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Tinubu’s Feudalisation Of Lagos State Politics

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Akinwunmi Ambode, governor of Lagos state, has been thrown under the bus. He will not serve a second term in office not because the people of Lagos state rejected him in an election but because his godfather, Bola Tinubu, pulled the plug on his re-election bid.

When somebody dies, Christians often say, quoting Job 1: 21, that “The Lord gives and the Lord takes away”. Well, in Lagos state politics, Tinubu gives and Tinubu takes away! He is the god of Lagos state politics, the lord of the Lagos Manor!

In 2007, before leaving office as governor of the state, Tinubu gifted the governorship to his protégé, Babatunde Fashola. Eight years later, in 2015, Fashola didn’t know his place. He too wanted to be a godfather by making one of his own protégés governor of the state against the diktat of his own godfather. But, forgive the colloquialism, godfather pass godfather! Fashola lost out, and another Tinubu bag-carrier, Ambode, became governor. Now, however, Tinubu has decided that Ambode is not good enough for a second term, and has imposed another ward of his, Babajide Sanwo-Olu, as the governorship candidate of All Progressive Congress (APC) in next year’s election.

Parties based on personal or family power

The politics of APC in Lagos state is redolent of the medieval era, when parties were based on personal or family power. The APC has entrenched a personalised style of politics, in which the leader of patronage, Tinubu, decides who gets what. Other leaders and members of the party are either vassals or serfs, obliged to genuflect before the absolute leader. Recently, Ambode made a public ridicule of himself when, at an event, he left his place next to Vice President Yemi Osinbajo saying, “Your excellency, I want to stand next to my boss”, and dashing across slavishly to stand beside Tinubu. Such toe-curling grovelling is how serfs relate to their lords. The new lackey, Sanwo-Olu, has already vowed that he would “never ignore the fatherly advice” of Tinubu, meaning he would not be his own man as governor.

Tinubu talks eloquently about democracy and progressive politics, but he is not a democrat and not a real progressive. There is nothing democratic about a leader who arrogates to himself the power to determine the political fates of others. And nothing is progressive in a politics based on self-interested calculations. For strategic reasons, probably linked to his future presidential ambitions, Tinubu supports Buhari’s re-election bid, even endorsing him to run unchallenged in the party, with all the potential rivals either silenced or shooed away, despite Buhari’s poor performance and the fact that he would be 80 years old in the final year of his second term, if re-elected. Yet, the same Tinubu had no qualms in brazenly thwarting the second-term ambition of a young man who has performed well as governor. That’s not progressive politics; it’s retrograde and self-serving.

I shed no tears for Ambode. He was a beneficiary of Tinubu’s patrimonialism, and now a victim of it. But I care deeply about democratic values. Ambode’s treatment bore much similarity to the dark politics of the Soviet era. The party decided that Ambode must go through a primary to seek nomination for his re-election bid. Fair enough. But, then, a few days before the primary, the so-called Governor’s Advisory Council (GAC), the party’s politburo, met in Tinubu’s house, with Osinbajo in attendance, and endorsed Sanwo-Olu as the party’s candidate for the governorship election. The council’s spokesman said: “GAC has endorsed Babajide Sanwo-Olu as its preferred candidate ahead of the primary”. Ahead of the primary? Well, that’s exactly what the Soviet or Chinese politburo would have done: endorse a candidate behind-the-scenes and expect the obsequious party members, who have been conditioned to be servile, to simply rubber-stamp the decision.

Where was the level-playing field? Where was the fairness? What was the purpose of a primary in which the party machine, whose word was law, had publicly endorsed one of the candidates? It was a charade. The APC National Working Committee saw through it, but it would rather sacrifice Ambode than antagonise Tinubu, whose support Buhari needs in Lagos and some of the other South-West states in next year’s presidential election.

