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Same Sex Marriage: What Nigerians Say

Published

12 years ago

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Mr. Barisua Samuel Mkpe – Public Affairs Analyst

The French President, legalised gay marriage some weeks ago, making France the 14th country in the world that has legalised gay marriage. In my opinion, I think these things are done by the supposedly developed countries for political reasons. They are not done for cultural nor religious reasons.

At any point in time when they are drawing closer to election years and they want to solicit support from the populace, because they have realised that in these countries, the homo-sexual population is increasing geometrically by the day and they need their votes, they will go ahead to legalise gay marriage for political reasons.

Coming down to Africa, I have said it time and time again that Africa used to be a culturally committed people. Most of the things we copy from the western world are alien to us and what they are doing is cultural globalisation, using their culture to penetrate our space and make us to do what our parents and our fore-fathers never used to do.

Talking about world leaders like David Cameron and Barak Obama supporting gay marriage, and even threatening to withdraw aids to developing economies, it’s still world politics. And I thank God that African nations and their leaders have stamped their feet on the ground to tell them “go to hell with your aid, we can do without your aid. We’ll do what is good as far as our culture permits”.

So for once, I think I have seen the House of Representatives  do what the generality of the people want. Hitherto, we had seen situations where they came out with legislations that are anti-people, unpopular legislations.

But on the issue of legalising gay marriage or otherwise, they  have done well. I even think fourteen years prison term is lenient. I believe that human beings are supposed to be higher animals in terms of our thoughts and all of that. If animals and insects know that there are male and female species in their own kingdom, then human beings too should know that when God took a rib out of Adam, He did not use it to produce another man, in Genesis chapter two. He used it to produce a woman, ( a man with a womb), to comfort Adam.

So even scripturally, there is no way a man can comfort a man. It is a woman that was created to help and comfort the man.

On the argument in some quarters that out-lawing gay marriage will infringe on peoples’ freedom of association, some times I think we misunderstand what freedom of association means. If the people are coming together for a common vision, no body stops them from going ahead to assemble and pursue their vision and their goal. But when two adults come together in a society where the young ones are expectedly looking up to the senior ones for morals and all of that, it would amount to a polluted society if the young ones see their so called parents doing what is dirty, uncivilised and unacceptable in our society.

I have always posed this challenge to those who claim they are champions of gay rights, if you are involved in same – sex marriage, don’t adopt a child, reproduce your kind in that marriage, because the perfect will of God for man as regards marriage is to go into the world and multiply.

So if Barak Obama and David Cameron want to prove to the world that they passionately love homosexuality, they should divorce their wives and get married. When the two of them get married, they would have shown the world that they are examples for gay – marriage.

 

Barr. Chuks Obimba – Lawyer.

Personally, I think the actions of the National assembly are commendable. The origin of same sex marriage dates back to the time of Sodom and Gormorah.

That word sodomy is derived from the word Sodom, a city God destroyed because they were involved in homesexuality and it is one issue that God hates. It is not sane, it is strange for a man and a man to co-habit sexually.

So it is quite commendable for the law makers to have out – lawed it. And I think the proposed 14 years jail term is adequate. We must dare to be different from other nations.

I also believe that in some of these Islamic nations, such issue cannot be raised at all. I think Nigeria must strive as a nation to become independent. If Britain withdraws aids to Nigeria, because of this issue, it may spur us to become more independent to start walking on our own. Afterall, we cannot continue to depend on some of these foreign aids. Nigeria has a lot of intelligent persons. We are endowed both naturally and physically, we can do something on our own. The issue of same – sex marriage is strange and it must be deprecated.

I think there is an extent to which we should have our liberty. Every liberty that is not curtailed will tend to excess use. So, everybody should have a liberty but there are occasions one’s liberty should be curtailed.

So to me, the issue of legalising gay marriage has nothing to do with freedom of association. If we must associate with one another, there has to be a limitation to such association. So, I believe that illegalising gay marriage does not infringe on any person’s right. There could be certain traits that are in – born, which must be checked. That is the essence of law. If somebody picks up a gun and tells you that he has a penchant towards violence, you will not ask him to go and start killing people because he has a penchant toward violence. So if someone says he is not attracted to the opposite sex, I don’t think it is proper and valid for us to go ahead with what he is doing. There must be a law.

