Opinion

Cautious Optimism As Naira Rebounds

Published

2 years ago

April 22, 2024

It has been good news since the past three weeks as our national currency, the Naira, continues to regain its lost value. The recovery follows frantic efforts by a government whose ill-advised, inaugural policies had set the legal tender, and the whole economy, tumbling.
The naira took an unprecedented plunge from last June and hit bottoms by the middle of March, 2024, following a hasty decision by President Ahmed Tinubu’s administration, to let it float freely on the market forces of demand and supply, in addition to removing petroleum subsidy, in disregard of the handicap of Nigeria’s import-dependence.
Without provisions to boost productions that satisfy domestic demands, or prime export capacities to balance import pressures on the local currency, a floating naira depreciated by 25 per cent in a single day in June, 2023, dropping to N1,950 per dollar in March, 2024, from about N750 per dollar earlier in May, 2023, while the price of petrol jumped overnight to 295 per cent, from N189 to N557. By December, 2023 overall inflation, according to official estimates, reached 28.92 per cent and food inflation shot beyond 33.33 per cent.
According to a World Bank report, whereas about 24 million Nigerians crossed the poverty line during the first half of 2023, in the twilight of the Buhari administration, situations got worse by the end of 2023, when accelerating inflations ushered-in by Tinubu’s hasty policies, pushed 63 per cent of Nigerians (about 133 million) into multi-dimensional poverty.
By the first quarter of 2024 hardships drove restive youths to near-uprising, which forced government into another haste – a concoction of palliatives – ironically, a form of subsidy, which it had earlier denounced as government wastefulness.
With the naira regaining its losses, it appears a panicky government has finally groped unto a solution. But if Mr President’s men are remorseful for the havoc done to Nigerians, they should be more sober this time in their computations to avoid distressing the country further.
The Federal Government has resorted to offloading dollar raised from sovereign bonds (in essence, loans), petroleum export proceeds and drawdowns from the external reserves, into the economy to reduce Foreign Exchange (FX) supply pressures, and to help it buy time in the hope of finding solutions to the wider unfavourable economic fundamentals bedevilling the economy.
On the dollar demand side, government has freed-up official restrictions that it believes created artificial scarcities that favour the black market. The Central Bank of Nigeria (CBN) has also cleared-off a backlog of FX obligations to assure investors, lifted the ban on sale of dollar to Bureau De Change Operators (BDCs), clamped down on currency speculators, closed down Binance, a crypto platform government accused of opaque dealings with money launderers, and borrowed dollar through short-term, sovereign bonds to ‘defend’ the naira.
Ever since, the CBN has offloaded dollar to BDCs at progressively reduced rates in the hope of prompting currency hoarders to cut losses and release supposed stockpiles. But in a clime where looted funds are desperately exchanged and exported, not much may be squeezed from hoarders, if surveillance is not stepped up. However, as at April 8, 2024, the CBN has offloaded a second tranche of $10,000 per BDC operator at N1,101 per dollar with a charge not to sell above 1.5 per cent margin. Many predict the CBN would offer the dollar below N1,000 in the coming weeks.