Similarities between Lagos state APC and the Chinese Communist Party

There are striking similarities between Lagos state APC and the Chinese Communist Party. China’s state capitalism is characterised by the omnipresence of the Communist Party in the Chinese economy. And virtually every Chinese civil servant is a card-carrying member of the Communist party. Similarly, the governance of Lagos state is characterised by the omnipresence of the APC, with the party’s leaders having their fingers in every pie. In a recent article, a commentator, Kayode Ogundamisi, who knows the ins and outs of the politics of Lagos APC, described what he called the “mafioso nature of the APC in Lagos”. He said that “Lagos state civil service is an extension of the party structure”, adding that “hardly would you find a Lagos state civil servant who is not a card-carrying member of the party” and that “Lagos APC has political leaders who depend on state resources”. That’s more like a communist party than a modern progressive party!

Indeed, who are the “progressives” in Nigeria today? In the days of Obafemi Awolowo, Aminu Kano and Ahmadu Bello, the progressives were clearly distinguishable from the conservatives and feudalists. Conservatism is an ideology of entrenched privilege, feudalism and static social order, while progressivism seeks to liberate the human mind and improve the human condition. But the so-called progressives in Nigeria today enjoy entrenched privilege, they behave like feudalists or aristocrats and keep people down as plebs and serfs. What’s more, they feed on state resources, accumulate stupendous wealth and acquire political power and control. Their progressivism is not about liberating minds and enhancing people’s social progress, as Awolowo’s was, but about enriching themselves and their cronies. It is progress for the few, not the many!

Think of it. Despite the economic achievement of Lagos state, the fifth largest economy in Africa, with a GDP of $136bn, why is poverty and inequality so widespread in the supposedly progressive state? Why are two out of three people in the state living in slums, according to the World Bank? As the Financial Times put it in a recent special report on Lagos state, “Nigerian’s millionaires and billionaires share a city with people living in indescribable squalor”. The British prime minister Harold Macmillan said in the 1920s that, “the central aim of domestic policy must be to tackle unemployment and poverty”. That’s how governments are judged in the West and how any government should be judged.

But governance is also about political freedom, about the right democratic and political cultures. But Tinubu’s politics is autocratic, which is why his political influence has waned significantly in the South West. His attempts to impose governors in South-West states, such as Ondo and Ekiti, and even Kogi state, backfired spectacularly with people of those states resisting his interference. APC recently lost in the Osun state governorship election not only because of the poor performance of his acolyte, the outgoing governor, Rauf Aregbesola, but also because the people resented Tinubu’s interference. It took an unprincipled alliance with Iyiola Omisore, who the APC had accused of a multitude of sins, for the party to snatch victory from the jaws of defeat.

Feudalism or patrimonialism is incompatible with cosmopolitanism

The risk of a backlash is even greater in Lagos state. Lagos is a cosmopolitan state. And feudalism or patrimonialism is incompatible with cosmopolitanism. People in cosmopolitan states, such as London and New York, don’t want to be told what to do. For instance, in 2000, the Labour Party decided that Ken Livingstone was too radical for the party, and anointed, through a closed process, Frank Dobson as the party’s mayoral candidate. Livingstone ran as an Independent candidate and beat Dobson hands down. Londoners hated the unfairness and being taken for granted. The same Londoners later elected Boris Johnson, a Conservative, as mayor, and Sadiq Khan, a Moslem. That’s the maverick nature of cosmopolitan cities. Even in Lagos state, Michael Otedola, of the “conservative” National Republican Party (NRC), defeated the candidate of the “progressive” Social Democratic Party (SDP) in 1992 to become governor. And, in 2015, Ambode beat the PDP candidate Jimi Agbaje, who is running again next year, by a slim margin of just over 100, 000!

Truth is, as I said, cosmopolitanism is completely at odds with feudalism or patrimonialism. David Held, a former professor at the London School of Economics, and an authority on cosmopolitanism, lists the following as its principles: equal worth and dignity, active agency, personal responsibility and accountability, consent, reflexive deliberation and collective decision-making, inclusiveness and subsidiarity and the amelioration of urgent need. Held describes them as “the principles of democratic public life”.