Every nation is different and every nation has a law that guides its conduct. For instance in Europe, there is no death sentence to murder cases, but in Nigeria if someone kills another unlawfully, the person certainly, will go for it.

So, I commend the boldness of the National Assembly in outlawing same-sex marriage.

In 1997, I heard Obama define marriage as a union between a man and a woman. That was when he was campaigning. Now, it is not proper for a man to approbate and at the same time re-approbate. The same Obama that said that same – sex – marriage is strange, is now campaigning for the adoption of same-sex marriage. I believe that the issue of same-sex marriage is strange and it should be highly deprecated, abhord.

 

Hon. Gbosidam Prince Agbara – Politician

First of all, I thank the person who moved the motion against same – sex marriage in the House. Same sex marriage is not Nigerian custom and there’s no how Nigeria can adopt it. I am an Ogoni man, and in Ogoniland, I have not witnessed when a woman marries another woman. What our custom permits is for a woman who could not bear children for her husand to marry another woman for her husband. But that a woman will sleep with a woman, or a man sleeps with another man, it is not done! If such practice is legalised; it will destroy this country.

Therefore, I support the House of Representatives not to allow that kind of marriage happen in Nigeria because it will tarnish the image of Nigeria. Britain and other world powers should realise that Nigeria is an independent country. We have a President. we have members of the National Assembly, they make laws for us, not Britain, not America. So, if Britain wants to withdraw its aids to Nigeria, over this issue, let them go ahead. Nigeria will still stand. Even the President will not accept that. In Ogoniland a woman cannot marry a woman and sleep with her, we’ll kill you immediately. So we don’t support that. All these borrowed Western ways of life is what is killing us today. Before in Rivers State, women tie wrappers and  wear skirts. All this low waist, trouser and what have you, weren’t  there. They were borrowed from the Western world and that is what is killing us today. If you go to the schools you see women exposing their breasts and other parts of their bodies, and if we should legalise same – sex marriage, it will be the worst. You will start seeing women and men romancing themselves in the public. We should try and make this country a perfect country, a respected place where we live.

 

Rev. Fr. Bartholomow Uzoma – Priest.

I think the lawmakers are responding to the isssues of the moment because the issue of same-sex marriage has become topical in the past few years. I don’t even know why people are going for this same-sex marriage. I’m yet to know the justification, what is unusual, what is abnormal is what people are beginning to clamour for. Much as I know as a person, same – sex marriage is unnatural, abnormal, unusual. So, that law makers are beginning to rise up to the occasion means that they are listening to people and they are willing to condemn what is wrong.

I’m not moved by what the western world is doing. We all know that the family system has collapsed in the western world and the family is the hope of the society and that tendency is now coming down to us. Yes granted, the world is a global village and we are being influenced by what happens in other areas. It is not everything that happens there that we must borrow. Already the family system is in crisis, bringing same sex marriage into already existing crisis, we cannot manage it.

So I think the lawmakers are rising up to save our society and I wouldn’t like to dance to the popular opinion of the Western world.

They can withdraw their aids from Nigeria, and what about it.?  Nigeria will not die. Let them withdraw it and there will always be a way out. Our lives do not depend on them. Our lives depend on God. If they have been giving us aids and Nigeria is still like this, then what have they achieved so far?

All of us know the state of things in Nigeria, what can we boast of, is  it the economy, is it moral life,  is it education, is it power, what do we have in this country?

So what is the aid they have been giving to us and of what use has aid been to us. Let them withdraw it. Let us know we are on our own and then go back to the drawing board and pray God to help us to know how to manage our country, Nigeria and how to make things better for us. Infact they are part of those confusing us in this country.

They colonised Nigeria. Have we ever been the same since then? Before the contact with the British, there was a stage of development in this country, no matter how slow it was. And with that contact, the whole thing was changed and we are no longer the Africans we used to be, we are not Europeans. We are at a confused stage. And they are bringing that confusion now to the marital system. So far, you can see, our culture has been able to put together the family system. Same –sex marriage is not for a family. A man and a man cannot form family. So it’s all about people satisfying their illicit sexual urge and desire.

Well, I may not subscribe to jail term for offenders because in Nigeria the prisons do not reform people. People go to prisons and they become worse than they were before they went to prison. The mere fact that the law prohibits it means that it is not going to be allowed and you can’t go to the court and say you want to get married to a male if you are one for example!.