But for how long can the CBN go on with its bonanza to ‘defend the Naira’? And what has been the cost of that defence? While the impact of strengthening naira is yet to reflect on commodity prices in Nigeria, the nation’s foreign reserve has dropped within 18 days by $0.95billion, down from $34.45billion on March 18, 2024, to N33.50billion on April 3, which represents a daily average depletion rate of $52.78 million. This is despite the $3billion loan from the AFREXIMBANK and petro-dollar revenues also thrown into the fray. To sustain its strengths, reports say the federal government plans to take stabilisation loans by June, 2024, speculated at a tune of $15billion, through the issuance of domestic bonds denominated in foreign currency. FG seeks the loans within the window of short-term, volatile Foreign Portfolio Investment (FPI) bonds which may disappoint the country in times of crises, as against Foreign Direct Investments which are more reliable. According to Bloomberg reports, FG has contacted investment banks, JPMorgan Chase & Co, Goldman Sachs and Citibank NA, for advice on Eurobonds, but Nigeria’s Debt Management Office denies Federal Executive Council’s approvals for such.
Certainly, a stronger currency is beneficial to an import-dependent nation like Nigeria, but without strengthening national productivity to generate surpluses for trade-balancing exports, the pursuit of merely high currency valuation becomes a vain strategy. While the naira strengthens, the reality of the adverse economic fundamentals that erode its worth remain unchanged, implying that its buoyancy rides merely on costly FX floods being pumped by the CBN. It is easy to guess the result, should the CBN halt supply.
For years Nigeria relied on its petroleum sector which at present provides about 78 per cent of FX earnings, but constitutes far less than 10 per cent of its real Gross Domestic Product (GDP), implying that to stabilise, Nigeria needs to grow its non-oil sector of over 90 per cent of GDP. Even the petroleum revenue is endangered by sabotage, illegal bunkering, dwindling investments and insecurity.
The FG may have taken the bet that sustaining the naira could buy it time from hard-pressed Nigerians, in the hope that a number of tangible local productions might kick-off. Notable among the expectations is the Dangote Refinery which, with its 650,000 barrels per day refining capacity, is expected to satisfy local demands of petroleum products to ease the huge FX demand in that front, and may hopefully earn FX through exports. Already, Dangote’s recent release of 100 million litres of diesel crashed the price of the product from N1,700 to N1,350, with another batch of 100 million litres expected to crash prices further, while the company plans to supply petrol by next month, but government-owned refineries which have drained so much resources remain dysfunctional. Again, the recent break through against reprocity flight barriers between the UK and Nigeria by Airpeace, reportedly crashed ticket prices to UK by 60 per cent.
FG may also see reliefs in the successful take-off in Aba, of 24-hour power supply by the Geometric Group and the recent commissioning of 700 Megawatt Zungeru hydro-electricity station, a tomatoe processing plant in Nassarawa, and a steel mill in Kaduna. However, agricultural, petroleum and manufacturing sectors remain at their lowest and beseiged by insecurity, while the financial services sector appears to be strong but has incommensurate impact on industrialisation. If government does not encourage productivity in the real economy, its efforts in buoying the naira would be hopeless, while Nigeria falls deeper in debts. Already, as at December 31, 2023, Nigeria’s total debt stood at $106billion, while the 2024 budget of N28.7 trillion projects a deficit of N9.8 trillion to be debt-financed.
When public debt grows fast ahead of GDP growth rate, mounting debt service costs under-cut funds required for investment. That became the plight of Nigeria from Buhari’s era, when from 2016 to 2022 public debt grew by yearly average of 52.4 per cent, and GDP below 2 per cent. In that fateful 2022, debt service cost exceeded government revenue, which is why we are where we are.
The International Monetary Fund projects that Nigeria’s reserve would plummet to $24billion by end of 2024. Meanwhile, a nation’s FX reserve reflects the country’s balance of payments and its ability to settle international obligations. Severe declines in reserve may erode investor confidence and lead to downgrading of its credit ratings, which further worsens the nation’s borrowing costs.
Therefore the current approach towards buoying the Naira through loans can not be any other thing, but a gamble.

