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Taming Rising Inflation In Nigeria

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As the rise in inflation rate further darkens the ominous clouds gathering over Nigeria, raising the fearsome spectre of economic ruin, the World Bank has said the Federal Government did not take any collaborative action towards inhibiting inflation in 2021 regardless of inflation shock pushing an estimated eight million Nigerians below the poverty line.
That was in the latest issue of the Washington-based bank’s 2021 report, ‘Nigeria Development Update’. It said, “Double-digit inflation rates are depressing economic activity and exacerbating poverty. Rising food prices are eroding household purchasing power, and we estimate that during 2020 and 2021, the ‘inflation shock’ alone pushed about eight million more Nigerians below the poverty line.
“We have revised our inflation forecast upwards from our June projection because (i) the inflation rate is declining more slowly than initially expected, and (ii) during 2021, the government did not take concerted action to curb inflation.” The World Bank further warned that without any definitive action, the average inflation rate would not reach the single-digit target of the CBN by the end of 2022.
The Central Bank of Nigeria (CBN) had recently envisaged that the country’s inflation rate would drop to a single digit in 2022, with the full implementation of its recent policies designed to advance different sectors of the economy. However, a US-based magazine, Global Finance, agreed with the World Bank that the CBN had failed to rein in inflation and prevent the Naira from slipping against the dollar.
According to a World Bank prognosis, Nigeria could have one of the highest inflation rates in the world in 2022, with rising prices driving down the well-being of Nigerian households. The report also indicates that the country is similarly expected to have the seventh highest inflation rate among countries in sub-Saharan Africa this year.
There is a widespread rise in consumer goods prices as the economy has been marked by the COVID-19 recession, insecurity, the foreign exchange market crisis, unemployment and income shortfall. The sudden decline in the value of the currency has led to re-priced imported goods and raw materials. As prices are rising rapidly, the feasibility of hyperinflation and its collateral fallout is substantial.
Recall that the World Bank had warned in June 2020 that the crash in oil prices coupled with the COVID-19 pandemic would hurtle the Nigerian economy into an austere economic recession, the worst since the 1980s. The abandonment of the national rescue effort solely to the inept administration of President Muhammadu Buhari has proved a disaster.
Though key fiscal and monetary policymaking lies primarily with the Federal Government, states need to make profound changes in their spending and revenue generation template and run independent, self-sustaining economic units. They must expand the frontiers of their economies and develop viable economic programmes for job creation.
Nigeria’s annual inflation rate was 15.60 per cent in January, 2022, little changed from 15.63 per cent in the previous month. There was a slight deceleration in prices of major food components (17.13 vs 17.37 per cent in December). Meanwhile, inflation was higher for almost all other categories, primarily clothing and footwear (15.4 vs 15.1 per cent); transport (15.1 vs 15 per cent); furnishings (14.6 vs 14.5 per cent); miscellaneous goods and services (14.4 vs 14.1 per cent) and alcoholic beverages and tobacco (14.1 vs 13.7 per cent).
The annual basic inflation rate, which excludes farm product prices, remained unchanged at 13.87 per cent in January, the highest rate since April, 2017. Each month, consumer prices rose by 1.47 per cent, following a 1.82 per cent increase in the previous month. This is reflected in the report of the Consumer Price Index (CPI) of the National Bureau of Statistics (NBS).
But the cold figures reflect somewhat the misery of ordinary Nigerians or the ferocious headwinds faced by businesses. Nigeria is on the cutting edge of terrorism and cattle politics. The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has rightly ascribed the inflationary pressure to the worsening security situation in many parts of the country, particularly the food-producing areas where farmers face continual incursions by herdsmen and bandits in their farms. It has made food inflation worse.
The Edo State Governor, Godwin Obaseki, blew the lid open on the Federal Government/CBN template of printing money for sharing among the tiers of government to make up for revenue shortfalls. Emefiele’s argument that it was a normal government loan was not reassuring. Economists believe that unrestrained, printing money consistently faster than the growth of real output could result in hyperinflation, exorcising fearful images of Germany’s experience in the 1920s and Zimbabwe’s more recently.
To save the day, the CBN should review its inflationary tradition of converting dollar revenues into Naira for sharing by the federal, states and 774 local governments as long canvassed by the late economist, Henry Boyo. It should be essential to reshape the business climate to curb currency accumulation and capital flight and to attract foreign direct investment.
Insecurity must be contained; the national siege by murderous herders, bandits, terrorists and kidnappers must be stopped to allow agriculture, mining, transport and trade to fully resume. The government should open the economy to investors by privatisation free of corruption. That way, we can have a more productive economy.