 

The court won’t allow it. If so if two men decided to misbehave and have sex, well, people do all sorts of things under the cover of darkness and it remains at that level.

 

So that right that permits man and man to go into marriage also affects the right of the family. People have right to become armed robbers,  They want to rob as a means of livelihood, why do we stop them? Why will the law stop them from robbing because that’s what makes them happy? So we should give them right to rob bank, government, to kill people because that’s what makes them happy.

Those involved in same – sex marriage often claim they can adopt. Whose child will they adopt? If we are saying let us approve same – sex marriage, okay, no problem, but whose child will they adopt? It is inhuman for any body involved in same – sex marriage to adopt somebody else’s child. A child is mearnt to be brought up within the context of a family – male and female, father and mother. So adopting a child means denying that child the right to exist within the family of a father and a mother.

So they are also infringing on the right of another person. So they have no right to adopt. Okay, let us say everybody should go into gay marriage, women marry women, men marry men, then the society will fizzle out graudually.

The bible says God made them male and female. So this same – sex marriage is anti-God. It’s a revole against the order of creation. It is a protest against God also.

 

Mrs Gina Sampson – a teacher.

Of course, no normal human being will support same – sex marriage. So the law makers did the right thing by out – lawing it. Homosexuality is a problem that has been in our society for a long time, though they do it secretly. People are lured into it right from their secondary school days. In my school days, it was called “supe”. Different groups have different names for it. So parents should monitor their children and know the kind of friends they keep. I have also heard that some women, especially the married ones indulge in lesbianism either because their husbands are never there for them or their husbands cannot satisfy them sexually. And instead of keeping male sex partners which the society frowns at, they sleep with their fellow women. Some go into it for monetary and  material gains. So for me, illegalizing same – sex marriage is good, because we need to sanitize our society.

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Opinion

Should The Internet Go Bust

Published

6 days ago

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November 3, 2025

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Quote:”. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination”
We now live in a world that so much relies on technology, especially on digital communication networks and data services. Virtually every aspect of our life depends on the efficient functioning of machines. In view of this reliance, imagine waking up to a world where the internet simply goes dark. For advanced countries where the functionality, monitoring and data storage of surveillance, security and nuclear installations, all rely on electronics and networks, the disruption could be catastrophic. On the other hand, for developing nations like Nigeria where government’s  response is usually slow, the implications would be socially and economically disastrous. It would imply the sudden evaporation of all the modern conveniences we have taken for granted. No online banking. No emails. No mobile transfers. No WhatsApp messages, Twitter feeds or digital government portals.
The collapse would expose a dangerous dependency, the centralization of personal data. In Nigeria’s multi-biometric systems, the Bank Verification Number (BVN), the National Identification Number (NIN), and SIM registration for mobile networks, are all cloud-based. With no internet, access to these databases would be lost. Banks could not verify customers; telecom operators could not authenticate SIMs; and government agencies would be unable to issue new IDs or validate old ones.In Nigeria, over 80% of financial transactions now occur digitally, thanks to the rapid adoption of fintech platforms such as Opay, PalmPay, Paga, and the Central Bank Nigeria’s eNaira initiative. Assets of companies worth trillions of naira are also stored digitally and transacted on the Nigerians Stock Exchange. Like other transactions, these have no certified paper backings other than electronic storages.