By: Joseph Nwankwo

Opinion

Tackling Nigeria’s Health Sector Challenges

Published

14 hours ago

May 27, 2026

The Tide

Quote: “A nation’s health system is not measured by promises made, but by the quality of care available to its people when they need it most.” mm

Every year on April 7, Nigeria joins the rest of the world in commemorating World Health Day, a day dedicated to reflecting on global health challenges and strengthening healthcare systems. The occasion, which marks the anniversary of the establishment of the World Health Organization (WHO), is often accompanied by speeches and policy declarations highlighting government efforts in the health sector. This year was no different. The Minister of State for Health and Social Welfare, Iziaq Adekunle Salako, reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to improving healthcare delivery. Across the states, governments showcased their interventions, with Governor Siminalayi Fubara reiterating efforts to position Rivers State as a health tourism hub. While such declarations may inspire hope, they also raise an important question: how much of this commitment is reflected in the daily realities of ordinary Nigerians?

Despite years of promises and reforms, the nation’s health sector remains burdened by structural deficiencies, inadequate funding, and policy inconsistencies. The result is a system struggling to meet the needs of a growing population. One of the most pressing challenges is the continued migration of healthcare professionals. Doctors, nurses, pharmacists, and other skilled personnel are leaving the country in large numbers in search of better remuneration, improved working conditions, and greater career opportunities abroad. This persistent brain drain has widened the gap between available healthcare workers and the population they serve. With too few professionals left to cater for millions of Nigerians, hospitals are overstretched, waiting times are longer, and the quality of care is often compromised. Rural communities suffer the most, as many health facilities lack qualified personnel, forcing residents to travel long distances for basic medical attention.

Closely linked to this challenge is inadequate funding. For decades, budgetary allocations to health have remained below internationally recommended levels. Consequently, many public hospitals operate with obsolete equipment, poor infrastructure, and shortages of essential medicines. In several facilities, healthcare workers are compelled to improvise under difficult conditions, reducing the effectiveness of service delivery. The high cost of healthcare is another major concern. With only a small percentage of Nigerians covered by health insurance, most citizens pay for medical services directly from their pockets. For many households already grappling with economic hardship, healthcare expenses can be overwhelming. As a result, people often delay treatment, resort to self-medication, or seek help from unregulated providers, worsening health outcomes and deepening poverty.

Healthcare inequality between urban and rural areas further compounds the crisis. While major cities generally have better-equipped hospitals and a higher concentration of medical professionals, many rural communities are served by underfunded or non-functional primary healthcare centres. This imbalance leaves millions of Nigerians without access to quality healthcare and reinforces existing social and economic disparities. Industrial disputes have also become a recurring challenge. Strikes by healthcare workers, often triggered by unpaid salaries, inadequate welfare packages, and poor working conditions, continue to disrupt services and put lives at risk. The recent suspension of a nationwide strike by the National Association of Resident Doctors over salary arrears, hazard allowances, and residency training funding once again highlighted unresolved issues within the sector.

Another serious concern is the proliferation of counterfeit and substandard drugs. Weak regulatory enforcement allows fake medicines to find their way into the market, undermining treatment outcomes and endangering lives. Tackling this menace requires stronger oversight, stricter sanctions, and improved coordination among relevant agencies. Addressing these challenges demands more than ceremonial speeches or periodic interventions. Healthcare is not a luxury; it is a fundamental component of national development. A healthy population is essential for economic productivity, social stability, and sustainable growth. The theme of this year’s World Health Day, “Together for Health: Stand with Science,” underscores the importance of evidence-based policymaking and investment in innovation. Advances in medical science, digital health technology, vaccines, and diagnostics have transformed healthcare globally.

Nigeria must position itself to benefit from these innovations through increased investment in research, technology, and partnerships involving government, academia, and the private sector. More importantly, there must be sustained political will to implement reforms. The Federal Government should increase budgetary allocations to health, strengthen institutions, and ensure effective implementation of healthcare policies. State governments must also recognize their responsibility in delivering quality healthcare and invest accordingly. Retaining healthcare professionals should be a top priority. Better remuneration, improved working conditions, opportunities for career advancement, and incentives for service in rural communities would help reduce the exodus of skilled personnel. Expanding health insurance coverage is equally critical to reducing out-of-pocket expenses and making healthcare more accessible to vulnerable populations.

