Editorial
That IMF Fresh Alert On Nigeria
Last Tuesday, in faraway Bali, Indonesia, the Deputy Director, Research Department of the International Monetary Fund (IMF), Gian Maria Milesi-Ferretti observed that Nigeria’s economy is not presently doing well.
Addressing journalists at the annual meetings of the IMF and World Bank, Milesi-Foretti said that the aggregate growth rate of Africa is holding down the continent’s three largest economies which include Nigeria, South Africa and Angola because of slow growth. “The aggregate growth rate for the continent is held down by the fact that the three largest economies are not performing up to their full potentials,” he said.
The Tide notes that the assertion of the IMF’s research director is coming few weeks after the Central Bank of Nigeria’s Monetary Policy Committee (MPC) had at the end of its two-day meeting at the bank’s headquarters in Abuja said the economy had started showing signs of weakness. CBN Governor, Godwin Emefiele said the committee was concerned that the exit from recession may be under threat as the economy recorded growth of 1.95 per cent and 1.5 per cent during the first and second quarters of the year, respectively.
According to him, the slowdown emanated from the oil sector with strong linkages to employment and growth. He also listed some of the risk to output growth to include late implementation of the 2018 budget, weakening demand and consumer spending, risking contractor debt and low minimum wage.
Therefore, the IMF’s research director’s contention that the economy would do much better once these economies are on more solid footings, particularly Nigeria and South Africa, because they are really large and affect a number of countries in their neighbourhood, was in order.
The IMF had, at the beginning of this year, projected that Nigeria’s economy will grow by 2.1 percent in 2018 and 2.3 percent in 2019. On its part, the World Bank had 2.5 percent growth forecast for Nigeria.
Also, the IMF projected that inflation in Nigeria would increase to 13.5 percent next year, contrary to the 1.8 percent obtained in the year. We are fortunate that we have a world body as useful as IMF to forewarn us of inherent dangers in the bad implementation of economic policies, but the nation seems not to take these warnings seriously.
It is time we go back to the Federal Government’s Economic Recovery and Growth Plan (ERGP) which has been acclaimed by the world bodies, including IMF, as a good post-recession road map to guide us to future survival and sustainability.
As severe as the nation’s economic problems are, it can reverse itself if the government can put the right policy in place. The slightest thought of taking Nigeria back to 2016 recession is too frightening, and so, urgent steps should be taken to strictly implement the 2018 annual budget which has been a subject of disagreement between the legislative and the executive arms of government.
The Federal Government should take advantage of the current rise in the price of crude oil to revamp and return the nation’s oil infrastructure and other sectors of the economy in order to bring Nigeria back to its footings.
The gap between the parallel and official forex market rates should be bridged to avoid inflationary shock, while reversing the declining trend in the GDP which is required in sustaining the current momentum in the implementation of the government ease of doing business, as this would help bring down the operational cost of investors.
The economy should be opened up to benefit more local investors. The harsh tax policy should be reviewed to encourage the private sector. The policy as it is now discourages local investors, leading to folding of companies and huge job losses.
On a final note, we concur with IMF’s recommendations that fiscal consideration should be accompanied by tight monetary policies to reduce inflation.
Editorial
NCC, Save Nigerians From Exploitation
Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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