Sadly, these are not the values that APC in Lagos state, under the feudal grip of Tinubu, is offering the people. But they are running a big risk. Nothing says that APC will rule Lagos for ever. The spirit of cosmopolitanism might just trigger a change of guards. And that won’t be a disaster. After all, as I wrote elsewhere, there is no difference between APC and PDP. Tell me, how is PDP’s Agbaje less a progressive than APC’s Sanwo-Olu? The parties are mere interchangeable vehicles for gaining power. But, at some point, the feudal hold on Lagos politics must stop!

By Olu Fasan

Credit: Vanguard

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NIMC upgrades diaspora NIN enrolment platform

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The National Identity Management Commission announced that it has successfully upgraded the Diaspora National Identity Number enrolment portal.

The agency disclosed this in a statement by its spokesperson, Kayode Adegoke, on Monday.

According to NIMC, the upgrade would help provide a seamless, robust, more secure, efficient, and effective NIN service delivery to Nigerians in the Diaspora.


“To ensure effective service delivery and smooth management of the National Identification Number (NIN) enrolment in the Diaspora, the National Identity Management Commission has successfully upgraded its diaspora enrolment platform.

“The upgrade process, which was successfully completed, will, amongst many other benefits, provide a seamless, robust, more secure, efficient, and effective NIN service delivery to Nigerians in the Diaspora.

“Consequently, NIMC Diaspora Front-End Partners (FEPs) have been onboarded on the upgraded system with intensive training to equip the FEPs with the prerequisite knowledge on the application and effective management of the new system.

“While all the Diaspora FEPs are required to obtain and activate their NIN enrolment licences on the upgraded platform within the next forty-eight hours (48 hours), diaspora applicants can access enrolment services from the compliant FEPs.

“The Commission apologises for any inconvenience the platform upgrade process might have caused and has set up a dedicated service team to resolve all issues related to diaspora enrolment. Diaspora applicants experiencing issues with NIN enrolment should please reach the Commission.”

This comes as NIMC also reiterated that NIN enrolment is ongoing across all the centres in Nigeria.

“Applicants can locate the nearest enrolment centres on the NIMC website—www.nimc.gov.ng—and proceed for enrolment,” the statement partly reads.

NIMC added, “NIN Holders are equally enjoined to download the NIMC NINAuth App on either the iOS or Google Play Store to instantly verify their NINs, approve who sees their information, take total control of their data, and enjoy seamless verification and authentication services.”

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Kemi Badenoch: Shettima as flutist with ‘gègè’ on his neck

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By Festus Adedayo

This past Monday, Nigeria’s Vice President, Kashim Shettima, held the fèèrè (flute) and blew it admirably. However, bystanders listening to the rhythm of his flute didn’t know whether to cry or laugh. Moyo Okediji, Assistant Professor of Art at the Wellesley College, Massachusetts, in his “Art of the Yoruba” Art Institute of Chicago Museum Studies, (Vol. 23, No. 2) described the flute held by Shettima as a symbol of the trickster god Esu, also known as the divinity of the crossroads. According to Okediji, Esu was so powerful that he could help or hinder the craft and life of man. The fere was so influential in traditional Africa that it was equally a symbol of royal might. If you went to the palace of the Alaafin of Oyo during the reign of late Oba Lamidi Olayiwola Adeyemi 111, as you approached the palace court, traditional flutists demonstrated their craft in magnificent candour. As they blew the flute, their eyes popped out like an ostrich’s, cheeks inflated like the rotund belly of a toad.

It is the same with drums. Apart from the rhythm they provide, drums are communicative instruments. So, while blowing the flute and beating drums, the crafters are engaged in the powerful medium of communication. Oba Adeyemi once told me that, shortly after the Ooni of Ife, Oba Enitan Ogunwusi, was enthroned, he, Alaafin was with the Ooni at an event in Ile-Ife. Palace drummers, continuing the decades-long tiff between Oba Adeyemi and Ogunwusi’s predecessor, Oba Okunade Sijuwade, suddenly changed the tone of their drumming. They then began to drum out abusive messages to Alaafin with each descent of their sticks on the drum. Being ardent in the mastery of language of drums, Alaafin told me he immediately called the attention of Oba Ogunwusi to it. Ooni was apparently unschooled in drum language, and couldn’t penetrate the rain of expletives. “Kìlò fún awon onílù re” – warn your drummers – he told me he said to the Ooni to cease the tirades or he would storm out of the occasion.