Strengthening primary healthcare is another urgent necessity. As the first point of contact for most Nigerians, primary healthcare centres must be adequately equipped, properly staffed, and effectively managed. Investments at this level would improve health outcomes, reduce pressure on tertiary hospitals, and bring healthcare closer to the people. Ultimately, the condition of a nation’s health sector reflects its priorities. A government genuinely committed to the welfare of its citizens cannot afford to treat healthcare as an afterthought. As Nigerians mark World Health Day, attention must shift from rhetoric to action. The challenges facing the sector are well known, and the solutions are within reach. What is needed now is bold, sustained, and sincere commitment to reform. The health and wellbeing of millions of Nigerians depend on it.

2): At 59, Rivers’ Agropotential Lost?

Sylvia ThankGod-Amadi

Quote: “No society can sustainably prosper when it neglects the sector that feeds its people, creates jobs, powers industries, and secures its future.”

As Rivers State marks 59 years of its creation, there is every reason to celebrate its achievements in politics, infrastructure, commerce, education, and human capital development. Yet, amid the celebrations, one critical question demands attention: what has become of agriculture, once a major pillar of the state’s economy? Before crude oil became dominant, farming, fishing, and livestock production sustained livelihoods across communities such as Etche, Ikwerre, Ahoada, Ogba, Abua, Kalabari, Andoni, Opobo, Khana, Gokana, and Tai. Families depended on proceeds from cassava, yam, cocoyam, maize, vegetables, oil palm, fish, and other agricultural products to fund education, support households, and drive local commerce. Recognising agriculture’s importance, successive governments introduced programmes aimed at increasing food production and modernising farming.

Investments were made in extension services, fish farming schemes, livestock development, youth empowerment initiatives, and farm settlements. One notable intervention was the Songhai Farms project in Bunu-Tai, established to train young people in modern integrated farming and agribusiness. Governments also distributed improved seedlings, fertilisers, fishing equipment, and supported cooperative societies to encourage productivity and value addition. Despite these efforts, the outcomes have largely fallen short of expectations. Many projects suffered from inadequate funding, poor implementation, or policy discontinuity. Programmes launched by one administration were often abandoned by another, resulting in wasted resources and unrealised goals. At the same time, the dominance of oil revenue reduced interest in agriculture.

As opportunities expanded in the oil and gas sector, many young people abandoned farming, which gradually became associated with hardship and poverty rather than prosperity. Environmental challenges further weakened the sector. Oil spills, gas flaring, flooding, erosion, and pollution have damaged farmlands, rivers, and creeks across the state. Communities that once relied heavily on farming and fishing have seen productivity decline due to ecological degradation. These challenges continue to discourage investment and limit agricultural growth. Today, Rivers State faces a troubling paradox. Despite its vast arable land, abundant water resources, favourable climate, and large consumer market, it relies heavily on food supplies from other parts of Nigeria. Tomatoes, rice, vegetables, fish, and poultry products consumed in local markets are often transported from distant states. This dependence exposes the state to rising transportation costs, inflation, supply disruptions, and food insecurity.

Whenever insecurity, flooding, or fuel price increases affect transportation networks, food prices in Rivers State rise sharply, placing additional pressure on households. These realities highlight the urgent need for an agricultural renaissance. At 59, Rivers State must relaunch agriculture not as a political slogan but as a strategic economic priority. Such a relaunch should begin with a comprehensive agricultural master plan that transcends political administrations. Agriculture requires consistency and long-term commitment, since farmers invest over seasons rather than election cycles. Youth participation must be central to this new vision. Modern agriculture is increasingly driven by technology, mechanisation, innovation, and entrepreneurship. Greenhouse farming, aquaculture, poultry production, food processing, hydroponics, and agritech solutions have transformed agriculture into a profitable business globally.