It means that the wealth and wellbeing of millions now lie at the mercy of machines. According to the Nigeria Inter-Bank Settlement System (NIBSS), in 2024 alone, the value of electronic payments in Nigeria reached ?600 trillion. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination. A total internet blackout would instantly freeze the banking system as banks lose interconnectivity, making transfers, withdrawals, and payments impossible. Fintech companies would go offline, cutting off millions from access to their digital wallets, while Point-of-Sale (PoS) operators, who depend on network connections for every transaction, would be stranded.The economy would revert overnight to cash dependence.
But cash, already scarce due to the CBN’s currency redesign and digital push, would not circulate fast enough to meet demands. Markets would collapse into panic, and trust in banks could erode within hours. Modern governance in Nigeria has increasingly depended on digital infrastructure, using e-government portals to handle licensing, pension records, procurements, revenue collection and budget management. An internet collapse would send governance back to the analogue age. Ministries would lose coordination, digital files would be inaccessible and online recordkeeping systems would fail.For ordinary Nigerians, the consequences would be deeply personal. Salaries paid through electronic transfers would go into limbo. Traders on Jumia, Konga, and social media marketplaces would lose their livelihoods overnight. Health and other insurance policies that currently dependent on cloud records and telemedicine would be truncated.
Even more troubling, a prolonged blackout could corrupt or erase data stored in unsecured local servers. Without connectivity to global backups, entire records, financial histories, health data, and school records, could be lost. For millions around the globe, digital amnesia would mean loss of identity, wealth and social status. Without communication, rumours would fill the void, potentially triggering civil unrests, misinformation, or even national security crises that may lead to uprisings in many countries.In a world where WhatsApp has replaced the post office and Zoom serves as boardrooms, digital communication collapse would feel like the death of modern society. Businesses would halt meetings, journalists would lose sources, students would be cut off from online learning, and diaspora remittances and family ties would suffer. Even voice calls that depend on internet routing would be impossible.
 The silence would be deafening, not just socially but economically, because communication fuels productivity. Without it, markets stall.The collapse of the internet would expose how deeply our daily survival has come to depend on invisible digital threads. If the web were to go dark tomorrow, it would not just dim our screens, it would extinguish commerce, governance, and connection itself. Already, fallouts from increasing cyber-attacks on undersea cables or satellite networks show the fragility of the situation.To preempt these eventualities, developing countries must therefore,  plan to build digital resilience. Critical data should have offline backups within national borders. Banks and fintechs must maintain local intranets or satellite-based alternatives to the public web. Radios, SMS-based, and offline mesh communication networks should be installed as alternative fallback channels.
Proactive protection of key infrastructure must become a national priority, and not reactive fire-fighting. As the internet becomes the nerve centre of modern civilization, developing economies like Nigeria, which strives for inclusion and growth, should avoid being ensnared into a blind spot by rapidly digitalizing into over-dependence. And the question is not whether the internet could collapse, but whether we can survive it when it does. A society that entrusts everything to the cloud must first learn how to breathe without it.
By; Joseph Nwankwor