The art and craft of flutists however arrest the attention of the audience who marvel at the beauty oozing out of their mouth. So, if a flutist is unfortunate to suffer from goiter, what the Yoruba call gègè, at the time he is blowing it, it will be double jeopardy for him. Goiter is an irregular growth at the thyroid gland which, as a result of its enlargement, makes its sufferer present with a big swelling on the neck. So, Yoruba say, the King who employed Onígègé– goiter patient – as a flutist will have a large audience of scorners watching his craft. In which case, the object to watch by the audience will be two – the flutist’s enlarged neck and the rhythm that comes out of the flute.

British-born Nigerian UK Conservative Party Leader, Kemi Adegoke, otherwise known as Kemi Badenoch, has been in the eye of the storm for her unflattering comments about Nigeria. Kemi became British as a result of her birth in 1980 at St. Teresa’s Private Hospital in London. Her professor of physiology mother, who taught at the University of Lagos and in America, had brought her pregnancy for birth in the UK on January 2 of that year before the British Nationality Act 1981 abolished the automatic birthright citizenship in England. She got married to Hamish, British banker. Since her climb up the ladder of British politics, Kemi has regaled Britons with the “very tough upbringing” she had in Nigeria, especially how it was enveloped by fear and insecurity. She had said, “This is my country. I don’t want it to become like the place I ran away from. I grew up in Nigeria, and I saw firsthand what happens when politicians are in it for themselves, when they use public money as their private piggy banks, when they pollute the whole political atmosphere with their failure to serve others… I saw poverty and broken dreams. I came to Britain to make my way in a country where hard work and honest endeavour can take you anywhere. I grew up in a place where fear was everywhere. You cannot understand it unless you’ve lived it. Triple-checking that all the doors and windows are locked, waking up in the night at every sound, listening as you hear your neighbours scream as they are being burgled and beaten, wondering if your home would be the next.” Apart from insecurity, Badenoch has consistently described Nigeria as a country plagued by corruption. Her family was said to have resided in the harsh middle-class nieghbourhood of Surulere in Lagos, while she schooled at the Lagos International School.

But, like an obstinate or deaf King’s flutist afflicted with onígègé, Shettima didn’t care about the embarrassing swelling on his neck. In the process, both his message and the affliction on his neck became a laughing stock for the global audience. During a speech on migration in Abuja last week, Shettima was quoted to have said that the Bola Tinubu government was “proud” of Badenoch, “in spite of her efforts at denigrating her nation of origin.” However, Shettima said, “She is entitled to her own opinions; she has even every right to remove the ‘Kemi’ from her name but that does not underscore the fact that the greatest black nation on earth is the nation called Nigeria.” Continuing, the VP compared Badenoch’s unpatriotic treatment of her country of birth to that of Rishi Sunak, her predecessor, who became UK’s first Prime Minister of Indian heritage and noted that, Sunak was that “brilliant young man” who “never denigrated his nation of ancestry”.

Badenoch’s office did not allow the melody from the “Onígègé onifere” – the flutist with goiter – to subside. It responded accordingly.”She (Badenoch) is the leader of the opposition and she is very proud of her leadership of the opposition in this country,” her spokesman told reporters. “She tells the truth. She tells it like it is. She is not going to couch her words.”

What we should ask Shettima and people of his persuasion is, was Badenoch wrong because she is Nigerian-born or she was wrong by the certitude or otherwise of her claim? We must get his beef right. In other words, is Badenoch’s reminiscing a painful recount and frustration with the stagnation of her country of birth, or a mere demonization? Why didn’t she say this about Ghana? It is simply because she has no affinity with the Kwame Nkrumah country. Why would Badenoch take pleasure in the destruction of her fatherland? Let us even agree that those snide comments were meant to demonize; are the comments true about Nigeria? If they are true, should they be glossed over or spoken of, peradventure, the runners of Nigeria, who can be typecast as in the same trove with the Ifeoma Okoye novel’s title, Men Without Ears, (1984) can turn a new leaf?