Rivers State can establish agricultural incubation centres where young people receive training, access to land, start-up support, and mentorship, thereby creating a new generation of agripreneurs while tackling unemployment. Access to affordable finance is equally important. Many farmers struggle to secure credit because of stringent lending conditions. Government can partner with financial institutions to create specialised agricultural financing schemes offering low-interest loans and flexible repayment options. Strengthening cooperatives would also improve farmers’ access to resources, markets, and modern inputs. Infrastructure development remains critical. Good road networks linking rural communities to urban markets would reduce transportation costs and post-harvest losses. Investments in storage facilities, cold rooms, processing centres, and rural electrification would improve productivity and profitability.

Particular attention should be given to aquaculture. With its extensive rivers, creeks, wetlands, and coastline, Rivers State has enormous potential to become a major fish-producing hub, creating jobs and reducing dependence on imports. The oil palm subsector also presents significant opportunities. Before the oil boom, the Niger Delta was renowned for palm oil production. Revitalising plantations and supporting smallholder farmers can stimulate agro-industrial development, increase export earnings, and strengthen rural economies. Beyond economic gains, agricultural revitalisation offers important social benefits. Increased food production can lower food prices and improve nutrition. Job creation can reduce poverty, youth restiveness, and rural-urban migration. Agriculture also supports a wide range of value-chain activities, including transportation, processing, packaging, marketing, and equipment maintenance, creating multiplier effects throughout the economy.

Communities where young people are productively engaged are generally more stable and secure. Food security has become an increasingly urgent national concern. Recent economic challenges and inflationary pressures have exposed the risks of relying heavily on food supplies from distant locations. A state that can feed itself is better positioned to withstand economic shocks and uncertainties. As Rivers State celebrates its 59th anniversary, the occasion should inspire renewed commitment to agricultural development. The state possesses the land, water, climate, manpower, and market needed for success. What remains is the political will, strategic planning, and sustained investment required to unlock these potentials. The future prosperity of Rivers State cannot depend solely on oil revenues whose fortunes fluctuate with global market forces. Diversification is no longer optional; it is an economic necessity.

Fifty-nine years after creation, the message is clear: Rivers State must return to the land—not as a retreat to the past, but as a bold investment in a more secure, prosperous, and sustainable future. Agriculture remains one of the surest pathways to food security, employment generation, inclusive growth, and economic resilience. The seeds of that future already exist in our soil. What is needed now is the collective determination to cultivate them.

Opinion

At 59, Rivers’ Agropotential Lost?

Published

14 hours ago

May 27, 2026

The Tide

Quote: “No society can sustainably prosper when it neglects the sector that feeds its people, creates jobs, powers industries, and secures its future.”

Opinion

Monthly Environmental Sanitation Imperative

Published

1 week ago

May 18, 2026

The Tide

Quote: “A clean environment is not a government gift; it is a civic duty that protects our health, preserves our cities, and reflects our national character.”

For many Nigerians who grew up in the 1980s, 1990s, and early 2000s, the last Saturday of every month followed a familiar pattern. Roads were deserted, markets closed, and residents swept compounds, cleared gutters, cut overgrown weeds, and disposed off refuse. The monthly environmental sanitation exercise became a national ritual that promoted cleanliness, discipline, and civic responsibility. As an environment correspondent about two decades ago, I joined officials of the Rivers State Ministry of Environment on sanitation monitoring tours across Port Harcourt and surrounding communities. Although enforcement officers were sometimes accused of excesses, the exercise succeeded in creating public awareness about the importance of keeping our surroundings clean. Over time, however, the practice faded away in many states.

In its absence, indiscriminate dumping of refuse, blocked drainages and environmental neglect became increasingly common. Today, heaps of waste line roads, markets and motor parks, while gutters clogged with plastics contribute to perennial flooding. Given the mounting environmental challenges facing Nigerian cities, there is no better time to revive environmental sanitation. Its return is no longer a matter of nostalgia; it is a practical necessity for public health, environmental safety, and sustainable development. Poor sanitation remains a major cause of disease. Stagnant water and uncollected waste create breeding grounds for mosquitoes, flies and rodents, increasing the risk of malaria, cholera, typhoid and other infections. Floodwaters contaminated by refuse also expose communities to serious health hazards.