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Editorial

UNIPORT @50: Celebrating Excellence

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The University of Port Harcourt’s Golden Jubilee celebration, which commenced on 21st July, was concluded yes
terday. With the theme “Celebrating 50 Years of Excellence,” the week-long event offered a reflective look at the institution’s extraordinary transformation—from its humble beginnings in 1975 as a budding academic centre to its present status as a symbol of scholarly excellence in Nigeria and beyond. Founded by the Federal Government as University College, Port Harcourt, it attained full university status in 1977, true to its guiding motto, “For Enlightenment and Self-Reliance.”
This institution has been instrumental in shaping Nigeria’s educational landscape. Its leadership journey began with the pioneering efforts of its first Vice-Chancellor, Professor Donald Ekong, who served from 1977 to 1982. During his tenure, he established the academic foundation and values that have continued to guide the university. Successive administrations have built upon this legacy, with the current Vice-Chancellor, Professor Owunari Georgewill, carrying the torch of visionary leadership.
Over the past five decades, the University of Port Harcourt (UNIPORT) has blossomed into a veritable melting pot of disciplines, celebrated for its impressive research output and unwavering contributions to national development. What began in 1977 with a modest six schools evolved into a full-fledged faculty system by 1982, a strategic shift designed to accommodate its expanding academic programmes and swelling student population. This transformation is a testament to the university’s ability to move with the times and keep its finger on the pulse of higher education.
UNIPORT was established during a period when the nation’s leaders recognised the pressing need to widen access to tertiary education. Its founding vision was not simply to churn out graduates, but to cultivate thinkers, innovators, and nation-builders. Through thick and thin, the institution has remained steadfast to this noble mission, undeterred by the challenges that have inevitably come its way.
The university’s commitment to fostering goodwill with its host communities, such as Choba and Aluu, speaks volumes. Recent visits by the Governing Council, under the leadership of Senator Mao Ohuabunwo, highlight a hands-on approach to building bridges and strengthening these crucial relationships. After all, maintaining a strong social licence to operate is no walk in the park and requires constant effort and engagement.
UNIPORT’s pursuit of academic excellence has not gone unnoticed on the international stage. In 2015, the university pulled off a remarkable coup when “Times Higher Education” ranked it sixth in Africa and first in Nigeria – a feather in its cap and a clear endorsement of its commitment to quality education, ground-breaking research, and innovation. This accolade has firmly cemented its standing among the continent’s foremost academic powerhouses.
Its research achievements have been nothing short of transformative, particularly in fields such as health, petroleum exploration, and environmental sciences. The trailblazing innovations of the Central Instrument Laboratory, showcased during World Laboratory Day 2025, underline its critical role in pushing scientific boundaries. Today, its reputation as Nigeria’s top research institution stands as incontrovertible proof of its intellectual mettle.
Since July 2021, the university has been under the astute leadership of Professor Georgewill, whose tenure has been marked by far-reaching initiatives aimed at raising the bar in academics, research, and community service. His administration has been keen to leave no stone unturned in enhancing the university’s global profile.
With 14 faculties and more than 60,000 students, UNIPORT has produced an army of distinguished graduates – from Masters and PhD holders excelling worldwide to public figures of national prominence. Among its illustrious alumni are former President Goodluck Jonathan, ex-Rivers State governors Chibuike Amaechi and Nyesom Wike, as well as Abia State Governor Alex Otti. The Theatre Arts Department has also given Nigeria some of its brightest Nollywood stars, including Rita Dominic, Sam Dede, and Hilda Dokubo, who have all added rich hues to the country’s cultural tapestry.
The university’s legacy is further enriched by the scholarship of eminent academics such as Professor Ebiegberi J. Alagoa, renowned historian and former vice-chancellor, Professor Kelsey Harrison, the acclaimed gynaecologist and former vice-chancellor, and the late intellectual giants, Professors Ola Rotimi, Kay Williamson, Nimi Briggs, and Claude Ake. Their enduring contributions have ensured UNIPORT remains a cradle of intellectual brilliance.
Yet, it would be remiss to ignore the hurdles ahead. Infrastructure development, though ongoing, often feels like watching paint dry. The Senate Building’s relocation from Delta Park to University Park marks some progress, but facilities such as the crumbling University Crab and the overstretched teaching hospital are crying out for attention. A shortage of lecture halls, classrooms, and hostels continues to hamper the learning experience. The golden jubilee is, therefore, a golden opportunity to tackle these gaps head-on and set UNIPORT on a path to global prominence.
As this Ivory Tower celebrates its 50th anniversary, it must also take stock and look to the future with a bold vision. To climb the global university rankings, it needs to invest strategically in world-class research, digital education, and international collaborations with top-tier institutions.
We call upon the Federal and Rivers State Governments, corporate organisations, and public-spirited individuals to rally behind UNIPORT’s renewal. A university that has shaped leaders of national and global stature should not be left to make bricks without straw; it deserves robust financial and infrastructural backing.
On this historic milestone, we heartily congratulate the University of Port Harcourt for half a century of service to Nigeria and humanity. The next fifty years should be marked by audacious ambitions, cutting-edge innovation, and an unrelenting pursuit of excellence. Here is to a golden past and an even brighter future, the best, as they say, is yet to come!