The only issue I have with Kemi is her excessive patronizing of the British. While she may be British, she is not English. People have cited John Fashanu, the British footballer’s travails in the hands of the British press when he landed in trouble. It reminds me of Ilorin Dadakuada music exponent, Odolaye Aremu, who sang about the “Adìye òpìpí”, a rare species of featherless hen which looks like the hawk. It came into the world with scant feathers. In a moment when the Opipi hen forgot herself and identity, she thought herself to be hawk, until she was torn into pieces by this carnivorous bird.

Today, there are two schools of thought on the travails Nigeria is grappling with. None of them can be considered less patriotic than the other. While one believes in the methodology of alarm for redemption and shaming the devil, the other subscribes to the tactic of domesticating the rot (k’á se egbò l’égbò ilé). In other words, whilst both agree that there is a cancerous sore on the leg of Nigeria, one believes finding remedy should be domesticated, while the other says remedy should be escalated to the whole world. At the intersection where they both meet, however, there is an agreement that their country is the proverbial sickly child. Should its condition be broadcast so that intervention could come, perhaps off-coast or, the condition be lidded, in which case, it could worsen and the child dies?

Whether you are a Nigerian living in Nigeria, outside its shores, a friend of Nigeria or observant of Nigeria from afar, the truth is that Nigeria isn’t really a good story. Tomes of publications have been reeled out about our country’s journey into its present stasis. Political scientists, historians and anthropologists have struggled to locate the gene of destruction inside the pod of Nigeria that is responsible for its poor harvest. One of the most apt capturing of the Nigerian situation was given by foremost political scientist, Eghosa Osaghae who, as title of his book, called it a Crippled Giant. Whenever I remember Professor Osaghae’s descriptive book title, I remember a line in the song of Ayinla Omowura, Yoruba Apala music songster. He sang, “ijó ńbe nínú aro, esè ni ò jé,” meaning that dance is innate within the bones of the crippled but they are disenabled by wobbly feet. Very many attempts to explain Nigeria have failed. Nigeria takes one step forward, ten steps backwards.

Let us even confine ourselves to the period between 1999 and now. For decades before military handover of power, Nigerians wasted blood, flesh, resources and hope believing that once the “enemy” – the military – retired into the barracks, an end had come to the underdevelopment of their country. However, 25 years down the ladder, we have lived ruinous years. The period is comparable to an attack by termites. Their comparison with termites here is instructive. Termites, over the centuries, are one of the greatest enemies of man. Wherever they strike, their presence is concealed and undetected, until they have visited the most rapacious and severest damage on timbers and woods necessary for man’s use. As the devastation goes on, while man sees a normal thin exterior layer of wood, at discovery, it is almost always too late to reverse the colossal ruins.

So, let us do a breakdown of Badenoch’s allegations. Is Nigeria broken? I recently saw a book entitled Leaders Eat Last written by Simon Sinek. It contains nuggets on how leaders, who are the highest ranking officers, should “be the last to fix their plate at mealtime in order to ensure the people in their command were fed and catered for.” Is that what Nigerian leaders/politicians do as compared to other saner climes? Do our presidents, ministers, governors, legislators and their allies, since 1999, as alleged by Kemi, turn public money into private piggy bank? Is an Accountant General of the Federation on trial for stealing N109 billion? Did a public servant build 753 duplexes in Abuja? Do we know what job Bola Tinubu has done between 1999 and now that makes him one of the richest Nigerians alive? Is our judiciary corrupt, fantastically corrupt, a la David Cameron? Have Nigerian leaders failed in the last 25 years? Is our country plagued by corruption? Isn’t the Nigerian school so badly run that students carry chairs to school? Should Britain be a dormitory for residue of the failure of Nigerian leaders? Is everything broken in Nigeria?