 

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Opinion

Transgenderism: Reshaping Modern Society 

Published

7 days ago

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November 2, 2025

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Quote:”While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon.”
Often times, people tend to be about the concept of   cross-dressing and transgenderism While cross-dressing refers to the act of wearing clothing and accessories typically associated with the opposite sex, often for entertainment, self-expression, or personal satisfaction and cross-dressers may identify with their birth sex and may not necessarily experience distress or discomfort with their gender, transgenderism, on the other hand, refers to having gender identity differ from the sex a person is naturally assigned at birth. Transgender individuals may identify as male, female, non-binary, or another gender identity that aligns with their internal sense of self. Transgenderism is often accompanied by a desire to transition, which may involve hormone therapy, surgery, or other medical interventions. However, while some cross-dressers may also identify as transgender, not all cross-dressers are transgender, and not all transgender individuals cross-dress.
 We have heard of a few Nigerian individuals who have identified as transgender or non-binary, even though they may not have publicly denounced their original gender. The case  of Okuneye Idris Olanrewaju, popularly known as Bobrisky, is  one no longer hidden. A Nigerian social media personality and crossdresser, Bobrisky  has gained a large following online. While not openly identifying as transgender, Bobrisky has been known to challenge traditional gender norms. Another known personality in this regard, is Denrele Edun. The later is a  Nigerian television host, actor, and model who has been known for his androgynous appearance and style. Denrele has also  not publicly identified as transgender but has been open about his non-conformity to traditional gender norms. Onyx Uzo, a  Nigerian non-binary artist and writer,  has been open about their gender identity.
 The transgender movement has really gained unprecedented momentum in  recent years, sparking intense debates and discussions across various spheres of society. While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon. As the world grapples with the complexities of transgenderism, it is essential to engage in a nuanced and multifaceted examination of the issues at stake. To begin with, it is crucial to acknowledge that transgenderism is a deeply personal and complex issue, affecting individuals and families in profound ways. While some people may identify as transgender due to a genuine sense of discomfort with their biological sex, others may be driven by factors such as mental health issues, trauma, or social pressure.
It is essential to approach each individual experience with empathy and understanding, recognizing that there is no one-size-fits-all explanation for transgenderism. However, as we strive to be compassionate and inclusive, we must also consider the broader implications of transgenderism on society. One of the most pressing concerns is the erosion of traditional sex distinctions and the redefinition of gender. Proponents of transgenderism argue that gender is a social construct, and that individuals should be free to identify as they choose. However, this perspective neglects the biological and anthropological realities of sex and gender. The consequences of blurring the lines between male and female are far-reaching and profound. Women’s rights and spaces are being compromised by the inclusion of biological males who identify as females.
Women’s sports, bathrooms, and shelters are being redefined to accommodate transgender individuals, often at the expense of women’s safety and dignity. Furthermore, the transgender movement has been linked to a range of mental health concerns, including depression, anxiety, and suicidal ideation. Rather than encouraging individuals to embrace a transgender identity, we should be providing them with compassionate and evidence-based care that addresses the underlying issues driving their desire to transition. In addition, the push to normalize transgenderism has significant implications for children and adolescents. The increasing trend of diagnosing children with gender dysphoria and administering hormone blockers and cross-sex hormones raises serious concerns about the long-term effects on their physical and emotional health.
It is also essential to examine the role of ideology and politics in shaping the transgender movement. The promotion of transgenderism as a social justice issue has led to the suppression of dissenting voices and the marginalization of those who hold differing views. This climate of intolerance and censorship is antithetical to the principles of free speech and open inquiry. Moreover, the transgender movement has been criticized for its lack of scientific rigor and its reliance on anecdotal evidence. Many experts argue that the current diagnostic criteria for gender dysphoria are flawed and that the treatment options available are often inadequate. The lack of longitudinal studies and the dearth of data on the long-term effects of hormone therapy and surgery are particularly concerning. The implications of transgenderism on the family and society are also significant.
 The redefinition of gender and marriage has led to a reevaluation of traditional family structures and relationships. While some argue that this shift is necessary and liberating, others worry about the potential consequences for children and society as a whole. Howbeit, the transgender conundrum is a complex and multifaceted issue that requires careful consideration and nuanced analysis. While we must approach each individual’s experience with empathy and understanding, we must also examine the broader implications of transgenderism on society. By engaging in a thoughtful and informed discussion, we can work towards creating a more compassionate and inclusive society that respects the dignity and humanity of all individuals.As we move forward, it is essential that we prioritize critical thinking, intellectual honesty, and open inquiry.
We must be willing to ask difficult questions, challenge prevailing narratives, and engage in respectful dialogue with those who hold differing views. Only through this process can we hope to arrive at a deeper understanding of the complex issues surrounding transgenderism.
By: Sylvia ThankGod-Amadi
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Opinion