Rapid urbanisation has worsened the situation. Cities such as Lagos, Port Harcourt and Abuja are expanding faster than their waste management systems can cope. As populations grow, so does the volume of waste generated daily. Monthly sanitation exercises can help rebuild environmental consciousness. Beyond cleaning streets, they remind citizens that environmental cleanliness is a shared responsibility. They also offer an opportunity to educate children and young people about hygiene, public health and community participation. Critics argue that the old sanitation policy restricted movement and was sometimes abused by security personnel. Those concerns were valid, but they do not invalidate the concept itself. Rather than abandon it, governments should reform the programme to make it more humane, participatory and transparent.

That is why the recent decision by the Lagos State Government to reintroduce monthly sanitation deserves commendation. Even if participation is largely voluntary, the move sends a strong signal that environmental responsibility must be taken seriously. Other states should emulate this initiative. In Rivers State, the Rivers State Waste Management Agency has intensified efforts to improve waste collection and restore Port Harcourt’s reputation as the Garden City. Reintroducing monthly sanitation would complement these efforts and deepen public involvement. At the federal level, policies such as the Digital Waste Marketplace, the Plastic Waste Policy and the National Waste Management Network are commendable. However, environmental sanitation remains one of the most direct and visible ways to mobilise citizens toward cleaner communities.

The exercise, however, must be supported by efficient waste management infrastructure. Citizens cannot be expected to maintain clean surroundings if there are inadequate waste bins, irregular refuse collection, and limited recycling facilities. Governments at all levels should invest in modern waste management systems, properly fund sanitation agencies, and promote recycling programmes. Waste sorting should become standard practice to reduce the volume of refuse ending up in landfills and drainage channels. Countries such as Singapore, Sweden and South Korea have demonstrated that waste can become a valuable economic resource. Recycling industries in these countries create jobs while protecting the environment. Nigeria can adopt similar strategies and turn waste into wealth.

Environmental laws must also be enforced consistently. Regulations against illegal dumping exist in many states but are rarely implemented. Offenders should face penalties, but enforcement must be fair and free from extortion. Urban planning is another critical factor. Poor drainage systems, overcrowding and inadequate sewage infrastructure worsen sanitation problems. Governments must prioritise road construction, drainage maintenance and orderly urban development. Markets deserve particular attention. They generate enormous quantities of waste every day, yet many lack organised disposal systems. Local councils and market associations should work together to establish effective waste collection arrangements in commercial centres. Religious institutions, schools, traditional rulers and civil society groups also have important roles to play.

Environmental responsibility should be taught and reinforced as a social value. Community leaders can help change attitudes by consistently promoting cleaner habits. This issue is even more urgent in an era of climate change. Flooding, erosion and extreme weather events are already threatening many Nigerian communities. Poor waste disposal worsens these challenges by blocking waterways and reducing urban resilience. A clean environment also offers economic benefits. Well-maintained cities attract investors, tourists and businesses. Reduced disease outbreaks lower healthcare costs and improve productivity among workers and students. More importantly, cleanliness reflects national values. A nation that allows public spaces to deteriorate projects an image of disorder and neglect. Nigerians deserve cleaner streets, healthier neighbourhoods and safer communities.

Reviving environmental sanitation will not solve all environmental problems overnight, but it can serve as a powerful starting point. Combined with effective waste management, public education and stronger infrastructure, it can restore environmental consciousness across the country. Ultimately, environmental cleanliness is a shared responsibility. Government must provide leadership, infrastructure and enforcement, while citizens must demonstrate discipline and civic commitment. From disposing of household waste properly to keeping drains free of obstruction, every Nigerian has a role to play. If Nigeria is serious about protecting public health, reducing flooding and building livable cities, the return of monthly environmental sanitation is a step whose time has come.

By: Calista Ezeaku