It will be difficult not to answer the above posers made by Kemi in the affirmative. Only recently, David Adeleke, a.k.a. Davido, the singing sensation, courted the ire of those who are too blind to see the Nigerian situation. He, too, had thrown mud (ògúlùtu) at runners of Nigeria from far away in the United States. The Tinubu government is all movement and no motion, what in street parlance is called “efisi”. While Sinek tells us that leaders eat last, Tinubu and his minions are growing rotund cheeks while this Christmas, Nigerians face the most barren festivity ever. The ruining gang has almost finished the food on the dining table while even crumbs are not left for the ordinary people.

Whilst this column was going to bed, Badenoch’s reply to Shettima’s tirade and her late father, Femi Adegoke’s interview with the BBC Yoruba, surfaced on the social media. Kemi had been quoted to have said, “I am Yoruba: I have nothing in common with the people from the north of the country, the Boko Haram where Islamism is.” If you listened to the elderly Adegoke’s interview, you will understand why Kemi’s bluntness and boldness are an inherited gene. In the interview, apparently conducted before 2022, the year of Adegoke’s passage, he said anyone who saw Tinubu becoming Nigeria’s president with the hope that he would right wrongs against the Yoruba, needed their head examined. In very sharp, deep Yoruba, Adegoke said the idea behind Tinubu’s “Yoruba” presidency was “òrò òpònú gbáà, tí kò m’ógbón wá” – it is a brainless argument. He based this on Tinubu’s silence as his kin were kidnapped and murdered by Fulani herdsmen whilst he mouthed the shibboleth of “gedegbe l’Èkó wà” – Lagos is non-aligned – all because of Lagos’ wealth. Adegoke believed that the 1999 constitution must be abolished if Nigeria wants to make any progress.

Again, Kemi, Adegoke’s daughter, has come under visceral attacks for her latest remarks. As usual, that comment is perceived on the social media from an ethnic filter. Igbo compare her with the novelist, Chimamanda Adichie and Hausa/Fulani see her comment as the usual superiority complex of the Yoruba. An examination of it will show that every word Kemi uttered was in line with her avant-garde opposition role in the British parliament and reflects her usual down-to-earth-ness. Is Kemi Yoruba as she claimed? Very correct! Does she have anything in common with any other part of Nigeria? Certainly, not! Should she have? Yes. Today, many Yoruba, rightly or wrongly, believe that “the Gambari” is the axis of evil in Nigeria. Kemi belongs to that persuasion. Is the North the epicenter of many of Nigeria’s current challenges, including Boko Haram and out-of-school children, the latter which gave birth to the former and the former which manifested from the Vice President’s home state, Borno State in 1999, especially under Shettima’s leader, Ali Modu Sheriff? Yes. Nigeria spends a considerable part of her budget fighting insecurity, almost 80 per cent of which is located in the north. So, should Kemi have couched her words so as to patronize the rulers of Nigeria? Certainly, not! If she did, she would not be an Adegoke’s daughter, the man whose friends nicknamed “Fariga” – disputation.

It is obvious that Shettima is the orange which attracted bystanders to pummel its mother, the orange tree, with stones and woods (omo osàn tíí kó póńpó bá ìyá è). He is also the King who employed the services of a flutist afflicted with goiter to sing his praise. The lesson therein is that challenged flutists should not blow the flute. Shettima’s Nigeria is the flutist’s goiter that attracts mockery of the world. Let Shettima and his boss remove the goiter from Nigeria’s neck by doing right with the power given them.

To Kemi and her deification of the British system: Since she affirmed she is Yoruba, I enjoin her to listen to the counsel of her people to the “Adìye òpìpí”. Because she has no feathers which help hens to fertilize their eggs, keeping such eggs warm and thereby producing offspring, Yoruba warn the Adìye òpìpí to lay controllable eggs which her scant feathers can fertilize. This is to enable her be a mother like other hens. I hope Kemi understands this wisdom of her forefathers?

