Uncategorized
AS NIGERIA DROPS FROM BEING THE LARGEST ECONOMY IN AFRICA TO THE 4TH PLACE: REFLECTING THE OBVIOUS.
Our policy makers, advisers and experts need to evaluate/test the assertions of the IMF/World Bank Economic Outlook Database (2024) on the Nigeria’s possible economic stagnation, gainst the nation’s current and recent past basic macroeconomic fundamentals. Fundamentals such as the rates and rates of inflation, exchange as well as unemployment and balance of trade, among others. A case of moving from the known to the unknown.
The average figures derived over the past couple of years up to the first quarter of 2024 according to nbs stood thus; inflation over 25% (33%,March ’24), exchange rate ( over 40% depreciation), 5% composite national unemployment while those in the youth (15-24) bracket 53%.
The balance trade took a heavy knock too, to the extent of eroding over 90% of surplus in 2023/24 balance from a not too encouraging previous trends. A serious challenge for a primary product/commodities exporting country.
One may take a different stand on the weightings of these factors, there is no denying the influence/impact on economic performance and the well-being of the people. The they largely determine the pace of GDP growth. The nation, obviously has not fared well in this regard.
For the Nigerian economy to pull out of inertia the, rate of GDP growth should be above 5% consistently in the foreseeable future. This will half the poor indices so cited. A tall order, one may say, because the task needs to be leveraged on infrastructure, security and blocking leakages.
Unfortunately all three are yet to show signs of improvements, after decades challenges. Power supply which is a huge enabler of economic development is still comotose and barely responding to “shock” treatment. The conditions of highways are still challenging. Corruptions drains a substantial part of the annual national budgets. Equally dire, is the level of joblessness as opportunities for both paid and self employment are fast drying up due largely to the harsh operational environments for both existing venture and startups that normally hire labour.
And the agricultural sector that normally should be a major employer of the labour in a less developed economy like Nigeria has been seriously constrained by the activities of insurgents, terrorists, marauding herdsmen and separative movements across parts of the country. Incidentally, even with the best of intentions and the strongest political will, history tells that it takes not less than a decade to turn such challenges around for the better. Ask Egypt, Brazil, India, Indonesia and a host of similar economies.
Let the power sector be up and doing. Let 50% (at least) of the about 60,000 km of road networks be fixed to facilitate the movement of goods and services. Let the the insurgents, terrorists and the marauding herdsmen be degraded to a level of incapacity. And let nature smile on the nation with abundant rainfall to ensure bumper harvest so that food prices would come down and with it inflation as high food prices constitute a large part thereof.
Maybe the Indian model of economic diversification driven by SMEs and currently the ICT and underpinned by the Brazilian legal system that could jail a former President needs to be looked into and adapted as appropriate.
Things could however work if the Judiciary is reformed, for a start. Else the little successes (removing fuel subsidy, floating the Naira, etc) so contemplated but never actually by past Administrations but never executed, may prove too inadequate regardless of their multiplier effects. The impacts of such reforms are maximised when carried out simultaneously with the stimulation of the productive forces/agents (agriculture, power, infrastructure SMEs, human capital etc) of the economy. This is to mitigate the inherent short term painful effects of such strategies on the society.
A. G. Abubakar
agbarewa@gmail.com
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The Peoples Democratic Party (PDP) has reaffirmed its intention to contest the 2027 presidential election despite the decision of Federal Capital Territory Minister, Nyesom Wike, to support President Bola Ahmed Tinubu’s re-election bid.
The party said Wike’s decision was personal and did not alter its position to participate in the presidential election with its candidate, Senator Sandy Onor. PDP National Publicity Secretary, Jungudo Haruna Mohammed, made the clarification on Wednesday.
According to the party, a recent conversation between Wike and Onor should not be interpreted as a political negotiation between the minister and the PDP.
“He told Nigerians that Sandy is his friend. And they only had a friendly discussion within the umbrella of friendship. So, that is just a personal discussion between him and his friend,” Mohammed said.
He added that Wike’s support for Tinubu did not prevent the PDP from fielding candidates for the presidential, governorship and legislative elections.
Wike had earlier clarified that his support in 2027 was specifically for Tinubu’s presidential re-election and did not amount to an agreement that the PDP would withdraw from other electoral contests. He also said he never promised that the PDP would abandon its candidates for governorship, National Assembly and State House of Assembly elections.
“I said I will support the President from day one. I never told Mr President I will join APC,” Wike said.
The minister also maintained that his proposed Rainbow Coalition was not an arrangement with the All Progressives Congress (APC), but rather a platform through which politicians from different parties could mobilise support for Tinubu’s re-election.
The issue has generated disagreement with some APC governors, who have expressed concern about a political arrangement that could affect the party’s candidates at other levels.
APC Progressive Governors’ Forum Chairman, Hope Uzodinma, said the governors would not support any alliance or arrangement that could weaken the APC or adversely affect its candidates.
Meanwhile, APC presidential campaign council spokesperson Ima Niboro has urged Wike and APC governors to end their public exchanges and concentrate on political mobilisation.
“When I said tone down the rhetoric, I do not mean stop working. Stop talking, go and work,” Niboro said.
He urged political leaders to strengthen their grassroots structures and engage directly with voters rather than continue exchanging statements in the media.
“All this shouting is not taking anybody anywhere. Go and work. Go and establish your authority on your political base,” he said.
2026 Constitution Amendment Bill Moves to States
2026 Constitution Amendment Bill Moves to States
2027: PDP Insists on Presidential Contest Despite Wike’s Support for Tinubu
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