A Renewing Optimism For Naira

Published

2 weeks ago

on

October 27, 2025

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Quote:”……in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.”
Nigeria’s national currency, the Naira, is creating a new buzz as it sets on rising trends following years of astronomical slides in the recent past. Just within a few months ago, naira’s trajectory charted almost a straight course, strengthening from N1,636.71/$ on April 10, 2025, to N1,465.68/$ on October 2, 2025. But financial analysts appear divided over the future fate of the local legal tender.While analysts like the Forbes and Renaissance Capital Africa (RENCAP) deride naira’s current trends as being unsustainable, Bloomberg sees a sunnier side. However, evolving economic landscapes strongly suggest that the naira might be charting a sustainable path of resilience. For more than four decades, the naira had never experienced favourable Foreign Exchange (FX) tussles.
Suffering under skewed supply and demand tensions against foreign currencies, the value of the naira had procedurally depreciated. It got worse when, at the height of subsidized petroleum products import-dependence, subsidies got suddenly withdrawn in May 2023 as the present government took over office. Barring local production of the products, coupled with poor export earnings, demands for scarce foreign currencies surged at all FX windows as product importers competed to make overseas payments. The result was cataclysmic. The naira depreciated rapidly against the dollar, falling from N460.7/$ in May 2023 to N1,706/$ in 2024. Hardships propagated across the entire Nigerian economy in ripples of hyper-inflation as is still being felt. The initial response from the Central Bank of Nigeria (CBN) was knee-jerk and unsustainable, as the regulator kept throwing its store of foreign reserve into FX markets to quench the ensuing inferno.
 Though the naira showed buoyancy at the expense of depleting reserves, the CBN was criticized against the hopelessness and unsustainability of such artificial floats. Thankfully for the local currency, after months of fire-fighting, the CBN, aided by other lucky developments, may have stumbled unto some formulae to weather the storms. Emerging econometrics now suggest that the economy may be in recovery, and the naira appears to be charting a more optimistic course, even as the apex bank still prods it. The lower oil production data of around one million barrels per day as at May 2023, has improved to around 1.51 million barrels per day at the moment. Surely, the fight against oil thefts is rewarding the economy with surpluses unencumbered by Nigeria’s debt-mortgaged oil futures.bSecondly, a changed petroleum products sourcing landscape, berthed by new-found local refining capacity at Dangote Refinery, if not strengthening the naira, must be tipping the balance of FX pressures in its favour.
While asserting its ability to fully satisfy local demands, the Dangote Refinery also hit a remarkable milestone when it shipped its first cargo of gasoline to the United States of America last month, drawing-in huge FX. Earlier, the refiners had shipped to Asia and West Africa, in a significant shift that has transited Nigeria from being a net-importer of petroleum product, to a net-exporter. Also, improvements in the non-oil exports are increasing the inflow of foreign currencies to Nigeria. Nigerian cocoa and other agro-products especially, got higher demands as crop diseases resulted in poor crop yields in neighboring West African countries. It should be noteworthy that CBN’s experiments with Naira-Yuan trade swaps with China may not have been of much favour. Though on-going trade swap arrangements between Nigerian and China which enable some settlement in naira and yuan, may ease dollar pressures, the huge trade imbalance between Nigeria and China may replace any gains with new yuan pressures.
 According to the National Bureau of Statistics, in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.
However, the CBN could be given credits for its bold reforms at the Foreign Exchange market that created a single Nigerian Foreign Exchange Market (NFEM) in October 2023, which replaced the former Investors’ and Exporters’ window, and later adopting the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. These steps successfully narrowed the gap between official FX rates and the black market. Even as the measures may not directly detect the balance of currency demands and supplies, improved transparency and liquidity raised confidence that is boosting foreign remittances via official channels. Added to improved exports, it is evident that the extra liquidity gives spontaneous buoyancy to the naira, in ways CBN’s panicked throwing-in of dollar into FX markets could not have.
This is why, when the CBN Governor, Olayemi Cardoso, announced during the 302nd monetary policy committee meeting that, “The second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,” there is need for him to identify significant drivers. The CBN deserves commendation also, for incrementally growing Nigeria’s Foreign Reserve savings from $34.39 billion as at May, 2023 to $42.40 as at October 2, 2025. The strength of a nation’s reserves reflects its ability to meet international payment obligations without straining the stability of its legal tender, and also serves as part of risk assessment criteria that determines its borrowing costs. Increasing reserves is projecting greater external resilience for Nigeria, which reflects in Moody’s upgrading, this year, of Nigeria’s rating from ‘Caa1’ to ‘B3.’
With renewed investor confidence, foreign investments may be heading towards Nigeria as ripples from the Nigerian Stock Exchange (NGX) suggest. Following recent interest rate cuts in the US, foreign investors appear to be shifting appetites towards Nigerian portfolios. Improved reserve is also helping Nigeria at the Eurobond market, where the yield rates Nigeria pays on its loans, have fallen from above 8 percent in early 2024 to just over 5 percent by mid-2025. However, even as the N1,706/$ exchange rate of last year, compared to the current N1,465.68/$, may seem cheery, it is still a far cry from the N460.7/$ of May 2023, when this administration took over. Government and the CBN need to push further to shore-up greater reserves, and to build local and international assurances that attract job-creating investments for local production. Comparatively among its pairs, South Africa’s reserve is $70.42 billion, Algeria’s, $64.574 billion and Egypt’s, $49.04 billion.
Nigeria, which is being projected for a $1 trillion economy by 2050, should be focusing on $100 billion external reserves. Apart from reserves, Dangote local refining shows that local production is pivotal to the value of local currencies. Nigeria needs to improve security and infrastructure to reassure subsisting industries, and improve ease of doing business, in order to attract industries. Though Naira’s path of recovery this time is sustainable, the factors that aid it need to be sustained.
By: Joseph Nwankwor
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