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Nigerians Should Support Tinubu’s Reforms For A Better Future

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By Niyi Akinsinju

To understand the nation’s current economic milieu, we have to go back to June 15, 2016. Nigeria’s central bank, on that day, announced it would abandon its currency’s dollar peg in preference for a free float of the Naira in an effort to alleviate the chronic foreign currency shortages choking growth in Africa’s biggest economy.



Under one week after the announcement, the Naira slumped from the pegged rate of N197/$ to N287/$. Three months down the road, in August 2016, the rate had fallen by an aggregate 61 percent to the dollar.



Expectedly, there was bedlam in the economic space with the din of the attendant noise becoming aggravated when Nestle Nigeria Plc, a multinational company renowned for its consistent profit outturn published its year end result with a depressing 94 percent drop in profits, a phenomenon blamed on the currency depreciation. The depreciation also led to Nigeria losing its title as Africa’s largest economy — a symbolic downgrade that succinctly summarized the many challenges facing the country at that time.



For many followers of the national economy in that year and beyond, current happenings in the Nigerian economy are akin to walking through the same historical corridors. Indeed, Nigerians had walked this path before and had experienced the same seeming awry economic assaults on their very existence as a people. The immediate reflex associated with such scenario was to capitulate. And capitulate, the country did.



Less than six months after the CBN’s free float policy adoption, inflation rates were skyrocketing in reflection of the vastly depreciated Naira. The CBN could not take the heat any longer. It dramatically announced a reversal to a currency pegged regime and a managed float of the Naira at the same time. The country went back to its tradition of multi-tiers foreign exchange market. By May 2017, the country had five different forex rates. The interbank rate closed at N305.72/$ in second quarter 2017, the rate for government official transactions was N306/$, at the Investors and Exporters window, it was N360/$, and N366/$ at the parallel market.



This reversal to multiple exchange rate regime was accompanied with a capital control policy, the CBN restricted 43 items from accessing the official foreign exchange market.



Interestingly, the then CBN Governor, Mr Godwin Emefiele, became an advocate of managed float and insisted that adopting a free float exchange rate for the Naira is both elitist and wrong. We consider this a volte-face away from his earlier avowal on the adoption of a free float market-determined forex rate policy.



Mr Emefiele added that if the Naira was allowed to float, the poor and low income earners will suffer more in form of high inflation. That was an understandable sentiment given the large percentage of the population of extremely poor. However, it was not the solution nor the trigger for prosperity the country direly needed.



With that Emefiele declaration, the attempt to float the Naira was officially jettisoned by the CBN. For us, that was adopting populism, over economic reality.



Seven years after embracing that option, the cost to the economy became obvious. The exchange rate to the dollar depreciated by more than a 100 percent from N197/$ in June 2016 to N463/$ in June 2023 when the CBN reverted to a free float again. In the intervening years, more than $30 billion had been injected in the Forex market to defend the Naira. Despite splurging that sum in the Forex market, inflation rate continued to increase, peaking at 22.41 percent in May 2023 from 15.6 percent in May, 2016. The foreign reserve was depleted to about $30 billion leaving the CBN with less fire power to defend the Naira. The country had merely survived not developed, it was a clear scenario of stagnation.



In truth, the Nigerian economy had been buffeted from different sides by many domestic and global assailing factors between 2016 and 2020 which may provide an understanding of the Federal Government and CBN’s

insistence on state controlled and managed economy for the benefits of the poor and vulnerable. Yet, after many years of the control and managed options, we are left with an economy in stagnation; one that depends on the periodic boom in the oil and gas sector to deliver momentary economic prosperity.



By 2023, an economic template change had become inevitable. In our consideration, we believe that the Tinubu administration read the situation well by making overtures to the CBN to revert to the free float exchange policy. Of course, the economy, like in 2016 has since responded to the policy with a volatility that is not only immediate but intense with macroeconomic rates flaring up disconcertingly. This had led to high cost of living uproar across different segments of the nation.