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Editorial

Benue Killings: Beyond Tinubu’s Visit

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The recent massacre in Yelewata, Benue State, ranks among Nigeria’s deadliest attacks of
2025. While official figures put the death toll at 59, media reports and Amnesty International estimate between 100 and 200 fatalities. This atrocity extends a decade-long pattern of violence in Nigeria’s Middle Belt, where Beacon Security data records 1,043 deaths in Benue alone between May 2023 and May 2025.
President Tinubu’s visit on 18 June—four days after the 14 June attack—has drawn sharp criticism for its lateness. This delay echoes a history of inadequate responses, with Human Rights Watch documenting similar inaction in Plateau and Kaduna states since 2013, fuelling a culture of impunity. The attack lasted over two hours without meaningful security intervention, despite claims of swift action.
The violence bore hallmarks of genocide, with survivors recounting systematic house burnings and executions. More than 2.2 million people have been displaced in the region since 2019 due to comparable attacks. Data show Benue’s agricultural output falls by 0.21 per cent in crops and 0.31 per cent in livestock for every 1 per cent rise in violence.
Security forces continue to underperform. No arrests were made following the Easter attacks in April (56 killed) or May’s Gwer West massacre (42 killed). During his visit, Tinubu questioned publicly why no suspects had been detained four days after Yelewata, highlighting entrenched accountability failures.
The roots of the conflict are complex, with climate change pushing northern herders south and 77 per cent of Benue’s population reliant on agriculture. A Tiv community leader described the violence as “calculated land-grabbing” rather than mere clashes, with over 500 deaths recorded since 2019.
Government interventions have largely fallen short. The 2018 federal task force and 2025 Forest Guards initiative failed to curb violence. Tinubu’s newly announced committee of ex-governors and traditional rulers has been met with scepticism given the litany of past unkept promises.
The economic fallout is severe. Benue’s status as Nigeria’s “food basket” is crumbling as farms are destroyed and farmers displaced. This worsens the nation’s food crisis, with hunger surges in 2023-2024 directly linked to farming disruptions caused by insecurity.
Citizens demanding justice have been met with force; protesters faced police tear gas, and the State Assembly conceded total failure in safeguarding lives, admitting that the governor, deputy, and 32 lawmakers had all neglected their constitutional responsibilities.
The massacre has drawn international condemnation. Pope Leo XIV decried the “terrible massacre,” while the UN called for an investigation. The hashtag “200 Nigerians” trended worldwide on X, with many contrasting Nigeria’s slow response to India’s swift action following a plane crash with similar fatalities.
Nigeria’s centralised security system is clearly overwhelmed. A single police force is tasked with covering 36 states and 774 local government areas for a population exceeding 200 million. Between 2021 and 2023 alone, 29,828 killings and 15,404 kidnappings were recorded nationally. Proposals for state police, floated since January 2025, remain stalled.
Other populous nations offer alternative models. Canada’s provincial police, India’s state forces, and Indonesia’s municipal units demonstrate the effectiveness of decentralised policing. Nigeria’s centralised structure creates intelligence and response gaps, worsened by the distance—both physical and bureaucratic—from Abuja to affected communities.
The immediate aftermath is dire: 21 IDP camps in Benue are overwhelmed, and a humanitarian crisis is deepening. The State Assembly declared three days of mourning (18-20 June), but survivors lack sufficient medical aid. Tragically, many of those killed were already displaced by earlier violence.
A lasting solution requires a multi-pronged approach, including targeted security deployment, regulated grazing land, and full enforcement of Benue’s 2017 Anti-Open Grazing Law. The National Economic Council’s failure to prioritise state police in May 2025 represents a missed chance for reform.
Without decisive intervention, trends suggest conditions will worsen. More than 20,000 Nigerians have been killed and 13,000 kidnapped nationwide in 2025 alone. As Governor Hyacinth Alia stressed during Tinubu’s visit, state police may be the only viable path forward. All 36 states have submitted proposals supporting decentralisation—a crucial step towards breaking Nigeria’s vicious cycle of violence.

