significant institutional renewal in recent years, including strengthening its infrastructure, expanding its training portfolio and aligning its programmes with industry realities.

He, however, noted that reforms without proper communication were often misunderstood or undervalued, praising Explicit Communications Limited for helping the institute articulate its evolving mandate to regulators, operators, policymakers and development partners.

The NAPTIN boss also acknowledged the European Union and the French Development Agency for funding capacity-building initiatives under the Enhanced Electricity and Trade Agreement for the Nigerian power sector, saying the support had strengthened training delivery and stakeholder engagement.

He noted, “Today is not just about programs or presentations. It is about renewing the connection between NAPTIN and the industry stakeholders, between training and real workforce needs, and between vision and execution. Over the past few years, and particularly in recent months, NAPTIN has been undergoing significant institutional renewal.

“By strengthening its infrastructure, expanding its trading portfolio, deepening its research and consultancy offerings, and aligning more closely with industry realities. However, we are all aware of an important truth. Transformation that is not clearly communicated is often unseen, misunderstood or undervalued. Progress without visibility can easily be mistaken for stagnation. This is why I must with genuine appreciation acknowledge the outstanding work of Explicit Communications Limited, our consultants, and our communication and visibility consultant. Over the past 14 months, Explicit has played a truly strategic role in helping NAPTIN find its voice clearly, confidently, and consistently.”

Also speaking, the Chief Human Resources Officer of the Abuja Electricity Distribution Company, Adeniyi Adejola, commended NAPTIN for its growing role in technical training across the distribution segment.

According to him, about 40 per cent of AEDC’s skilled technical training in 2025 was delivered by NAPTIN, contributing significantly to workforce development within the company.

Adejola explained that recent structural reforms within the distribution companies, including the creation of state-based subsidiaries, were aimed at improving operational efficiency and decentralising electricity distribution.

He added that stronger partnerships with NAPTIN would be critical to achieving the Federal Government’s goals of improved electricity supply, job creation and economic growth under the Renewed Hope Agenda.

At the event, representatives of the Nigerian Independent System Operator, the Infrastructure Concession Regulatory Commission, the Licensed Electricity Contractors Association of Nigeria, the Standards Organisation of Nigeria and the National Board for Technical Education acknowledged the critical role of the National Power Training Institute of Nigeria in bridging the widening skills gap in the power sector.

The stakeholders said sustained technical training and certification were essential to improving safety, efficiency and reliability across the electricity value chain, noting that NAPTIN’s programmes had become increasingly central to building a competent workforce capable of supporting sector reforms and infrastructure expansion.

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