But rather than beat a retreat and embrace the populist option, the President has determinedly decided to walk the hard, lonely route of application of unpopular yet result oriented policy, by insisting on sustaining and driving the national economy on the wings of the already introduced policies, chief of which are the fuel subsidy removal and unification of Forex rates.



President Tinubu reinforced his commitment to going the whole hog with the implementation of these policies when he publicly declared during his visit to Qatar that: “This economy, we will grow it, and we will feed ourselves out of penury…if it’s corruption, we must exterminate it no matter how hard it is fighting back.”



We find this declaration instructive. It affirms the President’s unwavering commitment to seeing through the reforms he has undertaken to implement.



We also agree with the President’s call on Nigerians to persevere at this time because, according to him, nation-building requires perseverance and patriotism to succeed. It is to these two value orientations that we call the attention of Nigerians.



This country, by all possible evaluation metrics, is an economic giant waiting to take its position in the sun but it has remained stunted over the years because of policy misapplications, especially of such that emphasise today’s existence in opposition to creating wealth premised on delayed gratification.



In this regards, we reference the robust optimism expressed by South African billionaire and Chairman of South Africa global grocer brand, Shoprite, Christo Wiese, who recently said that Nigeria’s large and growing population is impossible for businesses to ignore and that the recent exodus of companies from the country won’t last. It is exhilarating to note that this sanguine description of the Nigerian economic state is coming from a foreigner who sat over a huge business concern that operates out of states across Nigeria. He definitely speaks from the point of knowledge and experience.



For him, Nigeria with over 200 million people, is the economic giant of Africa. This sizable consumer base presents an attractive investment hub for businesses and investors seeking opportunities in the region.



While no rational investor can ignore Nigeria, yet, economic makeovers such as the removal of fuel subsidy and floating of the naira aimed at revitalizing the economy, have yet to yield positive results.



Nonetheless, we have observed the peculiar Nigerian spirit of adaptation in the face of challenges and vicissitudes at work as exchange rates become prohibitive and inflation rates continue to increase. Nigerian startups, for example, are beginning to explore local options for some of the foreign-denominated services their operations require.



This is in response to the rising cost of these services in naira terms. The depreciating currency has increased the cost burden on startups that rely on foreign cloud services such as Amazon Web Service, Microsoft Azure, and more. $1000 for cloud services that would have cost N471,000 in early 2023 is now about N1.57 million, a 233.61 percent cost increase.



Services like Slack, Google Workspace, and others that are crucial for internal communications and operations of startups have also recorded a significant rise in naira costs. Now, Nigerian digital space entrepreneurs have de-dollarised to adjust to the current reality and have started switching hosting services, using internal IPs, and optimising its overall resource use. By our latest calculations, some have achieved a reduction of annual technology infrastructure operating costs by up to 69 percent.



At the end of the day, the committed, the creative and the passionate will make a way through the labyrinth of challenges to exploit the opportunity so availed by the policies.



It is in acknowledgement of this that we also review the latest quantity of Premium Motor Spirit (petrol) importation figure which the Minister of Information and National Orientation, Mohammed Idris, says has reduced by 50 percent. That is to place the quantity imported in the region 31 million and 33 million litres. This, essentially, talks to freeing up funds that would have been tied up in importing about 66 million litres of PMS and channeling it into more productive use.



As one of the nation’s global entrepreneurs put it, while pessimism abounds, it is crucial to keep our eyes on the bright spots in Nigeria’s economy. We write off and ignore the country at our own peril; it could very well become a 22nd century superpower.



This should be the big picture for every forward looking Nigerian. Our fate should not be about existing from one day to the other; it should be about accepting the generational responsibility of standing in the gap for future generations. To sacrifice our today to change the economic trend of our country where rather than have millions numbered in poverty, we will have millions counted in wealth.



It is to this end we declare that we are unpretentious about our support and advocacy for the policies being advanced by the Tinubu’s administration targeted at enabling a market-driven economy. This is where we believe the fortunes of this great country can and would be unlocked.





Akinsinju is the Chairman,

Independent Media and Policy Initiative (IMPI)

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