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Editorial

Responding To Herders’ Threat In Rivers

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Community leaders in Etche Local Government Area (LGA) of Rivers State have raised the alarm over spiralling insecurity, rampant land encroachment, and the growing menace of herdsmen attacks that are devastating their communities.
At a recent stakeholders’ forum convened with state authorities and headed by the Commissioner of Police, Mr Olugbenga Adepoju, the leaders implored the Rivers State Government to act urgently. They warned that criminal activities have collapsed essential services, including healthcare and education, plunging residents into hardship.
Mr Adepoju, representing the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ekwe Ibas (Rtd), visited Etche as part of a broader fact-finding mission aimed at evaluating community challenges and formulating targeted responses rooted in local feedback.
Hon. Onyenachi Nwankwor, Administrator of Etche LGA, underscored the intensifying threat posed by herdsmen. He reported that farmlands are being seized, with armed herders allegedly extorting inhabitants and presenting serious risks to lives and property.
Farmers have been uprooted from their ancestral lands, severing generational ties and undermining their livelihoods. The abandonment of fields jeopardises food security and frays social cohesion, inflaming tensions and stoking fears of escalating conflicts over land and resources.
Women of Ogoni ethnic nationality, particularly in Luusue Sogho, Khana LGA, have decried escalating herders’ attacks on their farms, which are upending livelihoods and engendering fear. The systematic destruction of crops erodes economic stability and imperils food security, worsening malnutrition.
Similarly, women farmers in Ejamah, Eleme LGA, protested the destruction of their crops. They carried remnants of ruined harvests to the Eleme Police Station in a desperate plea for justice and protection.
A particularly harrowing incident was recorded in Afam Uku, Oyigbo LGA, where herdsmen reportedly attacked farmers, leaving two dead. The assault also resulted in the destruction of crops and displacement of numerous farming families.
Despite the Open Rearing and Grazing (Prohibition) Law No. 5 of 2021 designed to curb open grazing, violations persist. There is renewed demand for rigorous enforcement, swift arrests, and prosecutions to send an unequivocal message that lawlessness will no longer be condoned.
With a state of emergency declared in Rivers State, the onus is on every indigene and resident to proactively prevent any escalation into a full-blown crisis. Complacency is not an option; vigilance and cooperation with authorities are paramount. Crucially, security operatives must understand the heightened sensitivity of the situation and act decisively to maintain law and order.
Security agents must actively monitor vulnerable areas, identify potential flashpoints, and intervene promptly to avert unrest. Timely and resolute action is vital to restoring normalcy and forestalling larger catastrophe.
A sustainable solution lies in transitioning from open grazing to ranching, supported by policy and funding. Additionally, local peace committees should spearhead dialogue and mediation. Only through concerted action, inclusive dialogue, and strict law enforcement can Rivers State build a future of peace and shared prosperity.
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